EXHIBIT 99.1
MORTGAGE LOAN PURCHASE AND SALE AGREEMENT
This Mortgage Loan Purchase and Sale Agreement (this "Agreement") is
dated and effective as of April 12, 2005, 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 (i) the
Mortgage Loans, (ii) certain mortgage loans transferred by Bear Xxxxxxx
Commercial Mortgage, Inc. ("BSCMI") to the Purchaser pursuant to a mortgage loan
purchase and sale agreement, dated as of the date hereof between BSCMI and the
Purchaser, and (iii) certain mortgage loans transferred by Barclays Capital Real
Estate Inc. ("BCREI") to the Purchaser pursuant to a mortgage loan purchase and
sale agreement, dated as of the date hereof between BCREI and the Purchaser, 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 Fitch, 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 April 1, 2005 (the "Pooling
and Servicing Agreement"), among BACM, as depositor, Bank of America, N.A., as
master servicer (the "Master Servicer"), X.X. Xxxxxx Company, Inc., as special
servicer (the "Special Servicer"), and Xxxxx Fargo Bank, N.A., as trustee (in
such capacity, the "Trustee") and as 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 ("Banc of America"), Bear, Xxxxxxx & Co Inc. ("BSCI"), Barclays
Capital Inc. ("BCI"), Xxxxxxx, Sachs & Co. ("Xxxxxxx Xxxxx") and Greenwich
Capital Markets, Inc. ("Greenwich") (collectively, the "Underwriters") pursuant
to an underwriting agreement, dated as of March 31, 2005 (the "Underwriting
Agreement"). BACM intends to sell certain of the remaining Classes of
Certificates (the "Non-Registered Certificates") to Banc of America and BSCI, as
initial purchasers (together the "Initial Purchasers"), pursuant to a
certificate purchase agreement dated as of March 31, 2005 (the "Certificate
Purchase Agreement"), among BACM, Banc of America, BSCI. BACM intends to place
certain other of the remaining Classes of Certificates (the "Privately Placed
Certificates") to Banc of America, as private placement agent (the "Private
Placement Agent"), pursuant to a private placement agency agreement dated as of
March 31, 2005 (the "Private Placement Agency Agreement"), between BACM and Banc
of America. The Registered Certificates are more fully described in the
prospectus dated March 31, 2005 (the "Basic Prospectus"), and the supplement to
the Basic Prospectus dated March 31, 2005 (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, each dated March 31, 2005
(the "Memoranda"), as they may be amended or supplemented at any time hereafter.
The Seller will indemnify the Underwriters, the Initial Purchasers
and certain related parties with respect to certain disclosure regarding the
Mortgage Loans and contained in the Prospectus, the Memoranda and certain other
disclosure documents and offering materials relating to the Certificates,
pursuant to an indemnification agreement, dated as of April 12, 2005 (the
"Indemnification Agreement"), among the Seller, the Purchaser, the Underwriters
and the Initial Purchasers.
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 $1,413,291,482.93, 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 April 12, 2005 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, 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 Mortgage
File with respect to each of the Mortgage Loans; provided that the Purchaser
hereby directs the Seller to prepare and the Seller shall prepare or cause to be
prepared (or permit the Purchaser to prepare) with respect to the Mortgage
Loans, the assignments of Mortgage, assignments of Assignment of Leases and UCC
financing statements on Form UCC-2 or UCC-3, as applicable, from the Seller in
favor of the Trustee (in such capacity) or in blank. The Seller shall at its
expense, within 45 days after the Closing Date or, in the case of a Replacement
Mortgage Loan, after the related date of substitution, unless recording/filing
information is not available by such time for assignments solely due to
recorder's office delay, in which case such submission shall be made promptly
after such information does become available from the recorder's office, submit
or cause to be submitted for recording or filing, as the case may be, in the
appropriate public office for real property records or UCC Financing Statements,
as appropriate, each assignment referred to in the immediately preceding
sentence, unless recording/filing information is not available by such time for
assignments solely due to recorder's office delay, in which case such submission
shall be made promptly after such information does become available from the
recorder's office. If any such document or instrument is lost or returned
unrecorded or unfiled, as the case may be, because of a defect therein, the
Seller shall in each such case promptly prepare or cause the preparation of a
substitute therefor or cure or cause the curing of such defect, as the case may
be, and thereafter shall in each such case, at its own expense, submit the
substitute or corrected documents or cause such to be submitted for recording or
filing, as appropriate.
(d) On or before the Closing Date, the Seller shall deliver or cause
to be delivered to the Purchaser or to its designee all of the following items:
(i) originals or copies of all financial statements, appraisals,
environmental/engineering reports, leases, rent rolls and tenant estoppels in
the possession or under the control of the Seller that relate to the Mortgage
Loans and originals or copies of all documents, certificates and opinions in the
possession or under the control of the Seller that were delivered by or on
behalf of the related Borrowers in connection with the origination of the
Mortgage Loans and that are reasonably required for the ongoing administration
and servicing of the Mortgage Loans (except to the extent such items represent
attorney-client privileged communications and confidential credit analysis of
the client or are to be retained by a sub-servicer that will continue to act on
behalf of the Purchaser or its designee); and (ii) all Escrow Payments and
Reserve Funds in the possession of the Seller (or under its control) with
respect to the Mortgage Loans. Unless the Purchaser notifies the Seller in
writing to the contrary, the designated recipient of the items described in
clauses (i) and (ii) of the preceding sentence shall be the Master Servicer.
(e) 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.
(f) 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(e). 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, the delivery
requirements of Section 2(e) 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, the
delivery requirements of Section 2(e) 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(e) 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.
(g) [Reserved].
(h) 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.
(i) 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.
(j) 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 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 (each, a "Defective Mortgage Loan") at the related Purchase Price in
accordance with the terms hereof and the terms of the Pooling and Servicing
Agreement; provided that if the Seller certifies in writing to the Purchaser (i)
that 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)), the Seller may, at its option, in lieu of repurchasing
such Defective Mortgage Loan (except in the case of the FM Component Mortgage
Loan, the SM Component Mortgage Loan and the LM 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 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 remediating a Material Breach or
Material Document Defect with respect to any Mortgage Loan, "Resolution
Extension Period" shall mean the 90-day period following the end of the
applicable Initial Resolution Period.
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 is secured by 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 or 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, and (b) 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, and (b) 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 related Mortgage Loan 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 or Mortgaged Property, the Seller
and the Purchaser agree to uncross the repurchased Cross-Collateralized Mortgage
Loan or affected property; provided the Purchaser has received a tax opinion
that uncrossing the repurchased Cross-Collateralized Mortgage Loan or Mortgaged
Property will not adversely affect the status of any of REMIC I, REMIC II or the
Component Mortgage Loan REMIC as a REMIC under the Code.
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.
The Seller's obligation to cure any Material Breach or Material Document
Defect or repurchase or substitute any affected Mortgage Loan or Mortgaged
Property pursuant to this Section 4(c) constitute the sole remedies available to
the Purchaser in connection with a breach of any of the Seller's representations
and warranties contained in Section 4(b) and it is acknowledged and agreed that
those representations and warranties are being made for risk allocation purposes
only.
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.
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 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
respective 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 (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) [Reserved];
(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 Certificate Purchase 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 the
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, the Underwriters and the Initial Purchasers 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, the
Underwriters and the Initial Purchasers, dated the Closing Date and addressed to
the Purchaser, the Underwriters, the Trustee, the Initial Purchasers, and each
Rating Agency; 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 Initial
Purchasers 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:
Xxxxxxx Xxxxx, 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 (with copies to Xxxx X. Xxxxxxx, Esq., Assistant
General Counsel, at Bank of America Corporate Center, 000 Xxxxx Xxxxx Xxxxxx,
00xx Xxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 and to Xxxxx X. XxXxxx, Esq.,
Cadwalader, Xxxxxxxxxx & Xxxx LLP, 000 Xxxx Xxxxx Xxxxxx, Xxxxx 0000, Xxxxxxxxx,
Xxxxx Xxxxxxxx 28202) 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 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. 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 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 Number Loan Number Loan Seller Property Name
--------------- ----------- --------------- ---------------------------------------------------
1 58620 Bank of America Fashion Show Mall
2 58745 Bank of America Xxxxxxxxx Xxxx
0 00000 Xxxx xx Xxxxxxx The Mall at Stonecrest
5 58455 Bank of America Indian River Mall & Commons
9 58638 Bank of America Lenox Marketplace
11 58764 Bank of America Bank of America Plaza - Las Vegas, NV
14 58643 Bank of America Crowne Apartments
15 58478 Bank of America Tri-Star Estates Manufactured Housing Community
17.1 58694 Bank of America Courtyard Marriott-Depot
17.2 58694 Bank of America Residence Inn-Depot
17.3 58694 Bank of America Parking Garage/Rink-Depot
17 58694 Bank of America CSM - Depot Properties (Roll Up)
19 58628 Bank of America American Express Building - 777 American Expressway
22 58585 Bank of America Xxxxx Building and Metropolitan Garage
24 58621 Bank of America American Express Building - 00000 Xxxxx 00xx Xxxxxx
25 58438 Bank of America Xxxxxxx Xxxx Xxxxxx
00 00000 Xxxx xx Xxxxxxx 000 Xxxxx Xxxxxx
31 58660 Bank of America 0000 Xxxxxxxxxx
32 58373 Bank of America Universal Music Group Warehouse
36 58646 Bank of America Cottonwood Corporate Center Building 9
39 11794 Bridger Highland Plantation Apartments
40 11740 Bridger Century Village Apartments-NV
41 58700 Bank of America CSM - Courtyard Marriott - Natick
42 58565 Bank of America Waterford Creek Apartments
43 58699 Bank of America CSM - Courtyard Marriott - Xxxxx Center
45 58741 Bank of America Chesapeake II
46 58742 Bank of America Chesapeake I
Sub-Total Crossed Loans
47.1 58469 Bank of America Masins on Main - Retail
47.2 58469 Bank of America Masins on Main - Multifamily
47 58469 Bank of America Masins on Main (Roll Up)
49 58642 Bank of America Bouquet Canyon Plaza II
51 11855 Bridger Homewood Suites Alexandria
52 58650 Bank of America Xxxxxxx Xxxxxxx
00 00000 Bank of America 149 New Xxxxxxxxxx Office Building
54 58635 Bank of America Xxxxxxxxxx Xxxxxxxxxx
00 00000 Xxxxxxx Guardian Storage Center
56 12144 Bridger Valley York Apartments
57 58640 Bank of America Timber Chase at Sarasota Bay
58 58622 Bank of America American Express Building - 20002 North 00xx Xxxxxx
00 00000 Xxxxxxx Xxxxxxxx Heights
61 11663 Bridger Flamingo Self Storage
63 58651 Bank of America Xxxxxxxx Xxxxxxx Xxxxxx
00 0000 Xxxxxxx Xxxxx Center Office
67 9415 Xxxxxxx Xxxxxxxx Farms Office
Sub-Total Crossed Loans
69 58681 Bank of America Westlake Self Storage
70 10077 Xxxxxxx Xxxxxxxx Park Office
71 58511 Bank of America Santa Clarita Medical
73 58674 Bank of America State & La Cumbre Center
77 11750 Bridger Country Club Xxxxxxxxxx-Xxxxxxxxxx
00 00000 Xxxx of America Ballpark Self Storage
79 58636 Bank of America Marketplace Apartments
80 11737 Xxxxxxx Xxxxxxxxx Ranch Shopping Center
81 58662 Bank of America Pleasanton Park
82 58609 Bank of America Xxxxxxxxx Xxxxx Xxxxxxxxxx
00 00000 Xxxxxxx Xxxxxxxx Xxxxxxxxx Xxxxxx
00 00000 Xxxxxxx Xxxxxxx Xxxxxx
86 58704 Bank of America Sand Canyon Self Storage
87 58708 Bank of America Guardsman Self Storage
88 58648 Bank of America Xxxxxxx Xxxxxx Xxxxxxxx Xxxxxx
00 0000 Xxxxxxx Xxxxxxxxx Xxxxxx Apartments
91 58568 Bank of America CVS - North Attleboro
92 11200 Bridger Casa Del Sol
95 12084 Bridger Storage One Self Storage
96 58590 Bank of America Lake Ronkonkoma Stop & Xxxx
00 00000 Xxxx xx Xxxxxxx Xxxxxxxx Self Storage
99 11790 Xxxxxxx Xxxxxx Self Storage Kissimmee
101.1 0000 Xxxxxxx Xxxxxxxxx Xxxx Xxxxxx
101.2 5833 Bridger Landmark Mall
101 5833 Bridger Landmark Mall-Corporate East (Roll Up)
102 8771 Bridger Pointe West Apartments
103 11327 Xxxxxxx Xxxx Xxxxx Xxxxxxxxxx
000 00000 Xxxxxxx Xxxxxxxx Commons
105 58595 Bank of America Bonneville Building aka Xxxxxxxx Medical Complex
106 9759 Bridger Snoqualmie Ridge
108 58652 Bank of America Xxxxxxxx Xxxxx
000 00000 Xxxxxxx Xxxx Xxxxx XXX
110 9819 Xxxxxxx Xxxxxxx Inn Collierville
111 58541 Xxxx xx Xxxxxxx Xxxxxxxxxx Xxxx XX0 and NM3
112 11413 Bridger Lake Forest Professional Center
113 11526 Bridger Airport Road Industrial
114 11930 Bridger High Acres MHC and Fairdale MHC
115 58649 Bank of America CVS - New Britain, CT
116 11045 Bridger Stor America Self Storage
117 58687 Bank of America Walgreens - Sturgis, MI
118 58632 Bank of America Plaza Antonio Pad J
119 58547 Bank of America 000 Xxxxxxxxxxx Xxxxxx
120 12543 Bridger Williamstowne Office
121 58707 Bank of America Guardian Self Storage - Vero Beach, FL
122 12560 Bridger Snoqualmie Key Bank
123 00000 Xxxxxxx Xxxxxxxxxx Xxxxxxxxxx XX
124 12474 Xxxxxxx Xxxxxxxxx Park Apts - AL
126 11896 Bridger Valley View Xxxxx
000 00000 Xxxxxxx Xxxxx Food Xxxx
000 00000 Xxxxxxx Xxxxxxxx Apartments
129 11933 Bridger Xxxxxxx Xxxxxx Xxxxxx
000 00000 Xxxxxxx Xxxxxxxxxx Court Apartments
133 11670 Xxxxxxx Xxxxxx Xxxxxx Xxxxxxxxxx
000 00000 Xxxxxxx Xxxxxxx Court Apartments
135 12564 Bridger Mykawa Business Center
Totals/Weighted Average
Sequence Number Street Address City State
--------------- -------------------------------------------------------------------------- ------------------------ -----
1 0000 Xxx Xxxxx Xxxxxxxxx Xxxxx Xxx Xxxxx XX
2 0000 Xxxxxx Xxxxxx Xxxxx XX
3 0000 Xxxxxx Xxxx Xxxx Xxxxxxxx XX
5 0000 00xx Xxxxxx Xxxx Xxxxx XX
9 0000 Xxxxxxxxx Xxxx, XX Xxxxxxx XX
11 000 X. 0xx Xxxxxx Xxx Xxxxx XX
14 3900/ 3801/ 0000 Xxxxxxxx Xxxxx Xxxxx Xxxxxx XX
15 43 East 0000 Xxxxx Xxxx Xxxxxxxxxxx XX
17.1 000 Xxxxx 0xx Xxxxxx Xxxxxxxxxxx XX
17.2 000 Xxxxx 0xx Xxxxxx Xxxxxxxxxxx XX
17.3 000 Xxxxx 0xx Xxxxxx Xxxxxxxxxxx XX
17 Various Minneapolis MN
19 000 Xxxxxxxx Xxxxxxx Xxx Xxxx Xxxxxxxxxx XX
22 0000 Xxxx Xxxxxx and 0000 Xxx Xxxxxx Xxxxxx XX
24 00000 Xxxxx 00xx Xxxxxx Xxxxxxx XX
25 0000 Xxxxxxx Xxxx Xxxxxxxxx XX
26 000 Xxxxx Xxxxxx Xxxxxx XX
31 0000 Xxxxxxxxxx Xxxxx Xxxxxxxxxx XX
32 0000 Xxxx 000xx Xxxxxx Fishers IN
36 0000 Xxxx Xxxxxxxxxx Xxxxxxx Xxxx Xxxx Xxxx XX
39 0000 Xxxxxxxx Xxxx Xxxxx Xxxxx XX
40 0000 Xxxxxxx Xxxxxx Xxx Xxxxx XX
41 000 Xxxxx Xxxxxx Xxxxxx XX
42 00000 Xxxxxxxxx Xxxxx Xxxx Xxxxxxxxx XX
43 000 XX Xxxxx Xxxxxx Xxxxxxxx XX
45 0000 Xxxxxxx Xxxxxx Xxx Xxxxx XX
46 0000 Xxxxxxxxxx Xxxxx Xxx Xxxxx XX
47.1 00000 Xxxx Xxxxxx Xxxxxxxx XX
47.2 00000 Xxxx Xxxxxx Xxxxxxxx XX
47 00000 Xxxx Xxxxxx Xxxxxxxx XX
49 26565-26625 Bouquet Canyon Road Santa Clarita CA
51 0000 Xxxxxxxx Xxxx Xxxxxxxxxx XX
52 0000 Xxxxxx Xxxxxxxxx Xxxxxxx XX
53 000 Xxx Xxxxxxxxxx Xxxxxx Xxx Xxxxxxxxx XX
54 000 00xx Xxx XX Xxxxxxxx XX
55 0000 Xxxx Xx. Xxxxxx XX
56 0000-0000 Xxxx Xx & 00000-00000 Xxxxxx Xxxxx Xx. Xxxxx Xxxxxxx XX
57 000 X. Xxxxxx Xxxxxx Xxxxxxxx XX
58 00000 Xxxxx 00xx Xxxxxx Xxxxxxx XX
60 0000-0000 XX 000xx Xxxxxx Xxxxxxxx XX
61 00000 Xxxxxxx Xxxxxxx Xxxxxxx XX
63 00-00 Xxxxx 00 Xxxx Xxxx Xxxxxxx XX
66 0000 Xxxxx Xxxxxx Xxxxxxx Xxxxx XX
67 00000 Xxxxxxxx Xxxxx Xxxx Xxxxxxx XX
69 0000 Xxxxxx Xxxx Xxxxxxxx Xxxx XX
70 000 X. Xxxxxxxxxx Xxxxxx Xxxxxxx XX
71 00000 Xxxxx Xxxxxx Xxxxx Xxxxxxx XX
73 3905 -3917 State Street Santa Barbara CA
77 0000 Xxxxxxxxx Xxxxx Xxxxxxxxxx XX
78 000 Xxxxxx Xxxxxx Xxx Xxxxx XX
79 0000 Xxxxxxx Xxxxxxxx Xx. Xxxxxxxxx XX
80 25804, 25810-25824 and 00000-00000 Xxxxxxxxx Xxx Xxxxx Xxxxxxx XX
81 0000 Xxxxx Xxxxx Xxxxxxxxxx XX
82 0000 Xxxxxx Xxxxxx Xxxxxxxxxx XX
83 0000-0000 Xxxx Xxxxxxxx Xxxx Xxx Xxxxx XX
84 0000 Xxxxxxx Xxxxxxx TX
86 00000 Xxx Xxxxxx Xxxxxx Xxxx Xxxxx Xxxxxxx XX
87 00000 Xxxxx XX Xxxxxxx 0 Xxxx Xx. Xxxxx XX
88 0000 Xxxxxxx Xxxxx Xxxxx Xxxxx XX
90 000 Xxxxxx Xxxxx Xxxxxx Xxxxxx XX
91 0 Xxxx Xxxxxxxxxx Xxxxxx Xxxxx Xxxxxxxxx XX
92 0000 Xxxx Xxxxxx Xxxxxx Xxxxx XX
95 0000 Xxxxx Xxxxx Xxxx. Xxx Xxxxx XX
96 000 Xxxxxxx Xxxx Xxxx Xxxxxxxxxx XX
98 0000 Xxxxxxxx Xxxxxx Xxxxxxxx XX
99 0000 Xxxxxxxxxxxx Xxxx. Xxxxxxxxx XX
101.1 2203, 0000 X. Xxxxxx Xxxxxxxxxxx XX
101.2 0000 Xxxx Xxxxxxx Xxxxxx Xxxxxx XX
101 Various Various IL
102 00000 XX Xxxxxx Xxxx Xxxxxxxxx XX
103 000 Xxxxxxxxx Xxx Xxxxxxxxxxxxxx XX
104 0000 Xxxx Xxxx Xxxxx Xxxxxxx XX
105 0000 Xxxx 0000 Xxxxx Xxxxx XX
106 00000 XX Xxxxx Xxxxxx, 7708-7724 Center Blvd SE, 35016-35022 XX Xxxxxx St. Snoqualmie WA
108 0000-0000 Xxxxxxxx Xxxx Xxx Xxxxx XX
109 0000 Xxxxxxx Xxxx XX Xxxxxxxxxxx XX
110 0000 Xxxx Xxxxxx Xxxxxx Xxxxxxxxxxxx XX
111 000 Xxxx Xxxxxxxxxx Xxxxxxx Xxxx XX
112 00000 Xxxx Xxxxxx Xxxxx Xxxx Xxxxxx XX
113 000 Xxxxxxx Xxxx Xxxxxxxx XX
114 0000 Xxxxx Xxxxxx Xxxx and 000 Xxxxxxxx Xxxxxx Xxxxx Xxxxx xxx Xxxxxxxx XX
115 000 Xxxxxxxx Xxxxxxxxx Xxx Xxxxxxx XX
116 00000 Xx Xxxx Xxxx Xxxxxxxxxxx XX
117 000 Xxxxx Xxxxxxxxxxx Xxxx Xxxxxxx XX
118 00000 Xxxxxxx Xxxxxxx Xxxxxx Xxxxx Xxxxxxxxx XX
119 000 Xxxxxxxxxxx Xxxxxx Xxxxxxxxx XX
120 375, 383, 385 & 000 Xxxxxxxxxxxxx Xxxxxxxxx XX
121 0000 00xx Xxxxxx Xxxx Xxxxx XX
122 0000-0000 Xxxxxx Xxxx XX Xxxxxxxxxx XX
123 0000 Xxxxxxxx Xxxx Xxxx Xxxxxxxxxx XX
124 000 Xxxxxxxxx Xxxxxx Xxxxxxxx XX
126 000-000 Xxxxx Xxxxxx Xxxx Xxxxxxxxx Xxx Xxxxx XX
127 0000 Xxxxx Xxxxx Xxxx Xxxxxxxx Xxxxx XX
128 000-000 Xxxxxxxx Xxxxxx Xxxxxxxxxxx XX
129 0000 Xxxxxxxx Xxx Xxxxxxx XX
132 1200 - 0000 Xxxxx Xxxxxx Xxxxxxx Xxxxxxx XX
133 0000 Xxxxx Xxxxxx Xxxxxxx Xxxx Xxxxxxxxxx XX
134 0000 X. Xxxxxxx Xxxxxx Xxxxxxxxx XX
135 0000 Xxxxx Xxxx Xxxx Xxxxxxx XX
Sequence Number Zip Code Mortgage Rate (%) Amortization Basis Original Balance Cut-off Balance
--------------- --------------- ----------------- ------------------ ---------------- ---------------
1 89109 3.719% ACT/360 $195,000,000 $193,714,025
2 55435 4.900% ACT/360 150,000,000 150,000,000
3 30038 5.603% ACT/360 108,500,000 108,500,000
5 32966 5.214% ACT/360 75,000,000 75,000,000
9 30326 5.010% ACT/360 56,000,000 56,000,000
11 89101 5.024% ACT/360 50,000,000 50,000,000
14 35244 5.108% ACT/360 42,500,000 42,500,000
15 60914 5.176% ACT/360 42,360,000 42,360,000
17.1 55401 23,360,450 23,360,450
17.2 55401 12,329,127 12,329,127
17.3 55401 3,539,462 3,539,462
17 55401 5.432% ACT/360 39,229,039 39,229,039
19 33324 4.268% 30/360 37,170,000 37,170,000
22 75202 5.225% ACT/360 32,640,000 32,640,000
24 85027 4.268% 30/360 31,860,000 31,860,000
25 40511 5.110% ACT/360 31,000,000 30,845,723
26 07102 5.648% ACT/360 30,250,000 30,250,000
31 94588 5.553% ACT/360 21,000,000 20,931,410
32 46038 5.424% ACT/360 19,375,000 19,310,171
36 84121 5.231% ACT/360 18,500,000 18,500,000
39 70808 5.751% ACT/360 17,200,000 17,130,450
40 89119 5.294% ACT/360 15,216,000 15,148,565
41 01760 5.432% ACT/360 15,060,000 15,060,000
42 28212 4.871% ACT/360 14,600,000 14,600,000
43 97232 5.432% ACT/360 13,800,000 13,800,000
45 92123 5.485% ACT/360 6,832,328 6,832,328
46 92123 5.415% ACT/360 6,742,683 6,742,683
13,575,011 13,575,011
47.1 98004 7,684,680 7,666,404
47.2 98004 5,615,320 5,601,966
47 98004 5.423% ACT/360 13,300,000 13,268,369
49 91350 5.240% ACT/360 11,750,000 11,721,208
51 22302 5.475% ACT/360 11,000,000 10,932,431
52 91356 5.176% ACT/360 10,750,000 10,750,000
53 94105 5.437% ACT/360 10,075,000 10,075,000
54 98374 5.267% ACT/360 9,597,959 9,597,959
55 92614 5.336% ACT/360 8,840,000 8,840,000
56 44130 5.382% ACT/360 8,600,000 8,600,000
57 34237 5.150% ACT/360 8,350,000 8,329,236
58 85027 4.268% 30/360 8,260,000 8,260,000
60 97229 5.450% ACT/360 8,100,000 8,073,028
61 33025 5.587% ACT/360 8,000,000 8,000,000
63 07936 5.465% ACT/360 7,800,000 7,774,100
66 22015 5.498% ACT/360 3,700,000 3,687,790
67 20171 5.492% ACT/360 3,161,800 3,151,354
6,861,800 6,839,144
69 91361 5.152% ACT/360 6,750,000 6,750,000
70 32801 5.470% ACT/360 6,750,000 6,727,608
71 91321 5.480% ACT/360 6,700,000 6,700,000
73 93105 5.340% ACT/360 6,550,000 6,550,000
77 71109 5.530% ACT/360 6,200,000 6,162,247
78 92101 5.513% ACT/360 6,100,000 6,100,000
79 98661 5.267% ACT/360 6,000,000 6,000,000
80 91381 5.629% ACT/360 6,000,000 5,994,529
81 94588 5.490% ACT/360 6,000,000 5,985,886
82 98226 5.102% ACT/360 5,720,000 5,705,664
83 89121 5.585% ACT/360 5,660,000 5,646,891
84 77063 5.637% ACT/360 5,500,000 5,500,000
86 91387 5.250% ACT/360 5,400,000 5,400,000
87 34952 5.577% ACT/360 5,400,000 5,400,000
88 70808 5.370% ACT/360 5,400,000 5,387,046
90 31088 5.643% ACT/360 5,000,000 4,983,943
91 02760 5.441% ACT/360 5,000,000 4,983,323
92 92545 5.307% ACT/360 4,900,000 4,878,340
95 89103 5.544% ACT/360 4,655,250 4,655,250
96 11779 5.372% ACT/360 4,600,000 4,584,458
98 90503 5.480% ACT/360 4,200,000 4,200,000
99 34743 5.386% ACT/360 4,215,000 4,196,658
101.1 61704 2,995,588 2,563,235
101.2 61761 1,854,412 1,586,765
101 Various 5.500% ACT/360 4,850,000 4,150,000
102 97222 5.750% ACT/360 4,000,000 3,987,411
103 40165 5.517% ACT/360 4,000,000 3,986,847
104 76148 5.587% ACT/360 4,000,000 3,981,468
105 84403 5.450% ACT/360 3,800,000 3,791,002
106 98065 5.561% ACT/360 3,750,000 3,741,280
108 92121 5.400% ACT/360 3,620,000 3,607,833
109 87121 5.569% ACT/360 3,600,000 3,588,277
110 38017 6.164% ACT/360 3,550,000 3,534,938
111 84097 5.250% ACT/360 3,450,000 3,428,041
112 92630 5.842% ACT/360 3,375,000 3,364,561
113 08701 5.577% ACT/360 3,360,000 3,345,927
114 14712 and 14750 5.560% ACT/360 3,200,000 3,192,558
115 06051 5.433% ACT/360 3,200,000 3,192,402
116 92392 5.500% ACT/360 3,160,000 3,135,653
117 49091 5.360% ACT/360 3,020,000 3,020,000
118 92688 5.148% ACT/360 3,000,000 2,989,433
119 83201 5.657% ACT/360 2,900,000 2,900,000
120 53018 5.599% ACT/360 2,840,000 2,833,437
121 32966 5.577% ACT/360 2,775,000 2,775,000
122 98065 5.500% ACT/360 2,650,000 2,643,776
123 36116 5.596% ACT/360 2,500,000 2,491,900
124 35209 5.487% ACT/360 2,400,000 2,392,064
126 89107 5.774% ACT/360 2,200,000 2,193,107
127 23456 5.390% ACT/360 2,100,000 2,093,903
128 37043 5.750% ACT/360 2,000,000 1,989,782
129 98201 5.625% ACT/360 1,850,000 1,845,743
132 77840 5.450% ACT/360 1,525,000 1,519,922
133 45244 5.700% ACT/360 1,320,000 1,314,607
134 92833 5.750% ACT/360 1,310,000 1,304,702
135 77033 5.344% ACT/360 1,150,000 1,147,230
$1,411,159,517
Sequence Number Remaining Term To Stated Maturity (months) Stated Maturity Date Due Date Monthly Payment
--------------- ------------------------------------------ --------------------- -------- ---------------
1 33 1/1/2008 1st $895,101
2 60 4/1/2010 1st
3 114 10/1/2014 1st 623,081
5 115 11/1/2014 1st 412,482
9 116 12/1/2014 1st
11 120 4/1/2015 1st 292,995
14 82 2/1/2012 1st 230,963
15 81 1/1/2012 1st 231,976
17.1 1st
17.2 1st
17.3 1st
17 119 3/1/2015 1st 221,055
19 57 1/1/2010 1st
22 58 2/1/2010 1st
24 57 1/1/2010 1st
25 57 1/1/2010 1st 183,215
26 117 1/1/2015 1st 174,566
31 117 1/1/2015 1st 119,935
32 90 10/1/2012 1st 109,087
36 117 1/1/2015 1st 101,940
39 116 12/1/2014 1st 100,385
40 116 12/1/2014 1st 84,438
41 119 3/1/2015 1st 84,863
42 81 1/1/2012 1st 77,229
43 119 3/1/2015 1st 77,763
45 119 3/1/2015 1st 38,729
46 119 3/1/2015 1st 37,925
47.1 1st
47.2 1st
47 118 2/1/2015 1st 74,875
49 118 2/1/2015 1st 64,811
51 116 12/1/2014 1st 67,385
52 118 2/1/2015 1st 58,870
53 118 2/1/2015 1st 56,807
54 119 3/1/2015 1st 53,101
55 119 3/1/2015 1st 50,734
56 117 1/1/2015 1st 48,195
57 118 2/1/2015 1st 45,593
58 57 1/1/2010 1st
60 117 1/1/2015 1st 45,737
61 117 1/1/2015 1st 45,861
63 117 1/1/2015 1st 44,116
66 117 1/1/2015 1st 21,004
67 117 1/1/2015 1st 17,936
69 119 3/1/2015 1st 36,865
70 117 1/1/2015 1st 38,199
71 118 2/1/2015 1st 37,958
73 118 2/1/2015 1st 36,535
77 116 12/1/2014 1st 38,185
78 120 4/1/2015 1st 34,685
79 119 3/1/2015 1st 33,195
80 119 3/1/2015 1st 34,555
81 118 2/1/2015 1st 34,030
82 118 2/1/2015 1st 31,064
83 82 2/1/2012 1st 32,439
84 117 1/1/2015 1st 31,703
86 119 3/1/2015 1st
87 118 2/1/2015 1st 31,338
88 118 2/1/2015 1st 30,222
90 117 1/1/2015 1st 28,840
91 117 1/1/2015 1st 28,205
92 56 12/1/2009 1st 27,231
95 116 12/1/2014 1st 27,311
96 117 1/1/2015 1st 25,750
98 120 4/1/2015 1st 23,794
99 116 12/1/2014 1st 23,632
101.1 1st
101.2 1st
101 97 5/1/2013 1st 31,692
102 117 1/1/2015 1st 23,343
103 117 1/1/2015 1st 22,754
104 117 1/1/2015 1st 24,772
105 118 2/1/2015 1st 21,457
106 118 2/1/2015 1st 21,436
108 117 1/1/2015 1st 20,327
109 57 1/1/2010 1st 20,597
110 81 1/1/2012 1st 23,230
111 116 12/1/2014 1st 20,674
112 117 1/1/2015 1st 19,893
113 116 12/1/2014 1st 19,240
114 118 2/1/2015 1st 18,290
115 118 2/1/2015 1st 18,035
116 115 11/1/2014 1st 19,405
117 120 4/1/2015 1st 16,883
118 81 1/1/2012 1st 16,377
119 120 4/1/2015 1st 16,753
120 118 2/1/2015 1st 16,302
121 118 2/1/2015 1st 16,104
122 118 2/1/2015 1st 15,046
123 117 1/1/2015 1st 14,346
124 117 1/1/2015 1st 13,607
126 117 1/1/2015 1st 12,872
127 118 2/1/2015 1st 12,315
128 115 11/1/2014 1st 11,671
129 118 2/1/2015 1st 10,650
132 117 1/1/2015 1st 8,611
133 116 12/1/2014 1st 7,661
134 116 12/1/2014 1st 7,645
135 58 2/1/2010 1st 6,417
Sequence Number Administrative Fee Rate Primary Servicing Fee Rate Master Servicing Fee Rate Ownership Interest
--------------- ------------------------ -------------------------- -------------------------- ------------------
1 0.031% 0.010% 0.020% Fee
2 0.031% 0.010% 0.020% Fee
3 0.121% 0.100% 0.020% Leasehold
5 0.051% 0.030% 0.020% Fee/Leasehold
9 0.051% 0.030% 0.020% Fee/Leasehold
11 0.121% 0.100% 0.020% Fee
14 0.071% 0.050% 0.020% Fee
15 0.071% 0.050% 0.020% Fee
17.1 Fee
17.2 Fee
17.3 Fee
17 0.121% 0.100% 0.020% Fee
19 0.071% 0.050% 0.020% Fee
22 0.071% 0.050% 0.020% Fee/Leasehold
24 0.071% 0.050% 0.020% Fee
25 0.071% 0.050% 0.020% Fee/Leasehold
26 0.071% 0.050% 0.020% Fee/Leasehold
31 0.071% 0.050% 0.020% Fee
32 0.121% 0.100% 0.020% Fee
36 0.121% 0.100% 0.020% Fee
39 0.051% 0.030% 0.020% Fee
40 0.071% 0.050% 0.020% Fee
41 0.121% 0.100% 0.020% Fee
42 0.121% 0.100% 0.020% Fee
43 0.121% 0.100% 0.020% Fee
45 0.121% 0.100% 0.020% Fee
46 0.121% 0.100% 0.020% Fee
47.1 Fee
47.2 Fee
47 0.121% 0.100% 0.020% Fee
49 0.121% 0.100% 0.020% Fee
51 0.071% 0.050% 0.020% Fee
52 0.121% 0.100% 0.020% Fee
53 0.121% 0.100% 0.020% Fee
54 0.121% 0.100% 0.020% Fee
55 0.071% 0.050% 0.020% Leasehold
56 0.081% 0.060% 0.020% Fee
57 0.071% 0.050% 0.020% Fee
58 0.121% 0.100% 0.020% Fee
60 0.071% 0.050% 0.020% Fee
61 0.071% 0.050% 0.020% Fee
63 0.121% 0.100% 0.020% Fee
66 0.101% 0.080% 0.020% Fee
67 0.101% 0.080% 0.020% Fee
69 0.121% 0.100% 0.020% Fee
70 0.071% 0.050% 0.020% Fee
71 0.121% 0.100% 0.020% Fee
73 0.121% 0.100% 0.020% Fee
77 0.071% 0.050% 0.020% Fee
78 0.121% 0.100% 0.020% Fee
79 0.121% 0.100% 0.020% Fee
80 0.071% 0.050% 0.020% Fee
81 0.121% 0.100% 0.020% Fee
82 0.121% 0.100% 0.020% Fee
83 0.081% 0.060% 0.020% Fee
84 0.071% 0.050% 0.020% Fee
86 0.121% 0.100% 0.020% Fee
87 0.121% 0.100% 0.020% Fee
88 0.121% 0.100% 0.020% Fee
90 0.071% 0.050% 0.020% Fee
91 0.121% 0.100% 0.020% Fee
92 0.071% 0.050% 0.020% Fee
95 0.071% 0.050% 0.020% Fee
96 0.121% 0.100% 0.020% Fee
98 0.121% 0.100% 0.020% Fee
99 0.101% 0.080% 0.020% Fee
101.1 Fee
101.2 Fee
101 0.071% 0.050% 0.020% Fee
102 0.071% 0.050% 0.020% Fee
103 0.071% 0.050% 0.020% Fee
104 0.071% 0.050% 0.020% Fee
105 0.121% 0.100% 0.020% Fee
106 0.071% 0.050% 0.020% Fee
108 0.121% 0.100% 0.020% Fee
109 0.091% 0.070% 0.020% Fee
110 0.071% 0.050% 0.020% Fee
111 0.121% 0.100% 0.020% Fee
112 0.071% 0.050% 0.020% Fee
113 0.071% 0.050% 0.020% Fee
114 0.091% 0.070% 0.020% Fee
115 0.121% 0.100% 0.020% Fee
116 0.071% 0.050% 0.020% Fee
117 0.121% 0.100% 0.020% Fee
118 0.121% 0.100% 0.020% Fee
119 0.121% 0.100% 0.020% Fee
120 0.101% 0.080% 0.020% Fee
121 0.121% 0.100% 0.020% Fee
122 0.071% 0.050% 0.020% Fee
123 0.061% 0.040% 0.020% Fee
124 0.101% 0.080% 0.020% Fee
126 0.101% 0.080% 0.020% Fee
127 0.101% 0.080% 0.020% Fee
128 0.071% 0.050% 0.020% Fee
129 0.071% 0.050% 0.020% Fee
132 0.071% 0.050% 0.020% Fee
133 0.071% 0.050% 0.020% Fee
134 0.071% 0.050% 0.020% Fee
135 0.071% 0.050% 0.020% Fee
Sequence Number Crossed Original Amortization (months) ARD Loan Grace Period Loan Group
--------------- ---------------- ------------------------------ -------- ------------ ----------
1 No 360 Xx 00 0
0 Xx 0 Xx 0 0
0 Xx 360 Xx 0 0
0 Xx 000 Xx 0 0
0 Xx 0 Xx 0 0
00 Xx 000 Xx 5 1
14 No 360 Xx 0 0
00 Xx 000 Xx 5 1
17.1 No No 1
17.2 No No 1
17.3 No Xx 0
00 Xx 000 Xx 0 0
00 Xx 0 Yes 10 1
22 No 0 No 5 1
24 No 0 Yes 10 1
25 No 300 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 No 5 2
41 No 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xxx(XXXX 00-0-X) 000 Xx 5 1
46 Yes(BACM 05-1-A) 360 No 5 1
47.1 No No 1
47.2 No Xx 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 00 0
00 Xx 0 Yes 10 1
60 No 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 No 5 1
66 Yes(BACM 05-1-C) 360 Xx 0 0
00 Xxx(XXXX 00-0-X) 000 Xx 5 1
69 No 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 300 No 5 2
78 No 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 No 5 1
81 No 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 0 Xx 0 0
00 Xx 000 Xx 5 1
88 No 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 No 10 1
92 No 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 Xx 0 0
00 Xx 000 Xx 0 0
00 Xx 360 No 5 1
101.1 No No 1
101.2 No Xx 0
000 Xx 000 Xx 0 0
000 Xx 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 300 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 No 5 1
108 No 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 300 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 300 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 No 5 1
123 No 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 No 10 1
127 No 324 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 Xx 0 0
000 Xx 000 Xx 0 0
000 Xx 360 Xx 0 0
000 Xx 000 Xx 5 2
135 No 360 No 5 1
SCHEDULE II
MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES
Representations and Warranties with respect to the Mortgage Loans
For purposes of this Schedule II, the phrase "the Seller's
knowledge" and other words and phrases of like import shall mean, except where
otherwise expressly set forth below, the actual state of knowledge of the Seller
regarding the matters referred to, in each case without having conducted any
independent inquiry into such matters and without any obligation to have done so
(except as expressly set forth herein).
Unless otherwise specified in the exceptions to the representations
and warranties attached hereto, the Seller hereby represents and warrants that,
as of the date specified below or, if no such date is specified, as of the
Closing Date and subject to Section 19 of this Agreement:
1. Mortgage Loan Schedule. The information set forth in the Mortgage
Loan Schedule with respect to the Mortgage Loans is true, complete (in
accordance with the requirements of this Agreement and the Pooling and Servicing
Agreement) and correct in all material respects as of the date of this Agreement
and as of the Cut-off Date.
2. Ownership of Mortgage Loans. Immediately prior to the transfer of
the Mortgage Loans to the Purchaser, the Seller had good title to, and was the
sole owner of, each Mortgage Loan. The Seller has full right, power and
authority to transfer and assign each Mortgage Loan to or at the direction of
the Purchaser free and clear of any and all pledges, liens, charges, security
interest, participation interests and/or other interests and encumbrances. The
Seller has validly and effectively conveyed to the Purchaser all legal and
beneficial interest in and to each Mortgage Loan free and clear of any pledge,
lien, charge, security interest or other encumbrance; provided that recording
and/or filing of various transfer documents are to be completed after the
Closing Date as contemplated hereby and by the Pooling and Servicing Agreement;
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 Mortgage Loan on
the records of MERS for purposes of the system of recording transfers of
beneficial ownership of mortgages maintained by MERS. The sale of the Mortgage
Loans to the Purchaser or its designee does not require the Seller to obtain any
governmental or regulatory approval or consent has not been obtained. Each
Mortgage Note is, or shall be as of the Closing Date, properly endorsed to the
Purchaser or its designee and each such endorsement is, or shall be as of the
Closing Date, genuine.
3. Payment Record. No scheduled payment of principal and interest
under any Mortgage Loan was 30 days or more past due as of the Due Date since
origination, without giving effect to any applicable grace period.
4. Lien; Valid Assignment. Based on the related lender's title
insurance policy (or, if not yet issued, a pro forma title policy or a
"marked-up" commitment), the Mortgage related to and delivered in connection
with each Mortgage Loan constitutes a valid and, subject to the exceptions set
forth in Paragraph 13 below, enforceable first priority lien upon the related
Mortgaged Property, prior to all other liens and encumbrances, except for: (a)
the lien for current real estate 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 that are of public
record and/or are referred to in the related lender's title insurance policy
(or, if not yet issued, referred to in a pro forma title policy or a "marked-up"
commitment), none of which materially interferes with the security intended to
be provided by such Mortgage, the current principal use and operation of the
related Mortgaged Property or the current ability of the related Mortgaged
Property to generate income sufficient to service such Mortgage Loan; (c)
exceptions and exclusions specifically referred to in such lender's title
insurance policy (or, if not yet issued, referred to in a pro forma title policy
or "marked-up" commitment), none of which materially interferes with the
security intended to be provided by such Mortgage, the current principal use and
operation of the related Mortgaged Property or the current ability of the
related Mortgaged Property to generate income sufficient to service such
Mortgage Loan; (d) other matters to which like properties are commonly subject,
none of which materially interferes with the security intended to be provided by
such Mortgage, the current principal use and operation of the related Mortgaged
Property or the current ability of the related Mortgaged Property to generate
income sufficient to service the related Mortgage Loan; (e) the rights of
tenants (as tenants only) under leases (including subleases) pertaining to the
related Mortgaged Property which the Seller did not require to be subordinated
to the lien of such Mortgage and which do not materially interfere with the
security intended to be provided by such Mortgage; and (f) 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 (the
foregoing items (a) through (f) being herein referred to as the "Permitted
Encumbrances"). The related assignment of such Mortgage executed and delivered
in favor of the Trustee is in recordable form (but for insertion of the name of
the assignee and any related recording information which is not yet available to
the Seller) and constitutes a legal, valid and binding assignment of such
Mortgage from the relevant assignor to the Trustee; provided, if the related
assignment of Mortgage has been recorded in the name of MERS or its designee, no
assignment of Mortgage 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 Mortgage Loan on the records of
MERS for purposes of the system of recording transfers of beneficial ownership
of mortgages maintained by MERS.
5. Assignment of Leases and Rents. The Assignment of Leases, if any,
related to and delivered in connection with each Mortgage Loan establishes and
creates a valid, subsisting and, subject to the exceptions set forth in
Paragraph 13 below, enforceable assignment of or first priority lien on and
security interest in, subject to applicable law, the property, rights and
interests of the related Borrower described therein; and each assignor
thereunder has the full right to assign the same. The related assignment of any
Assignment of Leases not included in a Mortgage, executed and delivered in favor
of the Trustee is in recordable form (but for insertion of the name of the
assignee and any related recording information which is not yet available to the
Seller), and constitutes a legal, valid and binding assignment of such
Assignment of Leases from the relevant assignor to the Trustee; provided, if the
related assignment of Assignment of Leases has been recorded in the name of MERS
or its designee, no 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
Mortgage Loan on the records of MERS for purposes of the system of recording
transfers of beneficial ownership of mortgages maintained by MERS.
6. Mortgage Status; Waivers and Modifications. In the case of each
Mortgage Loan, except by a written instrument which has been delivered to the
Purchaser or its designee as a part of the related Mortgage File: (a) the
related Mortgage (including any amendments or supplements thereto included in
the related Mortgage File) has not been impaired, waived, modified, altered,
satisfied, canceled, subordinated or rescinded; (b) the related Mortgaged
Property has not been released from the lien of such Mortgage; and (c) the
related Borrower has not been released from its obligations under such Mortgage,
in whole or in material part, in each such event in a manner which would
materially interfere with the benefits of the security intended to be provided
by such Mortgage.
7. Casualty; Condemnation; Encroachments. In the case of each
Mortgage Loan, except as set forth in an engineering report prepared in
connection with the origination of such Mortgage Loan and included in the
Servicing File, the related Mortgaged Property is: (a) free and clear of any
damage caused by fire or other casualty which would materially and adversely
affect its value as security for such Mortgage Loan (except in any such case
where an escrow of funds or insurance coverage exists reasonably estimated to be
sufficient to effect the necessary repairs and maintenance), and (b) not the
subject 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: (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 policy referred to in Paragraph 8 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 value
or marketability of such Mortgaged Property, except those encroachments that are
insured against by the lender's title insurance policy referred to in Paragraph
8 below.
8. Title Insurance. Each Mortgaged Property securing a Mortgage Loan
is covered by an American Land Title Association (or an equivalent form of)
lender's title insurance policy (the "Title Policy") (or, if such policy is yet
to be issued, by a pro forma policy or a "marked up" commitment) in the original
principal amount of such Mortgage Loan after all advances of principal, insuring
that the related Mortgage is a valid first priority lien on such Mortgaged
Property, subject only to the exceptions stated therein. Such Title Policy (or,
if it has yet to be issued, the coverage to be provided thereby) is in full
force and effect, all premiums thereon have been paid and, to the Seller's
knowledge, no material claims have been made thereunder and no claims have been
paid thereunder. To the Seller's knowledge, no holder of the related Mortgage
has done, by act or omission, anything that would materially impair the coverage
under such Title Policy. Immediately following the transfer and assignment of
the related Mortgage Loan to the Trustee (except in the case of a Mortgage Loan
maintained on the records of MERS, including endorsement and delivery of the
related Mortgage Note to the Purchaser and recording of the related Assignment
of Mortgage in favor of Purchaser in the applicable real estate records), such
Title Policy (or, if it has yet to be issued, the coverage to be provided
thereby) will inure to the benefit of the Trustee without the consent of or
notice to the insurer. Such Title 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, and (b) that the area shown on the survey, if any, reviewed or
prepared in connection with the origination of the related Mortgage Loan is the
same as the property legally described in the related Mortgage.
9. No Holdback. The proceeds of each Mortgage Loan have been fully
disbursed (except in those cases where the full amount of the Mortgage Loan has
been disbursed but a portion thereof is being held in escrow or reserve accounts
pending the satisfaction of certain conditions relating to leasing, repairs or
other matters with respect to the related Mortgaged Property), and there is no
obligation for future advances with respect thereto.
10. Mortgage Provisions. The Mortgage Note or Mortgage for each
Mortgage Loan, together with applicable state law, contains customary including,
without limitation, foreclosure or similar proceedings (as applicable for the
jurisdiction where the related Mortgaged Property is located) and, subject to
the exceptions set forth in Paragraph 13 below, enforceable provisions such as
to render the rights and remedies of the holder thereof adequate for the
practical realization against the related Mortgaged Property of the principal
benefits of the security intended to be provided thereby.
11. Trustee under Deed of Trust. If the Mortgage for any Mortgage
Loan is a deed of trust, then (a) a trustee, duly qualified under applicable law
to serve as such, has either been properly designated and currently so serves or
may be substituted in accordance with the Mortgage and applicable law, and (b)
no fees or expenses are payable to such trustee by the Seller, the Depositor or
any transferee thereof except in connection with a trustee's sale after default
by the related Borrower or in connection with any full or partial release of the
related Mortgaged Property or related security for such Mortgage Loan.
12. Environmental Conditions. With respect to each Mortgaged
Property securing a Mortgage Loan: (a) an environmental site assessment, an
environmental site assessment update or a transaction screen was performed in
connection with the origination of such Mortgage Loan; (b) a report of each such
assessment, update or screen, if any (an "Environmental Report"), is included in
the Servicing File; and (c) either: (i) no such Environmental Report, if any,
provides that as of the date of the report there is a material violation of
applicable environmental laws with respect to any known circumstances or
conditions relating to the related Mortgaged Property; or (ii) if any such
Environmental Report does reveal any such circumstances or conditions with
respect to the related Mortgaged Property and the same have not been
subsequently remediated in all material respects, then one or more of the
following are true: (A) the related Borrower was required to provide additional
security and/or to obtain an operations and maintenance plan, (B) the related
Borrower provided a "no further action" letter or other evidence acceptable to
the Seller, in its sole discretion, 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, (C) such
conditions or circumstances were investigated further and based upon such
additional investigation, an independent environmental consultant recommended no
further investigation or remediation, (D) the expenditure of funds reasonably
estimated to be necessary to effect such remediation is the lesser of (a) 10% of
the outstanding principal balance of the related Mortgage Loan and (b) two
million dollars, (E) there exists an escrow of funds reasonably estimated to be
sufficient for purposes of effecting such remediation, (F) the related Borrower
or another responsible party is currently taking such actions, if any, with
respect to such circumstances or conditions that were recommended in the
environmental site assessment, (G) the related Mortgaged Property is insured
under a policy of insurance, subject to certain per occurrence and aggregate
limits and a deductible, against certain losses arising from such circumstances
and conditions; (H) a responsible party provided a guaranty or indemnity to the
related Borrower to cover the costs of any required investigation, testing,
monitoring or remediation; or (I) a party or parties unrelated to the related
Borrower has been identified as the responsible party for such circumstances or
conditions and the Borrower is not a responsible party for such circumstances or
conditions. To the Seller's knowledge, there are no significant or material
circumstances or conditions with respect to such Mortgaged Property not revealed
in any such Environmental Report, where obtained, or in any Borrower
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 another loan
document for each Mortgage Loan encumbering the Mortgaged Property requires the
related Borrower to comply with all applicable federal, state and local
environmental laws and regulations.
13. Loan Document Status. Each Mortgage Note, Mortgage, and other
agreement executed by or on behalf of the related Borrower or any guarantor of
non-recourse exceptions and/or environmental liability with respect to each
Mortgage Loan is the legal, valid and binding obligation of the maker thereof
(subject to any non-recourse provisions contained in any of the foregoing
agreements and any applicable state anti-deficiency or market value limit
deficiency legislation), enforceable in accordance with its terms, except as
such enforcement may be limited by (a) bankruptcy, insolvency, reorganization or
other similar 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), and except that certain
provisions in such loan documents may be further limited or rendered
unenforceable by applicable law, but (subject to the limitations set forth in
the foregoing clauses (a) and (b)) such limitations or unenforceability will not
render such loan documents invalid as a whole or substantially interfere with
the mortgagee's realization of the principal benefits and/or security provided
thereby. To the Seller's knowledge, there is no valid defense, counterclaim or
right of offset, rescission, abatement or diminution available to the related
Borrower with respect to such Mortgage Note, Mortgage or other agreements that
would deny the mortgagee the principal benefits intended to be provided thereby.
14. Insurance. Except in certain cases, where tenants, having a net
worth of at least $50,000,000 or an investment grade credit rating and obligated
to maintain the insurance described in this paragraph, are allowed to
self-insure the related Mortgaged Properties, all improvements upon each
Mortgaged Property securing a Mortgage Loan are insured under a fire and
extended perils insurance (or the equivalent) policy in an amount at least equal
to the lesser of the outstanding principal balance of such Mortgage Loan and
100% of the 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 greater than or equal to gross
rentals for at least 12 months. 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 Federal Emergency Management Agency ("FEMA") as a special flood hazard
area (Zone A or Zone V) (an "SFH Area"), and flood insurance was available and
was required to be maintained by FEMA, 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 (1) the minimum amount
required, under the terms of coverage, to compensate for any damage or loss on a
replacement basis, (2) the outstanding principal balance of such Mortgage Loan,
and (3) the maximum amount of insurance available under the applicable National
Flood Insurance Administration Program. 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 thirty (30) days' prior written notice to the mortgagee; and no such
notice has been received, including any notice of nonpayment of premiums, that
has not been cured. For each Mortgaged Property located in a Zone 3 or Zone 4
seismic zone, either: (i) a seismic report which indicated a PML of less than
20% was prepared, based on a 450 or 475-year look back with a 10% probability of
exceedance in a 50-year period, at origination for such Mortgaged Property or
(ii) the improvements for the Mortgaged Property are insured against earthquake
damage. If the Mortgaged Property is located in Florida or within 25 miles of
the coast of Texas, Louisiana, Mississippi, Alabama, Georgia, North Carolina or
South Carolina such Mortgaged Property is insured by windstorm insurance in an
amount at least equal to the lesser of (i) the outstanding principal balance of
such Mortgage Loan and (ii) 100% of the full insurable value, or 100% of the
replacement cost, of the improvements located on the related Mortgaged Property.
With respect to each Mortgage Loan that has a principal balance as of the
origination date that is greater than or equal to $20,000,000, the related all
risk insurance policy and business interruption policy do not specifically
exclude acts of terrorism from coverage. With respect to each other Mortgage
Loan, the related all risk insurance policy and business interruption policy did
not as of the date of origination of the Mortgage Loan, and, to the Seller's
knowledge, does not as of the date hereof, specifically exclude acts of
terrorism from coverage. With respect to each of the Mortgage Loans, the related
Mortgage Loan documents do not expressly waive or prohibit the mortgagee from
requiring coverage for acts of terrorism or damages related thereto, except to
the extent that any right to require such coverage may be limited by
commercially reasonable availability. 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 or that would not
otherwise materially and adversely affect the security intended to be provided
by the related Mortgage, 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 18
below). At origination, the Seller received evidence that each Mortgaged
Property was insured by a commercial general liability policy in an amount not
less than $1,000,000 per occurrence.
15. Taxes and Assessments. There are no delinquent property taxes or
assessments or other outstanding charges affecting any Mortgaged Property
securing a Mortgage Loan that are a lien of priority equal to or higher than the
lien of the related Mortgage and that are not otherwise covered by an escrow of
funds sufficient to pay such charge. For purposes of this representation and
warranty, real property taxes and assessments shall not be considered delinquent
until the date on which interest and/or penalties would be payable thereon.
16. Borrower Bankruptcy. At the time of origination of the subject
Mortgage Loan no Borrower under a Mortgage Loan was a debtor in any state or
federal bankruptcy, insolvency or similar proceeding. As of the Closing Date, to
the Seller's knowledge, no Borrower under a Mortgage Loan was a debtor in any
state or federal bankruptcy, insolvency or similar proceeding.
17. Local Law Compliance. To the Seller's knowledge, based upon a
letter from governmental authorities, a legal opinion, a zoning consultant's
report, an endorsement to the related Title Policy, or a representation of the
related Borrower at the time of origination of the subject Mortgage Loan, or
based on such other due diligence considered reasonable by prudent commercial
mortgage lenders in the lending area where the subject Mortgaged Property is
located, the improvements located on or forming part of each Mortgaged Property
securing a Mortgage Loan are in material compliance with applicable zoning laws
and ordinances or constitute a legal non-conforming use or structure (or, if any
such improvement does not so comply and does not constitute a legal
non-conforming use or structure, such non-compliance and failure does not
materially and adversely affect the value of the related Mortgaged Property as
determined by the appraisal performed in connection with the origination of such
Mortgage Loan).
18. Leasehold Estate Only. If any Mortgage Loan is secured by the
interest of a Borrower as a lessee under a ground lease of all or a material
portion of a Mortgaged Property (together with any and all written amendments
and modifications thereof and any and all estoppels from or other agreements
with the ground lessor, a "Ground Lease"), but not by the related fee interest
in such Mortgaged Property or such material portion thereof (the "Fee
Interest"), then:
(a) Such Ground Lease or a memorandum thereof has been or will be duly
recorded; such Ground Lease permits the interest of the lessee
thereunder to be encumbered by the related Mortgage; and there has
been no material change in the terms of such Ground Lease since its
recordation, with the exception of material changes reflected in
written instruments which are a part of the related Mortgage File;
(b) Based on the related Title Policy (or, if not yet issued, a pro
forma title policy or a "marked up" commitment), the related
lessee's leasehold interest in the portion of the related Mortgaged
Property covered by such Ground Lease is not subject to any liens or
encumbrances superior to, or of equal priority with, the related
Mortgage, other than the related Fee Interest and Permitted
Encumbrances;
(c) The Borrower's interest in such Ground Lease is assignable to, and
is thereafter further assignable by, the Purchaser upon notice to,
but without the consent of, the lessor thereunder (or, if such
consent is required, it either has been obtained or cannot be
unreasonably withheld); provided that such Ground Lease has not been
terminated and all amounts owed thereunder have been paid;
(d) The Seller has not received, as of the Closing Date, actual notice
that such Ground Lease is not in full force and effect or that any
material default has occurred under such Ground Lease;
(e) Such Ground Lease requires the lessor thereunder to give notice of
any default by the lessee to the mortgagee under such Mortgage Loan.
Furthermore, such Ground Lease further provides that no notice of
termination given under such Ground Lease is effective against the
mortgagee under such Mortgage Loan unless a copy has been delivered
to such mortgagee in the manner described in such Ground Lease;
(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 notice of any such default, before the lessor thereunder
may terminate such Ground Lease;
(g) Such Ground Lease, together with extension options that are
exercisable by the Borrower or by the lender upon its taking
possession of the Borrower's leasehold interest, if exercised, would
cause the term of such Ground Lease to extend not less than twenty
(20) years beyond the Stated Maturity Date of such Mortgage Loan;
(h) Such Ground Lease requires the lessor to enter into a new lease with
a mortgagee upon termination of such Ground Lease as a result of any
default or as a result of a rejection of such Ground Lease in a
bankruptcy proceeding involving the related Borrower unless the
mortgagee under such Mortgage Loan fails to cure a curable default
of the lessee under such Ground Lease following notice thereof from
the lessor;
(i) Under the terms of such Ground Lease and the related Mortgage, taken
together, any related casualty insurance proceeds with respect to
the leasehold interest will be applied either (i) to the repair or
restoration of all or part of the related Mortgaged Property, with
the mortgagee or a trustee appointed by it having the right to hold
and disburse such proceeds as the repair or restoration progresses
(except in such cases where a provision entitling another party to
hold and disburse such proceeds would not be viewed as commercially
unreasonable by a prudent commercial mortgage lender), or (ii) to
the payment of the outstanding principal balance of the Mortgage
Loan together with any accrued interest thereon;
(j) Such Ground Lease does not impose any restrictions on subletting
which would be viewed as commercially unreasonable by a prudent
commercial mortgage lender in the lending area where the Mortgaged
Property is located at the time of the origination of such Mortgage
Loan; and
(k) Such Ground Lease may not be amended or modified without the prior
consent of the mortgagee under such Mortgage Loan, and any such
action without such consent is not binding on such mortgagee, its
successors or assigns.
19. Qualified Mortgage. Such Mortgage Loan is a "qualified mortgage"
within the meaning of Section 860G(a)(3) of the Code and Treasury regulation
section 1.860G-2(a) (but without regard to the rule in Treasury Regulations
Section 1.860G-2(f)(2)).
20. Advancement of Funds. The Seller has not advanced funds or
induced, solicited or knowingly received any advance of funds from a party other
than the owner of the related Mortgaged Property (other than amounts paid by the
tenant as specifically provided under the related lease), for the payment of any
amount required by such Mortgage Loan, except for interest accruing from the
date of origination of such Mortgage Loan or the date of disbursement of the
Mortgage Loan proceeds, whichever is later, to the date which preceded by 30
days the first due date under the related Mortgage Note.
21. No Equity Interest, Equity Participation or Contingent Interest.
No Mortgage Loan contains any equity participation by the mortgagee thereunder,
is convertible by its terms into an equity ownership interest in the related
Mortgaged Property or the related Borrower, provides for any contingent or
additional interest in the form of participation in the cash flow of the related
Mortgaged Property, or provides for the negative amortization of interest,
except that, in the case of an ARD Loan, such Mortgage Loan provides that,
during the period commencing on or about the related Anticipated Repayment Date
and continuing until such Mortgage Loan is paid in full, (a) additional interest
shall accrue and may be compounded monthly and shall be payable only after the
outstanding principal of such Mortgage Loan is paid in full, and (b) a portion
of the cash flow generated by such Mortgaged Property will be applied each month
to pay down the principal balance thereof in addition to the principal portion
of the related Monthly Payment.
22. Legal Proceedings. To the Seller's knowledge, there are no
pending actions, suits or proceedings by or before any court or governmental
authority against or affecting the Borrower under any Mortgage Loan or the
related Mortgaged Property that, if determined adversely to such Borrower or
Mortgaged Property, would materially and adversely affect the value of the
Mortgaged Property as security for such Mortgage Loan or the current ability of
the Borrower to pay principal, interest or any other amounts due under such
Mortgage Loan.
23. Other Mortgage Liens. None of the Mortgage Loans permits the
related Mortgaged Property to be encumbered by any mortgage lien junior to or of
equal priority with the lien of the related Mortgage without the prior written
consent of the holder thereof or the satisfaction of debt service coverage or
similar criteria specified therein. To the Seller's knowledge, 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.
24. No Mechanics' Liens. To the Seller's knowledge, (a) each
Mortgaged Property securing a Mortgage Loan (exclusive of any related personal
property) is free and clear of any and all mechanics' and materialmen's liens
that are prior or equal to the lien of the related Mortgage and that are not
bonded or escrowed for or covered by title insurance, and (b) no rights are
outstanding that under law could give rise to any such lien that would be prior
or equal to the lien of the related Mortgage and that is not bonded or escrowed
for or covered by title insurance.
25. Compliance with Usury Laws. As of its date of origination, each
Mortgage Loan complied with, or was exempt from, all applicable usury laws.
26. Licenses and Permits. As of the date of origination of each
Mortgage Loan and based on any of: (a) a letter from governmental authorities,
(b) a legal opinion, (c) an endorsement to the related Title Policy, (d) a
representation of the related borrower at the time of origination of such
Mortgage Loan, (e) a zoning report from a zoning consultant, or (f) other due
diligence that the originator of the Mortgage Loan customarily performs in the
origination of comparable mortgage loans, the related Borrower was in possession
of all material licenses, permits and franchises required by applicable law for
the ownership and operation of the related Mortgaged Property as it was then
operated or such material licenses, permits and franchises have otherwise been
issued.
27. Cross-Collateralization. No Mortgage Loan is
cross-collateralized with any loan which is outside the Mortgage Pool except
that for an A/B Mortgage Loan the related Companion Loan is secured by the
related Mortgage.
28. Releases of Mortgaged Properties. No Mortgage Note or Mortgage
requires the mortgagee to release all or any material portion of the related
Mortgaged Property from the lien of the related Mortgage except upon (a) payment
in full of all amounts due under the related Mortgage Loan or (b) delivery of
U.S. Treasury securities in connection with a defeasance of the related Mortgage
Loan; provided that the Mortgage Loans that are Cross-Collateralized Mortgage
Loans, and the other individual Mortgage Loans secured by multiple parcels, may
require the respective mortgagee(s) to grant releases of portions of the related
Mortgaged Property or the release of one or more related Mortgaged Properties
upon (a) the satisfaction of certain legal and underwriting requirements, (b)
the payment of a release price and, if required by the related Mortgage Loan
documents, prepayment consideration in connection therewith or (c) the
substitution of real property collateral upon the satisfaction of certain legal
and underwriting requirements; and provided, further, that any Mortgage Loan may
permit the unconditional release of one or more unimproved parcels of land to
which the Seller did not give any material value in underwriting the Mortgage
Loan. The release provisions in any Mortgage Loan if exercised would not cause
such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of
Section 860G(a)(3) of the Code.
29. Defeasance. Each Mortgage Loan that contains a provision for any
defeasance of mortgage collateral permits defeasance in an amount to make all
scheduled payments under the Mortgage Note (a) no earlier than two years
following the Closing Date and (b) only with substitute collateral constituting
"government securities" within the meaning of Treasury Regulations Section
1.860G-2(a)(8)(i).
30. Defeasance Costs. If any Mortgage Loan permits defeasance, then
the related Mortgage Loan documents provide that the related Borrower is
responsible for the payment of all reasonable costs and expenses incurred by the
related mortgagee.
31. Fixed Rate Loans. Each Mortgage Loan bears interest at a rate
that remains fixed throughout the remaining term of such Mortgage Loan, except
in the case of an ARD Loan after its Anticipated Repayment Date and except for
the imposition of a default rate.
32. Inspection. In connection with the origination of each Mortgage
Loan, the related originator inspected, or caused the inspection of, the related
Mortgaged Property.
33. No Material Default. To Seller's knowledge there exists no
material default, breach, violation or event of acceleration under the Mortgage
Note or Mortgage for any Mortgage Loan, in any such case to the extent the same
materially and adversely affects the value of the Mortgage Loan and the related
Mortgaged Property; provided, however, that this representation and warranty
does not cover any default, breach, violation or event of acceleration that
specifically pertains to or arises out of the subject matter otherwise covered
by any other representation and warranty made by the Seller in this Schedule II
or by the exceptions set forth on Schedule IIA.
34. Due-on-Sale. Subject to exceptions (including but not limited to
existing and future mezzanine debt) mentioned in the related Mortgage Loan
Documents, the Mortgage for each Mortgage Loan contains a "due-on-sale" clause
that provides for the acceleration of the payment of the unpaid principal
balance of such Mortgage Loan if, without the prior written consent of the
holder, the Mortgaged Property subject to such Mortgage, or any controlling
interest in the related Borrower, is directly or indirectly transferred or sold.
35. Single Purpose Entity. The Borrower on each Mortgage Loan with a
Cut-off Date Principal Balance of $25,000,000 or more, was, as of the
origination of the Mortgage Loan, a Single Purpose Entity. For this purpose, a
"Single Purpose Entity" shall mean an entity, other than an individual, whose
organizational documents provide substantially to the effect that it was formed
or organized solely for the purpose of owning and operating one or more of the
Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging
in any business unrelated to such Mortgaged Property or Properties, and whose
organizational documents further provide, or which entity represented in the
related Mortgage Loan documents, substantially to the effect that it does not
have any material assets other than those related to its interest in and
operation of such Mortgaged Property or Properties, or any indebtedness other
than as permitted by the related Mortgage(s) or the other related Mortgage Loan
documents, that it has its own books and records and accounts separate and apart
from any other person, and that it holds itself out as a legal entity separate
and apart from any other person.
36. Whole Loan. Each Mortgage Loan is a whole loan and not a
participation interest in a mortgage loan.
37. Tax Parcels. Each Mortgaged Property constitutes one or more
complete separate tax lots or is subject to an endorsement under the related
Title Policy or in certain instances an application has been made to the
applicable governing authority for creation of separate tax lots which shall be
effective for the next tax year.
38. Disclosure to Environmental Insurer. If the Mortgaged Property
securing any Mortgage Loan is covered by a secured creditor impaired property
policy or pollution legal liability policy, then the Seller 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 to the extent that the failure to deliver any such report would
materially and adversely affect the Purchaser's ability to recover under such
policy.
39. Prepayment Premiums and Yield Maintenance Charges. Prepayment
Premiums and Yield Maintenance Charges payable with respect to each Mortgage
Loan, if any, constitute "customary prepayment penalties" within meaning of
Treasury Regulations Section 1.860G-1(b)(2).
40. Operating Statements. In the case of each Mortgage Loan, the
related Mortgage requires the related Borrower, in some cases at the request of
the lender, to provide the holder of such Mortgage Loan at least annually with
operating statements and, if there is more than one tenant, rent rolls for the
related Mortgaged Property and/or financial statements of the related Borrower.
41. Servicing Rights. Except as otherwise contemplated in this
Agreement (or in the Agreement to Appointment of Servicer dated as of the
Cut-off Date between the Seller and the Master Servicer), no Person has been
granted or conveyed the right to service any Mortgage Loan or receive any
consideration in connection therewith.
42. Recourse. The related Mortgage Loan documents contain standard
provisions providing for recourse against the related Borrower, a principal of
such Borrower or an entity controlled by a principal of such Borrower for
damages sustained in connection with the Borrower's fraud, material
misrepresentation (or, alternatively, intentional) or misappropriation of any
tenant security deposits, rent, insurance proceeds or condemnation proceeds. The
related Mortgage Loan documents contain provisions pursuant to which the related
Borrower, a principal of such Borrower or an entity controlled by a principal of
such Borrower has agreed to indemnify the mortgagee for damages resulting from
violations of any applicable environmental laws.
43. Assignment of Collateral. All of the Seller's interest in any
material collateral securing any Mortgage Loan has been assigned to the
Purchaser.
44. Fee Simple or Leasehold Interests. The interest of the related
Borrower in the Mortgaged Property securing each Mortgage Loan includes a fee
simple and/or leasehold estate or interest in real property and the improvements
thereon.
45. Borrower Organization. Each Borrower that is an entity is
organized under the laws of a state of the United States of America.
46. Servicing and Collection. The servicing of the Mortgage Loans by
the Seller or a sub-servicer retained by the Seller has been legal, proper and
prudent in all material respects.
47. Escrows. As of the date of origination, all escrow deposits and
payments relating to a Mortgage Loan were under the control of the originator
and all amounts required to be deposited by each Borrower were deposited.
48. UCC Financing Statements. UCC Financing Statements have been
filed and/or recoded (or, if not filed and/or recorded, have been submitted in
proper form for filing and recording), in all public places necessary at the
time of the origination of the Mortgage Loan to perfect a valid security
interest in all items of personal property reasonably necessary to operate the
Mortgaged Property owned by a Mortgagor and located on the related Mortgaged
Property (other than any personal property subject to a purchase money security
interest or a sale and leaseback financing arrangement permitted under the terms
of such Mortgage Loan or any other personal property leases applicable to such
personal property) to the extent perfection may be effected pursuant to
applicable law by recording or filing, and the Mortgages, security agreements,
chattel Mortgages or equivalent documents related to and delivered in connection
with the related Mortgage Loan establish and create a valid and enforceable lien
and priority security interest on such items of personalty except as such
enforcement may be limited by bankruptcy, insolvency, receivership,
reorganization, moratorium, redemption, liquidation or other laws affecting the
enforcement of creditor's rights generally, or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity
or at law). An assignment of each such UCC Financing Statement relating to the
Mortgage Loan has been completed or will be prepared in which such Financing
Statement was filed; 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 Mortgage Loan on the records of MERS for purposes of the system of
recording transfers of beneficial ownership of mortgages maintained by MERS.
Notwithstanding any of the foregoing, no representation is made as to the
perfection of any security interest in rents or other personal property to the
extent that possession or control of such items or actions other than the filing
of UCC Financing Statements are required in order to effect such perfection.
49. Appraisal. The appraisal obtained in connection with the
origination of each Mortgage Loan satisfied, based solely upon the related
appraiser's representation in the related appraisal or in a related supplemental
letter, the appraisal guidelines set forth in Title XI of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989 (as amended).
50. Legal Compliance - Origination, Funding and Servicing. As of the
date of its origination and to the Seller's knowledge as of the Cut-off Date,
each Mortgage Loan complied in all material respects with, or was exempt from,
all requirements of applicable federal, state or local law relating to the
origination, funding and servicing of such Mortgage Loan.
SCHEDULE IIA
EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH
RESPECT TO THE BANK OF AMERICA MORTGAGE LOANS
REPRESENTATION 7
Casualty; Condemnation; Encroachments.
Indian River Mall Certain of the improvements suffered hurricane damage
& Commons (00000) xxxxxxxx approximately $259,000 in damage. As of
February 28, 2005 approximately 65% of the repairs for
such damage had been completed.
REPRESENTATION 12
Environmental Conditions.
State & La Cumbre Per the disclosure item summary, the related Mortgaged
Center (58674) Property is subject to remediation agreements relating
to petroleum contamination. Such contamination and the
related remediation agreements were addressed in the
Lender's environmental review and approval.
REPRESENTATION 14
Insurance.
American Express The related Mortgage Loan documents do not affirmatively
Building (58628) require the related Borrower to maintain windstorm
insurance even though the related Mortgaged Property is
located in the State of Florida.
There is no requirement of the related Borrower to
maintain business income insurance unless the credit
rating of American Express falls below "BBB" as issued
by S&P or "Baa2" as issued by Xxxxx'x.
So long as there has been no default under the related
lease to the tenant known as American Express (the
"American Express Lease"), all casualty and condemnation
proceeds shall be allocated and used in accordance with
the American Express Lease. The American Express Lease
generally requires the proceeds to be used for
restoration. However, American Express has the option
not to restore the related Mortgaged Property and to
offer to purchase the related Mortgaged Property for a
stipulated loss value plus all unpaid rent accrued and
unpaid as of the purchase date and the related
Borrower's costs relating to the purchase. The
definition of stipulated loss value includes the
mortgagee's reasonable costs incurred in connection with
prepayment of the related Mortgage Loan. If the related
Borrower declines the offer, American Express may (i)
terminate the related American Express Lease and pay
such Borrower a stipulated loss value plus all unpaid
rent accrued and unpaid as of the date of termination or
(ii) it may restore the related Mortgaged Property. In
the event American Express offers to purchase the
related Mortgaged Property and whether or not the
related Borrower accepts said offer, pays the required
sums as set forth above, American Express may retain any
insurance or condemnation proceeds.
Lake Ronkonkoma Insurance/condemnation proceeds may be distributed
Stop & Shop (58590) pursuant to the lease at the related Mortgaged Property
with the tenant known as Stop & Shop Supermarket Company
(the "Stop & Shop Lease"). The Stop & Shop Lease
provides that all proceeds payable at any time and from
time to time by any insurance company under the
insurance polices required by the Stop & Shop Lease
shall be payable to the Stop & Shop Supermarket Company
or such tenant's leasehold mortgagee. Stop & Shop
Supermarket Company has a right to terminate the Stop &
Shop Lease for a casualty if the buildings and
improvements are destroyed to the extent of at least
35%, 25% or 15% of the total cost of replacing them,
during the third last, second last or last year of the
original term or any extension term. If Stop & Shop
Supermarket Company terminates the Stop & Shop Lease, it
will pay the landlord that portion of the proceeds which
is attributable to the anticipated cost of demolishing
such buildings and improvements and paving over or
covering and seeding. If the Stop & Shop Lease does not
terminate, it will either repair the building or at
tenant's discretion, demolish such building. In the
event of a condemnation, proceeds will be held by a
trustee and first distributed to the related Borrower in
an amount equal to the land value but not exceeding any
then outstanding principal balance and accrued interest
of any landlord mortgage.
Fashion Show Mall The related Borrower is required to maintain business
(58620) interruption or rent loss insurance in an amount equal
to the estimated gross revenue of the related Mortgaged
Property for the restoration period plus 180 days.
XXXXXXXXXXXXXX 00
Xxxxxxxxx Xxxxxx Only.
The Mall at The term of the related Ground Lease shall expire on the
Stonecrest (58376) earliest of: (i) December 14, 2032, (ii) the date of
payment in full of the Improvement Bonds (as defined in
the related Mortgage Loan documents) is made by the
related Borrower or (iii) the exercise of such Borrower
of its option to terminate the term of the Lease (which
option may be exercised at any time provided that such
Borrower pays to the trustee under the Indenture of
Trust the full outstanding balance of all Improvement
Bonds). There are no renewal options available to the
related Borrower. The maturity date of the related
Mortgage Loan is October 1, 2014. Upon termination of
the related Ground Lease, the related Borrower has the
right to purchase the fee interest for a nominal amount
and the related Mortgage would then spread to cover the
lien on the fee. Such purchase option has been assigned
to the mortgagee.
REPRESENTATION 23
Other Mortgage Liens.
Southdale Mall (58745) The related Borrower shall have a one time only right,
upon thirty (30) days prior written notice to the
mortgagee (the "Additional Debt Election"), to incur
additional debt secured by the related Mortgaged
Property on a pari passu basis with, or subordinate to,
the Loan (the "Additional Debt") provided that the
conditions precedent set forth in the related Loan
Agreement which include among other things, confirmation
from the rating agencies that the Additional Debt will
not result in a qualification, withdrawal or downgrade
of the securities, that the lender for the Additional
Debt be an institutional lender, the lender for the
Additional Debt enter into an intercreditor agreement,
such Borrower provide an opinion acceptable to the
rating agencies that the Additional Debt does not
constitute a significant modification under Section 1001
of the Revenue Code or cause the REMIC Trust that has
acquired the related Mortgage Loan to fail to qualify as
a REMIC Trust; and the amount of the Additional Debt
shall not exceed an amount equal to the product derived
by multiplying (i) the base loan-to-value ratio and (ii)
the amount by which the appraised value of the related
Mortgaged Property (which shall be based only on signed
leases with tenants in occupancy and paying unabated
base rent) has increased over the appraised value
obtained by the appraiser in connection with the closing
of the related Mortgage Loan, as determined by the
appraiser that provided the appraised value in
connection with the closing of the related Mortgage Loan
(or if such appraiser (or its successor or assign) is no
longer in business, such other appraiser selected by
mortgagee) pursuant to an appraisal in substantially the
same form as that used to determined the appraised value
of the related Mortgaged Property in connection with the
closing of the related Mortgage Loan.
REPRESENTATION 28
Releases of Mortgaged Properties.
Indian River Mall The related Borrower may transfer non-income producing
& Commons (58455) portions of the related Mortgaged Property without
mortgagee's consent on a limited/restricted basis; on a
one-time basis during the term of the related Mortgage
Loan. The related Borrower may release by substitution
under certain terms and conditions, including but not
limited to, payment of fees, the fair market value of
the New Property (as defined in the related Mortgage
Loan documents) is not less than 110% of the greater of
the fair market value of the Released Property (as
defined in the related Mortgage Loan documents) as of
the Closing Date and the fair market value of the
Released Property as of the date immediately preceding
the substitution.
Fashion Show Mall Section 2.15 of the related Loan Agreement permits
(58620) certain releases of parcels or outlots or air rights
parcels as designated by the related Borrower upon the
satisfaction of conditions set forth in such section,
which conditions include, without limitation, the
delivery of a REMIC opinion and evidence that the parcel
or outlot being released is vacant, non-income producing
(or with respect to the air rights parcel, the value was
excluded from the value of the related Mortgaged
Property) and either (i) unimproved (or improved only by
surface parking areas or landscaping) or (ii) subject to
the mortgagee's express prior written consent, improved.
In connection with the release of any air rights parcel,
the related Borrower shall be entitled to enter into any
commercially reasonable reciprocal easement agreement
with the owner of any air rights parcel and mortgagee
agrees to execute any document reasonably requested by
such Borrower in order to subordinate the related
Mortgage Loan documents and the lien or security
interest to such air rights reciprocal easement
agreement.
Section 2.16 of the related Loan Agreement permits
certain lot line adjustments to the related Mortgaged
Property or the filing of a subdivision plot to create
one or more release parcels or air rights parcels upon
the satisfaction of certain conditions including,
without limitation, the delivery of a REMIC opinion and
evidence that the parcel or outlot being released is
vacant, non-income producing and either (i) unimproved
(or improved only by surface parking areas or
landscaping) or (ii) subject to the mortgagee's express
prior written consent, improved.
Lenox Marketplace The related Borrower may release a certain parcel known
(58638) as the Xxxxxx'x Parcel and shall pay to the mortgagee an
amount equal to $23,100,000, which amount shall be used
to either (x) to effectuate a Partial Defeasance (as
defined in the related Mortgage Loan documents) in
accordance with Section 5(h) of the related Note, or (y)
be used to partially prepay the outstanding principal
balance of the related Mortgage Loan subject to the
payment of any applicable yield maintenance premiums and
the payment of the amount of interest which would have
accrued on the related Note.
The release of the Xxxxxx'x Parcel shall not occur on a
date that is within the period commencing thirty (30)
days prior to and terminating thirty (30) days after the
Securitization of the related Mortgage Loan.
With regard to Partial Defeasance, the related Borrower
shall have the right at any time after the REMIC
Prohibition Period (the earlier of (x) the period
commencing on the date of closing and ending on the date
which is three (3) years after the first payment date
and (y) the two year period commencing with the "startup
day" (as defined in the related Mortgage Loan
documents)) to voluntarily defease a portion of the
related Mortgage Loan and obtain a release of the lien
of the related Mortgage as to the Xxxxxx'x Parcel.
Southdale Mall In the event the related Borrower desires to obtain a
(58745) partial release of the lien of the related Mortgage and
any other Mortgage Loan documents with respect to any
unimproved (excluding improvements used as surface
parking areas, roadways or for similar purposes),
non-income-producing parcel of land designated by such
Borrower as an area for addition or expansion and any
unimproved areas appurtenant thereto and related to such
development (e.g., parking) ("Release Parcel") in order
to facilitate the addition or expansion of improvements
on the related Mortgaged Property (or such Release
Parcel) for retail, entertainment, hotel, restaurant,
office or multifamily residential purposes (such as,
without limitation, the expansion or addition of one or
more anchor stores, the addition of a multiplex theater
complex (or other entertainment uses), the addition of
one or more mall or peripheral stores and common areas),
which addition or expansion shall be compatible with the
use and operation of the related Mortgaged Property as a
large regional retail/entertainment center, mortgagee
shall release the lien of the related Mortgage from such
Release Parcel upon satisfaction of certain conditions
precedent including having no adverse effect on the debt
service coverage ratio, an opinion of counsel that it
will not cause the REMIC Trust that has acquired the
related Mortgage Loan to fail to qualify as a REMIC
Trust and rating agency confirmation that such release
will not result in a downgrade, withdrawal or
qualification of the securities.
REPRESENTATION 35
Single Purpose Entity.
Fashion Show Mall The related Borrower holds all of the issued and
(58620) outstanding stock in a taxable REIT subsidiary known as
FS Entertainment, Inc., a Nevada corporation (the
"Entertainment Sub") formed in September of 2002, which
in turn is the sole member of FS Entertainment, LLC (the
"Entertainment LLC"). The foregoing two entities owned
by the related Borrower were included in the
non-consolidation opinion pairings. The Entertainment
Sub conducts certain business activities in connection
with the related Mortgaged Property and has entered into
two capital equipment leases for which a guaranty has
been provided by an entity directly or indirectly owned
by General Growth Properties, Inc. According to the
non-consolidation opinion, an officer certificate
indicates that the Entertainment Sub has been able to
satisfy its capital lease obligations. The Entertainment
LLC is an inactive entity. The amended organizational
documents of the Entertainment Sub indicate that its
purpose is solely to obtain and maintain a leasehold
interest in the related Mortgaged Property, conduct an
advertising and promotional business on such Mortgaged
Property, own and lease certain equipment to carry out
the advertising and promotional business and any lawful
business incident, necessary and appropriate to
accomplish the foregoing.
The Mall at According to the terms of the related Ground Lease, the
Stonecrest (58376) related Borrower has guaranteed the debt service
payments of the bonds issued by the municipal ground
lessor. The related Loan Agreement does not permit the
related Borrower to incur other indebtedness, other than
trade payables and financing leases.
SCHEDULE IIA
EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH
RESPECT TO THE BRIDGER MORTGAGE LOANS
Exception 4 - Lien; Valid Assignment &
Exception 6 - Mortgage Status; Waivers and Modifications:
With respect to the Flamingo Self Storage Mortgage Loan, in order to
comply with applicable zoning requirements, the Mortgaged Property and an
adjacent real property parcel (such parcel, the "Adjacent Parcel," and together
with the Mortgaged Property, the "Flamingo Properties") are subject to a Unity
of Title document that requires the Flamingo Properties to be sold, transferred,
devised or assigned as one plot or parcel of land and not separately. But (i)
the Unity of Title does not limit the mortgagee's right or ability to foreclose
the Mortgage encumbering the Mortgaged Property so long as the Flamingo
Properties continue to be developed and treated as a single integrated project
with respect to the application of all development regulations affecting the
Flamingo Properties and (ii) a foreclosure by a mortgagee on the Adjacent Parcel
will not cause a foreclosure on the Mortgaged Property or otherwise materially
adversely affect the security provided by the Mortgaged Property. In addition,
the Borrower and the owner of the Adjacent Parcel have, as allowed by the Unity
of Title, entered into a declaration of condominium covering the Flamingo
Properties, and the Mortgage was recently amended to, among other things,
reflect the conversion of the Borrower's interest in the Mortgaged Property into
the condominium form of ownership. The Unity of Title provides that the Borrower
has the right to freely sell, transfer, devise, lease and/or encumber its
condominium unit so long as the Flamingo Properties continue to be developed and
treated as a single integrated project with respect to the application of all
development regulations affecting the Flamingo Properties.
Exception 14 - Insurance:
The Mortgaged Property securing the Hampton Inn Collierville Mortgage
Loan is not covered by a business interruption or rent loss insurance policy
that provides coverage greater than or equal to gross rentals for at least 12
months.
Exception 18 - Leasehold Estate Only:
With respect to the Guardian Self Storage Center Mortgage Loan:
(i) the Ground Lease requires the lessor thereunder to give notice
of any default by the lessee to the mortgagee but does not specifically provide
that a notice of termination given under the Ground Lease is not effective
against the mortgagee unless a copy has been delivered to the mortgagee in the
manner described in the Ground Lease;
(ii) casualty insurance proceeds received in connection with a
casualty that does not result in a termination of the Ground Lease will be
applied either (a) to the repair or restoration of the improvements on the
Mortgaged Property or (b) to the payment of the outstanding principal balance of
the Mortgage Loan; and
(iii) the Ground Lease may not be amended or modified without the
prior consent of the mortgagee but does not specifically provide that any such
action without such consent is not binding on the mortgagee, its successors or
assigns.
Exception 23 - Other Mortgage Liens:
The Mortgaged Property securing the Westview Heights Apartments Mortgage
Loan is encumbered by a subordinate mortgage lien in the amount of $350,000.
The Mortgaged Property securing the Park Place Apartments Mortgage Loan is
encumbered by a subordinate mortgage lien in the amount of $400,000.
The Borrower with respect to the Xxxxxxxx Park Office Mortgage Loan owns
the Mortgaged Property and the adjacent real property, which is comprised of
retail condominium units (the "Retail Property"). The Retail Property is
encumbered by a mortgage granted by the Borrower in favor of Wachovia Bank,
National Association ("Wachovia"). The Borrower has created certain parking
rights (the "Parking Rights") in favor of the Retail Property pursuant to that
certain Agreement Regarding Parking Rights and has granted Wachovia a security
interest in such Parking Rights. The Seller and Wachovia are parties to that
certain Intercreditor Agreement pursuant to which the Seller has acknowledged
Wachovia's security interest in the Parking Rights as being prior and superior
to the Seller's lien.
Exception 41 - Servicing Rights:
Servicing rights have been granted as follows:
Loan Servicer
------------------------------- -----------------
Valley York Apartments Capstone
Xxxxxxxxx Park Apts - AL Collateral
Flamingo Courtyard Office Collateral
High Acres MHC and Fairdale MHC Collateral
Highland Plantation Apartments Collateral
Valley View Plaza Collateral
West Ridge MHC Collateral
Williamstowne Office Collateral
Greenbriar Apartments AL Financial Federal
Xxxxx Center Office Laureate
Franklin Farms Office Laureate
Xxxxxx Self Storage Kissimmee Laureate
Salem Food Lion Laureate
Airport Road Industrial Midland
Ballygar Apartments Midland
Casa Del Sol Midland
Century Village Apartments-NV Midland
Xxxxxx Corner Apartments Midland
Country Club Apartments-Shreveport Midland
Flamingo Self Storage Midland
Xxxxxxx Court Apartments Midland
Guardian Storage Center Midland
Hampton Inn Collierville Midland
Homewood Suites Alexandria Midland
Lake Forest Professional Center Midland
Lakeshore Pointe Apartments Midland
Landmark Mall-Corporate East Midland
Mykawa Business Center Midland
Park Place Apartments Midland
Pointe West Apartments Midland
Richland Commons Midland
Snoqualmie KeyBank Midland
Snoqualmie Ridge Retail Midland
Stadium Center Retail Midland
Xxxxxxxxx Ranch Shopping Center Midland
Stor America Self Storage Midland
Storage One Self Storage Midland
Xxxxxxxx Park Office Midland
Wellington Court Apartments Midland
Westview Heights Midland
Woodway Office Midland
--------------------------------------------------------------------------------
The following Mortgage Loans are the Bridger Mortgage Loans:
Airport Road Industrial Mykawa Business Center
Xxxxxxxx Xxxxxxxxxx Xxxx Xxxxx Xxxxxxxxxx
Xxxxx Center Office Pointe West Apartments
Casa Del Sol Richland Commons
Century Village Apartments Salem Food Lion
Xxxxxxxxx Park Apartments Snoqualmie KeyBank
Xxxxxx Corner Apartments Snoqualmie Ridge Retail
Country Club Apartments-Shreveport Stadium Center Retail
Flamingo Courtyard Office Xxxxxxxxx Ranch Shopping Center
Flamingo Self Storage Stor America Self Storage
Franklin Farms Office Storage One Self Storage
Xxxxxxx Court Apartments Xxxxxxxx Park Office
Greenbriar Apartments AL Valley View Plaza
Guardian Storage Center Valley York Apartments
Hampton Inn Collierville Wellington Court Apartments
High Acres MHC and Fairdale MHC West Ridge MHC
Highland Plantation Apartments Westview Heights
Homewood Suites Alexandria Williamstowne Office
Lake Forest Professional Center Woodway Office
Lakeshore Pointe Apartments
Landmark Mall-Corporate East
Xxxxxx Self Storage-Kissimmee
