BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. COMMERCIAL MORTGAGE PASS- THROUGH CERTIFICATES, SERIES 2006-PWR13 UNDERWRITING AGREEMENT September 13, 2006 Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Morgan Stanley & Co....Pooling and Servicing Agreement • October 13th, 2006 • Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13 • Asset-backed securities • New York
RECITALSMortgage Loan Purchase and Sale Agreement • October 13th, 2006 • Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13 • Asset-backed securities • New York
BETWEEN BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC., AS DEPOSITOR,Primary Servicing Agreement • October 13th, 2006 • Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13 • Asset-backed securities • New York
INDIVIDUAL MORTGAGE LOANS (PRINCIPAL COMMERCIAL FUNDING II, LLC - PWR13) ------ -------------------------------------------------------------------------- REP. NO. 6 - MORTGAGE STATUS; WAIVERS AND MODIFICATIONS ----------------------------...Individual Mortgage Loans • October 12th, 2006 • Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13 • Asset-backed securities
EXPLANATION: Each of these Mortgage Loans has a Note A (the Mortgage Loan) and a Note B. Each Note B will not be held within the trust. Each Note B is subordinate to the Mortgage Loan, pursuant to the terms of a Co-Lender Agreement between the holders of Note A and Note B.
INDIVIDUAL MORTGAGE LOANS (PRINCIPAL COMMERCIAL FUNDING, LLC - PWR13) --------- ----------------------------------------------------------------------- REP. NO. 4 - LIEN: VALID ASSIGNMENT ------------------------------------------------...Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13 • October 12th, 2006 • Asset-backed securities
EXPLANATION: The survey for the Mortgage Loan shows that there are 883 parking spaces with the ability to add an additional 63 parking spaces. The current parking requirement is estimated to be 1,053. The zoning provisions provide that if a casualty is greater than 60%, then the property would need to be built in compliance with current code. The LTV for the Mortgage Loan is 63.3%.
46962 730Pilot Road To mitigate the potential of environmental liability, in lieu of an environmental indemnification by the borrower, a Pollution Legal Liability (PLL) environmental insurance policy was secured by the Borrower. There was no evidence...Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13 • October 12th, 2006 • Asset-backed securities
------------------------------------------------------------------------------------------------------------- REP NO. LOAN NO. LOAN NAME EXPLANATION ------------------------------------------------------------------------------------------------------------- 12 Environmental 46921 Advo Inc. To mitigate the potential of environmental liability, in lieu of an environmental indemnification by the borrower, a Pollution Legal Liability (PLL) environmental insurance policy was secured by the Borrower. There was no evidence of Recognized Environmental Conditions at the property. Bear Stearns Commercial Mortgage, Inc. and its successors and assigns is named as "additional insured" on the PLL Policy. The limit of liability on this PLL Policy is $6,275,000, with a $50,000 deductible. The PLL Policy will remain in effect during the loan term of 10 years.
ARTICLE II CONTRACT FOR PRIMARY SERVICING; DOCUMENTSPrimary Servicing Agreement • October 13th, 2006 • Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr13 • Asset-backed securities • New York
