EXHIBIT 99
Bank of America Mortgage Loan Purchase and Sale Agreement
MORTGAGE LOAN PURCHASE AND SALE AGREEMENT
This Mortgage Loan Purchase and Sale Agreement (this "Agreement") is
dated and effective as of July 14, 2004, between Bank of America, N.A., as
seller (the "Seller" or "Bank of America") and Banc of America Commercial
Mortgage Inc., as purchaser (the "Purchaser" or "BACM").
The Seller desires to sell, assign, transfer and otherwise convey to
the Purchaser, and the Purchaser desires to purchase, subject to the terms and
conditions set forth below, the multifamily and commercial mortgage loans (the
"Mortgage Loans") identified on the schedule annexed hereto as Schedule I (the
"Mortgage Loan Schedule") except that the Seller will retain the master
servicing rights (the "Servicing Rights") with regard to the Mortgage Loans in
its capacity as Master Servicer (as defined below) and shall enter into certain
Sub-Servicing Agreements with Sub-Servicers, all as contemplated in the Pooling
and Servicing Agreement (as defined below).
The Purchaser intends to transfer or cause the transfer of the
Mortgage Loans to a trust (the "Trust") created pursuant to the Pooling and
Servicing Agreement (as defined below). Beneficial ownership of the assets of
the Trust (such assets collectively, the "Trust Fund") will be evidenced by a
series of commercial mortgage pass-through certificates (the "Certificates").
Certain classes of the Certificates will be rated by Standard & Poor's Ratings
Services, a division of The XxXxxx-Xxxx Companies, Inc. and/or Xxxxx'x Investors
Service, Inc. (together, the "Rating Agencies"). Certain classes of the
Certificates (the "Registered Certificates") will be registered under the
Securities Act of 1933, as amended (the "Securities Act"). The Trust will be
created and the Certificates will be issued pursuant to a pooling and servicing
agreement to be dated as of July 1, 2004 (the "Pooling and Servicing
Agreement"), among BACM, as depositor, Bank of America, as master servicer (the
"Master Servicer"), Midland Loan Services, Inc., as special servicer (the
"Special Servicer") and Xxxxx Fargo Bank, N.A., as trustee (in such capacity,
the "Trustee") and REMIC administrator. Capitalized terms used but not otherwise
defined herein have the respective meanings assigned to them in the Pooling and
Servicing Agreement.
BACM intends to sell the Registered Certificates to Banc of America
Securities LLC ("BAS"), Bear, Xxxxxxx & Co. Inc. ("Bear") and Xxxxxxx, Xxxxx &
Co. ("Xxxxxxx Sachs" and, collectively with BAS and Bear, the "Underwriters")
pursuant to an underwriting agreement, dated as of June 30, 2004 (the
"Underwriting Agreement"). BACM intends to sell certain of the remaining Classes
of Certificates (the "Non-Registered Certificates") through BAS, as placement
agent thereof (the "Placement Agent"), pursuant to a private placement agency
agreement dated as of June 30, 2004 (the "Placement Agreement"), between BAS and
BACM. The Registered Certificates are more fully described in the prospectus
dated June 30, 2004 (the "Basic Prospectus"), and the supplement to the Basic
Prospectus dated June 30, 2004 (the "Prospectus Supplement"; and, together with
the Basic Prospectus, the "Prospectus"), as each may be amended or supplemented
at any time hereafter. The Non-Registered Certificates are more fully described
in four private placement memoranda, with one dated June 30, 2004 and three
dated July 1, 2004 (the "Memoranda"), as they may be amended or supplemented at
any time hereafter.
The Seller will indemnify the Underwriters and certain related
parties with respect to certain disclosure regarding the Mortgage Loans and
contained in the Prospectus and certain other disclosure documents and offering
materials relating to the Certificates, pursuant to an indemnification
agreement, dated as of July 1, 2004 (the "Indemnification Agreement"), among the
Seller, the Purchaser and the Underwriters.
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. The closing for the purchase and sale of the Mortgage Loans
shall take place on the Closing Date. The purchase price for the Mortgage Loans
shall be an amount agreed upon by the parties in a separate writing, which
amount includes interest accrued on the Mortgage Loans on or after the Cut-off
Date and which amount shall be payable on or about July 14, 2004 in immediately
available funds. The Purchaser shall be entitled to all interest accrued on the
Mortgage Loans on and after the Cut-off Date and all principal payments received
on the Mortgage Loans after the Cut-off Date except for principal and interest
payments due and payable on the Mortgage Loans on or before the Cut-off Date,
which shall belong to the Seller.
SECTION 2. Conveyance of the Mortgage Loans.
(a) Effective as of the Closing Date, subject only to receipt of the
purchase price referred to in Section 1 hereof and satisfaction of the other
conditions set forth herein, the Seller will transfer, assign, set over and
otherwise convey to the Purchaser, without recourse, but subject to the terms
and conditions of this Agreement, all the right, title and interest of the
Seller in and to the Mortgage Loans (other than the Servicing Rights).
(b) The Purchaser shall be entitled to receive all scheduled
payments of principal and interest due on the Mortgage Loans after the Cut-off
Date, and all other recoveries of principal and interest collected thereon after
the Cut-off Date (other than scheduled payments of principal and interest due on
the Mortgage Loans on or before the Cut-off Date and collected after the Cut-off
Date, which shall belong and be promptly remitted to the Seller).
(c) On or before the Closing Date or within the time periods
specified in Section 2.01 of the Pooling and Servicing Agreement, the Seller
shall deliver or cause to be delivered to the Purchaser or, if so directed by
the Purchaser, to the Trustee or a custodian designated by the Trustee (a
"Custodian"), the documents, instruments and agreements required to be delivered
by the Purchaser to the Trustee under Section 2.01 of the Pooling and Servicing
Agreement, and meeting all the requirements of such Section 2.01, and such other
documents, instruments and agreements as the Purchaser or the Trustee shall
reasonably request.
(d) The Seller hereby represents that it has, on behalf of the
Purchaser, delivered to the Trustee the Mortgage File for each Mortgage Loan.
All Mortgage Files delivered prior to the Closing Date will be held by the
Trustee in escrow at all times prior to the Closing Date. Each Mortgage File
shall contain the documents set forth in the definition of Mortgage File under
the Pooling and Servicing Agreement.
(e) If the Seller is unable to deliver or cause the delivery of any
original Mortgage Note, it may deliver a copy of such Mortgage Note, together
with a lost note affidavit, and indemnity, and shall thereby be deemed to have
satisfied the document delivery requirements of Section 2(c). If the Seller
cannot so deliver, or cause to be delivered, as to any Mortgage Loan, the
original or a copy of any of the documents and/or instruments referred to in
clauses (ii), (iii), (vi), (viii) and (x) of the definition of "Mortgage File"
in the Pooling and Servicing Agreement, with evidence of recording or filing (if
applicable, and as the case may be) thereon, solely because of a delay caused by
the public recording or filing office where such document or instrument has been
delivered for recordation or filing, as the case may be, so long as a copy of
such document or instrument, certified by the Seller as being a copy of the
document deposited for recording or filing, has been delivered, and then subject
to the requirements of Section 4(d), the delivery requirements of Section 2(c)
shall be deemed to have been satisfied as to such missing item, and such missing
item shall be deemed to have been included in the related Mortgage File. If the
Seller cannot or does not so deliver, or cause to be delivered, as to any
Mortgage Loan, the original of any of the documents and/or instruments referred
to in clauses (iv) and (v) of the definition of "Mortgage File" in the Pooling
and Servicing Agreement, because such document or instrument has been delivered
for recording or filing, as the case may be, then subject to Section 4(d), the
delivery requirements of Section 2(c) shall be deemed to have been satisfied as
to such missing item, and such missing item shall be deemed to have been
included in the related Mortgage File. If the Seller cannot so deliver, or cause
to be delivered, as to any Mortgage Loan, the Title Policy solely because such
policy has not yet been issued, the delivery requirements of Section 2(c) shall
be deemed to be satisfied as to such missing item, and such missing item shall
be deemed to have been included in the related Mortgage File, provided that the
Seller, shall have delivered to the Trustee or a Custodian appointed thereby, on
or before the Closing Date, a binding commitment for title insurance "marked-up"
at the closing of such Mortgage Loan countersigned by the related title company
or its authorized agent.
(f) [Reserved].
(g) In connection with its assignment of the Mortgage Loans
hereunder, the Seller hereby expressly assigns to or at the direction of the
Depositor to the Trustee for the benefit of the Certificateholders any and all
rights it may have with respect to representations and warranties made by a
third party originator with respect to any Mortgage Loan under the mortgage loan
purchase agreement between the Seller and such third party originator that
originated such Mortgage Loan pursuant to which the Seller originally acquired
such Mortgage Loan from such third party originator.
(h) If and when the Seller is notified of or discovers any error in
the Mortgage Loan Schedule attached to this Agreement as to which a Mortgage
Loan is affected, the Seller shall promptly amend the Mortgage Loan Schedule and
distribute such amended Mortgage Loan Schedule to the parties to the Pooling and
Servicing Agreement; provided, however, that the correction or amendment of the
Mortgage Loan Schedule by itself shall not be deemed to be a cure of a Material
Breach.
(i) 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 the consideration referred to in Section 1 hereof. In connection
with the foregoing, the Seller shall cause all of its records to reflect such
transfer as a sale (as opposed to a secured loan).
SECTION 3. Examination of Mortgage Loan Files and Due Diligence
Review.
The Seller shall reasonably cooperate with an examination of the
Mortgage Files and Servicing Files for the Mortgage Loans that may be undertaken
by or on behalf of the Purchaser. The fact that the Purchaser has conducted or
has failed to conduct any partial or complete examination of such Mortgage Files
and/or Servicing Files shall not affect the Purchaser's (or any other specified
beneficiary's) right to pursue any remedy available hereunder for a breach of
the Seller's representations and warranties set forth in Section 4, subject to
the terms and conditions of Section 4(c).
SECTION 4. Representations, Warranties and Covenants of the Seller.
(a) The Seller hereby represents and warrants to and for the benefit
of the Purchaser as of the Closing Date that:
(i) The Seller is a national banking association, duly authorized,
validly existing and in good standing under the laws of the United States
of America.
(ii) The execution and delivery of this Agreement by the Seller, and
the performance of Seller's obligations under this Agreement, will not
violate the Seller's organizational documents or 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 agreement or
other instrument to which it is a party or which is applicable to it or
any of its assets, which default or breach, in the Seller's good faith and
commercially reasonable judgment is likely to affect materially and
adversely either the ability of the Seller to perform its obligations
under this Agreement or its financial condition.
(iii) The Seller has the full power and authority to enter into and
perform its obligations under this Agreement, has duly authorized the
execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement.
(iv) This Agreement, assuming due authorization, execution and
delivery by the Purchaser, constitutes a valid, legal and binding
obligation of the Seller, enforceable against the Seller in accordance
with the terms hereof, subject to (A) applicable bankruptcy, insolvency,
reorganization, fraudulent transfer, moratorium and other laws affecting
the enforcement of creditors' rights generally and (B) general principles
of equity, regardless of whether such enforcement is considered in a
proceeding in equity or at law.
(v) The Seller is not in violation of, and its execution and
delivery of this Agreement and its performance and compliance with the
terms of this Agreement will not constitute a violation of, any law, any
order or decree of any court or arbiter, or any order, regulation or
demand of any federal, state or local governmental or regulatory
authority, which violation, in the Seller's good faith and reasonable
judgment, is likely to affect materially and adversely either the ability
of the Seller to perform its obligations under this Agreement or the
financial condition of the Seller.
(vi) No litigation is pending with regard to which the Seller has
received service of process or, to the best of the Seller's knowledge,
threatened against the Seller which if determined adversely to the Seller
would prohibit the Seller from entering into this Agreement, or in the
Seller's good faith and reasonable judgment, would be likely to materially
and adversely affect either the ability of the Seller to perform its
obligations under this Agreement or the financial condition of the Seller.
(vii) No consent, approval, authorization or order of, or filing or
registration with, any state or federal court or governmental agency or
body is required for the consummation by the Seller of the transactions
contemplated herein, except for those consents, approvals, authorizations
and orders that previously have been obtained and those filings and
registrations that previously have been completed, and except for those
filings and recordings of Mortgage Loan documents and assignments thereof
that are contemplated by the Pooling and Servicing Agreement to be
completed after the Closing Date.
(b) The Seller hereby makes the representations and warranties
contained in Schedule II (subject to any exceptions thereto listed on Schedule
IIA) to and for the benefit of the Purchaser as of the Closing Date (or as of
such other dates specifically provided in the particular representation and
warranty), with respect to (and solely with respect to) each Mortgage Loan.
(c) Upon discovery of any Material Breach or Material Document
Defect, the Purchaser or its designee shall notify the Seller thereof in writing
and request that the Seller correct or cure such Material Breach or Material
Document Defect. Within 90 days of the earlier of discovery or receipt of
written notice by the Seller that there has been a Material Breach or a Material
Document Defect (such 90-day period, the "Initial Resolution Period"), the
Seller shall (i) cure such Material Breach or Material Document Defect, as the
case may be, in all material respects or (ii) repurchase each affected Mortgage
Loan (including the CC Subordinate Components, the SS Subordinate Components and
the UH Subordinate Components, if applicable) or REO Loan (each, a "Defective
Mortgage Loan") at the related Purchase Price in accordance with the terms
hereof and, if applicable, the terms of the Pooling and Servicing Agreement,
with payment to be made in accordance with the reasonable directions of the
Purchaser; provided that if the Seller certifies in writing to the Purchaser (i)
that, as evidenced by an accompanying Opinion of Counsel, any such Material
Breach or Material Document Defect, as the case may be, does not and will not
cause the Defective Mortgage Loan, to fail to be a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the REMIC Provisions, (ii) that such
Material Breach or Material Document Defect, as the case may be, is capable of
being corrected or cured but not within the applicable Initial Resolution
Period, (iii) that the Seller has commenced and is diligently proceeding with
the cure of such Material Breach or Material Document Defect, as the case may
be, within the applicable Initial Resolution Period, and (iv) that the Seller
anticipates that such Material Breach or Material Document Defect, as the case
may be, will be corrected or cured within an additional period not to exceed the
Resolution Extension Period (as defined below), then the Seller shall have an
additional period equal to the applicable Resolution Extension Period to
complete such correction or cure or, failing such, to repurchase the Defective
Mortgage Loan; and provided, further, that, if the Seller's obligation to
repurchase any Defective Mortgage Loan as a result of a Material Breach or
Material Document Defect arises within the three-month period commencing on the
Closing Date (or within the two-year period commencing on the Closing Date if
the Defective Mortgage Loan is a "defective obligation" within the meaning of
Section 860G(a)(4)(B)(ii) of the Code and Treasury Regulation Section
1.860G-2(f)), and if the Defective Mortgage Loan is still subject to the Pooling
and Servicing Agreement, the Seller may, at its option, in lieu of repurchasing
such Defective Mortgage Loan (except in the case of the CC Component Mortgage
Loan, the SS Component Mortgage Loan and the UH Component Mortgage Loan) (but,
in any event, no later than such repurchase would have to have been completed),
(i) replace such Defective Mortgage Loan with one or more substitute mortgage
loans that individually and collectively satisfy the requirements of the
definition of "Qualifying Substitute Mortgage Loan" set forth in the Pooling and
Servicing Agreement, and (ii) pay any corresponding Substitution Shortfall
Amount, such substitution and payment to be effected in accordance with the
terms of the Pooling and Servicing Agreement. Any such repurchase or replacement
of a Defective Mortgage Loan shall be on a whole loan, servicing released basis.
The Seller shall have no obligation to monitor the Mortgage Loans regarding the
existence of a Material Breach or Material Document Defect, but if the Seller
discovers a Material Breach or Material Document Defect with respect to a
Mortgage Loan, it will notify the Purchaser.
For purposes of this Section 4(c), "Resolution Extension Period"
shall mean:
(i) for purposes of remediating a Material Breach with respect to
any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;
(ii) for purposes of remediating a Material Document Defect with
respect to any Mortgage Loan that is not a Specially Serviced Loan at the
commencement of, and does not become a Specially Serviced Loan during, the
applicable Initial Resolution Period, the period commencing at the end of
the applicable Initial Resolution Period and ending on, and including, the
earlier of (i) the 90th day following the end of such Initial Resolution
Period and (ii) the 45th day following receipt by the Seller of written
notice from the Master Servicer or the Special Servicer of the occurrence
of any Servicing Transfer Event with respect to such Mortgage Loan
subsequent to the end of such Initial Resolution Period;
(iii) for purposes of remediating a Material Document Defect with
respect to any Mortgage Loan that is a not a Specially Serviced Loan as of
the commencement of the applicable Initial Resolution Period, but as to
which a Servicing Transfer Event occurs during such Initial Resolution
Period, the period commencing at the end of the applicable Initial
Resolution Period and ending on, and including, the 90th day following
receipt by the Seller of written notice from the Master Servicer or the
Special Servicer of the occurrence of such Servicing Transfer Event; and
(iv) for purposes of remediating a Material Document Defect with
respect to any Mortgage Loan that is a Specially Serviced Loan as of the
commencement of the applicable Initial Resolution Period, zero (-0-) days;
provided, however, that if the Seller did not receive written notice from
the Master Servicer or the Special Servicer of the relevant Servicing
Transfer Event as of the commencement of the applicable Initial Resolution
Period, then such Servicing Transfer Event shall be deemed to have
occurred during such Initial Resolution Period and the immediately
preceding clause (iii) of this definition will be deemed to apply.
In addition, the applicable Seller shall have an additional 90 days
to cure such Material Document Defect or Material Beach, provided that the
Seller has commenced and is diligently proceeding with the cure of such Material
Document Defect or Material Breach and such failure to cure is solely the result
of a delay in the return of documents from the local filing or recording
authorities.
If one or more of the Mortgage Loans constituting a
Cross-Collateralized Group are the subject of a Breach or Document Defect, then,
for purposes of (i) determining whether such Breach or Document Defect is a
Material Breach or Material Document Defect, as the case may be, and (ii) the
application of remedies, such Cross-Collateralized Group shall be treated as a
single Mortgage Loan.
If (x) any Mortgage Loan is required to be repurchased or
substituted as contemplated in this Section 4(c), (y) such Mortgage Loan is a
Crossed-Collateralized Mortgage Loan or part of a portfolio of Mortgaged
Properties (that provides that a property may be uncrossed from the other
Mortgaged Properties) and (z) the applicable Material Breach or Material
Document Defect does not constitute a Material Breach or Material Document
Defect, as the case may be, as to any related Crossed-Collateralized Mortgage
Loan or applies to only specific Mortgaged Properties included in such portfolio
(without regard to this paragraph), then the applicable Material Breach or
Material Document Defect (as the case may be) will be deemed to constitute a
Material Breach or Material Document Defect (as the case may be) as to any
related Crossed-Collateralized Mortgage Loan and to each other Mortgaged
Property included in such portfolio and the Seller shall repurchase or
substitute for any related Crossed-Collateralized Mortgage Loan in the manner
described above unless, in the case of a Material Breach or Material Document
Defect, both of the following conditions would be satisfied if the Seller were
to repurchase or substitute for only the affected Crossed-Collateralized
Mortgage Loans or affected Mortgaged Properties as to which a Material Breach or
Material Document Defect had occurred without regard to this paragraph: (i) the
debt service coverage ratio for any remaining Cross-Collateralized Mortgage
Loans or Mortgaged Properties for the four calendar quarters immediately
preceding the repurchase or substitution is not less than the greater of (a) the
debt service coverage ratio immediately prior to the repurchase, (b) the debt
service coverage ratio on the Closing Date, and (c) 1.25x and (ii) the
loan-to-value ratio for any remaining Crossed-Collateralized Mortgage Loans or
Mortgaged Properties is not greater than the lesser of (a) the loan-to-value
ratio immediately prior to the repurchase, (b) the loan-to-value ratio on the
Closing Date, and (c) 75%. In the event that both of the conditions set forth in
the preceding sentence would be satisfied, the Seller may elect either to
repurchase or substitute for only the affected Crossed-Collateralized Mortgage
Loan or Mortgaged Properties as to which the Material Breach or Material
Document Defect exists or to repurchase or substitute for the aggregate
Crossed-Collateralized Mortgage Loans or Mortgaged Properties.
To the extent that the Seller repurchases or substitutes for an
affected Cross-Collateralized Mortgage Loan or Mortgaged Property in the manner
prescribed above while the Trustee continues to hold any related
Cross-Collateralized Mortgage Loans, the Seller and the Depositor shall either
uncross the repurchased Cross-Collateralized Loan or affected Mortgaged Property
or, in the case of a Cross-Collateralized Loan, to forbear from enforcing 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 affected Cross-Collateralized Mortgage Loans or Mortgaged Properties,
including, with respect to the Trustee, the Primary Collateral securing Mortgage
Loans still held by the Trustee, so long as such exercise does not impair the
ability of the other party to exercise its remedies against its Primary
Collateral. If the exercise of remedies by one party would impair the ability of
the other party to exercise its remedies with respect to the Primary Collateral
securing the Cross-Collateralized Mortgage Loans or Mortgaged Properties held by
such party, then both parties shall forbear from exercising such remedies until
the related Mortgage Loan documents can be modified to remove the threat of
impairment as a result of the exercise of remedies. "Primary Collateral" shall
mean the Mortgaged Property directly securing a Cross-Collateralized Mortgage
Loan excluding, however, any Mortgage Property as to which the related lien may
only be foreclosed upon by exercise of cross-collateralization of such loans.
Whenever one or more mortgage loans are substituted for a Defective
Mortgage Loan as contemplated by this Section 4(c), the Seller shall (i) deliver
the related Mortgage File for each such substitute mortgage loan to the
Purchaser or its designee, (ii) certify that such substitute mortgage loan
satisfies or such substitute mortgage loans satisfy, as the case may be, all of
the requirements of the definition of "Qualifying Substitute Mortgage Loan" set
forth in the Pooling and Servicing Agreement and (iii) send such certification
to the Purchaser or its designee. No mortgage loan may be substituted for a
Defective Mortgage Loan as contemplated by this Section 4(c) if the Defective
Mortgage Loan to be replaced was itself a Replacement Mortgage Loan, in which
case, absent correction or cure, in all material respects, of the relevant
Material Breach or Material Document Defect, the Defective Mortgage Loan will be
required to be repurchased as contemplated hereby. Monthly Payments due with
respect to each Replacement Mortgage Loan (if any) after the related date of
substitution, and Monthly Payments due with respect to each Defective Mortgage
Loan (if any) after the Cut-off Date (or, in the case of a Replacement Mortgage
Loan, after the date on which it is added to the Trust Fund) and on or prior to
the related date of repurchase or replacement, shall belong to the Purchaser and
its successors and assigns. Monthly Payments due with respect to each
Replacement Mortgage Loan (if any) on or prior to the related date of
substitution, and Monthly Payments due with respect to each Defective Mortgage
Loan (if any) after the related date of repurchase or replacement, shall belong
to the Seller.
If any Defective Mortgage Loan is to be repurchased or replaced as
contemplated by this Section 4, the Seller shall amend the Mortgage Loan
Schedule attached to this Agreement to reflect the removal of the Defective
Mortgage Loan and, if applicable, the substitution of the related Replacement
Mortgage Loan(s) and shall forward such amended schedule to the Purchaser.
Except as set forth in Section 4(f), it is understood and agreed
that the obligations of the Seller set forth in this Section 4(c) to cure a
Material Breach or a Material Document Defect or repurchase or replace the
related Defective Mortgage Loan(s), constitute the sole remedies available to
the Purchaser with respect to any Breach or Document Defect.
It shall be a condition to any repurchase or replacement of a
Defective Mortgage Loan by the Seller pursuant to this Section 4(c) that the
Purchaser shall have executed and delivered such instruments of transfer or
assignment then presented to it by the Seller, in each case without recourse, as
shall be necessary to vest in the Seller the legal and beneficial ownership of
such Defective Mortgage Loan (including any property acquired in respect thereof
or proceeds of any insurance policy with respect thereto ), to the extent that
such ownership interest was transferred to the Purchaser hereunder.
(d) Subject to the specific delivery requirements set forth in the
Pooling and Servicing Agreement, if the Seller cannot deliver on the Closing
Date any document that is required to be part of the Mortgage File for any
Mortgage Loan, then:
(i) the Seller shall use diligent, good faith and commercially
reasonable efforts from and after the Closing Date to obtain, and deliver
to the Purchaser or its designee, all documents missing from such Mortgage
File that were required to be delivered by the Seller;
(ii) the Seller shall provide the Purchaser with periodic reports
regarding its efforts to complete such Mortgage File, such reports to be
made on the 90th day following the Closing Date and every 90 days
thereafter until the Seller has delivered to the Purchaser or its designee
all documents required to be delivered by the Seller as part of such
Mortgage File;
(iii) upon receipt by the Seller from the Purchaser or its designee
of any notice of any remaining deficiencies to such Mortgage File as of
July 1, 2004, the Seller shall reconfirm its obligation to complete such
Mortgage File and to correct all deficiencies associated therewith, and,
if it fails to do so within 45 days after its receipt of such notice, the
Seller shall deliver to the Purchaser or its designee a limited power of
attorney (in a form reasonably acceptable to the Seller and the Purchaser)
permitting the Purchaser or its designee to execute all endorsements
(without recourse) and to execute and, to the extent contemplated by the
Pooling and Servicing Agreement, record all instruments or transfer and
assignment with respect to the subject Mortgage Loan, together with funds
reasonably estimated by the Purchaser to be necessary to cover the costs
of such recordation;
(iv) the Seller shall reimburse the Purchaser and all parties under
the Pooling and Servicing Agreement for any out-of-pocket costs and
expenses resulting from the Seller's failure to deliver all documents
required to be part of such Mortgage File on the Closing Date; and
(v) the Seller shall otherwise use commercially reasonable efforts
to cooperate with the Purchaser and any parties under the Pooling and
Servicing Agreement in any remedial efforts for which a Document Defect
with respect to such Mortgage File would otherwise cause a delay.
(e) [Reserved].
(f) With respect to any action taken concerning "due-on-sale" or a
"due-on-encumbrance" clause as set forth in Section 3.08(a) of the Pooling and
Servicing Agreement or a defeasance, any fees or expenses related thereto,
including any fee charged by a Rating Agency that is rendering a written
confirmation, to the extent that the related Mortgage Loan documents do not
permit the lender to require payment of such fees and expenses from the
Mortgagor and the Master Servicer or the Special Servicer, as applicable, has
requested that the related Mortgagor pay such fees and expenses and such
Mortgagor refuses to do so, shall be paid by the Seller.
SECTION 5. Representations, Warranties and Covenants of the
Purchaser.
The Purchaser, as of the Closing Date, hereby represents and
warrants to, and covenants with, the Seller that:
(i) The Purchaser is a corporation, duly organized, validly existing
and in good standing under the laws of the State of Delaware.
(ii) No consent, approval, authorization or order of, or filing or
registration with, any state or federal court or governmental agency or
body is required for the consummation by the Purchaser of the transactions
contemplated herein, except for those consents, approvals, authorizations
and orders that previously have been obtained and those filings and
registrations that previously have been completed, and except for those
filings of Mortgage Loan documents and assignments thereof that are
contemplated by the Pooling and Servicing Agreement to be completed after
the Closing Date.
(iii) The execution and delivery of this Agreement by the Purchaser,
and the performance and compliance with the terms of this agreement by the
Purchaser, will not violate the Purchaser's certificate of incorporation
or by-laws or 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 agreement or other instrument to which it is a
party or which is applicable to it or any of its assets.
(iv) The Purchaser has the full power and authority to enter into
and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement, and
has duly executed and delivered this Agreement.
(v) This Agreement, assuming due authorization, execution and
delivery by the Seller, constitutes a valid, legal and binding obligation
of the Purchaser, enforceable against the Purchaser in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally, and (B) general principles of equity,
regardless of whether such enforcement is considered in a proceeding in
equity or at law.
(vi) The Purchaser is not in violation of, and its execution and
delivery of this Agreement and its performance and compliance with the
terms of this Agreement will not constitute a violation of, any law, any
order or decree of any court or arbiter, or any order, regulation or
demand of any federal, state or local governmental or regulatory
authority, which violation, in the Purchaser's good faith and reasonable
judgment, is likely to affect materially and adversely either the ability
of the Purchaser to perform its obligations under this Agreement or the
financial condition of the Purchaser.
(vii) No litigation is pending with regard to which the Purchaser
has received service of process or, to the best of the Purchaser's
knowledge, threatened against the Purchaser which would prohibit the
Purchaser from entering into this Agreement or, in the Purchaser's good
faith and reasonable judgment, is likely to materially and adversely
affect either the ability of the Purchaser to perform its obligations
under this Agreement or the financial condition of the Purchaser.
(viii) The Purchaser has not dealt with any broker, investment
banker, agent or other person, other than the Underwriters and their
affiliates, that may be entitled to any commission or compensation in
connection with the sale of the Mortgage Loans or the consummation of any
of the transactions contemplated hereby.
SECTION 6. Accountants' Letters.
The parties hereto shall cooperate with Deloitte & Touche LLP (the
"Accountants") in making available all information and taking all steps
reasonably necessary to permit the Accountants to deliver the letters required
by the Underwriting Agreement.
SECTION 7. Closing.
The closing of the sale of the Mortgage Loans (the "Closing") shall
be held at the offices of Cadwalader, Xxxxxxxxxx & Xxxx LLP, 000 Xxxx Xxxxx
Xxxxxx, Xxxxx 0000, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 at 10:00 a.m., Charlotte
time, on the Closing Date.
The Closing shall be subject to each of the following conditions,
which can only be waived or modified by mutual consent of the parties hereto.
(i) All of the representations and warranties of the Seller and of
the Purchaser specified in Sections 4 and 5 hereof shall be true and
correct as of the Closing Date;
(ii) All documents specified in Section 8 of this Agreement (the
"Closing Documents"), in such forms as are agreed upon and reasonably
acceptable to the Purchaser and Seller, shall be duly executed and
delivered by all signatories as required pursuant to the respective terms
thereof;
(iii) The Seller shall have delivered and released to the Purchaser,
the Trustee or a Custodian, or the Master Servicer shall have received to
hold in trust pursuant to the Pooling and Servicing Agreement, as the case
may be, all documents and funds required to be so delivered pursuant to
Sections 2(c), 2(d) and 2(e) hereof;
(iv) The result of any examination of the Mortgage Files and
Servicing Files for the Mortgage Loans performed by or on behalf of the
Purchaser pursuant to Section 3 hereof shall be satisfactory to the
Purchaser in its reasonable determination;
(v) All other terms and conditions of this Agreement required to be
complied with on or before the Closing Date shall have been complied with,
and the Seller 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;
(vi) The Seller (or an affiliate thereof) shall have paid or agreed
to pay all fees, costs and expenses payable to the Purchaser or otherwise
pursuant to this Agreement; and
(vii) Neither the Placement Agreement nor the Underwriting Agreement
shall have been terminated in accordance with its terms.
Both parties agree to use their commercially reasonable best efforts
to perform their respective obligations hereunder in a manner that will enable
the Purchaser to purchase the Mortgage Loans on the Closing Date.
SECTION 8. Closing Documents.
(a) The Closing Documents shall consist of the following, and can
only be waived and modified by mutual consent of the parties hereto:
(b) This Agreement, duly executed and delivered by the Purchaser and
the Seller, and the Pooling and Servicing Agreement, duly executed and delivered
by the Purchaser and all the other parties thereto; and
(c) An Officer's Certificate executed by an authorized officer of
the Seller, in his or her individual capacity, and dated the Closing Date, upon
which the Underwriters and BACM may rely, attaching thereto as exhibits the
organizational documents of the Seller; and
(d) Certificate of good standing regarding the Seller from
Comptroller of the Currency, dated not earlier than 30 days prior to the Closing
Date; and
(e) A certificate of the Seller, executed by an executive officer or
authorized signatory of the Seller and dated the Closing Date, and upon which
the Purchaser and the Underwriters may rely to the effect that (i) the
representations and warranties of the Seller in the Agreement are true and
correct in all material respects at and as of the date hereof with the same
effect as if made on the date hereof, and (ii) the Seller has, in all material
respects, complied with all the agreements and satisfied all the conditions on
its part required under the Agreement to be performed or satisfied at or prior
to the date hereof; and
(f) A written opinion of counsel for the Seller, subject to such
reasonable assumptions and qualifications as may be requested by counsel for the
Seller each as reasonably acceptable to counsel for the Purchaser and the
Underwriters, dated the Closing Date and addressed to the Purchaser, the
Underwriters, the Trustee and each Rating Agency any other opinions of counsel
for the Seller reasonably requested by the Rating Agencies in connection with
the issuance of the Certificates; and
(g) Any other opinions of counsel for the Seller reasonably
requested by the Rating Agencies in connection with the issuance of the
Certificates; and
(h) Such further certificates, opinions and documents as the
Purchaser may reasonably request; and
(i) The Indemnification Agreement, duly executed by the respective
parties thereto; and
(j) One or more comfort letters from the Accountants dated the date
of any preliminary Prospectus Supplement, Prospectus Supplement and Memoranda
respectively, and addressed to, and in form and substance acceptable to the
Purchaser and the Underwriters in the case of the preliminary Prospectus
Supplement and the Prospectus Supplement and to the Purchaser and the Placement
Agent in the case of the Memoranda stating in effect that, using the assumptions
and methodology used by the Purchaser, all of which shall be described in such
letters, they have recalculated such numbers and percentages relating to the
Mortgage Loans set forth in any preliminary Prospectus Supplement, the
Prospectus Supplement and the Memoranda, compared the results of their
calculations to the corresponding items in any preliminary Prospectus
Supplement, the Prospectus Supplement and the Memoranda, respectively, and found
each such number and percentage set forth in any preliminary Prospectus
Supplement, the Prospectus Supplement and the Memoranda, respectively, to be in
agreement with the results of such calculations.
SECTION 9. Costs.
The parties hereto acknowledge that all costs and expenses
(including the fees of the attorneys) incurred in connection with the
transactions contemplated hereunder (including without limitation, the issuance
of the Certificates as contemplated by the Pooling and Servicing Agreement)
shall be allocated and as set forth in a separate writing between the parties.
SECTION 10. Notices.
All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered to
or mailed, by registered mail, postage prepaid, by overnight mail or courier
service, or transmitted by facsimile and confirmed by a similar mailed writing,
if to the Purchaser, addressed to Banc of America Commercial Mortgage Inc., 000
Xxxxx Xxxxx Xxxxxx, XX0-000-00-00, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000, Attention:
Xxxxx Xxxxxxx, telecopy number: (000) 000-0000, or such other address as may
hereafter be furnished to the Seller in writing by the Purchaser; if to the
Seller, addressed to Bank of America, N.A., 000 Xxxxx Xxxxx Xxxxxx,
XX0-000-00-00, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000, Attention: Xxxxxxx Xxxxx,
telecopy number: (000) 000-0000, or to such other addresses as may hereafter be
furnished to the Purchaser by the Seller in writing.
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 or, at the direction of 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 which prohibits or renders void or
unenforceable any provision hereof.
SECTION 13. Counterparts.
This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.
SECTION 14. GOVERNING LAW.
THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND
RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED UNDER
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES
(OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
PURSUANT TO WHICH THE PARTIES HERETO HAVE CHOSEN THE LAWS OF THE STATE OF NEW
YORK AS THE GOVERNING LAW OF THIS AGREEMENT). TO THE FULLEST EXTENT PERMITTED
UNDER APPLICABLE LAW, EACH OF THE PURCHASER AND THE SELLER HEREBY IRREVOCABLY
(I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND FEDERAL COURTS SITTING
IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS
AGREEMENT; (II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III)
WAIVES, TO THE FULLEST POSSIBLE EXTENT, THE DEFENSE OF AN INCONVENIENT FORUM;
AND (IV) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR
IN ANY OTHER MANNER PROVIDED BY LAW.
SECTION 15. Further Assurances.
The Seller and the Purchaser agree to execute and deliver such
instruments and take such further actions as the other party may, from time to
time, reasonably request in order to effectuate the purposes and to carry out
the terms of this Agreement.
SECTION 16. Successors and Assigns.
The rights and obligations of the Seller under this Agreement shall
not be assigned by the Seller without the prior written consent of the
Purchaser, except that any person into which the Seller may be merged or
consolidated, or any corporation or other entity 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. In connection with its transfer of the
Mortgage Loans to the Trust as contemplated by the recitals hereto, the
Purchaser shall have the right to assign its rights and obligations under this
Agreement to the Trustee for the benefit of the Certificateholders. To the
extent of any such assignment, the Trustee or its designee (including, without
limitation, the Special Servicer) shall be deemed to be the Purchaser hereunder
with the right for the benefit of the Certificateholders to enforce the
obligations of the Seller under this Agreement as contemplated by Section 2.03
of the Pooling and Servicing Agreement. In connection with the transfer of any
Mortgage Loan by the Trust as contemplated by the terms of the Pooling and
Servicing Agreement, the Trustee, for the benefit of the Certificateholders, is
expressly authorized to assign its rights and obligations under this Agreement,
in whole or in part, to the transferee of such Mortgage Loan. To the extent of
any such assignment, such transferee shall be deemed to be the Purchaser
hereunder (but solely with respect to such Mortgage Loan that was transferred to
it). Subject to the foregoing, this Agreement shall bind and inure to the
benefit of and be enforceable by the Seller, the Purchaser, and their permitted
successors and assigns.
SECTION 17. Amendments.
No term or provision of this Agreement may be waived or modified
unless such waiver or modification is in writing and signed by a duly authorized
officer of the party against whom such waiver or modification is sought to be
enforced.
SECTION 18. Intention Regarding Conveyance of Mortgage Loans.
The parties hereto intend that the conveyance by the Seller agreed
to be made hereby shall be, and be construed as a sale by the Seller of all of
the Seller's right, title and interest in and to the Mortgage Loans. It is,
further, not intended 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, as the case may be. However, in the event that notwithstanding the
intent of the parties, the Mortgage Loans are held to be property of the Seller,
or if for any reason this Agreement is held or deemed to create a security
interest in the Mortgage Loans, then it is intended that, (i) this Agreement
shall also be deemed to be a security agreement within the meaning of Article 9
of the New York Uniform Commercial Code and the Uniform Commercial Code of any
other applicable jurisdiction; and (ii) the conveyance provided for in this
Section shall be deemed to be a grant by the Seller to the Purchaser of a
security interest in all of its right (including the power to convey title
thereto), title and interest, whether now owned or hereafter acquired, in and to
(A) the Mortgage Notes, the Mortgages, any related insurance policies and all
other documents in the related Mortgage Files, (B) all amounts payable to the
holders of the Mortgage Loans in accordance with the terms thereof (other then
scheduled payments of interest and principal due on or before the Cut-off Date)
and (C) all proceeds of the conversion, voluntary or involuntary, of the
foregoing into cash, instruments, securities or other property, whether in the
form of cash, instruments, securities or other property. 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. In connection herewith, the Purchaser shall have all of
the rights and remedies of a secured party and creditor under the Uniform
Commercial Code as in force in the relevant jurisdiction.
SECTION 19. Cross-Collateralized Mortgage Loans.
Notwithstanding anything herein to the contrary, it is hereby
acknowledged that certain groups of Mortgage Loans are, in the case of each such
particular group of Mortgage Loan (each a "Cross-Collateralized Group"), by
their terms, cross-defaulted and cross-collateralized. Each Cross-Collateralized
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
referred to in this Section 19 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 II hereto and each of the capitalized terms used but not
defined herein but defined in the Pooling and Servicing Agreement, shall be
interpreted in a manner consistent with this Section 19. In addition, if there
exists with respect to any Cross-Collateralized Group only one original of any
document referred to in the definition of "Mortgage File" in this Agreement and
in the Pooling and Servicing Agreement and covering all the Mortgage Loans in
such Cross-Collateralized Group, then the inclusion of the original of such
document in the Mortgage File for any of the Mortgage Loans in such
Cross-Collateralized Group shall be deemed an inclusion of such original in the
Mortgage File for each such Mortgage Loan. "Cross-Collateralized Mortgage Loan"
shall mean any Mortgage Loan that is cross-collateralized and cross-defaulted
with one or more other Mortgage Loans.
SECTION 20. Entire Agreement.
Except as specifically stated otherwise herein, this Agreement sets
forth the entire understanding of the parties relating to the subject matter
hereof, and all prior understandings, written or oral, are superseded by this
Agreement. This Agreement may not be modified, amended, waived or supplemented
except as provided herein.
SECTION 21. WAIVER OF TRIAL BY JURY.
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 22. Miscellaneous.
Notwithstanding any contrary provision of this Agreement or the
Pooling and Servicing Agreement, the Purchaser shall not consent to any
amendment of the Pooling and Servicing Agreement which will increase the
obligations of, or otherwise materially adversely affect the Seller without the
consent of the Seller.
[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]
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.
BANK OF AMERICA, N.A.
By: /s/ Xxxxxxx X. Xxxxx
-------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Principal
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
By: /s/ Xxxxx Xxxxxx
-------------------------------------
Name: Xxxxx Xxxxxx
Title: Vice President
SCHEDULE I
MORTGAGE LOAN SCHEDULE
Sequence Loan
Number Number Property Name
-------- ------ ------------------------------------------------------------
1 57998 Quarters at Memorial
2 58006 Golf Villas at Oro Valley
3 58103 GrandMarc at Xxxxx Xxxxxxx
0 00000 Xxxxxxxx Xxxxxxx
5 57963 Aspen Apartments
6 58026 Xxxxx Xxxxxx Xxxxxxxxxx
0 00000 Xxxxxxxxx Xxxx Apartments
8 8190 Orchards at Collierville
9 58095 Silver Tree Apartments
10 57330 Fairway Ridge Apartments
11 58016 Williamstown Apartments
12 55800 CLK - Ashford Place Apartments
13 8547 Bowling Green Apartments
14 8838 Mission Trace Apartments
15 0000 Xxxxxxxx Xxxxxxxxxx - Xxxxxxxxxxx, XX
16 58106 00-00 Xxxx Xxxxx Xxxxxxxxxx
00 0000 Xxxxxxx Xxxxx
18 58000 Times Square Townhomes
19 57943 Cameron Park Apartments
20 7343 Pavilion Heights Apartments
21 8828 Greentree Apartments - Pasadena, TX
22 57582 Xxxxxxx Xxxxx
00 00000 The Shops at Xxxx Xxxxxx
24 8356 Xxxxxxxxxx Xxxxx
00 00000 Xxxxxxxx Xxxx Xxxxx
00 00000 Xxxxxxxxx at Red Cliff
27 57983 Mountain View Xxxxxxxxxxx
00 00000 Xxxxxxx at Xxxxx Xxxxxx
00 00000 Xxxxxx Xxxxxxx Plaza
30 57964 Columbus Corners Shopping Center
31 0000 Xxxxx Xxxxx - Xxx Xxxxx, XX
32 57685 Xxxxx Xxxxxxxx Shopping Xxxxxx
00 00000 Xxxxxxxx Xxxxxx Shopping Center
34 57741 Xxxxxxx Xxxxx
00 0000 Xxxxxx Xxxx Center
36 57949 Walgreens - Nashville, TN
37 6461 Advocate Health Building
38 6981 Calvine Xxxxxxx Xxxxxxxx Xxxxxx
00 0000 Xxxxxxxxx Xxxxxxxxx
40 0000 Xxxxx Xxxxxxxx Retail Xxxxxx
00 00000 Xxxxxxx Xxxxxx
42 57984 00 Xxxxx Xxxxxx
43 57999 000 Xxxxxxxxx Xxxxxx
44 8304 The Pines Corporate Center
45.1 57815 University Xxxxxx Xxxxx XX
00.0 00000 Xxxxxxxxxx Xxxxxx Xxxxx I
45 57815 University Office Plaza I and II (Roll Up)
46 57913 Woodland Park Plaza Office Building
47 6381 6500 Linderson
48 00000 Xxxx Xxxxxxx Medical Center
00 00000 T-Mobile Customer Care Center
50 55598 Nextel Office Building - Temple, TX
51 57917 Xxxxxxxx-Xxxxxxx Xxxxxxxx
00 00000 Xxxxxxxx Medical Center - Plano
53 57686 4120 International Business Park VIII
54 58037 Cingular Xxxxxxxx Xxxxxx Xxxxxxxx
00 00000 Xxxxxxx Medical Buidling
56 57821 Las Colinas Medical Center I
57 8158 Goodyear Financial Center
58 0000 XX Xxxx Xxxxxxxx - Xxxxxxx, XX
59 57787 Quail Business Park
60 57910 Plumas Xxxxx Xxxxxx Xxxx
00 0000 Xxxxxx Xxxxxxx Xxxxx
62 6942 Xxxxxx Market Xxxxxx
00 0000 Xxxxxxxxx Xxxxxx Xxxxxx
00 00000 Womens Pavillion
65 58036 Xxxxxxxx Distribution Facility
66 57388 TNT Logistics Warehouse - Moody, AL
67 8662 Xxxx Office & Warehouse
68 58229 Sun Communities - Scio Farms
69.1 58227 Sun Communities Portfolio 9 - Silver Star
69.2 58227 Xxx Xxxxxxxxxxx Xxxxxxxxx 0 - Xxxxxxxxxx Xxxxx
69.3 00000 Xxx Xxxxxxxxxxx Xxxxxxxxx 0 - Xxxxxxx Xxxxxxx
69.4 58227 Sun Communities Portfolio 9 - Xxxxx Village/Hawaiian Gardens
69 58227 Sun Communities Portfolio 9 (Roll Xx)
00 00000 Xx. Xxxxx Xxxxxxx Manufactured Home Community
71.1 58226 Sun Communities Portfolio 8 - Liberty Farms
71.2 58226 Sun Communities Portfolio 8 - Xxxx Xxxx Village
71 58226 Sun Communities Portfolio 8 (Roll Xx)
00 00000 Xxx Xxxxxxxxxxx - Xxxxx Xxxxxxx
Sub-Total Crossed Loans
73 57803 Xxxxxx - Foxwood Village Manufactured Home Community
74 57650 MHC Portfolio - Xxxxxxxxx Xxxxxxx
00 00000 Xxxxxxxxxxx Xxxxxxxxxxx - Xxxxxxx Xxxxx MHC
76 57656 MHC Portfolio - Xxxxxx Xxxx
00 0000 Xxxxxxxxxxx XXX
78 57665 MHC Portfolio - Oak Bend
79 57667 MHC Portfolio - Southern Palms RV Resort
80 57639 MHC Portfolio - Countryside RV Resort
81 57716 Pine Xxxxxxx Mobile Home Park
82 57658 MHC Portfolio - XxXxxxx Place
83 8448 Southeast MHC - Camp Springs, MD
84 57603 Continental Communities - Timber Valley MHC
85.1 57367 U-Haul Center of Xxxxxxx Xxxxxx
00.0 00000 X-Xxxx Center of Newington
85.3 57367 U-Haul Center of Naperville
85.4 57367 U-Haul Storage Rainbow
85.5 57367 U-Haul Center Hunters Creek
85.6 57367 U-Haul Center Xxxxxxxx & 138Th St.
85.7 57367 U-Haul Center of Grapevine
85.8 57367 U-Haul Center Xxxx Xxxxx Rd
85.9 57367 U-Haul Center Xxxxxxx Road
85.10 57367 U-Haul Center of Crystal Lake
85.11 57367 U-Haul Storage Colonial Blvd
85.12 57367 U-Haul - Highway 6 South
85.13 57367 U-Haul Center of Fox Valley
85.14 57367 U-Haul Center Chantilly
85.15 57367 U-Haul - Cool Springs
85.16 00000 X-Xxxx Xxxxxx Xxxxx Xxxx
85.17 57367 U-Haul Center Tollway
85.18 57367 U-Haul Center Kennesaw
85.19 57367 U-Haul Center Ocoee
85.20 57367 U-Haul Center Xxxxxx Blvd
85.21 57367 U-Haul Center of Alsip
85.22 57367 U-Haul Center Xxxx X. Xxxxx
85.23 00000 X-Xxxx Xxxxxx Xxxxxxx Xxxx
85.24 00000 X-Xxxx Xxxx Xx and Grand
85.25 57367 U-Haul Center Merrillville
85.26 57367 U-Haul Storage Highway 85
85.27 57367 U-Haul Center Dumfries
85.28 57367 U-Haul Center Gatorland
85.29 57367 U-Haul Center Orange City
85.30 00000 X-Xxxx Xxxxxx Xxxx Xxxxx
85.31 57367 U-Haul Highlands Ranch
85.32 57367 U-Haul Center Prescott
85.33 57367 U-Haul Center Las Vegas Blvd.
85.34 57367 U-Haul Storage Fountain Hills
85.35 57367 U-Haul Center Of Lenexa
85.36 57367 U-Haul Center Stoughton
85.37 57367 U-Haul Center Xxxxxxxxx Xxxx
85.38 57367 U-Haul Center Xxxx Xxxx
85.39 57367 U-Haul Center of Lewisville
85.40 57367 U-Haul Center I-17 & Deer Valley
85.41 57367 U-Haul - X' Xxxxxx
85.42 57367 U-Haul Center Xxxxxxxxx
85.43 57367 U-Haul Center of Semoran
85.44 57367 U-Haul Center Anthem Way
85.45 57367 U-Haul Center of Pleasant Hill
85.46 57367 U-Haul Center of Arlington
85.47 57367 U-Haul Center of Xxxxxxxx
85.48 57367 U-Haul Center of Xxxxxxx
85.49 57367 U-Haul Center of League City
85.50 57367 U-Haul - Gastonia
85.51 57367 U-Haul Center Katy
85.52 57367 U-Haul Center St Xxxxxx
85.53 57367 U-Haul Center of Key Largo
85.54 57367 U-Haul - Highway 290
85.55 57367 U-Haul Center Xxxxxxx Road
85.56 57367 U-Haul Xxxxxx 00Xx & Xxxx
00.00 00000 X-Xxxx Xxxxxx of Highway 124
85.58 57367 U-Haul Center Cen-Tex
85.59 57367 U-Haul Center & Storage of Montana
85.60 57367 U-Haul Center Mandarin
85.61 57367 U-Haul Center of Maitland
85.62 57367 U-Haul Center Apple Valley
85.63 57367 U-Haul Center Potomic Xxxxx
85.64 57367 U-Haul Center at Xxxxxxxx & Jupiter
85.65 57367 U-Haul Center Xxxxxxxxx
85.66 57367 U-Haul Storage Oxford
85.67 57367 U-Haul Center Rio Rancho
85.68 57367 U-Haul Center Anthem RV
85.69 57367 U-Haul Center Northern Lights
85.70 57367 U-Haul Storage Xxxxxx Xxxx
00.00 00000 X-Xxxx - Xxxxxxxxxx
85.72 57367 U-Haul Center Xxxxxxxxxx Park
85.73 57367 U-Haul Center of Southpark
85.74 57367 U-Haul Storage Xxxxx 00xx Xxxxxx
85.75 57367 U-Haul Center of DeSoto
85.76 57367 U-Haul Center Government Street
85.77 00000 X-Xxxx Xxxxxx Xxxxx Xxxx & I-285
85.78 57367 U-Haul Storage Xxxxxxxxxxx
00 00000 X-Xxxx Portfolio (Roll Up)
86.1 58029 Extra Space Storage - Foxboro
86.2 58029 Extra Space Storage - Xxxxxx
86.3 58029 Extra Space Storage - Worcester
86.4 58029 Extra Space Storage - Auburn
86.5 58029 Extra Space Storage - Brockton
86.6 58029 Extra Space Storage - Xxxxxx
86.7 58029 Extra Space Storage - Pittsburgh
86.8 58029 Extra Space Storage - Xxxxxxx Township
86.9 58029 Extra Space Storage - Stoughton
86 58029 Extra Space Storage - East One Portfolio (Roll Up)
87.1 58027 Extra Space Storage - Raynham
87.2 58027 Extra Space Storage - Doylestown
87.3 58027 Extra Space Storage - Xxxx Rock
87.4 58027 Extra Space Storage - Lyndhurst
87.5 58027 Extra Space Storage - Fontana
87.6 58027 Extra Space Storage - Merrimack
87 58027 Extra Space Storage - ESP5 Portfolio (Roll Up)
88 57627 Anchor Self Storage and Industrial Park
89 57930 Storage USA - Xxxxxxxxxx
00 0000 Xxxxxxx Self Storage
91 8320 Stadium Storage
92 57912 Shurgard - Rancho San Diego
93 58045 Storage Connection
94 57468 Doubletree Surfcomber Hotel
-------- ------ ------------------------------------------------------------
Total
Sequence Zip Mortgage
Number Street Address City State Code Rate (%)
-------- ----------------------------------------------------------------- ---------------- -------- -------- --------
1 0000 Xxxxxxxx Xxxxx Xxxxxxx XX 00000 4.902%
2 00000 X. Xx Xxxxxx Xxxxx Xxxxxx XX 00000 5.075%
3 0000 Xxxxxxxxxx Xxxxxx Xxxxx Xxxxxxxxxxx XX 00000 5.193%
4 000 Xxxxxxxx Xxxxxx Xxxxx Xxxxx XX 00000 5.291%
5 000 Xxxxxxxxx Xxxxxxx Xxxxxx XX 00000 4.410%
6 0000 Xxxxxx Xxxx Xxxxxxx Xxxx Xxxxxxxxxx XX 00000 4.810%
7 0000 Xxxx 00xx Xxxxx Xxxxxxxxxxxx XX 00000 5.280%
8 000 Xxxxxxx Xxxxxx Xxxx Xxxxxxxxxxxx XX 00000 5.751%
9 000 Xxxxx Xxxxx Xxxxx Xxxxxxx XX 00000 4.220%
10 000 Xxxxxxx Xxxxx Xxxxx XX 00000 5.250%
11 0000 Xxxxxxxxx Xxxxxx Xxxxxxx XX 00000 4.186%
12 0000 Xxxxxxxx Xxxxx Xxxxxxxxxxx XX 00000 5.695%
13 0000 Xxxx Xxxxxx Xxxxxx Xxxxxxx XX 00000 6.057%
14 0000 Xxxxxxx Xxxxx Xxxxxxxxx Xxxxxxxxxxx XX 00000 5.152%
15 0000 Xxxxxxx Xxxxx Xxxx Xxxxxxxxxxx XX 00000 5.407%
16 00-00 Xxxx Xxxxx Xxxxxx XX 00000 5.293%
17 000 Xxxxxxxx Xxxxx Xxxxxxx Xxxx XX 00000 5.954%
18 0000-0000 Xxxxx Xxxxxx Xxx and 0000-0000 Xxxxx Xxx and Xxxxxx Xxx Xxxx Xxxxx XX 00000 5.330%
19 0000 Xxxxxxxxxx Xxxxx Xxxxxxx Xxxxx XX 00000 5.290%
20 000 Xxxx 0xx Xxxxxx Xxxxxxxxxxx XX 00000 5.630%
21 000 Xxxx Xxxxxxx 0 Xxxxxxxx XX 00000 4.800%
22 000 Xxxxxx Xxxxxx Xxxxxxx XX 00000 5.460%
23 0000 Xxxxx Xxxx Xxxx Xxxxxx XX 00000 5.960%
24 0000-0000 Xxxx Xxxx Xxxxxx Xxxxxxx XX 00000 6.000%
25 000 Xxxx Xxxxxxxx Xxxxxxxxx Xxxxxxxx XX 00000 5.471%
26 000 Xxx Xxxxxx Xxxxx Xx. Xxxxxx XX 00000 4.290%
27 0000 Xxxx Xxxxxxxxxxx Xxxx Xxxxxxx XX 00000 5.680%
28 1841 -0000 X Xxxxx Xxxxxx Xxxxxxxxxxx XX 00000 5.102%
29 000 Xxxxxx Xxxx Xxxxxxxxxxx XX 00000 5.360%
30 000-000 Xxxxxxxx Xxxxxxx Xxxxx Xxxxxxxxxx XX 00000 5.500%
31 2600, 2610 & 0000 Xxxx Xxxxxx Xxxxxx Xxx Xxxxx XX 00000 5.100%
32 0000 Xxxxx Xxxxx Xxxxxxx XX 00000 6.510%
33 0000 Xxxxxxxx Xxxxx Xxxxxxxxx XX 00000 5.968%
34 000 X. Xxxxxxx Xxx Xxxx Xxxxxxx XX 00000 5.889%
35 0000-0000 Xxxx Xxxxxx Xxxxxx XX 00000 5.521%
36 0000 Xxxxxxxx Xxxxxx Xxxxxxxxx XX 00000 5.421%
37 0000 Xxxx Xxxxx Xxxxxx Xxxxxxx XX 00000 5.674%
00 0000-0000 and 0000 Xxx Xxxxx-Xxxxxx Xxxx Xxxxxxxxxx XX 00000 4.924%
39 000 Xxxx Xxxxx Xxxxx Xxxxx Xxxxxxxxx XX 00000 4.970%
40 0000 Xxxxx Xxxxxxxx Xxxxxxxx XX 00000 5.250%
41 000 Xxxxx Xxxxxx Xxxxxxx XX 00000 5.232%
42 00 Xxxxx Xxxxxx Xxx Xxxx XX 00000 5.247%
43 000 Xxxxxxxxx Xxxxxx Xxx Xxxx XX 00000 4.400%
44 0000-0000 Xxxx Xxxxxxxxxx Xxxxxxxxx Xxx Xxxxx XX 00000 5.587%
45.1 0000 Xxxxxxxxxxxx Xxxx Xxxxxxxx XX 00000
45.2 0000 Xxxxxxxxxxxx Xxxx Xxxxxxxx XX 00000
45 Multiple Xxxxxxxx XX 00000 5.542%
46 00000 Xxxxxxxxxx Xxxx Xxxxxxx XX 00000 5.384%
47 0000 Xxxxxxxxx Xxx XX Xxxxxxxx XX 00000 5.885%
48 00000 Xxxxxxxx Xxxxxx Xxxxxxx XX 00000 5.743%
49 0000 XX 0xx Xxxxxx Xxxxxxx XX 00000 5.616%
50 0000 Xxxxxxxxx Xxxx Xxxxxx XX 00000 6.090%
51 0000 Xxxxxxxx Xxxxxxxxx Xxx Xxxxxxx XX 00000 5.510%
52 0000 Xxxx Xxxx Xxxxx XX 00000 5.743%
53 0000 Xxxxxxxxxxxxx Xxxxxxx Xxxxxxxxxx XX 00000 5.890%
54 0000 Xxxxxxxx Xxx Xxxxx Xxxxx XX 00000 4.900%
55 00000 Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 5.754%
56 0000 X. XxxXxxxxx Xxxxxxxxx Xxxxxx XX 00000 5.743%
57 000 Xxxxx Xxxxxxxxxx Xxxx Xxxxxxxx XX 00000 6.000%
58 00000 Xxxxxxxx Xxxx Xxxxxxx XX 00000 5.219%
59 0000 Xxxxxxx Xxxx Xxxx XX 00000 5.500%
60 1855 - 0000 Xxxxxx Xxxxxx Xxxx XX 00000 5.800%
61 0000 Xxxxx Xxxxxxx Xxxxxxxxx Xxx Xxxxx XX 00000 6.248%
62 0000 Xxxxx 000 Xxxx Xxxxxx XX 00000 6.050%
63 29001-29029 Xxxxx Xxxx Xxxxx Xxxx Xxxxxxxxx XX 00000 5.920%
64 0000 Xxxx Xxxxx Xxxxxx Xxxxxxx XX 00000 5.116%
65 0000 Xxxxxxxxx Xxxxxxxxx Xxxxxxxxx XX 00000 5.000%
66 0000 XX Xxxxxxx 00 Xxxxx XX 00000 4.978%
67 0000 Xxxx Xxxx Xxx Xxxxx XX 00000 6.084%
68 0000 Xxxxxxx Xx. Xxx Xxxxx XX 00000 5.320%
69.1 0000 X. Xxxxxxxxx Xx Xxxxxxx XX 00000
69.2 0000 Xxxxxxxxxx Xx. Xxxxxx XX 00000
69.3 0000 Xxxxxxx Xxx. Xxxxxxx XX 00000
69.4 0000 Xxxxxx Xxxx Xx Xxxxx XX 00000
69 Multiple Multiple Multiple Multiple 5.320%
70 00000 Xxxxxxxxx Xxxxx Xxxxxxx Xxxxxxxx XX 00000 4.660%
71.1 00 X. X.X. Xxxxxxx 0 Xxxxxxxxxx XX 00000
71.2 0000 Xxxxxxxx Xxxx Xxxx Xxxxxxxxxxxx XX 00000
71 Multiple Multiple IN Multiple 5.320%
72 000 00xx Xxx Xxxx Xxxxxxxxx XX 00000 5.320%
73 000 Xxxxxxxxxxxx Xxxxxxxxx, X0X Xxxxxxxx XX 00000 5.494%
74 000 Xxxxxxx Xxxxxxxxx Xxxxxxxxxx XX 00000 5.350%
75 000 Xxxxxxx Xxxxx Xxxxx Xxxx XX 00000 5.711%
76 000 Xxxx Xxxxxxx Xxxxxx Xx Xxxxx XX 00000 6.327%
77 00000 XX Xxxxxx Xxxxxxx Xxxxxxxxxxx XX 00000 5.782%
78 00000 XX 00xx Xxxxxx Xxxxx XX 00000 6.327%
79 0 Xxxxxxx Xxxx Xxxxxx XX 00000 5.350%
80 0000 Xxxxx Xxxxx Xxxx Xxxxxx Xxxxxxxx XX 00000 5.350%
81 0000 Xxxx Xxxx Xxxxxxx Xxxxx Xxxxx Xxxxx XX 00000 5.260%
00 Xxxxxx Xxxxxx Xx 000 Xxxxxxxx Xxxxx XX 00000 6.327%
83 0000 Xxxxxx Xxxx Xxxx Xxxx Xxxxxxx XX 00000 5.364%
84 0000 Xxxxx Xxxxxx Xxxxxxxxxxxx XX 00000 5.787%
85.1 0000 Xxxxxxx Xxxxxx Xxxxxxx Xxxxxxx XX 00000
85.2 0000 Xxxxxxxx Xxxx Xxxxxxxxx XX 00000
85.3 00000 Xxxxx Xxxxx 00 Xxxxxxxxxx XX 00000
85.4 0000 Xxxxx Xxxxxxx Xxxxxxxxx Xxx Xxxxx XX 00000
85.5 00000 Xxxxx Xxxxxx Xxxxxxx Xxxxx Xxxxxxx XX 00000
85.6 000 Xxxx 000xx Xxxxxx Xxxxx XX 00000
85.7 0000 Xxxxxxx X Xxxx Xxxxxx Xxxxxxxxx XX 00000
85.8 000 Xxxx Xxxxx Xxxx Xxx Xxxxx XX 00000
85.9 000 Xxxxx Xxxxxxx Xxxx Xxxxxxx XX 00000
85.10 0000 Xxxx Xxxxxxxxx Xxxxxxx Xxxxxxx Xxxx XX 00000
85.11 0000 Xxxxxx Xxxxxx Xxxx Xxxxx XX 00000
85.12 0000 Xxxxxxx 0 Xxxxx Xxxxxxx XX 00000
85.13 000 Xxxxx Xxxxx 00 Xxxxxx XX 00000
85.14 0000 Xxxxxxx Xxxxx Xxxxxxxxx XX 00000
85.15 0000 Xxxxxxx Xxxx Xxxxxxxxx XX 00000
85.16 0000 X Xxxxx Xxxx Xxxxx XX 00000
85.17 0000 Xxxxx Xxxxxx Xxxxxxx Xxxxx XX 00000
85.18 0000 Xxxx Xxxxxxx Xxxxxxxx XX 00000
85.19 00000 Xxxx Xxxxxxxx Xxxxx Xxxxx XX 00000
85.20 000 Xxxxx Xxxxxx Xxxxxxxxx Xxx Xxxxx XX 00000
85.21 00000 Xxxxx Xxxxxx Xxxxxx Xxxxx XX 00000
85.22 0000 Xxxx Xxxx 000 Xxxx Xxxxx XX 00000
85.23 00000 Xxxx 00xx Xxx Xxxxxx XX 00000
85.24 00000 Xxxx Xxxx Xxxx Xxxxxxxx XX 00000
85.25 0000 Xxxx 00xx Xxxxxx Xxxxxxxxxxxx XX 00000
85.26 0000 Xxxxxxx 00 Xxxxxxxxx XX 00000
85.27 00000 Xxxxxxxx Xxxx Xxxxxxxx XX 00000
85.28 00000 Xxxxxxxxx Xxxxx Xxxxxxx XX 00000
85.29 0000 Xxxxx Xxxxxxx Xxxxxx Xxxxxx Xxxx XX 00000
85.30 00000 Xxxxx Xxxx Xxxxx Xxxx Xxxxxxx XX 00000
85.31 0000 Xxxx Xxxxxx Xxxx Xxxx Xxxxxxxxx XX 00000
85.32 0000 Xxxx Xxxxxxx 00 Xxxxxxxx XX 00000
85.33 0000 Xxxxx Xxx Xxxxx Xxxxxxxxx Xxx Xxxxx XX 00000
85.34 0000 Xxxxxxxxxx Xxxxx Xxxxxxxx Xxxxx XX 00000
85.35 0000 Xxxxxxxx Xxxxx Xxxxxx XX 00000
85.36 000 Xxxxxxxxxx Xxxxxx Xxxxxxxxx XX 00000
85.37 0000 Xxxxx Xxxxxxxxxx Xxxxxxx 00 Xxxxx Xxxxxx XX 00000
85.38 0000 Xxxxx Xxxxxxx Xxxxx Xxxxxxx XX 00000
85.39 000 Xxxxx Xxxxxxxx Xxxxxxx Xxxxxxxxxx XX 00000
85.40 00000 Xxxxx 00xx Xxxxxx Xxxxxxx XX 00000
85.41 0000 Xxxxxxx X X' Xxxxxx XX 00000
85.42 0000 Xxxxxxxxx Xxxxx Xxxxxxxxx XX 00000
85.43 0000 Xxxxxxx Xxxxxxxxx Xxxxxx Xxxx XX 00000
85.44 00000 Xxxxx 00xx Xxxxx Xxxxxx XX 00000
85.45 0000 Xxxxxxxx Xxxx Xxxx Xxxxxxxxxxxxx XX 00000
85.46 0000 Xxxxx Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000
85.47 00000 Xxxx Xxxxxxxxxx Xxxxx XxXxxxxx XX 00000
85.48 0000 Xxxxxxx Xxxxx Xxxxxxx XX 00000
85.49 000 Xxxx Xxxxxxx Xxxxx Xxxxxx Xxxx XX 00000
85.50 0000 Xxxx Xxxxxxxx Xxxxxxxxx Xxxxxxxx XX 00000
85.51 00000 Xxxx Xxxxxxx Xxxx XX 00000
85.52 0000 Xxxxx Xxxxxxx Xxxx Xx. Xxxxxxx XX 00000
85.53 000000 Xxxxxxxx Xxxxxxx Xxx Xxxxx XX 00000
85.54 00000 Xxxxxxxxx Xxxxxxx Xxxxxxx XX 00000
85.55 000 Xxxxx Xxxxxxx Xxxx Xxxxxx XX 00000
85.56 0000 Xxxx Xxxx Xxxxxx XX 00000
85.57 0000 Xxxxxx Xxxxxxx Xxxxx Xxxxxxxxxx XX 00000
85.58 0000 Xxxx Xxxxxxx Xxxxx Xxxxxxxxxx Xxxxxxx XX 00000
85.59 0000 Xxxxxxx Xxxxxx Xx Xxxx XX 00000
85.60 00000 Xxx Xxxx Xxxxxxxxx Xxxxxxxxxxxx XX 00000
85.61 0000 Xxxxx Xxxxxx Xxxxxxx Xxxxx Xxxxxxx XX 00000
85.62 0000 - 000xx Xxxxxx Xxxx Xxxxx Xxxxxx XX 00000
85.63 00000 Xxxxxxxxx Xxxx Xxxxxxxxxx XX 00000
85.64 00000 Xxxxxx Xxxx Xxxxxx XX 00000
85.65 0000 Xxxxxxxxx Xxxxxxxxx Xxxxxxx Xxxx XX 00000
85.66 000 Xxxxxx Xxxxx Xxxx Xxxxxx XX 00000
85.67 0000 Xxx Xxxxxx Xxxxxxxxx Xxxxxxxxx Xxx Xxxxxx XX 00000
85.68 00000 Xxxxx Xxxxxx Xxx Xxxxxx XX 00000
85.69 0000 Xxxxxxxxx Xxxxxx Xxxxxxxx XX 00000
85.70 0000 Xxxxx Xxxxxxx Xxxxxxxxx Xxxxxxxxxx XX 00000
85.71 0000 Xxxx 0xx Xxxxxx Xxxxxxxxxx XX 00000
85.72 000 Xxxxxxxxxx Xxxxxx Xxxxxxxx XX 00000
85.73 000 Xxxx Xxxxxx Xxxx Xxxxxxxx Xxxxxxx XX 00000
85.74 0000 Xxxxx 00xx Xxxxxx Xxxxxxx XX 00000
85.75 0000 Xxxxx Xxxxxxx Xxxxxx XxXxxx XX 00000
85.76 0000 Xxxxxxxxxx Xxxxxxxxx Xxxxxx XX 00000
85.77 0000 Xxxxx Xxxx Xxxxx Xxxxxx XX 00000
85.78 0000 Xxxx 0xx Xxxxxx Xxxxxxxxxxx XX 00000
85 Multiple Multiple Multiple Multiple 6.845%
86.1 000 Xxxxx Xxxxxx Xxxxxxx XX 00000
86.2 000 Xxxx Xxxxxx Xxxxxx XX 00000
86.3 0000 Xxxxxxxx Xxxxxx Xxxxxxxxx XX 00000
86.4 000 Xxxxxxxxxx Xxxxxx Xxxxxx XX 00000
86.5 000 Xxxxxx Xxxxxx Xxxxxxxx XX 00000
86.6 000 Xxxxxxxxxxx Xxxx Xxxxxx XX 00000
86.7 0000 Xxxx. Xxx Xxxxxxxxxx XX 00000
86.8 000 Xxxxx Xxxxx Xxxxxxx Xxxxxxxx XX 00000
86.9 00 Xxxxxxxxxx Xxxxxx Xxxxxxxxx XX 00000
86 Multiple Multiple Multiple Multiple 4.763%
87.1 0000 Xxx Xxxxx Xxxxxxx Xxxxxxx XX 00000
87.2 000 Xxxxx Xxxxx Xxxxxx Xxxxxxxxxx XX 00000
87.3 000 Xxxxx Xxxxxx Xxxx Xxxx XX 00000
87.4 000 Xxxxxxxx Xxxxxx Xxxxxxxxx XX 00000
87.5 00000 Xxxxxx Xxxxxxxxx Xxxxxxx XX 00000
87.6 000 Xxxxxx Xxxxxxx Xxxxxxx Xxxxxxxxx XX 00000
87 Multiple Multiple Multiple Multiple 4.774%
88 7520 and 0000 Xxxxxxx Xxxxxxxxx and 00000 Xxxxxxxx Xxxxxx Xxxxxxxxx XX 00000 5.820%
89 000 Xxxxx Xxxxxxx Xxxxxxxxx Xxxxxx Xxxx XX 00000 5.920%
90 0000 Xxxxxxx 00 Xxxxxx Xxxx XX 00000 5.758%
91 000 XX Xxxxxxx Xxxxxxxxx Xxxx Xxxxx Xxxxx XX 00000 5.678%
92 0000 Xxxxxx Xxxx Xxxxx Xxxxxx Xxx Xxxxx XX 00000 5.730%
93 000 XX Xxxxxxxx Xxxxxx Xxxxx Xxxx Xx. Xxxxx XX 00000 4.660%
94 0000 Xxxxxxx Xxxxxx Xxxxx Xxxxx XX 00000 6.309%
-------- ----------------------------------------------------------------- ---------------- -------- -------- --------
Remaining Term
To Stated Stated Administrative
Sequence Original Cut-off Maturity Maturity Due Monthly Fee
Number AmortizationBasis Balance Balance (months) Date Date Payment Rate
-------- ----------------- ------------ -------------- -------------- --------- ---- -------- --------------
1 ACT/360 $36,000,000 $35,872,239 81 4/1/2011 1 $191,105 0.062%
2 ACT/360 22,500,000 22,449,748 118 5/1/2014 1 121,818 0.112%
3 ACT/360 19,000,000 19,000,000 119 6/1/2014 1 104,249 0.112%
4 ACT/360 12,000,000 11,974,392 118 5/1/2014 1 66,570 0.112%
5 ACT/360 10,800,000 10,757,799 57 4/1/2009 1 54,146 0.062%
6 ACT/360 10,500,000 10,462,052 117 4/1/2014 1 55,153 0.062%
7 ACT/360 9,100,000 9,070,063 117 4/1/2014 1 50,420 0.112%
8 ACT/360 8,800,000 8,800,000 120 7/1/2014 1 51,360 0.042%
9 ACT/360 7,820,000 7,820,000 59 6/1/2009 1 38,332 0.112%
10 ACT/360 7,040,000 7,009,556 116 3/1/2014 1 38,875 0.112%
11 ACT/360 6,800,000 6,800,000 58 5/1/2009 1 33,198 0.112%
12 ACT/360 6,160,000 6,160,000 124 11/1/2014 1 35,733 0.112%
13 ACT/360 4,665,000 4,660,406 119 6/1/2014 1 28,140 0.062%
14 ACT/360 3,775,000 3,770,590 59 6/1/2009 1 20,617 0.082%
15 ACT/360 3,719,976 3,715,833 59 6/1/2009 1 20,905 0.082%
16 ACT/360 3,500,000 3,500,000 83 6/1/2011 1 0 0.112%
17 ACT/360 3,300,000 3,293,904 118 5/1/2014 1 19,688 0.062%
18 ACT/360 2,720,000 2,716,926 119 6/1/2014 1 15,155 0.112%
19 ACT/360 2,720,000 2,708,337 116 3/1/2014 1 15,087 0.112%
20 ACT/360 2,325,000 2,317,880 117 4/1/2014 1 13,391 0.092%
21 ACT/360 2,000,000 1,995,271 58 5/1/2009 1 10,493 0.092%
22 ACT/360 20,960,000 20,916,858 118 5/1/2014 1 118,483 0.112%
23 ACT/360 11,500,000 11,500,000 179 6/1/2019 1 68,653 0.112%
24 ACT/360 11,500,000 11,457,730 116 3/1/2014 1 68,948 0.062%
25 ACT/360 10,700,000 10,666,143 117 4/1/2014 1 60,559 0.112%
26 30/360 10,590,000 10,590,000 58 5/1/2009 1 0 0.112%
27 ACT/360 10,300,000 10,300,000 177 4/1/2019 1 59,651 0.112%
28 ACT/360 10,010,000 9,998,198 83 6/1/2011 1 54,362 0.112%
29 ACT/360 10,000,000 9,988,763 119 6/1/2014 1 55,904 0.112%
30 ACT/360 8,640,000 8,622,369 118 5/1/2014 1 49,057 0.112%
31 ACT/360 7,400,000 7,374,755 57 4/1/2009 1 40,178 0.062%
32 ACT/360 6,000,000 5,964,797 113 12/1/2013 1 37,964 0.072%
33 ACT/360 5,200,000 5,194,792 119 6/1/2014 1 31,070 0.112%
34 ACT/360 4,750,000 4,745,170 119 6/1/2014 1 28,141 0.112%
35 ACT/360 4,243,000 4,230,253 117 4/1/2014 1 24,147 0.062%
36 ACT/360 3,910,000 3,901,884 82 5/1/2011 1 22,007 0.112%
37 ACT/360 3,500,000 3,484,551 117 4/1/2014 1 21,858 0.062%
38 ACT/360 3,350,000 3,345,918 119 6/1/2014 1 17,828 0.062%
39 ACT/360 3,000,000 3,000,000 119 6/1/2014 1 0 0.082%
40 ACT/360 2,450,000 2,444,726 118 5/1/2014 1 13,529 0.062%
41 ACT/360 78,000,000 77,780,036 118 5/1/2014 1 428,592 0.052%
42 ACT/360 75,850,000 75,850,000 117 4/1/2014 1 420,593 0.052%
43 ACT/360 41,000,000 40,839,481 57 4/1/2009 1 205,312 0.112%
44 ACT/360 18,000,000 17,944,387 117 4/1/2014 1 103,187 0.062%
45.1 11,278,008 11,242,839
45.2 6,721,992 6,701,030
45 ACT/360 18,000,000 17,943,869 117 4/1/2014 1 102,677 0.112%
46 ACT/360 16,912,500 16,877,117 73 8/1/2010 1 94,800 0.112%
47 ACT/360 11,500,000 11,468,025 118 5/1/2014 1 73,288 0.062%
48 ACT/360 11,200,000 11,142,674 115 2/1/2014 1 65,313 0.112%
49 ACT/360 10,100,000 10,068,981 117 4/1/2014 1 58,084 0.112%
50 ACT/360 9,200,000 9,148,442 138 1/1/2016 1 55,692 0.112%
51 ACT/360 9,000,000 8,971,749 117 4/1/2014 1 51,157 0.112%
52 ACT/360 8,750,000 8,705,214 115 2/1/2014 1 51,025 0.112%
53 ACT/360 7,500,000 7,445,641 115 2/1/2014 1 47,820 0.112%
54 ACT/360 6,955,000 6,938,891 99 10/1/2012 1 36,912 0.112%
55 ACT/360 6,400,000 6,393,323 119 6/1/2014 1 37,365 0.112%
56 ACT/360 6,370,000 6,337,396 115 2/1/2014 1 37,146 0.112%
57 ACT/360 5,850,000 5,833,420 117 4/1/2014 1 35,074 0.062%
58 ACT/360 5,800,000 5,787,433 118 5/1/2014 1 31,917 0.072%
59 ACT/360 5,500,000 5,482,700 117 4/1/2014 1 31,228 0.112%
60 ACT/360 5,400,000 5,384,038 117 4/1/2014 1 31,685 0.112%
61 ACT/360 4,200,000 4,196,013 119 6/1/2014 1 25,855 0.082%
62 ACT/360 2,662,500 2,651,454 117 4/1/2014 1 17,236 0.062%
63 ACT/360 2,100,000 2,094,646 118 5/1/2014 1 13,204 0.062%
64 ACT/360 1,645,000 1,635,476 55 2/1/2009 1 8,947 0.112%
65 ACT/360 11,650,000 11,623,570 118 5/1/2014 1 62,540 0.112%
66 ACT/360 7,675,000 7,639,865 114 1/1/2014 1 41,096 0.112%
67 ACT/360 4,150,000 4,132,874 118 5/1/2014 1 29,933 0.062%
68 ACT/360 40,964,950 40,964,950 144 7/1/2016 1 227,989 0.112%
69.1 13,891,472 13,891,472
69.2 6,080,000 6,080,000
69.3 5,460,000 5,460,000
69.4 11,920,000 11,920,000
69 ACT/360 37,351,472 37,351,472 144 7/1/2016 1 207,879 0.112%
70 ACT/360 27,200,000 27,200,000 81 4/1/2011 1 140,416 0.112%
71.1 6,080,000 6,080,000
71.2 16,560,000 16,560,000
71 ACT/360 22,640,000 22,640,000 144 7/1/2016 1 126,002 0.112%
72 ACT/360 5,280,000 5,280,000 144 7/1/2016 1 29,386 0.112%
27,920,000 27,920,000
73 ACT/360 20,400,000 20,316,250 92 3/1/2012 1 115,756 0.112%
74 ACT/360 17,718,064 17,563,975 52 11/1/2008 1 98,940 0.112%
75 ACT/360 15,350,000 15,350,000 116 3/1/2014 1 89,199 0.112%
76 ACT/360 9,600,000 9,600,000 136 11/1/2015 1 59,590 0.112%
77 ACT/360 6,000,000 5,983,020 118 5/1/2014 1 37,863 0.062%
78 ACT/360 5,772,214 5,772,214 136 11/1/2015 1 35,830 0.112%
79 ACT/360 5,732,974 5,683,116 52 11/1/2008 1 32,014 0.112%
80 ACT/360 3,790,917 3,757,949 52 11/1/2008 1 21,169 0.112%
81 ACT/360 3,212,000 3,190,639 78 1/1/2011 1 17,757 0.112%
82 ACT/360 2,710,354 2,710,354 136 11/1/2015 1 16,824 0.112%
83 ACT/360 2,000,000 1,987,369 119 6/1/2014 1 21,571 0.062%
84 ACT/360 1,870,000 1,870,000 112 11/1/2013 1 10,957 0.112%
85.1 3,860,952 3,844,770
85.2 2,598,718 2,587,826
85.3 2,505,906 2,495,404
85.4 2,450,219 2,439,950
85.5 2,134,661 2,125,714
85.6 2,097,536 2,088,745
85.7 2,052,987 2,044,382
85.8 2,041,849 2,033,292
85.9 2,004,725 1,996,323
85.10 1,893,351 1,885,416
85.11 1,863,652 1,855,841
85.12 1,856,227 1,848,447
85.13 1,856,227 1,848,447
85.14 1,781,978 1,774,509
85.15 1,748,566 1,741,237
85.16 1,744,853 1,737,540
85.17 1,741,141 1,733,843
85.18 1,707,729 1,700,571
85.19 1,670,604 1,663,602
85.20 1,637,192 1,630,330
85.21 1,633,480 1,626,633
85.22 1,618,630 1,611,846
85.23 1,614,917 1,608,149
85.24 1,596,355 1,589,664
85.25 1,596,355 1,589,664
85.26 1,588,930 1,582,271
85.27 1,588,930 1,582,271
85.28 1,574,080 1,567,483
85.29 1,566,655 1,560,089
85.30 1,559,231 1,552,696
85.31 1,559,231 1,552,696
85.32 1,559,231 1,552,696
85.33 1,522,106 1,515,727
85.34 1,522,106 1,515,727
85.35 1,522,106 1,515,727
85.36 1,518,394 1,512,030
85.37 1,503,544 1,497,242
85.38 1,484,981 1,478,758
85.39 1,484,981 1,478,758
85.40 1,484,981 1,478,758
85.41 1,484,981 1,478,758
85.42 1,484,981 1,478,758
85.43 1,484,981 1,478,758
85.44 1,414,445 1,408,517
85.45 1,410,732 1,404,820
85.46 1,410,732 1,404,820
85.47 1,410,732 1,404,820
85.48 1,392,170 1,386,335
85.49 1,377,320 1,371,548
85.50 1,373,608 1,367,851
85.51 1,306,784 1,301,307
85.52 1,299,359 1,293,913
85.53 1,265,947 1,260,641
85.54 1,262,234 1,256,944
85.55 1,206,547 1,201,491
85.56 1,191,698 1,186,703
85.57 1,187,985 1,183,006
85.58 1,184,273 1,179,309
85.59 1,169,423 1,164,522
85.60 1,113,736 1,109,068
85.61 1,113,736 1,109,068
85.62 1,113,736 1,109,068
85.63 1,061,762 1,057,312
85.64 965,238 961,192
85.65 816,740 813,317
85.66 742,491 739,379
85.67 723,928 720,894
85.68 705,366 702,410
85.69 668,242 665,441
85.70 631,117 628,472
85.71 482,619 480,596
85.72 426,932 425,143
85.73 415,795 414,052
85.74 371,245 369,689
85.75 371,245 369,689
85.76 259,872 258,783
85.77 181,910 181,148
85.78 167,060 166,360
85 ACT/360 110,000,000 109,538,973 118 5/1/2014 1 774,340 0.112%
86.1 3,680,000 3,680,000
86.2 2,800,000 2,800,000
86.3 1,784,000 1,784,000
86.4 3,680,000 3,680,000
86.5 2,440,000 2,440,000
86.6 4,240,000 4,240,000
86.7 2,960,000 2,960,000
86.8 2,544,000 2,544,000
86.9 3,080,000 3,080,000
86 ACT/360 27,208,000 27,208,000 83 6/1/2011 1 142,146 0.112%
87.1 3,640,000 3,640,000
87.2 3,824,000 3,824,000
87.3 4,080,000 4,080,000
87.4 6,944,000 6,944,000
87.5 3,440,000 3,440,000
87.6 3,752,000 3,752,000
87 ACT/360 25,680,000 25,680,000 83 6/1/2011 1 134,328 0.112%
88 ACT/360 6,787,000 6,740,678 101 12/1/2012 1 39,909 0.072%
89 ACT/360 4,905,000 4,895,870 118 5/1/2014 1 29,156 0.112%
90 ACT/360 4,525,000 4,499,158 116 3/1/2014 1 28,489 0.092%
91 ACT/360 4,500,000 4,485,678 117 4/1/2014 1 26,057 0.092%
92 ACT/360 3,825,000 3,825,000 120 7/1/2014 1 22,273 0.112%
93 ACT/360 3,750,000 3,750,000 82 5/1/2011 1 19,667 0.112%
94 ACT/360 14,500,000 14,424,707 116 3/1/2014 1 96,182 0.112%
-------- ----------------- ------------ -------------- -------------- --------- ---- -------- --------------
$1,155,167,991
Master
Primary Servicing Original
Sequence Servicing Fee Ownership Amortization XXX Xxxxx Loan
Number Fee Rate Rate Interest Crossed (months) Loan Period Group
-------- --------- --------- ------------------ ---------------- ------------ ---- ------ -----
1 0.050% 0.060% Fee No 360 No 10 1
2 0.100% 0.110% Fee No 360 No 10 1
3 0.100% 0.110% Fee No 360 No 10 2
4 0.100% 0.110% Fee No 360 No 9 2
5 0.050% 0.060% Fee No 360 No 10 2
6 0.050% 0.060% Fee No 360 No 10 2
7 0.100% 0.110% Fee No 360 No 10 2
8 0.030% 0.040% Fee No 360 No 10 2
9 0.100% 0.110% Fee No 360 No 10 2
10 0.100% 0.110% Fee No 360 No 10 2
11 0.100% 0.110% Fee No 360 No 10 2
12 0.100% 0.110% Fee No 360 No 10 2
13 0.050% 0.060% Fee No 360 No 5 2
14 0.070% 0.080% Fee No 360 No 5 2
15 0.070% 0.080% Fee No 360 No 5 2
16 0.100% 0.110% Fee No 0 No 10 2
17 0.050% 0.060% Fee No 360 No 5 2
18 0.100% 0.110% Fee No 360 No 10 1
19 0.100% 0.110% Fee No 360 No 10 2
20 0.080% 0.090% Fee No 360 No 5 2
21 0.080% 0.090% Fee No 360 No 5 2
22 0.100% 0.110% Fee No 360 No 10 1
23 0.100% 0.110% Fee No 360 No 5 1
24 0.050% 0.060% Fee No 360 No 10 1
25 0.100% 0.110% Fee No 360 No 10 1
26 0.100% 0.110% Fee No 0 No 10 1
27 0.100% 0.110% Fee No 360 No 10 1
28 0.100% 0.110% Fee No 360 No 10 1
29 0.100% 0.110% Fee No 360 No 10 1
30 0.100% 0.110% Fee No 360 No 15 1
31 0.050% 0.060% Fee No 360 No 5 1
32 0.060% 0.070% Fee No 360 No 10 1
33 0.100% 0.110% Fee No 360 No 10 1
34 0.100% 0.110% Fee No 360 No 10 1
35 0.050% 0.060% Fee No 360 No 5 1
36 0.100% 0.110% Fee No 360 No 10 1
37 0.050% 0.060% Fee No 300 No 5 1
38 0.050% 0.060% Fee No 360 No 5 1
39 0.070% 0.080% Fee No 0 No 5 1
40 0.050% 0.060% Fee No 360 No 5 1
41 0.040% 0.050% Fee No 360 No 0 1
42 0.040% 0.050% Fee No 336 No 5 1
43 0.100% 0.110% Fee No 360 No 0 1
44 0.050% 0.060% Fee No 360 No 5 1
45.1 Fee No 1
45.2 Fee No 1
45 0.100% 0.110% Fee No 360 No 10 1
46 0.100% 0.110% Fee No 360 No 10 1
47 0.050% 0.060% Fee No 300 No 5 1
48 0.100% 0.110% Fee/Leasehold No 360 No 10 1
49 0.100% 0.110% Fee No 360 No 10 1
50 0.100% 0.110% Fee No 360 No 10 1
51 0.100% 0.110% Fee No 360 No 10 1
52 0.100% 0.110% Fee/Leasehold No 360 No 10 1
53 0.100% 0.110% Leasehold No 300 No 10 1
54 0.100% 0.110% Fee No 360 No 10 1
55 0.100% 0.110% Fee No 360 Yes 5 1
56 0.100% 0.110% Fee/Leasehold No 360 No 10 1
57 0.050% 0.060% Fee No 360 No 5 1
58 0.060% 0.070% Fee No 360 No 5 1
59 0.100% 0.110% Fee No 360 No 10 1
60 0.100% 0.110% Fee No 360 No 10 1
61 0.070% 0.080% Fee No 360 No 5 1
62 0.050% 0.060% Fee No 300 No 5 1
63 0.050% 0.060% Fee No 312 No 5 1
64 0.100% 0.110% Fee/Leasehold No 360 No 10 1
65 0.100% 0.110% Fee No 360 No 10 1
66 0.100% 0.110% Fee No 360 No 10 1
67 0.050% 0.060% Fee No 240 No 5 1
68 0.100% 0.110% Fee No 360 No 5 1
69.1 Fee No 2
69.2 Fee No 2
69.3 Fee No 2
69.4 Fee No 2
69 0.100% 0.110% Fee No 360 No 5 2
70 0.100% 0.110% Fee Xx 000 Xx 00 0
00.0 Xxx Xxx(XXXX 00-0-X) 2
71.2 Fee Yes(BACM 04-3-A) 2
71 0.100% 0.110% Fee Yes(BACM 04-3-A) 360 No 5 2
72 0.100% 0.110% Fee Yes(BACM 04-3-A) 360 No 5 2
73 0.100% 0.110% Fee No 360 No 10 2
74 0.100% 0.110% Fee No 360 No 10 2
75 0.100% 0.110% Fee No 360 No 10 1
76 0.100% 0.110% Fee No 360 No 10 2
77 0.050% 0.060% Fee No 300 No 5 1
78 0.100% 0.110% Fee No 360 No 10 2
79 0.100% 0.110% Fee No 360 No 10 2
80 0.100% 0.110% Fee No 360 No 10 2
81 0.100% 0.110% Fee No 360 No 10 2
82 0.100% 0.110% Fee No 360 No 10 1
83 0.050% 0.060% Fee No 120 No 5 2
84 0.100% 0.110% Fee No 360 No 10 1
85.1 Fee No 1
85.2 Fee No 1
85.3 Fee No 1
85.4 Fee No 1
85.5 Fee No 1
85.6 Fee No 1
85.7 Fee No 1
85.8 Fee No 1
85.9 Fee No 1
85.10 Fee No 1
85.11 Fee No 1
85.12 Fee No 1
85.13 Fee No 1
85.14 Fee No 1
85.15 Fee No 1
85.16 Fee No 1
85.17 Fee No 1
85.18 Fee No 1
85.19 Fee No 1
85.20 Fee No 1
85.21 Fee No 1
85.22 Fee No 1
85.23 Fee No 1
85.24 Fee No 1
85.25 Fee No 1
85.26 Fee No 1
85.27 Fee No 1
85.28 Fee No 1
85.29 Fee No 1
85.30 Fee No 1
85.31 Fee No 1
85.32 Fee No 1
85.33 Fee No 1
85.34 Fee No 1
85.35 Fee No 1
85.36 Fee No 1
85.37 Fee No 1
85.38 Fee No 1
85.39 Fee No 1
85.40 Fee No 1
85.41 Fee No 1
85.42 Fee No 1
85.43 Fee No 1
85.44 Fee No 1
85.45 Fee No 1
85.46 Fee No 1
85.47 Fee No 1
85.48 Fee No 1
85.49 Fee No 1
85.50 Fee No 1
85.51 Fee No 1
85.52 Fee No 1
85.53 Fee No 1
85.54 Fee No 1
85.55 Fee No 1
85.56 Fee No 1
85.57 Fee No 1
85.58 Fee No 1
85.59 Fee No 1
85.60 Fee No 1
85.61 Fee No 1
85.62 Fee No 1
85.63 Fee No 1
85.64 Fee No 1
85.65 Fee No 1
85.66 Fee No 1
85.67 Fee No 1
85.68 Fee No 1
85.69 Fee No 1
85.70 Fee No 1
85.71 Fee No 1
85.72 Fee No 1
85.73 Fee No 1
85.74 Fee No 1
85.75 Fee No 1
85.76 Fee No 1
85.77 Fee No 1
85.78 Fee No 1
85 0.100% 0.110% Fee No 300 No 0 1
86.1 Fee No 1
86.2 Fee No 1
86.3 Fee No 1
86.4 Fee No 1
86.5 Fee No 1
86.6 Leasehold No 1
86.7 Fee No 1
86.8 Fee No 1
86.9 Fee No 1
86 0.100% 0.110% Various No 360 No 10 1
87.1 Fee No 1
87.2 Fee No 1
87.3 Fee No 1
87.4 Fee No 1
87.5 Fee No 1
87.6 Fee No 1
87 0.100% 0.110% Fee No 360 No 10 1
88 0.060% Fee No 360 No 10 1
89 0.100% Fee No 360 No 10 1
90 0.080% Fee No 300 No 10 1
91 0.080% Fee No 360 No 5 1
92 0.100% Fee No 360 No 10 1
93 0.100% Fee No 348 No 10 1
94 0.100% 0.110% Fee/Leasehold No 300 No 10 1
-------- --------- --------- ------------------ ---------------- ------------ ---- ------ -----
SCHEDULE II
MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES
For purposes of these representations and warranties, the phrases
"to the knowledge of the Seller" or "to the Seller's knowledge" shall mean,
except where otherwise expressly set forth below, the actual state of knowledge
of the Seller or any servicer acting on its behalf regarding the matters
referred to (i) after having conducted such inquiry and due diligence into such
matters as would be customarily performed by prudent institutional commercial or
multifamily mortgage lenders, as applicable, at the time of the origination of
the particular Mortgage Loan and (ii) subsequent to such origination, utilizing
the servicing and monitoring practices customarily utilized by prudent
commercial mortgage loan servicers with respect to securitizable commercial or
multifamily, as applicable, mortgage loans, and the Seller shall have made
prudent inquiries of related servicers, and the phrases "to the actual knowledge
of the Seller" or "to the Seller's actual knowledge" shall mean, except where
otherwise expressly set forth below, the actual state of knowledge of the Seller
without any express or implied obligation to make inquiry. All information
contained in documents which are part of or required to be part of a Mortgage
File (each such document, a "Loan Document") shall be deemed to be within the
knowledge and the actual knowledge of the Seller. Wherever there is a reference
to receipt by, or possession of, the Seller of any information or documents, or
to any action taken by the Seller or not taken by the Seller or its agents or
employees, such reference shall include the receipt or possession of such
information or documents by, or the taking of such action or not taking such
action by the Seller or any servicer acting on its behalf.
The Seller represents and warrants with respect to each Mortgage
Loan that, as of the date specified below or, if no such date is specified, as
of the Closing Date:
(1) Mortgage Loan Schedule. The information pertaining to each
Mortgage Loan set forth in the schedule annexed hereto as Schedule I (the
"Mortgage Loan Schedule") was true and correct in all material respects as
of the Cut-off Date.
(2) Legal Compliance - Origination, Funding and Servicing. As of the
date of its origination, and to the actual knowledge of the Seller as of
the Closing Date, such Mortgage Loan complied in all material respects
with, or was exempt from, all requirements of federal, state or local law
relating to the origination, funding and servicing of such Mortgage Loan.
(3) Good Title; Conveyance. Immediately prior to the sale, transfer
and assignment to the Purchaser, the Seller had good title to, and was the
sole owner of, each Mortgage Loan, and the Seller is transferring such
Mortgage Loan free and clear of any and all liens, pledges, charges,
security interests, participation interests and/or of any other interests
or encumbrances of any nature whatsoever and the Seller has full right,
power and authority to sell, transfer and assign each Mortgage Loan free
and clear of all such liens, claims, pledges, charges and interests or
encumbrances. The Seller has validly and effectively conveyed to the
Purchaser all legal and beneficial interest in and to such Mortgage Loan.
The sale of the Mortgage Loans to the Purchaser 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 Trustee and each such endorsement
is genuine.
(4) No Holdbacks; Improvements Complete or Escrows Established. The
proceeds of each Mortgage Loan have been fully disbursed (except in those
cases where the full amount of the Mortgage Loan has been disbursed but a
portion thereof is being held in escrow or reserve accounts pending the
satisfaction of certain conditions relating to leasing, repairs or other
matters with respect to the related Mortgaged Property), and there is no
obligation for future advances with respect thereto. Any and all
requirements under each Mortgage Loan as to completion of any on-site or
off-site improvement and as to disbursements of any funds escrowed for
such purpose, have been complied with in all material aspects or any such
funds so escrowed have not been released; provided that partial releases
of such funds in accordance with the applicable Loan Documents may have
occurred.
(5) Legal, Valid and Binding Obligations. Each related Mortgage
Note, Mortgage, Assignment of Leases (if a document separate from the
Mortgage) and other agreement executed in connection with such Mortgage
Loan is a legal, valid and binding obligation of the related Mortgagor or
guarantor (subject to any non-recourse provisions therein and any state
anti-deficiency legislation or market value limit deficiency legislation),
enforceable in accordance with its terms, except with respect to
provisions relating to default interest, late fees, additional interest,
yield maintenance charges or prepayment premiums and except as such
enforcement may be limited by bankruptcy, insolvency, receivership,
reorganization, moratorium, redemption, liquidation or other laws
affecting the enforcement of creditors' rights generally, or by general
principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law).
(6) Assignment of Leases and Rents. There exists as part of the
related Mortgage File an Assignment of Leases either as a separate
document or as part of the Mortgage. Each related Assignment of Leases
creates a valid, collateral or first priority assignment of, or a valid
perfected first priority security interest in, certain rights under the
related leases, subject only to a license granted to the related Mortgagor
to exercise certain rights and to perform certain obligations of the
lessor under such leases, including the right to operate the related
Mortgaged Property and subject to limits on enforceability described in
Paragraph (5). No Person other than the related Mortgagor owns any
interest in any payments due under the related leases. Each related
Assignment of Leases provides for the appointment of a receiver for rent,
allows the holder to enter into possession to collect rents or provides
for rents to be paid directly to the holder of the Mortgage upon an event
of default under the Mortgage Loan documents.
(7) No Offset or Defense. There is no right of offset, abatement,
diminution, or rescission or valid defense or counterclaim with respect to
any of the related Mortgage Note, Mortgage(s) or other agreements executed
in connection therewith, except in each case, with respect to the
enforceability of any provisions requiring the payment of default
interest, late fees, additional interest, yield maintenance charges or
prepayment premiums and, as of the Closing Date, to the Seller's actual
knowledge no such rights have been asserted.
(8) Mortgage Status; Legal, Valid and Binding Obligations. Each
related assignment of Mortgage and assignment of Assignment of Leases from
the Seller to the Trustee has been duly authorized, executed and delivered
in recordable form by the Seller and constitutes the legal, valid, binding
and enforceable assignment from the Seller, except as such enforcement may
be limited by bankruptcy, insolvency, reorganization, liquidation,
receivership, moratorium or other laws relating to or affecting creditors'
rights generally or by general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law);
provided, if the related assignment of Mortgage and/or assignment of
Assignment of Leases has been recorded in the name of Mortgage Electronic
Registration Systems, Inc. ("MERS") or its designee, no assignment of
Mortgage and/or assignment of Assignment of Leases in favor of the Trustee
will be required to be prepared or delivered and instead, the Seller shall
take all actions as are necessary to cause the Trust to be shown as the
owner of the related Mortgage Loan on the records of MERS for purposes of
the system of recording transfers of beneficial ownership of mortgages
maintained by MERS. Each related Mortgage and Assignment of Leases is
freely assignable upon notice to but without the consent of the related
Mortgagor.
(9) Mortgage Lien. Subject to the exceptions set forth in Paragraph
(5) above, each related Mortgage is a legal, valid and enforceable first
lien on the related Mortgaged Property, subject only to the following
title exceptions (each such exception, a "Title Exception", and
collectively, the "Title Exceptions"): (a) the lien of current real
property taxes, ground rents, water charges, sewer rents and assessments
not yet due and payable, (b) covenants, conditions and restrictions,
rights of way, easements and other matters of public record, none of
which, individually or in the aggregate, materially interferes with the
current use or operation of the Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor's ability
to pay its obligations when they become due or materially and adversely
affects the value of the Mortgaged Property, (c) any other exceptions and
exclusions (general and specific) set forth in the mortgagee policy of
title insurance issued with respect to the Mortgage Loan, none of which,
individually or in the aggregate, materially and adversely interferes with
the current use or operation of the Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor's ability
to pay its obligations under the Mortgage Loan when they become due or
materially and adversely affects the value of the Mortgaged Property, (d)
the right of tenants (whether under ground leases, space leases or
operating leases) at the Mortgaged Property to remain following a
foreclosure or similar proceeding (provided that such tenants are
performing under such leases), and (e) if such Mortgage Loan constitutes a
Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another
Mortgage Loan contained in the same Cross-Collateralized Group; and such
Mortgaged Property is free and clear of any mechanics' and materialmen's
liens which are prior to or equal with the lien of the related Mortgage,
except those which are insured against by a lender's title insurance
policy as described above and to the Seller's actual knowledge no rights
are outstanding that under applicable law could give rise to any such lien
that would be prior or equal to the lien of the related Mortgage and is
not bonded over, escrowed for or covered by insurance.
(10) UCC Filings. The security agreements or other instruments, if
any, related to the Mortgage Loan establish and create, and a UCC
Financing Statement has been filed, recorded or submitted for recording in
all places required by applicable law for the perfection of (to the extent
that the filing of such a UCC Financing Statement can perfect such a
security interest), a valid security interest in the personal property
granted under such Mortgage (and any related security agreement), except
as enforceability may be limited by bankruptcy or other laws affecting
enforcement of creditor's rights generally or by the application of the
rules of equity, and except for certain personal property and fixtures
subject to purchase money security interests and personal property leases
permitted under the terms of the Mortgage Loan. In the case of a Mortgaged
Property operated as a hotel, restaurant, healthcare facility, nursing
home, assisted living facility, self-storage facility, theatre, mobile
home park or fitness center, such personal property includes all personal
property that a prudent institutional lender making a similar mortgage
loan on like properties would deem reasonably necessary to operate the
related Mortgaged Property as it is currently being operated, and the
related perfected security interest is prior to any other security
interest that can be perfected by such UCC filing, except for permitted
purchase money security interests and leases; provided that any such lease
has been pledged or assigned to the lender and its assigns. In the case of
each Mortgage Loan secured by a hotel, the related Loan Documents contain
such provisions as are necessary and UCC Financing Statements have been
filed or submitted for filing as necessary, in each case, to perfect a
valid first priority security interest in the related revenues with
respect to such Mortgaged Property. An assignment of each UCC Financing
Statement relating to the Mortgage Loan has been delivered by Seller in
blank which the Purchaser or Trustee, as applicable, or designee is
authorized to complete and to file in the filing office in which such UCC
Financing Statement was filed. Each Mortgage Loan and the related Mortgage
(along with any security agreement and UCC Financing Statement), together
with applicable state law, contain customary and enforceable provisions
such as to render the rights and remedies of the holders thereof adequate
for the practical realization against the personal property described
above, and the principal benefits of the security intended to be provided
thereby; provided, if the related security agreement and/or UCC Financing
Statement has been recorded in the name of MERS or its designee, no
assignment of security agreement and/or UCC Financing Statement in favor
of the Trustee will be required to be prepared or delivered and instead,
the Seller shall take all actions as are necessary to cause the Trust to
be shown as the owner of the related Mortgage Loan on the records of MERS
for purposes of the system of recording transfers of beneficial ownership
of mortgages maintained by MERS. Notwithstanding the foregoing, no
representation is made as to the perfection of any security interest in
rents or any other personal property to the extent that the possession or
control of such items or actions other than the filing of the UCC
Financing Statement as required in order to effect such perfection.
(11) Taxes and Assessments. All taxes and governmental assessments
or charges or water or sewer bills that prior to the Cut-off Date became
due and owing in respect of each related Mortgaged Property have been
paid, or if in dispute, an escrow of funds in an amount sufficient to
cover such payments has been established. Such taxes and assessments shall
not be considered delinquent or due and owing until the date on which
interest or penalties may first be payable thereon.
(12) Condition of Property; No Condemnation; No Encroachments. In
the case of each Mortgage Loan, one or more engineering assessments which
included a physical visit and inspection of the Mortgaged Property were
performed by an independent engineering consultant firm and except as set
forth in an engineering report prepared in connection with such
assessment, a copy of which has been delivered to the Master Servicer, the
related Mortgaged Property is, to the Seller's knowledge as of the Closing
Date, free and clear of any damage that would materially and adversely
affect its value as security for such Mortgage Loan. If an engineering
report revealed any material damage or deficiencies, material deferred
maintenance or other similar conditions, either (a) an escrow of funds was
required or a letter of credit was obtained in an amount equal to at least
125% of the amount estimated to effect the necessary repairs, or such
other amount as a prudent commercial lender would deem appropriate under
the circumstances sufficient to effect the necessary repairs or
maintenance or (b) such repairs and maintenance have been completed. As of
origination of such Mortgage Loan there was no proceeding pending, and
subsequent to such date, the Seller has no actual knowledge of, any
proceeding pending for the condemnation of all or any material portion of
the Mortgaged Property securing any Mortgage Loan. To the Seller's
knowledge (based solely on surveys (if any) and/or the lender's title
policy (or, if not yet issued, a pro forma title policy or "marked up"
commitment) obtained in connection with the origination of each Mortgage
Loan), as of the date of the origination of each Mortgage Loan and to the
Seller's knowledge as of the Cut-off Date: (a) all of the material
improvements on the related Mortgaged Property lay wholly within the
boundaries and, to the extent in effect at the time of construction,
building restriction lines of such property, except for encroachments that
are insured against by the lender's title insurance referred to in
Paragraph (13) below or that do not materially and adversely affect the
value or marketability of such Mortgaged Property, and (b) no improvements
on adjoining properties materially encroached upon such Mortgaged Property
so as to materially and adversely affect the use or the value of such
Mortgaged Property, except those encroachments that are insured against by
the lender's title insurance referred to in Paragraph (13) below.
(13) Title Insurance. The Seller has received an ALTA lender's title
insurance policy or an equivalent form of lender's title insurance policy
(or if such policy is not yet issued, such insurance may be evidenced by a
"marked up" pro forma policy or title commitment, in either case marked as
binding and countersigned by the title insurer or its authorized agent
either on its face or by an acknowledged closing instruction or escrow
letter) as adopted in the applicable jurisdiction (the "Title Insurance
Policy"), which was issued by a title insurance company qualified to do
business in the jurisdiction where the applicable Mortgaged Property is
located to the extent required, insuring the portion of each Mortgaged
Property comprised of real estate and insuring the originator of such
Mortgage Loan and its successors and assigns (as sole insureds) that the
related Mortgage is a valid first lien in the original principal amount of
the related Mortgage Loan on the Mortgagor's fee simple interest (or, if
applicable, leasehold interest) in such Mortgaged Property comprised of
real estate, subject only to the Title Exceptions. Such Title Insurance
Policy was issued in connection with the origination of the related
Mortgage Loan. No claims have been made under such Title Insurance Policy.
Such Title Insurance Policy is in full force and effect, provides that the
insured includes the owner of the Mortgage Loan and all premiums thereon
have been paid. Immediately following the transfer and assignment of the
related Mortgage Loan to the Trustee (including endorsement and delivery
of the related Mortgage Note to the Purchaser), such Title Insurance
Policy (or, if it has yet to be issued, the coverage to be provided
thereby) will inure to the benefit of the Purchaser and its successors and
assigns without consent or notice to the title insurer. The Seller has not
done, by act or omission, anything that would impair the coverage under
such Title Insurance Policy. Such Title Insurance Policy contains no
exclusion for, or it affirmatively insures (unless the related Mortgaged
Property is located in a jurisdiction where such affirmative insurance is
not available), (a) access to a public road, (b) that there are no
encroachments of any part of the building thereon over easements, and (c)
that the area shown on the survey is the same as the property legally
described in the related Mortgage.
(14) Insurance. All improvements upon each Mortgaged Property
securing a Mortgage Loan are insured by all insurance coverage required
under each related Mortgage, which insurance covered such risks as were
customarily acceptable to prudent commercial and multifamily mortgage
lending institutions lending on the security of property comparable to the
related Mortgaged Property in the jurisdiction in which such Mortgaged
Property is located. Each Mortgaged Property was covered by a fire and
extended perils included under the classification "All Risk of Physical
Loss" insurance (or the equivalent) policy in an amount at least equal to
the lesser of the outstanding principal balance of such Mortgage Loan and
100% of the 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 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, in the reasonable
judgement of the Seller, will cover no less than twelve (12) months of
rental income). 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) (an "SFH Area"), and flood insurance was available, a flood insurance
policy meeting the requirements of the then current guidelines of the
Federal Insurance Administration is in effect with a generally acceptable
insurance carrier, in an amount representing coverage not less than the
least of (a) the minimum amount required, under the terms of coverage, to
compensate for any damage or loss on a replacement basis, (b) the
outstanding principal balance of such Mortgage Loan, and (c) the maximum
amount of insurance available under the applicable National Flood
Insurance Administration Program. Each Mortgaged Property and all
improvements thereon are also covered by comprehensive general liability
insurance in such amounts as are generally required by reasonably prudent
commercial lenders for similar properties; if any Mortgaged Property is
located in the state of California or in a "seismic zone" 3 or 4, a
seismic assessment was conducted (except in the case of mobile home parks)
at the time of originations and seismic insurance was obtained to the
extent such Mortgaged Property has a PML of greater than twenty percent
(20%) calculated using at least a 450 a year look back with a 10%
probability of exceedance in a 50 year period; all properties in Florida
and within 25 miles of the coast of Texas, Louisiana, Mississippi,
Alabama, Georgia, North Carolina and South Carolina have windstorm
insurance; any nonconformity with applicable zoning laws and ordinances
(1) is not a material nonconformity and does not materially and adversely
affect the use, operation or value of the Mortgaged Property, (2)
constitutes a legal non-conforming use or structure which, in the event of
casualty or destruction, may be restored or repaired to materially the
same extent of the use or structure at the time of such casualty, (3) is
covered by law and ordinance insurance in an amount customarily required
by reasonably prudent commercial or multifamily, as applicable, mortgage
lenders, (4) is covered by a zoning endorsement covering any loss to the
mortgagee resulting from such non-conformity or (5) is covered by
insurance that will provide proceeds that, together with the value of the
related land, will be sufficient to repay the Mortgage Loan; and
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 rating from Standard &
Poor's, Xxxxx'x or Fitch of not less than A-minus (or the equivalent), or
from A.M. Best of not less than "A:V" (or the equivalent). At origination,
and to the Seller's knowledge as of the Closing Date, such insurance was,
or is, as applicable, in full force and effect with respect to each
related Mortgaged Property and no notice of termination or cancellation
with respect to any such insurance policy has been received by the Seller;
and except for certain amounts not greater than amounts which would be
considered prudent by an institutional commercial mortgage lender with
respect to a similar mortgage loan and which are set forth in the related
Loan Documents, any insurance proceeds in respect of a casualty loss will
be applied either to (1) the repair or restoration of the related
Mortgaged Property with the mortgagee or a third party custodian
acceptable to the mortgagee having the right to hold and disburse the
proceeds as the repair or restoration progresses, other than with respect
to amounts that are customarily acceptable to commercial and multifamily
mortgage lending institutions, or (2) the reduction of the outstanding
principal balance of the Mortgage Loan. The insurer with respect to each
policy is qualified to write insurance in the relevant jurisdiction to the
extent required. 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 30
days' prior written notice to the mortgagee (or, with respect to
non-payment, 10 days' prior written notice to the mortgagee) or such
lesser period as prescribed by applicable law; and no such notice has been
received, including any notice of nonpayment of premiums, that has not
been cured. With respect to each Mortgage Loan, the related Mortgage
requires that the related Borrower or a tenant of such Borrower maintain
insurance as described above or permits the mortgagee to require insurance
as described above. Except under circumstances that would be reasonably
acceptable to a prudent commercial mortgage lender after September 11,
2001 or that would not otherwise materially and adversely affect the
security intended to be provided by the related Mortgage, for each
Mortgage Loan, except as indicated on Schedule IIA(14), (A) the related
all risk property casualty insurance policy and business interruption
policy do not exclude acts of terrorism, or any related damage claims or
(B) Borrower has obtained insurance satisfying the above coverage
requirements against damage and business interruption resulting from acts
of terrorism, from coverage as of the later of (i) the date of origination
of the Mortgage Loan and (ii) the date as of which the policy was renewed
or amended, and the related Loan Documents do not expressly prohibit or
waive such coverage, except to the extent that any right to require such
coverage may be limited by commercially reasonable availability. The
Mortgage for each Mortgage Loan provides 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 the related Mortgaged
Property or to the payment of amounts due under such Mortgage Loan;
provided that the related Mortgage may entitle the related Borrower 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 Borrower 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 Paragraph (44) below).
(15) No Material Defaults. Other than payments due but not yet 30
days or more delinquent (A) there exists no material default, breach,
violation or event of acceleration under the related Loan Documents and
(B) since the date of origination of such Mortgage Loan, there has been no
declaration by the Seller or prior holder of such Mortgage Loan of an
event of acceleration under the related Loan Documents, and (C) to
Seller's actual knowledge no event which, with the passage of time or with
notice and the expiration of any grace or cure period, would constitute a
material default, breach, violation or event of acceleration under any of
such documents has occurred and is continuing; the Seller has not waived
any material default, breach, violation or event of acceleration under any
of such documents; and under the terms of each Mortgage Loan, each related
Mortgage Note, each related Mortgage and the other Loan Documents in the
related Mortgage File, no person or party other than the mortgagee may
declare an event of default or accelerate the related indebtedness under
the Loan Documents; provided, however, that this representation and
warranty does not address or otherwise cover any default, breach,
violation or event of acceleration that specifically pertains to the
subject matter otherwise covered by any other representation and warranty
made by the Seller in this Schedule II.
(16) Payment Record. Each Mortgage Loan is not, and in the prior 12
months (or since the date of origination if such Mortgage Loan has been
originated within the past 12 months) has not been, 30 days or more past
due in respect of any Monthly Payment without giving effect to any
applicable grace or cure period.
(17) Additional Collateral. The related Loan Documents do not
provide for or permit, without the prior written consent of the holder of
the Mortgage Note, each related Mortgaged Property to secure any other
promissory note or obligation, other than another Mortgage Loan.
(18) Qualified Mortgage. Each Mortgage Loan constitutes a "qualified
mortgage" within the meaning of Section 860G(a)(3) of the Code (but
without regard to the rule in Treasury Regulations 1.860G-2(f)(2) that
treats a defective obligation as a qualified mortgage, or any
substantially similar successor provision) and the related Mortgaged
Property, if acquired by a REMIC in connection with the default or
imminent default of such Mortgage Loan, would constitute "foreclosure
property" within the meaning of Section 860G(a)(8), assuming compliance
with all of the requirements of a "foreclosure property" under Section
856(e)(4) by the Trustee, the Master Servicer, the Special Servicer, as
applicable, and their respective agents, but without regard to the holding
period requirements set forth in Section 856(e)(2). Prepayment Premiums
and yield maintenance charges payable with respect to each Mortgage Loan,
if any, constitute "customary prepayment penalties" within the meaning of
Treasury Regulations Section 1.860G-1(b)(2).
(19) Environmental Conditions. One or more environmental site
assessments meeting the requirements of the American Society for Testing
and Materials in effect at the time the related report was or the related
reports were prepared covering all environmental hazards typically
assessed for similar properties including use, type and tenants of the
Mortgaged Property (an "Environmental Report"), or an update of such an
assessment, was performed by an experienced licensed (to the extent
required by applicable state law) environmental consulting firm with
respect to each Mortgaged Property securing a Mortgage Loan in connection
with the origination of such Mortgage Loan and thereafter updated such
that, except as set forth on Schedule IIA(19), (a) such Environmental
Report is dated no earlier than twelve months prior to the Closing Date,
(b) a copy of each such Environmental Report has been delivered to the
Purchaser; and (c) either: (i) no such Environmental Report provides that
as of the date of the report there is a material violation of any
applicable environmental laws with respect to any 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) a party not related to the related Mortgagor with
financial resources reasonably adequate to cure the subject violation in
all material respects was identified as the responsible party for such
condition or circumstance, (B) the related Mortgagor was required to
provide additional security adequate to cure the subject violation in all
material respects and to obtain an operations and maintenance plan, (C)
such conditions or circumstances were investigated further and based upon
such additional investigation, an independent environmental consultant
recommended no further investigation or remediation, or recommended only
the implementation of an operations and maintenance program, which the
Mortgagor is required to do, (D) there exists an escrow of funds
reasonably estimated to be sufficient for purposes of effecting such
remediation, (E) the related Mortgaged Property identified on Schedule
IIA(19) is insured under a policy of insurance against losses arising from
such circumstances and conditions, (F) the circumstance or condition has
been fully remediated, (G) the related Mortgagor provided a "no further
action" letter or other evidence acceptable to the Seller and that would
be acceptable to a reasonably prudent 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 condition
or circumstance, (H) the expenditure of funds reasonably estimated to be
necessary to effect such remediation is the lesser of (a) 2% of the
outstanding principal balance of the related Mortgage Loan and (b)
$200,000, (I) the related Mortgagor or another responsible party is
currently taking such actions, if any, with respect to such circumstances
or conditions as have been required by the applicable governmental
regulatory authority, or (J) a responsible party with financial resources
reasonably adequate to cure the violation provided a guaranty or indemnity
to the related Mortgagor to cover the costs of any required investigation,
testing, monitoring or remediation. 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 any
Mortgaged Property not revealed in any such Environmental Report, where
obtained, or in any Mortgagor questionnaire delivered to Seller at the
issue of any related environmental insurance policy, if applicable, that
render such Mortgaged Property in material violation of any applicable
environmental laws. The Mortgage, or other Loan Document in the Mortgage
File, for each Mortgage Loan encumbering the Mortgaged Property requires
the related Mortgagor to comply and cause the Mortgaged Property to comply
with all applicable federal, state and local environmental laws and
regulations. The Seller has not taken any action which would cause the
Mortgaged Property not to be in compliance with all federal, state and
local laws pertaining to environmental hazards or which could subject the
Seller or its successors and assigns to liability under such laws. Each
Mortgagor represents and warrants in the related Loan Documents generally
to the effect that except as set forth in certain specified environmental
reports and to the best of its knowledge that as of the date of
origination of such Mortgage Loan, there were no hazardous materials on
the related Mortgaged Property, and that the Mortgagor 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 an affiliate thereof) has agreed to indemnify, defend and
hold the Seller and its successors and assigns harmless from and against,
or otherwise be liable for, any and all losses resulting from a breach of
environmental representations, warranties or covenants given by the
Mortgagor in connection with such Mortgage Loan, generally including any
and all losses, liabilities, damages, injuries, penalties, fines, expenses
and claims of any kind or nature whatsoever (including without limitation,
attorneys' fees and expenses) paid, incurred or suffered by or asserted
against, any such party resulting from such breach.
(20) Customary Mortgage Provisions. The related Loan Documents
contain customary and enforceable provisions such as to render the rights
and remedies of the holder thereof adequate for the practical realization
against the Mortgaged Property of the benefits of the security, including
realization by judicial or, if customary, non-judicial foreclosure,
subject to the effects of bankruptcy or similar law affecting the right of
creditors and the application of principles of equity, and there is no
exemption available to the Mortgagor which would interfere with such right
to foreclose except any statutory right of redemption or as may be limited
by anti-deficiency laws or by bankruptcy, insolvency, reorganization or
other similar laws affecting the enforcement of creditors' rights
generally, and by general principals of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law).
(21) Bankruptcy. No Mortgaged Property, nor any material portion
thereof, is the subject of and no Mortgagor is a debtor in any state or
federal bankruptcy or insolvency or similar proceeding.
(22) Whole Loan; Interest Only; No Equity Participation or
Contingent Interest. Each Mortgage Loan is a whole loan and not a
participation interest in a loan. 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, has a shared appreciation feature, provides for any
contingent or additional interest in the form of participation in the cash
flow of the related Mortgaged Property, or provides for interest-only
payments without principal amortization or for the negative amortization
of interest, except that, in the case of an ARD Loan, such Mortgage Loan
provides that, during the period commencing on or about the related
Anticipated Repayment Date and continuing until such Mortgage Loan is paid
in full, (a) additional interest shall accrue and may be compounded
monthly and shall be payable only after the outstanding principal of such
Mortgage Loan is paid in full, and (b) subject to available funds, a
portion of the cash flow generated by such Mortgaged Property will be
applied each month to pay down the principal balance thereof in addition
to the principal portion of the related Monthly Payment. Neither the
Seller nor any affiliate thereof has any obligation to make any capital
contribution to the Mortgagor under the Mortgage Loan or otherwise nor
holds any equity interest in any Mortgagor.
(23) Transfers and Subordinate Debt. The Mortgage Loan does not
permit the related Mortgaged Property or any interest therein, including
any ownership interest in the Mortgagor, to be encumbered by any mortgage
lien or other encumbrance except the related Mortgage or the Mortgage of
another Mortgage Loan without the prior written consent of the holder
thereof. To Seller's knowledge, as of origination, and, to the Seller's
actual knowledge as of the Closing Date, 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 Loan Documents require the
Mortgagor to pay all reasonable costs and expenses related to any required
consent to any transfer or encumbrance, including reasonable legal fees
and expenses and any applicable Rating Agency fees. The Loan Documents
contain a "due on sale" clause, which provides for the acceleration of the
payment of the unpaid principal balance of the Mortgage Loan if, without
the prior written consent of the holder of the Mortgage, either the
related Mortgaged Property, or any direct equity interest in the related
Mortgagor, is directly or indirectly pledged, transferred or sold, other
than by reason of family and estate planning transfers, transfers of less
than a controlling interest in the Mortgagor, issuance of non-controlling
new equity interests, transfers that are subject to the holder's approval
of transferee and satisfaction of certain conditions specified in the Loan
Documents, 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 Mortgaged Loans or multi-property Mortgage Loans or
transfers of a similar nature to the foregoing meeting the requirements of
the Mortgage Loan.
(24) Waivers and Modification. The terms of the related Loan
Documents have not been waived, modified, altered, satisfied, impaired,
canceled, subordinated or rescinded in any material respect, except
pursuant to a written instrument duly submitted for recordation, to the
extent required, and specifically included in the related Mortgage Loan
File. No alterations, waivers, modifications or assumptions of any kind
have been given, made or consented to by or on behalf of the Seller since
May 10, 2004. The Seller has not taken any intentional action that would
cause the representations and warranties of the related Mortgagor under
the Mortgage Loan not to be true and correct in any material respect.
(25) Inspection. Each related Mortgaged Property was inspected by or
on behalf of the related originator within the 12 months prior to the
Closing Date.
(26) Releases of Mortgaged Property. Since origination, no portion
of the related Mortgaged Property has been released from the lien of the
related Mortgage, in any manner which materially and adversely affects the
value, use or operation of the Mortgage Loan or materially interferes with
the security intended to be provided by such Mortgage. The terms of the
related Mortgage do not provide for release of any material portion of the
Mortgaged Property from the lien of the Mortgage except (a) in
consideration of payment therefor equal to not less than 125% of the
related allocated loan amount of such Mortgaged Property specifically set
forth in the related Loan Documents, (b) upon payment in full of such
Mortgage Loan, (c) Mortgage Loans which permit defeasance by means of
substituting for the Mortgaged Property (or, in the case of a Mortgage
Loan secured by multiple Mortgaged Properties, one or more of such
Mortgaged Properties) "government securities" within the meaning of Treas.
Reg. Section 1.860G-2(a)(8)(i) sufficient to pay the Mortgage Loans in
accordance with their terms, (d) Mortgage Loans which permit the related
Mortgagor to substitute a replacement property subject to the satisfaction
of enumerated conditions that would be acceptable to a reasonably prudent
commercial or multifamily, as applicable, lender, but which do not include
the consent or approval of the lender to the substitution or the
substitute property, or (e) a portion of the Mortgaged Property that was
not given any value in connection with either the initial underwriting or
appraisal of the Mortgage Loan.
(27) Defeasance. With respect to any Mortgage Loan that contains a
provision for any defeasance of mortgage collateral (a "Defeasance Loan"),
the related Mortgage Note, Mortgage or other related Loan Document
contained in the Mortgage File, provides that the defeasance option is not
exercisable prior to a date that is at least two (2) years following the
Closing Date and is otherwise in compliance with applicable statutes,
rules and regulations governing REMICs; requires prior written notice to
the holder of the Mortgage Loan of the exercise of the defeasance option
and payment by Mortgagor of all related fees, costs and expenses as set
forth below; requires, or permits the lender to require, the Mortgage Loan
(or the portion thereof being defeased) to be assumed by a single-purpose
entity; and requires delivery of a legal opinion that the Trustee has a
perfected security interest in such collateral prior to any other claim or
interest. In addition, each Mortgage loan that is a Defeasance Loan
permits defeasance only with substitute collateral constituting
"government securities" within the meaning of Treas. Reg. Section
1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled payments
under the Mortgage Note (or the portion thereof being defeased) when due,
and in the case of ARD Loans, assuming the Anticipated Repayment Date is
the Stated Maturity Date. Further, the Mortgage or other related Loan
Document contained in the Mortgage File requires that an independent
certified public accountant certify that such government securities are
sufficient to make all such scheduled payments when due. To Seller's
actual knowledge, defeasance under the Mortgage Loan is only for the
purpose of facilitating the release of the Mortgaged Property and not as a
part of an arrangement to collateralize a REMIC with obligations that are
not real estate mortgages. With respect to each Defeasance Loan, the
related Mortgage or other related Loan Document provides that the related
Mortgagor shall (or permits the mortgagee to require the Mortgagor to) (a)
pay all Rating Agency fees associated with defeasance (if Rating Agency
approval is a specific condition precedent thereto) and all other
reasonable expenses associated with defeasance, including, but not limited
to, accountant's fees and opinions of counsel, or (b) provide all opinions
reasonably required by the mortgagee under the related Loan Documents,
including, if applicable, a REMIC opinion and a perfection opinion and any
applicable rating agency letters confirming no downgrade or qualification
of ratings on any classes in the transaction. Additionally, for any
Mortgage Loan having a Cut-off Date Balance equal to or greater than
$20,000,000, the Mortgage Loan or the related documents require (or permit
the mortgagee to require) confirmation from the Rating Agency that
exercise of the defeasance option will not cause a downgrade or withdrawal
of the rating assigned to any securities backed by the Mortgage Loan and
require (or permit the mortgagee to require) the Mortgagor to pay any
Rating Agency fees and expenses.
(28) Local Law Compliance; Non-Conforming Uses or Improvements. To
the Seller's knowledge as of the date of origination of such Mortgage
Loan, and, to the Seller's actual knowledge, as of the Cut-off Date the
Mortgaged Property and the improvements located on or forming part of, and
the existing use of, each Mortgaged Property securing a Mortgage Loan was
or are, as applicable, in material compliance with all applicable zoning
laws including parking and ordinances, building codes and land laws
applicable to the Mortgaged Property or the use and occupancy thereof 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, either law and ordinance insurance
coverage has been obtained in amounts adequate to avoid loss to the
mortgagee, or such non-compliance and failure does not materially and
adversely affect the value of the related Mortgaged Property).
(29) (reserved)
(30) Single-Purpose Entity. Each Mortgage Loan with an original
principal balance over $5,000,000 requires the Mortgagor to be for at
least for so long as the Mortgage Loan is outstanding, and to Seller's
actual knowledge each Mortgagor is, a Single-Purpose Entity. For this
purpose, "Single-Purpose Entity" means a person, other than an individual,
whose organizational documents provide, or which entity represented and
covenanted in the related Loan Documents, substantially to the effect that
such Mortgagor (i) is formed or organized solely for the purpose of owning
and operating the related Mortgaged Property or Properties; (ii) does not
engage in any business unrelated to such Mortgaged Property or Properties
and the financing thereof; (iii) does not and will not have any material
assets other than those related to its interest in such Mortgaged Property
or Properties or the financing thereof; (iv) does not and will not have
any indebtedness other than as permitted by the related Mortgage or other
related Loan Documents; (v) maintains its own books, records and accounts,
in each case which are separate and apart from the books, records and
accounts of any other person; and (vi) holds itself out as being a legal
entity, separate and apart from any other person. In addition, with
respect to all Mortgage Loans with an original principal balance of
$15,000,000 or more, the Mortgagor's organizational documents provide
substantially to the effect that the Mortgagor shall: observe all entity
level formalities and record keeping; conduct business in its own name;
not guarantee or assume the debts or obligations of any other person; not
commingle its assets or funds with those of any other person; prepare
separate tax returns and financial statements, or if part of a
consolidated group, be shown as a separate member of such group; transact
business with affiliates on an arm's length basis pursuant to written
agreements; hold itself out as being a legal entity, separate and apart
from any other person and such organizational documents provide that: any
dissolution or winding up or insolvency filing for such entity is
prohibited or requires the unanimous consent of an independent director or
member or all partners or members, as applicable; such documents may not
be amended with respect to the Single-Purpose Entity requirements without
the approval of the mortgagee or rating agencies; and the Mortgagor shall
have an outside independent director or member. The Mortgage File for each
such Mortgage Loan having an original principal balance of $20,000,000 or
more contains a counsel's opinion regarding non-consolidation of the
Mortgagor in any insolvency proceeding involving its equity owner or group
of equity owners having an equity interest greater than 49%. To Seller's
actual knowledge, each Mortgagor has fully complied with the requirements
of the related Mortgage Loan and Mortgage and the Mortgagor's
organizational documents regarding Single-Purpose-Entity status. The
organization documents of any Mortgagor on a Mortgage Loan having an
original principal balance of $15,000,000 or more which is a single member
limited liability company provide that the Mortgagor shall not dissolve or
liquidate upon the bankruptcy, dissolution, liquidation or death of the
sole member.
(31) No Advances. No advance of funds has been made after
origination, directly or indirectly, by the Seller to the Mortgagor and,
to the Seller's knowledge, no funds have been received from any person
other than the Mortgagor, for or on account of payments due on the
Mortgage Note or the Mortgage.
(32) Litigation or Other Proceedings. To Seller's knowledge, as of
origination there were no, and to the Seller's actual knowledge, as of the
Closing Date, there are no, pending actions, suits, litigation,
arbitration or other proceedings by or before any court, arbitrator or
governmental authority against the Mortgagor (or any related guarantor to
the extent the Seller would consider such guarantor material to the
underwriting or such Mortgage Loan) under any Mortgage Loan or the related
Mortgaged Property that could reasonably be expected to materially and
adversely affect the value of the Mortgaged Property as security for such
Mortgage Loan, the Mortgagor's ability to pay principal, interest or any
other amounts due under such Mortgage Loan or such guarantor's ability to
meet its obligations under the related Loan Documents.
(33) No Usury. The Mortgage Rate (exclusive of any default interest,
late charges or prepayment premiums) of such Mortgage Loan (other than an
ARD Loan after the Anticipated Repayment Date) is a fixed rate, and
complied as of the date of origination with, or was exempt from,
applicable state or federal laws, regulations and other requirements
pertaining to usury.
(34) Trustee Under Deed of Trust. If the Mortgage for any Mortgage
Loan is a deed of trust, then (a) a trustee, duly qualified under
applicable law to serve as such, has either been properly designated and
currently so serves or may be substituted in accordance with the Mortgage
and applicable law, and (b) no fees or expenses are payable to such
trustee by the Seller, the Purchaser or any transferee thereof except in
connection with a trustee's sale after default by the related Mortgagor or
in connection with any full or partial release of the related Mortgaged
Property or related security for such Mortgage Loan and all such fees and
expenses are the obligation of the Mortgagor under the Mortgage.
(35) Other Collateral; Cross-Collateralization. The related Mortgage
Note is not secured by any collateral that secures a Mortgage Loan that is
not in the Trust Fund and each Mortgage Loan that is cross-collateralized
is cross-collateralized only with other Mortgage Loans sold pursuant to
this Agreement.
(36) (reserved)
(37) Escrow Deposits. All escrow deposits and payments required
pursuant to the Loan Documents are in the possession, or under the
control, of the Seller or its agent and there are no deficiencies in
connection therewith, and all such escrows, deposits and payments will be
conveyed by the applicable Seller to the Purchaser and identified as such
with appropriate detail on the Closing Date.
(38) Licenses and Permits. The Mortgage Loan requires the related
Mortgagor, to the extent required by law, to be qualified to do business,
and requires the related Mortgagor and the related Mortgaged Property to
be in material compliance with all regulations, licenses, permits,
authorizations, restrictive covenants and zoning and building laws, in
each case to the extent required by law or to the extent that the failure
to be so qualified or in compliance would have a material and adverse
effect upon the enforceability of the Mortgage Loan or upon the practical
realization against the related Mortgaged Property of the principal
benefits of the security intended to be provided thereby. To the Seller's
knowledge, as of the date of origination of each Mortgage Loan based on
any of: (i) a letter from governmental authorities, (ii) a legal opinion,
(iii) an endorsement to the related Title Insurance Policy, (iv) a zoning
report from a zoning consultant, or (v) other due diligence that the
originator of the Mortgage Loan customarily performs in the origination of
comparable mortgage loans, and to the Seller's actual knowledge as of the
Closing Date, the related Mortgagor was in possession of all material
licenses, permits and franchises required by applicable law for the
ownership and operation of the related Mortgaged Property as it was then
operated or such material licenses and permits have otherwise been issued.
(39) Origination, Servicing and Collection Practices. The
origination (or acquisition, as the case may be), collection, and the
servicing practices used by the Seller and its affiliates or contractors
engaged by it with respect to the Mortgage Loan have been in all respects
legal and have met customary standards utilized by prudent commercial or
multifamily, as applicable, lenders and servicers.
(40) Borrower Organization. Each Borrower that is an entity is
organized under the laws of a state of the United States of America.
(41) Non-Recourse Exceptions. Each Mortgage Loan is non-recourse,
except that the Mortgagor and either: a principal of the Mortgagor or
other natural person, with assets other than any interest in the
Mortgagor, has agreed to be jointly and severally liable for all
liabilities, expenses, losses, damages, expenses or claims suffered or
incurred by the holder of the Mortgage Loan by reason of or in connection
with: (i) any fraud or material misrepresentation by the Mortgagor, (ii)
misapplication or misappropriation of rents, insurance proceeds or
condemnation awards or (iii) violation of applicable environmental laws or
breaches of environmental covenants. No waiver of liability for such
non-recourse exceptions has been granted to the Mortgagor or any such
guarantor or principal by the Seller or anyone acting on behalf of the
Seller.
(42) Separate Tax Parcels. Each Mortgaged Property constitutes one
or more separate tax lots (or will constitute separate tax lots when the
next tax maps are issued), or, in certain instances, an application has
been made to the applicable governing authority for creation of separate
tax lots that shall be effective for the next tax year (and, with respect
to tax parcels for which such application has been made, prior to the
creation of such separate tax lots, taxes are being escrowed for the
entire existing tax parcel), or is subject to an endorsement under the
related Title Insurance Policy insuring for losses arising from any claim
that the Mortgaged Property is not one or more separate tax lots.
(43) Financial Statements. Each Mortgage or related Loan Documents
requires the Mortgagor upon request to provide the owner or holder of the
Mortgage with quarterly (except for Mortgage Loans with an original
principal balance less than $3,000,000) and annual operating statements
(or a balance sheet statement of income and expenses and a statement of
changes in financial position), and such additional information regarding
the Mortgagor and the Mortgaged Property as the owner or holder of the
Mortgage may request which annual financial statements for all Mortgage
Loans with an original principal balance greater than $20 million shall be
audited by an independent certified public accountant upon the request of
the holder of the Mortgage Loan.
(44) Fee/Leasehold Properties. Each Mortgage Loan is secured by the
fee interest in the related Mortgaged Property, except that with respect
to Mortgage Loans that are secured by the interest of the related
Mortgagor as a lessee under a ground lease of a Mortgaged Property (a
"Ground Lease") (the term Ground Lease shall mean such ground lease, all
written amendments and modifications, and any related estoppels or
agreements from the ground lessor and, in the event the Mortgagor's
interest is a ground subleasehold, shall also include not only such ground
sublease but also the related ground lease), but not by the related fee
interest in such Mortgaged Property (the "Fee Interest") and:
(a) Such Ground Lease or a memorandum thereof has been duly
recorded; such Ground Lease permits the interest of the lessee
thereunder to be encumbered by the related Mortgage and does not
restrict the use of the related Mortgaged Property by such lessee,
its successors or assigns, in a manner that would materially
adversely affect the security provided 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 written instruments
which are a part of the related Mortgage File;
(b) 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 Title Exceptions,
and provides that it shall remain prior to any mortgage or other
lien upon the related Fee Interest;
(c) The Mortgagor's interest in such Ground Lease is
assignable to the mortgagee and its successors and assigns upon
notice to, but without the consent of, the lessor thereunder (or, if
such consent is required, it has been obtained prior to the Closing
Date) and, in the event that it is so assigned, is further
assignable by the mortgagee and its successors and assigns upon
notice to, but without the need to obtain the consent of, such
lessor;
(d) Such Ground Lease is in full force and effect, and the
Seller has not received as of the Closing Date notice (nor is the
Seller otherwise aware) that any default has occurred under such
Ground Lease;
(e) Seller or its agent has provided the lessor under the
Ground Lease with notice of its lien, and such Ground Lease requires
the lessor to give notice of any default by the lessee to the
mortgagee, and such Ground Lease, or an estoppel letter received by
the mortgagee from the lessor, further provides that no notice of
termination given under such Ground Lease is effective against such
mortgagee unless a copy has been delivered to such mortgagee in the
manner described in such Ground Lease;
(f) 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 written notice of any such default, before the
lessor thereunder may terminate such Ground Lease, and all of the
rights of the mortgagor under such Ground Lease and the related
Mortgage (insofar as it relates to the Ground Lease) may be
exercised by or on behalf of the mortgagee;
(g) Such Ground Lease has a current term (including one or
more optional renewal terms, which, under all circumstances, may be
exercised, and will be enforceable, by the Seller and its successors
and assigns) which extends not less than the greater of 10 years
beyond the amortization term and 20 years beyond the Stated Maturity
Date for the related Mortgage Loan (or, with respect to any Mortgage
Loan with an Anticipated Repayment Date, 10 years beyond the
amortization term);
(h) Such Ground Lease requires the lessor to enter into a new
lease with the mortgagee under such Mortgage Loan upon termination
of such Ground Lease for any reason, including rejection of such
Ground Lease in a bankruptcy proceeding;
(i) Under the terms of such Ground Lease and the related Loan
Documents, taken together, any related insurance proceeds or
condemnation award that is awarded 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
under such Mortgage Loan 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 such Mortgage Loan together with any accrued
interest thereon;
(j) Such Ground Lease does not impose any restrictions on
subletting which would be viewed as commercially unreasonable by a
prudent commercial mortgage lender; and such Ground Lease contains a
covenant that the lessor thereunder is not permitted, in the absence
of an uncured default, to disturb the possession, interest or quiet
enjoyment of any lessee in the relevant portion of the Mortgaged
Property subject to such Ground Lease for any reason, or in any
manner, which would materially adversely affect the security
provided by the related Mortgage;
(k) Such Ground Lease may not be amended or modified without
the prior consent of the mortgagee under such Mortgage Loan and that
any such action without such consent is not binding on such
mortgagee, its successors or assigns;
(l) The terms of such Ground Lease have not been waived,
modified, satisfied, impaired, canceled, subordinated or rescinded
in any manner which materially interferes with the security intended
to be provided by the related Mortgage.
(45) Fee Simple Interest. Except with respect to the Mortgage Loans
secured by Ground Leases, each of the Mortgagors (or its affiliates) has
title in the fee simple interest in each related Mortgaged Property.
(46) ARD Loans. Each ARD Loan requires scheduled monthly payments of
principal; if any ARD Loan is not paid in full by its Anticipated
Repayment Date, and assuming that it is not otherwise in default, the rate
at which such Mortgage Loan accrues interest will increase to the sum of
the original Mortgage Rate and a specified margin not less than 2 percent
(2%); the Anticipated Repayment Date of any such Mortgage Loan is not less
than 7 years from the date of origination; and after the Anticipated
Repayment Date, the Loan Documents provide that excess cash flow after
payment of expenses, including scheduled interest and capital expenditures
approved by the lender, will be used to repay principal.
(47) Authorization in Jurisdiction. To the extent required under
applicable law as of the date of origination, and necessary for the
enforceability or collectability of the Mortgage Loan, the originator of
such Mortgage Loan was authorized to do business in the jurisdiction in
which the related Mortgaged Property is located at all times when it
originated and held the Mortgage Loan.
(48) No Negative Amortization; No Capital Contribution; No Financing
for Incomplete Improvements. No Mortgage Loan, other than an ARD Loan (and
then only after the Anticipated Repayment Date for such ARD Loan),
provides for the negative amortization of interest. Neither the Seller nor
any affiliate thereof has any obligation to make any capital contributions
to the Mortgagor under the Mortgage Loan. The Mortgage Loan was not
originated for the purpose of financing the construction of incomplete
improvements on the related Mortgaged Property other than tenant
improvements.
(49) No Fraud. Neither the Seller, the originator, nor any employee
or agent of the Seller or the originator has participated in any fraud or
intentional material misrepresentation with respect to the Mortgagor, the
Mortgaged Property or any guarantor. To Seller's actual knowledge, no
Mortgagor or guarantor is guilty of defrauding or making an intentional
material misrepresentation to the Seller with respect to the origination
of the Mortgage Loan, the Mortgagor or the Mortgaged Property.
(50) Grace Periods. The related Mortgage or Mortgage Note provides a
grace period for delinquent Monthly Payments no longer than 10 days from
the applicable Due Date other than as disclosed in the Mortgage Loan
Schedule.
(51) Appraisals. The Mortgage File contains an appraisal of the
related Mortgaged Property, which appraisal is signed by an appraiser,
who, to the Seller's knowledge, had no interest, direct or indirect, in
the Mortgaged Property or the Mortgagor or in any loan made on the
security thereof, and whose compensation is not affected by the approval
or disapproval of the Mortgage Loan; the appraisal or a supplemental
letter from the appraiser states that the appraisal satisfies the
appraisal guidelines set forth in Title XI of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (as amended), all as in
effect on the date the Mortgage Loan was originated.
(52) Mortgagor Concentration. Except as disclosed in the Prospectus
Supplement, (a) no Mortgagor is the Mortgagor with respect to more than
one Mortgage Loan and (b) to the Seller's knowledge, no group of Mortgage
Loans with affiliated mortgagors have an aggregate principal balance
equaling more than $66,359,166.60.
(53) Environmental Insurance Policies. If the Mortgaged Property
securing any Mortgage Loan is covered by a secured creditor environmental
insurance policy, then:
(a) 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; and
(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 with respect to (i) and (ii) to the extent
required by such policy or to the extent 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;
(b) all premiums for such insurance have been paid;
(c) has a term not less than 5 years beyond the term of the
Mortgage Loan (or 5 years beyond the Anticipated Repayment Date with
respect to an ARD Loan) and is not cancelable during such term; and
(d) such insurance is in full force and effect.
If the Mortgage Loan is listed on Schedule IIA(53) and the
environmental insurance for such Mortgage Loan is not a secured
creditor policy but was required to be obtained by the Mortgagor,
then the holder of the Mortgage Loan is entitled to be an additional
insured under such policy, all premiums have been paid, such
insurance is in full force and effect, such policy may not be
cancelled or amended without the consent of the Seller or its
successors and assigns and, to the Seller's knowledge, the Mortgagor
has made the disclosures and complied with the requirements of
clauses (a) and (b) of this Paragraph (53).
(54) Access. The Mortgaged Property is located on or adjacent to a
public road, or has access to an irrevocable easement permitting ingress
and egress.
SCHEDULE IIA
------------
EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES
--------------------------------------------
WITH RESPECT TO THE BRIDGER MORTGAGE LOANS
------------------------------------------
Schedule IIA (8) Mortgage Status; Legal, Valid and Binding Obligations
----------------------------------------------------------------------
With respect to each Bridger Mortgage Loan, because the Assignment of
Leases is a part of the Mortgage, there is no separate assignment of
Assignment of Leases document.
Schedule IIA (14) Insurance
---------------------------
With respect to each Bridger Mortgage Loan, the related Mortgage requires
the Mortgagor to maintain such insurance as the Mortgagee may require, and
thus permits the Mortgagee to require the maintenance of the insurance
described in this section.
With respect to the Walgreens-Chalmette Mortgage Loan, the tenant
(Walgreen Louisiana Co., Inc.) self-insures against damage to, and
maintains general liability insurance covering, the related Mortgaged
Property.
With respect to the U.S. Bank Building-Bedford Mortgage Loan, the tenant
(U.S. Bank National Association) self-insures the related Mortgaged
Property.
The casualty insurance policy with respect to the Southeast MHC Mortgage
Loan (i) excludes acts of terrorism and related damage claims (and the
related Mortgaged Property is not otherwise insured against damage or
business interruption resulting from acts of terrorism), and (ii) does not
provide coverage for business interruption or rent loss for at least 12
months.
Schedule IIA (17) Additional Collateral
----------------------------------------
The Loan Documents with respect to The Pines Corporate Center Mortgage
Loan permit the Mortgagor, after the first anniversary of the
securitization of this Mortgage Loan, to incur debt secured on a
subordinate basis by the related Mortgaged Property with the Mortgagee's
consent and provided that certain financial criteria and other
requirements are satisfied.
The Loan Documents with respect to the Summit Medical Plaza Mortgage Loan
permit the Mortgagor, after May 1, 2007, to incur debt secured on a
subordinate basis by the related Mortgaged Property with the Mortgagee's
consent and provided that certain financial criteria and other
requirements are satisfied.
The Loan Documents with respect to the Orchards at Collierville Mortgage
Loan permit the Mortgagor, 24 months after the Mortgage Loan's closing, to
incur debt secured on a subordinate basis by the related Mortgaged
Property with the Mortgagee's consent and provided that certain financial
criteria and other requirements are satisfied.
The Loan Documents with respect to Greentree Apartments Mortgage Loan
provide that the Mortgagee's consent to the Mortgagee's request to incur
additional debt secured on a subordinate basis by the related Mortgaged
Property (which may not be incurred prior to the first anniversary of the
securitization of this Mortgage Loan) may not be unreasonably withheld
provided that certain financial criteria and other requirements are
satisfied.
Schedule IIA (22) Whole Loan; Interest Only; No Equity Participation or
-----------------------------------------------------------------------------
Contingent Interest
-------------------
The Walgreens-Chalmette Mortgage Loan provides for interest-only payments
without principal amortization for its entire term.
Schedule IIA (23) Transfers and Subordinate Debt
------------------------------------------------
The Loan Documents with respect to The Pines Corporate Center Mortgage
Loan permit the Mortgagor, after the first anniversary of the
securitization of this Mortgage Loan, to incur debt secured on a
subordinate basis by the related Mortgaged Property with the Mortgagee's
consent and provided that certain financial criteria and other
requirements are satisfied.
The Loan Documents with respect to the Summit Medical Plaza Mortgage Loan
permit the Mortgagor, after May 1, 2007, to incur debt secured on a
subordinate basis by the related Mortgaged Property with the Mortgagee's
consent and provided that certain financial criteria and other
requirements are satisfied.
The Loan Documents with respect to the Orchards at Collierville Mortgage
Loan permit the Mortgagor, 24 months after the Mortgage Loan's closing, to
incur debt secured on a subordinate basis by the related Mortgaged
Property with the Mortgagee's consent and provided that certain financial
criteria and other requirements are satisfied.
The Loan Documents with respect to Greentree Apartments Mortgage Loan
state that the Mortgagee's consent to the Mortgagee's request to incur
additional debt secured on a subordinate basis by the related Mortgaged
Property (which may not be incurred prior to the first anniversary of the
securitization of this Mortgage Loan) may not be unreasonably withheld
provided that certain financial criteria and other requirements are
satisfied.
The Loan Documents with respect to the Capitol Self Storage Mortgage Loan
permit the Mortgagor to finance one or more portable storage units
("PODS") placed on the Mortgaged Property, which financing may be secured
by a lien on the PODS only and not, without the consent of the Mortgagee,
on the Mortgaged Property.
The related Mortgage Properties with respect to the Pavilion Heights
Apartments and the Landmark Apartments Mortgage Loans secure additional
subordinate debt in the amount of $100,000 and $160,024, respectively.
Schedule IIA (24) Waivers and Modification
-------------------------------------------
The Goodyear Financial Center Mortgage Loan was assumed on June 10,
2004.
The Landmark Apartments Mortgage Loan was assumed on June 30, 2004, and
certain modifications were made to the Mortgage Loan Documents in order
to, among other things, delete recourse provisions requiring the Mortgagor
and guarantors to be personally liable for the difference between the
actual cash flow of the Mortgaged Property and the monthly debt service
during periods that local colleges and universities are not in regular
academic session.
With respect to the Pavilion Heights Apartments Mortgage Loan, the
original Mortgage Note dated March 15, 2004 was amended and restated
pursuant to that certain Amended and Restated Promissory Note Secured by
Mortgage dated May 17, 2004.
With respect to the Walgreens-Chalmette Mortgage Loan, the original
Mortgage Note dated May 12, 2004 was amended by a certain letter agreement
dated May 12, 2004.
With respect to the Orchards at Collierville Mortgage Loan, the original
Mortgage Note dated June 1, 2004 was amended by a certain letter agreement
dated June 21, 2004, and the original Mortgage dated June 1, 2004 was
amended to correct the maturity date and re-recorded.
Schedule IIA (30) Single-Purpose Entity
----------------------------------------
With respect to the Pines Corporate Center Mortgage Loan ($18.0MM), the
Mortgagor does not have an outside independent director or member.
Schedule IIA (32) Litigation and Other Proceedings
---------------------------------------------------
One of the guarantors with respect to the Southeast MHC Mortgage Loan was
named in a class action lawsuit filed by individual manufactured home
owners. The Seller has been advised that the lawsuit is expected to settle
with minimal effects on the guarantor.
Schedule IIA (35) Other Collateral; Cross-Collateralization
------------------------------------------------------------
The related Mortgage Properties with respect to the Pavilion Heights
Apartments and the Landmark Apartments Mortgage Loans secure additional
subordinate debt in the amount of $100,000 and $160,024, respectively.
Schedule IIA (37) Escrow Deposits
---------------------------------
It is anticipated that the primary servicers of the Bridger Mortgage Loans
will retain possession of the escrows, deposits and payments on behalf of
the Depositor, rather than conveying possession thereof to the Depositor
on the Closing Date.
Schedule IIA (38) Licenses and Permits
--------------------------------------
With respect to the Bridger Mortgage Loans, the related Mortgages include
a representation that the Mortgagor is qualified to do business in all
jurisdictions in which such qualification is required, but do not include
a covenant that such qualification shall be maintained, but do include a
covenant that the Mortgagor will maintain all permits and licenses
required by applicable law for the Mortgagor to conduct the business in
which it is engaged.
With respect to the U.S. Bank Building-Bedford Mortgage Loan, a final
certificate of occupancy has not been issued and is subject to the
completion of certain repairs. An escrow was established to cover 150% of
the costs of the repairs, and the Mortgagor is required to deliver the
final certificate of occupancy within 120 days of the closing of the
Mortgage Loan.
Schedule IIA (41) Non-Recourse Exceptions
-----------------------------------------
Each of the Bridger Mortgage Loans (except the Centennial Plaza, Paseo
Plaza, Calvine Corners Shopping Center, Xxxxxx Market Square and Orchards
at Collierville Mortgage Loans) have a carve-out for "fraud or intentional
misrepresentation" rather than "fraud or material misrepresentation."
Each of the Centennial Plaza, Paseo Plaza, Calvine Corners Shopping
Center, Xxxxxx Market Square and Orchards at Collierville Mortgage Loans
have a carve-out for "fraud or misrepresentation" rather than "fraud or
material misrepresentation."
With respect to the Advocate Health Building, Oakley Town Center, Mission
Trace Apartments, Southeast MHC Mortgage Loans, an environmental insurance
policy was obtained in lieu of obtaining any recourse liability against or
a guaranty from a principal of the Mortgagor or other natural person for
violations of environmental laws or breaches of environmental covenants.
With respect to the Mission Trace Apartments and Advocate Health Building
Mortgage Loans, a corporation is the guarantor rather than a principal of
the Mortgagor or other natural person.
With respect to the Southeast MHC Mortgage Loan, the related Mortgaged
Property is located in Maryland and is owned by a corporate guarantor of
the Mortgage Loan and the related Mortgage constitutes an indemnity deed
of trust that secures the obligations under the related Limited Guaranty.
The related Limited Guaranty is therefore non-recourse with respect to
this corporate guarantor subject to standard non-recourse carve-outs. In
addition, two individuals executed a separate Limited Guaranty with
respect to the Mortgage Loan, which is a guaranty of collection and not of
payment of the Mortgage Loan.
Schedule IIA (43) Financial Statements
--------------------------------------
With respect to the following Bridger Mortgage Loans, the related Loan
Documents require the delivery of at least quarterly operating statements
as well as an annual balance sheet of the related Mortgagor (but such Loan
Documents do not specifically require (i) the delivery of an annual
operating statement or (ii) that the annual balance sheet include a
statement of changes in financial position):
Orchards at Collierville;
Thunderbird MHC;
U.S. Bank Building-Bedford;
Capitol Self Storage;
Summit Medical Plaza;
Stadium Storage;
Landmark Apartments;
Mission Trace Apartments;
Advocate Health Building;
Xxxxxxx Court;
Pavilion Heights Apartments;
Greentree Apartments; and
Walgreens-Chalmette.
Schedule IIA (45) Fee Simple Interest
--------------------------------------
With respect to one of the six parcels constituting the Mortgaged Property
that secures the Walgreens-Chalmette Mortgage Loan, the Mortgagor holds
title in the fee interest subject to the terms of an Act of Cash Sale and
Interim Lease.
Schedule IIA (53) Environmental Insurance Policies
--------------------------------------------------
The following Bridger Mortgage Loans have environmental insurance:
Advocate Health Building;
Oakley Town Center;
Landmark Apartments;
Mission Trace Apartments; and
Southeast MHC.
The following Mortgage Loans are the Bridger Mortgage Loans:
The Pines Corporate Center
6500 Linderson
Centennial Xxxxx
Xxxxxxxx xx Xxxxxxxxxxxx
Xxxxx Xxxxx
Xxxxxxxxxxx XXX
Goodyear Financial Center
U.S. Bank Building-Bedford
Bowling Green Apartments
Oakley Town Center
Capitol Self Storage
Summit Medical Plaza
Stadium Storage
Xxxx Office & Warehouse
Landmark Apartments
Mission Trace Apartments
Advocate Health Building
Calvine Corners Shopping Center
Xxxxxxx Court
Walgreens-Chalmette
Xxxxxx Market Center
North Meridian Retail Center
Pavilion Heights Apartments
Lakepoint Office Center
Greentree Apartments
Southeast MHC
EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO
------------------------------------------------------------
THE BANK OF AMERICA MORTGAGE LOANS
----------------------------------
REPRESENTATION 9
Mortgage Lien
U Haul Portfolio (57367) Several of the Pro Forma Title
Policies identify certain
encroachments, however each such
policy insures Lender against monetary
loss by reason of the enforced removal
of such encroachments.
The United States Government has
certain rights with respect to the
Mortgaged Property located at 000000
Xxxxxxxx Xxx., Xxx Xxxxx, Xxxxxxx
since all or a portion of such
Mortgaged Property was artificially
filled in land in what was formerly
navigable waters.
000 Xxxxxxxxx Xxxxxx (57999) The Pro Forma Title Policy identifies
certain encroachments, however such
policy insures Lender against monetary
loss by reason of the enforced removal
of such encroachments.
REPRESENTATION 12
Condition of Property; No Condemnation; No Encroachments
Sun Communities - Arbor Terrace (58225) There is a pending condemnation action
against a de minimus portion of the
Mortgage Property.
REPRESENTATION 13
Title Insurance
U Haul Portfolio (57367) The United States Government has certain rights
with respect to the Mortgaged Property located at
000000 Xxxxxxxx Xxx., Xxx Xxxxx, Xxxxxxx since all
or a portion of such Mortgaged Property was
artificially filled in land in what was formerly
navigable waters.
REPRESENTATION 14
Insurance
SUN Communities - Arbor Terrace (58225) The Borrower is only required to
SUN Communities Portfolio 8 (58226) maintain flood insurance if the
SUN Communities Portfolio 9 (58227) improvements at the related Mortgaged
SUN Communities - Scio Farms (58229) Property consisting of a club house or
community center lie in a flood zone.
Terrorism insurance is limited to the
lesser of (a) $5,000,000.00 or (b) the
amount of coverage the Borrower could
obtain by paying 200% of the insurance
premiums allocable to terrorism
insurance as of the Closing Date.
Pine Meadow MHP (57716) The Loan Agreement does not require
BellSouth Mobility - Baton Rouge, LA terrorism insurance and the Borrower
(58037) does not maintain terrorism insurance.
MHC Portfolio - Greenwood Village The Loan Agreement does not require
(57650) terrorism insurance. However, upon an
MHC Portfolio - Countryside RV Resort act of terror, Borrower Principal must
(57639) deposit an amount equal to three (3)
MHC Portfolio - Rancho Mesa (57656) scheduled monthly payments into a
MHC Portfolio - XxXxxxx Place (57658) terrorism reserve account.
MHC Portfolio - Oak Bend (57665)
MHC Portfolio - Southern Palms RV Resort
(57667)
TNT Logistics Warehouse - Moody, AL The Loan Agreement provides that the
(57388) Operating Lease shall govern the
restoration of the Mortgaged Property
and the disbursement of proceeds,
provided that the Seller is the named
Depository. The Operating Lease
provides that if the aggregate
proceeds are equal to $100,000 or
less, the proceeds shall be disbursed
to the tenant for the purpose of
restoration. If the casualty results
in aggregate proceeds equaling in
excess of $100,000, then such proceeds
shall be deposited with a Depository.
St. Clair Estates (57989) The Policies are to be issued by
insurance companies having a claims
paying ability rating of "A-:IX" (or
the equivalent) by A.M. Best and "BBB"
(or equivalent) or better by S&P.
Xxxxxx - Foxwood Village MHC (57803) The Policies are to be issued by
insurance companies having a claims
paying ability rating of "A:VIII" (or
the equivalent) by A.M. Best and "BBB"
(or equivalent) or better by S&P.
REPRESENTATION 22
Whole Loan; Interest Only; No Equity Participation or Contingent Interest
Promenade at Red Cliff (57968) Each of the loans is interest only for
00-00 Xxxx Xxxxx Apartments (58106) its entire term.
Mountain View Marketplace (57983) The Loan is interest only for the
first year.
Xxxx Xxxxxx (58014) Each of the loans is interest only for
Continental Communities -Hickory Hills the first two (2) years.
MHC (57598)
Continental Communities -Timber Valley
MHC (57603)
00 Xxxxx Xxxxxx (57984)
St. Clair Estates Manufactured Home
Community (57989)
Williamstown Apartments (58016)
CLK - Ashford Place Apartments (55800)
GrandMarc at Seven Corners (58103)
Silver Tree Apartments (58095)
SUN Communities - Arbor Terrace (58225) Each of the loans is interest only for
SUN Communities Portfolio 8 (58226) the first thirty (30) months.
SUN Communities Portfolio 9 (58227)
SUN Communities - Scio Farms (58229)
Storage Connection (58045)
Extra Space Storage - East One Each of the loans is interest only for
Portfolio (58029) the first three (3) years.
Extra Space Storage - ESP5 Portfolio
(58027)
MHC Portfolio - Rancho Mesa (57656)
MHC Portfolio - Oak Bend (57665)
MHC Portfolio - XxXxxxx Place (57658)
REPRESENTATION 23
Transfers and Subordinate Debt
Xxxxx Xxxxxxxx Shopping Center (57685) There is a $700,000 mezzanine loan for
which Bank of America, N.A. and
mezzanine lender have entered into an
Intercreditor Agreement.
Las Colinas Medical Center I (57821) The Loan Documents allow the direct or
Columbia Medical Center - Plano (57823) indirect owners of Borrower to obtain
West Houston Medical Center (57829) mezzanine debt in the future.
Women's Pavilion (57893)
Continental Communities -Hickory Hills
MHC (57598)
Continental Communities -Timber Valley
MHC (57603)
St. Clair Estates (57989)
Fairway Ridge Apartments (57330)
Xxxxxx - Foxwood Village MHC (57803)
University Office Plaza I and II
(57815)
Cameron Park Apartments (57943)
Foothill Park Plaza (57952)
CLK - Ashford Place Apartments (55800) Xxxxxxxx-Fifty Three LLC and Kings
Mountain IV, L.P. (collectively
"Mezzanine Borrower") have incurred
mezzanine debt with respect to certain
letters of credit issued by New Plan
Excel Realty Trust, Inc. ("Mezzanine
Lender") in the amount of
$31,306,511.00 (the "Mezzanine
Financing") to the benefit of Lender
as additional security for the Loan
and other loans made to entities
directly or indirectly owned by
Mezzanine Borrower. Lender, Mezzanine
Lender, Borrower and Mezzanine
Borrower each have entered into an
Intercreditor Agreement.
The allocated letter of credit amount
for the Loan, as of the closing date
of the loan, was $1,200,000.00, which
may be, or may have been, reduced
Mortgagor meets certain financial
conditions as provided in the Loan
Agreement. Upon an Event of Default,
Seller may draw on the letter of
credit up to the then current
allocated letter of credit amount.
Upon the satisfaction of certain
conditions set forth in the loan
documents, Mezzanine Lender shall have
the right to transfer the Mezzanine
Financing to a Permitted Institutional
Transferee, as defined in the
Intercreditor Agreement.
The Loan Documents allow the direct or
indirect owners of Borrower to obtain
mezzanine debt in the future.
REPRESENTATION 23
Releases of Mortgaged Property
U Haul Portfolio (57367) The Loan Agreement permits a
substitution of properties provided
certain conditions are satisfied.
REPRESENTATION 26
Releases of Mortgaged Property
SUN Communities - Scio Farms (58229) In connection with a defeasance, the
Borrower is only required to provide
defeasance collateral which makes
scheduled payments (i) of principal
through the Maturity Date and (ii) of
interest through the date which is six
(6) months prior to the Maturity Date.
SUN Communities - Arbor Terrace (58225) In connection with a defeasance, the
Borrower is only required to provide
defeasance collateral which makes
scheduled payments (i) of principal
through the Maturity Date and (ii) of
interest through the date which is six
(6) months prior to the Maturity Date.
In addition, the Borrower is permitted
to release the Mortgaged Property from
the cross collateralization and cross
default provisions of the Mortgage in
connection with an assumption of
Mortgage Loan upon satisfaction of
terms more fully set forth in the
related Loan Documents.
SUN Communities Portfolio 8 (58226) The Borrower is permitted to partially
SUN Communities Portfolio 9 (58227) defease the Mortgage Loan and release
an individual property from the lien
of the Mortgage by defeasing the
Mortgage Loan with respect to such
Mortgaged Property in an amount equal
to the greater of (a) 110% of the
allocable loan amount with respect to
such Mortgaged Property, or (b) the
amount which, if applied to the
outstanding principal amount of the
Mortgage Loan, would cause the
remaining properties to have a debt
service coverage ratio of not less
than 1.275 to 1.00.
In connection with a defeasance, the
Borrower is only required to provide
defeasance collateral which makes
scheduled payments (i) of principal
through the Maturity Date and (ii) of
interest through the date which is six
(6) months prior to the Maturity Date.
In addition, the Borrower is permitted
to release an individual Mortgaged
Property from the cross
collateralization and cross default
provisions of the Mortgage in
connection with a partial assumption
of Mortgage Loan upon satisfaction of
terms more fully set forth in the
related Loan Documents.
REPRESENTATION 27
Defeasance
SUN Communities - Scio Farms (58229) In connection with a defeasance, the
Borrower is only required to provide
defeasance collateral which makes
scheduled payments (i) of principal
through the Maturity Date and (ii) of
interest through the date which is six
(6) months prior to the Maturity Date.
SUN Communities - Arbor Terrace (58225) In connection with a defeasance, the
Borrower is only required to provide
defeasance collateral which makes
scheduled payments (i) of principal
through the Maturity Date and (ii) of
interest through the date which is six
(6) months prior to the Maturity Date.
In addition, the Borrower is permitted
to release the Mortgaged Property from
the cross collateralization and cross
default provisions of the Mortgage in
connection with an assumption of
Mortgage Loan upon satisfaction of
terms more fully set forth in the
related Loan Documents.
SUN Communities Portfolio 8 (58226) The Borrower is permitted to partially
SUN Communities Portfolio 9 (58227) defease the Mortgage Loan and release
an individual property from the lien
of the Mortgage by defeasing the
Mortgage Loan with respect to such
Mortgaged Property in an amount equal
to the greater of (a) 110% of the
allocable loan amount with respect to
such Mortgaged Property, or (b) the
amount which, if applied to the
outstanding principal amount of the
Mortgage Loan, would cause the
remaining properties to have a debt
service coverage ratio of not less
than 1.275 to 1.00.
In connection with a defeasance, the
Borrower is only required to provide
defeasance collateral which makes
scheduled payments (i) of principal
through the Maturity Date and (ii) of
interest through the date which is six
(6) months prior to the Maturity Date.
In addition, the Borrower is permitted
to release an individual Mortgaged
Property from the cross
collateralization and cross default
provisions of the Mortgage in
connection with a partial assumption
of Mortgage Loan upon satisfaction of
terms more fully set forth in the
related Loan Documents.
REPRESENTATION 28
Local Law Compliance; Non-Conforming Uses or Improvements
00 Xxxxx Xxxxxx (57984) Borrower was required to engage a
zoning expediter with respect to
certain municipal violations and cause
the discharge of such violations
within six (6) months of the closing
of the Loan. The Mortgage Loan closed
on March 5, 2004.
REPRESENTATION 30
Single-Purpose Entity
Golf Villas at Oro Valley (58006) The related Mortgagor was not required
to deliver a counsel's opinion
regarding non-consolidation of the
Mortgagor.
REPRESENTATION 41
Non-Recourse Exceptions
MHC Portfolio - Greenwood Village The environmental indemnity
(57650) obligations shall be released
MHC Portfolio - Countryside RV Resort following the third anniversary of the
(57639) payment in full of the debt, provided
MHC Portfolio - Greenwood Village that Mortgagor satisfies certain
(57650) conditions, including the delivery of
MHC Portfolio - Rancho Mesa (57656) an acceptable Phase I report.
MHC Portfolio - XxXxxxx Place (57658)
MHC Portfolio - Oak Bend (57665) The Borrower Principal is an entity
MHC Portfolio - Southern Palms RV for these Loans.
Resort (57667)
Centennial Medical Center Building There is no Borrower Principal for
B 34222C No. (57887) these Loans.
Las Colinas Medical Center (57821)
Columbia Medical Center Plano (57823)
West Houston Medical Center (57829)
Centennial Medical Center Parkview
Medical Office Building 34222D (57834)
Centennial Medical Center Physician's
Park (57835)
Grandview Medical Office Building
(57884)
Women's Pavilion - 3420 Xxxx Xxxxx
00000X (57893)
Shurgard - Rancho San Diego (57912)
Shoppes at Broad Street (57986) The Borrower Principal is an entity.
GrandMarc at Seven Corners (58103)
Sterling Pointe Shopping Center (58092)
Boston Commons Plaza (57927)
U Haul Portfolio (57367)
Nextel Office Building - Temple, TX
(55598)
TNT Logistics Warehouse (57388)
Lexington Apartments No. (57978)
Continental Communities -Hickory Hills
MHC (57598)
Continental Communities -Timber Valley
MHC (57603)
Mountain View Marketplace (57983)
Xxxx Xxxxxx Bashas Center (58014)
Calpine Center (57990)
Milford Plaza (57582)
Xxxxxx - Foxwood Village Manufactured
Home Community (57803)
Xxxxxxxx Distribution Facility (58036)
West Houston Medical Center (57829)
Promenade at Red Cliff (57968)
T-Mobile Xxxxxxx (57969)
Nextel Office Building - Temple, TX
(55598)
4120 International Business Park VIII
(57686)
BellSouth Mobility - Baton Rouge, LA
(58037)
Las Colinas Medical Center I (57821)
REPRESENTATION 00
Xxxxxxxxx Xxxxxxxxxx
XXX Xxxxxxxxxxx - Xxxxx Xxxxxxx (58225) The annual financial statements of Sun
SUN Communities Portfolio 8 (58226) Communities, Inc. are the only
SUN Communities Portfolio 9 (58227) financial statements which are
SUN Communities - Scio Farms (58229) required to be audited.
St. Clair Estates (57989) Audited statements are only required
if a monetary event of default has
occurred and is continuing. The Loan
amount is $27,700,000.
REPRESENTATION 44
Fee/Leasehold Properties
Doubletree Surfcomber Hotel (57468) The Ground Lease does not provide that
it cannot be modified without
mortgagee's consent.
The Ground Lease does not provide that
the mortgagee will control
disbursement of insurance proceeds in
the event of a casualty and casualty
proceeds shall only be used for
restoration.
Mortgagor's interest in the Mortgaged
Property is (i) a fee interest in two
parcels of the Mortgaged Property
(which parcels provide most of the
cash flow for the Mortgaged Property),
(ii) a subleasehold interest in the
same parcels of the Mortgaged Property
in which the Borrower has a fee
interest in and (iii) a leasehold
interest in the remainder of the
Mortgaged Property.
The Ground Lease does not require the
ground lessor to enter into a new
lease with the mortgagee upon a
rejection in bankruptcy. One of the
two tenant in common ground lessors
agreed to same in an estoppel.
Only one of the ground lessors agreed
to give the mortgagee notice and the
opportunity to cure a default in an
estoppel. The Ground Lease does not so
provide.
Extra Space Storage - East One (g) The Ground Lease expires in 2021,
Portfolio (58029) with a 10-year extension option. The
Loan matures in 2011.
(j) The Ground Lease permits Mortgagor
to sublet or assign in its ordinary
course of business, but the Ground
Lease is silent with respect to quiet
enjoyment of such sub-tenants.
REPRESENTATION 52
Mortgagor Concentration
SUN Communities - Arbor Terrace (58225) These related Mortgage Loans have an
SUN Communities Portfolio 8 (58226) aggregate original principal balance
SUN Communities Portfolio 9 (58227) of $106,236,422.
SUN Communities - Scio Farms (58229)
