SPIRIT MASTER FUNDING, LLC as Issuer, and EACH JOINING PARTY each, as Issuer, SPIRIT FINANCE CORPORATION as Property Manager and Special Servicer and MIDLAND LOAN SERVICES, INC. as Back-Up Manager AMENDED AND RESTATED PROPERTY MANAGEMENT AND SERVICING...

Exhibit 10.2

EXECUTION COPY

SPIRIT MASTER FUNDING, LLC

as Issuer,

and

EACH JOINING PARTY

each, as Issuer,

SPIRIT FINANCE CORPORATION

as Property Manager and Special Servicer

and

MIDLAND LOAN SERVICES, INC.

as Back-Up Manager

AMENDED AND RESTATED

PROPERTY MANAGEMENT AND SERVICING AGREEMENT

Dated as of Xxxxx 00, 0000

Xxx-Xxxxx Mortgage Notes

TABLE OF CONTENTS

				Page
ARTICLE I DEFINITIONS					1
Section 1.01.		Defined Terms			1
Section 1.02.		Other Definitional Provisions			28
Section 1.03.		Certain Calculations in Respect of the Leases and the Mortgage Loans			29
Section 1.04.		Fee Calculations; Interest Calculations			30
ARTICLE II REPRESENTATIONS AND WARRANTIES; RECORDINGS AND FILINGS; BOOKS AND RECORDS; DEFECT, BREACH, CURE, REPURCHASE AND SUBSTITUTION; FINANCIAL COVENANTS					31
Section 2.01.		Representations and Warranties of Spirit Finance and the Back-Up Manager			31
Section 2.02.		Representations and Warranties of the Issuers			34
Section 2.03.		Recordings and Filings; Books and Records			35
Section 2.04.		Repurchase or Transfer for Collateral Defects and Breaches of Representations and Warranties			37
Section 2.05.		Non-Petition Agreement			39
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGED PROPERTIES AND LEASES					40
Section 3.01.		Administration of the Mortgaged Properties, Leases and Mortgage Loans			40
Section 3.02.		Collection of Lease Payments and Loan Payments; Lockbox Accounts; Lockbox Transfer Accounts			41
Section 3.03.		Collection of Real Estate Taxes and Insurance Premiums; Servicing Accounts; Property Protection Advances; Emergency Property Expenses			42
Section 3.04.		Collection Account; Release Account			46
Section 3.05.		Withdrawals From the Collection Account and the Release Account			48
Section 3.06.		Investment of Funds in the Collection Account and the Release Account			49
Section 3.07.		Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage			50
Section 3.08.		Enforcement of Alienation Clauses; Consent to Assignment			53
Section 3.09.		Realization Upon Specially Serviced Assets			54
Section 3.10.		Issuers, Custodian and Indenture Trustee to Cooperate; Release of Lease Files and Loan Files			57
Section 3.11.		Servicing Compensation; Interest on Property Protection Advances			58
Section 3.12.		Property Inspections; Collection of Financial Statements; Delivery of Certain Reports			61
Section 3.13.		Annual Statement as to Compliance			62

Section 3.14.		Reports by Independent Public Accountants			62
Section 3.15.		Access to Certain Information; Delivery of Certain Information			63
Section 3.16.		Appraisals After a Property Protection Event; Title to REO Property			63
Section 3.17.		Management of REO Properties and Mortgaged Properties relating to Defaulted Assets			64
Section 3.18.		Sale and Exchange of Mortgage Loans, Leases and Mortgaged Properties			65
Section 3.19.		Modifications, Waivers, Amendments and Consents			66
Section 3.20.		Transfer of Servicing Between Property Manager and Special Servicer; Record Keeping			68
Section 3.21.		Sub-Management Agreements			68
ARTICLE IV REPORTS					71
Section 4.01.		Reports to the Issuers, the Indenture Trustee and the Insurers			71
Section 4.02.		Use of Agents			72
ARTICLE V THE PROPERTY MANAGER AND THE SPECIAL SERVICER					72
Section 5.01.		Liability of the Property Manager and the Special Servicer			72
Section 5.02.		Merger, Consolidation or Conversion of the Property Manager and the Special Servicer			72
Section 5.03.		Limitation on Liability of the Property Manager, the Special Servicer and the Back-Up Manager; Environmental Liabilities			73
Section 5.04.		Term of Service; Property Manager and Special Servicer Not to Resign			74
Section 5.05.		Rights of Certain Persons in Respect of the Property Manager and the Special Servicer			75
Section 5.06.		[Reserved]			76
Section 5.07.		Property Manager or Special Servicer as Owner of Notes			76
ARTICLE VI SERVICER REPLACEMENT EVENTS					77
Section 6.01.		Servicer Replacement Events			77
Section 6.02.		Back-Up Manager			80
Section 6.03.		Additional Remedies of the Issuers and the Indenture Trustee upon a Servicer Replacement Event			82
ARTICLE VII TRANSFERS AND EXCHANGES OF MORTGAGED PROPERTIES AND MORTGAGE LOANS BY THE APPLICABLE ISSUERS; RELEASE OF MORTGAGED PROPERTIES AND MORTGAGE LOANS BY THE APPLICABLE ISSUERS					83
Section 7.01.		Released Mortgage Loans and Released Mortgaged Properties			83
Section 7.02.		Third Party Purchase Options; Release of Mortgaged Properties to Affiliates under Defaulted or Delinquent Assets; Other Sales or Exchanges			85
Section 7.03.		Transfer of Lease to New Mortgaged Property			86

ARTICLE VIII TERMINATION					86
Section 8.01.		Termination Upon Repurchase or Liquidation of All Mortgaged Properties or Discharge of Indenture			86
ARTICLE IX MISCELLANEOUS PROVISIONS					87
Section 9.01.		Amendment			87
Section 9.02.		Counterparts			87
Section 9.03.		GOVERNING LAW			87
Section 9.04.		Notices			87
Section 9.05.		Severability of Provisions			89
Section 9.06.		Effect of Headings and Table of Contents			89
Section 9.07.		Notices to Insurers and Rating Agencies			89
Section 9.08.		Successors and Assigns: Beneficiaries			90
Section 9.09.		Complete Agreement			90
Section 9.10.		Certain Rights of Insurers; Insurer Default			90
Section 9.11.		Consent to Jurisdiction			90
Section 9.12.		No Proceedings			91

EXHIBITS

EXHIBIT A-l		MORTGAGED PROPERTY SCHEDULE
EXHIBIT A-2		MORTGAGE LOAN SCHEDULE
EXHIBIT B		FORM OF REQUEST FOR RELEASE — PROPERTY MANAGER
EXHIBIT C		FORM OF REQUEST FOR RELEASE — SPECIAL SERVICER
EXHIBIT D		FORM OF LIMITED POWERS OF ATTORNEY FROM ISSUER OR INDENTURE TRUSTEE
EXHIBIT E		CALCULATION OF FIXED CHARGE COVERAGE RATIOS
EXHIBIT F		FORM OF DETERMINATION DATE REPORT
EXHIBIT G		FORM OF JOINDER AGREEMENT
EXHIBIT H		SCHEDULE OF MORTGAGE LOANS AND LEASES SUBJECT TO INSURER NOTICE AND CONSENT
EXHIBIT I		INDENTURE

This AMENDED AND RESTATED PROPERTY MANAGEMENT AND SERVICING AGREEMENT, dated as of March 17, 2006 (this “Agreement”) is made among Spirit Master Funding, LLC, as an issuer (an “Issuer”), each Joining Party, each as an issuer (each, an “Issuer”), Spirit Finance Corporation (“Spirit Finance”), as property manager and special servicer (together with its successors in such capacities, the “Property Manager” and “Special Servicer,” respectively), and Midland Loan Services, Inc., as Back-Up Manager (together with its successors in such capacity, the “Back-Up Manager”).

PRELIMINARY STATEMENT

As of each Series Closing Date, the Issuers own the Mortgaged Properties and related Leases as indicated on Exhibit A-l and the Mortgage Loans as indicated on Exhibit A-2. Spirit Finance has agreed to provide property management services with respect to the Mortgaged Properties and to service the Leases and the Mortgage Loans. Upon the issuance of each Series of Notes under the Indenture, each of the Issuers will pledge its right, title and interest in and to the Mortgaged Properties, Leases and Mortgage Loans owned by it to the Indenture Trustee as security for the indebtedness evidenced by the Indenture and each Series of Notes issued under the Indenture and for payment of amounts owed to each respective Insurer under each Insurance Agreement and the Indenture.

ARTICLE I

DEFINITIONS

Section 1.01. Defined Terms.

Whenever used in this Agreement, including in the Preliminary Statement, the words and phrases set forth below, unless the context otherwise requires, shall have the meanings specified in this Section 1.01. Capitalized terms used in this Agreement, including the Preliminary Statement, and not defined herein, unless the context otherwise requires, shall have the respective meanings specified in Section 1.01 of the Indenture (as defined below).

“30/360 Basis”: The accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

“Account Control Agreement”: An agreement with respect to a deposit account or a securities account, in form and substance satisfactory to each Insurer and the Indenture Trustee, pursuant to which the institution at which such account is maintained agrees to follow the instructions or entitlement orders, as the case may be, of the Indenture Trustee with respect thereto.

“Additional Servicing Compensation”: Property Manager Additional Servicing Compensation and Special Servicer Additional Servicing Compensation.

“Advance Interest”: Interest accrued on any Property Protection Advance at the Reimbursement Rate and payable to the Property Manager or the Back-Up Manager, as the case may be. each in accordance with Section 3.11(e).

“Affiliate”: With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

“Agreement”: This Amended and Restated Property Management and Servicing Agreement and all amendments hereof and supplements hereto.

“Aggregate Collateral Value”: On any date of determination, the sum of the Collateral Values of the Mortgage Loans and Mortgaged Properties (that do not otherwise secure Mortgage Loans) that are included in the Collateral Pool.

“Aggregate Note Principal Balance”: For any date of determination, and any Series, the sum of the Class Principal Balances of each Class of Notes of such Series.

“Aggregate Series Principal Balance”: On any date of determination, the sum of the Aggregate Note Principal Balances of each Series, in each case after giving effect to any payments of principal on such date.

“Allocated Collateral Amount”: For any Mortgage Loan or Mortgaged Property (that does not otherwise secure a Mortgage Loan) at any time, the product of (i) the Collateral Value of such Mortgage Loan or Mortgaged Property, as applicable, multiplied by (ii) a fraction, the numerator of which is the Aggregate Series Principal Balance at such time and the denominator of which is the Aggregate Collateral Value.

“Appraised Value”: For any Mortgaged Property included in the Collateral Pool or securing a Mortgage Loan included in the Collateral Pool as of a Series Closing Date, an appraised value determined pursuant to an independent MAI appraisal in accordance with the Uniform Standards of Professional Appraisal Practice and which takes into account the leased fee value of the related buildings and land of such Mortgaged Property, consistent with industry standards, and excludes the value of equipment and other tangible personal property and business enterprise value, and (1) with respect to any Mortgage Loan included in the Collateral Pool as of such Series Closing Date, is the most recent full narrative (complete summary) or limited scope (limited restricted) MAI appraisal obtained by the Property Manager with respect to the related Mortgaged Property, (2) with respect to any Mortgaged Property included in the Collateral Pool as of such Series Closing Date, is the most recent full narrative (complete summary) or limited scope (limited restricted) MAI appraisal obtained by the Property Manager with respect to such Mortgaged Property, (3) with respect to any Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property, is either (a) a full narrative (complete summary) MAI appraisal or (b) with respect to a related Mortgaged Property operated within the Restaurant Business Sector (as defined in the Indenture), a limited scope (limited restricted) MAI appraisal obtained

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within 12 months prior to the date such Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property is pledged as part of the Collateral Pool, or (4) at any time subsequent to such Series Closing Date, in accordance with the Servicing Standard, the Property Manager or Special Servicer determines that obtaining a new Appraised Value is necessary, a full narrative (complete summary) or, with respect to a related Mortgaged Property operated within the Restaurant Business Sector, limited scope (limited restricted) MAI appraisal obtained by the Property Manager or the Special Servicer with respect to such Mortgaged Property.

“Asset File”: A Loan File or a Lease File, as the context requires.

“Assignment of Leases”: With respect to any Mortgage Loan, any assignment of leases, rents and profits or similar document or instrument executed by the Borrower in connection with the origination or subsequent modification or amendment of the related Mortgage Loan.

“Authorized Officer”: With respect to an Issuer, any person who is authorized to act for such Issuer and who is identified on the list delivered by such Issuer to the Indenture Trustee on each Series Closing Date (as such list may be modified or supplemented from time to time thereafter). With respect to an Insurer, the president, any vice president, or any other officer customarily performing functions similar to those performed by the persons who at the time shall be such officers.

“Available Amount”: The Available Amount on any Payment Date will consist of the aggregate of all amounts received in respect of the Collateral Pool during the immediately preceding Collection Period and on deposit in the Collection Account on the immediately preceding Determination Date, including amounts earned, if any, on the investment of funds on deposit in the Collection Account and the Release Account during the immediately preceding Collection Period, Unscheduled Proceeds, amounts received on account of payments under any Guaranties, and any amounts received on account of payments under the Performance Undertakings and the Environmental Indemnity Agreements, and upon the termination of any Sweep Period, any amounts released from the Cashflow Coverage Reserve Account, but excluding (i) amounts on deposit in the Release Account and not transferred to the Collection Account for such Payment Date, (ii) the amount of any collections allocated to Companion Loans, if any, as provided in the applicable Pari Passu Co-Lender Agreements, (iii) the amount of any Additional Servicing Compensation, (iv) amounts received on account of Excess Cashflow (so long as no Early Amortization Event has occurred and is continuing), (v) amounts withdrawn from the Collection Account to reimburse the Property Manager or the Back-Up Manager, as applicable, for any unreimbursed Property Protection Advances (plus Advance Interest thereon) and to pay the Property Management Fee, the Back-Up Fee, any Special Servicing Fee, Workout Fees or Liquidation Fees and any Emergency Property Expenses, (vi) amounts required to be paid by the applicable Issuer as the lessor under the related Leases in respect of sales taxes, (vii) any amount received from a Tenant or Borrower as reimbursement for any cost paid by or on behalf of the applicable Issuer as lessor or lender under a related Lease or Mortgage Loan, as applicable, and (viii) any amounts collected by or on behalf of the Issuer and held in escrow or impound as lender or lessor to pay future obligations due under a Mortgage Loan or Lease, as applicable.

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“Average Cashflow Coverage Ratio”: On any date of determination, the average of the Cashflow Coverage Ratios for the Determination Dates for the Collection Period most recently ended and each of the two Collection Periods immediately preceding such Collection Period; provided, however, that until the occurrence of the third Determination Date after the most recent Series Closing Date, the Average Cashflow Coverage Ratio shall be the average of the Cashflow Coverage Ratios for the Determination Dates for all Collection Periods ended since such Series Closing Date.

“Back-Up Fee”: With respect to each Mortgage Loan and each Lease, the fee payable to the Back-Up Manager pursuant to Section 3.11(h).

“Back-Up Fee Rate”: With respect to each Mortgage Loan and each Mortgaged Property, a fixed percentage rate equal to 0.005% per annum.

“Back-Up Manager”: Midland Loan Services, Inc., a Delaware corporation, or its successor in interest.

“Back-Up Servicing Transfer Date”: As defined in Section 6.02(b).

“Balloon Loan”: Mortgage Loans which have substantial payments of principal due at their stated maturities.

“Bankruptcy Code”: The federal Bankruptcy Code of 1978, Title 11 of the United States Code, as amended from time to time.

“Borrower”: The obligor or obligors on a Mortgage Note, including any Person that has acquired the related Collateral and assumed the obligations of the original Obligor under the Mortgage Note.

“Business Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions are authorized or obligated by law or executive order to remain closed in New York, New York, Scottsdale, Arizona, or any other city in which is located the principal office of an Issuer, the Primary Servicing Office of the Property Manager or the Special Servicer or the Indenture Trustee’s Office.

“Cashflow Coverage Ratio”: With respect to any Determination Date and the Collateral Pool, the ratio, expressed as a fraction, the numerator of which is the sum of the Monthly Loan Payments and the Monthly Lease Payments received during the Collection Period ending on the related Determination Date, plus any income earned from the investment of funds on deposit in the Collection Account and the Release Account in Permitted Investments during the immediately preceding Collection Period, plus any net payments due to any Issuer under the applicable hedge agreements for any Series of Notes for the related Payment Date and received during the Collection Period ending on the related Determination Date, and the denominator of which is the Total Debt Service for such Determination Date.

“Cashflow Coverage Reserve Account”: As defined in the Indenture.

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“CERCLA”: The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

“Change of Control”: Either the acquisition of the beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of 35% or more of the common stock of Spirit Finance by a single Person or group of related Persons or the sale of all or substantially all of the assets of Spirit Finance.

“Class Principal Balance”: As defined in the Indenture.

“Code”: The Internal Revenue Code of 1986, as amended.

“Collateral”: As defined in the Indenture.

“Collateral Agent”: As defined in the Indenture.

“Collateral Defect”: As defined in Section 2.04(a).

“Collateral Pool”: As defined in the Indenture.

“Collateral Value”: As defined in the Indenture.

“Collection Account”: The segregated account or accounts created and maintained by the Property Manager in the name of the Indenture Trustee, held on behalf of the Noteholders, for the collection of payments on the Mortgage Loans and Leases.

“Collection Account Agreement”: As defined in Section 3.04(a).

“Collection Account Bank”: As defined in Section 3.04(a).

“Collection Period”: With respect to any Payment Date, the period commencing immediately after the Determination Date in the month preceding the month in which such Payment Date occurs (or, in the case of the initial Payment Date with respect to any Series of Notes, commencing on the applicable Series Closing Date) and ending with the Determination Date related to such Payment Date.

“Companion Loans”: A mortgage loan secured by a Mortgaged Property held, on a pari passu basis with the applicable Issuer, by parties other than such Issuer.

“Condemnation Proceeds”: All proceeds received in connection with the condemnation of, or granting an easement on, any Mortgaged Property other than proceeds applied to the restoration of such Mortgaged Property or released to the related Tenant or Borrower in accordance with the Servicing Standard.

“Control Person”: With respect to any Person, anyone that constitutes a “controlling person” of such Person within the meaning of the Securities Act of 1933, as amended.

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“Controlling Party”: As defined in the Indenture.

“Corrected Lease”: Any Lease that had been a Specially Serviced Lease but with respect to which (a) as of the date of determination, no circumstance identified in clauses (a) through (e) of the definition of the term “Specially Serviced Lease” then exists and (b) one or more of the following as are applicable occur:

(i) with respect to the circumstances described in clause (a) of the definition of the term “Specially Serviced Lease”, the related Tenant has made three consecutive full and timely Monthly Lease Payments under the terms of such Lease (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Tenant or by reason of a modification, waiver or amendment granted or agreed to by the Special Servicer) or such Lease has been terminated and the related Mortgaged Property has been re-leased;

(ii) with respect to the circumstances described in clauses (b) or (c) of the definition of the term “Specially Serviced Lease”, such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer;

(iii) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Lease”, such default is cured; and

(iv) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Lease”, such proceedings are terminated.

“Corrected Mortgage Loan”: Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but with respect to which (a) as of the date of determination, no circumstance identified in clauses (a) through (e) of the definition of the term “Specially Serviced Mortgage Loan” then exists and (b) one or more of the following as are applicable occur:

(i) with respect to the circumstances described in clause (a) of the definition of the term “Specially Serviced Mortgage Loan”, the related Borrower has made three consecutive full and timely Monthly Loan Payments under the terms of such Mortgage Loan (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Borrower or by reason of a modification, waiver or amendment granted or agreed to by the Special Servicer) or such Mortgage Loan has been terminated and the related Mortgaged Property has been re-leased;

(ii) with respect to the circumstances described in clauses (b) or (c) of the definition of the term “Specially Serviced Mortgage Loan”, such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer;

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(iii) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Mortgage Loan”, such default is cured; and

(iv) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Mortgage Loan”, such proceedings are terminated.

“Cure Party”: (i) With respect to any Mortgaged Property or Mortgage Loan acquired by the applicable Issuer pursuant to the Purchase and Sale Agreements or any Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property substituted for any such Mortgage Loan or Mortgaged Property by the applicable Originator, such Originator; (ii) with respect to any Mortgage Loan, Mortgaged Property, Qualified Substitute Mortgaged Property or Qualified Substitute Mortgage Loan acquired by the applicable Issuer from a third party, such Issuer; and (iii) with respect to the obligations of such Originator or such Issuer in the case of each of the foregoing clauses (i) and (ii), Spirit Finance in its capacity as Support Provider under the applicable Performance Undertaking.

“Custodian”: As defined in the Indenture.

“Custodian Inventory List”: As defined in the Custody Agreement.

“Custody Agreement”: The Amended and Restated Custody Agreement, dated as of March 17, 2006, among the Issuers, the Indenture Trustee and the Custodian, as the same may be amended from time to time.

“Default Interest”: With respect to any (i) Lease, any amounts collected thereon (other than late payments, late payment charges or amounts representing the Third Party Option Price paid by the related the Tenant) that represent penalty interest accrued at the rate specified in the related lease agreement and (ii) Mortgage Loan, any amounts collected thereon (other than late payments, late payment charges or Yield Maintenance Premiums) that represent penalty interest in excess of interest on the principal balance of such Mortgage Loan accrued at the related Interest Rate.

“Defaulted Asset”: Any Mortgage Loan or Lease included in the Collateral Pool, with respect to which a default (other than with respect to a Delinquent Asset) occurs that materially and adversely affects the interests of the applicable Issuer and that continues unremedied for the applicable grace period under the terms of such Mortgage Loan or Lease (or, if no grace period is specified, for 30 days).

“Defaulting Party”: As defined in Section 6.01(b).

“Deficiency”: As defined in Section 4.0l (c).

“Delinquent Asset”: Any Mortgage Loan or Lease included in the Collateral Pool (other than a Defaulted Asset), with respect to which any Monthly Loan Payment or Monthly Lease Payment, as applicable, becomes delinquent for 60 or more consecutive days.

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“Determination Date”: With respect to any Payment Date, the 7^th day of the month in which such Payment Date occurs or, if such 7^th day is not a Business Day, the Business Day immediately succeeding such 7^th day.

“Determination Date Report”: As defined in Section 4.01(a).

“Due Date”: With respect to any Mortgage Loan or Lease, the day of each calendar month on which the Monthly Loan Payment or Monthly Lease Payment, as applicable, with respect thereto is due.

“Early Amortization Event”: As defined in the Indenture.

“Eligible Account”: Any of (i) a segregated account maintained with a federal-or state-chartered depository institution or trust company, the long-term deposit or long-term unsecured debt obligations of which (or of such institution’s parent holding company) are rated “A2” or better by Xxxxx’x, “A” or better by each other Rating Agency other than S&P, and “AA-” or better by S&P, if the deposits are to be held in the account for more than 30 days, or the short-term deposit or short-term unsecured debt obligations of which (or of such institution’s parent holding company) are rated “P-l” by Xxxxx’x, “F-l” by Fitch and “A-l” by S&P, if the deposits are to be held in the account for 30 days or less, in any event at any time funds are on deposit therein, (ii) a segregated trust account maintained with a federal- or state-chartered depository institution or trust company acting in its fiduciary capacity, which, in the case of a state-chartered depository institution or trust company is subject to regulations regarding fiduciary funds on deposit therein substantially similar to 12 C.F.R. § 9.10(b), and which, in either case, has a combined capital and surplus of at least $50,000,000 and is subject to supervision or examination by federal or state authority, (iii) an account or accounts maintained with PNC Bank (A) so long as PNC Bank’s long-term unsecured debt rating shall be at least (x) “Al” by Xxxxx’x and “A” by S&P (if the deposits are to be held in the account for more than 30 days) and (y) “A” by Fitch, or (B) so long as PNC’s short-term deposit or short-term unsecured debt rating shall be at least (x) “P-l” by Xxxxx’x and “A-l” by S&P (if the deposits are to be held in the account for 30 days or less) and (y) “Fl” by Fitch, or (iv) any other account that is acceptable to the Rating Agencies and each Insurer (as evidenced by written confirmation from such Rating Agencies and each Insurer). Eligible Accounts may bear interest.

“Emergency Property Expenses”: As defined in Section 3.03(e).

“Environmental Indemnity Agreement”: As defined in the Indenture.

“Environmental Insurer”: Any Qualified Insurer that issues Environmental Policies relating to any of the Mortgage Loans or Mortgaged Properties.

“Environmental Policy”: Any insurance policy issued by an Environmental Insurer, together with any endorsements thereto, providing insurance coverage for losses, with respect to certain Mortgage Loans or Mortgaged Properties, caused by the presence of hazardous substances on, or the migration of hazardous substances from, the related Mortgaged Properties.

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“Equipment Loan”: Any commercial equipment loan secured by equipment used in the operation of a Mortgaged Property and listed on the Mortgage Loan Schedule.

“Escrow Payment”: Any payment received by the Property Manager or the Special Servicer for the account of any Obligor or otherwise deposited in the Servicing Account for application toward the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items in respect of the related Mortgaged Property.

“Event of Default”: As defined in the Indenture.

“Excess Cashflow”: As defined in the Indenture.

“Exchange Act”: The Securities Exchange Act of 1934, as amended.

“Extraordinary Expense”: As defined in the Indenture.

“Fair Market Value”: With respect to any Mortgaged Property or Mortgage Loan secured by a Mortgaged Property, at any time, a price determined by the Property Manager (or by the Special Servicer with respect to a Specially Serviced Asset) in accordance with the Servicing Standard and Section 7.01(b).

“FDIC”: Federal Deposit Insurance Corporation or any successor.

“Financing Statement”: A financing statement either filed or recorded or in a form suitable for filing and recording under the Uniform Commercial Code.

“Fixed Charge Coverage Ratio” or “FCCR”: The fixed charge coverage ratio for a Tenant determined in accordance with the provisions of Exhibit E attached hereto.

“FNMA”: Federal National Mortgage Association or any successor.

“GAAP”: Generally accepted accounting principles as in effect in the United States, consistently applied, as of the date of such application.

“Grant”: As defined in the Indenture.

“Granting Clause”: The Granting Clause set forth in the Indenture.

“Ground Lease”: With respect to any Mortgaged Property, the lease agreement, if any, between the Ground Lessor thereof and the applicable Issuer with respect to the land comprising such Mortgaged Property.

“Ground Lessor”: The fee owner (or intermediate lessor) of the land with respect to any Mortgaged Property which is subject to a Ground Lease.

“Guaranty”: With respect to any Lease or Mortgage Loan, the guaranty, if any, related to such Lease or Mortgage Loan executed by an individual or an Affiliate or parent of the Tenant or Borrower, as applicable, in favor of the lessor or the lender, as applicable.

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“Hazardous Materials”: As defined in the Indenture.

“Indenture”: The Amended and Restated Master Indenture, dated as of March 17, 2006, between the Issuers and the Indenture Trustee, relating to the issuance of the Notes, including all amendments and supplements thereto and any additional indenture between the Indenture Trustee and any Issuer.

“Indenture Trustee”: Citibank, N.A., a national banking association, in its capacity as indenture trustee under the Indenture, or its successor in interest or any successor indenture trustee appointed as provided in the Indenture.

“Indenture Trustee Fee”: As defined in the Indenture.

“Independent”: When used with respect to any specified Person, any such Person who (i) is in fact independent of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the Special Servicer and any and all of their respective Affiliates, (ii) does not have any direct financial interest in or any material indirect financial interest in any of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the Special Servicer or any of their respective Affiliates, and (iii) is not connected with the Issuers, the Issuer Members, the Indenture-Trustee, the Property-Manager, the Special Servicer or any of their respective Affiliates as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions; provided, however, that a Person shall not fail to be Independent of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the Special Servicer or any of their respective Affiliates merely because such Person is the beneficial owner of 1% or less of any class of securities issued by any Issuer, any Issuer Member, the Indenture Trustee, the Property Manager, the Special Servicer or any of their respective Affiliates, as the case may be.

“Industry Group”: Any industry sector including, but not limited to the following: (a) the Retail Industry; (b) the Distribution Industry; and (c) the Services Industry. Additional Industry Groups may be indicated in the applicable Series Supplement.

“Initial Closing Date”: As defined in the Indenture.

“Initial Purchaser”: Any underwriter that is an initial purchaser of the Notes, as set forth in the applicable Series Supplement.

“Insurance Agreement”: With respect to any Series, as defined in the Indenture.

“Insurance Policy”: With respect to any Series of Notes, as defined in the Indenture.

“Insurer”: With respect to any Series of Notes, as defined in the Indenture.

“Insurer Default”: With respect to any Series of Notes, as defined in the Indenture.

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“Interest Accrual Period”: With respect to each Due Date related to any Mortgage Loan, the period specified in the related Loan Documents.

“Interest Rate”: With respect to any Mortgage Loan, the annualized rate at which interest is scheduled (in the absence of a default) to accrue on such Mortgage Loan from time to time during any Interest Accrual Period in accordance with the related Mortgage Note and applicable law, as such rate may be modified in accordance with Section 3.19 or in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower.

“Interested Person”: The Issuers, the Issuer Members, the Property Manager, the Special Servicer, the Insurers, any holder of Notes or an Affiliate of any such Person.

“Issuer”: Each of Spirit Master Funding, LLC, a Delaware limited liability company, or its successor in interest, and any Joining Party or its successor in interest, as the context may require. References to a “related” or “applicable” Issuer shall refer to the Issuer that owns the Collateral being addressed.

“Issuer Member”: The holder of the LLC Interests, which with respect to Spirit Master Funding, LLC, on the date hereof, is Spirit Finance Acquisitions, LLC, a Delaware limited liability company; or its successor in interest and with respect to any Joining Party; as of the applicable Series Closing Date, shall be indicated in the applicable Joinder Agreement.

“Joinder Agreement”: With respect to any Series of Notes (other than the Series 2005-1 Notes), the Joinder Agreement, dated as of the applicable Series Closing Date, among the applicable Joining Party, the Property Manager, the Special Servicer and the Back-Up Manager, substantially in the form of Exhibit G attached hereto.

“Joining Party”: Any Spirit SPE, as indicated in the applicable Joinder Agreement.

“Land and Building Lease”: A lease pursuant to which land, buildings and other improvements are leased by a Tenant from the related land and building lessor.

“Lease”: Each lease listed on the Mortgaged Property Schedule from time to time. As used herein, the term “Lease” includes the related lease agreement and other documents contained in the related Lease File.

“Lease Documents”: Any related lease agreement, non-disturbance agreement, guaranty or other agreement or instrument, to the extent made for the benefit of the related Originator.

“Lease File”: As defined in the Custody Agreement.

“Lease Security Deposit”: As defined in Section 3.03(a).

“Lease Transfer Mortgaged Property”: As defined in Section 7.03.

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“Liquidated Lease”: A Defaulted Asset that is a Lease with respect to which the related Mortgaged Property has been either re-leased or sold, or any Lease related to a Mortgaged Property purchased from the applicable Issuer or disposed of by such Issuer pursuant to an exchange, whether or not terminated because of a default by the Tenant.

“Liquidation Fee”: The fee payable to the Special Servicer pursuant to Section 3.11(g).

“Liquidation Fee Rate”: A percentage equal to 0.50%.

“Liquidation Proceeds”: All cash proceeds and all other amounts (other than Property Insurance Proceeds and REO Revenues) received by the applicable Issuer, the Property Manager, or the Special Servicer and retained in connection with the liquidation of any Mortgage Loan, Lease or Mortgaged Property relating to a Defaulted Asset; all cash proceeds from the purchase or substitution of any Removed Mortgaged Property as described herein other than to the extent deposited into the Release Account; and all cash proceeds from the purchase or substitution of any Removed Mortgaged Property transferred from the Release Account pursuant to Section 3.04(b).

“LLC Agreement”: With respect to the Series 2005-1, Notes, the applicable Issuer’s amended and restated limited liability company agreement dated as of May 20, 2005, as the same may be amended from time to time in accordance with the terms thereto. With respect to any Series of Notes (other than the Series 2005-1 Notes), the applicable Issuer’s limited liability company agreement as indicated in the applicable Joinder Agreement.

“LLC Interests”: The limited liability company interests issued pursuant to an LLC Agreement and held by the applicable Issuer Member.

“Loan Agreement”: The agreement pursuant to which a Mortgage Loan was made.

“Loan Documents”: With respect to each of the Mortgage Loans, the related Loan Agreement, if any, and Mortgage Note, and any related Mortgage, Ground Lease or Land and Building Lease, as applicable, Guaranty or other agreement or instrument, to the extent made for the benefit of the related lender or holder of the Mortgage Note.

“Loan File”: As defined in the Custody Agreement.

“Lockbox Account”: The account or accounts created and maintained pursuant to Section 3.02(b).

“Lockbox Account Bank”: As defined in Section 3.02(b).

“Lockbox Transfer Account”: The account or accounts created and maintained pursuant to Section 3.02(c).

“Lockbox Transfer Account Bank”: As defined in Section 3.02(c).

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“MAI”: A designation signifying that the designee is a Member of the Appraisal Institute.

“Modified Collateral Detail and Realized Loss Report”: As defined in Section 4.01(c).

“Monthly Lease Payment”: With respect to any Lease (except as otherwise described in the Mortgaged Property Schedule), the fixed or “base” rent monthly lease payment that is actually payable by the related Tenant from time to time under the terms of such Lease (excluding any Percentage Rent), after giving effect to any provision of such Lease providing for periodic increases in such fixed or “base” rent by fixed percentages or dollar amounts or by percentages based on increases in the Consumer Price Index.

“Monthly Loan Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of principal and interest on such Mortgage Loan that is or would be, as the case may be, payable by the related Borrower on each Due Date under the terms of the related Mortgage Note as in effect on the applicable Series Closing Date or, if otherwise applicable, such date such Mortgage Loan was first included in the Collateral Pool, without regard to any subsequent change in or modification of such terms in connection with a bankruptcy or similar proceeding involving the related Borrower or a modification, waiver or amendment of such Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section 3.19, and assuming that each prior Monthly Loan Payment has been made in a timely manner.

“Moody’s”: Xxxxx’x Investors Service, Inc.

“Mortgage”: With respect to any Mortgaged Property, a mortgage (or deed of trust or deed to secure debt), assignment of leases and rents, security agreement and fixture filing or similar document executed by the applicable Issuer or the related Borrower, as applicable, pursuant to which such Issuer or Borrower grants a lien on its interest in such Mortgaged Property in favor of the Collateral Agent or the initial lender of the related Mortgage Loan, as applicable.

“Mortgage Loan”: Each fixed- and adjustable-rate, monthly pay, first lien, commercial mortgage loan (including each Equipment Loan, as the context indicates), as listed on the Mortgage Loan Schedule and from time to time included in the Collateral Pool.

“Mortgage Loan Schedule”: The list of Mortgage Loans transferred to each Issuer as part of the Collateral Pool and attached hereto as Exhibit A-2 (as such list may be amended upon each Series Closing Date and each Transfer Date, and otherwise be amended from time to time in accordance with the Transaction Documents). Such list shall set forth the following information with respect to each Mortgaged Property:

(i) the street address (including city, state and zip code) of the related Mortgaged Property;

(ii) the related Issuer loan number and name of Borrower;

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(iii) the Appraised Value of the related Mortgaged Property; and

(iv) the Mortgage Loan’s maturity date, if applicable.

“Mortgage Note”: The original executed note evidencing the indebtedness of a Borrower under a Mortgage Loan, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note.

“Mortgaged Property”: Each parcel of real property listed on the Mortgaged Property Schedule and from tune to time included in the Collateral Pool and each parcel of real property securing a Mortgage Loan, including the buildings, structures, fixtures (to the extent not property of the related Tenant), additions, enlargements, extensions, modifications, repairs, replacements or improvements now or hereinafter erected or located on such parcel and appurtenant easements and other property rights relating thereto.

“Mortgaged Property Schedule”: The list of Mortgaged Properties and Leases transferred to each Issuer as part of the Collateral Pool and attached hereto as Exhibit A-l (as such list may be amended upon each Series Closing Date and each Transfer Date, and otherwise be amended from time to time in accordance with the Transaction Documents). Such list shall set forth the following information with respect to each Mortgaged Property:

(i) the street address (including city, state and zip code) of the Mortgaged Property;

(ii) the related Issuer lease number and name of Tenant;

(iii) the Appraised Value; and

(iv) the Lease’s final payment date.

“Net Default Interest”: With respect to any (i) Lease, any Default Interest collected thereon, net of any Advance Interest accrued on Property Protection Advances made in respect of such Lease and reimbursable from such Default Interest in accordance with Section 2.11 of the Indenture and (ii) Mortgage Loan, any Default Interest collected thereon, net of any Advance Interest accrued on Property Protection Advances made in respect of such Mortgage Loan and reimbursable from such Default Interest in accordance with Section 2.11 of the Indenture.

“Net Investment Earnings”: The amount by which the aggregate of all interest and other income realized during a Collection Period on funds held in the Collection Account and the Release Account, if any, exceeds the aggregate of all losses, if any, incurred during such Collection Period in connection with the investment of such funds in accordance with Section 3.06.

“Net Worth”: With respect to any Person, the excess of total assets of such Person, over total liabilities of such Person, adding back accumulated depreciation but excluding the impact of “other comprehensive income”, all as determined in accordance with GAAP.

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“Nonrecoverable Property Protection Advance”: Any Property Protection Advance previously made or to be made in respect of a Lease or Mortgage Loan that, as determined by the Property Manager in accordance with the Servicing Standard and Section 3.03(f) (or, if applicable, the Back-Up Manager in its sole discretion in accordance with the Servicing Standard and Section 3.03(f)), will not be ultimately recoverable from late payments, Property Insurance Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Lease and the related Mortgaged Property or such Mortgage Loan (including any Monthly Lease Payments in respect of any Lease added to the Collateral upon any re-leasing of the related Mortgaged Property).

“Note Registrar”: As defined in the Indenture.

“Notes”: As defined in the Indenture.

“Noteholders”: As defined in the Indenture.

“Obligor”: A Tenant or a Borrower, as the context requires.

“Officer’s Certificate”: A certificate signed by a Servicing Officer of the Property Manager or-the-Special Servicer or a Responsible Officer of the Indenture Trustee or the applicable Issuer Member on behalf of an Issuer, as the case may be, and with respect to any other Person, a certificate signed by the Chairman of the Board, the President, a Vice President or Assistant Vice President, the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant Secretaries of such Person.

“Opinion of Counsel”: A written opinion of counsel (which shall be rendered by counsel that is Independent of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager and the Special Servicer) in form and substance reasonably acceptable to and delivered to the addressees thereof.

“Originators”: Collectively, each of Spirit Finance and its Affiliates which has sold one or more Mortgage Loans or Mortgaged Properties to an Issuer pursuant to a Purchase and Sale Agreement or otherwise.

“OTS”: The Office of Thrift Supervision or any successor thereto.

“Pari Passu Co-Lender Agreements”: Any co-lender agreement relating to any Issuer acquiring Pari Passu Loans secured by Mortgaged Properties that also secure Companion Loans held by parties other than such Issuer.

“Pari Passu Loans”: Mortgage Loans secured by Mortgaged Properties that also secure on a pari passu basis any Companion Loans.

“Participant”: The holder of a Participation Interest in any Participated Mortgage Loan.

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“Participant Distribution Account”: Any separate account or accounts created and maintained by the Participant and held on behalf of the related Participant for pari passu payments due to the Participant.

“Participated Mortgage Loan”: Each Mortgage Loan that is subject to a Participation Interest.

“Participation Agreement”: A pari passu participation agreement, if any, between the applicable Issuer or the related Originator, as the initial noteholder, and the Participant creating a Participation Interest in each Participated Mortgage Loan, as amended, restated or otherwise supplemented from time to time.

“Participation Interest”: A participation interest in a Participated Mortgage Loan created pursuant to a Participation Agreement.

“Participation Interest Principal Balance”: With respect to any Participation Interest at any date of determination, (a) the principal balance of such Participation Interest minus (b) the sum of (i) the principal portion of each Monthly Loan Payment due on the related Participated Mortgage Loan prior to such date of determination, if received from the related Borrower and allocable to the related Participant, (ii) all voluntary and involuntary principal prepayments and other unscheduled collections of principal received with respect to the related Participated Mortgage Loan and allocable to the related Participant, (iii) any adjustment thereto as a result of a reduction of principal by a bankruptcy court or as a result of a modification reducing the principal amount due on the related Participated Mortgage Loan to the extent allocable to the Participant, and (iv) the principal portion of any realized loss attributable to such Participation Interest.

“Participation Interest Servicing Fee”: With respect to any Participation Interest, the portion of the servicing fees payable in respect of such Participation Interest.

“Payment Account”: The segregated trust account established by the Indenture Trustee under the Indenture and designated as the “Payment Account” thereunder.

“Payment Date”: As defined in the Indenture.

“Payoff Amount”: An amount equal to the Collateral Value of any Mortgage Loan or Mortgaged Property, as applicable, plus any due and unpaid Monthly Loan Payment(s) or Monthly Lease Payment(s), as applicable, and any unreimbursed Property Protection Advances (plus Advance Interest thereon), Emergency Property Expenses, Liquidation Fees, Special Servicing Fees and Extraordinary Expenses, in each case related to such Mortgage Loan or Mortgaged Property or the related Lease.

“Percentage Rent”: With respect to any Lease, the rent thereunder, if any, calculated as a percentage of the total sales generated by the related Tenant at the related Mortgaged Property in excess of (or in lieu of, as applicable) the Monthly Lease Payments as provided in the applicable Lease.

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“Performance Undertaking”: As defined in the Indenture.

“Permitted Investments”: Any one or more of the following obligations or securities:

(i) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States of America or any agency or instrumentality thereof; provided, that such obligations are backed by the full faith and credit of the United States of America and have a predetermined, fixed amount of principal due at maturity (that cannot vary or change) and that each such obligation has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread;

(ii) obligations of the following agencies or instrumentalities of the United States of America: the Export-Import Bank, the Farm Credit System Financial Assistance Corporation, the Rural Economic Community Development Administration, the General Services Administration, the U.S. Maritime Administration, the Small Business Administration, the Government National Mortgage Association, the U.S. Department of Housing & Urban Development, the Federal Housing Administration and the Federal Financing Bank; provided, that such obligations are backed by the full faith and credit of the United States of America, have a predetermined, fixed amount of principal due at maturity (that cannot vary or change) and do not have an “r” highlight attached to any rating and that each such obligation has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread;

(iii) direct obligations of the following agencies or instrumentalities of the United States of America that are not backed by the full faith and credit of the United States: the Resolution Funding Corporation, the Federal Home Loan Bank System (senior debt obligations only), the Federal National Mortgage Association (senior debt obligations rated “Aaa” by Moody’s and “AAA” by S&P only) or the Federal Home Loan Mortgage Corporation (senior debt obligations rated “Aaa” by Moody’s and “AAA” by S&P only); provided, that such obligations have a predetermined amount of principal due at maturity (that cannot vary or change) and do not have an “r” highlight attached to any rating and that each such obligation has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread;

(iv) uncertificated certificates of deposit, time deposits and bankers’ acceptances having maturities of not more than 360 days, of any bank or trust company organized under the laws of the United States of America or any state thereof; provided, that such items are rated in the highest short-term debt rating category of each Rating Agency or such lower rating (with the prior written consent of each Insurer) as will not result in a qualification, downgrading or withdrawal of the rating then assigned to the

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Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency), do not have an “r” highlight affixed to its rating and have a predetermined fixed amount of principal due at maturity (that cannot vary or change);

(v) commercial paper (having original maturities of not more than 270 days) of any corporation incorporated under the laws of the United States of America or any state thereof (or of any corporation not so incorporated; provided, that the commercial paper is denominated in United States dollars and amounts payable thereunder are not subject to any withholding imposed by any non-United States jurisdiction) that is rated in the highest short-term debt rating category of each Rating Agency or such lower rating (with the prior written consent of each Insurer) as will not result in a qualification, downgrading or withdrawal of the rating then assigned to the Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency), does not have an “r” highlight affixed to its rating, has a predetermined fixed amount of principal due at maturity (that cannot vary or change) and has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread, or any demand notes that constitute vehicles for commercial paper rated in the highest unsecured commercial or finance company paper rating category of each Rating Agency;

(vi) units of money market funds that have as one of their investment objectives the maintenance of a constant net asset value and that are rated in the highest applicable rating category of each Rating Agency or such lower rating (with the prior written consent of each Insurer) as will not result in a qualification, downgrading or withdrawal of the rating then assigned to the Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency); and

(vii) any other obligation or security acceptable to each Rating Agency and each Insurer, which will not result in a qualification, downgrading or withdrawal of the rating then assigned to the Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency);

provided, that (1) no investment described hereunder shall evidence either the right to receive (x) only interest with respect to such investment or (y) a yield to maturity greater than 120% of the yield to maturity at par of the underlying obligations, (2) no investment described hereunder may be purchased at a price greater than par if such investment may be prepaid or called at a price less than its purchase price prior to stated maturity (that cannot vary or change) and (3) such Permitted Investments are either (x) at all times available or (y) mature prior to the immediately succeeding Payment Date.

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“Person”: Any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, estate, unincorporated organization or government or any agency, instrumentality or political subdivision of any government.

“Primary Servicing Office”: The office of the Property Manager or the Special Servicer, as the context may require, that is primarily responsible for such party’s servicing obligations hereunder.

“Principal Prepayment”: Any payment of principal voluntarily made by the Borrower on a Mortgage Loan that is received in advance of its scheduled Due Date and that is not accompanied by an amount of interest (without regard to any Yield Maintenance Premium that may have been collected) representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

“Prime Rate”: The “prime rate” published in the “Money Rates” section of The Wall Street Journal, as such “prime rate” may change from time to time. If The Wall Street Journal ceases to publish the “prime rate,” then the Indenture Trustee shall select an equivalent publication that publishes such “prime rate”; and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then the Indenture Trustee shall select a comparable interest rate index. In either case, such selection shall be made by the Indenture Trustee in its sole discretion and the Indenture Trustee shall notify the Property Manager and the Special Servicer in writing of its selection.

“Property Insurance Policy”: With respect to any Mortgage Loan and/or Mortgaged Property, any hazard insurance policy, flood insurance policy, title policy, Environmental Policy, residual value insurance policy or other insurance policy that is maintained from time to time in respect of such Mortgage Loan and/or Mortgaged Property (including, without limitation, any blanket insurance policy maintained by or on behalf of the applicable Issuer).

“Property Insurance Proceeds”: All proceeds received under any Property Insurance Policy that provides coverage with respect to any Mortgaged Property or the related Mortgage Loan, if applicable.

“Property Management Fee”: With respect to each Mortgage Loan and each Mortgaged Property owned by the Issuer, the fee payable to the Property Manager pursuant to Section 3.11(a).

“Property Management Fee Rate”: With respect to each Mortgage Loan and each Lease, a fixed percentage rate equal to 0.25% per annum.

“Property Manager”: Spirit Finance, in its capacity as property manager under this Agreement, or any successor property manager appointed as herein provided.

“Property Manager Additional Servicing Compensation”: As defined in Section 3.11(b).

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“Property Protection Advances”: With respect to the Leases, the Mortgage Loans and the Mortgaged Properties:

(i) All customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Property Manager (or, if applicable, the Back-Up Manager), in connection with servicing the Leases, the Mortgaged Properties and the Mortgage Loans, in accordance with the Servicing Standard and this Agreement, for the purpose of paying real estate taxes, premiums on Property Insurance Policies (not already paid pursuant to Section 2.11 of the Indenture, as confirmed by the applicable Issuers) and other amounts necessary to preserve or maintain the security interest and lien of the Indenture Trustee in, and value of, each related Mortgaged Property (including any costs and expenses necessary to re-lease such Mortgaged Property), Lease or Mortgage Loan (including costs and expenses related to collection efforts).

(ii) All customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Property Manager, the Back-Up Manager or Special Servicer in connection with the servicing of a Mortgage Loan after a default, delinquency or other unanticipated event, or in connection with the administration of any REO Property, including, but not limited to, the cost of (a) compliance with the obligations of the Property Manager or the Special Servicer set forth in Sections 2.04(c), 3.03(c) and 3.17(b), (b) the preservation, insurance, restoration, protection and management of any Collateral, including the cost of any “force placed” insurance policy purchased by the Property Manager to the extent such cost is allocable to a particular item of Collateral that the Property Manager is required to cause to be insured pursuant to Section 3.07(a), (c) obtaining any Liquidation Proceeds (insofar as such Liquidation Proceeds are of the nature described in the definition thereof) or Property Insurance Proceeds in respect of any Collateral or REO Property, (d) any enforcement of judicial proceedings with respect to any Collateral, including foreclosures, and (e) the operation, management, maintenance and liquidation of any REO Property. Notwithstanding anything to the contrary, “Property Protection Advances” shall not include allocable overhead of the Property Manager or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses.

“Property Protection Event”: With respect to any Mortgaged Property, a “Property Protection Event” will occur upon the making of any Property Protection Advance (other than as required in connection with the sale or re-leasing of such Mortgaged Property) with respect to such Mortgaged Property by the Property Manager or the Back-Up Manager, as applicable, in an amount which, when added to the amount of all Property Protection Advances previously made with respect to such Mortgaged Property, exceeds the difference between (a) the Fair Market Value of such Mortgaged Property at the time of such proposed Property Protection Advance and (b) 30% of the Collateral Value of such Mortgaged Property.

“Purchase and Sale Agreements”: As defined in the Indenture.

“Purchase Option Deficiency”: An amount equal to the deficiency, if any, between 125% of the Allocated Collateral Amount of a Mortgaged Property released in connection with a Third Party Purchase Option and the related Third Party Option Price for such Mortgaged Property.

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“Purchase Premium”: As defined in Section 7.0l(c).

“Qualified Insurer”: An insurance company or security or bonding company qualified to write the related Property Insurance Policy in the relevant jurisdiction.

“Qualified Substitute Mortgage Loan”: Any commercial real estate loan acquired by the applicable Issuer in substitution for a Released Mortgage Loan or with the proceeds (or a portion thereof) from the sale of a Released Mortgage Loan and which, as of the date of the acquisition thereof, (i) is secured by a Qualified Substitute Mortgaged Property, (ii) has an unpaid principal balance not less than the unpaid principal balance of the Released Mortgage Loan, (iii) has an Interest Rate not more than one percentage point less than such Released Mortgage Loan, (iv) complies with all of the representations and warranties originally made with respect to such Released Mortgage Loan under the Indenture (with each date therein referring to the date of substitution), except to the extent the applicable Insurer, in its sole discretion, otherwise consents and 20 days’ prior written notice is given to the Rating Agencies, (v) pays interest and, if applicable, principal, on a monthly basis, (vi) has been approved in writing by the Support Provider, (vii) has a maturity date that is not more than one year earlier than the related Released Mortgage Loan, (viii) if such Released Mortgage Loan is a Balloon Loan, has a balloon payment that is not more than 10% larger than such Released Mortgage Loan’s balloon payment and (ix) has been approved in writing by the Series 2005-1 Insurer. If one or more of the foregoing criteria are not met, such substitute commercial mortgage loan will be a Qualified Substitute Mortgage Loan if the Special Servicer considers the substitution of such substitute commercial mortgage loan to be in the best interest of the Noteholders and the Series 2005-1 Insurer so consents.

“Qualified Substitute Mortgaged Property”: Any commercial real estate property acquired by the applicable Issuer in substitution for a Released Mortgaged Property or with the proceeds (or a portion thereof) from the sale of a Released Mortgaged Property and which, as of the date of the acquisition thereof, (i) has a Fair Market Value that, when combined with the Fair Market Value of all other Qualified Substitute Mortgaged Properties to be acquired by such Issuer in exchange for or with the proceeds from such Released Mortgaged Property and all cash payments in addition thereto, is equal to or greater than the Fair Market Value of such Released Mortgaged Property, (ii) has a Collateral Value that, when combined with the Collateral Values of all other Qualified Substitute Mortgaged Properties to be acquired by such Issuer in exchange for or with the proceeds from such Released Mortgaged Property and all cash payments in addition thereto, is equal to or greater than the Collateral Value of such Released Mortgaged Property, (iii) complies with all of the representations and warranties originally made with respect to such Released Mortgaged Property under the Indenture (with each date therein referring to the date of substitution), except to the extent the applicable Insurer, in its sole discretion, otherwise consents and 20 days’ prior written notice is given to the Rating Agencies, (iv) is leased to a Tenant who leased such Released Mortgaged Property, or to a different Tenant whose FCCR is greater than or equal to the greater of the then-current FCCR and the FCCR at the applicable Series Closing Date of the Tenant who previously leased such Released Mortgaged Property, (v) has, together with all other Qualified Substitute Mortgaged Properties to be acquired by such Issuer in exchange for or with the proceeds from such Released Mortgaged Property, the same or greater aggregate Monthly Lease Payment as the Released Mortgaged

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Property, (vi) is leased pursuant to a Lease the term of which equals or exceeds the remaining term of the Lease of the Released Mortgaged Property, (vii) if the tenant thereof or any third party has an option to purchase such Qualified Substitute Mortgaged Property, the contractual amount of such option price is no less than what the Allocated Collateral Amount of such Qualified Substitute Mortgaged Property would be after giving effect to the substitution of such Mortgaged Property, (viii) has been approved in writing by the Support Provider, (ix) has been approved in writing by the Series 2005-1 Insurer and (x) is leased pursuant to a “triple net” lease. If one or more of the foregoing criteria are not met, such substitute commercial real estate property will be a Qualified Substitute Mortgaged Property if the Special Servicer considers the substitution of such substitute commercial real estate property to be in the best interest of the Noteholders, the Series 2005-1 Insurer so consents and subject to at least ten (10) Business Days notification to the Rating Agencies.

“Rating Agency”: As defined in the Indenture.

“Rating Condition”: As defined in the Indenture.

“Reimbursement Rate”: The rate per annum applicable to the accrual of Advance Interest, which rate per annum is equal to the Prime Rate.

“Release”: As defined in Section 7.01(a).

“Release Account”: The segregated account established and maintained by the Indenture Trustee on behalf of the Noteholders and the Issuers.

“Release Price”: As defined in Section 7.01(b).

“Released Mortgage Loan”: As defined in Section 7.01(a).

“Released Mortgaged Property”: As defined in Section 7.01(a).

“Remittance Date”: The Business Day preceding each Payment Date.

“Removed Mortgaged Property”: Each Third Party Option Mortgaged Property and each Lease Transfer Mortgaged Property, released at any time from the lien of the Indenture.

“Rent-to-Sales Ratio”: With respect to any Lease, a ratio, expressed as a percentage, (i) the numerator of which is the total Monthly Lease Payments required to be made pursuant to such Lease during the period described in the following clause (ii), and (ii) the denominator of which is the aggregate amount of sales generated by the related Tenant at such Mortgaged Property during the last consecutive 12 month period for which such figures are available (or, if sales figures are not available for any 12 month period, annualized sales based on the most recent information provided).

“REO Acquisition”: The acquisition of any REO Property pursuant to Section 3.09.

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“REO Disposition”: The sale or other disposition of any REO Property pursuant to Section 3.18.

“REO Property”: A Mortgaged Property acquired by or on behalf of the Indenture Trustee through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default of a Mortgage Loan.

“REO Revenues”: All income, rents, profits and proceeds derived from the ownership, operation or leasing of any REO Property.

“Request for Release”: A request signed by a Servicing Officer, as applicable, of the Property Manager in the form of Exhibit B attached hereto or of the Special Servicer in the form of Exhibit C attached hereto.

“Requisite Global Majority”: As defined in the Indenture.

“Responsible Officer”: When used with respect to any Issuer Member or the Indenture Trustee, any officer of such Issuer Member or the Indenture Trustee, as the case may be (and, in the case of the Indenture Trustee, assigned to its Corporate Trust Services Group and customarily performing functions with respect to corporate trust matters), and with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of this Agreement.

When used with respect to the Property Manager, the Back-Up Manager or the Special Servicer, any officer or employee involved in or responsible for the administration or servicing of the Mortgage Loans, Leases or Mortgaged Properties under this Agreement and whose name and specimen signature appear on a list prepared by each party and delivered to the other party, as such list may be amended from time to time by either party.

“Restaurant Concept”: With respect to single tenant, operationally essential properties operated within the Restaurant Business Sector, any chain of properties that share substantially the same characteristics.

“S&P”: Standard & Poor’s Rating Services, a division of The XxXxxx-Xxxx Companies, Inc.

“Series”: Pursuant to the terms of the Indenture, any series of Notes, each of which is secured on a specified pro rata basis by the Collateral Pool, issuable by the applicable Issuers.

“Series 2005-1 Controlling Party”: As defined in the Indenture.

“Series 2005-1 Insurer”: Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance corporation, or its successor in interest.

“Series 2005-1 Notes”: As defined in the applicable Series Supplement.

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“Series Closing Date”: As defined in the Indenture.

“Series Supplement”: As defined in the Indenture.

“Servicer Replacement Event”: The meaning specified in Section 6.01(a).

“Servicing Account”: The segregated account or accounts created and maintained pursuant to Section 3.03(a).

“Servicing Fees”: With respect to each Mortgage Loan, Mortgaged Property and Lease, the Property Management Fee, the Back-Up Fee, the Special Servicing Fee, if any, and the Additional Servicing Compensation, if any.

“Servicing File”: Any documents (other than documents required to be part of the related Loan File or Lease File) in the possession of the Property Manager or the Special Servicer and relating to the origination and servicing of any Mortgage Loan or Lease or the administration of any Mortgaged Property (including copies of all applicable Property Insurance Policies with respect thereto).

“Servicing Officer”: Any officer or employee of the Property Manager or the Special Servicer involved in, or responsible for, the administration, management and servicing of the Mortgaged Properties and Leases, whose name and specimen signature appear on a list of servicing officers furnished by such party to the applicable Issuer Members, the applicable Issuers and the Indenture Trustee on each Series Closing Date, as such list may be amended from time to time.

“Servicing Standard”: To provide property management services for the Mortgaged Properties and to service and special service the Mortgage Loans and Leases on behalf of the applicable Issuers in accordance with applicable law, the terms of this Agreement, the terms of the respective Mortgage Loans and Leases and, to the extent consistent with the foregoing, (x) in the same manner in which, and with the same care, skill, prudence and diligence with which, the Property Manager or the Special Servicer, as the case may be, (a) services and administers similar mortgage loans, leases and mortgaged properties for other third party portfolios or (b) administers mortgage loans, leases and mortgaged properties for its own account or (y) in a manner normally associated with the servicing and administration of similar properties and in material compliance with all applicable laws, whichever standard is highest, in all cases taking into account the best interests of the Noteholders and the Insurers, but without regard to: (i) any known relationship that the Property Manager or Special Servicer, or an Affiliate of the Property Manager or Special Servicer, may have with any Issuer, any Originator, the Support Provider, any Tenant, any Borrower, any of their respective Affiliates or any other party to the Transaction Documents; (ii) the ownership of any Note or LLC Interest by the Property Manager or Special Servicer or any Affiliate of the Property Manager or Special Servicer, as applicable; (iii) the Property Manager’s obligation to make Property Protection Advances, to incur servicing expenses or to withdraw (or, in the event the Property Manager is Spirit Finance, to direct the Indenture Trustee to withdraw) funds from the Collection Account to pay Emergency Property Expenses with respect to the Mortgage Loans, the Leases or the Mortgaged Properties; (iv) the Property Manager’s or Special Servicer’s right to receive compensation for its services or reimbursements of the costs under this Agreement; (v) the ownership, or servicing or

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management for others, by the Property Manager, the Special Servicer or any Originator or other Affiliate of any other leases or property; (vi) the repurchase and indemnification obligations of the Originators or Support Provider; or (vii) the existence of any loans made to a Tenant by the Property Manager, the Special Servicer or Spirit Finance or any Affiliate of the Property Manager, the Special Servicer or Spirit Finance.

“Servicing Transfer Agreement”: As defined in Section 5.04.

“Servicing Transfer Date”: As defined in Section 5.04.

“Servicing Transfer Event”: With respect to any Mortgaged Property, the occurrence of any of the events described in clauses (a) through (e) of the definition of “Specially Serviced Lease.” With Respect to any Mortgage Loan, the occurrence of any of the events described in clauses (a) through (e) of the definition of “Specially Serviced Mortgage Loan.”

“Special Servicer”: Spirit Finance, in its capacity as special servicer under this Agreement, or any successor special servicer appointed as herein provided.

“Special Servicer Additional Servicing Compensation”: As defined in Section 3.11(d).

“Special Servicer Report”: As defined in Section 4.01(b).

“Special Servicing Fee”: With respect to each Specially Serviced Asset, the fee designated as such and payable to the Special Servicer pursuant to the first paragraph of Section 3.11(c).

“Special Servicing Fee Rate”: With respect to each Specially Serviced Asset, a fixed percentage rate equal to 0.75% per annum.

“Specially Serviced Asset”: A Specially Serviced Lease or a Specially Serviced Mortgage Loan.

“Specially Serviced Lease”: Any Mortgaged Property as to which any of the following events has occurred:

(a) any Monthly Lease Payment becomes delinquent 60 or more consecutive days;

(b) the Property Manager determines in its good faith and reasonable judgment that a default in making a Monthly Lease Payment is likely to occur within 30 days and is not likely to be remedied for 60 days;

(c) the Property Manager receives written notice from the Tenant indicating that such Tenant cannot make future Monthly Lease Payments or requesting a reduction in the amount of its payment;

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(d) a default (other than as described in clause (a) above) occurs that materially and adversely affects the interests of the Issuers and that continues unremedied for the applicable grace period under the terms of the Lease (or, if no grace period is specified, for 30 days); or

(e) the related Tenant becomes insolvent, readjusts its debt, is subject to marshaling of assets and liabilities, or similar proceedings in respect of the related Tenant occur, or as to which the related Tenant takes certain actions indicating its insolvency or its inability to pay its obligations or the Property Manager or the Special Servicer receives notice of commencement of foreclosure or similar proceedings with respect to the related Mortgaged Property.

“Specially Serviced Mortgage Loan”: Any Mortgage Loan as to which any of the following events has occurred:

(a) any Monthly Loan Payment becomes delinquent 60 or more consecutive days;

(b) the Property Manager determines in its good faith and reasonable judgment that a default in making a Monthly Loan Payment is likely to occur within 30 days and is not likely to be remedied for 60 days;

(c) the Properly Manager receives written notice from the Borrower indicating that such Borrower cannot make future Monthly Loan Payments or requesting a reduction in the amount of its payment;

(d) a default (other than as described in clause (a) above) occurs that materially and adversely affects the interests of the Issuers and that continues unremedied for the applicable grace period under the terms of the Mortgage Loan (or, if no grace period is specified, for 30 days); or

(e) the related Borrower becomes insolvent, readjusts its debt, is subject to marshaling of assets and liabilities, or similar proceedings in respect of the related Borrower occur, or as to which the related Borrower takes certain actions indicating its insolvency or its inability to pay its obligations or the Property Manager or the Special Servicer receives notice of commencement of foreclosure or similar proceedings with respect to the related Mortgaged Property.

“Spirit Finance”: Spirit Finance Corporation, a Maryland corporation, and its successors and assigns.

“Spirit SPE”: Any special purpose, bankruptcy remote subsidiary (direct or indirect) of Spirit Finance (other than any Originator).

“Sub-Manager”: Any Person with which the Property Manager or the Special Servicer has entered into a Sub-Management Agreement.

“Sub-Management Agreement”: The written contract between the Property Manager or the Special Servicer, on the one hand, and any Sub-Manager, on the other hand,

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relating to servicing and administration of Mortgage Loans, Leases and Mortgaged Properties, as provided in Section 3.21.

“Successor Property Manager”: As defined in Section 6.0l(b).

“Successor Replacement Date”: As defined in Section 6.01(b).

“Successor Special Servicer”: As defined in Section 6.01(b).

“Support Provider”: Spirit Finance or any successor support provider.

“Sweep Period”: As defined in the Indenture.

“Tax Required Condition”: As defined in Section 7.01(a).

“Tenant”: With respect to each Lease, the tenant under such Lease and any successor or assign thereof.

“Third Party Option Mortgaged Property”: As defined in Section 7.02(a).

“Third Party Option Price”: A cash price equal to the amount specified in a related Lease or other Lease Document or Loan Document, as applicable, as payable by a Tenant or any other Person in connection with the exercise of a Third Party Purchase Option.

“Third Party Purchase Option”: An option of a Tenant or any other Person under or in connection with a Lease or related agreements to purchase the related Mortgaged Property before or at the expiration of the Lease term for an amount equal to the Third Party Option Price.

“Title Company”: As defined in Section 2.03(a).

“Title Insurance Policies”: As defined in Section 2.03(a).

“Total Assets”: With respect to any Person, as of any date of determination, the consolidated gross book value of all assets of such Person and its subsidiaries, calculated in accordance with GAAP.

“Total Debt Service”: As defined in the Indenture.

“Total Indebtedness”: With respect to any Person, as of any date of determination, (x) the aggregate outstanding indebtedness of such Person secured by a first priority lien on real property and (y) borrowings that are not secured by any specific asset of the Person that rank senior as to preference over other indebtedness of such Person and its subsidiaries, calculated on a consolidated basis in accordance with GAAP.

“Transfer Date”: The date on which a Mortgage Loan or Mortgaged Property is acquired by the applicable Issuer.

“Transaction Documents”: As defined in the Indenture.

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“Unscheduled Principal Payment”: On any Payment Date, the sum of (a) the Unscheduled Proceeds deposited into the Collection Account for such Payment Date plus (b) any Purchase Option Deficiency from the related Collection Period, together with any unpaid Purchase Option Deficiency from any prior Payment Date.

“Unscheduled Proceeds”: Collectively, Liquidation Proceeds, Condemnation Proceeds, Property Insurance Proceeds, Release Prices and Purchase Premiums; provided, however, that any amounts which are on deposit in the Release Account shall not be deemed Unscheduled Proceeds until such amounts have been transferred to the Collection Account and are available therein.

“Uniform Commercial Code”: The Uniform Commercial Code as in effect in any applicable jurisdiction.

“Workout Fee”: With respect to each Corrected Mortgage Loan and each Corrected Lease, the fee payable to the Special Servicer pursuant to Section 3.11(f).

“Workout Fee Rate”: With respect to each Corrected Mortgage Loan and each Corrected Lease, a fixed percentage rate equal to 0.50%.

“Yield Maintenance Premium”: With respect to any Mortgage Loan, any premium, penalty or fee paid or payable, as the context requires, by a Borrower in connection with a Principal Prepayment on or other early collection of principal of a Mortgage Loan.

Section 1.02. Other Definitional Provisions.

(a) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

(b) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document, to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such certificate or other document shall control.

(c) The words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; a reference to a subsection or other subdivision without further reference to a Section is a reference to such subsection or other subdivision as contained in the Section in which the reference appears; and the words “include” and “including” shall mean without limitation by reason of enumeration.

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(d) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as the feminine and neuter genders of such terms.

(e) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted assignees.

Section 1.03. Certain Calculations in Respect of the Leases and the Mortgage Loans.

(a) All amounts collected in respect of any Lease in the form of payments from the related Tenants, Guaranties, Property Insurance Proceeds or otherwise shall be applied to amounts due and owing under the Lease in accordance with the express provisions of such Lease, and all amounts collected in respect of any Mortgage Loan in the form of payments from the related Borrower, Guaranties, Liquidation Proceeds or Property Insurance Proceeds shall be applied to amounts due and owing under the related Mortgage Note and Mortgage (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Mortgage Note and Mortgage; in the absence of such express provisions, all amounts collected shall be applied for purposes of this Agreement: (i) with respect to amounts collected in respect to any Lease, first, as a recovery of any related and unreimbursed Property Protection Advances, and second, in accordance with the Servicing Standard, but subject to Section 1.03(c), as a recovery of any other amounts then due and owing under such Lease, including, without limitation, Percentage Rent and Default Interest; and (ii) with respect to amounts collected in respect of any Mortgage Loan, first, as a recovery of any related and unreimbursed Property Protection Advances, second, as a recovery of accrued and unpaid interest at the related Interest Rate on such Mortgage Loan to but not including, as appropriate, the date of receipt or the Due Date in the Collection Period of receipt, third, as a recovery of principal of such Mortgage Loan then due and owing, including by reason of acceleration of the Mortgage Loan following a default thereunder (or, if a liquidation event has occurred in respect of such Mortgage Loan, a recovery of principal to the extent of its entire remaining unpaid principal balance), fourth, as a recovery of any Yield Maintenance Premium then due and owing under such Mortgage Loan, fifth, in accordance with the Servicing Standard, but subject to Section 1.03(c), as a recovery of any other amounts then due and owing under such Mortgage Loan, including Default Interest, and sixth, as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance. Any proceeds derived from an unleased Mortgaged Property (exclusive of related operating costs, including reimbursement of Property Protection Advances made by the Property Manager or the Back-Up Manager in connection with the operation and disposition of such Mortgaged Property) shall be applied by the Property Manager in the same manner as if they were Monthly Lease Payments due on the previously existing Lease for such Mortgaged Property until such Lease becomes a Liquidated Lease pursuant to the terms of such Lease and the related Lease Documents. With respect to any Companion Loan or Participated Mortgage Loan, the amounts collected in respect of such

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Mortgage Loan shall be allocated in accordance with the applicable Pari Passu Co-Lender Agreement or Participation Agreement therefor.

(b) Collections in respect of each REO Property (exclusive of amounts to be applied to the payment of the costs of operating, managing, maintaining and disposing of such REO Property) shall be treated: first, as a recovery of any related and unreimbursed Property Protection Advances; second, as a recovery of accrued and unpaid interest on the related Mortgage Loan at the related Interest Rate to but not including the Due Date in the Collection Period of receipt; third, as a recovery of principal of the related Mortgage Loan to the extent of its entire unpaid principal balance; and fourth, in accordance with the Servicing Standard, but subject to Section 1.03(c), as a recovery of any other amounts deemed to be due and owing in respect of the related Mortgage Loan.

(c) Insofar as amounts received in respect of any Lease, Mortgage Loan or REO Property and allocable to fees and charges owing in respect of such Lease, Mortgage Loan or REO Property constituting Additional Servicing Compensation payable to the Property Manager or Special Servicer are insufficient to cover the full amount of such fees and charges, such amounts shall be allocated between such of those fees and charges as are payable to the Property Manager, on the one hand, and as are payable to the Special Servicer, on the other, pro rata in accordance with their respective entitlements.

(d) The foregoing applications of amounts received in respect of any Lease, Mortgage Loan or REO Property shall be determined by the Property Manager and reflected in the appropriate monthly Determination Date Report and any Modified Collateral Detail and Realized Loss Report.

(e) Notwithstanding the early termination of any Lease resulting from a default by the related Tenant, such Lease will be treated for purposes of determining Servicing Fees and Indenture Trustee Fees as remaining in effect until such Lease becomes a Liquidated Lease.

Section 1.04. Fee Calculations; Interest Calculations.

(a) The calculation of the Servicing Fees shall be made in accordance with Section 3.11. All dollar amounts calculated hereunder shall be rounded to the nearest xxxxx with one-half of one xxxxx being rounded up.

(b) The amount of interest accrued on each Mortgage Loan during any Interest Accrual Period will be calculated in arrears on the basis of the Interest Rate for such Mortgage Loan and the accrual period specified in the related Mortgage Note.

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ARTICLE II

REPRESENTATIONS AND WARRANTIES; RECORDINGS AND FILINGS; BOOKS AND RECORDS; DEFECT, BREACH, CURE, REPURCHASE AND SUBSTITUTION;

FINANCIAL COVENANTS

Section 2.01. Representations and Warranties of Spirit Finance and the Back-Up Manager.

(a) Spirit Finance represents and warrants to the other parties hereto, and for the benefit of the Issuers, the Indenture Trustee on behalf of the Noteholders and the Insurers, as of each Series Closing Date:

(i) Spirit Finance is a corporation duly organized, validly existing, and in good standing under the laws of the State of Maryland and is in compliance with the laws of each state (within the United States of America) in which any Mortgaged Property is located to the extent necessary to its performance under this Agreement;

(ii) The execution and delivery of this Agreement by Spirit Finance, and the performance and compliance with the terms of this Agreement by Spirit Finance, do not violate its organizational documents or constitute an event that, 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 by which it is bound;

(iii) Spirit Finance has the corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly executed and delivered this Agreement;

(iv) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation of Spirit Finance, enforceable against Spirit Finance in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, 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) Spirit Finance 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 is likely to affect materially and adversely either the ability of Spirit Finance to perform its obligations under this Agreement or the financial condition of Spirit Finance;

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(vi) No litigation is pending or, to Spirit Finance’s knowledge, threatened against Spirit Finance that is reasonably likely to be determined adversely to Spirit Finance and, if determined adversely to Spirit Finance, would prohibit Spirit Finance from entering into this Agreement or that, in Spirit Finance’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability, of Spirit Finance to perform its obligations under this Agreement or the financial condition of Spirit Finance;

(vii) No consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery and performance by Spirit Finance of, or the compliance by Spirit Finance with, this Agreement or the consummation of the transactions of Spirit Finance contemplated by this Agreement, except for any consent, approval, authorization or order that has been obtained or that if not obtained would not have a material and adverse affect on the ability of Spirit Finance to perform its obligations hereunder; and

(viii) Each officer and employee of Spirit Finance that has responsibilities concerning the management, servicing and administration of Mortgaged Properties, Leases and Mortgage Loans is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section 3.07(c).

(b) The representations and warranties of Spirit Finance set forth in Section 2.01 (a) shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Persons to whom and for whose benefit they were made until all amounts owed to the Noteholders and the Insurers under or in connection with this Agreement, the Indenture, the Notes and the Insurance Agreements have been indefeasibly paid in full. Upon discovery by any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties.

(c) Any successor Property Manager or Special Servicer shall be deemed to have made, as of the date of its succession, each of the representations and warranties set forth in Section 2.01 (a), subject to such appropriate modifications to the representation and warranty set forth in Section 2.01(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a corporation, partnership, bank, association or other type of organization.

(d) The Back-Up Manager represents and warrants to the other parties hereto, and for the benefit of the Issuers, the Indenture Trustee on behalf of the Noteholders and the Insurers, as of each Series Closing Date:

(i) The Back-Up Manager is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and is in compliance with the laws of each state (within the United States of America) in which any Mortgaged Property is located to the extent necessary to its performance under this Agreement;

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(ii) The execution and delivery of this Agreement by the Back-Up Manager, and the performance and compliance with the terms of this Agreement by the Back-Up Manager, do not violate its organizational documents or constitute an event that, 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 by which it is bound;

(iii) The Back-Up Manager has the corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly executed and delivered this Agreement;

(iv) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation of the Back-Up Manager, enforceable against the Back-Up Manager in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, 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 Back-Up Manager 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 is likely to affect materially and adversely either the ability of the Back-Up Manager to perform its obligations under this Agreement or the financial condition of the Back-Up Manager;

(vi) No litigation is pending or, to the Back-Up Manager’s knowledge, threatened against the Back-Up Manager that is reasonably likely to be determined adversely to the Back-Up Manager and, if determined adversely to the Back-Up Manager, would prohibit the Back-Up Manager from entering into this Agreement or that, in the Back-Up Manager’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Back-Up Manager to perform its obligations under this Agreement or the financial condition of the Back-Up Manager;

(vii) No consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery and performance by the Back-Up Manager of, or the compliance by the Back-Up Manager with, this Agreement or the consummation of the transactions contemplated by the Back-Up Manager by this Agreement, except for any consent, approval, authorization or order that has been obtained or that if not obtained would not have a material and adverse affect on the ability of the Back-Up Manager to perform its obligations hereunder; and

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(viii) Each officer and employee of the Back-Up Manager that has responsibilities concerning the management, servicing and administration of the Mortgaged Properties, Leases and Mortgage Loans is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section 3.07(c).

Section 2.02. Representations and Warranties of the Issuers.

(a) Each Issuer hereby represents and warrants to each of the other parties hereto and for the benefit of the Indenture Trustee, on behalf of the Noteholders and the Insurers as of each Series Closing Date on or after the date on which such Issuer becomes a party to this Agreement:

(i) Such Issuer is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Delaware and is in compliance with the laws of each state (within the United States of America) in which any applicable Mortgaged Property is located to the extent necessary to its performance under this Agreement;

(ii) The execution and delivery of this Agreement by such Issuer, and the performance and compliance with the terms of this Agreement by such Issuer, do not violate its organizational documents or constitute an event that, 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 by which it is bound;

(iii) Such Issuer has the limited liability company power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement and any applicable Joinder Agreement, and has duly executed and delivered this Agreement and any applicable Joinder Agreement;

(iv) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation of such Issuer, enforceable against such Issuer in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, 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) Such Issuer is not in violation of, and its execution and delivery of, this Agreement or any applicable Joinder 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 is likely to affect materially and adversely either the ability of such

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Issuer to perform its obligations under this Agreement or the financial condition of such Issuer;

(vi) No litigation is pending or, to such Issuer’s knowledge, threatened against such Issuer that is reasonably likely to be determined adversely to such Issuer and, if determined adversely to such Issuer, would prohibit such Issuer from entering into this Agreement or that, in such Issuer’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of such Issuer to perform its obligations under this Agreement or the financial condition of such Issuer;

(vii) No consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery and performance by such Issuer of, or the compliance by such Issuer with, this Agreement or the consummation of the transactions of such Issuer contemplated by this Agreement, except for any consent, approval, authorization or order that has been obtained or that if not obtained would not have a material and adverse affect on the ability of such Issuer to perform its obligations hereunder;

(viii) Each officer and employee of such Issuer that has responsibilities concerning the management, servicing and administration of the applicable Mortgaged Properties, Leases and Mortgage Loans is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section 3.07(c); and

(ix) To such Issuer’s knowledge, each of the Mortgaged Properties owned by such Issuer or securing a Mortgage Loan owned by such Issuer is a commercial property and is operated for commercial purposes.

(b) The representations and warranties of each Issuer set forth in Section 2.02(a) shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Persons to whom and for whose benefit they were made for so long as such Issuer remains in existence. Upon discovery by any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties.

Section 2.03. Recordings and Filings; Books and Records.

(a) In connection with the Grant made by the Issuers to the Indenture Trustee pursuant to the Granting Clause of the Indenture, each Issuer shall cause the delivery of the applicable Lease Files for the Leases and the applicable Loan Files for the applicable Mortgage Loans to the Custodian in accordance with the Custody Agreement for the benefit of the Indenture Trustee in furtherance of such Grant and such Issuer shall cause: (i) with respect to the Mortgaged Properties owned by such Issuer (A) each Mortgage, Financing Statement and continuation statement referred to in the definition of “Lease File” in the Custody Agreement to be submitted to the appropriate Title Company (as defined below) on or before the applicable

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Series Closing Date or Transfer Date for recording or filing, as the case may be, in the appropriate public office for real property records or for Financing Statements, at the expense of such Issuer and (B) each title insurance binder or commitment referred to in the definition of “Lease File” in the Custody Agreement to be issued as a final title insurance policy by the title companies (the “Title Companies”) issuing the same (the “Title Insurance Policies”); and (ii) with respect to the Mortgage Loans owned by such Issuer, promptly (and in any event within 60 days following the applicable Series Closing Date or Transfer Date) each assignment of Mortgage in favor of the Collateral Agent referred to in clauses (v) and (vi) of the definition of “Loan File” in the Custody Agreement and each Financing Statement on Form UCC-2 and UCC-3 in favor of the Collateral Agent referred to in clause (iii) of such definition to be submitted for recording or filing, as the case may be, in the appropriate public office for real property records or for Financing Statements. Each such assignment and each Mortgage shall reflect that, following recording, it should be returned by the public recording office to the Custodian, on behalf of the Indenture Trustee (or to the Property Manager (or its designee), who shall then deliver such recorded document to the Custodian), and each such Financing Statement shall reflect that the file copy thereof should be returned to the Custodian, for the benefit of the Indenture Trustee (or to the Property Manager (or its designee), who shall then deliver such filed document to the Custodian) following filing; provided, that in those instances where the public recording office retains the original Mortgage, assignment of Mortgage and assignment of Assignment of Leases, the Property Manager, on behalf of the Indenture Trustee, shall obtain there from a certified copy of the recorded original. Each of the Title Companies issuing the Title Insurance Policies shall be instructed by the applicable Issuer to deliver such policies to the Custodian, for the benefit of the Indenture Trustee. The Property Manager, on behalf of the Indenture Trustee, shall use reasonable efforts to diligently pursue with the Title Companies the return of each of the Mortgages, assignments of Mortgage and Financing Statements from the appropriate recording or filing offices and the delivery of the Title Insurance Policies by the related Title Companies. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the applicable Issuer shall promptly prepare and cause to be executed a substitute therefor or cure such defect, as the case may be, and thereafter, such Issuer shall cause the same to be duly recorded or filed, as appropriate. The Property Manager shall file any continuation statements necessary to continue the effectiveness of the Financing Statements.

(b) Each Issuer shall deliver to and deposit with, or cause to be delivered to and deposited with, the Property Manager all documents and records in the possession of such Issuer or any related Originators that relate to the applicable Mortgaged Properties, Leases and Mortgage Loans and that are not required to be a part of a Lease File or a Loan File in accordance with the definition thereof, and the Property Manager shall hold all such documents and records in trust on behalf of the Indenture Trustee (in hard copy or electronic format). The Property Manager’s possession of such documents and records shall be at the will of the related Issuer and the Indenture Trustee for the sole purpose of facilitating the servicing of the applicable Leases, Mortgage Loans and Mortgaged Properties pursuant to this Agreement and such possession by the Property Manager shall be in a custodial capacity only on behalf of the Indenture Trustee. The ownership of such documents and records shall be vested in each Issuer, as applicable, subject to the lien of the Indenture, and the ownership of all documents and records with respect to the applicable Leases, Mortgage Loans and Mortgaged Properties

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that are prepared by or which come into possession of the Property Manager or the Special Servicer shall immediately vest in such Issuer, subject to the lien of the Indenture, and shall be delivered to and deposited with the Property Manager, in the case of documents or records in the hands of the Special Servicer, and retained and maintained in trust by the Property Manager in such custodial capacity only on behalf of the Indenture Trustee, except as otherwise provided herein. All such documents and records shall be appropriately maintained in a manner to clearly reflect the ownership of such documents and records by the applicable Issuers, subject to the lien of the Indenture, and that such documents and records are being held on behalf of the Indenture Trustee, and the Property Manager shall release such documents and records from its custody only in accordance with this Agreement.

(c) [Reserved].

(d) The Property Manager shall monitor the delivery of the Lease Files and the Loan Files to the Custodian, for the benefit of the Indenture Trustee.

Section 2.04. Repurchase or Transfer for Collateral Defects and Breaches of Representations and Warranties.

(a) If any party hereto discovers that any document required to be included in any Loan File or Lease File is missing (after the date it is required to be delivered) or otherwise deficient or that there exists a breach of any of the representations and warranties made by any Originator set forth in the applicable Purchase and Sale Agreement or any Issuer as required under Section 2.19 of the Indenture with respect to any applicable Mortgage Loan or Mortgaged Property, and if such absence, deficiency or breach materially and adversely affects the value of any Mortgage Loan, Mortgaged Property or Lease or the interests of the applicable Issuer, the Noteholders or the Insurers therein, such party shall give prompt written notice thereof to the other parties hereto and each Insurer. If such deficiency or breach materially and adversely affects the value of any Mortgage Loan, Mortgaged Property or Lease or the interests of the applicable Issuer, the Noteholders or the Insurers therein (a “Collateral Defect”), (a) within 60 days following notice thereof, the applicable Originator or the applicable Issuer, as the case may be, shall deliver the missing document or cure the deficiency or breach, as the case may be, in all material respects or (b) the applicable Originator or the Support Provider, as required under the Performance Undertaking, shall repurchase such Mortgage Loan or Mortgaged Property and the related Lease from the applicable Issuer at an amount equal to the Payoff Amount, or exchange one or more Qualified Substitute Mortgage Loans or Qualified Substitute Mortgaged Properties for such Mortgage Loan or Mortgaged Property, as the case may be; provided, that if (i) such Collateral Defect is capable of being cured but not within such 60-day period, (ii) the applicable Cure Party has commenced and is diligently proceeding with the cure of such Collateral Defect within such 60-day period, and (iii) prior to the end of such 60-day period, the applicable Cure Party shall have delivered to the applicable Issuer, the Property Manager and the Indenture Trustee a certification executed on its behalf by an officer thereof setting forth the reason such Collateral Defect is not capable of being cured within an initial 60-day period and what actions such Cure Party is pursuing in connection with the cure thereof and stating that it anticipates that such Collateral Defect will be cured within an additional period not to exceed 60 more days, then such Cure Party shall have up to an additional 60 days commencing on the 61^st day from receipt of such request to complete such

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cure. If the affected Mortgaged Property or Mortgage Loan is to be repurchased, funds in the amount of the Payoff Amount shall be wired to the Release Account, and the Property Manager shall promptly notify the applicable Issuer, the Back-Up Manager, and the Indenture Trustee when such deposit is made. In addition, failure to deliver the documents specified in clauses (i), (ii), (iv) or (ix) of the definition of “Loan File” or clauses (i), (iv) or (v) in the definition of “Lease File” shall be deemed to constitute a Collateral Defect.

In the event that any Cure Party elects to substitute one or more Qualified Substitute Mortgaged Properties or Qualified Substitute Mortgage Loans for the affected Mortgaged Property or Mortgage Loan pursuant to this Section 2.04(a), such Cure Party shall give notice of same to the Back-Up Manager, each Issuer and each Insurer and deliver, or cause to be delivered, to the Custodian all documents as specified in the definition of “Lease File” or “Loan File” in the Custody Agreement with respect to such Qualified Substitute Mortgaged Property or Qualified Substitute Mortgage Loan no later than the date such Qualified Substitute Mortgaged Property or Qualified Substitute Mortgage Loan is acquired by the applicable Issuer. Monthly Lease Payments due with respect to Qualified Substitute Mortgaged Properties and Monthly Loan Payments due with respect to Qualified Substitute Mortgage Loans in the month of substitution shall not be part of the Collateral and will be retained by the Property Manager and remitted by the Property Manager to the applicable Cure Party. For the month of substitution, the applicable Issuer shall be entitled to receive the Monthly Lease Payment due on the Lease for any Mortgaged Property to be repurchased in such month and the Monthly Loan Payment due on any Mortgage Loan to be repurchased in such month and thereafter the applicable Person acquiring such Mortgaged Property or Mortgage Loan shall be entitled to retain all amounts received in respect of such Lease or Mortgage Loan. On or prior to the effective date of any such substitution, the Property Manager shall deliver to the Indenture Trustee, the Insurers and the Issuers an amended Mortgaged Property Schedule and Mortgage Loan Schedule reflecting the addition to the Collateral of each new Qualified Substitute Mortgaged Property and Lease, and each new Qualified Substitute Mortgage Loan and the removal from the Collateral of each repurchased Mortgaged Property and Lease and each repurchased Mortgage Loan. Upon such substitution, the Qualified Substitute Mortgaged Property and/or Qualified Substitute Mortgage Loan shall be subject to the terms of this Agreement in all respects, and the applicable Cure Party shall be deemed to have made the representations and warranties, as of the date of such substitution, with respect to the Qualified Substitute Mortgaged Property and/or Qualified Substitute Mortgage Loan, contained in the Purchase and Sale Agreement, except to the extent the Insurers, in their discretion, otherwise give their prior written consent to any modification of such representations and warranties and 20 days’ prior written notice is given to the Rating Agencies.

(b) Upon receipt of an Officer’s Certificate from the Property Manager to the effect that the full amount of the Payoff Amount for any Mortgage Loan or Mortgaged Property (or the shortfalls and expenses related to any substitution) as contemplated by Section 2.04(a) has been deposited in the Release Account or the Collection Account, as applicable, and that all requirements for such repurchase (or substitution) have been satisfied, which Officer’s Certificate shall be furnished by the Property Manager promptly after such requirements have been satisfied, the Indenture Trustee or the Custodian, as applicable, shall release or cause to be released to the Person acquiring such Mortgaged Property or Mortgage Loan, or its designee,

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the related Lease File or Loan File, as applicable, and each of the applicable Issuer, the Indenture Trustee and the Collateral Agent shall execute and deliver such instruments of release, transfer and assignment, in each case without recourse, as shall be provided to it and are reasonably necessary to vest in such Person the ownership of such Mortgaged Property and the related Lease or Mortgage Loan, free and clear of the lien of the Indenture and the related Mortgage. The Property Manager shall, and is hereby authorized and empowered by each applicable Issuer and the Indenture Trustee to, prepare, execute and deliver in its own name, on behalf of such Issuer, the Indenture Trustee and the Collateral Agent or any of them, the endorsements, assignments and other documents contemplated by this Section 2.04(b), and such Issuer, the Indenture Trustee and the Collateral Agent shall execute and deliver any limited powers of attorney substantially in the form of Exhibit D necessary to permit the Property Manager to do so; provided, however, that none of the Issuers, the Issuer Members, the Indenture Trustee or the Collateral Agent shall be held liable for any misuse of any such power of attorney by the Property Manager and the Property Manager hereby agrees to indemnify the Issuers, the Issuer Members, the Indenture Trustee and the Collateral Agent against, and hold the Issuers, the Issuer Members, the Indenture Trustee and the Collateral Agent harmless from, any loss or liability arising from any misuse of such power of attorney. In connection with any such repurchase or substitution by any Cure Party, the Property Manager or the Special Servicer, as appropriate, shall deliver the related Lease File or Loan File, as applicable, to such Cure Party.

(c) If any Cure Party or the Support Provider defaults on its obligations to repurchase or substitute for any Mortgaged Property as contemplated by Section 2.04(a) or the applicable Performance Undertaking, as the case may be, the Property Manager shall promptly notify the Issuers, the Insurers, the Back-Up Manager and the Indenture Trustee and shall take such actions with respect to the enforcement of such obligations, including the institution and . prosecution of appropriate proceedings, as the Property Manager shall determine, in its good faith and reasonable judgment, are in the best interests of the applicable Issuer, the Noteholders and the Insurers. In the event the Property Manager fails to take such actions, the Back-Up Manager shall do so if it has notice of such default by the Property Manager. Any and all expenses incurred by the Property Manager or the Back-Up Manager with respect to the foregoing shall constitute Property Protection Advances in respect of the affected Mortgaged Property.

Section 2.05. Non-Petition Agreement.

The Issuers will cause each party to any purchase and sale agreement or loan purchase agreement between any such Issuer and seller of Mortgage Loans or Mortgaged Properties pursuant thereto to covenant and agree that such party shall not institute against, or join any other Person in instituting against, any Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or any other proceeding under any federal or state bankruptcy or similar law.

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ARTICLE III

ADMINISTRATION AND SERVICING OF MORTGAGED PROPERTIES AND LEASES

Section 3.01. Administration of the Mortgaged Properties, Leases and Mortgage Loans.

(a) Each of the Property Manager and the Special Servicer shall service and administer the Mortgaged Properties, Leases and Mortgage Loans that it is obligated to service and administer pursuant to this Agreement on behalf of the applicable Issuers, and in the best interests and for the benefit of the holders of the Notes and the LLC Interests and the Insurers (as a collective whole) in accordance with any and all applicable laws and the terms of this Agreement, the Property Insurance Policies and the respective Leases and Mortgage Loans and, to the extent consistent with the foregoing, in accordance with the Servicing Standard. Without limiting the foregoing, and subject to Section 3.20, (i) the Property Manager shall service and administer each Lease (and each related Mortgaged Property) and each Mortgage Loan as to which no Servicing Transfer Event has occurred and each Corrected Lease and Corrected Mortgage Loan, and (ii) the Special Servicer shall service and administer each Lease (and each related Mortgaged Property) and each Mortgage Loan as to which a Servicing Transfer Event has occurred and that is not a Corrected Lease or Corrected Mortgage Loan, as applicable; provided, however, that the Property Manager shall continue to collect information and prepare and deliver all reports to the Indenture Trustee and the Issuers required hereunder with respect to any Specially Serviced Leases (and the related Mortgaged Properties) and Specially Serviced Mortgage Loans, and further to render such incidental services with respect to any Specially Serviced Assets as are specifically provided for herein. No direction, consent or approval or lack of direction, consent or approval of any Insurer, any Controlling Party or the Requisite Global Majority may (and the Special Servicer or the Property Manager will ignore and act without regard to any such advice or approval or lack of approval that the Special Servicer or the Property Manager has determined, in its reasonable, good faith judgment, would) (A) require or cause the Special Servicer or the Property Manager to violate applicable law, the Servicing Standard (unless Spirit Finance is the Property Manager or Special Servicer, as applicable) or the terms of any Mortgage Loan or any Lease or (B) expand the scope of the Property Manager’s or Special Servicer’s responsibilities under this Agreement. In addition, neither the Property Manager nor the Special Servicer, acting in its individual capacity, shall take any action or omit to take any action as lessor of any Collateral if such action or omission would materially and adversely affect the interests of the holders of the Notes or the LLC Interests, the Insurers or the Issuers. None of the Property Manager, the Special Servicer or the Back-Up Manager shall be liable to the Indenture Trustee, the Insurers, any Noteholder or any other Person for following any direction of an Insurer or Controlling Party hereunder.

(b) Subject to Section 3.01(a), the Property Manager and the Special Servicer each shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration that it may deem necessary or desirable. Without limiting the generality of the foregoing, each of the Property Manager and the Special Servicer, in its own name, with respect to each of the Mortgaged Properties, Leases and Mortgage Loans it is obligated to service hereunder, is hereby authorized and empowered

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by the applicable Issuers and the Indenture Trustee to execute and deliver, on behalf of each such Issuer and the Indenture Trustee: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created by any Mortgage or other security document in the related Asset File on the related Collateral; (ii) in accordance with the Servicing Standard and subject to Sections 3.08 and 3.19, any and all modifications, waivers, amendments or consents to or with respect to any documents contained in the related Asset File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments. Subject to Section 3.10, each applicable Issuer and the Indenture Trustee shall, at the written request of a Servicing Officer of the Property Manager or the Special Servicer, furnish, or cause to be so furnished, to the Property Manager or the Special Servicer, as the case may be, any limited powers of attorney (substantially in the form of Exhibit D attached hereto) and other documents necessary or appropriate to enable it to carry out its servicing and administrative duties hereunder; provided, however, that none of the Issuers, the Issuer Members or the Indenture Trustee shall be held liable for any misuse of any such power of attorney by the Property Manager or the Special Servicer and each of the Property Manager and the Special Servicer hereby agree to indemnify the Issuers, the Issuer Members, the Insurers, the Back-Up Manager and the Indenture Trustee against, and hold the Issuers, the Issuer Members, the Insurers, the Back-Up Manager and the Indenture Trustee harmless from, any cost, loss or liability arising from any misuse by it of such power of attorney. Notwithstanding anything contained herein to the contrary, the Property Manager shall not, without the Indenture Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Indenture Trustee’s name without indicating the Indenture Trustee’s representative capacity or (ii) take any action with the intent to cause, and which actually does cause, the Indenture Trustee to be registered to do business in any state.

(c) Promptly after any request therefor, the Property Manager shall provide to the Indenture Trustee and the Insurers: (i) the most recent inspection report prepared or obtained by the Property Manager or the Special Servicer in respect of each Mortgaged Property pursuant to Section 3.12(a); (ii) the most recent available operating statement and financial statements of the related Obligor collected by the Property Manager or the Special Servicer pursuant to Section 3.12(b), together with the accompanying written reports to be prepared by the Property Manager or the Special Servicer, as the case may be, pursuant to Section 3.12(c); and (iii) any and all notices and reports with respect to any Mortgaged Property as to which environmental testing is contemplated by Section 10.08 of the Indenture.

(d) The relationship of each of the Property Manager and the Special Servicer to the Issuers and the Indenture Trustee under this Agreement is intended by the parties to be and shall be that of an independent contractor and not that of a joint venturer, partner or agent.

Section 3.02. Collection of Lease Payments and Loan Payments; Lockbox Accounts; Lockbox Transfer Accounts.

(a) Each of the Property Manager and the Special Servicer shall undertake reasonable efforts to collect all payments called for under the terms and provisions of the Leases and the Mortgage Loans it is obligated to service hereunder and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it

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would follow were it the owner of such Leases and Mortgage Loans. Consistent with the foregoing, the Special Servicer or the Property Manager, as the case may be, may waive any Net Default Interest or late payment charge it is entitled to in connection with any delinquent payment on a Lease or Mortgage Loan it is obligated to service hereunder.

(b) The Property Manager shall establish and maintain one or more segregated accounts (each, a “Lockbox Account”) with one or more banks (each, a “Lockbox Account Bank”). The Obligors shall be instructed to make all payments into a Lockbox Account. Each Lockbox Account shall be an Eligible Account and may be an account to which payments relating to other assets serviced or managed by the Property Manager are paid; provided, that such account shall be in the nature of a clearing account and the Property Manager shall not have access to such account. Each of the Property Manager and the Special Servicer shall, on or prior to each Series Closing Date (or, if applicable, such other date of acquisition), as to those Leases and Mortgage Loans it is obligated to service hereunder, instruct the related Obligor to make all Monthly Lease Payments and Monthly Loan Payments to a Lockbox Account. The Property Manager shall cause all amounts deposited into the Lockbox Account with respect to the Collateral to be transferred to the Collection Account or the Lockbox Transfer Account within one Business Day after such funds have been identified, cleared and become available in accordance with the polices of the Lockbox Account Bank.

(c) The Property Manager may establish and maintain one or more segregated accounts in the name of the Property Manager on behalf of the Indenture Trustee, held for the benefit of the Noteholders (each, a “Lockbox Transfer Account”) with one or more banks (each, a “Lockbox Transfer Account Bank”). Each Lockbox Transfer Account shall be an Eligible Account. Each Lockbox Transfer Account shall be subject to an Account Control Agreement among the Property Manager, the Indenture Trustee and the applicable Lockbox Transfer Account Bank. Except as expressly permitted herein, neither the Property Manager nor the Issuers will have any right of withdrawal from the Lockbox Transfer Account, and the Property Manager hereby covenants and agrees that it shall not withdraw, or direct any Person to withdraw, any funds from the Lockbox Transfer Account.

Section 3.03. Collection of Real Estate Taxes and Insurance Premiums; Servicing Accounts; Property Protection Advances; Emergency Property Expenses.

(a) Each of the Property Manager and the Special Servicer shall, as to those Mortgaged Properties, Leases and Mortgage Loans it is obligated to service hereunder, establish and maintain one or more accounts (the “Servicing Accounts”), and shall cause to be deposited from the Lockbox Transfer Account or otherwise into such Servicing Accounts all Escrow Payments, security deposits received from Tenants pursuant to the Leases, subject to the Tenants’ rights to such amounts (“Lease Security Deposits”), and amounts required to be paid by the applicable Issuers as lessors under the Leases in respect of sales taxes (“Sales Tax Deposits”). Notwithstanding the foregoing, no Servicing Accounts shall be established and maintained with respect to those Mortgaged Properties, Leases or Mortgage Loans pursuant to which the Tenant or Borrower is not required to make Escrow Payments, Lease Security Deposit or Sales Tax Deposits. Each Servicing Account shall be an Eligible Account. Withdrawals of amounts so collected from a Servicing Account (other than Lease Security Deposits) may be made only to: (i) effect payment of real estate or personal property taxes,

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sales taxes, assessments, insurance premiums, ground rents (if applicable) and comparable items (including taxes or other amounts that could constitute liens prior to or on parity with the lien of the related Mortgage); (ii) refund to Obligors any sums as may be determined to be overages; (iii) pay interest, if required and as described below in clause (b), to Obligors on balances in the Servicing Account; (iv) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 8.01; or (v) withdraw any amounts deposited in error; provided, however, that Lease Security Deposits may not be withdrawn for such purposes and shall be withdrawn only in accordance with the terms of the related Lease, to be repaid to the related Tenant or applied in full or partial satisfaction of the obligations of the related Tenant in accordance with the Servicing Standard (for application in the same manner as payments in respect of such obligations). Any remaining portion of such Lease Security Deposit shall be withdrawn by the Property Manager from the Servicing Account and deposited into the Collection Account and shall constitute part of the Available Amount on the next Payment Date.

(b) The Property Manager and the Special Servicer shall each pay or cause to be paid to the Obligors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Lease or Mortgage Loan. If the Property Manager or the Special Servicer shall deposit in a Servicing Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding.

(c) Each of the Property Manager and the Special Servicer shall, as to those Mortgaged Properties and Mortgage Loans it is obligated to service hereunder, maintain accurate records with respect to any Mortgaged Property and Mortgage Loan reflecting the status of real estate taxes, ground rents, assessments and other similar items that are or may become a lien thereon, and the status of insurance premiums payable in respect thereof that, in each case, the related Obligor is contractually or legally obligated to pay under the terms of the applicable Lease or Mortgage Loan, and the Property Manager shall effect payment thereof, as a Property Protection Advance or otherwise as payment of an Emergency Property Expense from funds on deposit in the Collection Account, as described below, if not paid by such Obligor prior to the applicable penalty or termination date, promptly after the Property Manager receives actual notice from any source of such nonpayment by such Obligor. For purposes of effecting any such payment for which it is responsible, the Property Manager or the Special Servicer, as the case may be, shall apply Escrow Payments as allowed under the terms of the related Lease or Mortgage Loan or, if such Lease or Mortgage Loan does not require the related Obligor to escrow for the payment of real estate taxes, assessments and insurance premiums, each of the Property Manager and the Special Servicer shall, as to those Leases and Mortgage Loans it is obligated to service hereunder, enforce the requirement of the related Lease and Mortgage Loan that such Obligor make payments in respect of such items at the time they first become due.

(d) In accordance with the Servicing Standard, the Property Manager shall advance with respect to each Mortgaged Property, Lease and Mortgage Loan all such funds as are necessary for the purpose of effecting the payment of (i) real estate taxes, (ii) Ground Lease payments, (iii) premiums on Property Insurance Policies, (iv) any necessary costs and expenses

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associated with Tenant evictions and collections from Tenants (including attorneys’ fees) and (v) other amounts necessary to preserve the security interest and lien of the Indenture Trustee in, and value of, such Mortgaged Property (including any costs and expenses necessary to release such Mortgaged Property such as repair and maintenance expenses, tenant improvements and leasing commissions) and Mortgage Loan in each instance if and to the extent Escrow Payments (if any) collected from the related Obligor or otherwise on deposit in a Servicing Account (other than the Lease Security Deposit) are insufficient to pay such item when due and such Obligor has failed to pay such item on a timely basis; provided, that the particular advance would not, if made in accordance with the Servicing Standard, constitute a Nonrecoverable Property Protection Advance. The Property Manager shall not have any obligation under this Section 3.03(d) to advance any funds in respect of delinquent payments of principal or interest in respect of the Mortgage Loans or real estate taxes or premiums on Property Insurance Policies that the related Obligor or the applicable Issuer is not contractually or legally obligated to pay, nor to monitor the timely payment of real estate taxes and insurance premiums the payment of which is the responsibility of a person other than such Obligor or Issuer, unless it has actual knowledge of the non-payment of such items and would otherwise make such advance in accordance with the Servicing Standard. Each of the Property Manager and the Back-Up Manager will be entitled to recover any Property Protection Advance (i) from general collections if such Property Protection Advance is determined to be a Nonrecoverable Property Protection Advance, (ii) from any amounts subsequently received on the related Mortgage Loan or Lease or with respect to the related Mortgaged Property or (iii) in the case of the Back-Up Manager, to the extent not recovered under clauses (i) and (ii) immediately above, from the Property Manager or any Successor Property Manager. The Property Manager shall give prompt written notice to the Indenture Trustee in the event that it has not made, and does not intend to make, any Property Protection Advance it is required to make hereunder. Promptly upon obtaining knowledge that the full amount of any Property Protection Advance required to be made by the Property Manager has not been so made, the Indenture Trustee shall provide notice of such failure to a Servicing Officer of the Property Manager and each Insurer. If the Indenture Trustee does not receive confirmation that the full amount of such Property Protection Advance has been made within four (4) Business Days following the date of such notice, then (i) the Back-Up Manager, upon written notice from the Indenture Trustee, shall make the portion of such Property Protection Advance that was required to be, but was not, made by the Property Manager in accordance with the Servicing Standard, unless the Back-Up Manager determines in accordance with the Servicing Standard that such Property Protection Advance would be a Nonrecoverable Property Protection Advance, and (ii) such failure shall constitute a Servicer Replacement Event under Section 6.01 with respect to the Property Manager. Any such Property Protection Advance made by the Back-Up Manager shall be deemed made by the Back-Up Manager in its capacity as successor to the Property Manager and shall thereafter be reimbursable to the Back-Up Manager, together with Advance Interest thereon, in accordance with Section 3.05 and Section 2.11 of the Indenture or from any Successor Property Manager.

(e) If, prior to making any Property Protection Advance, the Property Manager shall have determined, in accordance with the Servicing Standard, (i) that such Property Protection Advance, if made, would constitute a Nonrecoverable Property Protection Advance, and (ii) that the payment of such cost, expense or other amount for which a Property

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Protection Advance might be made is nonetheless in the best interest of the Noteholders and the Insurers, the Property Manager shall, in accordance with the Servicing Standard, withdraw (or, in the event the Property Manager is Spirit Finance, direct the Indenture Trustee to withdraw) funds from the Collection Account and use such funds in order to pay such costs, expenses and other amounts (collectively, “Emergency Property Expenses”) to the extent necessary to preserve the security interest in, and value of, any Mortgaged Property or Mortgage Loan, as applicable. Any such funds withdrawn from the Collection Account to pay Emergency Property Expenses shall not constitute part of the Available Amount on any Payment Date.

(f) The determination by the Property Manager (or the Back-Up Manager) that it has made a Nonrecoverable Property Protection Advance or that any proposed Property Protection Advance, if made, would constitute a Nonrecoverable Property Protection Advance, shall be evidenced by an Officer’s Certificate delivered promptly to the Issuers and the Indenture Trustee setting forth the basis for such determination. In making such recoverability determination, such Person shall be entitled to (a) consider (among other things) the obligations of the Obligor under the terms of the related Lease Documents or Loan Documents as they may have been modified, (b) consider the related Mortgaged Properties or REO Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Property Manager or the Back-Up Manager) regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties or REO Properties, (c) estimate and consider (consistent with the Servicing Standard in the case of the Property Manager or the Back-Up Manager) (among other things) future expenses, (d) estimate and consider (consistent with the Servicing Standard in the case of the Property Manager, the Special Servicer or the Back-Up Manager) (among other things) the timing of recoveries, and (e) give due regard to the existence of any Nonrecoverable Property Protection Advance with respect to other Leases, Mortgage Loans, Mortgaged Properties or REO Properties in light of the fact that proceeds on the related Lease, Mortgage Loan, Mortgaged Property or REO Property are a source of recovery not only for the Property Protection Advance under consideration, but also as a potential source of recovery of other outstanding Nonrecoverable Property Protection Advances. In addition, any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination that a Property Protection Advance is a Nonrecoverable Property Protection Advance) and, consistent with the Servicing Standard, in the case of the Property Manager or the Back-Up Manager, may obtain promptly upon request, from the Special Servicer, any reasonably required analysis, appraisals or market value estimates or other information in the Special Servicer’s possession for making a recoverability determination. The determination by the Property Manager or the Back-Up Manager, as the case may be, that it has made a Nonrecoverable Property Protection Advance or that any proposed Property Protection Advance, if made, would constitute a Nonrecoverable Property Protection Advance, or any updated or changed recoverability determination, shall be evidenced by an Officer’s Certificate delivered by either of the Back-Up Manager or Property Manager to the other and to the Issuers, the Indenture Trustee and the Insurers. Any such determination shall be conclusive and binding on the applicable Issuer, the Property Manager or the Back-Up Manager. The Officer’s Certificate shall set forth such determination of nonrecoverability and the considerations of the Property Manager or the Back-Up Manager, as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available,

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information such as related income and expense statements, rent rolls, occupancy status and property inspections, and shall include an appraisal of the related Lease, Mortgage Loan or Mortgaged Property or REO Property). The Special Servicer shall promptly furnish any party required to make Property Protection Advances hereunder with any information in its possession regarding the Specially Serviced Assets which are Leases, Mortgaged Properties, Mortgage Loans and REO Properties as such party required to make Property Protection Advances may reasonably request for purposes of making recoverability determinations. In the case of a cross collateralized Mortgage Loan, such recoverability determination shall take into account the cross collateralization of the related cross-collateralized Mortgage Loan.

Section 3.04. Collection Account; Release Account.

(a) The Property Manager shall establish and maintain one or more separate accounts in the name of the Indenture Trustee for the benefit of the Noteholders and the Insurers, for the collection of payments on and other amounts received in respect of the Leases, the Mortgaged Properties and the Mortgage Loans (collectively, the “Collection Account”), which shall be established in such manner and with the type of depository institution (the “Collection Account Bank”) specified in this Agreement. The Collection Account shall be an Eligible Account. If the Property Manager is Spirit Finance, the Property Manager shall establish and maintain the Collection Account at a Collection Account Bank designated by the Indenture Trustee and the Indenture Trustee shall have the sole right of withdrawal from such account. If the Property Manager is not Spirit Finance or another Affiliate of the Issuers, the Collection Account shall be subject to an Account Control Agreement among the applicable Issuers, the Property Manager, the Indenture Trustee and the Collection Account Bank.

The Property Manager shall deposit or cause to be deposited in the Collection Account, within two (2) Business Days after receipt, the following payments and collections received or made by or on behalf of the Property Manager on or after the later of the applicable Transfer Date (other than payments due before the applicable Transfer Date), or, in the case of collections and payments to the Lockbox Account, on each Business Day, the Property Manager shall instruct each Lockbox Account Bank to transfer the following payments and collections deposited in the Lockbox Account prior to the end of such Business Day (A) to the Lockbox Transfer Account and, within one Business Day thereafter from the Lockbox Transfer Account into the Collection Account or (B) directly into the Collection Account, in each case, immediately after such funds have been identified, cleared and become available in accordance with the policies of the Lockbox Account Bank:

(i) all payments on account of Monthly Lease Payments, Monthly Loan Payments and, so long as an Early Amortization Event has occurred and is continuing, Excess Cashflow;

(ii) all payments of other amounts payable by the Obligors on the Leases and the Mortgage Loans, including without limitation Yield Maintenance Premiums;

(iii) all Property Insurance Proceeds and Condemnation Proceeds (other than proceeds paid to the related Borrower or Tenant as required by Loan

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Documents or Lease Documents, as applicable, proceeds applied to the restoration or remediation of property or otherwise in accordance with the Servicing Standard) and all Liquidation Proceeds;

(iv) all cash proceeds from the release or substitution of any Mortgage Loan or Mortgaged Property to the extent not deposited into the Release Account; and all cash proceeds from the release or substitution of any Mortgage Loan or Mortgaged Property transferred from the Release Account to the Collection Account pursuant to Section 3.05(b) and all proceeds representing earnings on investments in the Release Account (including interest on any Permitted Investments) made with such proceeds;

(v) any amounts required to be deposited into the Collection Account pursuant to Section 3.07(b) in connection with losses resulting from a deductible clause in a blanket hazard insurance policy;

(vi) any amounts received on account of payments under the Guaranties, the Purchase and Sale Agreements, the Performance Undertakings or the Environmental Indemnity Agreements; and

(vii) any other amounts required to be so deposited under this Agreement.

The Property Manager shall not make any withdrawals from the Collection Account except in accordance with this Section 3.04 and Section 3.05(a) hereof. The Collection Account shall be maintained as a segregated account, separate and apart from trust funds created for certificates, bonds or notes of other series serviced by and the other accounts of the Property Manager.

Upon receipt of any of the amounts described above with respect to any Specially Serviced Asset, the Special Servicer shall promptly but in no event later than the second Business Day after receipt, remit such amounts to the Property Manager for deposit into the Collection Account in accordance with the first paragraph of this Section 3.04(a), unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited therein because of a restrictive endorsement or other reasonably appropriate reason. The Property Manager shall not deposit into the Collection Account any collections allocated to Companion Loans, any Additional Servicing Compensation, amounts received on account of Excess Cashflow (so long as no Early Amortization Event has occurred and is continuing), Sales Tax Deposits, Escrow Payments, Lease Security Deposits, amounts received as reimbursement for any cost paid by the Issuers as lessors or lenders under the Leases or Mortgage Loans, as applicable, amounts collected by or on behalf of the Issuers and held in escrow or impound as lenders or lessors to pay future obligations or other amounts specified herein.

With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such check to the order of the Property Manager and shall deliver promptly, but in no event later than one (1) Business Day after receipt, any such

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check to the Property Manager by overnight courier, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or other reasonably appropriate reason. The funds held in the Collection Account may be held as cash or invested in Permitted Investments in accordance with the provisions of Section 3.06(a). Any interest or other income earned on funds in the Collection Account will be added to the Available Amount.

(b) The Property Manager shall establish and maintain at a bank designated by the Indenture Trustee a segregated account in the name of the Indenture Trustee for the deposit of cash proceeds from the sale of any Mortgage Loan or Mortgaged Property (the “Release Account”). The Release Account shall be an Eligible Account. The funds held in the Release Account may be held as cash or invested in Permitted Investments in accordance with the provisions of Section 3.06(b). The Release Account and the amounts on deposit therein will be pledged to the Indenture Trustee under the Indenture. The Property Manager will deposit or cause to be deposited in the Release Account, on the date of receipt, any cash proceeds from the sale of any Mortgage Loan or Mortgaged Property.

Section 3.05. Withdrawals From the Collection Account and the Release Account.

(a) If the Property Manager is Spirit Finance, then the Indenture Trustee shall make withdrawals upon the written direction of the Property Manager from the Collection Account (i) on each Remittance Date, for delivery by wire transfer of immediately available funds for deposit into the Payment Account, of the Available Amount for application by the Indenture Trustee to make payments in accordance with the priorities set forth pursuant to Section 2.1l(b) of the Indenture, (ii) on any date, to pay any Emergency Property Expenses (pursuant to Section 3.03(e)) and (iii) on any date, to remove amounts deposited in the Collection Account in error. If the Property Manager is an entity other than Spirit Finance, then the Property Manager shall make withdrawals from the Collection Account (i) on each Remittance Date, for delivery by wire transfer of immediately available funds for deposit into the Payment Account, of the Available Amount for application by the Indenture Trustee to make payments in accordance with the priorities set forth pursuant to Section 2.11(b) of the Indenture, (ii) on any date, to pay the Property Management Fee, the Back-Up Fee, any Special Servicing Fees, any Liquidation Fees and any Workout Fees (each, pursuant to Section 3.11), (iii) on any date, to reimburse the Property Manager or the Back-Up Manager for any Property Protection Advances and Advance Interest thereon as provided in Section 3.03(d), (iv) on any date, to pay any Emergency Property Expenses (pursuant to Section 3.03(e)) or (v) on any date, to remove amounts deposited in the Collection Account in error. Except as provided in Section 3.04(a), no other amounts may be withdrawn from the Collection Account by the Property Manager.

(b) Amounts deposited in the Release Account (including Net Investment Earnings on funds on deposit therein) shall be applied by the Property Manager (or the Indenture Trustee based on the instructions of the Property Manager if the Property Manager is Spirit Finance), first, to reimburse the Property Manager, the Special Servicer and the Back-Up Manager any amounts owed with respect to unreimbursed Extraordinary Expenses, Property Protection Advances and Advance Interest thereon and Emergency Property Expenses related

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to such Mortgage Loan; Lease or Mortgaged Property and to pay the expenses related to such release and, second, either to acquire Qualified Substitute Mortgage Loans or Qualified Substitute Mortgaged Properties within twelve months following the release of such Mortgage Loan or Mortgaged Property or to make Unscheduled Principal Payments in reduction of the principal of the Notes. Any amounts remaining in the Release Account following the twelve month period from the related Release shall be transferred as Unscheduled Proceeds into the Collection Account and applied as Unscheduled Principal Payments on the following Payment Date. During the continuance of an Early Amortization Event, all amounts in the Release Account shall be deposited as Unscheduled Proceeds into the Collection Account and will be included in the Available Amount on the following Payment Date.

Section 3.06. Investment of Funds in the Collection Account and the Release Account.

(a) The Property Manager shall direct any institution maintaining the Collection Account to invest the funds held therein in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately preceding the next succeeding Remittance Date, which may be in the form of a standing direction.

(b) The Property Manager may direct any institution maintaining the Release Account to invest the funds held therein in one or more specific Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately preceding the day such amounts are required to be distributed pursuant to Section 3.05(b), which may be in the form of a standing direction.

(c) The Property Manager may direct any institution maintaining the Servicing Accounts with respect to Lease Security Deposits to invest the funds held therein in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately preceding the day such amounts are required to be distributed pursuant to the related Lease and this Agreement, which may be in the form of a standing direction.

(d) [Reserved]

(e) All Permitted Investments in the Collection Account, the Release Account and the Servicing Accounts shall be held to maturity, unless payable on demand. Any investment of funds in the Collection Account, the Release Account and the Servicing Accounts shall be made in the name of the Indenture Trustee (in its capacity as such). The Property Manager shall promptly deliver to the Indenture Trustee, and the Indenture Trustee shall maintain continuous possession of, any Permitted Investment that is either (i) a “certificated security,” as such term is defined in the Uniform Commercial Code, or (ii) other property in which a secured party may perfect its security interest by possession under the Uniform Commercial Code or any other applicable law. If amounts on deposit in the Collection Account, the Release Account or the Servicing Accounts are at any time invested in a Permitted Investment payable on demand, the Property Manager shall:

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(i) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature thereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on such date; and

(ii) demand payment of all amounts due thereunder promptly upon determination by the Property Manager that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the Collection Account, the Release Account or the Servicing Accounts, as applicable.

(f) Interest and investment income realized on funds deposited in the Collection Account and, if applicable, the Release Account, to the extent of the Net Investment Earnings, if any, for each Collection Period, shall be deposited to the Collection Account and added to the Available Amount for such Collection Period. Notwithstanding the investment of funds held in the Collection Account, for purposes of the calculations hereunder, including the calculation of the Available Amount, the amounts so invested shall be deemed to remain on deposit in the Collection Account. Except as provided in Section 5.03(a), the Property Manager shall have no liability for any investment of funds in the Collection Account, the Release Account or Servicing Account.

(g) Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Property Manager may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

Section 3.07. Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage.

(a) The Property Manager (other than with respect to Specially Serviced Assets) and the Special Servicer (with respect to Specially Serviced Assets) shall use reasonable efforts in accordance with the Servicing Standard to cause the related Obligor to maintain for each Mortgaged Property all insurance coverage as is required under the terms of such Lease or Mortgage Loan, as applicable (including for the avoidance of doubt, any Environmental Policy); provided, that if and to the extent that any such Lease permits the lessor thereunder any discretion (by way of consent, approval or otherwise) as to the insurance coverage that the related Obligor is required to maintain, the Properly Manager or the Special Servicer, as the case may be, shall exercise such discretion in a manner consistent with the Servicing Standard, with a view towards requiring insurance comparable to that required under other similar Leases or Mortgage Loans with express provisions governing such matters; and provided, further, that, if and to the extent that a Lease or Mortgage Loan so permits, the related Obligor shall be required to obtain the required insurance coverage from Qualified Insurers that have a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide. If such Obligor does not maintain the required insurance or, with respect to any Environmental Policy in place as of the related Series Closing Date or Transfer Date, the Property Manager will itself

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cause such insurance to be maintained with Qualified Insurers; provided, that the Property Manager shall not be required to maintain such insurance if the Indenture Trustee (as mortgagee of record on behalf of the Noteholders) does not have an insurable interest or the Property Manager has determined (in its reasonable judgment in accordance with the Servicing Standard) that either (i) such insurance is not available at a commercially reasonable rate and the subject hazards are at the time not commonly insured against by prudent owners of properties similar to the Mortgaged Property located in or around the region in which such Mortgaged Property is located or (ii) such insurance is not available at any rate. Subject to Section 3.17(b), the Special Servicer shall also use reasonable efforts to cause to be maintained for each REO Property no less insurance coverage than was previously required of the Obligor under the related Mortgage or Lease and at a minimum, (i) hazard insurance with a replacement cost rider and (ii) comprehensive general liability insurance, in each case, in an amount customary for the type and geographic location of such REO Property and consistent with the Servicing Standard; provided, that all such insurance shall be obtained from Qualified Insurers that, if they are providing casualty insurance, shall have a claims-paying ability rated at least “A-:VIII” by A.M. Best’s Key Rating Guide. The cost of any such insurance coverage obtained by either the Property Manager or the Special Servicer shall be a Property Protection Advance to be paid by the Property Manager. All such insurance policies shall contain (if they insure against loss to property) a “standard” mortgagee clause, with loss payable to the Property Manager, as agent of and for the account of the applicable Issuer and the Indenture Trustee; and shall be issued by an insurer authorized under applicable law to issue such insurance. Any amounts collected by the Property Manager or the Special Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or amounts to be released to the related Tenant, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 2.11 of the Indenture.

(b) The Property Manager or Special Servicer may satisfy its obligations under Section 3.07(a) by obtaining, maintaining or causing to be maintained a blanket or forced place insurance policy. If applicable, the Property Manager or the Special Servicer shall obtain and maintain, or cause to be obtained and maintained on behalf of each applicable Issuer, a master forced place insurance policy or a blanket policy (or an endorsement to an existing policy) insuring against hazard losses (not otherwise insured by a Tenant or Borrower due to a default by such Tenant or Borrower under the insurance covenants of its Lease or Mortgage Loan or because a Tenant or Borrower permitted to self-insure fails to pay for casualty losses) on the applicable Mortgaged Properties that it is required to service and administer, which policy shall (i) be obtained from a Qualified Insurer having a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, and (ii) provide protection equivalent to the individual policies otherwise required under Section 3.07(a). The Property Manager and the Special Servicer shall bear the cost of any premium payable in respect of any such blanket policy (other than blanket policies specifically obtained for Mortgaged Properties or REO Properties) without right of reimbursement; provided, that if the Property Manager or the Special Servicer, as the case may be, causes any Mortgaged Property or REO Property to be covered by such blanket policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property shall constitute, and be reimbursable as, a Property Protection Advance to the extent that, except with respect to an REO Property, such blanket policy provides insurance that the related Borrower or Tenant, as

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applicable, has failed to maintain. If the Property Manager or Special Servicer, as applicable, causes any Mortgaged Property or REO Property to be covered by a force-placed insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby) shall be paid as a Property Protection Advance. Such policy may contain a deductible clause (not in excess of a customary amount) in which case the Property Manager or the Special Servicer, as appropriate, shall, if there shall not have been maintained on the related Mortgaged Property or REO Property a hazard insurance policy complying with the requirements of Section 3.07(a) and there shall have been one or more losses that would have been covered by such policy, promptly deposit into the Collection Account from its own funds the amount not otherwise payable under the blanket policy in connection with such loss or losses because of such deductible clause. The Property Manager or the Special Servicer, as appropriate, shall prepare and present, on behalf of itself, the Indenture Trustee and the applicable Issuer, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Any payments on such policy shall be made to the Property Manager as agent of and for the account of the applicable Issuer, the Noteholders and the Indenture Trustee.

(c) Each of the Property Manager, the Special Servicer and the Back-Up Manager shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Assets exist as part of the Collateral) keep in force with a Qualified Insurer having a claims paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, a fidelity bond in such form and amount as would not adversely affect any rating assigned by any Rating Agency to the Notes without giving effect to any Insurance Policy (as evidenced in writing from each Rating Agency). Each of the Property Manager and the Special Servicer shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Property Manager or the Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled without ten (10) days’ prior written notice to the Issuers and each Insurer.

Each of the Property Manager, the Special Servicer and the Back-up Manager shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Assets exist as part of the Collateral) also keep in force with a Qualified Insurer having a claims-paying ability rated at least “A: VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers, employees and agents in connection with its servicing obligations hereunder, which policy or policies shall name the Indenture Trustee as an additional insured and shall be in such form and amount as would not adversely affect any rating assigned by any Rating Agency to the Notes without giving effect to any Insurance Policy (as evidenced in writing from each Rating Agency). Each of the Property Manager and the Special Servicer shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Property Manager or the Special Servicer, as the

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case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten (10) days’ prior written notice to the Issuers and each Insurer.

Each of the Property Manager and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Assets exist as part of the Collateral) also, on behalf of the Issuers, keep in force with a Qualified Insurer having a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, a lessor’s general liability insurance policy or policies, which policy or policies shall be in such form and amount as would not adversely affect any rating assigned by any Rating Agency to the Notes without giving effect to any Insurance Policy (as evidenced in writing from each Rating Agency). Any such general liability insurance policy shall provide that it may not be canceled without ten (10) days’ prior written notice to the Issuers, each Insurer and the Indenture Trustee. Any payments on such policy shall be made to the Property Manager as agent of and for the account of any applicable Issuer and the Indenture Trustee.

If the Property Manager (or its corporate parent), the Special Servicer (or its corporate parent) or the Back-Up Manager (or its corporate parent), as applicable, are rated not lower than “A2” by Xxxxx’x, “A” by S&P and “A” by Fitch (or each Insurer consents in writing), the Property Manager, the Special Servicer or the Back-Up Manager, as applicable, may self-insure with respect to any insurance coverage or fidelity bond coverage required hereunder, in which case it shall not be required to maintain an insurance policy with respect to such coverage; provided, that Spirit Finance may not self-insure with respect to any such insurance coverage or fidelity bond.

Section 3.08. Enforcement of Alienation Clauses; Consent to Assignment.

With respect to those Leases and Mortgage Loans it is obligated to service hereunder, each of the Property Manager and the Special Servicer, on behalf of the Issuers and the Indenture Trustee for the benefit of the holders of the Notes and the Insurers, shall enforce the restrictions contained in the related Lease and Mortgage Loans or in any other document in the related Lease File or Loan File on transfers or further encumbrances of the related Mortgaged Property and Mortgage Loan and on transfers of interests in the related Tenant, unless it has determined, consistent with the Servicing Standard, that waiver of such restrictions would be in accordance with the Servicing Standard. After having made any such determination, the Property Manager or the Special Servicer, as the case may be, shall deliver to the Indenture Trustee (and the Property Manager in the case of the Special Servicer) an Officer’s Certificate setting forth the basis for such determination. In connection with any assignment or sublet by a Tenant of its interest under a Lease, the applicable Issuer shall not take any action to release such Tenant from its obligations under such Lease unless a new Tenant approved by such Issuer assumes the obligations under such Lease and any applicable requirements set forth in the applicable Lease have been satisfied.

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Section 3.09. Realization Upon Specially Serviced Assets.

(a) If the Special Servicer has determined, in its good faith and reasonable judgment, that any material default related to a Specially Serviced Asset will not be cured by the related Obligor, the Special Servicer will be required to evaluate the possible alternatives available in accordance with the Servicing Standard and this Agreement with respect to such Specially Serviced Asset. Such alternatives may include, among other things, modification or restructuring of the related Mortgage Loan or Lease, sale or exchange of the related Mortgage Loan or Mortgaged Property in accordance with Section 3.18 or the enforcement of remedies available under the related Mortgage Loan or Lease in accordance with Section 3.19, including foreclosure of the Mortgage Loan or eviction of the Tenant, as applicable, and the re-leasing of the related Mortgaged Property. Subject to all other provisions and limitations set forth herein, the Special Servicer shall take such actions with respect to each Specially Serviced Asset as it determines in accordance with the Servicing Standard, acting in the best interests of the applicable Issuer, the Noteholders and the Insurers. If the Property Manager re-leases any Mortgaged Property, the Property Manager shall deliver to the Indenture Trustee and the Issuers an amended Exhibit A-l reflecting the addition of such Lease to the Collateral Pool. If the Lease has not been assumed and the related Mortgaged Property has not been sold or re-leased within 24 months of the related Lease becoming a Specially Serviced Asset, the Series 2005-1 Insurer may, upon written notice; require the Special Servicer to sell such Mortgaged Property in accordance with Section 3.18 and the cash proceeds will be applied pursuant to Section 3.05.

(b) Upon the request of the Special Servicer, the Property Manager shall pay, as Property Protection Advances or Emergency Property Expenses, as applicable, in accordance with Section 3.17(c), all costs and expenses (other than costs or expenses that would, if incurred, constitute a Nonrecoverable Property Protection Advance) incurred in connection with each Specially Serviced Asset, and shall be entitled to reimbursement therefor as provided in Section 2.11 of the Indenture. If and when the Property Manager or the Special Servicer deems it necessary and prudent for purposes of establishing the Fair Market Value of any Mortgaged Property related to a Specially Serviced Asset, the Special Servicer or the Property Manager, as the case may be, is authorized to have an appraisal done by an Independent MAI- designated appraiser or other expert (the cost of which appraisal shall constitute a Property Protection Advance).

(c) Notwithstanding anything to the contrary contained herein, neither the Property Manager nor the Special Servicer shall, on behalf of the applicable Issuer, obtain title to a Mortgaged Property that secures a Mortgage Loan by deed in lieu of foreclosure or otherwise, or take any other action with respect to any Mortgaged Property that secures a Mortgage Loan, if, as a result of any such action, the applicable Issuer or the Indenture Trustee could, in the reasonable judgment of the Property Manager or the Special Servicer, as the case may be, made in accordance with the Servicing Standard and which shall be based on Opinions of Counsel, be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable law, unless:

(i) the Property Manager or the Special Servicer, as the case may be, has previously determined in accordance with the Servicing Standard, based on (x) a Phase I

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Environmental Assessment or comparable environmental assessment (and any additional environmental testing, investigation or analysis that the Property Manager or the Special Servicer, as applicable, deems necessary and prudent) of such Mortgaged Property conducted by an Independent Person who regularly conducts such environmental testing, investigation or analysis, or (y) any environmental testing, investigation and/or analysis conducted in connection with any related Environmental Policy, and performed during the twelve-month period preceding any such acquisition of title or other action and in each case after consultation with an environmental expert, that:

(A) the Mortgaged Property is in compliance with applicable environmental laws and regulations or, if not, that it would maximize the recovery to the applicable Issuer on a present value basis (the relevant discounting of anticipated collections to be performed at the relevant interest rate for the applicable Mortgage Loan or the capitalization rate used in respect of the Lease for any Mortgaged Property) to acquire title to or possession of the Mortgaged Property and to effect such compliance, which determination shall take into account any coverage afforded under any related Environmental Policy with respect to such Mortgaged Property; and

(B) there are no circumstances or conditions present at the Mortgaged Property relating to the use, management or disposal of Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently applicable environmental laws and regulations or, if such circumstances or conditions are present for which any such action could reasonably be expected to be required, that it would maximize the recovery to the applicable Issuer on a present value basis (the relevant discounting of anticipated collections to be performed at the relevant interest rate for the applicable Mortgage Loan or the capitalization rate used in respect of the Lease for any Mortgaged Property) to acquire title to or possession of the Mortgaged Property and to take such actions, which determination shall take into account any coverage afforded under any related Environmental Policy with respect to such Mortgaged Property; and

(ii) if the Property Manager or the Special Servicer, as applicable, has determined that the Mortgaged Property is not in compliance with applicable environmental laws or regulations, or that any such circumstances or conditions described in clause (i)(B) above are present at the Mortgaged Property, it shall have notified the Indenture Trustee in writing that it has determined that the applicable Issuer or the Indenture Trustee could not reasonably be considered to be a potentially responsible party (which determination may be based on an Opinion of Counsel the cost of which shall be a Property Protection Advance).

(d) Any such determination by the Property Manager or the Special Servicer shall be evidenced by an Officer’s Certificate to such effect delivered to the Indenture Trustee, the Controlling Parties and, in the case of the Special Servicer, the Property Manager, specifying all of the bases for such determination, such Officer’s Certificate to be accompanied by all related environmental reports. The Property Manager or the Special Servicer, as

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appropriate, shall undertake reasonable efforts to make the determination referred to in clause (ii) immediately above, and may conclusively rely on any related environmental assessments referred to above in making such determination. The cost of any such environmental assessments, additional environmental testing and remedial, corrective or other further action contemplated by clause (i)(A) and clause (i)(B) immediately above, shall be reimbursed, to the extent not paid by an Environmental Insurer or other party with liability for such amounts, to the Property Manager or the Special Servicer from the Collection Account as a Property Protection Advance pursuant to Section 3.05, subject to Section 5.03.

(e) If the environmental testing contemplated by Section 3.09(c) above establishes that any of the conditions set forth in Section 3.09(c)(i)(A) and (i)(B) immediately above have not been satisfied with respect to any Mortgaged Property, the Property Manager or Special Servicer, as applicable, shall take such action as is in accordance with the Servicing Standard and, at such time as it deems appropriate, may, on behalf of the applicable Issuer and the Indenture Trustee, release all or a portion of such Mortgaged Property from the lien of the related Mortgage; provided, that prior to the release of all or a portion of the related Mortgaged Property from the lien of the related Mortgage, (i) the Property Manager or the Special Servicer, as applicable, shall have notified the Indenture Trustee in writing of its intention to so release all or a portion of such Mortgaged Property, (ii) the Indenture Trustee shall have notified the Controlling Parties in writing of the intention to so release all or a portion of such Mortgaged Property and (iii) the Series 2005-1 Insurer has not objected to such release within 30 days of the distribution of the last of such notices.

(f) The Property Manager or the Special Servicer, as applicable, shall report to the Indenture Trustee, the Property Manager (if applicable) and the Insurers monthly in writing as to any actions taken by such party with respect to any Mortgaged Property as to which the environmental testing contemplated in Section 3.09(c) has revealed that any of the conditions set forth in the first sentence of either Section 3.09(c)(i)(A) or (i)(B) have not been satisfied, in each case until such matter has been resolved.

(g) The Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of seeking to obtain a deficiency judgment if the state in which the Collateral securing a Specially Serviced Mortgage Loan is located and the terms of the Mortgage Loan permit such an action and shall, in accordance with the Servicing Standard, seek such deficiency judgment if it deems advisable.

(h) The Special Servicer shall prepare and file the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050J and 6050P of the Code and promptly deliver to the Insurers and the Indenture Trustee an Officer’s Certificate stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050J and 6050P of the Code.

(i) All sales of Mortgaged Properties pursuant to this Section 3.09 shall be conducted in accordance with the provisions of Section 3.18 and Article VII as applicable.

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(j) Unless the Series 2005-1 Controlling Party or the Series 2005-1 Insurer provides written notice of an approval or objection with respect to any action proposed by the Property Manager, the Special Servicer or the Back-Up Manager pursuant to this Section 3.09, Section 3.18 or as otherwise provided herein within 30 days after the related request for approval or consent is given to the Series 2005-1 Controlling Party or to the Series 2005-1 Insurer, such approval or consent shall be deemed to have been denied by the Series 2005-1 Controlling Party or the Series 2005-1 Insurer, as applicable. Notwithstanding the foregoing, the Special Servicer may take action prior to the lapse of either such 30-day period or at any other time without the consent of the Series 2005-1 Controlling Party or the Series 2005-1 Insurer if it determines, in accordance with the Servicing Standard, that such action is required by the Servicing Standard in order to avoid a material adverse effect on the Noteholders and is in the nature of an emergency.

Section 3.10. Issuers, Custodian and Indenture Trustee to Cooperate; Release of Lease Files and Loan Files.

(a) If from time to time, and as appropriate for servicing of any Mortgage Loan, Lease, assumption of a Lease, modification of a Lease or the re-lease or sale of any Mortgaged Property, the Property Manager or the Special Servicer shall otherwise require the use of any Lease File or Loan File, as applicable (or any portion thereof), the Custodian, upon request of the Property Manager and receipt from the Property Manager of a Request for Release in the form of Exhibit B attached hereto signed by a Servicing Officer thereof, or upon request of the Special Servicer and receipt from the Special Servicer of a Request for Release in the form of Exhibit C attached hereto, shall release such Lease File or Loan File, as applicable (or portion thereof), to the Property Manager or the Special Servicer, as the case may be. Upon return of such Lease File or Loan File, as applicable (or portion thereof), to the Custodian, or upon the Special Servicer’s delivery to the Indenture Trustee of an Officer’s Certificate stating that (i) such Lease or Mortgage Loan has been liquidated and all amounts received or to be received in connection with such Lease or Mortgage Loan are required to be deposited into the Collection Account pursuant to Section 3.04(a) have been or will be so deposited or (ii) such Mortgaged Property has been sold, a copy of the Request for Release shall be released by the Indenture Trustee to the Property Manager or the Special Servicer, as applicable.

(b) Within seven (7) Business Days of the Special Servicer’s request therefor (or, if the Special Servicer notifies the Issuers, the Insurers and the Indenture Trustee of an exigency, within such shorter period as is reasonable under the circumstances), each of the applicable Issuer and the Indenture Trustee shall execute and deliver to the Special Servicer, in the form supplied to the applicable Issuer and the Indenture Trustee by the Special Servicer, any court pleadings, leases, sale documents or other documents reasonably necessary to the re-lease, foreclosure or sale in respect of any Mortgage Loan or Mortgaged Property or to any legal action brought to obtain judgment against any Obligor on the related Lease or Mortgage Loan or to obtain a judgment against an Obligor, or to enforce any other remedies or rights provided by the Lease or Mortgage Loan or otherwise available at law or in equity or to defend any legal action or counterclaim filed against the applicable Issuer, the Property Manager or the Special Servicer; provided, that each of the applicable Issuer and the Indenture Trustee may alternatively execute and deliver to the Special Servicer, in the form supplied to the applicable Issuer and the Indenture Trustee by the Special Servicer, a limited power of attorney

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substantially in the form of Exhibit D issued in favor of the Special Servicer and empowering the Special Servicer to execute and deliver any or all of such pleadings or documents on behalf of the applicable Issuer or the Indenture Trustee, as the case may be; provided, however, that neither the applicable Issuer nor the Indenture Trustee shall be held liable for any misuse of such power of attorney by the Special Servicer. Together with such pleadings or documents (or such power of attorney empowering the Special Servicer to execute the same on behalf of the applicable Issuer and the Indenture Trustee), the Special Servicer shall deliver to each of the applicable Issuer and the Indenture Trustee an Officer’s Certificate requesting that such pleadings or documents (or such power of attorney empowering the Special Servicer to execute the same on behalf of the applicable Issuer or the Indenture Trustee, as the case may be) be executed by the applicable Issuer or the Indenture Trustee and certifying as to the reason such pleadings or documents are required.

(c) Upon the payment in full of any Mortgage Loan, or the receipt by the Property Manager of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Property Manager shall promptly notify the Insurers, the Custodian and the Indenture Trustee by a certification (which certification shall be in the form of a Request for Release in the form of Exhibit B attached hereto, shall be accompanied by the form of any necessary release or discharge and shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.04(a) have been or will be so deposited) of a Servicing Officer (a copy of which certification shall be delivered to the Special Servicer) and shall request delivery to it and release of the related Loan File. Upon receipt of such certification and request, the Custodian shall promptly cause the release of the related Loan File to the Property Manager and the Indenture Trustee shall deliver to the Property Manager such release or discharge, duly executed. Except customary fees and expenses, no expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account or to the Indenture Trustee.

Section 3.11. Servicing Compensation; Interest on Property Protection Advances.

(a) As compensation for its activities hereunder, the Property Manager shall be entitled to receive the Property Management Fee with respect to each Mortgaged Property and Mortgage Loan included in the Collateral Pool. As to each such Mortgaged Property and Mortgage Loan included in the Collateral Pool, the Property Management Fee shall accrue at the related Property Management Fee Rate on the basis of the Collateral Value of each such Mortgaged Property and Mortgage Loan and shall be calculated with respect to each Mortgage Loan on the same basis as interest accrues on such Mortgage Loan and with respect to each Mortgaged Property on a 30/360 Basis. The right to receive the Property Management Fee may not be transferred in whole or in part except in connection with the transfer of all of the Property Manager’s responsibilities and obligations under this Agreement. Earned but unpaid Property Management Fees shall be payable monthly out of general collections on deposit in the Collection Account pursuant to Section 3.05 and Section 2.11 of the Indenture.

(b) Subject to the last sentence of Section 3.11(d), on each Remittance Date, the Property Manager shall be entitled to receive: (i) all returned check fees, assumption,

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modification and similar fees and late payment charges from Obligors with respect to Mortgaged Properties, Leases and Mortgage Loans that are not Specially Serviced Assets; and (ii) any default interest collected on a Mortgaged Property, Lease or Mortgage Loan, but only to the extent that (x) such default interest is allocable to the period (not to exceed 60 days) when such Mortgaged Property, Lease or Mortgage Loan did not constitute a Specially Serviced Asset and (y) such default interest is not allocable to cover interest payable to the Property Manager or the Back-Up Manager with respect to any Property Protection Advances made in respect of such Mortgage Loan, Lease or Mortgaged Property (collectively, the “Property Manager Additional Servicing Compensation”).

(c) As compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect to each Specially Serviced Asset. As to each Specially Serviced Asset, the Special Servicing Fee shall accrue from time to time at the Special Servicing Fee Rate on the basis of the Collateral Value of such Specially Serviced Asset and shall be calculated with respect to each Specially Serviced Mortgage Loan on the same basis as interest accrues on such Specially Serviced Mortgage Loan and with respect to each Mortgaged Property related to a Specially Serviced Lease on a 30/360 Basis. The Special Servicing Fee with respect to any Specially Serviced Asset shall cease to accrue if (i) the related Mortgaged Property is sold or exchanged for a Qualified Substitute Mortgaged Property or such Specially Serviced Mortgage Loan is sold or exchanged for a Qualified Substitute Mortgage Loan, as applicable, or (ii) such Specially Serviced Asset becomes a Corrected Lease or a Corrected Mortgage Loan, as applicable, or (iii) such Specially Serviced Asset becomes a Liquidated Lease or liquidated Mortgage Loan, as applicable. Earned but unpaid Special Servicing Fees shall be payable monthly out of collections on deposit in the Collection Account pursuant to Section 3.05 hereof and Section 2.11 of the Indenture.

The Special Servicer’s right to receive the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement.

(d) Subject to the last sentence of this Section 3.1 l(d), on each Payment Date, the Special Servicer shall be entitled to receive: (i) all returned check fees, assumption, modification and similar fees and late payment charges received on or with respect to the Specially Serviced Assets; and (ii) any default interest collected on a Specially Serviced Asset (to the extent that such default interest is not allocable to cover interest payable to the Property Manager or Back-Up Manager with respect to any Property Protection Advances made in respect of the related Mortgage Loan, Lease or Mortgaged Property) as additional servicing compensation out of funds available for such purpose pursuant to Section 2.11 of the Indenture (collectively, the “Special Servicer Additional Servicing Compensation”). Notwithstanding the foregoing, if the Special Servicer is terminated at a time when no Servicer Replacement Event existed with respect to the Special Servicer and such Special Servicer was servicing or administering any Specially Serviced Assets as of the date of such termination, and such servicing or administration had been continuing for at least two (2) months, then the terminated Special Servicer will be entitled to 50% of all modification fees earned by its successor with respect to such Specially Serviced Assets during the 12-month period following the date of such termination.

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(e) As and to the extent permitted by Section 2.11 of the Indenture, the Property Manager and the Back-Up Manager shall each be entitled to receive Advance Interest on the amount of each Property Protection Advance made thereby for so long as such Property Protection Advance is outstanding. The Property Manager and the Back-Up Manager shall be reimbursed for Property Protection Advances from funds available for such purpose pursuant to Section 3.03(d), in accordance with Section 3.05(a) and (b), and Section 2.11 of the Indenture.

The Property Manager and the Special Servicer shall each be required to pay all ordinary expenses incurred by it in connection with its servicing activities under this Agreement, including fees of any subservicers retained by it. In addition, the Property Manager and the Special Servicer shall not be reimbursed for its own internal costs and expenses and overhead expenses, such as office space expenses, office equipment costs, supply costs or employee salaries or related costs and expenses.

(f) A Workout Fee shall be payable to the Special Servicer with respect to each Corrected Mortgage Loan or Corrected Lease. As to each such Corrected Mortgage Loan or Corrected Lease, the Workout Fee will be payable out of, and shall be calculated by application of the Workout Fee Rate to, each collection of rents, interest (other than Default Interest) and principal (including scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Lease, as applicable, so long as it remains a Corrected Lease or Corrected Mortgage Loan; provided, that no Workout Fee shall be payable from, or based upon the receipt of, Liquidation Proceeds collected in connection with (i) the purchase of any Specially Serviced Mortgage Loan, Mortgaged Property related to any Specially Serviced Lease or REO Property by the Property Manager or the Special Servicer or (ii) the repurchase of any Specially Serviced Mortgage Loan or Mortgaged Property related to any Specially Serviced Lease by the Originator or Support Provider due to a Collateral Defect within the period provided to the Originator and Support Provider to cure such Collateral Defect. In addition, no Workout Fee shall be payable with respect to any Corrected Mortgage Loan or Corrected Lease if and to the extent (i) such Mortgage Loan again becomes a Specially Serviced Mortgage Loan under clause (b) of the definition of “Specially Serviced Mortgage Loan” or the Lease again becomes a Specially Serviced Lease under clause (b) of the definition of “Specially Serviced Lease” and (ii) no default under the Mortgage Loan or Lease, as applicable, actually occurs, or if such default has occurred, it is cured within the 60 days provided in such clauses; provided, that a new Workout Fee will become payable if and when such Mortgage Loan or Lease again ceases to be a Specially Serviced Asset. If the Special Servicer is terminated (with or without cause) or resigns with respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Corrected Mortgage Loans or Corrected Leases during the period that it had responsibility for servicing Specially Serviced Assets (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such Corrected Mortgage Loan or Corrected Lease ceases to be payable in accordance with the preceding sentence. If the Special Servicer is terminated for any reason or resigns as Special Servicer hereunder, and prior to such resignation or termination, such Specially Serviced Asset would have been a Corrected Mortgage Loan or Corrected Lease but for the related Borrower or Tenant, as applicable, having made three full and consecutive Monthly Payments as provided in the Lease Documents or Loan Documents, then such terminated or resigning Special Servicer shall be entitled to all, and the Successor

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Special Servicer shall be entitled to none, of the Workout Fee payable in connection with such Specially Serviced Asset after it actually becomes a Corrected Mortgage Loan or Corrected Lease, as applicable.

(g) A Liquidation Fee shall be payable to the Special Servicer with respect to (i) each Mortgage Loan or Mortgaged Property repurchased by the related Originator or the Support Provider due to a Collateral Defect if purchased after the applicable cure period, (ii) any Specially Serviced Asset as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower of a Mortgage Loan or for some or all of the Collateral Value from the Mortgaged Property related to a Lease from the Tenant, or (iii) any Specially Serviced Asset or REO Property as to which the Special Servicer recovers any Liquidation Proceeds; provided, that no Liquidation Fee shall be payable from, or based upon the receipt of, Liquidation Proceeds collected in connection with the purchase of any Specially Serviced Mortgage Loan, Mortgaged Property related to any Specially Serviced Lease or REO Property by the Property Manager or the Special Servicer. As to each such Mortgage Loan or Lease repurchased by the related Originator or the Support Provider as described above or any Specially Serviced Asset and REO Property, the Liquidation Fee shall be payable out of the related payment or proceeds and shall be calculated by application of the Liquidation Fee Rate to such related payment or proceeds.

(h) As compensation for its activities hereunder, the Back-Up Manager shall be entitled to receive the Back-Up Fee with respect to each Mortgaged Property and Mortgage Loan included in the Collateral Pool. As to each such Mortgaged Property and Mortgage Loan included in the Collateral Pool, the Back-Up Fee shall accrue at the related Back-Up Fee Rate on the basis of the Collateral Value of each such Mortgaged Property and Mortgage Loan. The right to receive the Back-Up Fee may not be transferred in whole or in part except in connection with the transfer of all of the Back-Up Manager’s responsibilities and obligations under this Agreement. Earned but unpaid Back-Up Fees shall be payable monthly pursuant to Section 3.05(a) and Section 2.11 of the Indenture.

Section 3.12. Property Inspections; Collection of Financial Statements; Delivery of Certain Reports.

(a) If a Lease or Mortgage Loan becomes a Specially Serviced Asset, the Special Servicer shall perform a physical inspection of the related Mortgaged Property as soon as practicable thereafter and, if such Lease or Mortgage Loan remains a Specially Serviced Asset for more than two years, at least annually thereafter. The Special Servicer shall prepare a written report of each such inspection performed by it that sets forth in detail the condition of the related Mortgaged Property and that specifies the existence of (i) any sale or transfer of such Mortgaged Property, or (ii) any change in the condition or value of such Mortgaged Property that it, in its good faith and reasonable judgment, considers material. The Special Servicer shall deliver to the Issuers, the Indenture Trustee, the Property Manager, the Insurers and the Rating Agencies a copy of each such written report prepared by it during each calendar quarter within 15 days of the end of such quarter. The Special Servicer shall receive reimbursement for reasonable out-of-pocket expenses related to any such inspection from the applicable Issuers pursuant to Section 2.11 (b) of the Indenture.

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(b) The Special Servicer, in the case of any Specially Serviced Asset, and the Property Manager, in the case of all other Leases and Mortgage Loans, shall make reasonable efforts to collect promptly from each related Obligor and review annual operating statements of the related Mortgaged Properties and financial statements of such Obligor.

(c) Not later than December 15 of each year, commencing December 15, 2005, the Property Manager shall deliver to the Issuers, the Indenture Trustee, the Insurers and the Special Servicer (i) from information, if any, that the Property Manager has most recently received pursuant to Section 3.12(b), a report setting forth the aggregate Fixed Charge Coverage Ratios of all Obligors from whom it has received financial information sufficient to permit it to calculate such Fixed Charge Coverage Ratio (either at the “unit” level or corporate level, as applicable) and, in each case, identifying the period covered by the related financial statements in its possession, and (ii) a schedule, in the form of the Mortgaged Property Schedule or Mortgage Loan Schedule, as applicable, prepared as of the applicable Series Closing Date or, if applicable, such other Transfer Date, and further identifying on such schedule each Lease or Mortgage Loan (x) that has become a Liquidated Lease or Liquidated Mortgage Loan since the most recent delivery of such schedule pursuant to this Section 3.12(c)(ii) (or, in the case of the first such delivery, since the Initial Closing Date), and specifying the date on which the sale or re-lease of the related Mortgaged Property or Mortgage Loan occurred or (y) that has otherwise terminated in accordance with its terms and, in each case, specifying the date of such sale, re-lease or termination, the amount collected in connection therewith and the amount of any unreimbursed Property Protection Advances, Emergency Property Expenses, Extraordinary Expenses and other amounts due under the related Mortgage Loan or Lease incurred in connection therewith.

Sections 3.13. Annual Statement as to Compliance.

Each of the Property Manager and the Special Servicer shall deliver to the Issuers, to each Insurer, to the Indenture Trustee and, in the case of the Special Servicer, to the Property Manager, as soon as available, and in any event by the 15^th day after each March 31 of each year (or the next succeeding Business Day if any such day is not a Business Day) beginning in March 2006, an Officer’s Certificate stating, as to each signer thereof, that (i) a review of the activities of the Property Manager or the Special Servicer, as the case may be, during the prior calendar year, and of its performance under this Agreement, has been made under such officer’s supervision, and (ii) to the best of such officer’s knowledge, based on such review, the Property Manager or the Special Servicer, as the case may be, complied in all material respects throughout such period with the minimum servicing standards in this Agreement and fulfilled in all material respects throughout such period its obligations under this Agreement or, if there was noncompliance with such standards or a default in the fulfillment of any such obligation in any material respect, such Officer’s Certificate shall include a description of such noncompliance or specify each such default, as the case may be, known to such officer and the nature and status thereof.

Section 3.14. Reports by Independent Public Accountants.

On or before March 31 of each year, beginning in March 2006, each of the Property Manager and the Special Servicer, at its expense, shall cause an independent, registered

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public accounting firm (which may also render other services to the Property Manager or the Special Servicer, as the case may be) to furnish to the Issuers, each Insurer and the Indenture Trustee and, in the case of the Special Servicer, to the Property Manager a report containing such firm’s opinion that, on the basis of an examination conducted by such firm substantially in accordance with standards established by the American Institute of Certified Public Accountants, the assertion made pursuant to Section 3.13 regarding compliance by the Property Manager or the Special Servicer, as the case may be, with the minimum servicing standards in the Uniform Single Attestation for Mortgage Bankers during the preceding fiscal year (or from the Initial Closing Date through December 31, 2005, in the case of the first such report) is fairly stated in all material respects, subject to such exceptions and other qualifications that, in the opinion of such firm, such institute’s standards require it to report. In rendering such statement, such firm may rely, as to matters relating to direct servicing of leases and mortgage loans by Sub-Managers, upon comparable reports for examinations conducted substantially in accordance with such institute’s standards (rendered within one year of such report) of independent public accountants with respect to the related Sub-Manager.

Section 3.15. Access to Certain Information; Delivery of Certain Information.

(a) Each of the Property Manager and the Special Servicer shall afford to the other, to the Issuers, the Insurers, the Indenture Trustee and the Rating Agencies and to the OTS, the FDIC and any other banking or insurance regulatory authority that may exercise authority over any holder of Notes or LLC Interests, reasonable access to any documentation regarding the Leases, Mortgage Loans and Mortgaged Properties and its servicing thereof within its control, except to the extent it is prohibited from doing so by applicable law or contract or to the extent such information is subject to a privilege under applicable law to be asserted on behalf of an Issuer or the holders of Notes or LLC Interests. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Property Manager or the Special Servicer, as the case may be, designated by it.

(b) The Property Manager or the Special Servicer shall notify the Rating Agencies, the Indenture Trustee and the Insurers of any Mortgaged Property whose Tenant has ceased to exercise its business activity on such Mortgaged Property within 30 days of becoming aware of such a circumstance.

Section 3.16. Appraisals After a Property Protection Event; Title to REO Property.

(a) If any Property Protection Event occurs at any time that an Insurance Policy is in effect, the Special Servicer shall obtain, as soon as reasonably practical, a new full narrative (complete summary) or, with respect to Mortgaged Properties in the Restaurant Business Sector, limited scope (limited restricted) MAI appraisal with respect to the related Mortgaged Properties securing each Mortgage Loan or Lease which first becomes a Specially Serviced Asset after the date of such Property Protection Event (i) within six months after the date the Mortgage Loan or Lease related to such Mortgaged Property first becomes a Specially Serviced Asset (unless such requirement is waived by the Series 2005-1 Insurer) and (ii) unless

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the Property Manager furnishes a certificate to the Indenture Trustee stating that no circumstances exist that would materially affect the value of such Specially Serviced Asset since the most recent appraisal, on or about each twelve month anniversary of the date of such new appraisal for so long as the Mortgage Loan or Lease related to such Mortgaged Property remains a Specially Serviced Asset.

(b) If title to any REO Property is acquired by the Special Servicer on behalf of the Issuer, the deed or certificate of sale shall be issued to the applicable Issuer. Upon acquisition of such REO Property, the Special Servicer shall, if any amounts remain due and owing under the related Mortgage Note, cause the applicable Issuer to execute and deliver to the Indenture Trustee or the Collateral Agent a new Mortgage (along with appropriate Financing Statements), as applicable, in favor of the Indenture Trustee or the Collateral Agent to secure the lien of the Indenture.

(c) The Special Servicer shall remit to the Property Manager for deposit in the Collection Account or Release Account, as applicable, upon receipt, all REO Revenues, Property Insurance Proceeds and Liquidation Proceeds received in respect of an REO Property or Specially Serviced Asset.

Section 3.17. Management of REO Properties and Mortgaged Properties relating to Defaulted Assets.

(a) [Reserved]

(b) At any time that a Mortgaged Property is not subject to a Mortgage Loan or a Lease or is subject to a Mortgage Loan or a Lease that is a Defaulted Asset or with respect to an REO Property, the Special Servicer’s decision as to how such Mortgaged Property or REO Property shall be managed and operated shall be based on the good faith and reasonable judgment of the Special Servicer as to the best interest of the applicable Issuer, the Insurers and the Noteholders by maximizing (to the extent commercially feasible) the net after-tax revenues received by the applicable Issuer with respect to such property and, to the extent consistent with the foregoing, in the same manner as would commercial loan and lease servicers and asset managers operating property comparable to the respective Mortgaged Property or REO Property under the Servicing Standard. The applicable Issuer, the Indenture Trustee and the Special Servicer may consult with counsel at the expense of the applicable Issuer in connection with determinations required under this Section 3.17(b). Neither the Indenture Trustee nor the Special Servicer shall be liable to the Issuers, the Insurers, the holders of the Notes, the other parties hereto or each other, nor shall the applicable Issuer be liable to the Issuers, the Insurers, any such holders or to the other parties hereto, for errors in judgment made in good faith in the exercise of their discretion while performing their respective responsibilities under this Section 3.17(b). Nothing in this Section 3.17(b) is intended to prevent the sale or re-lease of a Mortgaged Property or REO Property pursuant to the terms and subject to the conditions of Section 3.18 and Article VII, as applicable.

(c) The Special Servicer shall have full power and authority to do any and all things in connection with the servicing and administration of any Mortgaged Property subject to a Defaulted Asset and any REO Property as are consistent with the Servicing Standard and,

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consistent therewith, shall request that the Property Manager make, and the Property Manager shall make, Property Protection Advances, or pay Emergency Property Expenses from funds on deposit in the Collection Account, necessary for the proper operation, management, maintenance and disposition of such Mortgaged Property or REO Property, including:

(i) all insurance premiums due and payable in respect of such Mortgaged Property or REO Property;

(ii) all real estate and personal property taxes and assessments in respect of such Mortgaged Property or REO Property that may result in the imposition of a lien thereon (including taxes or other amounts that could constitute liens prior to or on parity with the lien of the related Mortgage);

(iii) any ground lease rents in respect of such Mortgaged Property or REO Property; and

(iv) all costs and expenses necessary to maintain, lease, sell, protect, manage, operate and restore such Mortgaged Property or REO Property.

Notwithstanding the foregoing, the Property Manager shall have no obligation to make any such Property Protection Advance if (as evidenced by an Officer’s Certificate delivered to the applicable Issuer and the Indenture Trustee) the Property Manager determines, in accordance with the Servicing Standard, that such payment would be a Nonrecoverable Property Protection Advance. The Special Servicer shall submit requests to make Property Protection Advances to the Property Manager not more than once per month unless the Special Servicer determines on an emergency basis in accordance with the Servicing Standard that earlier payment is required to protect the interests of the Issuers and the Noteholders.

Section 3.18. Sale and Exchange of Mortgage Loans, Leases and Mortgaged Properties.

(a) The Property Manager, the Special Servicer and the applicable Issuer may sell or purchase, or permit the sale or purchase of, a Mortgage Loan or Mortgaged Property only on the terms and subject to the conditions set forth in this Section 3.18 or as otherwise expressly provided in or contemplated by Section 2.04, Section 3.09, Article VII and Article VIII. Except with respect to repurchases or substitutions by a related Originator or the Support Provider due to a Collateral Defect, an Issuer may only sell or exchange a Mortgaged Property or Mortgage Loan to or with any of its Affiliates subject to the applicable conditions set forth in the Indenture (including any applicable Series Supplement). The aggregate Collateral Value of Qualified Substitute Mortgage Loans and Qualified Substitute Mortgaged Properties acquired by the Issuers from any Affiliates of the Issuers (including with proceeds from sales to third parties), among other things, may not contravene the applicable limits set forth in the Indenture (including the most recent Series Supplement).

(b) The Property Manager shall act on behalf of the applicable Issuer and the Indenture Trustee in negotiating and taking any other action necessary or appropriate in connection with the sale of any Mortgaged Property or Mortgage Loan, other than a Mortgaged

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Property related to a Defaulted Asset or REO Property and the collection of all amounts payable in connection therewith. The Special Servicer shall take such actions in connection with the sale of any such Defaulted Asset, Mortgaged Property related to a Defaulted Asset, or REO Property as it determines in accordance with the Servicing Standard will be in the best interests of the applicable Issuer, the Noteholders and the Insurers. Any sale of a Mortgaged Property, Defaulted Asset or REO Property shall be free and clear of the lien of the Indenture and shall be final and without recourse to the applicable Issuer or the Indenture Trustee. If such sale is consummated in accordance with the terms of this Agreement, none of the Property Manager, the Special Servicer or the Indenture Trustee shall have any liability to the Issuers, the Insurers or any holder of Notes with respect to the purchase price therefor accepted by the Property Manager, the Special Servicer or the Indenture Trustee, as the case may be.

Section 3.19. Modifications, Waivers, Amendments and Consents.

(a) The Property Manager and the Special Servicer each may, consistent with the Servicing Standard, agree to any modification, waiver or amendment of any term of, forgive any payment on, and permit the release of the Obligor on or any Guarantor of, any Lease or Mortgage Loan it is required to service and administer hereunder, without the consent of the Insurers, the Issuers, the Indenture Trustee, any holder of Notes or any Controlling Party, subject to each of the following limitations, conditions and restrictions.

(i) if an Early Amortization Event has occurred and is continuing, neither the Property Manager nor the Special Servicer will agree to any modification, waiver or amendment of any term of, or take any of the other above referenced actions, with respect to any Lease or Mortgage Loan, without the prior written consent of the Series 2005-1 Insurer; and

(ii) other than as provided in Sections 3.02 and 3.08, without the prior written consent of the Series 2005-1 Insurer, the Property Manager shall not agree to any modification, waiver or amendment of any term of, or take any of the other above referenced actions, with respect to any Lease or Mortgage Loan it is required to service and administer hereunder, that would affect the amount or timing of any payment or other amount payable thereunder or, in the Property Manager’s good faith and reasonable judgment, would materially reduce the likelihood of timely payment of amounts due thereon or would materially impair the security for any Mortgage Loan or Lease; the Special Servicer may, however, agree to any modification, waiver or amendment of any term of, or take any of the other above referenced actions, with respect to any Specially Serviced Asset that would have any such effect, but only if (A) a material default on such Specially Serviced Asset has occurred or, (B) in the Special Servicer’s reasonable and good faith judgment, a default in respect of payment on such Specially Serviced Asset is reasonably foreseeable, and such modification, waiver, amendment or other action is reasonably likely to produce a greater recovery to the applicable Issuer on a present value basis than would liquidation;

provided, that (x) the limitations, conditions and restrictions set forth in subparagraphs (i) and (ii) shall not apply to any modification, waiver, amendment or other action with respect to any Lease or Mortgage Loan that is required, without the exercise of the applicable Issuer’s discretion,

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under the terms of such Lease or Mortgage Loan or that is solely within the control of the related Obligor, (y) notwithstanding the foregoing, neither the Property Manager nor the Special Servicer shall be required to oppose the confirmation of a plan in any bankruptcy or similar proceeding involving an Obligor if in their reasonable and good faith judgment such opposition would not ultimately prevent the confirmation of such plan or one substantially similar and (z) none of the limitations, conditions and restrictions set forth above shall limit the Property Manager’s or the Special Servicer’s ability to terminate any Lease or Mortgage Loan in accordance with the terms thereof; provided, further, that, notwithstanding the foregoing, with respect to certain Mortgage Loans and/or Leases listed on Exhibit I attached hereto, the applicable Insurer shall be provided notice of all proposed modifications, waivers or amendments of the terms thereof, and the prior written consent of such Insurer (so long as no Insurer Default shall have occurred and be continuing) shall be required for any modification, waiver or amendment of any financial or material non-financial term thereof.

(b) The Property Manager and the Special Servicer shall have no liability to the Issuers, the Indenture Trustee, the Insurers, the holders of the Notes or to any other Person if its analysis and determination that the modification, waiver, amendment or other action contemplated by Section 3.19(a) would not materially reduce the likelihood of timely payment of amounts due thereon, or that such modification, waiver, amendment or other action is reasonably likely to produce a greater recovery to the applicable Issuer on a present value basis than would an alternative course of action, should prove to be wrong or incorrect, so long as the analysis and determination were made on a reasonable basis in accordance with the Servicing Standard in good faith by the Property Manager or the Special Servicer, as the case may be;

(c) The Property Manager and the Special Servicer each may, as a condition to its granting any request by an Obligor for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within the Property Manager’s or Special Servicer’s, as the case may be, discretion pursuant to the terms of the instruments evidencing or securing the related Lease or Mortgage Loan and is permitted by the terms of this Agreement, require that such Obligor pay to it, as additional servicing compensation, a reasonable or customary fee for the additional services performed in connection with such request, together with any related costs and expenses incurred by it; and

(d) All modifications, waivers, amendments and other actions entered into or taken in respect of a Lease or Mortgage Loan pursuant to this Section 3.19 shall be in writing. Each of the Property Manager and the Special Servicer shall notify the other such party and the Issuers, the Insurers and the Indenture Trustee, in writing, of any modification, waiver, amendment or other action entered into or taken in respect of any Lease or Mortgage Loan pursuant to this Section 3.19 and the date thereof, and shall deliver to the Custodian for deposit in the related Lease File or Loan File an original counterpart of the agreements relating to such modification, waiver, amendment or other action, promptly (and in any event within ten (10) Business Days) following the execution thereof. In addition, following any modification, waiver, amendment or other action agreed to by the Property Manager or the Special Servicer pursuant to Section 3.19(a) above, the Property Manager or the Special Servicer, as the case may be, shall deliver to the Issuers, to the Insurers, to the Indenture Trustee and, in the case of

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the Special Servicer, to the Property Manager, an Officer’s Certificate setting forth in reasonable detail the basis of the determinations made by it pursuant to Section 3.19(a).

Section 3.20. Transfer of Servicing Between Property Manager and Special Servicer; Record Keeping.

(a) Upon determining that a Servicing Transfer Event has occurred with respect to any Lease or Mortgage Loan and if the Property Manager is not also the Special Servicer, the Property Manager shall immediately give notice thereof and shall deliver the related Servicing File to the Special Servicer, and shall use its best efforts to provide the Special Servicer with all information, documents (or copies thereof) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Lease or Mortgage Loan reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto without acting through a Sub-Manager. The Property Manager shall use its best efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each related Servicing Transfer Event.

Upon determining that a Specially Serviced Asset has become a Corrected Lease or Corrected Mortgage Loan, and if the Property Manager is not also the Special Servicer, the Special Servicer shall immediately give notice thereof, and shall return the related Servicing File, to the Property Manager and, upon giving such notice and returning such Servicing File, to the Property Manager, (i) the Special Servicer’s obligation to service such Lease or Mortgage Loan shall terminate, (ii) the Special Servicer’s right to receive the Special Servicing Fee with respect to such Lease or Mortgage Loan shall terminate, and (iii) the obligations of the Property Manager to service and administer such Lease or Mortgage Loan shall resume, in each case, effective as of the first day of the following calendar month.

(b) In servicing any Specially Serviced Assets, the Special Servicer shall provide to the Custodian, for the benefit of the Indenture Trustee, originals of documents included within the definition of “Lease File” for inclusion in the related Lease File and “Loan File” for inclusion in the related Loan File (with a copy of each such original to the Property Manager), and copies of any additional related Lease and Mortgage Loan information, including correspondence with the related Obligor.

(c) Notwithstanding anything in this Agreement to the contrary, in the event that the Property Manager and the Special Servicer are the same Person, all notices, certificates, information and consents required to be given by the Property Manager to the Special Servicer or vice versa shall be deemed to be given without the necessity of any action on such Person’s part.

Section 3.21. Sub-Management Agreements.

(a) The Property Manager and the Special Servicer may enter into Sub-Management Agreements to provide for the performance by third parties of any or all of their respective obligations hereunder; provided, that, in each case, the Sub-Management Agreement: (i) is consistent with this Agreement in all material respects and requires the Sub-Manager to

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comply with all of the applicable conditions of this Agreement; (ii) provides that if the Property Manager or the Special Servicer, as the case may be, shall for any reason no longer act in such capacity hereunder (including by reason of a Servicer Replacement Event), the Back-Up Manager, or any Successor Property Manager or Successor Special Servicer may thereupon assume all of the rights and, except to the extent they arose prior to the date of assumption, obligations of the Property Manager or the Special Servicer, as the case may be, under such agreement or, alternatively, may terminate such Sub-Management Agreement without cause and without payment of any penalty or termination fee; (iii) provides that the Issuers, the Back-Up Manager, the Indenture Trustee, the other parties hereto and, as and to the extent provided herein, the third party beneficiaries hereof shall be third party beneficiaries under such agreement, but that (except to the extent the Back-Up Manager or Successor Property Manager or Successor Special Servicer assumes the obligations of the Property Manager or the Special Servicer, as the case may be, thereunder as contemplated by the immediately preceding clause (ii) and, in such case, only from the date of such assumption) none of the Issuers, the Indenture Trustee, the Back-Up Manager, the Insurers, any other party hereto, any successor Property Manager or Special Servicer, as the case may be, any holder of Notes or LLC Interests or any other third party beneficiary hereof shall have any duties under such agreement or any liabilities arising therefrom; (iv) permits any purchaser of a Mortgaged Property or Mortgage Loan pursuant to this Agreement to terminate such agreement with respect to such purchased Mortgaged Property or Mortgage Loan-at its option and without penalty; (v)’does not permt inc Sub-Manager to enter into or consent to any modification, waiver or amendment or otherwise take any action on behalf of the Property Manager or Special Servicer, as the case may be, contemplated by Section 3.19 without the written consent of the Property Manager or Special Servicer, as the case may be; and (vi) does not permit the Sub-Manager any rights of indemnification that may be satisfied out of the Collateral. In addition, each Sub-Management Agreement entered into by the Property Manager shall provide that such agreement shall terminate with respect to any Lease and the related Mortgaged Property, and Mortgage Loan serviced thereunder at the time such Lease or Mortgage Loan becomes a Specially Serviced Asset, and each Sub-Management Agreement entered into by the Special Servicer shall relate only to Specially Serviced Assets and shall terminate with respect to any such Lease or Mortgage Loan that ceases to be a Specially Serviced Asset.

The Property Manager and the Special Servicer shall each deliver to the Issuers, each Insurer and the Indenture Trustee copies of all Sub-Management Agreements, and any amendments thereto and modifications thereof, entered into by it, promptly upon its execution and delivery of such documents. References in this Agreement to actions taken or to be taken by the Property Manager or the Special Servicer include actions taken or to be taken by a Sub-Manager on behalf of the Property Manager or the Special Servicer, as the case may be, and in connection therewith, all amounts advanced by any Sub-Manager to satisfy the obligations of the Property Manager hereunder to make Property Protection Advances shall be deemed to have been advanced by the Property Manager out of its own funds and, accordingly, such Property Protection Advances shall be recoverable by such Sub-Manager in the same manner and out of the same funds as if such Sub-Manager were the Property Manager. For so long as they are outstanding, Property Protection Advances shall accrue Advance Interest in accordance with Sections 3.ll(e) and 4.02(d), such interest to be allocable between the Property Manager and such Sub-Manager as they may agree. For purposes of this Agreement, the Property Manager

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and the Special Servicer each shall be deemed to have received any payment, and shall be obligated to handle such payment in accordance with the terms of this Agreement, when a Sub-Manager retained by it receives such payment. The Property Manager and the Special Servicer each shall notify the other, the Issuers, each Insurer and the Indenture Trustee in writing promptly of the appointment by it of any Sub-Manager.

(b) Each Sub-Manager shall be authorized to transact business in the state or states in which the Mortgaged Properties it is to service are situated, if and to the extent required by applicable law.

(c) The Property Manager and the Special Servicer, for the benefit of the Issuers, shall (at no expense to the Issuers or the Indenture Trustee) monitor the performance and enforce the obligations of their respective Sub-Managers under the related Sub- Management Agreements. Such enforcement, including the legal prosecution of claims, termination of Sub-Management Agreements in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Property Manager or the Special Servicer, as applicable, in its good faith and reasonable judgment, would require were it the owner of the Mortgaged Properties and the Mortgage Loans. Subject to the terms of the related Sub-Management Agreement, the Property Manager and the Special Servicer shall each have the right to remove a Sub-Manager retained by it at any time it considers such removal to be in the best interests of the Issuers.

(d) If the Property Manager or the Special Servicer ceases to serve as such under this Agreement for any reason (including by reason of a Servicer Replacement Event) and no Successor Property Manager or Successor Special Servicer, as the case may be, has succeeded to its rights and assumed its obligations hereunder, then the Back-Up Manager shall succeed to the rights and assume the obligations of the Property Manager or the Special Servicer under any Sub-Management Agreement, unless (with the consent of each Insurer) the Indenture Trustee elects to terminate any such Sub-Management Agreement in accordance with its terms. In any event, if a Sub-Management Agreement is to be assumed by the Back-Up Manager, then the Property Manager or the Special Servicer, as applicable, at its expense, shall, upon request of the Back-Up Manager, deliver to the Back-Up Manager all documents and records relating to such Sub-Management Agreement and the Mortgaged Properties and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected and held on behalf of it thereunder, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub-Management Agreement to the assuming party.

(e) Notwithstanding any Sub-Management Agreement, the Property Manager and the Special Servicer shall remain obligated and liable to the Issuers, the Noteholders, the Indenture Trustee and each other for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each alone were servicing and administering the Mortgage Loans, the Mortgaged Properties and Leases for which it is responsible.

(f) The Property Manager or Special Servicer, as applicable, will be solely liable for all fees owed by it to any Sub-Manager, irrespective of whether its compensation pursuant to this Agreement is sufficient to pay such fees.

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ARTICLE IV

REPORTS

Section 4.01. Reports to the Issuers, the Indenture Trustee and the Insurers.

(a) Not later than 2:00 p.m. (New York City time), three (3) Business Days prior to each Payment Date, the Property Manager shall deliver to each of the Issuers, the Insurers and the Indenture Trustee a report containing the information specified on Exhibit F hereto, and such other information with respect to the Mortgage Loans, the Leases and Mortgaged Properties as the Indenture Trustee or the Insurers may reasonably request (such report, the “Determination Date Report”), reflecting information as of the close of business on the last day of the related Collection Period, in a mutually agreeable electronic format. The Determination Date Report and any written information supplemental thereto shall include such information with respect to the Mortgage Loans, the Leases and Mortgaged Properties as is required by the Indenture Trustee for purposes of making the payments required by Section 2.11(b) of the Indenture and the calculations and reports referred to in Section 6.01 of the Indenture and otherwise therein, in each case as set forth in written specifications or guidelines issued by any of the Issuers or the Indenture Trustee as the case may be from time to time The Property Manager shall also provide to the Indenture Trustee the wire instructions for the relevant parties to which payments under Section 2.11(b) of the Indenture will be made. The Determination Date Report shall also contain a certification by the Property Manager that the Issuers have not incurred any indebtedness except indebtedness permitted by the Transaction Documents. Such information shall be delivered by the Property Manager to each of the Issuers, the Indenture Trustee and the Insurers in agreed-upon format and such electronic or other form as may be reasonably acceptable to the Issuers, the Indenture Trustee and the Insurers. The Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Property Manager) provide the Property Manager with such information regarding the Specially Serviced Assets as may be necessary for the Property Manager to prepare each Determination Date Report and any supplemental information to be provided by the Property Manager to the Issuers, the Insurers or the Indenture Trustee.

(b) By 1:00 p.m. (New York City time), two (2) Business Days after the last day of each Collection Period, the Special Servicer shall deliver to the Property Manager, the Insurers and the Indenture Trustee a report containing such information relating to the Mortgage Loans, the Leases and Mortgaged Properties managed by it and in such form as the Indenture Trustee or the Insurers may reasonably request (such report, the “Special Servicer Report”) reflecting information as of the close of business on the last day of such Collection Period.

(c) Not later than the 30th day following the end of each calendar quarter, commencing with the quarter ended September 30, 2005, the Special Servicer shall deliver to the Indenture Trustee, the Insurers and the Property Manager a report containing such information and in such form as the Indenture Trustee or the Insurers may reasonably request (such report a “Modified Collateral Detail and Realized Loss Report”) with respect to all

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operating statements and other financial information collected or otherwise obtained by the Special Servicer pursuant to Section 3.12(b) during such calendar quarter.

(d) Not later than 3:00 p.m. (New York City time) on the fourth Business Day prior to each Payment Date, the Property Manager shall provide to the Indenture Trustee such information as is necessary for the Indenture Trustee to determine whether a claim will be required (and if so, the amount of such claim) under any Insurance Policy on such Payment Date.

Section 4.02. Use of Agents.

The Property Manager may at its own expense utilize agents or attorneys-in-fact, including Sub-Managers, in performing any of its obligations under this Article IV, but no such utilization shall relieve the Property Manager from any of such obligations, and the Property Manager shall remain responsible for all acts and omissions of any such agent or attorney-in-fact. The Property Manager shall have all the limitations upon liability and all the indemnities for the actions and omissions of any such agent or attorney-in-fact that it has for its own actions hereunder pursuant to Article V, and any such agent or attorney-in-fact shall have the benefit of all the limitations upon liability, if any, and all the indemnities provided to the Property Manager under Section 5.03(a). Such indemnities shall be expenses, costs and liabilities of the Issuers, and any such agent or attorney-in-fact shall be entitled to be reimbursed therefor from the Collection Account as provided in Section 2.11 of the Indenture.

ARTICLE V

THE PROPERTY MANAGER AND THE SPECIAL SERVICER

Section 5.01. Liability of the Property Manager and the Special Servicer.

The Property Manager and the Special Servicer shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Property Manager and the Special Servicer, respectively, herein.

Section 5.02. Merger, Consolidation or Conversion of the Property Manager and the Special Servicer.

Subject to the following paragraph, the Property Manager and the Special Servicer shall each keep in full effect its existence, rights and franchises as a partnership, corporation, bank or association under the laws of the jurisdiction of its formation, and each will obtain and preserve its qualification to do business as a foreign partnership, corporation, bank or association in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Leases and the Mortgage Loans and to perform its respective duties under this Agreement.

Each of the Property Manager and the Special Servicer may be merged or consolidated with or into any Person, or may transfer all or substantially all of its assets to any

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Person, in which case any Person resulting from any merger or consolidation to which the Property Manager or the Special Servicer is a party, or any Person succeeding to the business of the Property Manager or the Special Servicer, will be the successor Property Manager or the successor Special Servicer, as the case may be, hereunder, and each of the Property Manager and the Special Servicer may transfer its rights and obligations under this Agreement to any Person; provided, however, that no such successor, surviving Person or transferee shall succeed to the rights of the Property Manager or the Special Servicer unless it shall have furnished to the Issuers, the Insurers and the Indenture Trustee the Series 2005-1 Insurer’s written consent and the Rating Condition is satisfied.

Section 5.03. Limitation on Liability of the Property Manager, the Special Servicer and the Back-Up Manager; Environmental Liabilities.

(a) None of the Property Manager, the Special Servicer or the Back-Up Manager or any director, officer, employee or agent of any such party or Control Person over any of them shall be under any liability to the Issuers, the Insurers, the Indenture Trustee or the holders of the Notes or the LLC Interests for any action taken, or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that none of the Property Manager, the Special Servicer or the Back-Up Manager shall be protected against any liability that would otherwise be imposed by reason of misfeasance, bad faith or negligence in the performance of obligations or duties hereunder. The Property Manager and the Special Servicer and the Back-Up Manger and any director, officer, employee, agent or Control Person of any of them shall be entitled to indemnification by the Issuers, payable, subject to Section 5.04 of the Indenture, from the Available Amount, against any loss, liability or expense incurred in connection with any legal action that relates to this Agreement, the Indenture, the Purchase and Sale Agreements or the Notes; provided, however, that such indemnification shall not extend to any loss, liability or expense incurred by reason of misfeasance, bad faith or negligence in the performance of obligations or duties under this Agreement. The Issuers, the Indenture Trustee and the Collateral Agent and any director, officer, employee, agent or Control Person of any of them shall be entitled to indemnification by the Property Manager, the Special Servicer and the Back-Up Manager, as applicable, against any loss, liability or expense incurred in the performance of obligations or duties by the Property Manager, the Back-Up Manager or the Special Servicer, as applicable, under this Agreement. None of the Property Manager, the Special Servicer or the Back-Up Manager, as applicable, shall be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its respective responsibilities under this Agreement and that in its opinion may involve it in any expense or liability; provided, however, that each of the Property Manager, the Back-Up Manager and the Special Servicer shall be permitted, in the exercise of its discretion, to undertake any such action that it may deem necessary or desirable with respect to the enforcement or protection of the rights and duties of the parties hereto or the interests of any Issuer hereunder. In such event, the legal expenses and costs of such action, and any liability resulting therefrom, shall be expenses, costs and liabilities of any such Issuer, the Property Manager, the Special Servicer and the Back-Up Manager, as the case may be, and such parties shall be entitled to be reimbursed therefore in accordance with Section 2.1l(b) of the Indenture.

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(b) The Property Manager shall enforce or pursue in accordance with the Servicing Standard any claim for payment, indemnity or reimbursement available to any of the Issuers or the Indenture Trustee in respect of any environmental liabilities, losses, claims, costs or expenses, including, without limitation, any right to payment under an Environmental Indemnity Agreement or a Performance Undertaking. The Property Manager shall seek payment from the Support Provider for any indemnities due under an Environmental Indemnity Agreement to the extent any such amounts are not paid by the applicable Issuer on a current basis from the Available Amount remaining after payment of all other amounts owed by such Issuer on any Payment Date. Any amounts advanced by Spirit Finance, in its capacity as Property Manager, in respect of environmental matters that are payable by the applicable Issuer under an Environmental Indemnity Agreement and are not reimbursed on a current basis as described above, shall be deemed to be payment by Spirit Finance, in its capacity as Support Provider, and Spirit Finance shall not be entitled to reimbursement of any such amounts as a Property Protection Advance.

Section 5.04. Term of Service; Property Manager and Special Servicer Not to Resign.

The Issuers may, upon written consent by the Series 2005-1 Insurer and written notice (without any requirement of consent) to the Property Manager and the Special Servicer, transfer the servicing duties and obligations of the Property Manager or the Special Servicer or both to a new servicer or servicers. Any such transfer shall be contingent upon receipt by the Indenture Trustee of written confirmation from: (1) each Rating Agency that such transfer will not adversely affect its then current rating of the Notes without giving effect to any Insurance Policy; and (2) the replacement Property Manager or Special Servicer of its acceptance of its appointment. The Issuers and the replacement Property Manager or Special Servicer shall execute and deliver a transfer agreement (the “Servicing Transfer Agreement”) mutually agreed upon in advance and effective on the transfer date (the “Servicing Transfer Date”), whereby the replacement Property Manager or Special Servicer will agree to perform all of the duties and obligations of the Property Manager or the Special Servicer, as the case may be, under this Agreement. The replacement Property Manager and Special Servicer shall be entitled to payment of a prorated portion (which shall be based on actual days of service and a year of 365 or 366 days, as applicable) of the Property Management Fee and the Special Servicing Fee during its term of service. Each Servicing Transfer Agreement shall include any additional terms and provisions that the parties to this Agreement reasonably determine are necessary or appropriate and which additional terms and provisions shall be approved by all the parties to the Servicing Transfer Agreement, which approvals shall not be unreasonably withheld. The Servicing Transfer Agreement shall contain a provision stating that the former Property Manager or Special Servicer is relieved from all liability under this Agreement for acts or omissions occurring after the Servicing Transfer Date.

Neither the Property Manager nor the Special Servicer shall resign from the obligations and duties hereby imposed on it, except upon determination that its duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it, such other activities causing such a conflict being of a type and nature carried on by the Property Manager or the Special Servicer, as the case may

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be, at the date of this Agreement. Any such determination permitting the resignation of the Property Manager or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel to such effect that shall be delivered to the Issuers, the Insurers and the Indenture Trustee. No such resignation shall become effective until the Back-Up Manager or another successor shall have assumed the responsibilities and obligations of the resigning party hereunder. Notwithstanding the foregoing, each of the Property Manager and the Special Servicer may cause all of the obligations and duties imposed on it by this Agreement to be assumed by, and may assign its rights, benefits or privileges hereunder to, an Affiliate or, with the prior written approval of the Issuers and the Series 2005-1 Insurer (such approval not to be unreasonably withheld), a servicer that is not an Affiliate, in each case, upon its delivery to the Issuers, the Insurers and the Indenture Trustee of written confirmation from each Rating Agency that such a transfer and assignment will not adversely affect its then-current rating of the Notes without giving effect to any Insurance Policy, and the assumption by the assignee of all of the obligations and duties of the Property Manager and/or the Special Servicer, as applicable. Upon any such assignment and assumption by the assignee of all of the obligations of the Property Manager and/or the Special Servicer, the assignor, Spirit Finance (or its successor acting prior to such assignment), shall be relieved from all liability hereunder for acts or omissions of the Property Manager and/or the Special Servicer, as applicable, occurring after the date of the assignment and assumption.

If the Property Manager, Special Servicer or Back-Up Manager shall resign pursuant to this Section 5.04 or be removed pursuant to Section 6.01, then such resigning Property Manager, Special Servicer or Back-Up Manager, as applicable, must pay all reasonable costs and expenses associated with the transfer of its duties. If the Property Manager, Special Servicer or Back-Up Manager shall be removed pursuant to this Section 5.04, then the party requesting such removal of the Property Manager, Special Servicer or Back-Up Manager, as applicable, shall pay all reasonable costs and expenses associated with the transfer of its duties.

Except as expressly provided herein, neither the Property Manager nor the Special Servicer shall assign or transfer any of its rights, benefits or privileges hereunder to any other Person or delegate to or subcontract with, or authorize or appoint, any other Person to perform any of the duties, covenants or obligations to be performed by it hereunder, or cause any other Person to assume such duties, covenants or obligations. If, pursuant to any provision hereof, the duties of the Property Manager or the Special Servicer are transferred by an assignment and assumption to a successor thereto, the entire amount of compensation payable to the Property Manager or the Special Servicer, as the case may be, that accrues pursuant hereto from and after the date of such transfer shall be payable to such successor.

Section 5.05. Rights of Certain Persons in Respect of the Property Manager and the Special Servicer.

Each of the Property Manager and the Special Servicer shall afford to the other and, also to the Issuers, the Insurers and the Indenture Trustee, upon reasonable notice, during normal business hours, (a) access to all records maintained by it relating to the Mortgage Loans, Mortgaged Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder and (b) access to such of its officers as are responsible for such obligations. The Issuers may, but are not obligated to, enforce the obligations of the Property

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Manager and the Special Servicer hereunder and may, but are not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or exercise the rights of the Property Manager or the Special Servicer hereunder, provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuer shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Section 5.06. [Reserved].

Section 5.07. Property Manager or Special Servicer as Owner of Notes.

The Property Manager or an Affiliate of the Property Manager, or the Special Servicer or an Affiliate of the Special Servicer, may become the holder of any Notes or any LLC Interests with the same rights as it would have if it were not the Property Manager, the Special Servicer or any such Affiliate. Subject to Section 3.19, if, at any time during which the Property Manager, the Special Servicer or any of their respective Affiliates is the holder of any Note or LLC Interest, the Property Manager or the Special Servicer proposes to take or omit to take action (i) which action or omission is not expressly prohibited by the terms hereof and would not, in the Property Manager or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) which action, if taken, or omission, if made, might nonetheless, in the Property Manager’s or the Special Servicer’s good faith judgment, be considered by other Persons to violate the Servicing Standard, the Property Manager or the Special Servicer may, but need not, seek the approval of the holders of the Notes and the LLC Interests to such action or omission by delivering to the Issuers, the Insurers and the Indenture Trustee a written notice that (a) states that it is delivered pursuant to this Section 5.07, (b) identifies the portion of Notes and LLC Interests beneficially owned by the Property Manager or the Special Servicer or an Affiliate of the Property Manager or the Special Servicer, as applicable, and (c) describes in reasonable detail the action that the Property Manager or the Special Servicer, as the case may be, proposes to take. Upon receipt of such notice, the Issuers shall forward such notice to the applicable holders of the LLC Interests. If, at any time, the holders of LLC Interests representing greater than 50% of the LLC Interests and a Requisite Global Majority (calculated without regard to the Notes or LLC Interests beneficially owned by the Property Manager and .its Affiliates or the Special Servicer and its Affiliates, as applicable) separately consent in writing to the proposal described in the related notices, and if the Property Manager or the Special Servicer shall act as proposed in the written notice, and if the Property Manager or the Special Servicer, as the case may be, takes action or omits to take action as proposed in such notice, such action or omission will be deemed to comply with the Servicing Standard. It is not the intent of the foregoing provision that the Property Manager or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder, but rather in the case of unusual circumstances.

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ARTICLE VI

SERVICER REPLACEMENT EVENTS

Section 6.01. Servicer Replacement Events.

(a) “Servicer Replacement Event,” wherever used herein with respect to the Property Manager or Special Servicer, means any one of the following events:

(i) any failure by the Property Manager or the Special Servicer to remit moneys, as required under the Indenture or this Agreement, to the Collection Account, the Release Account or the Payment Account, which failure remains unremedied for one (1) Business Day; or

(ii) the Property Manager fails to make any Property Protection Advance, or fails to pay (or, in the event the Property Manager is Spirit Finance, fails to direct the Indenture Trustee to pay) any Emergency Property Expense from funds on deposit in the Collection Account, in each case as required by the Indenture or this Agreement, which failure remains unremedied for three (3) Business Days; or

(iii) either the Property Manager or the Special Servicer fails to comply in any material respect with any other of the covenants or agreements on the part of the Property Manager or the Special Servicer, as the case may be, contained in this Agreement, which failure continues unremedied for a period of 30 days after the date on which notice of such failure is given to the Property Manager or the Special Servicer, as applicable (15 days in the case of a failure to pay the premium for any insurance policy required to be maintained pursuant to this Agreement or such fewer days as may be required to avoid the commencement of foreclosure proceedings for unpaid real estate taxes or the lapse of insurance, as applicable); provided, however, that if the failure is capable of being cured and the Property Manager or Special Servicer is diligently pursuing that cure, the 30 day period will be extended for another 30 days; or

(iv) any breach on the part of the Property Manager or the Special Servicer of any representation or warranty contained in this Agreement that materially and adversely affects the interests of any Issuer, Noteholder or Insurer and that continues unremedied for a period of 30 days after the date on which notice of such breach is given to the Property Manager or the Special Servicer, as applicable; provided, however, that if the breach is capable of being cured and the Property Manager or the Special Servicer is diligently pursuing that cure, the 30 day period will be extended for another 30 days; or

(v) the Property Manager or the Special Servicer consents to the appointment of a receiver, liquidator, trustee or similar official relating to it or relating

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to all or substantially all of its assets or admits in writing its inability to pay its debts or takes other actions indicating its insolvency or inability to pay its obligations; or

(vi) a decree or order of a court having jurisdiction in any involuntary case for the appointment of a receiver, liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings is entered against the Property Manager or the Special Servicer and the decree or order remains in force for a period of 60 days; provided, that if any decree or order cannot be discharged, dismissed or stayed within the 60-day period, the Property Manager or Special Servicer will have an addition 30 days to effect the discharge, so long as it commenced proceedings to have the decree or order dismissed within the initial 60-day period and it is continuing to pursue the discharge; or

(vii) the Property Manager or the Special Servicer assigns any of its obligations to any third party other than as permitted under this Agreement or any other Transaction Document and does not remedy such breach within five Business Days of such assignment; or

(viii) the Property Manager or the Special Servicer fails to observe any material reporting requirements, which failure remains unremedied, in the case of monthly insurance draw notices to the Insurers pursuant to Section 4.01, if such notice is not delivered by 12:00 p.m. (New York City time) on the second Business Day immediately prior to the related Payment Date, or if such notice was timely delivered but with a material defect, three (3) Business Days after notice of such defect requiring the same to be remedied, shall have been given to the Property Manager or the Special Servicer, as applicable, by any other party hereto or an Insurer, and otherwise, 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Property Manager or the Special, as applicable, by any other party hereto or by an Insurer; or

(ix) the Issuers or the Indenture Trustee has received notice in writing from any applicable Rating Agency citing servicing concerns stating that the continuation of the Property Manager or the Special Servicer in such capacity would be the sole cause of or be a material reason for a downgrade, qualification or withdrawal of any of the ratings then assigned by such Rating Agencies to any Class of Notes, without giving effect to any related Insurance Policy; or

(x) In addition, for so long as Spirit Finance is the Property Manager or Special Servicer, the following Servicer Replacement Events will be applicable:

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(A) either (i) a Change of Control of Spirit Finance has occurred without the prior written consent of the Insurers or (ii) a change of a majority of the members of Spirit Finance’s board of directors without the new directors having been approved by the board of directors that existed immediately prior to the appointment of such new directors;

(B) an Early Amortization Event (if such Early Amortization Event is not waived) or Event of Default has occurred and is continuing;

(C) Spirit Finance shall permit its Net Worth at the end of any fiscal quarter to be less than $400,000,000;

(D) any final judgment in excess of $5,000,000 is entered against Spirit Finance that is not paid, discharged, bonded or stayed within 60 days; or

(E) the ratio of Total Indebtedness to Total Assets with respect to Spirit Finance is equal to or greater than 75% as of the end of any fiscal quarter.

When a single entity acts as Property Manager and Special Servicer, a Servicer Replacement Event in one capacity shall constitute a Servicer Replacement Event in each capacity; provided, however, that, subject to Section 6.01(b), the Issuers may (with the consent of the Series 2005-1 Insurer) at their option elect to terminate the Property Manager or the Special Servicer in one or the other capacity rather than both such capacities. Each of the Property Manager and the Special Servicer will notify the Indenture Trustee and the Insurers in writing of the occurrence of a Servicer Replacement Event or an event that, with the giving of notice or the expiration of any cure period, or both, would constitute a Servicer Replacement Event promptly upon obtaining knowledge thereof.

(b) (i) If any Servicer Replacement Event with respect to the Property Manager or the Special Servicer (in either case, for purposes of this Section 6.01(b), the “Defaulting Party”) shall occur and be continuing, then, and in each and every such case, so long as the Servicer Replacement Event shall not have been remedied, the Issuers (i) may, with the consent of the Series 2005-1 Insurer (and shall at the direction of the Series 2005-1 Insurer), (x) terminate the Defaulting Party by notice in writing to the Defaulting Party (with a copy of such notice to each other party hereto) and (y) terminate all of the rights and obligations accruing from and after such notice of the Defaulting Party under this Agreement and in and to the Collateral (other than as a holder of any Note or LLC Interest). In addition, upon the occurrence of a Servicer Replacement Event, the Indenture Trustee may (with the consent of the Requisite Global Majority), and shall at the direction of the Requisite Global Majority, terminate the Property Manager and/or Special Servicer, as applicable. In addition, the Series 2005-1 Insurer shall be entitled to terminate the rights and obligations of the Property Manager and/or the Special Servicer under this Agreement, upon 30 Business Days’ written notice to the Property Manager, the Special Servicer and the Indenture Trustee. Following any such termination, the Back-up Manager shall serve as Property Manager and/or Special Servicer, as

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applicable, subject to and in accordance with Section 6.02(b) and, the Issuers may appoint a successor property manager (the “Successor Property Manager”) and/or a successor special servicer (the “Successor Special Servicer”) in accordance with Section 6.01(b)(iii), each of which shall serve as and have all the rights and obligations of the Property Manager of the Special Servicer, as applicable.

(ii) Any such appointment of a Successor Property Manager or Successor Special Servicer will be subject to, among other things, (i) the satisfaction of the Rating Condition, (ii) the Series 2005-1 Insurer’s prior written consent and (iii) the written agreement of the Successor Property Manager or Successor Special Servicer to be bound by the terms and conditions of this Agreement, together with an Opinion of Counsel regarding the enforceability of such agreement Subject to the foregoing, any person, including any holder of Notes or LLC Interests or any Affiliate thereof, may be appointed as Successor Property Manager or Successor Special Servicer.

(iii) . In the event that a Successor Property Manager or Successor Special Servicer has failed to assume the responsibilities of the Property Manager or Special Servicer as provided in this Agreement within 30 days of written notice of termination to the Defaulting Party (the “Successor Replacement Date”), the Back-Up Manager shall be the Property Manager or the Special Servicer, as applicable under this Agreement; provided, however, that the issuers shall have the right to replace the Back-Up Manager acting as Property Manager or Special Servicer without cause upon 30 days written notice, subject to the Series 2005-1 Insurer’s written consent.

(iv) Each of the Property Manager and the Special Servicer agrees that, if it is terminated pursuant to this Section 6.0 l(b), it shall promptly (and in any event not later than ten (10) Business Days prior to the effective date of such termination) provide the Back-Up Manager or any Successor Property Manager or Successor Special Servicer, as applicable, with all documents and records in accordance with Section 6.02(b) and shall cooperate with such successor in effecting the termination of the responsibilities and rights of the Property Manager or Special Servicer hereunder, including the transfer within two (2) Business Days after receipt by the terminated Property Manager or Special Servicer to the Back-Up Manager or any Successor Property Manager for administration by it of all cash amounts that shall at the time be or should have been credited to the Collection Account, the Release Account or any Servicing Account or thereafter be received by or on behalf of it with respect to any Mortgage Loan, Lease or Mortgaged Property; provided, however, that the Property Manager and the Special Servicer each shall, if terminated pursuant to this Section 6.01(b), continue to be obligated for or entitled to pay or receive all amounts accrued or owing by or to it under this Agreement on or prior to the date of such termination, whether in respect of Property Protection Advances or otherwise, and it and its directors, officers, employees and agents shall continue to be entitled to the benefits of Section 5.03(a) notwithstanding any such termination.

Section 6.02. Back-Up Manager.

(a) Following the Successor Replacement Date with respect to the Property Manager, the Property Manager shall arrange for the delivery to the Back-Up Manager of all of the Servicing Files, which Servicing Files shall contain sufficient data to permit the Back-Up Manager to assume the duties of the Property Manager or Special Servicer hereunder without

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delay on account of the absence of relevant servicing information. Following the Successor Replacement Date with respect to the Special Servicer, the Property Manager or the Special Servicer, as applicable, shall arrange for the delivery to the Back-Up Manager of each of the Servicing Files for any Specially Serviced Asset, which Servicing Files shall contain sufficient data to permit the Back-Up Manager to assume the duties of the Special Servicer hereunder without delay on account of the absence of relevant servicing information.

(b) Following the Successor Replacement Date, the Back-Up Manager shall use reasonable efforts to diligently complete the physical transfer of servicing from the terminated Property Manager or Special Servicer with the cooperation of such Defaulting Party. From and after the date physical transfer of servicing is completed (the “Back-Up Servicing Transfer Date”), the Back-Up Manager shall service and/or specially service the Mortgage Loans and Leases in accordance with the provisions of this Agreement with all the rights and obligations of the Property Manager and the Special Servicer and shall have no liability or responsibility with respect to any obligations of each Defaulting Party, arising prior to the Transfer Date. The Issuers, if they determine in their reasonable discretion that enforcement rights and/or remedies are available to the holders of the Notes against the terminated Property Manager or Special Servicer and it is prudent under the circumstances to enforce such rights, agree to enforce their rights under this Agreement against the terminated Property Manager or Special Servicer, including any rights they have to enforce each Defaulting Party’s obligation to fully cooperate in the orderly transfer and transition of servicing and otherwise comply with the terms of this Agreement. In the event that the Back-Up Manager discovers or becomes aware of any errors in any records or data of each Defaulting Party’s which impairs its ability to perform its duties hereunder, the Back-Up Manager shall notify the Issuers, each Insurer and the Indenture Trustee in writing of such errors and shall, at each Defaulting Party’s expense and upon the Issuers’ direction, undertake to correct or reconstruct such records or data.

(c) From and after the date of this Agreement until the Back-Up Servicing Transfer Date, the Property Manager shall provide or cause to be provided to the Back-Up Manager on the 20^th day of each month, in electronic form, a complete data tape of the Mortgage Loan Schedule, the Mortgaged Property Schedule and such other information as any Issuer or any Insurer may reasonably deem necessary, including all information necessary to determine the Release Price and original purchase price paid by, Originator, and shall make available to the Back-Up Manager a copy of the Determination Date Report and any Special Servicer Report. The Back-Up Manager will perform an initial comprehensive data integrity review and a monthly review of this information to determine whether it provides adequate information to enable the Back-Up Manager to perform its obligations hereunder as the Back- Up Manager. To the extent that the Back-Up Manager determines within ten (10) calendar days of its receipt of such information that such information is adequate for the Back-Up Manager to perform its obligations as the Back-Up Manager, the Back-Up Manager will provide the Issuers and the Indenture Trustee with written notice to that effect. To the extent that the Back-Up Manager determines within ten (10) calendar days of its receipt of such information that such information is inadequate for the Back-Up Manager to perform its obligations as the Back-Up Manager, the Back-Up Manager will provide prompt written notice to the Issuers, each Insurer and the Property Manager identifying any deficiencies in such information that do not enable the Back-Up Manager to perform its obligations as the Back-Up Manager. The Property

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Manager shall use its best efforts to provide any such deficient information to the Back-Up Manager within ten (10) calendar days of receipt of such notice from the Back-Up Manager.

(d) Within ten (10) Business Days of the date of receipt from the Property Manager, the Back-Up Manager shall, in order to understand the purpose of each data field (and the interrelationships among such data fields), review the form of Determination Date Report, the Special Servicer Report and the Modified Collateral Detail and Realized Loss Report, each in the form agreed to by the Property Manager, the Series 2005-1 Insurer and the Back-Up Manager. Provided the data in the Determination Date Report, the Special Servicer Report and the Modified Collateral Detail and Realized Loss Report are in a format readable by the Back- Up Manager, the Back-Up Manager shall create a set of conversion routines and database mapping programs, as necessary, that will enable the Back-Up Manager to (i) receive such data from the Property Manager on a monthly basis and to ensure that the data is readable, and (ii) independently generate such Determination Date Reports and Special Servicer Reports, as applicable, following the Back-Up Servicing Transfer Date.

(e) On a monthly basis, the Back-Up Manager shall (x) verify receipt of the Determination Date Report and the Special Servicer Report required to be delivered by the Property Manager, together with any other records and data supplied to the Issuers, Insurers, Indenture-Trustee, or otherwise hereunder, by Property Manager with respect to the Mortgage Loans and Leases, and (y) verify that such records and data are in a readable format.

(f) The Back-Up Manager may resign from its obligations under this Agreement (i) with the consent of the Requisite Global Majority, (ii) upon a determination that such obligations are no longer permitted under applicable law or (iii) if the Back-Up Manager identifies a successor back-up manager who agrees to undertake the obligations of the Back-Up Manager under this Agreement and receives the written consent of the Series 2005-1 Insurer and written confirmation of satisfaction of the Rating Condition.

Section 6.03. Additional Remedies of the Issuers and the Indenture Trustee upon a Servicer Replacement Event.

During the continuance of any Servicer Replacement Event, so long as such Servicer Replacement Event shall not have been remedied, in addition to the rights specified in Section 6.01, the Issuers shall have the right, and the Indenture Trustee shall have the right, in its own name and as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Insurers, the holders of the LLC Interests and the Notes (including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Replacement Event.

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ARTICLE VII

TRANSFERS AND EXCHANGES OF MORTGAGED PROPERTIES AND MORTGAGE

LOANS BY THE APPLICABLE ISSUERS; RELEASE OF MORTGAGED PROPERTIES

AND MORTGAGE LOANS BY THE APPLICABLE ISSUERS.

Section 7.01. Released Mortgage Loans and Released Mortgaged Properties.

(a) The applicable Issuers may obtain the release (the “Release”) of Mortgage Loans or Mortgaged Properties (any such Mortgage Loan or Mortgaged Property, a “Released Mortgage Loan” or “Released Mortgaged Property” as applicable) in connection with (i) the exercise of a Third Party Purchase Option, (ii) the purchase or substitution of a Delinquent Asset or Defaulted Asset by the Special Servicer or the Property Manager or any assignee thereof, (iii) the repurchase or substitution of a Mortgage Loan or Mortgaged Property by the related Originator or Support Provider due to a Collateral Defect, (iv) the sale of a Mortgage Loan or Mortgaged Property to a third party or to a Spirit SPE or (v) the exchange of a Mortgage Loan or Mortgaged Property with a third party, the Support Provider or a Spirit SPE; provided, however, that in no event shall the applicable Issuer obtain any such release unless, after giving effect to any such Release and any resulting changes to the Collateral Pool, the Indenture Trustee shall have received an Opinion of Counsel to the effect that, for U.S. federal income tax purposes, no tax gain or loss will be recognized by any Noteholder or any Issuer with respect to any outstanding Series solely as a result of such Release and the resulting changes in the Collateral Pool (the “Tax Required Condition”). In addition, without the consent of the Series 2005-1 Insurer and at least 20 days’ prior written notice to the Rating Agencies, no Mortgage Loan or Mortgaged Property shall constitute a Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property, as applicable, unless, after giving effect to the transfer of such Mortgage Loan or Mortgaged Property to the applicable Issuer in exchange for a Released Mortgage Loan or Released Mortgaged Property, as applicable, either (i) no Property Concentration shall exceed the applicable Maximum Property Concentration, or (ii) if any Property Concentration on the date of such substitution exceeds the related Maximum Property Concentration, such Property Concentration shall be reduced or remain unchanged after giving effect to such substitution.

(b) Except in connection with the release of a Mortgage Loan or a Mortgaged Property in exchange for a Qualified Substitute Mortgage Loan or a Qualified Substitute Mortgaged Property, the applicable Issuer will be required to obtain the applicable Release Price in order to obtain the Release of a Mortgage Loan or Mortgaged Property. The “Release Price” for any Mortgage Loan or Mortgaged Property will be an amount equal to (i) the Third Party Option Price if the release occurs in connection with any Third Party Purchase Option, (ii) the Fair Market Value with respect to any Delinquent Asset or Defaulted Asset purchased by the Special Servicer or the Property Manager or any assignee thereof (provided, that the Fair Market Value is equal to or greater than the Allocated Collateral Amount thereof), (iii) the Payoff Amount with respect to any Mortgage Loan or Mortgaged Property repurchased by the related Originator or the Support Provider due to a Collateral Defect, (iv) the greater of (A) the Fair Market Value and (B) the sum of 125% of the Allocated Collateral Amount plus

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unreimbursed Property Protection Advances (plus Advance Interest thereon) and Emergency Property Expenses for any Mortgage Loan or Mortgaged Property sold to a third party or a Spirit SPE or (v) the Fair Market Value of any Mortgage Loan or Mortgaged Property, as applicable, if the Property Manager or the Special Servicer deems the release and sale of such Mortgage Loan or Mortgaged Property to be in the best interest of the Noteholders and the Series 2005-1 Insurer gives its prior written consent (such consent not to be unreasonably withheld) to the release and sale of such Mortgage Loan or Mortgaged Property. In determining the Fair Market Value, the Property Manager or the Special Servicer, as applicable, shall establish a price determined to be the most probable price which such Mortgage Loan or Mortgaged Property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. In making any such determination, the Property Manager or Special Servicer may obtain an MAI appraisal of the related Mortgaged Property and shall assume the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (i) buyer and seller are typically motivated; (ii) both parties are well informed or well advised, and acting in what they consider their best interests; (iii) a reasonable time is allowed for exposure in the open market; (iv) payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (v) the price represents the normal consideration for such Mortgage Loan or Mortgaged Property unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. The Property Manager or Special Servicer shall take into account, among other factors, the period and amount of the delinquency on such Mortgage Loan or Lease, the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, and the time and expense associated with a purchaser foreclosing on the related Mortgaged Property. In addition, the Property Manager or the Special Servicer, as applicable, shall refer to all other relevant information obtained by it or otherwise contained in the Servicing File, taking into account any change in circumstances regarding the related Mortgaged Property known to the Property Manager or the Special Servicer, as applicable, that would materially affect the value of the related Mortgaged Property reflected in the most recent appraisal. Furthermore, the Property Manager or the Special Servicer, as applicable, may consider objective third party information obtained from generally available sources, as well as information obtained from vendors providing real estate services to the Property Manager or the Special Servicer, as applicable, concerning the market for distressed real estate loans and the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Property Manager or the Special Servicer, as applicable, may also conclusively rely on any opinions or reports of qualified independent experts in real estate or commercial mortgage loan matters. All reasonable out-of-pocket costs and expenses incurred by the Property Manager or the Special Servicer, as applicable, pursuant to making a determination of Fair Market Value shall constitute, and be reimbursable as, Property Protection Advances.

(c) Any Release Price (plus sales proceeds in excess thereof (any such excess amount, a “Purchase Premium”)) received by the applicable Issuer in connection with the release of a Mortgage Loan or Mortgaged Property shall first be deposited into the Release Account and, after payment of any unreimbursed Extraordinary Expenses, Property Protection Advances (plus Advance Interest thereon) and Emergency Protection Expenses related to such

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Mortgage Loan or Mortgaged Property and the expenses related to such Release pursuant to Section 3.11(e), shall either (i) be applied by such Issuer to acquire a Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property, as applicable, within twelve months following the related Release or (ii) subsequently be deposited as Unscheduled Proceeds into the Collection Account to be paid as Unscheduled Principal Payments on the related Payment Date. Any amounts remaining in the Release Account, related to such a Release and following such twelve month period will be transferred as Unscheduled Proceeds into the Collection Account and applied as Unscheduled Principal Payments on the following Payment Date. Notwithstanding the foregoing, during the continuance of an Early Amortization Event, all amounts on deposit in the Release Account will be transferred as Unscheduled Proceeds into the Collection Account and applied as Unscheduled Principal Payments on the following Payment Date.

Section 7.02. Third Party Purchase Options; Release of Mortgaged Properties to Affiliates under Defaulted or Delinquent Assets; Other Sales or Exchanges.

(a) In the event any third party authorized to do so exercises a Third Party Purchase Option in accordance with the terms of the applicable Lease, the Third Party Option Price paid by such third party shall be deposited into the Release Account, at the direction of the Property Manager, and upon receipt of an Officer’s Certificate from the Property Manager to the effect that such deposit has been made (which the Property Manager shall deliver to the Indenture Trustee, each Insurer and the Issuers promptly after such deposit is made), the Indenture Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be provided to it by the Property Manager and are reasonably necessary to release the related Mortgage or any other lien on or security interest in such Mortgaged Property (each, a “Third Party Option Mortgaged Property”); provided, however, that the Tax Required Condition is met. Each of the applicable Issuers and the Property Manager hereby covenant and agree that they shall not solicit any Person to exercise any Third Party Purchase Option.

(b) A Mortgaged Property leased under any Delinquent Asset or any Defaulted Asset, or a Mortgage Loan secured by such a Mortgaged Property, may at the option of the Property Manager or Special Servicer be (a) purchased by the Special Servicer or the Property Manager or any assignee thereof for cash in an amount equal to the applicable Release Price, or (b) substituted for one or more Qualified Substitute Mortgaged Properties or Qualified Substitute Mortgage Loans owned by the Special Servicer, the Property Manager or any assignee thereof; provided, that no Early Amortization Event has occurred and is continuing or would occur as a result of such purchase or substitution; provided, further, that the Tax Required Condition is met. With respect to any Lease that is a Defaulted Asset, if such Lease has not been assumed and the related Mortgaged Property has not been sold or re-leased within 24 months of such Defaulted Asset becoming a Specially Serviced Asset, the Series 2005-1 Insurer may, upon written notice and subject to the Tax Required Condition, require the Property Manager or Special Servicer to sell such Mortgaged Property.

(c) The applicable Issuer may (i) sell any of its Mortgage Loans or Mortgaged Properties and related Leases for cash equal to any amount not less than the applicable Release

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Price or (ii) exchange such Mortgage Loan or Mortgaged Property for one or more Qualified Substitute Mortgage Loans or Qualified Substitute Mortgaged Properties, as applicable, in each case in a transaction with a third party or a Spirit SPE; provided, however, that the Tax Required Condition is met (as evidenced by an Opinion of Counsel) and that any Spirit SPE purchasing such Mortgage Loan or Mortgaged Property may not thereafter transfer or sell such Mortgage Loan or Mortgaged Property to the Support Provider or any Affiliate thereof that was a prior owner of such Mortgage Loan or Mortgaged Property without the receipt of a favorable Opinion of Counsel.

Section 7.03. Transfer of Lease to New Mortgaged Property.

In the event a Tenant under a Lease requests that such Lease be modified to apply to a property (owned by such Tenant or an Affiliate thereof) other than the related Mortgaged Property, the substitute property will be acquired by the applicable Issuer (with the consent of the Property Manager or Special Servicer, as applicable) from such Tenant or Affiliate thereof in exchange for the original Mortgaged Property (each such original Mortgaged Property, a “Lease Transfer Mortgaged Property”) and such substitute property will be mortgaged to the Indenture Trustee; provided, however, that none of the applicable Issuer, the Property Manager or the Special Servicer shall consent to the substitution of a Lease Transfer Mortgaged Property unless (i) the substituted property is a Qualified Substitute Mortgaged Property, (ii) the Property Manager or Back-up Manager is reimbursed for all Property Protection Advances and Emergency Property Expenses related to the Lease Transfer Mortgaged Property pursuant to Section 3.11(e) and (iii) the Tax Required Condition is met. Upon the Indenture Trustee’s receipt of an Officer’s Certificate from the Property Manager to the effect that such modification or substitution has been completed in accordance with the terms hereof (which shall include a certification that the applicable Issuer has executed and delivered a Mortgage with respect thereto to the Indenture Trustee), the Indenture Trustee shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse, as shall be provided to it by such Issuer and are reasonably necessary to release any lien or security interest in the Lease Transfer Mortgaged Property, whereupon such Lease Transfer Mortgaged Property may be sold, transferred or otherwise disposed of by such Issuer, free and clear of the lien of the Indenture and any Mortgage. Any proceeds of such sale, transfer or other disposition shall not constitute part of the Collateral and shall not be deposited in the Collection Account or the Release Account.

ARTICLE VIII

TERMINATION

Section 8.01. Termination Upon Repurchase or Liquidation of All Mortgaged Properties or Discharge of Indenture.

The respective obligations and responsibilities under this Agreement of the Property Manager, the Special Servicer, the Back-Up Manager and the Issuers shall terminate upon the earlier of (i) liquidation or final payment under the last remaining Mortgage Loan or

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Lease with respect to a Mortgaged Property included in the Collateral Pool and (ii) satisfaction of the indebtedness evidenced by the Notes and all amounts owed to the Insurers.

ARTICLE IX

MISCELLANEOUS PROVISIONS

Section 9.01. Amendment.

Subject to the provisions of Article VIII of the Indenture governing amendments, supplements and other modifications to this Agreement, this Agreement may be amended by the parties hereto from time to time but only by the mutual written agreement signed by the parties hereto with the prior written consent of the Series 2005-1 Insurer and 20 days’ prior written notice to the Rating Agencies. The Property Manager shall furnish to each party hereto and to the Issuers a fully executed counterpart of each amendment to this Agreement.

The parties hereto agree that no modifications or amendments will be made to the Indenture, any Series Supplement or other Transaction Documents without the consent of the Property Manager, the Special Servicer or the Back-up Manager, as applicable, if such person would be materially adversely affected by such modification or amendment, regardless of whether such person is a party to such agreement.

Section 9.02. Counterparts.

This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute but one and the same instrument.

Section 9.03. GOVERNING LAW.

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 9.04. Notices.

All notices, requests and other communications hereunder shall be in writing and, unless otherwise provided herein, shall be deemed to have been duly given if delivered by courier or mailed by first class mail, postage prepaid, or if transmitted by facsimile and confirmed in a writing delivered or mailed as aforesaid, to:

(a) in the case of the Property Manager and the Special Servicer, Spirit Finance Corporation, 00000 X. Xxxxxxxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxx 00000, Attention: Xxxxxxxxx Xxxx, Chief Financial Officer, facsimile number: 000-000-0000, with a

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copy to Xxxxx Xxxx LLP, 0000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxx 00000, Attention: Xxxx X. Xxxxxx, facsimile number: 000-000-0000;

(b) in the case of the Back-Up Manager, Midland Loan Services, Inc., X.X. Xxx 00000, Xxxxxxx Xxxxxxx, Xxxxxx 00000-0000, Attention: President, facsimile number: 000-000-0000, with a copy to Xxxxxxx Xxxxxxxx Xxxxxx LLP, 0000 Xxxxxx, Xxxxxx Xxxx, Xxxxxxxx 00000, Attention: Xxxxx X. Xxxxx, facsimile number 000-000-0000;

(c) in the case of the Issuers: Spirit Master Funding, LLC, 14631 X. Xxxxxxxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxx 00000, Attention: Xxxxxxxxx Xxxx, Chief Financial Officer, facsimile number: 000-000-0000, with a copy to Xxxxx Xxxx LLP, 0000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxx 00000, Attention: Xxxx X. Xxxxxx, facsimile number: 000-000-0000; or to the name and contact information of each Joining Party as provided in the applicable Joinder Agreement;

(d) in the case of the Indenture Trustee, Citibank, N.A., 000 Xxxxxxxxx Xxxxxx, 00^xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Structured Finance Agency and Trust-Spirit Master Funding, LLC, facsimile number: 000-000-0000;

(e) in the case of each Insurer, at its address for notices specified in the Indenture;

(f) in the case of any Originator, at its address for notices specified in the related Purchase and Sale Agreement; provided, however, that any notice required to be given hereunder to any Originator which has ceased to exist as a legal entity for any reason may be given directly to the Support Provider;

(g) in the case of the Support Provider, at its address for notices specified in the Performance Undertakings;

(h) in the case of Moody’s, Xxxxx’x Investors Service, Inc., 00 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Asset-Backed Monitoring, facsimile number: 000-000-0000; and

(i) in the case of S&P, Standard & Poor’s Rating Services, a division of The XxXxxx-Xxxx Companies, Inc., 00 Xxxxx Xxxxxx, 00^xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Asset-Backed Surveillance Department, facsimile number: 212-438-2435;

or, as to each such Person, to such other address and facsimile number as shall be designated by such Person in a written notice to parties hereto. Any notice required or permitted to be delivered to a holder of LLC Interests or Notes shall be deemed to have been duly given if mailed by first class mail, postage prepaid, at the address of such holder as shown in the register maintained for such purposes under the applicable LLC Agreement and the Indenture, respectively. Any notice so mailed within the time prescribed in this Agreement shall conclusively be presumed to have been duly given, whether or not such holder receives such notice.

-88-

Section 9.05. Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

Section 9.06. Effect of Headings and Table of Contents.

The article and section headings and the table of contents herein are for convenience of reference only and shall not limit or otherwise affect the construction hereof.

Section 9.07. Notices to Insurers and Rating Agencies.

(a) The Indenture Trustee shall promptly provide notice to the Insurers and the Rating Agencies with respect to each of the following of which the Indenture Trustee has actual knowledge:

(i) the occurrence of any Servicer Replacement Event that has not been cured; and

(ii) the resignation or termination of the Property Manager or the Special Servicer and the appointment of a successor.

(b) The Property Manager shall promptly provide notice to the Insurers and the Rating Agencies with respect to each of the following of which it has actual knowledge:

(i) the resignation or removal of the Indenture Trustee and the appointment of a successor;

(ii) any change in the location of the Collection Account or the Release Account;

(iii) any change in the identity of an Obligor; and

(iv) any addition or removal of a Mortgage Loan or Mortgaged Property from the Collateral.

(c) Each of the Property Manager and the Special Servicer, as the case may be, shall furnish each Rating Agency and the Insurers such information with respect to the Mortgage Loans, Leases and Mortgaged Properties as such Rating Agency or the Insurers shall reasonably request and that the Property Manager or the Special Servicer, as the case may be, can reasonably provide.

(d) Each of the Property Manager and the Special Servicer, as the case may be, shall promptly furnish the Insurers with copies of the following items:

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(i) each of its annual statements as to compliance described in Section 3.13;

(ii) each of its annual independent registered public accounting firm’s servicing reports described in Section 3.14; and

(iii) each report prepared by it pursuant to Section 3.12 or Section 4.01.

(e) Any Officer’s Certificate, Opinion of Counsel, report, notice, request or other material communication prepared by the Property Manager, the Special Servicer, the Issuer Members on behalf of each Issuer or the Indenture Trustee, or caused to be so prepared, for dissemination to any of the parties to this Agreement or any holder of Notes or LLC Interests shall also be concurrently forwarded by such Person to Spirit Finance, the Issuers, the Initial Purchasers and the Insurers to the extent not otherwise required to be so forwarded.

Section 9.08. Successors and Assigns: Beneficiaries.

The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Issuers, the Insurers and the holders of the Notes. No other person, including any Obligor, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement. Each Insurer is an intended third party beneficiary of this Agreement and will have the right to enforce this Agreement as if it were a party hereto.

Section 9.09. Complete Agreement.

This Agreement embodies the complete agreement among the parties with respect to the subject matter hereof and may not be varied or terminated except by a written agreement conforming to the provisions of Section 8.01 or Section 9.01, as applicable. All prior negotiations or representations of the parties are merged into this Agreement and shall have no force or effect unless expressly stated herein.

Section 9.10. Certain Rights of Insurers; Insurer Default.

(a) If an Insurer Default has occurred and is continuing, any provision giving the related Insurer the right to direct, appoint or consent to, approve of, or take any action (or waive any right to take action) under this Agreement, shall be inoperative; provided, however, that upon the cure of any such Insurer Default, such rights shall be reinstated.

(b) So long as no Insurer Default shall have occurred and be continuing, the related Insurer shall have the right to exercise all voting and consent rights otherwise granted to the Noteholders in this Agreement and any other Transaction Document, subject to Section 8.02 of the Indenture.

Section 9.11. Consent to Jurisdiction

Any action or proceeding against any of the parties hereto relating in any way to this Agreement may be brought and enforced in the courts of the State of New York sitting in the borough of Manhattan or of the United States District Court for the Southern District of New

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York and each of the parties hereto irrevocably submits to the jurisdiction of each such court in respect of any such action or proceeding. Each of the parties hereto hereby waives, to the fullest extent permitted by law, any right to remove any such action or proceeding by reason of improper venue or inconvenient forum.

Section 9.12. No Proceedings.

Each of the Property Manager and the Special Servicer hereby agrees that it shall not institute against, or join any other person or entity in instituting against, any of the Issuers, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceedings under any federal or state bankruptcy or similar law (including the U.S. Bankruptcy Code), for two years and 31 days after the last Note issued by the Issuers is paid in full. The agreements in this paragraph shall survive termination of this Agreement.

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IN WITNESS WHEREOF, Spirit Master Funding, LLC, the Property Manager, the Special Servicer and the Back-Up Manager have caused this Agreement to be duly executed by their respective officers or representatives all as of the day and year first above written.

SPIRIT MASTER FUNDING, LLC, as an Issuer
		By:		/s/ Xxxxxxxxx X. Xxxx
				Name: Xxxxxxxxx X. Xxxx
				Title: Chief Financial Officer
SPIRIT FINANCE CORPORATION, as Property Manager and Special Servicer
		By:		/s/ Xxxxxxx X. Xxxxxxx
				Name: Xxxxxxx X. Xxxxxxx
				Title: Senior Vice President
MIDLAND LOAN SERVICES, INC.
		as Back-Up Manager
		By:		/s/ Xxxxxxxx X. Xxxxxx
				Name: Xxxxxxxx X. Xxxxxx
				Title: Senior Vice President

Signature Page to Property Management and Servicing Agreement

STATE OF ARIZONA		)
		)		ss.:
COUNTY OF MARICOPA		)

On the 13 day of March, 2006, before me, a notary public in and for said State, personally appeared Xxxxxxxxx Xxxx, known to me to be the CFO of SPIRIT MASTER FUNDING, LLC, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

/s/  Xxxxxx Xxx. X. Xxxxxxx

Notary Public

[Notarial Seal]

STATE OF ARIZONA		)
		)		SS.:
COUNTY OF MARICOPA		)

On the 13 day of March, 2006, before me, a notary public in and for said State, personally appeared Xxxxxxx X Xxxxxxx, known to me to be the Senior Vice President of SPIRIT FINANCE CORPORATION, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

/s/  Xxxxxx Xxx. X. Xxxxxxx

Notary Public

[Notarial Seal]

STATE OF KANSAS		)
		)		ss.:
COUNTY OF XXXXXXX		)

On the 13th day of March, 2006, before me, a notary public in and for said State, personally appeared Xxxxxxxx X. Xxxxxx, known to me to be a Senior Vice President of MIDLAND LOAN SERVICES, INC., one of the entities that executed the within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

/s/  Xxxxx Xxxxxx

Notary Public

EXHIBIT A-l

MORTGAGED PROPERTY SCHEDULE

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Flying J. Inc.

Flying J Travel Plaza

000 Xxxxx Xxxx 000 Xxxx

Xxxxx Xxxxxxxxx

XX

00000

P0000892

Flying J. Inc.

Flying J Travel Plaza

00000 Xxx Xxxxxxx Xxxxxxx

Xxxxxxxxxxx

XX

00000

P0000893

Flying J. Inc.

Flying J Travel Plaza

5300 S SR 3

Spiceland

IN

47385

P0000894

Flying J. Inc.

Flying J Travel Plaza

00000 Xxxxx Xxxxx 000

Xxxxxxxxxxxx

XX

00000-0000

P0000895

America’s Power Sports

KC’s Powersports

00000 X. Xxxxxxxx Xxxxxxx

Xxxxxxxxxx

XX

00000

P0000896

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

0000 Xxxx Xxxxxx Xxxxxxx

XxxxXxxxxx

XX

00000

P0000897

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

000 Xxxx Xxxxxx Xxxx

Xxxx Xxxxxx

XX

00000

P0000898

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

0000 Xxx 000 Xxxxxx

Xxxx

XX

00000

P0000899

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

0000 Xxxxx Xxxxx Xxxxxx

Xxxxx

XX

00000

P0000900

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

000 00xx Xxxxxx Xxxxx

Xxxxxxxx

XX

00000

P0000901

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

0000 X. Xxxxxx Xxxxxxx Xxxx

Xxxxx

XX

00000

P0000902

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

0000 Xxxxxxxxxx Xxxxxxxxx [XXXXXXXXX]

Xxxxxxxxxxxx

XX

00000

P0000903

Xxxxxxxx’x Buffet, Inc.

Bamhill’s Buffet

0000 XX 00 Xxxxx

Xxxxxxx

XX

00000

P0000904

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

000 Xxxx Xxxx Xxxxxxxxx

Xxxxxxxxxxx

XX

00000

P0000905

Hastings Entertainment, Inc.

Hastings

000 00xx Xxxxxx Xxxxx

Xxxxx Xxxxx

XX

00000

P0000906

AMC Entertainment, Inc.

AMC Theatre

0000 X. Xxxxxxxxx Xxxx

Xxxxxxx

XX

00000

P0000907

Pike Holding Nursery LLC

Pike Plant Nursery

0000 Xxxxx Xxxxxx Xxxx

Xxxxxxxxxx

XX

00000

P0000908

Pike Holding Nursery LLC

Pike Plant Nursery

0000 Xxxxxx X. Xxxxxxx Xxxx

Xxxxxxxx

XX

00000

P0000909

Pike Holding Nursery LLC

Pike Plant Nursery

0000 Xxxxx Xxxxxxx Xxxx

Xxxxxx

XX

00000

P0000910

Pike Holding Nursery LLC

Pike Plant Nursery

0000 Xxxxxxx Xxxx

Xxxxxxx

XX

00000

P0000911

Pike Holding Nursery LLC

Pike Plant Nursery

0000 Xxxxxxx Xxxxxx Xxxx

Xxxxxxxxxx

XX

00000

P0000912

Pike Holding Nursery LLC

Pike Plant Nursery

0000 Xxxxxxx Xxxxx Xxxx

Xxxxxxxx

XX

00000

P0000913

Grand Canyon University

Grand Canyon University

0000 Xxxx Xxxxxxxxx Xx.

Xxxxxxx

XX

00000

P0000300

NPC International, Inc.

Pizza Hut

000 X Xxxxx Xxxxx Xx

Xxxxxxxxxx

XX

00000-0000

P0000301

NPC International, Inc.

Pizza Hut

0000 Xxxxxxxxx Xx

Xxxxxxxxx

XX

00000-0000

P0000302

NPC International, Inc.

Pizza Hut

000 X 0xx Xx

Xxxxxx

XX

00000-0000

P0000303

NPC International, Inc.

Pizza Hut

0000 X Xxxxx Xxx

Xxxxxx

XX

00000-0000

P0000304

NPC International, Inc.

Pizza Hut

000 Xxxxxxxx Xx

Xxxxxxx

XX

00000-0000

P0000305

NPC International, Inc.

Pizza Hut

0000 Xxxxx Xx

Xxxxxxxx

XX

00000-0000

P0000306

Skyline Chili, Inc.

Skyline Chili

0000 Xxxxxx Xx

Xxxxxxxx

XX

00000-0000

P0000309

Carrols Corporation

Burger King

000 Xxxxx Xx

Xxxxxxx

XX

00000-0000

P0000310

Carrols Corporation

Burger King

000 XX Xxxxxxx 00 X

Xxx Xxxx

XX

00000-0000

P0000311

Carrols Corporation

Burger King

0000 Xxxxxx Xx

Xxxxx

XX

00000-0000

P0000312

Carrols Corporation

Burger King

00000 Xxxxx Xxxxx 00

Xxxx

XX

00000-0000

P0000313

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

000 Xxxxxxxxx Xx

Xxxx Xxxxx

XX

00000-0000

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

0000 X Xxxxxx Xxxxxx Xx

Xxxxxx

XX

00000-0000

P0000315

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

000 Xxxxxxxx Xx

Xxxx

XX

00000-0000

P0000316

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

0000 Xxxxxxxxxx Xx

Xxxxxx

XX

00000-0000

P0000317

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

0000 Xxxxx Xxx

Xxxxxx

XX

00000-0000

P0000318

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

000 Xxxxxxx Xx

Xxxxxxxxxx

XX

00000-0000

P0000319

Interfoods of America, Inc.

Popeye’s

0000 Xxxxxx Xxxx

Xxxxxxxxxx

XX

00000-0000

P0000323

Mexican Restaurants

Casa Mexico

0000 X Xxxxxxx Xxx

Xxxxx

XX

00000-0000

P0000324

Banyan, Inc.

Grandy’s

0000 Xxxx Xxxx Xxxx XX

Xxxxxxxxxxx

XX

00000-0000

P0000326

Interfoods of America, Inc.

Popeye’s

00000 Xxxxxx Xxx

Xxxxx Xxxxx

XX

00000-0000

P0000327

Burger King Corporation

Burger King

000 X Xxxx Xx

Xxxxxx

XX

00000-0000

P0000328

Burger King Corporation

Burger King

0000 00xx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000329

Burger King Corporation

Burger King

00000 X Xxxxxxxx Xx

Xxxxxxx

XX

00000-0000

P0000330

R & L Foods, LLC

Wendy’s

0000 Xxxxxxxxxx Xxxx

Xxxxxxxxx

XX

00000-0000

P0000331

Pennant Foods

Wendy’s

0000 Xxx Xxxxx Xxxx

Xxx Xxxxx

XX

00000-0000

P0000332

Pennant Foods

Wendy’s

0000 Xxxxxxx Xxxx

Xxxxxx

XX

00000-0000

P0000336

Xxxxxx & Xxxxxx Investme [ILLEGIBLE]

Whataburger

Loop 323 N of Highway 3I

Tyler

TX

0

P0000338

Tacala, L.L.C.

Taco Xxxx

0000 Xxxxxx Xxxx

Xxx Xxxx

XX

00000-0000

P0000349

Skyline Chili, Inc.

Skyline Chili

0000 Xxxxxxxxx Xx

Xxxxx Xxxxxx

XX

00000-0000

P0000350

Interfoods of America, Inc.

Popeye’s

000 Xxxxxxxxx Xxxx

Xxxxxxxxxx

XX

00000-0000

P0000351

Interfoods of America, Inc.

Popeye’s

0000 Xxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000354

Fuddruckers, Inc.

Fuddruckers

00000 Xxxxx Xx

Xxxxx

XX

00000

P0000355

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxx Xxx X

Xxxxxxxxxx

XX

00000

P0000356

Fuddruckers, Inc.

Fuddruckers

0000 X Xxxx Xx

Xxxxxxxx

XX

00000

P0000357

Fuddruckers, Inc.

Fuddruckers

0000 X XX 00

Xxxxxx

XX

00000

P0000358

Fuddruckers, Inc.

Fuddruckers

0000 X Xxxxxx Xxxxxxxxx Xx

Xxxxxxxx

XX

00000

P0000359

Fuddruckers, Inc.

Fuddruckers

00000 X Xxxxx Xxx

Xxxxxx

XX

00000

P0000360

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxxxxx Xxx

Xxxxxxx

XX

00000

P0000361

Fuddruckers, Inc.

Fuddruckers

00000 Xxxxxxxxxx Xx

Xxxx Xxxxxxx

XX

00000

P0000362

Fuddruckers, Inc.

Fuddruckers

0000 X Xxxxxxxx Xxx

Xxxx

XX

00000

P0000363

Fuddruckers, Inc.

Fuddruckers

00000 Xxxxxx Xxxx Xx

Xxxxx Xxxxx

XX

00000

P0000364

Fuddruckers, Inc.

Fuddruckers

000 X Xxxxxx Xxxx Xxxx

Xxxxxxxx

XX

00000

P0000365

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxxx 0 X

Xxxxxxx

XX

00000

P0000366

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxxxxx Xxxx

Xxxxxxxx

XX

00000

P0000367

Fuddruckers, Inc.

Fuddruckers

00000 Xxxxxxxxx Xxx

Xxxxxxx

XX

00000

P0000368

Fuddruckers, Inc.

Fuddruckers

000 Xxxxx Xxx

Xxxxxxx Xxxx

XX

00000

Property ID

Obligor

Xxxxxxx

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Fuddruckers, Inc.

Fuddruckers

0000 X Xxxx Xx

Xxxxxxxx

XX

00000

P0000370

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxx Xx

Xxxxx

XX

00000

P0000371

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxxxxxxx Xx XX

Xxxx Xxxxxx

XX

00000

P0000372

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxxxxx Xxx

Xxxxxxxxxx

XX

00000

P0000373

Fuddruckers, Inc.

Fuddruckers

00000 Xxxxx Xxx

Xxxxxxxxxx

XX

00000

P0000374

Fuddruckers, Inc.

Fuddruckers

00000 Xxxx xxx Xxxxxxx Xxx

Xxxxxxx

XX

00000

P0000375

Fuddruckers, Inc.

Fuddruckers

0000 Xxxxxxxx Xx

Xxxxxxxx

XX

00000

P0000378

Interfoods of America, Inc.

Popeye’s

0000 Xxxxx Xxxx

Xxxxx Xxxxx

XX

00000

P0000379

Pennant Foods

Wendy’s

0000 Xxxxx Xxxx

Xx Xxxx

XX

00000

P0000380

Interfoods of America, Inc.

Popeye’s

0000 X Xxxx Xxxx

Xxxxxxxxx

XX

00000-0000

P0000381

NPC International, Inc.

Pizza Hut

0000 X Xxxx Xx

Xxxxx

XX

00000-0000

P0000914

Xxxxxxxxx Theatres, Inc.

Xxxxxxxxx Theaters

0000 XX 00xx Xxxxxx

Xxxxxx Xxxx

XX

00000

P0000915

Xxxxxxxxx Theatres, Inc.

Xxxxxxxxx Theaters

0000 XX Xxxxxxx Xxxxxx

Xxxx Xxxxxx

XX

00000

P0000916

Hastings Entertainment, Inc.

Hastings

0000 Xxxxx Xxxx Xxxxxx

Xxxxxxx

XX

00000

P0000919

Ferrellgas, L.P

Blue Rhino

000 Xxxxxx Xxxx 000

Xxxxxxx

XX

00000

P0000390

Famous Dave’s of America

Famous Dave’s

00000 00xx Xx X

Xxxxxxxxxx

XX

00000-0000

P0000391

Famous Dave’s of America

Famous Dave’s

0000 Xxxxxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000392

Famous Dave’s of America

Famous Dave’s

0000 000xx Xx X

Xxxxx Xxxxxx

XX

00000-0000

P0000393

Friendly’s Ice Cream [ILLEGIBLE]

Friendly’s Ice Cream

00 X Xxxxxxx Xx

Xxxxx

XX

00000-0000

P0000394

Friendly’s Ice Cream [ILLEGIBLE]

Friendly’s Ice Cream

000 Xxxxxxxx Xxxx Xx

Xxxxxxxxxx

XX

00000-0000

P0000395

Friendly’s Ice Cream [ILLEGIBLE]

Friendly’s Ice Cream

000 Xxxx Xxxxxxxxxxx Xx

Xxxxxxx

XX

00000-0000

P0000396

Friendly’s Ice Cream [ILLEGIBLE]

Friendly’s Ice Cream

000 Xxxxxxxxxx Xxx

Xxxx Xxxxxxxx

XX

00000-0000

P0000397

Friendly’s Ice Cream [ILLEGIBLE]

Friendly’s Ice Cream

00 Xxxx Xx

Xxxx Xxxxxxx

XX

00000-0000

P0000398

Friendly’s Ice Cream [ILLEGIBLE]

Friendly’s Ice Cream

000 Xxxxxx Xxxxxx Xx

Xxxxxxxx

XX

00000-0000

P0000399

Interfoods of America, Inc.

Popeye’s

0000 XX 0xx Xxx

Xxxxx

XX

00000-0000

P0000400

Interfoods of America, Inc.

Popeye’s

000 X Xxxxxxxxx Xxxx

Xxxxxxxxx Xxxxx

XX

00000-0000

P0000401

Interfoods of America, Inc.

Popeye’s

0000 X Xxxxxxx Xxxx

Xxxx Xxxxxxxxxx

XX

00000-0000

P0000402

Interfoods of America, Inc.

Popeye’s

00000 Xxxxx Xx

Xxxxx

XX

00000-0000

P0000403

Interfoods of America, Inc.

Popeye’s

0000 Xxxx Xx

Xxxxx

XX

00000-0000

P0000404

Interfoods of America, Inc.

Popeye’s

0000 Xxxxxxx Xxx

Xxxxx Xxxxx

XX

00000-0000

P0000405

Interfoods of America, Inc.

Popeye’s

000 Xxxxxxx Xxx

Xxxx Xxxxx

XX

00000-0000

P0000406

Interfoods of America, Inc.

Popeye’s

000 X 00xx Xx

Xxxx Xxxxxx

XX

00000-0000

P0000408

Interfoods of America, Inc.

Popeye’s

0000 Xxxxx Xxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000409

Interfoods of America, Inc.

Popeye’s

0000 Xxxxxxx Xxxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000410

Interfoods of America, Inc.

Popeye’s

0000 Xxxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Interfoods of America, Inc.

Popeye’s

0000 Xxxxxxxxx Xxxxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000412

Interfoods of America, Inc.

Popeye’s

0000 X Xxxxx Xxx

Xxxxxx Xxxxxxx

XX

00000-0000

P0000415

1st University Credit Union

Other

000 X Xxxxxxxxxx Xxxxx Xx

Xxxx

XX

00000-0000

P0000416

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

000 X Xxxxx Xxx

Xxxxxx

XX

00000-0000

P0000417

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

0000 X Xxxxxxx Xxx

Xxxxxx Xxxx

XX

00000-0000

P0000418

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

0000 xxxxxxx 00

Xxxx Xxxxx

XX

00000-0000

P0000419

Xxxxxxxx’x Buffet, Inc.

Xxxxxxxx’x Buffet

00000 Xxxxxxx 00

Xxxxxxxx

XX

00000-0000

P0000420

Checker’s Drive-In [ILLEGIBLE]

Rally’s

0000 X Xxxxxxxxx Xx

Xxxxxxxxxxx

XX

00000-0000

P0000421

Checker’s Drive-In [ILLEGIBLE]

Rally’s

000 Xxxxxxxxx Xxx

Xxx Xxxxxx

XX

00000-0000

P0000424

Checker’s Drive-In [ILLEGIBLE]

Rally’s

0000 XX Xxxxxxx 00

Xxxxxxxx

XX

00000-0000

P0000425

Checker’s Drive-In [ILLEGIBLE]

Rally’s

0000 X Xxxxxx Xx

Xxx Xxxxxxx

XX

00000-0000

P0000426

Checker’s Drive-In [ILLEGIBLE]

Rally’s

0000 Xxxxx Xxxxxx Xxx

Xxx Xxxxxxx

XX

00000-0000

P0000428

Checker’s Drive-In [ILLEGIBLE]

Rally’s

000 X. Xxxxxxx Xxxxxx

Xxxxxx

XX

00000-0000

P0000429

Goldco, Inc.

Burger King

0000 X Xxxxxxxxx Xx

Xxxxxx

XX

00000-0000

P0000431

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

0000 X Xxxxxx Xxxxxxxxx Xx

Xxxxxxxx

XX

00000-0000

P0000432

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

0000 Xxxxxxxxx Xx

Xxxxxx

XX

00000-0000

P0000433

Max & Erma’s Restaurants, [ILLEGIBLE]

Max & Erma’s

0000 Xxxxxxxx Xx

Xxxxxxxx

XX

00000-0000

P0000434

QK, Inc.

Denny’s

00000 X Xxxx Xxxx

Xxxxxxxx Xxxxx

XX

00000-0000

P0000436

Arby’s Restaurant Group

Arby’s

0000 X Xxxx Xx

Xxxxxxxxxxxx

XX

00000-0000

P0000437

Arby’s Restaurant Group

Arby’s

000 Xxxxxx Xxxxxxxxx Xxxx

Xxxxxxxxx

XX

00000-0000

P0000438

Arby’s Restaurant Group

Arby’s

000 X Xxxxx Xx

Xxxxxxxx Xxxx

XX

00000-0000

P0000439

Arby’s Restaurant Group

Arby’s

000 X Xxxx Xx

Xxxxxx

XX

00000-0000

P0000440

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxx Xx

Xxxxxxxxxxxx

XX

00000-0000

P0000442

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxx 00 X

XxXxxxxxx

XX

00000-0000

P0000443

Arby’s Restaurant Group

Arby’s

000 Xxx Xxxxxx Xxx

Xxxxxxx

XX

00000-0000

P0000446

Arby’s Restaurant Group

Arby’s

000 Xxxxxxx 00

Xxxxxx

XX

00000-0000

P0000449

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxx Xxxx

Xxxxxx

XX

00000-0000

P0000450

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxxxxx Xx

Xxxxxxxxxxxx

XX

00000-0000

P0000451

Arby’s Restaurant Group

Arby’s

00000 Xxxxx Xxxx

Xxxxxxxxxxxx

XX

00000-0000

P0000453

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxxx Xxxx

Xxxxxxxxxxxx

XX

00000-0000

P0000454

Arby’s Restaurant Group

Arby’s

000 Xxxx Xx

Xxxxxxxxxx

XX

00000-0000

P0000455

Arby’s Restaurant Group

Arby’s

000 X Xxxxxxx 00

Xxxxxx Xxxxxx

XX

00000-0000

P0000456

Interfoods of America, Inc.

Popeye’s

0000 Xxxxxxxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000457

Interfoods of America, Inc.

Popeye’s

0000 Xxxxxxx Xx

Xxxxx Xxxxx

XX

00000-0000

P0000459

Interfoods of America, Inc.

Popeye’s

0000 XX 00xx Xx

Xxxxx

XX

00000-0000

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Gander Mountain Company

Gander Mountain

0000 000xx Xxxxxx

Xxxxxxx

XX

00000

P0000921

Carmike Cinemas, Inc.

Carmike Cinemas

0000 Xxxxxxxx Xxxx XX

Xxxxx Xxxxxx

XX

00000

P0000922

Humperdink’s Texas, LLC

Humperdink

0000 Xxxx Xxxx Xxxx

Xxxxxxx

XX

00000

P0000923

Humperdink’s Texas, LLC

Humperdink

0000 Xxxxxxxxxx Xxxxxx

Xxxxxx

XX

00000

P0000924

Humperdink’s Texas, LLC

Humperdink

0000 X. XX Xxxxxxx

Xxxxxx

XX

00000

P0000925

Humperdink’s Texas, LLC

Humperdink

000 Xxx Xxxxx Xxxxx

Xxxxxxxxx

XX

00000

P0000926

Taco Bueno Restaurants, Inc.

Taco Bueno

0000 Xxxxx Xxxxxx Xxxx

Xxxxx

XX

00000

P0000927

Taco Bueno Restaurants, Inc.

Taco Bueno

0000 X. Xxxxxxx Xxxxxx

Xxxxxxxx

XX

00000

P0000928

Taco Bueno Restaurants, Inc.

Taco Bueno

0000 Xxxxxxx Xxxx

Xxxxxxx

XX

00000

P0000929

Taco Bueno Restaurants, Inc.

Taco Bueno

0000 00xx Xxxxxx

Xxxxxxx

XX

00000

P0000930

Gander Mountain Company

Gander Mountain

0000 Xxxxxxx Xxxxxx

Xxx Xxxxxxxx

XX

00000

P0000931

Xxxx & Buster’s, Inc.

Xxxx & Buster’s

0000 X & X Xxxxx

Xxxxxxxx

XX

00000

P0000932

Hill Country Furniture [ILLEGIBLE]

Ashley Furniture

0000 Xxx Xxxxxx Xxxx

Xxxx Xxx

XX

00000

P0000933

RBLS, Inc. (a Texas [ILLEGIBLE]

Ashley Furniture

0000 Xxxxxx Xxxxxxxxx

Xx Xxxx

XX

00000

P0000934

Gander Mountain Company

Gander Mountain

0000-X Xxxxxx Xxxx

Xxxxx

XX

00000

P0000935

Ferrellgas, L.P

Blue Rhino

0000 Xxxx Xxxxx Xxxx

Xxxxxxxxx

XX

00000

P0000936

Gander Mountain Company

Gander Mountain

0000 00xx Xx., XX

Xxxxx

XX

00000

P0000937

Sonic Corp.

Sonic

000 X Xxxx Xxx

Xxxxx

XX

00000

P0000938

Sonic Corp.

Sonic

0000 Xx. Xxxxxxxx Xx.

Xxxxxxxxx

XX

00000

P0000939

Sonic Corp.

Sonic

000 0xx Xx.

Xxxxxxx

XX

00000

P0000940

Sonic Corp.

Sonic

000 Xx. Xxxxxxxx Xx.

Xxxxxxxxxxxxxx

XX

00000

P0000941

Sonic Corp.

Sonic

000 X. Xxxx Xx.

Xxxxxxx

XX

00000

P0000942

Sonic Corp.

Sonic

000 X. Xxxx Xx.

Xxxxxxxxxx

XX

00000

P0000943

Sonic Corp.

Sonic

0000 X. Xxxxxxxx Xxx.

Xxxxxxxxx

XX

00000

P0000944

Sonic Corp.

Sonic

000 Xxxxxxxxx Xxxx Xxxxx

Xxxxxxxxx

XX

00000

P0000945

Sonic Corp.

Sonic

000 Xxx Xxxxx Xxxxxxxx

Xxx Xxxxx

XX

00000

P0000946

Sonic Corp.

Sonic

0000 X. Xxxxx Xx.

Xxxxxxxxx

XX

00000

P0000947

Sonic Corp.

Sonic

000 Xxxxx Xxxx

Xxxxxxxxx

XX

00000

P0000948

Sonic Corp.

Sonic

0000 Xxxxxxxxxxxxx Xxxx

Xxxxxxxxx

XX

00000

P0000949

Sonic Corp.

Sonic

0000 Xxxxxxxxx Xxxxxxx

Xxxxxxx

XX

00000

P0000950

Sonic Corp.

Sonic

1108 No. Xxxxxxx X. Xxxxxxx [ILLEGIBLE]

Xxxxxxx

XX

00000

P0000951

Xxxxxxxxx Theatres, Inc.

Xxxxxxxxx Theaters

00000 Xx. Xxxxxxxx Xxxxx

Xxxxx

XX

00000

P0000952

Gander Mountain Company

Gander Mountain

0000 Xxxxxxxxx Xxxxx

Xxxxxx

XX

00000

P0000953

Rite Aid Corporation

Rite Aid

0000 Xxxxxxx Xxxxxx

Xxxxxxxxxxxx

XX

00000

P0000954

Rite Aid Corporation

Rite Aid

000 Xxxxxxxxx Xxxxxx

Xxxxxxxxxxx

XX

00000

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Rite Aid Corporation

Rite Aid

000 Xxxxxxx Xxxxxx

Xxxxxx

XX

00000

P0000956

Rite Aid Corporation

Rite Aid

000 Xxxxx Xxxxx Xxxxxx

Xxxxxxxxxxxx

XX

00000

P0000957

Rite Aid Corporation

Rite Aid

0000 Xxxxxxxx Xxxxxx

Xxxxxxx

XX

00000

P0000958

Rite Aid Corporation

Rite Aid

000 Xxxx Xxxxxxxx Xxxxxx

Xxxxxx

XX

00000

P0000959

Rite Aid Corporation

Rite Aid

000 xxxxx Xxxxx Xxxxxx

Xxxxxxxxxxx

XX

00000

P0000960

Sonic Corp.

Sonic

0000 X Xxx Xxxxxx

Xxxxxxxxxxxx

XX

00000

P0000961

Flying Star Cafe

Flying Star Café

0000 Xxxxxx Xxxx XX

Xxxxxxxxxxx

XX

00000

P0000962

Flying Star Cafe

Flying Star Café

0000 Xxxx Xxxx Xxxx XX

Xxxxxxxxxxx

XX

00000

P0000963

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxx 00 X

Xxxxxxx

XX

00000

P0000964

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxx Xx

Xxxx Xxxxxx

XX

00000

P0000965

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxxxxxxxxx Xxx X

Xxxxxxxxxxxx

XX

00000

P0000966

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxxx Xxxxx

Xxxx Xxxxx

XX

00000

P0000967

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxxxxx Xxxxxx

Xxxx Xxxxx

XX

00000

P0000968

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxx Xxxxx Xx

Xxxxxxxx

XX

00000

P0000969

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxxxxxx Xx

Xxxxxxxxxxxx

XX

00000

P0000970

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000-000 Xxxxxxxx Xxx

Xxxxxxxxxxxx

XX

00000

P0000971

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 X Xxxx 000 X

Xxxxxx

XX

00000

P0000972

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 XX 00xx Xxx

Xxxxxxx Xxxxx

XX

00000

P0000973

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 X Xxxxxx

Xxxxxxx Xxxxx

XX

00000

P0000673

Arby’s Restaurant Group

Arby’s

0000 Xxxxx Xxxxxxxxx

Xxxxxxxxxxxx

XX

00000

P0000675

Arby’s Restaurant Group

Arby’s

0000 X Xxxxxx Xxx

Xxxxxxx

XX

00000

P0000676

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxxxxx Xx

Xxxxxx Xxxxxxx

XX

00000

P0000677

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxxx Xxxx

Xxxxxxxxx

XX

00000

P0000678

Arby’s Restaurant Group

Arby’s

0000 Xxxxxxxxxxx Xx

Xxxxxxxxxx

XX

00000

P0000679

Arby’s Restaurant Group

Arby’s

00000 XX Xxxxxxx 000

Xxxxxx

XX

00000

P0000680

Mexican Restaurants

Casa Ole

0000 0xx Xx

Xxxxxxx

XX

00000

P0000681

Mexican Restaurants

Casa Ole

0000 Xxxxxxxxx Xxx

Xxxxxxxx

XX

00000

P0000682

Mexican Restaurants

Xxxx Xxx

0000 Xxxxxxx Xxx

Xxxxxxxx

XX

00000

P0000683

Mexican Restaurants

Casa Ole

0000 Xxxx Xxxxxxx 000

Xxxxxxxx Xxxx

XX

00000

P0000685

Mexican Restaurants

Garibaldi’s

000 Xxxxxxxx Xxxx

Xxxxx

XX

00000

P0000687

Mexican Restaurants

Monterey’s Tex Mex

000 X. Xxxxxx Xx

Xxxxx

XX

00000

P0000688

Mexican Restaurants

Monterey’s Tex Mex

00000 Xxxxxxxxxxx Xx

Xxxxxxx

XX

00000

P0000689

Mexican Restaurants

Monterey’s Tex Mex

0000 Xxxxxxx Xxxx

Xxxxx

XX

00000

P0000691

Mexican Restaurants

Monterey’s Tex Mex

0000 X Xxxxxx Xx

Xxxxx

XX

00000

P0000692

Arby’s Restaurant Group

Arby’s

0000 Xxxxx Xxxxxxxx Xxxxxx

Xxxxxxxxx

XX

00000-0000

Property ID

Obligor

Xxxxxxx

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Rite Aid Corporation

Rite Aid

0000 Xxxxxxxx Xxxxxx

Xxxxxxxxxxxx

XX

00000

P0000975

Sportsman’s Warehouse

Sportsman’s Warehouse

0000 Xxxxxxxx Xxxxx

XxXxxx

XX

00000

P0000976

Apollo College

Apollo Colleges

000 X. Xxxxxxxx Xxx

Xxxx

XX

00000

P0000977

Apollo College

Apollo Colleges

0000 X. Xxxxxx Xxxx

Xxxxxx

XX

00000

P0000978

Apollo College

Apollo Colleges

0000 X. Xxxxxxx Xxxx Xxxx

Xxxxxxx

XX

00000

P0000979

Apollo College

Apollo Colleges

0000 X. 00xx Xxxxxx

Xxxxxxx

XX

00000

P0000980

Pilgrim’s Pride Corporation

Pilgrim’s Pride Freezer [ILLEGIBLE]

0000 Xxxxxxx Xxxxxx Xxxxx

Xxxxxxx

XX

00000

P0000706

Stonebrook Properties LLC

Golden Corral

0000 Xxxxx Xxxxxx

Xxxxxxxx

XX

00000

P0000707

Corral of Michigan LLC

Golden Corral

00000 Xxxxxx Xxxx

Xxxxxxxx

XX

00000

P0000708

Pizza Properties, Ltd

Xxxxx Xxxxx Pizza

0000 Xxxx Xxxxxxxxxx Xxxxx

Xxxxxxxx

XX

00000

P0000709

Pizza Properties, Ltd

Xxxxx Xxxxx Pizza

000 Xxxxx Xxxx Xxx

Xxxxx Xxxx

XX

00000

P0000710

Pizza Properties, Ltd

Xxxxx Xxxxx Pizza

0000 Xxxx Xxx 00

Xxx Xxxxxx Xxxx

XX

00000

P0000711

Pizza Properties, Ltd

Xxxxx Xxxxx Pizza

0000 Xxxx Xxxxxxxxxx 00

Xxxxxxx

XX

00000

P0000730

HOM Furniture, Inc.

HOM Furniture Showrooms

0000 Xxxx Xxxxx

Xxxxxxxxxx

XX

00000

P0000731

HOM Furniture, Inc.

HOM Furniture Showrooms

0000 Xxxx Xxxxx

Xxx Xxxxxx

XX

00000

P0000732

Hastings Entertainment, Inc.

Hastings

000 Xxx 000 Xxxx

Xxxx Xxxxxxx

XX

00000

P0000737

Pizza Properties, Ltd

Xxxxx Xxxxx Pizza

0000 Xxxx Xxxxxx

Xx Xxxx

XX

00000

P0000738

Rite Aid Corporation

Rite Aid

00000-00000 Xxxxxx Xxxxxx

Xx. Xxxxx Xxxxxx

XX

00000

P0000747

Anvia, Inc.

Ashley Home Center

0000 Xxxxxxxxx Xxxxx

Xxxxxxx

XX

00000

P0000748

Sky Ventures, LLC

Pizza Hut

000 Xxx 0 X

Xxxxxx Xxxx

XX

00000

P0000749

Sky Ventures, LLC

Pizza Hut

000 0xx Xxx XX

Xxxxxx

XX

00000

P0000750

Sky Ventures, LLC

Pizza Hut

000 Xxxxxx Xxx

Xxx Xxxxx

XX

00000

P0000751

Sky Ventures, LLC

Pizza Hut

0000 Xxxx Xxxxxx Xx

Xxxxx

XX

00000

P0000752

Sky Ventures, LLC

Pizza Hut

000 Xxx 00 X

Xxxxxxxxxx

XX

00000

P0000753

Sky Ventures, LLC

Pizza Hut

0000 Xxxxx Xxx

Xxxxxx

XX

00000

P0000754

Sky Ventures, LLC

Pizza Hut

0000 X Xxxxxxx

Xxxxxxx

XX

00000

P0000755

Sky Ventures, LLC

Pizza Hut

00 Xxxxxxxx Xx

Xxx

XX

00000

P0000756

Sky Ventures, LLC

Pizza Hut

000 Xxxxxxx 00 X

Xxxxxxx

XX

00000

P0000757

Sky Ventures, LLC

Pizza Hut

0000 Xxx 00 X

Xxxxxxx

XX

00000

P0000758

Sky Ventures, LLC

Pizza Hut

0000 Xxxxxx Xx

Xxxxxx

XX

00000

P0000759

Sky Ventures, LLC

Pizza Hut

0000 X Xxxx Xx

Xxxxxx Xxx

XX

00000

P0000760

Sky Ventures, LLC

Pizza Hut

000 Xxxxxxx Xxx

Xxxxxxxx

XX

00000

P0000761

Sky Ventures, LLC

Pizza Hut

0000 X Xxxxxxx Xxx

Xxxxxxxx Xxxxxxx

XX

00000

P0000762

Sky Ventures, LLC

Pizza Hut

000 X Xxxxxxxx

Xxxxxx

XX

00000

P0000763

Sky Ventures, LLC

Pizza Hut

0000 Xxxx Xx

Xxxxxxxx

XX

00000

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Sky Ventures, LLC

Xxxxx Xxx

X Xxx 00

Xxxxx Xxxx

XX

00000

P0000765

Sky Ventures, LLC

Pizza Hut

0000 0xx Xxx

Xxx Xxxxxxx

XX

00000

P0000766

Sky Ventures, LLC

Pizza Hut

000 Xxxxxxxxx Xx

Xxxxxxxx

XX

00000

P0000767

Sky Ventures, LLC

Pizza Hut

Xxx 00

Xxxxx Xxxx

XX

00000

P0000768

Sky Ventures, LLC

Pizza Hut

0000 X Xxxx

Xxxx Xxxxxx

XX

00000

P0000769

Sky Ventures, LLC

Pizza Hut

00000 Xxxxxx Xx

Xxxxxxxxx

XX

00000

P0000770

Sky Ventures, LLC

Pizza Hut

0000 00xx Xxxxxx X

Xxxxxxxx

XX

00000

P0000771

Sky Ventures, LLC

Pizza Hut

0000 Xxxx Xxxx Xx

Xxx Xxxx

XX

00000

P0000772

Sky Ventures, LLC

Pizza Hut

0000 X Xxxxxxxx

Xxxxxxxxxxx

XX

00000

P0000773

Sky Ventures, LLC

Pizza Hut

000 X Xxxxxx

Xxxx Xxxxxx

XX

00000

P0000774

Sky Ventures, LLC

Pizza Hut

0000 Xxxxx Xxxx Xxx

Xxxxxxxxx

XX

00000

P0000775

Sky Ventures, LLC

Pizza Hut

00000 Xxxxxxx Xxx

Xxxxxxxxx

XX

00000

P0000776

Sky Ventures, LLC

Pizza Hut

0000 X Xxx 00

Xxxxxxxxx

XX

00000

P0000777

Sky Ventures, LLC

Pizza Hut

0000 00xx Xx Xxxx

Xxxxxxx

XX

00000

P0000778

Sky Ventures, LLC

Pizza Hut

000 X Xxxxxxxx

Xxxxx Xxxxxx

XX

00000

P0000779

Sky Ventures, LLC

Pizza Hut

0000 X Xxxxxxx Xx

Xxxxxxxx

XX

00000

P0000780

Falcon Holdings, LLC

Church’s

000 Xxxx Xxx X

Xxxxxxxxx

XX

00000

P0000781

Falcon Holdings, LLC

Church’s

000 X Xxxxxxxxx

Xxxxx

XX

00000

P0000782

Falcon Holdings, LLC

Church’s

0000 X Xxxx

Xxxxxxxx

XX

00000

P0000783

Falcon Holdings, LLC

Church’s

000 X Xxxxx Xxx

Xx. Xxxxx

XX

00000

P0000784

Falcon Holdings, LLC

Church’s

0000 Xxxxxxx Xx

Xxxxxxxx

XX

00000

P0000785

Falcon Holdings, LLC

Church’s

0000 Xxxxxxx Xxx

Xxxxx

XX

00000

P0000786

Falcon Holdings, LLC

Church’s

0000 X Xxxxx Xxxx

Xx. Xxxxx

XX

00000

P0000787

Falcon Holdings, LLC

Church’s

000 0xx Xx XX

Xxxxxx

XX

00000

P0000788

Falcon Holdings, LLC

Church’s

000 X Xxxxx Xxx

Xx. Xxxxx

XX

00000

P0000789

Falcon Holdings, LLC

Church’s

0000 Xxxxxxxxxx Xx

Xxxxxxxxx

XX

00000

P0000790

Falcon Holdings, LLC

Church’s

0000 X. Xxxx

Xxxxx

XX

00000

P0000791

Falcon Holdings, LLC

Church’s

0000 Xxxxxxx Xx

Xxxxxxxx

XX

00000

P0000792

Falcon Holdings, LLC

Church’s

0000 X Xxxxxxx

Xxxxx

XX

00000

P0000793

Falcon Holdings, LLC

Church’s

0000 Xxxxxxxx Xx

Xx. Xxxxx

XX

00000

P0000794

Falcon Holdings, LLC

Church’s

00000 Xxx Xxxxx Xxxxx

Xxxxxxxx

XX

00000

P0000795

Falcon Holdings, LLC

Church’s

00000 Xxxxxxxxx

Xxxxxxx

XX

00000

P0000796

Falcon Holdings, LLC

Church’s

0000 Xxxxxxx Xxxxxx Xx

Xxxxxxxx

XX

00000

P0000797

Falcon Holdings, LLC

Church’s

0000 X Xxxxx Xxxxx

Xxxxxxx

XX

00000

P0000798

Falcon Holdings, LLC

Church’s

00000 Xxxx 0 Xxxx Xx

Xxxxxxx

XX

00000

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Falcon Holdings, LLC

Church’s

00000 Xxxxxxxxx

Xxxxxx

XX

00000

P0000800

Falcon Holdings, LLC

Church’s

00000 Xxxxxxx Xxx

Xxxxxxx

XX

00000

P0000801

Falcon Holdings, LLC

Church’s

00000 Xxxxxxxx Xxx

Xxxxxxx

XX

00000

P0000802

Falcon Holdings, LLC

Church’s

0000 X 0 Xxxx Xx

Xxxxxxx

XX

00000

P0000803

Falcon Holdings, LLC

Church’s

00000 Xxxxxxx Xxx

Xxxxxxx

XX

00000

P0000804

Falcon Holdings, LLC

Church’s

0000 Xxxx 00xx Xx

Xxxxxxxxxxxx

XX

00000

P0000805

Falcon Holdings, LLC

Church’s

00000 Xxxxxxx Xxx

Xxxxxxx

XX

00000

P0000806

Falcon Holdings, LLC

Church’s

0000 Xxxx 00xx Xx

Xxxxxxxxxxxx

XX

00000

P0000807

Falcon Holdings, LLC

Church’s

0000 X Xxxxxxx Xxx

Xxxxxxxxxxxx

XX

00000

P0000808

Falcon Holdings, LLC

Church’s

00000 X Xxxxxx Xxx

Xxxxxxx

XX

00000

P0000809

Falcon Holdings, LLC

Church’s

0000 Xxxxxxxxx Xx

Xxxxxxxxxxxx

XX

00000

P0000810

Falcon Holdings, LLC

Church’s

0000 Xxxxxxxxxx Xxx

Xxxxxxxxxx Xxxx

XX

00000

P0000811

Falcon Holdings, LLC

Church’s

0000 X 00xx Xx

Xxxxxxxxxxxx

XX

00000

P0000812

Falcon Holdings, LLC

Church’s

0000 X 0xx Xxx

Xxxx

XX

00000

P0000813

Falcon Holdings, LLC

Church’s

000 X 000xx Xx

Xxxxxx

XX

00000

P0000814

Falcon Holdings, LLC

Church’s

0000 X Xxxx Xx

Xxxxxxxxxxxx

XX

00000

P0000815

Falcon Holdings, LLC

Church’s

000 X Xxxxxxx Xxxxxx

Xxxxxx

XX

00000

P0000816

Falcon Holdings, LLC

Church’s

0000-00 X. XxxxxxXx

Xxxxxx

XX

00000

P0000817

Falcon Holdings, LLC

Church’s

0000 Xxxxx Xx

Xxxx

XX

00000

P0000818

Falcon Holdings, LLC

Church’s

0000 Xxxxx Xxxxxxxx

Xxxx

XX

00000

P0000819

Falcon Holdings, LLC

Church’s

0000 X Xxxxx Xxx

Xxxxxxx

XX

00000

P0000820

Falcon Holdings, LLC

Church’s

000 Xxxxxxx Xx

Xxxxxx

XX

00000

P0000821

Falcon Holdings, LLC

Church’s

0000 X Xxxxx Xxxxxx Xxx

Xxxxxxx

XX

00000

P0000822

Falcon Holdings, LLC

Church’s

000 X 000xx Xx

Xxxxxxx

XX

00000

P0000823

Falcon Holdings, LLC

Church’s

0000 Xxxxx Xx

Xxxx Xx. Xxxxx

XX

00000

P0000824

Falcon Holdings, LLC

Church’s

00X X Xxxxxx Xxxx

Xxxxxxx

XX

00000

P0000825

Falcon Holdings, LLC

Church’s

000 X 00xx Xx

Xxxxxxx

XX

00000

P0000826

Falcon Holdings, LLC

Church’s

0000 X Xxxxxxx Xx

Xxxxxxx

XX

00000

P0000827

Falcon Holdings, LLC

Church’s

0000 X 00xx Xx

Xxxxxxx

XX

00000

P0000828

Falcon Holdings, LLC

Church’s

0000 X Xxxx Xxxxxx Xxx

Xxxxxxx

XX

00000

P0000829

Falcon Holdings, LLC

Church’s

0000 X Xxxxxx Xxx

Xxxxxxx

XX

00000

P0000844

Xxxxxx Supply, Inc.

Xxxxxx Supply

000 Xxxxx Xxxxx

Xxxx Xxxxxxxx

XX

00000

P0000845

Xxxxxx Supply, Inc.

Xxxxxx Supply

000 Xxxxxx Xxx

Xxxxxxx Xxxxx

XX

00000

P0000846

Xxxxxx Supply, Inc.

Xxxxxx Supply

000 Xxxxxxxxxx Xxxxx

Xxxxxxxxxxx

XX

00000

P0000847

Xxxxxx Supply, Inc.

Xxxxxx Supply

00000 Xxxx Xxxx Xxxx

X’xxxxxxxxx

XX

00000

Property ID

Obligor

Concept

Xxxxxxx

Xxxx

XX

Xxx Xxxx

X0000000

Xxxxxx Supply, Inc.

Xxxxxx Supply

000 X Xxxx Xxx Xx

Xxxxx

XX

00000

P0000849

Xxxxxx Supply, Inc.

Xxxxxx Supply

000 Xxxxx XxXxxxx Xxxx

Xxxxxxxxx

XX

00000

P0000850

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxx 00xx Xxxxxx

Xxxxxxxxxxxx

XX

00000

P0000851

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxx Xxxxxxxx Xxxx

Xxxxxxxxx

XX

00000

P0000852

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxxxxxx Xxx

Xxxxxxxxxx

XX

00000

P0000853

Xxxxxx Supply, Inc.

Xxxxxx Supply

000 Xxxx Xxxx Xxx Xxxx

Xxxxxxx

XX

00000

P0000854

Xxxxxx Supply, Inc.

Xxxxxx Supply

0000 Xxxxx Xxxx Xx

Xxxxxxxxxx

XX

00000

EXHIBIT A-2

MORTGAGE LOAN SCHEDULE

A-2

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

E000787

Sky Ventures, LLC

E000787

5812 - Restaurants

Retail .

Restaurants

N

P0000891

Flying J. Inc.

P0000047

5411 - Gas stations/[ILLEGIBLE]

Retail

Truck Stops

N

P0000892

Flying J. Inc.

P0000048

5411 - Gas stations/ [ILLEGIBLE]

Retail

Truck Stops

N

P0000893

Flying J. Inc.

P0000049

5411 - Gas stations/ [ILLEGIBLE]

Retail

Truck Stops

N

P0000894

Flying J. Inc.

P0000050

5411 - Gas stations/ [ILLEGIBLE]

Retail

Truck Stops

N

P0000981

Taco Bueno Restaurants, Inc.

P0000051

5812 - Restaurants

Retail

Restaurants

N

P0000982

Taco Bueno Restaurants, Inc.

P0000052

5812 - Restaurants

Retail

Restaurants

N

P0000983

Taco Bueno Restaurants, Inc.

P0000053

5812 - Restaurants

Retail

Restaurants

N

P0000984

Taco Bueno Restaurants, Inc.

P0000054

5812 - Restaurants

Retail

Restaurants

N

P0000985

Taco Bueno Restaurants, Inc.

P0000055

5812 - Restaurants

Retail

Restaurants

N

P0000986

Taco Bueno Restaurants, Inc.

P0000056

5812 - Restaurants

Retail

Restaurants

N

P0000987

Taco Bueno Restaurants, Inc.

P0000057

5812 - Restaurants

Retail

Restaurants

N

P0000988

Taco Bueno Restaurants, Inc.

P0000058

5812 - Restaurants

Retail

Restaurants

N

P0000989

Taco Bueno Restaurants, Inc.

P0000059

5812 - Restaurants

Retail

Restaurants

N

P0000990

Taco Bueno Restaurants, Inc.

P0000060

5812 - Restaurants

Retail

Restaurants

N

P0000991

Taco Bueno Restaurants, Inc.

P0000061

5812 - Restaurants

Retail

Restaurants

N

P0000992

Taco Bueno Restaurants, Inc.

P0000062

5812 - Restaurants

Retail

Restaurants

N

P0000993

Taco Bueno Restaurants, Inc.

P0000063

5812 - Restaurants

Retail

Restaurants

N

P0000994

Taco Bueno Restaurants, Inc.

P0000064

5812 - Restaurants

Retail

Restaurants

N

P0000995

Taco Bueno Restaurants, Inc.

P0000065

5812 - Restaurants

Retail

Restaurants

N

P0000996

Taco Bueno Restaurants, Inc.

P0000066

5812 - Restaurants

Retail

Restaurants

N

P0000997

Taco Bueno Restaurants, Inc.

P0000067

5812 - Restaurants

Retail

Restaurants

N

P0000998

Taco Bueno Restaurants, Inc.

P0000068

5812 - Restaurants

Retail

Restaurants

N

P0000999

Taco Bueno Restaurants, Inc.

P0000069

5812 - Restaurants

Retail

Restaurants

N

P0001000

Taco Bueno Restaurants, Inc.

P0000070

5812 - Restaurants

Retail

Restaurants

N

P0001001

Taco Bueno Restaurants, Inc.

P0000071

5812 - Restaurants

Retail

Restaurants

N

P0001002

Taco Bueno Restaurants, Inc.

P0000072

5812 - Restaurants

Retail

Restaurants

N

P0001003

Taco Bueno Restaurants, Inc.

P0000073

5812 - Restaurants

Retail

Restaurants

N

P0001004

Taco Bueno Restaurants, Inc.

P0000074

5812 - Restaurants

Retail

Restaurants

N

P0001005

Taco Bueno Restaurants, Inc.

P0000075

5812 - Restaurants

Retail

Restaurants

N

P0001006

Taco Bueno Restaurants, Inc.

P0000076

5812 - Restaurants

Retail

Restaurants

N

P0001007

Taco Bueno Restaurants, Inc.

P0000077

5812 - Restaurants

Retail

Restaurants

N

P0001008

Taco Bueno Restaurants, Inc.

P0000078

5812 - Restaurants

Retail

Restaurants

N

P0001009

Taco Bueno Restaurants, Inc.

P0000079

5812 - Restaurants

Retail

Restaurants

N

P0001010

Taco Bueno Restaurants, Inc.

P0000080

5812 - Restaurants

Retail

Restaurants

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0001011

Taco Bueno Restaurants, Inc.

P0000081

5812 - Restaurants

Retail

Restaurants

N

P0001012

Taco Bueno Restaurants, Inc.

P0000082

5812 - Restaurants

Retail

Restaurants

N

P0001013

Taco Bueno Restaurants, Inc.

P0000083

5812 - Restaurants

Retail

Restaurants

N

P0001014

Taco Bueno Restaurants, Inc.

P0000084

5812 - Restaurants

Retail

Restaurants

N

P0001015

Taco Bueno Restaurants, Inc.

P0000085

5812 - Restaurants

Retail

Restaurants

N

P0001016

Advance Auto Parts, Inc.

P0000086

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001017

Advance Auto Parts, Inc.

P0000087

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001018

Advance Auto Parts, Inc.

P0000088

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001019

Advance Auto Parts, Inc.

P0000089

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001020

Advance Auto Parts, Inc.

P0000090

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001021

Advance Auto Parts, Inc.

P0000091

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001022

Advance Auto Parts, Inc.

P0000092

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001023

Advance Auto Parts, Inc.

P0000093

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001024

Advance Auto Parts, Inc.

P0000094

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001025

Advance Auto Parts, Inc.

P0000095

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001026

Advance Auto Parts, Inc.

P0000096

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001027

Advance Auto Parts, Inc.

P0000097

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001028

Advance Auto Parts, Inc.

P0000098

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001029

Advance Auto Parts, Inc.

P0000099

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001030

Advance Auto Parts, Inc.

P0000100

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001031

Advance Auto Parts, Inc.

P0000101

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001032

Advance Auto Parts, Inc.

P0000102

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001033

Advance Auto Parts, Inc.

P0000103

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001034

Advance Auto Parts, Inc.

P0000104

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001035

Advance Auto Parts, Inc.

P0000105

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001036

Advance Auto Parts, Inc.

P0000106

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001037

Advance Auto Parts, Inc.

P0000107

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001038

Advance Auto Parts, Inc.

P0000108

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001039

Advance Auto Parts, Inc.

P0000109

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001040

Advance Auto Parts, Inc.

P0000110

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001041

Advance Auto Parts, Inc.

P0000111

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001042

Advance Auto Parts, Inc.

P0000112

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001043

Advance Auto Parts, Inc.

P0000113

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001044

Advance Auto Parts, Inc.

P0000114

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001045

Advance Auto Parts, Inc.

P0000115

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0001046

Advance Auto Parts, Inc.

P0000116

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0001047

Advance Auto Parts, Inc.

P0000117

5531 - Auto Parts Stores

Retail

Automotive

Auto Parts

N

P0000895

America’s Power Sports

P0000122

5571 - Motorcycle Dealers

Retail

Automotive

Motorcycle Dealers

N

P0000896

Xxxxxxxx’x Buffet, Inc.

P0000159

5812 - Restaurants

Retail

Restaurants

N

P0000897

Xxxxxxxx’x Buffet, Inc.

P0000160

5812 - Restaurants

Retail

Restaurants

N

P0000898

Xxxxxxxx’x Buffet, Inc.

P0000161

5812 - Restaurants

Retail

Restaurants

N

P0000899

Xxxxxxxx’x Buffet, Inc.

P0000162

5812 - Restaurants

Retail

Restaurants

N

P0000900

Xxxxxxxx’x Buffet, Inc.

P0000163

5812 - Restaurants

Retail

Restaurants

N

P0000901

Xxxxxxxx’x Buffet, Inc.

P0000164

5812 - Restaurants

Retail

Restaurants

N

P0000902

Xxxxxxxx’x Buffet, Inc.

P0000165

5812 - Restaurants

Retail

Restaurants

N

P0000903

Xxxxxxxx’x Buffet, Inc.

P0000166

5812 - Restaurants

Retail

Restaurants

N

P0000904

Xxxxxxxx’x Buffet, Inc.

P0000167

5812 - Restaurants

Retail

Restaurants

N

P0000905

Hastings Entertainment, Inc.

P0000172

5812 - Retail Computer & [ILLEGIBLE]

Retail

Specialty Retail

Books, Music and [ILLEGIBLE]

N

P0000906

AMC Entertainment, Inc.

P0000177

7830 - Movie Theaters

Service

Movie Theaters

N

P0000907

Pike Holding Nursery LLC

P0000178

5261 - Nurseries, Lawn and [ILLEGIBLE]

Retail

Specialty Retail

Plant Nursery

N

P0000908

Pike Holding Nursery LLC

P0000179

5261 - Nurseries, Lawn and [ILLEGIBLE]

Retail

Specialty Retail

Plant Nursery

N

P0000909

Pike Holding Nursery LLC

P0000180

5261 - Nurseries, Lawn and [ILLEGIBLE]

Retail

Specialty Retail

Plant Nursery

N

P0000910

Pike Holding Nursery LLC

P0000181

5261 - Nurseries, Lawn and [ILLEGIBLE]

Retail

Specialty Retail

Plant Nursery

N

P0000911

Pike Holding Nursery LLC

P0000182

5261 - Nurseries, Lawn

Retail

Specialty Retail

Plant Nursery

N

P0000912

Pike Holding Nursery LLC

P0000183

and [ILLEGIBLE] 5261 - Nurseries, Lawn and [ILLEGIBLE]

Retail

Specialty Retail

Plant Nursery

N N

P0000913

Grand Canyon University

P0000188

8221 - Colleges & [ILLEGIBLE]

Service

Education

University

N

P0000300

NPC International, Inc.

P0000300

5812 - Restaurants

Retail

Restaurants

N

P0000301

NPC International, Inc.

P0000301

5812 - Restaurants

Retail

Restaurants

N

P0000302

NPC International, Inc.

P0000302

5812 - Restaurants

Retail

Restaurants

N

P0000303

NPC International, Inc.

P0000303

5812 - Restaurants

Retail

Restaurants

N

P0000304

NPC International, Inc.

P0000304

5812 - Restaurants

Retail

Restaurants

N

P0000305

NPC International, Inc.

P0000305

5812 - Restaurants

Retail

Restaurants

N

P0000306

Skyline Chili, Inc.

P0000306

5812 - Restaurants

Retail

Restaurants

N

P0000309

Carrols Corporation

P0000309

5812 - Restaurants

Retail

Restaurants

N

P0000310

Carrols Corporation

P0000310

5812 - Restaurants

Retail

Restaurants

N

P0000311

Carrols Corporation

P0000311

5812 - Restaurants

Retail

Restaurants

N

P0000312

Carrols Corporation

P0000312

5812 - Restaurants

Retail

Restaurants

N

P0000313

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000313

5812 - Restaurants

Retail

Restaurants

N

P0000314

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000314

5812 - Restaurants

Retail

Restaurants

N

P0000315

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000315

5812 - Restaurants

Retail

Restaurants

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0000316

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000316

5812 - Restaurants

Retail

Restaurants

N

P00003I7

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000317

5812 - Restaurants

Retail

Restaurants

N

P0000318

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000318

5812 - Restaurants

Retail

Restaurants

N

P0000319

Interfoods of America, Inc.

P0000319

5812 - Restaurants

Retail

Restaurants

N

P0000323

Mexican Restaurants

P0000323

5812 - Restaurants

Retail

Restaurants

Y

P0000324

Banyan, Inc.

P0000324

5812 - Restaurants

Retail

Restaurants

N

P0000326

Interfoods of America, Inc.

P0000326

5812 - Restaurants

Retail

Restaurants

N

P0000327

Burger King Corporation

P0000327

5812 - Restaurants

Retail

Restaurants

N

P0000328

Burger King Corporation

P0000328

5812 - Restaurants

Retail

Restaurants

N

P0000329

Burger King Corporation

P0000329

5812 - Restaurants

Retail

Restaurants

N

P0000330

R & L Foods, LLC

P0000330

5812 - Restaurants

Retail

Restaurants

N

P0000331

Pennant Foods

P0000331

0000 - Xxxxxxxxxxx

Xxxxxx

Xxxxxxxxxxx

X

X0000000

Xxxxxxx Foods

P0000332

5812 - Restaurants

Retail

Restaurants

N

P0000336

Xxxxxx & Xxxxxx [ILLEGIBLE]

P0000336

5812 - Restaurants

Retail

Restaurants

N

P0000338

Tacala, L.L.C.

P0000338

0000 - Xxxxxxxxxxx

Xxxxxx

Xxxxxxxxxxx

X

X0000000

Xxxxxxx Chili, Inc.

P0000349

5812 - Restaurants

Retail

Restaurants

N

P0000350

Interfoods of America, Inc.

P0000350

5812 - Restaurants

Retail

Restaurants

N

P0000351

Interfoods of America, Inc.

P0000351

5812 - Restaurants

Retail

Restaurants

N

P0000354

Fuddruckers, Inc.

P0000354

5812 - Restaurants

Retail

Restaurants

N

P0000355

Fuddruckers, Inc.

P0000355

5812 - Restaurants

Retail

Restaurants

N

P0000356

Fuddruckers, Inc.

P0000356

5812 - Restaurants

Retail

Restaurants

N

P0000357

Fuddruckers, Inc.

P0000357

5812 - Restaurants

Retail

Restaurants

N

P0000358

Fuddruckers, Inc.

P0000358

5812 - Restaurants

Retail

Restaurants

N

P0000359

Fuddruckers, Inc.

P0000359

5812 - Restaurants

Retail

Restaurants

N

P0000360

Fuddruckers, Inc.

P0000360

5812 - Restaurants

Retail

Restaurants

N

P0000361

Fuddruckers, Inc.

P0000361

5812 - Restaurants

Retail

Restaurants

N

P0000362

Fuddruckers, Inc.

P0000362

5812 - Restaurants

Retail

Restaurants

N

P0000363

Fuddruckers, Inc.

P0000363

5812 - Restaurants

Retail

Restaurants

N

P0000364

Fuddruckers, Inc.

P0000364

5812 - Restaurants

Retail

Restaurants

N

P0000365

Fuddruckers, Inc.

P0000365

5812 - Restaurants

Retail

Restaurants

N

P0000366

Fuddruckers, Inc.

P0000366

5812 - Restaurants

Retail

Restaurants

N

P0000367

Fuddruckers, Inc.

P0000367

5812 - Restaurants

Retail

Restaurants

N

P0000368

Fuddruckers, Inc.

P0000368

5812 - Restaurants

Retail

Restaurants

N

P0000369

Fuddruckers, Inc.

P0000369

5812 - Restaurants

Retail

Restaurants

N

P0000370

Fuddruckers, Inc.

P0000370

5812 - Restaurants

Retail

Restaurants

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0000371

Fuddruckers, Inc.

P0000371

5812 - Restaurants

Retail

Restaurants

N

P0000372

Fuddruckers, Inc.

P0000372

5812 - Restaurants

Retail

Restaurants

N

P0000373

Fuddruckers, Inc.

P0000373

5812 - Restaurants

Retail

Restaurants

N

P0000374

Fuddruckers, Inc.

P0000374

5812 - Restaurants

Retail

Restaurants

N

P0000375

Fuddruckers, Inc.

P0000375

5812 - Restaurants

Retail

Restaurants

N

P0000378

Interfoods of America, Inc.

P0000378

5812 - Xxxxxxxxxxx

Xxxxxx

Xxxxxxxxxxx

X

X0000000

Xxxxxxx Foods

P0000379

5812 - Restaurants

Retail

Restaurants

N

P0000380

Interfoods of America, Inc.

P0000380

5812 - Restaurants

Retail

Restaurants

N

P0000381

NPC International, Inc.

P0000381

5812 - Restaurants

Retail

Restaurants

N

P0000914

Xxxxxxxxx Theatres, Inc.

P0000382

7830 - Movie Theaters

Service

Movie Theaters

N

P0000915

Xxxxxxxxx Theatres, Inc.

P0000383

7830 - Movie Theaters

Service

Movie Theaters

N

P0000916

Hastings Entertainment, Inc.

P0000384

5735 - Retail Computer & [ILLEGIBLE]

Retail

Specialty Retail

Books, Music and [ILLEGIBLE]

N

P0000917

Kansas Corral

P0000385

5812 - Restaurants

Retail

Restaurants

N

P0000918

Kansas Corral

P0000386

0000 - Xxxxxxxxxxx

Xxxxxx

Xxxxxxxxxxx

X

X0000000

Xxxxxxxxxx, L.P

P0000387

5900 - Miscellaneous [ILLEGIBLE]

Distribution

Gas/Propane

N

P0000390

Famous Dave’s of America

P0000390

5812 - Restaurants

Retail

Restaurants

N

P0000391

Famous Dave’s of America

P0000391

5812 - Restaurants

Retail

Restaurants

N

P0000392

Famous Dave’s of America

P0000392

5812 - Restaurants

Retail

Restaurants

N

P0000393

Friendly’s Ice Cream [ILLEGIBLE]

P0000393

5812 - Restaurants

Retail

Restaurants

N

P0000394

Friendly’s Ice Cream [ILLEGIBLE]

P0000394

5812 - Restaurants

Retail

Restaurants

N

P0000395

Friendly’s Ice Cream [ILLEGIBLE]

P0000395

5812 - Restaurants

Retail

Restaurants

N

P0000396

Friendly’s Ice Cream [ILLEGIBLE]

P0000396

5812 - Restaurants

Retail

Restaurants

N

P0000397

Friendly’s Ice Cream [ILLEGIBLE]

P0000397

5812 - Restaurants

Retail

Restaurants

N

P0000398

Friendly’s Ice Cream [ILLEGIBLE]

P0000398

5812 - Restaurants

Retail

Restaurants

N

P0000399

Interfoods of America, Inc.

P0000399

5812 - Restaurants

Retail

Restaurants

N

P0000400

Interfoods of America, Inc.

P0000400

5812 - Restaurants

Retail

Restaurants

N

P0000401

Interfoods of America, Inc.

P0000401

5812 - Restaurants

Retail

Restaurants

N

P0000402

Interfoods of America, Inc.

P0000402

5812 - Restaurants

Retail

Restaurants

N

P0000403

Interfoods of America, Inc.

P0000403

5812 - Restaurants

Retail

Restaurants

N

P0000404

Interfoods of America, Inc.

P0000404

5812 - Restaurants

Retail

Restaurants

N

P0000405

Interfoods of America, Inc.

P0000405

5812 - Restaurants

Retail

Restaurants

N

P0000406

Interfoods of America, Inc.

P0000406

5812 - Restaurants

Retail

Restaurants

N

P0000408

Interfoods of America, Inc.

P0000408

5812 - Restaurants

Retail

Restaurants

N

P0000409

Interfoods of America, Inc.

P0000409

5812 - Restaurants

Retail

Restaurants

N

P0000410

Interfoods of America, Inc.

P0000410

5812 - Restaurants

Retail

Restaurants

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0000411

Interfoods of America, Inc.

P0000411

5812 - Restaurants

Retail

Restaurants

N

P0000412

Interfoods of America, Inc.

P0000412

5812 - Restaurants

Retail

Restaurants

N

P0000415

1st University Credit Union

P0000415

6061 - Credit Unions

Service

Banking

Credit Union

N

P0000416

Xxxxxxxx’x Buffet, Inc.

P0000416

5812 - Restaurants

Retail

Restaurants

N

P0000417

Xxxxxxxx’x Buffet, Inc.

P0000417

5812 - Restaurants

Retail

Restaurants

N

P0000418

Xxxxxxxx’x Buffet, Inc.

P0000418

5812 - Restaurants

Retail

Restaurants

N

P0000419

Xxxxxxxx’x Buffet, Inc.

P0000419

5812 - Restaurants

Retail

Restaurants

N

P0000420

Checker’s Drive-In [ILLEGIBLE]

P0000420

5812 - Restaurants

Retail

Restaurants

Y

P0000421

Checker’s Drive-In [ILLEGIBLE]

P0000421

5812 - Restaurants

Retail

Restaurants

Y

P0000424

Checker’s Drive-In [ILLEGIBLE]

P0000424

5812 - Restaurants

Retail

Restaurants

N

P0000425

Checker’s Drive-In [ILLEGIBLE]

P0000425

5812 - Restaurants

Retail

Restaurants

N

P0000426

Checker’s Drive-In [ILLEGIBLE]

P0000426

5812 - Restaurants

Retail

Restaurants

N

P0000428

Checker’s Drive-In [ILLEGIBLE]

P0000428

5812 - Restaurants

Retail

Restaurants

N

P0000429

Goldco, Inc.

P0000429

5812 - Restaurants

Retail

Restaurants

N

P0000431

Max & Erma’s Restaurants,[ILLEGIBLE]

P0000431

5812 - Restaurants

Retail

Restaurants

N

P0000432

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000432

5812 - Restaurants

Retail

Restaurants

N

P0000433

Max & Erma’s Restaurants, [ILLEGIBLE]

P0000433

0000 - Xxxxxxxxxxx

Xxxxxx

Xxxxxxxxxxx

X

X0000000

XX, Inc.

P0000434

5812 - Restaurants

Retail

Restaurants

N

P0000436

Arby’s Restaurant Group

P0000436

5812 - Restaurants

Retail

Restaurants

N

P0000437

Arby’s Restaurant Group

P0000437

5812 - Restaurants

Retail

Restaurants

N

P0000438

Arby’s Restaurant Group

P0000438

5812 - Restaurants

Retail

Restaurants

N

P0000439

Arby’s Restaurant Group

P0000439

5812 - Restaurants

Retail

Restaurants

N

P0000440

Arby’s Restaurant Group

P0000440

5812 - Restaurants

Retail

Restaurants

N

P0000442

Arby’s Restaurant Group

P0000442

5812 - Restaurants

Retail

Restaurants

N

P0000443

Arby’s Restaurant Group

P0000443

5812 - Restaurants

Retail

Restaurants

N

P0000446

Arby’s Restaurant Group

P0000446

5812 - Restaurants

Retail

Restaurants

Y

P0000449

Arby’s Restaurant Group

P0000449

5812 - Restaurants

Retail

Restaurants

Y

P0000450

Arby’s Restaurant Group

P0000450

5812 - Restaurants

Retail

Restaurants

N

P0000451

Arby’s Restaurant Group

P0000451

5812 - Restaurants

Retail

Restaurants

N

P0000453

Arby’s Restaurant Group

P0000453

5812 - Restaurants

Retail

Restaurants

N

P0000454

Arby’s Restaurant Group

P0000454

5812 - Restaurants

Retail

Restaurants

N

P0000455

Arby’s Restaurant Group

P0000455

5812 - Restaurants

Retail

Restaurants

N

P0000456

Interfoods of America, Inc.

P0000456

5812 - Restaurants

Retail

Restaurants

N

P0000457

Interfoods of America, Inc.

P0000457

5812 - Restaurants

Retail

Restaurants

N

P0000459

Interfoods of America, Inc.

P0000459

5812 - Restaurants

Retail

Restaurants

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0000920

Gander Mountain Company

P0000461

5941 - Sporting Goods - [ILLEGIBLE]

Retail

Specialty Retail

Sporting Goods

N

P0000921

Carmike Cinemas, Inc.

P0000462

7830 - Movie Theaters

Service

Movie Theaters

N

P0000922

Humperdink’s Texas, LLC

P0000463

5812 - Restaurants

Retail

Restaurants

N

P0000923

Humperdink’s Texas, LLC

P0000464

5812 - Restaurants

Retail

Restaurants

N

P0000924

Humperdink’s Texas, LLC

P0000465

5812 - Restaurants

Retail

Restaurants

N

P0000925

Humperdink’s Texas, LLC

P0000466

5812 - Restaurants

Retail

Restaurants

N

P0000926

Taco Bueno Restaurants, Inc.

P0000467

5812 - Restaurants

Retail

Restaurants

N

P0000927

Taco Bueno Restaurants, Inc.

P0000468

5812 - Restaurants

Retail

Restaurants

N

P0000928

Taco Bueno Restaurants, Inc.

P0000469

5812 - Restaurants

Retail

Restaurants

N

P0000929

Taco Bueno Restaurants, Inc.

P0000470

5812 - Restaurants

Retail

Restaurants

N

P0000930

Gander Mountain Company

P0000471

5941 - Sporting Goods - [ILLEGIBLE]

Retail

Specialty Retail

Sporting Goods

N

P0000931

Xxxx & Buster’s, Inc.

P0000473

5812 - Restaurants

Retail

Restaurants

N

P0000932

Hill Country Furniture [ILLEGIBLE]

P0000476

5712 - Furniture Stores

Retail

Specialty Retail

Furniture

N

P0000933

RBLS, Inc. (a Texas [ILLEGIBLE]

P0000477

5712 - Furniture Stores

Retail

Specialty Retail

Furniture

N

P0000934

Gander Mountain Company

P0000478

5941 - Sporting Goods - [ILLEGIBLE]

Retail

Specialty Retail

Sporting Goods

N

P0000935

Ferrellgas, L.P

P0000479

5900 - Miscellaneous Retail

Distribution

Gas/Propane

N

P0000936

Gander Mountain Company

P0000481

5941 - Sporting Goods - [ILLEGIBLE]

Retail

Specialty Retail

Sporting Goods

N

P0000937

Sonic Corp.

P0000482

5812 - Restaurants

Retail

Restaurants

N

P0000938

Sonic Corp.

P0000483

5812 - Restaurants

Retail

Restaurants

N

P0000939

Sonic Corp.

P0000484

5812 - Restaurants

Retail

Restaurants

N

P0000940

Sonic Corp.

P0000533

5812 - Restaurants

Retail

Restaurants

N

P0000941

Sonic Corp.

P0000534

5812 - Restaurants

Retail

Restaurants

N

P0000942

Sonic Corp.

P0000535

5812 - Restaurants

Retail

Restaurants

N

P0000943

Sonic Corp.

P0000536

5812 - Restaurants

Retail

Restaurants

N

P0000944

Sonic Corp.

P0000537

5812 - Restaurants

Retail

Restaurants

N

P0000945

Sonic Corp.

P0000538

5812 - Restaurants

Retail

Restaurants

N

P0000946

Sonic Corp.

P0000539

5812 - Restaurants

Retail

Restaurants

N

P0000947

Sonic Corp.

P0000540

5812 - Restaurants

Retail

Restaurants

N

P0000948

Sonic Corp.

P0000541

5812 - Restaurants

Retail

Restaurants

N

P0000949

Sonic Corp.

P0000542

5812 - Restaurants

Retail

Restaurants

N

P0000950

Sonic Corp.

P0000543

5812 - Restaurants

Retail

Restaurants

N

P0000951

Xxxxxxxxx Theatres, Inc.

P0000545

7830 - Movie Theaters

Service

Movie Theaters

N

P0000952

Gander Mountain Company

P0000551

5941 - Sporting Goods - [ILLEGIBLE]

Retail

Specialty Retail

Sporting Goods

N

P0000953

Rite Aid Corporation

P0000552

5912 - Drug Stores

Retail

Drug Stores

N

P0000954

Rite Aid Corporation

P0000553

5912 - Drug Stores

Retail

Drug Stores

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0000955

Rite Aid Corporation

P0000554

5912 - Drug Stores

Retail

Drug Stores

N

P0000956

Rite Aid Corporation

P0000556

5912 - Drug Stores

Retail

Drug Stores

N

P0000957

Rite Aid Corporation

P0000559

5912 - Drug Stores

Retail

Drug Stores

N

P0000958

Rite Aid Corporation

P0000560

5912 - Drug Stores

Retail

Drug Stores

N

P0000959

Rite Aid Corporation

P0000561

5912 - Drug Stores

Retail

Drug Stores

N

P0000960

Sonic Corp.

P0000566

5812 - Restaurants

Retail

Restaurants

N

P0000961

Flying Star Cafe

P0000596

5812 - Restaurants

Retail

Restaurants

N

P0000962

Flying Star Cafe

P0000597

5812 - Restaurants

Retail

Restaurants

N

P0000963

Xxxxxx Supply, Inc.

P0000634

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000964

Xxxxxx Supply, Inc.

P0000637

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000965

Xxxxxx Supply, Inc.

P0000640

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000966

Xxxxxx Supply, Inc.

P0000642

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000967

Xxxxxx Supply, Inc.

P0000644

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000968

Xxxxxx Supply, Inc.

P0000646

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000969

Xxxxxx Supply, Inc.

P0000647

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000970

Xxxxxx Supply, Inc.

P0000648

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000971

Xxxxxx Supply, Inc.

P0000650

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000972

Xxxxxx Supply, Inc.

P0000655

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000973

Xxxxxx Supply, Inc.

P0000658

5070 - Wholesale Hardware

Distribution

Plumbing/Electrical

N

P0000673

Arby’s Restaurant Group

P0000673

5812 - Restaurants

Retail

Restaurants

N

P0000675

Arby’s Restaurant Group

P0000675

5812 - Restaurants

Retail

Restaurants

N

P0000676

Arby’s Restaurant Group

P0000676

5812 - Restaurants

Retail

Restaurants

N

P0000677

Arby’s Restaurant Group

P0000677

5812 - Restaurants

Retail

Restaurants

Y

P0000678

Arby’s Restaurant Group

P0000678

5812 - Restaurants

Retail

Restaurants

N

P0000679

Arby’s Restaurant Group

P0000679

5812 - Restaurants

Retail

Restaurants

N

P0000680

Mexican Restaurants

P0000680

5812 - Restaurants

Retail

Restaurants

N

P0000681

Mexican Restaurants

P0000681

5812 - Restaurants

Retail

Restaurants

N

P0000682

Mexican Restaurants

P0000682

5812 - Restaurants

Retail

Restaurants

N

P0000683

Mexican Restaurants

P0000683

5812 - Restaurants

Retail

Restaurants

N

P0000685

Mexican Restaurants

P0000685

5812 - Restaurants

Retail

Restaurants

Y

P0000687

Mexican Restaurants

P0000687

5812 - Restaurants

Retail

Restaurants

N

P0000688

Mexican Restaurants

P0000688

5812 - Restaurants

Retail

Restaurants

N

P0000689

Mexican Restaurants

P0000689

5812 - Restaurants

Retail

Restaurants

N

P0000691

Mexican Restaurants

P0000691

5812 - Restaurants

Retail

Restaurants

N

P0000692

Arby’s Restaurant Group

P0000692

5812 - Restaurants

Retail

Restaurants

Y

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0000974

Rite Aid Corporation

P0000693

5912 - Drug Stores

Retail

Drug stores

N

P0000975

Sportsman’s Warehouse

P0000694

5941 - Sporting Goods - [ILLEGIBLE]

Retail

Specialty Retail

Sporting Goods

N

P0000976

Apollo College

P0000696

8249 - Schools-Medical & [ILLEGIBLE]

Service

Education

Vocational/Technical

N

P0000977

Apollo College

P0000697

8249 - Schools-Medical & [ILLEGIBLE]

Service

Education

Vocational/Technical

N

P0000978

Apollo College

P0000698

8249 - Schools-Medical & [ILLEGIBLE]

Service

Education

Vocational/Technical

N

P0000979

Apollo College

P0000699

8249 - Schools-Medical & [ILLEGIBLE]

Service

Education

Vocational/Technical

N

P0000980

Pilgrim’s Pride Corporation

P0000705

2015 - Poultry Distribution

Distribution

Poultry Distribution

N

P0000706

Stonebrook Properties LLC

P0000706

5812 - Restaurants

Retail

Restaurants

N

P0000707

Corral of Michigan LLC

P0000707

5812 - Restaurants

Retail

Restaurants

N

P0000708

Pizza Properties, Ltd

P0000708

5812 - Restaurants

Retail

Restaurants

N

P0000709

Pizza Properties, Ltd

P0000709

5812 - Restaurants

Retail

Restaurants

N

P0000710

Pizza Properties, Ltd

P0000710

5812 - Restaurants

Retail

Restaurants

N

P0000711

Pizza Properties, Ltd

P0000711

5812 - Restaurants

Retail

Restaurants

N

P0000730

HOM Furniture, Inc.

P0000730

5712 - Furniture Stores

Retail

Specialty Retail

Furniture

N

P0000731

HOM Furniture, Inc.

P0000731

5712 - Furniture Stores

Retail

Specialty Retail

Furniture

N

P0000732

Hastings Entertainment, Inc.

P0000732

5735 - Retail Computer & [ILLEGIBLE]

Retail

Specialty Retail

Books, Music and [ILLEGIBLE]

N

P0000737

Pizza Properties, Ltd

P0000737

5812 - Restaurants

Retail

Restaurants

N

P0000738

Rite Aid Corporation

P0000738

5912 - Drug Stores

Retail

Drug Stores

N

P0000747

Anvia, Inc.

P0000747

5712 - Furniture Stores

Retail

Specialty Retail

Furniture

N

P0000748

Sky Ventures, LLC

P0000748

5812 - Restaurants

Retail

Restaurants

N

P0000749

Sky Ventures, LLC

P0000749

5812 - Restaurants

Retail

Restaurants

N

P0000750

Sky Ventures, LLC

P0000750

5812 - Restaurants

Retail

Restaurants

N

P0000751

Sky Ventures, LLC

P0000751

5812 - Restaurants

Retail

Restaurants

N

P0000752

Sky Ventures, LLC

P0000752

5812 - Restaurants

Retail

Restaurants

N

P0000753

Sky Ventures, LLC

P0000753

5812 - Restaurants

Retail

Restaurants

N

P0000754

Sky Ventures, LLC

P0000754

5812 - Restaurants

Retail

Restaurants

N

P0000755

Sky Ventures, LLC

P0000755

5812 - Restaurants

Retail

Restaurants

N

P0000756

Sky Ventures, LLC

P0000756

5812 - Restaurants

Retail

Restaurants

N

P0000757

Sky Ventures, LLC

P0000757

5812 - Restaurants

Retail

Restaurants

N

P0000758

Sky Ventures, LLC

P0000758

5812 - Restaurants

Retail

Restaurants

N

P0000759

Sky Ventures, LLC

P0000759

5812 - Restaurants

Retail

Restaurants

N

P0000760

Sky Ventures, LLC

P0000760

5812 - Restaurants

Retail

Restaurants

N

P0000761

Sky Ventures, LLC

P0000761

5812 - Restaurants

Retail

Restaurants

N

P0000762

Sky Ventures, LLC

P0000762

5812 - Restaurants

Retail

Restaurants

N

P0000763

Sky Ventures, LLC

P0000763

5812 - Restaurants

Retail

Restaurants

N

Property ID

Obligor

Old Property ID

SIC Code

Industry

Sector

Sub-Sector

Subleased - Y/N

P0000764

Sky Ventures, LLC

P0000764

5812 - Restaurants

Retail

Restaurants

N

P0000765

Sky Ventures, LLC

P0000765

5812 - Restaurants

Retail

Restaurants

N

P0000766

Sky Ventures, LLC

P0000766

5812 - Restaurants

Retail

Restaurants

N

P0000767

Sky Ventures, LLC

P0000767

5812 - Restaurants

Retail

Restaurants

N

P0000768

Sky Ventures, LLC

P0000768

5812 - Restaurants

Retail

Restaurants

N

P0000769

Sky Ventures, LLC

P0000769

5812 - Restaurants

Retail

Restaurants

N

P0000770

Sky Ventures, LLC

P0000770

5812 - Restaurants

Retail

Restaurants

N

P0000771

Sky Ventures, LLC

P0000771

5812 - Restaurants

Retail

Restaurants

N

P0000772

Sky Ventures, LLC

P0000772

5812 - Restaurants

Retail

Restaurants

N

Property ID		Subtenant		Deal Name		Concept		Address 1
E000787				Sky Ventures, LLC		Pizza Hut		Equipment associated with the [ILLEGIBLE]
P0000891				Flying J portfolio purchase (Washington Mutal)		Flying J Travel Plaza		000 Xxxxx Xxxx 000 Xxxx
P0000892				Flying J portfolio purchase (Washington Mutal)		Flying J Travel Plaza		10226 Old Federal Highway
P0000893				Flying J portfolio purchase (Washington Mutal)		Flying J Travel Plaza		5300 S SR 3
P0000894				Flying J portfolio purchase (Washington Mutal)		Flying J Travel Plaza		15236 State Route 180
P0000981				Taco Bueno		Taco Bueno		0000 Xxxxxxx Xxxx
P0000982				Taco Bueno		Taco Bueno		0000 X Xxxxxx Xx
P0000983				Taco Bueno		Taco Bueno		5600 Camp Bowie Blvd
P0000984				Taco Bueno		Taco Bueno		1528 Xxxxx Trl
P0000985				Taco Bueno		Taco Bueno		7436 E Admiral PI
P0000986				Taco Bueno		Taco Bueno		0000 Xxxxxxx 00 X
P0000987				Taco Bueno		Taco Bueno		205 Spur 350
P0000988				Taco Bueno		Taco Bueno		4117 Buffalo Gap Rd
P0000989				Taco Bueno		Taco Bueno		0000 XX Xxxxx Xxxx Xxxx
P0000990				Taco Bueno		Taco Bueno		0000 X Xxxxxxxxxx Xx
P0000991				Taco Bueno		Taco Bueno		6350 Lake Worth Blvd
P0000992				Taco Bueno		Taco Bueno		0000 X Xxxxx Xxx
P0000993				Taco Bueno		Taco Bueno		0000 Xxxxxxxx Xxxx
P0000994				Taco Bueno		Taco Bueno		0000 X Xxxxxxxxx Xxx
X0000000				Xxxx Xxxxx		Xxxx Bueno		000 X Xxxxxxx Xx
P0000996				Taco Bueno		Taco Bueno		0000 XX 00xx Xx
P0000997				Taco Bueno		Taco Bueno		0000 Xxxxxxx Xxxxxx Xx
P0000998				Taco Bueno		Taco Bueno		1210 W Xxxx Xxxxxx Blvd
P0000999				Taco Bueno		Taco Bueno		0000 X Xxxxxxxx Xxx
P0001000				Taco Bueno		Taco Bueno		0000 X Xxxxxx Xx
P0001001				Taco Bueno		Taco Bueno		0000 X Xxxxxxx Xxxx
P0001002				Taco Bueno		Taco Bueno		000 X Xxxx Xx
P0001003				Taco Bueno		Taco Bueno		5010 US High way 000 X
X0000000				Xxxx Xxxxx		Xxxx Bueno		0000 XX 00xx Xx
P0001005				Taco Bueno		Taco Bueno		6834 Xxxxxx St
P0001006				Taco Bueno		Taco Bueno		2951 N Belt Line Rd
P0001007				Taco Bueno		Taco Bueno		5380 N Beach St
P0001008				Taco Bueno		Taco Bueno		5341 Xxxxxxx X Xxxx Ave
P0001009				Taco Bueno		Taco Bueno		0000 Xxxxxxxx Xxxx
P0001010				Taco Bueno		Taco Bueno		0000 XX Xxxx 000

Xxxxxxxx XX		Subtenant		Deal Name		Concept		Address 1
P0001011				Taco Bueno		Taco Bueno		0000 Xxxxxxxx Xxxx
P0001012				Taco Bueno		Taco Bueno		0000 X Xxxxxxxx Xx
P0001013				Taco Bueno		Taco Bueno		1725 W Xxxx X Xxxxxxxx Rd
P0001014				Taco Bueno		Taco Bueno		0000 X x0xx Xx
P0001015				Taco Bueno		Taco Bueno		0000 X Xxxxxxxxx Xxxx
P0001016				Discount Auto		Discount Auto Parts		0000 X Xxxx Xx
P0001017				Discount Auto		Discount Auto Parts		0000 X Xxxx Xx
P0001018				Discount Auto		Discount Auto Parts		0000 XX 000xx Xx
P0001019				Discount Auto		Discount Auto Parts		000 X Xxxxx Xxx
X0000000				Discount Auto		Discount Auto Parts		0000 Xxxxxxxxx Xxxx
P0001021				Discount Auto		Discount Auto Parts		0000 Xxxxxxxxx Xx
P0001022				Discount Auto		Discount Auto Parts		0000 X Xxxxxxxxxxxx Xxx
P0001023				Discount Auto		Discount Auto Parts		00000 X XX Xxxxxxx 00
P0001024				Discount Auto		Advance Auto Parts		0000 X Xxxxxxxxxx Xx
P0001025				Discount Auto		Advance Auto Parts		0000 Xxxxxxx Xx
P0001026				Discount Auto		Advance Auto Parts		0000 Xxxxxx Xx
P0001027				Discount Auto		Discount Auto Parts		000 X Xxxxxxx Xxx
X0000000				Discount Auto		Discount Auto Parts		0000 Xxxxxxxxxx Xx
P0001029				Discount Auto		Discount Auto Parts		0000 Xxxxxxxxxx Xxxx
P0001030				Discount Auto		Discount Auto Parts		000 X 0xx Xx
P0001031				Discount Auto		Discount Auto Parts		000 Xxxxxxxx Xx
P0001032				Discount Auto		Discount Auto Parts		0000 XX Xxxxxxx 00
P0001033				Discount Auto		Discount Auto Parts		0000 Xxxxx Xxxxxxx Xx
P0001034				Discount Auto		Discount Auto Parts		000 X Xxxx Xxxxxx
P0001035				Discount Auto		Discount Auto Parts		000 X Xxxxxx Xx
P0001036				Discount Auto		Discount Auto Parts		0000 Xxxxxxxxx Xx
P0001037				Discount Auto		Discount Auto Parts		0000 XX Xxxxxxx 00
P0001038				Discount Auto		Discount Auto Parts		000 X Xxxxxx Xx
P0001039				Discount Auto		Advance Auto Parts		0000 Xxxxxxxxxx Xxx
P0001040				Discount Auto		Advance Auto Parts		0000 Xxxxxxx Xxx
P0001041				Discount Auto		Discount Auto Parts		0000 Xxxxx Xx
P0001042				Discount Auto		Discount Auto Parts		000 XX Xxxxxxx 00 X
X0000000				Discount Auto		Discount Auto Parts		0000 Xxxxx Xxx
P0001044				Discount Auto		Discount Auto Parts		179 Sgt Xxxxxxxx Dr
P0001045				Discount Auto		Discount Auto Parts		000 Xxxxxxxxx Xx

Property ID		Subtenant		Deal Name		Concept		Address 1
P0001046				Discount Auto		Discount Auto Parts		000 Xxxxxxx Xxx X
P0001047				Discount Auto		Discount Auto Parts		000 X Xxxxxx Xx
X0000000				Xxxxxxx’s PowerSports - 1 Dealership		KC’s Powersports		00000 X. Xxxxxxxx Xxxxxxx
P0000896				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		0000 Xxxx Xxxxxx Xxxxxxx
P0000897				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		000 Xxxx Xxxxxx Xxxx
P0000898				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		0000 Xxx 000 Xxxxxx
P0000899				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		0000 Xxxxx Xxxxx Xxxxxx
P0000900				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		000 00xx Xxxxxx Xxxxx
P0000901				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		0000 X.Xxxxxx Xxxxxxx Xxxx
P0000902				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		0000 Xxxxxxxxxx Xxxxxxxxx We
P0000903				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		2611 US 27 North
P0000904				Xxxxxxxx Sale/Leaseback		Xxxxxxxx’x Buffet		000 Xxxx Xxxx Xxxxxxxxx
P0000905				Hastings Ent - 1 unit (Great Falls, MT) S/L		Hastings		000 00xx Xxxxxx Xxxxx
P0000906				AMC - Esplanade		AMC Theatre		0000 X. Xxxxxxxxx Xxxx
P0000907				Xxxxx Capital - Pike Nurseries, Inc. S/L (LOI)		Pike Plant Nursery		0000 Xxxxx Xxxxxx Xxxx
P0000908				Xxxxx Capital - Pike Nurseries, Inc. S/L (LOI)		Pike Plant Nursery		3431 Xxxxxx X. Xxxxxxx Pkwy
P0000909				Xxxxx Capital - Pike Nurseries, Inc. S/L (LOI)		Pike Plant Nursery		0000 Xxxxx Xxxxxxx Xxxx
P0000910				Xxxxx Capital - Pike Nurseries, Inc. S/L (LOI)		Pike Plant Nursery		0000 Xxxxxxx Xxxx
P0000911				Xxxxx Capital - Pike Nurseries, Inc. S/L (LOI)		Pike Plant Nursery		0000 Xxxxxxx Xxxxxx Xxxx
P0000912				Xxxxx Capital - Pike Nurseries, Inc. S/L (LOI)		Pike Plant Nursery		0000 Xxxxxxx Xxxxx Xxxx
P0000913				Grand Canyon University - Sale/Leaseback		Grand Canyon University		0000 Xxxx Xxxxxxxxx Xx.
P0000300				GEFF - 59 unit portfolio - 55 units Closing in June		Pizza Hut		000 X Xxxxx Xxxxx Xx
P0000301				GEFF - 59 unit portfolio - 55 units Closing in June		Pizza Hut		0000 Xxxxxxxxx Xx
P0000302				GEFF - 59 unit portfolio - 55 units Closing in June		Pizza Hut		000 X xxx Xx
P0000303				GEFF - 59 unit portfolio - 55 units Closing in June		Pizza Hut		0000 X Xxxxx Xxx
P0000304				GEFF - 59 unit portfolio - 55 units Closing in June		Pizza Hut		715 Columbia Rd
P0000305				GEFF - 59 unit portfolio - 55 units Closing in June		Pizza Hut		1119 Paris Rd
P0000306				GEFF - 59 unit portfolio - 55 units Closing in June		Skyline Chili		2805 Centre Dr
P0000309				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx Xxxx		000 Xxxxx Xx
P0000310				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx Xxxx		000 XX Xxxxxxx 00 X
P0000311				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx Xxxx		0000 Xxxxxx Xx
P0000312				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx Xxxx		00000 Xxxxx Xxxxx 00
P0000313				GEFF - 59 unit portfolio - 55 units Closing in June		Max & Erma’s		000 Xxxxxxxxx Xx
P0000314				GEFF - 59 unit portfolio - 55 units Closing in June		Max & Erma’s		0000 X Xxxxxx Xxxxxx Xx
P0000315				GEFF - 59 unit portfolio - 55 units Closing in June		Max & Erma’s		000 Xxxxxxxx Xx

Property ID		Subtenant		Deal Name		Concept		Address 1
P0000316				GEFF - 59 unit portfolio - 55 units Closing in June		Max & Erma’s		0000 Xxxxxxxxxx Xx
P0000317				GEFF - 59 unit portfolio - 55 units Closing in June		Max & Erma’s		0000 Xxxxx Xxx
P0000318				GEFF - 59 unit portfolio - 55 units Closing in June		Max & Erma’s		000 Xxxxxxx Xx
P0000319				GEFF - 59 unit portfolio - 55 units Closing in June		Popeye’s		0000 Xxxxxx Xxxx
X0000000		Xxxx Xxxxxx		GEFF - 59 unit portfolio - 55 units Closing in June		Casa Mexico		0000 X Xxxxxxx Xxx
P0000324				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx’x		0000 Xxxx Xxxx Xxxx XX
X0000000				GEFF - 59 unit portfolio - 55 units Closing in June		Popeye’s		00000 Xxxxxx Xxx
P0000327				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx Xxxx		000 X Xxxx Xx
P0000328				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx Xxxx		0000 00xx Xx
P0000329				GEFF - 59 unit portfolio - 55 units Closing in Xxxx		Xxxxxx Xxxx		00000 X Xxxxxxxx Xx
P0000330				GEFF - 59 unit portfolio - 55 units Closing in June		Wendy’s		0000 Xxxxxxxxxx Expy
P0000331				GEFF - 59 unit portfolio - 55 units Closing in June		Wendy’s		0000 Xxx Xxxxx Xxxx
X0000000				GEFF - 59 unit portfolio - 55 units Closing in June		Wendy’s		0000 Xxxxxxx Xxxx
P0000336				GEFF - 59 unit portfolio - 55 units Closing in June		Whataburger		Loop 323 N of Highway 31
P0000338				GEFF - 59 unit portfolio - 55 units Closing in June		Taco Xxxx		0000 Xxxxxx Xxxx
P0000349				GEFF - 59 unit portfolio - 55 units Closing in June		Skyline Chili		0000 Xxxxxxxxx Xx
P0000350				GEFF - 59 unit portfolio - 55 units Closing in June		Popeye’s		000 Xxxxxxxxx Xxxx
P0000351				GEFF - 59 unit portfolio - 55 units Closing in June		Popeye’s		0000 Xxxxx Xx
P0000354				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		00000 Xxxxx Xx
P0000355				GEFF - Fuddrucker’s 22 properties - master-lease.		Fuddruckers		0000 Xxxxxx Xxx X
P0000356				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 X Xxxx Xx
P0000357				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		6607 N IH 35
P0000358				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 X Xxxxxx Xxxxxxxxx Xx
X0000000				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		00000 X Xxxxx Xxx
P0000360				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 Xxxxxxxxx Xxx
P0000361				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		00000 Xxxxxxxxxx Xx
P0000362				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 X Xxxxxxxx Xxx
P0000363				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		00000 Xxxxxx Xxxx Xx
P0000364				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		000 X Xxxxxx Xxxx Xxxx
X0000000				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 Xxxxxxx 0 X
P0000366				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 Xxxxxxxxx Xxxx
P0000367				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		13010 Northwest Fwy
P0000368				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		000 Xxxxx Xxx
P0000369				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 X Xxxx Xx
P0000370				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 Xxxxxx Xx

Property ID		Subtenant		Deal Name		Concept		Address 1
P0000371				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 Xxxxxxxxxxx Xx XX
P0000372				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 Xxxxxxxxx Xxx
P0000373				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		11992 Chase Plz
P0000374				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		10500 Town and Country Way
P0000375				GEFF - Fuddrucker’s 22 properties - master lease.		Fuddruckers		0000 Xxxxxxxx Xx
P0000378				GEFF - 59 unit portfolio part 2 - 4 units		Popeye’s		0000 Xxxxx Xxxx
P0000379				GEFF - 59 unit portfolio part 2 - 4 units		Wendy’s		0000 Xxxxx Xxxx
P0000380				GEFF - 59 unit portfolio part 2 - 4 units		Popeye’s		0000 X Xxxx Xxxx
P0000381				GEFF - 59 unit portfolio part 2 - 4 units		Pizza Hut		0000 X Xxxx Xx
P0000914				Xxxxxxxxx Theaters - Purchase 2 locations		Xxxxxxxxx Theaters		0000 XX 00xx Xxxxxx
P0000915				Xxxxxxxxx Theaters - Purchase 2 locations		Xxxxxxxxx Theaters		0000 XX Xxxxxxx Xxxxxx
P0000916				Hastings Ent - Roswell unit acq. subject to existing lease		Hastings		0000 Xxxxx Xxxx Xxxxxx
P0000917				Allwell Golden Corral - 2 unit S/L		Golden Corral		616 So. Ridge Road Circle
P0000918				Allwell Golden Corral - 2 unit S/L		Golden Corral		0000 X. 00xx Xxxxxx
P0000919				Blue Rhino - Property in Tavarcs, FL.		Blue Rhino		300 County Road 448
P0000390				GEFF Portfolio - Sept ‘04 close on 71 properties		Famous Dave’s		00000 00xx Xx X
P0000391				GEFF Portfolio - Sept ‘04 close on 71 properties		Famous Dave’s		0000 Xxxxxxxx Xx
P0000392				GEFF Portfolio - Sept ‘04 close on 71 properties		Famous Dave’s		0000 000xx Xx X
P0000393				GEFF Portfolio - Sept ‘04 close on 71 properties		Friendly’s Ice Cream		00 X Xxxxxxx Xx
P0000394				GEFF Portfolio - Sept ‘04 close on 71 properties		Friendly’s Ice Cream		000 Xxxxxxxx Xxxx Xx
P0000395				GEFF Portfolio - Sept ‘04 close on 71 properties		Friendly’s Ice Cream		697 Xxxx Schenectady Rd
P0000396				GEFF Portfolio - Sept ‘04 close on 71 properties		Friendly’s Ice Cream		000 Xxxxxxxxxx Xxx
P0000397				GEFF Portfolio - Sept ‘04 close on 71 properties		Friendly’s Ice Cream		00 Xxxx Xx
P0000398				GEFF Portfolio - Sept ‘04 close on 71 properties		Friendly’s Ice Cream		000 Xxxxxx Xxxxxx Xx
P0000399				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 XX 0xx Xxx
P0000400				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		000 X Xxxxxxxxx Xxxx
P0000401				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 X Xxxxxxx Xxxx
P0000402				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		14620 Plank Rd
P0000403				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 Xxxx Xx
P0000404				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		5946 Airline Hwy
P0000405				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		290 Xxxxxxx Hwy
P0000406				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		000 X 00xx Xx
P0000408				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		9854 Halls Ferry Rd
P0000409				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		8654 Natural Bridge Rd
P0000410				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 Xxxxxx Xx

Property ID		Subtenant		Deal Name		Concept		Address 1
P0000411				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 Xxxxxxxxx Xxxxxxx Xx
P0000412				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 X Xxxxx Xxx
P0000415				GEFF Portfolio - Sept ‘04 close on 71 properties		Other		000 X Xxxxxxxxxx Xxxxx Xx
P0000416				GEFF Portfolio - Sept ‘04 close on 71 properties		Xxxxxxxx’x Buffet		000 X Xxxxx Xxx
P0000417				GEFF Portfolio - Sept ‘04 close on 71 properties		Xxxxxxxx’x Buffet		1070 S VolusiaAve
P0000418				GEFF Portfolio - Sept ‘04 close on 71 properties		Xxxxxxxx’x Buffet		6706 highway 63
P0000419				GEFF Portfolio - Sept ‘04 close on 71 properties		Xxxxxxxx’x Buffet		00000 Xxxxxxx 00
P0000420		Refranchised - operates as a [ILLEGIBLE]		GEFF Portfolio - Sept ‘04 close on 71 properties		Rally’s		3979 W Tennessee St
P0000421		Refranchised - operates as a [ILLEGIBLE]		GEFF Portfolio - Sept ‘04 close on 71 properties		Rally’s		000 Xxxxxxxxx Xxx
P0000424				GEFF Portfolio - Sept ‘04 close on 71 properties		Rally’s		0000 XX Xxxxxxx 00
P0000425				GEFF Portfolio - Sept ‘04 close on 71 properties		Rally’s		0000 X Xxxxxx Xx
P0000426				GEFF Portfolio - Sept ‘04 close on 71 properties		Rally’s		0000 Xxxxx Xxxxxx Xxx
P0000428				GEFF Portfolio - Sept ‘04 close on 71 properties		Rally’s		000 X. Xxxxxxx Xxxxxx
P0000429				GEFF Portfolio - Sept ‘04 close on 71 properties		Burger King		0000 X Xxxxxxxxx Xx
P0000431				GEFF Portfolio - Sept ‘04 close on 71 properties		Max & Erma’s		1275 E Dublin Granville Rd
P0000432				GEFF Portfolio - Sept ‘04 close on 71 properties		Max & Erma’s		0000 Xxxxxxxxx Xx
P0000433				GEFF Portfolio - Sept ‘04 close on 71 properties		Max & Erma’s		0000 Xxxxxxxx Xx
P0000434				GEFF Portfolio - Sept ‘04 close on 71 properties		Denny’s		00000 X Xxxx Xxxx
P0000436				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		0000 X Xxxx Xx
P0000437				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		000 Xxxxxx Xxxxxxxxx Xxxx
P0000438				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		000 X Xxxxx Xx
P0000439				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		000 X Xxxx Xx
P0000440				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		0000 Xxxxxxx Xx
P0000442				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		0000 Xxxxxxx 00 X
P0000443				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		403 Tri County Plz
P0000446		Operates as an Arby’s		GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		000 Xxxxxxx 00
P0000449		Operates as an Arby’s		GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		0000 Xxxxxxx Xxxx
P0000450				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		0000 Xxxxxxxxxx Xx
P0000451				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		00000 Xxxxx Xxxx
P0000453				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		0000 Xxxxxxxx Xxxx
P0000454				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		622 Fair Rd
P0000455				GEFF Portfolio - Sept ‘04 close on 71 properties		Arby’s		000 X Xxxxxxx 00
P0000456				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 Xxxxxxxxxx Xx
P0000457				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 Xxxxxxx Xx
P0000459				GEFF Portfolio - Sept ‘04 close on 71 properties		Popeye’s		0000 XX 00xx Xx

Property ID		Subtenant		Deal Name		Concept		Address 1
P0000920				Gander Mountain - Acq. of Kenosha subject to existing lease		Gander Mountain		0000 000xx Xxxxxx
P0000921				Carmike Cinemas - 1 unit S/L in Cedar Rapids, IA		Carmike Cinemas		0000 Xxxxxxxx Xxxx XX
P0000922				Humperdinks (Ram Intl.) - 4 S/L locations		Humperdink		3820 Belt Line Road
P0000923				Humperdinks (Ram Intl.) - 4 S/L locations		Humperdink		0000 Xxxxxxxxxx Xxxxxx
P0000924				Humperdinks (Ram Intl.) - 4 S/L locations		Humperdink		0000 X. XX Xxxxxxx
X0000000				Humperdinks (Ram Intl.) - 4 S/L locations		Humperdink		700 Six Flags Drive
P0000926				Taco Bueno - 4 unit S/L		Taco Bueno		1601 Xxxxx Xxxxxx Blvd
P0000927				Taco Bueno - 4 unit S/L		Taco Bueno		0000 X. Xxxxxxx Xxxxxx
P0000928				Taco Bueno - 4 unit S/L		Taco Bueno		0000 Xxxxxxx Xxxx
P0000929				Taco Bueno - 4 unit S/L		Taco Bueno		0000 00xx Xxxxxx
P0000930				Gander Mountain - Utica location subject to existing lease		Gander Mountain		0000 Xxxxxxx Xxxxxx
P0000931				Xxxx & Buster’s - 1 unit in Marietta, GA		Xxxx & Buster’s		2215 D&B Drive
P0000932				Ashley Furniture - San Antonio unit subject to existing lease		Ashley Furniture		7903 Xxx Xxxxxx Road
P0000933				Ashley Furniture (franchisee - RBLS) in El Paso		Ashley Furniture		0000 Xxxxxx Xxxxxxxxx
P0000934				Gander Mountain - Flint, MI 1 Unit		Gander Mountain		000 0-X Xxxxxx Xxxx
X0000000				Xxxx Xxxxx - XX property		Blue Rhino		0000 Xxxx Xxxxx Xxxx
P0000936				Gander Mountain - Fargo, ND		Gander Mountain		0000 00xx Xx., XX
P0000937				Sonic - 15 Store Acquisition (1 unit to close late		Sonic		000 X Xxxx Xxx
P0000938				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		3307 No. Broadway St.
P0000939				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		000 0xx Xx.
P0000940				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		355 No. Franklin St.
P0000941				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		000 X. Xxxx Xx.
P0000942				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		000 X. Xxxx Xx.
P0000943				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		0000 X. Xxxxxxxx Xxx.
P0000944				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		000 Xxxxxxxxx Xxxx Xxxxx
P0000945				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		000 Xxx Xxxxx Xxxxxxxx
X0000000				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		0000 X. Xxxxx Xx.
P0000947				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		000 Xxxxx Xxxx
P0000948				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		0000 Xxxxxxxxxxxxx Xxxx
P0000949				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		0000 Xxxxxxxxx Xxxxxxx
P0000950				Sonic - 15 Store Acquisition (1 unit to close later)		Sonic		1108 No. Xxxxxxx X. Xxxxxxx Xx
P0000951				Xxxxxxxxx Theaters - Purchase 2 locations		Xxxxxxxxx Theaters		00000 Xx. Xxxxxxxx Xxxxx
P0000952				Gander Mountain - Syracuse, (Cicero) subject to existing lease		Gander Mountain		0000 Xxxxxxxxx Xxxxx
P0000953				Rite Aid - 14 Existing properties		Rite Aid		0000 Xxxxxxx Xxxxxx
P0000954				Rite Aid - 14 Existing properties		Rite Aid		000 Xxxxxxxxx Xxxxxx

Xxxxxxxx XX		Subtenant		Deal Name		Concept		Address 1
P0000955				Rite Aid - 14 Existing properties		Rite Aid		000 Xxxxxxx Xxxxxx
P0000956				Rite Aid - 14 Existing properties		Rite Aid		000 Xxxxx Xxxxx Xxxxxx
P0000957				Rite Aid- 14 Existing properties		Rite Aid		0000 Xxxxxxxx Xxxxxx
P0000958				Rite Aid - 14 Existing properties		Rite Aid		000 Xxxx Xxxxxxxx Xxxxxx
P0000959				Rite Aid - 14 Existing properties		Rite Aid		000 xxxxx Xxxxx Xxxxxx
P0000960				Sonic Corp - Final unit of 16-unit acquisition		Sonic		0000 X Xxx Xxxxxx
P0000961				Flying Star Cafe - 2 units		Flying Star Cafe		0000 Xxxxxx Xxxx XX
X0000000				Flying Star Cafe - 2 units		Flying Star Cafe		4501 Xxxx Tabo Blvd NE
P0000963				Hughes Supply - existing units		Hughes Supply		8700 Hwy 27 S
P0000964				Hughes Supply - existing units		Hughes Supply		8326 Lemon Rd
P0000965				Hughes Supply - existing units		Hughes Supply		6854 Distribution Ave S
P0000966				Hughes Supply - existing units		Hughes Supply		8091 Supply Drive
P0000967				Hughes Supply - existing units		Hughes Supply		6231 Idlewild Street
P0000968				Hughes Supply - existing units		Hughes Supply		4355 Drane Field Rd
P0000969				Hughes Supply - existing units		Hughes Supply		5311 DoolittleRd
P0000970				Hughes Supply - existing units		Hughes Supply		5409-100 Broadway Ave
P0000971				Hughes Supply - existing units		Hughes Supply		3509 N Loop 336 W
P0000972				Hughes Supply - existing units		Hughes Supply		2007 NW 15th Ave
P0000973				Hughes Supply - existing units		Hughes Supply		1751 L Avenue
P0000673				GEFF - Dec 04 portfolio 19 properties - part 1		Arby’s		5660 Beach Boulevard
P0000675				GEFF - Dec 04 portfolio 19 properties - part 1		Arby’s		2600 S Orange Ave
P0000676				GEFF - Dec 04 portfolio 19 properties - part 1		Arby’s		1305 Tuskawilla Rd
P0000677		Danarb - Still an Arby’s		GEFF - Dec 04 portfolio 19 properties - part 1		Arby’s		2649 Richmond Road
P0000678				GEFF - Dec 04 portfolio 19 properties - part 1		Arby’s		4170 Shelbyville Rd
P0000679				GEFF - Dec 04 portfolio 19 properties - part 1		Arby’s		16005 US Highway 441
P0000680				GEFF - Dec 04 portfolio 19 properties - part 1		Casa Ole		5705 4th St
P0000681				GEFF - Dec 04 portfolio 19 properties - part 1		Casa Ole		1520 Southmore Ave
P0000682				GEFF - Dec 04 portfolio 19 properties - part 1		Casa Ole		2726 Spencer Hwy
P0000683				GEFF - Dec 04 portfolio 19 properties - part 1		Casa Ole		2730 East Highway 190
P0000685		Chappala		GEFF - Dec 04 portfolio 19 properties - part 1		Garibaldi’s		525 Caldwell Blvd
P0000687				GEFF - Dec 04 portfolio 19 properties - part 1		Monterey’s Tex Mex		410 S. Gordon St
P0000688				GEFF - Dec 04 portfolio 19 properties - part 1		Monterey’s Tex Mex		12520 Greenspoint Dr
P0000689				GEFF - Dec 04 portfolio 19 properties - part 1		Monterey’s Tex Mex		3201 Freedom Blvd
P0000691				GEFF - Dec 04 portfolio 19 properties - part 1		Monterey’s Tex Mex		5694 WSkellyDr
P0000692		Danarb - Still an Arby’s		GEFF - Dec 04 portfolio Part 2 - 1 property		Arby’s		1228 South Broadway Street

Property ID		Subtenant		Deal Name		Concept		Address 1
P0000974				Rite Aid ( Philadelphia - 1 unit)		Rite Aid		5601 Chestnut Street
P0000975				Sportsman’s Warehouse - Greenbay, WI		Sportsman’s Warehouse		1551 Lawrence Drive
P0000976				Apollo College 4 units		Apollo Colleges		630 W. Southern Ave
P0000977				Apollo College 4 units		Apollo Colleges		3550 N. Oracle Road
P0000978				Apollo College 4 units		Apollo Colleges		2701 W. Bethany Home Road
P0000979				Apollo College 4 units		Apollo Colleges		8503 N. 27th Avenue
P0000980				Anika and Associates, Inc.		Pilgrim’s Pride Freezer Warehouse		3330 Woodrow Wilson Drive
P0000706				Stonebrook Properties LLC		Golden Corral		1300 South Morgan
P0000707				Corral of Michigan		Golden Corral		37101 Warren Road
P0000708				Pizza Properties, Ltd		Peter Piper Pizza		2210 West University Drive
P0000709				Pizza Properties, Ltd		Peter Piper Pizza		402 South Bibb Ave
P0000710				Pizza Properties, Ltd		Peter Piper Pizza		4526 East Hwy 83
P0000711				Pizza Properties, Ltd		Peter Piper Pizza		3101 East Expressway 83
P0000730				HOM Furniture, Inc		HOM Furniture Showrooms		4726 Mall Drive
P0000731				HOM Furniture, Inc		HOM Furniture Showrooms		2921 Mall Drive
P0000732				Hastings - Lake Jackson, TX		Hastings		200 Hwy 332 West
P0000737				Pizza Properties, Ltd		Peter Piper Pizza		9450 Dyer Street
P0000738				Rite Aid - St. Clair Shores		Rite Aid		21500-21508 Harper Avenue
P0000747				Anvia, Inc. Ashley Home Center Abilene		Ashley Home Center		4597 Southwest Drive
P0000748				Sky Ventures, LLC		Pizza Hut		545 Hwy 9 E
P0000749				Sky Ventures, LLC		Pizza Hut		419 2nd Ave SE
P0000750				Sky Ventures, LLC		Pizza Hut		260 Carson Ave
P0000751				Sky Ventures, LLC		Pizza Hut		1325 Town Centre Dr
P0000752				Sky Ventures, LLC		Pizza Hut		964 Hwy 15 S
P0000753				Sky Ventures, LLC		Pizza Hut		5501 Grand Ave
P0000754				Sky Ventures, LLC		Pizza Hut		3600 N Douglas
P0000755				Sky Ventures, LLC		Pizza Hut		32 Sheridan St
P0000756				Sky Ventures, LLC		Pizza Hut		701 Highway 33 S
P0000757				Sky Ventures, LLC		Pizza Hut		1101 Hwy 25 N
P0000758				Sky Ventures, LLC		Pizza Hut		1918 London Rd
P0000759				Sky Ventures, LLC		Pizza Hut		1725 E Main St
P0000760				Sky Ventures, LLC		Pizza Hut		623 Hammond Ave
P0000761				Sky Ventures, LLC		Pizza Hut		3854 N Central Ave
P0000762				Sky Ventures, LLC		Pizza Hut		100 N Phillips
P0000763				Sky Ventures, LLC		Pizza Hut		1653 Weir Dr

Property ID		Subtenant		Deal Name		Concept		Address 1
P0000764				Sky Ventures, LLC		Pizza Hut		W Hwy 18
P0000765				Sky Ventures, LLC		Pizza Hut		1211 7th Ave
P0000766				Sky Ventures, LLC		Pizza Hut		257 Marschall Rd
P0000767				Sky Ventures, LLC		Pizza Hut		Hwy 18
P0000768				Sky Ventures, LLC		Pizza Hut		1157 S Main
P0000769				Sky Ventures, LLC		Pizza Hut		15065 Canada Rd
P0000770				Sky Ventures, LLC		Pizza Hut		1504 13th Street S
P0000771				Sky Ventures, LLC		Pizza Hut		7500 Bass Lake Rd
P0000772				Sky Ventures, LLC		Pizza Hut		1300 W Broadway

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date?

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

E000787

Golden Valley

MN

55247

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000891

Saint Augustine

FL

32086

Spirit Finance Corporation

N

N

Flying J. Inc.

BB+ equiv

P0000892

Camesville

GA

30521

Spirit Finance Corporation

N

N

Flying J. Inc.

BB+ equiv

P0000893

Spiceland

IN

47385

Spirit Finance Corporation

N

N

Flying J. Inc.

BB+ equiv

P0000894

Catlettsburg

KY

41129-9211

Spirit Finance Corporation

N

N

Flying J. Inc.

BB+ equiv

P0000981

Hurst

TX

74145-4818

Spirit Funding Company,

362109.33

N

N

Taco Bueno Restaurants

Non-Rated

P0000982

Arlington

TX

76015-1602

Spirit Funding Company,

362109.33

N

N

Taco Bueno Restaurants

Non-Rated

P0000983

Fort Worth

TX

76107-5119

Spirit Funding Company,

434531.2

N

N

Taco Bueno Restaurants

Non-Rated

P0000984

Bedford

TX

76021-5343

Spirit Funding Company,

827678.48

N

N

Taco Bueno Restaurants

Non-Rated

P0000985

Tulsa

OK

74115-7913

Spirit Funding Company,

848370.45

N

N

Taco Bueno Restaurants

Non-Rated

P0000986

Fort Worth

TX

76116-6101

Spirit Funding Company,

703526.71

N

N

Taco Bueno Restaurants

Non-Rated

P0000987

Euless

TX

76040-4583

Spirit Funding Company,

398320.27

N

N

Taco Bueno Restaurants

Non-Rated

P0000988

Abilene

TX

79605-7233

Spirit Funding Company,

801813.53

N

N

Taco Bueno Restaurants

Non-Rated

P0000989

Arlington

TX

76017-1201

Spirit Funding Company,

900100.35

N

N

Taco Bueno Restaurants

Non-Rated

P0000990

Denton

TX

76201-1790

Spirit Funding Company,

941484.27

N

N

Taco Bueno Restaurants

Non-Rated

P0000991

Lake Worth

TX

76135-3102

Spirit Funding Company,

848370.45

N

N

Taco Bueno Restaurants

Non-Rated

P0000992

Tulsa

OK

74137-3206

Spirit Funding Company,

594893.91

N

N

Taco Bueno Restaurants

Non-Rated

P0000993

Garland

TX

75043-5818

Spirit Funding Company,

672488.77

N

N

Taco Bueno Restaurants

Non-Rated

P0000994

Grapevine

TX

76051-5034

Spirit Funding Company,

672488.77

N

N

Taco Bueno Restaurants

Non-Rated

P0000995

Muskogee

OK

74401-4152

Spirit Funding Company,

672488.77

N

N

Taco Bueno Restaurants

Non-Rated

P0000996

Oklahoma City

OK

73106-1203

Spirit Funding Company,

455223.16

N

N

Taco Bueno Restaurants

Non-Rated

P0000997

Fort Worth

TX

76116-1516

Spirit Funding Company,

387974.29

N

N

Taco Bueno Restaurants

Non-Rated

P0000998

Claremore

OK

74017-3426

Spirit Funding Company,

889754.37

N

N

Taco Bueno Restaurants

Non-Rated

P0000999

Oklahoma City

OK

73108-1707

Spirit Funding Company,

362109.33

N

N

Taco Bueno Restaurants

Non-Rated

P0001000

Broken Arrow

OK

74012-1217

Spirit Funding Company,

750083.62

N

N

Taco Bueno Restaurants

Non-Rated

P0001001

Dallas

TX

75227-6901

Spirit Funding Company,

393147.28

N

N

Taco Bueno Restaurants

Non-Rated

P0001002

Sapulpa

OK

74066-5104

Spirit Funding Company,

713872.69

N

N

Taco Bueno Restaurants

Non-Rated

P0001003

Abilene

TX

79605-4543

Spirit Funding Company,

620758.86

N

N

Taco Bueno Restaurants

Non-Rated

P0001004

Oklahoma City

OK

73119-1713

Spirit Funding Company,

465569.15

N

N

Taco Bueno Restaurants

Non-Rated

P0001005

Greenville

TX

75402-7303

Spirit Funding Company,

553509.98

N

N

Taco Bueno Restaurants

Non-Rated

P0001006

Irving

TX

75062-5248

Spirit Funding Company,

636277.83

N

N

Taco Bueno Restaurants

Non-Rated

P0001007

Haltom City

TX

76137-2730

Spirit Funding Company,

879408.38

N

N

Taco Bueno Restaurants

Non-Rated

P0001008

Grapevine

TX

76051-7357

Spirit Funding Company,

646623.82

N

N

Taco Bueno Restaurants

Non-Rated

P0001009

Fort Worth

TX

76177-5302

Spirit Funding Company,

382801.31

N

N

Taco Bueno Restaurants

Non-Rated

P0001010

Forest Hill

TX

76140-1107

Spirit Funding Company,

931138.3

N

N

Taco Bueno Restaurants

Non-Rated

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date?

Has been modified since origination date?

Obligor

Moody’s/S& Fitch Rating

P0001011

McKinney

TX

75070-4228

Spirit Funding Company,

362109.33

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0001012

Tulsa

OK

74145-5714

Spirit Funding Company,

449263.64

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0001013

Enid

OK

73703-5604

Spirit Funding Company,

211721.95

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0001014

Tulsa

OK

74104-4113

Spirit Funding Company,

350278.1

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0001015

Southlake

TX

76092-6603

Spirit Funding Company,

206558

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0001016

Atmore

AL

36502-3501

Spirit Funding Company,

347818.44

N

N

Advance Auto Parts, Inc

BB+

P0001017

Theodore

AL

36582-1665

Spirit Funding Company,

516051.1

N

N

Advance Auto Parts, Inc

BB+

P0001018

Hialeah

FL

33016-2253

Spirit Funding Company,

922699.36

N

N

Advance Auto Parts, Inc

BB+

P0001019

New Smyrna Beach

FL

32168-6409

Spirit Funding Company,

652288.59

N

N

Advance Auto Parts, Inc

BB+

P0001020

Margate

FL

33068-1362

Spirit Funding Company,

619261.32

N

N

Advance Auto Parts, Inc

BB+

P0001021

Fort Lauderdale

FL

33309-3156

Spirit Funding Company,

852516.41

N

N

Advance Auto Parts, Inc

BB+

P0001022

Tampa

FL

33614-5963

Spirit Funding Company,

645063.87

N

N

Advance Auto Parts, Inc

BB+

P0001023

Gibsonton

FL

33534-4708

Spirit Funding Company,

663641.71

N

N

Advance Auto Parts, Inc

BB+

P0001024

Dayton

OH

45420-2642

Spirit Funding Company,

564559.89

N

N

Advance Auto Parts, Inc

BB+

P0001025

Castle Shannon

PA

15234-2631

Spirit Funding Company,

858709.03

N

N

Advance Auto Parts, Inc

BB+

P0001026

Burlington

IA

52601-1959

Spirit Funding Company,

457221.27

N

N

Advance Auto Parts, Inc

BB+

P0001027

Camilla

GA

31730-1969

Spirit Funding Company,

632678.64

N

N

Advance Auto Parts, Inc

BB+

P0001028

Savannah

GA

31405-3200

Spirit Funding Company,

657449.1

N

N

Advance Auto Parts, Inc

BB+

P0001029

Columbus

GA

31904-6659

Spirit Funding Company,

660545.4

N

N

Advance Auto Parts, Inc

BB+

P0001030

Waynesboro

GA

30830-1461

Spirit Funding Company,

557335.18

N

N

Advance Auto Parts, Inc

BB+

P0001031

Blakeley

GA

31723-1703

Spirit Funding Company,

511922.69

N

N

Adyance Auto Parts, Inc

BB+

P0001032

Richmond Hill

GA

31324-3671

Spirit Funding Company,

593458.76

N

N

Advance Auto Parts, Inc

BB+

P0001033

Augusta

GA

30906-9436

Spirit Funding Company,

649192.29

N

N

Advance Auto Parts, Inc

BB+

P0001034

Kingsland

GA

31548-6317

Spirit Funding Company,

622357.62

N

N

Advance Auto Parts, Inc

BB+

P0001035

Griffin

GA

30223-3029

Spirit Funding Company,

706990

N

N

Advance Auto Parts, Inc

BB+

P0001036

College Park

GA

30349-6443

Spirit Funding Company,

484055.93

N

N

Advance Auto Parts, Inc

BB+

P0001037

Leesburg

GA

31763-4834

Spirit Funding Company,

780269.25

N

N

Advance Auto Parts, Inc

BB+

P0001038

Covington

LA

70433-3282

Spirit Funding Company,

755498.81

N

N

Advance Auto Parts, Inc

BB+

P0001039

Alton

IL

62002-5466

Spirit Funding Company,

611004.49

N

N

Advance Auto Parts, Inc

BB+

P0001040

Saint Louis

MO

63118-3504

Spirit Funding Company,

776140.85

N

N

Advance Auto Parts, Inc

BB+

P0001041

Hattiesburg

MS

39402-1307

Spirit Funding Company,

910314.14

N

N

Advance Auto Parts, Inc

BB+

P0001042

Clinton

MS

39056

Spirit Funding Company,

672930.63

N

N

Advance Auto Parts, Inc

BB+

P0001043

Jackson

MS

39209-7328

Spirit Funding Company,

680155.35

N

N

Advance Auto Parts, Inc

BB+

P0001044

Natchez

MS

39120-4733

Spirit Funding Company,

710086.3

N

N

Advance Auto Parts, Inc

BB+

P0001045

Newton

MS

39345-9747

Spirit Funding Company,

543917.86

N

N

Advance Auto Parts, Inc

BB+

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s Loan balance prior to acquisition

Has been delinquent since origination date

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

P0001046

Wiggins

MS

39577-2531

Spirit Funding Company,

670866.43

N

N

Advance Auto Parts, Inc

BB+

P0001047

Denmark

SC

29042-1307

Spirit Funding Company,

355043.15

N

N

Advance Auto Parts, Inc

BB+

P0000895

Huntsville

AL

35803

Spirit Finance Corporation

N

N

America’s Power Sports

Non-Rated

P0000896

Gulf Breeze

FL

32561

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000897

Mary Esther

FL

32569

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000898

Troy

AL

36081

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000899

Bryan

TX

77801

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000900

Columbus

MS

39701

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000901

Ocala

FL

34470

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000902

Jacksonville

FL

32217

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000903

Sebring

FL

33872

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000904

Casselberry

FL

32707

Spirit Finance Acquisitions, LLC

N

N

Barnhill’s Buffet, Inc.

Non-Rated

P0000905

Great Falls

MT

59401

Spirit Finance Acquisitions, LLC

N

N

Hastings Entertainment,

Non-Rated

P0000906

Phoenix

AZ

85016

Spirit Finance Acquisitions, LLC

N

N

AMC Entertainment, Inc

B

P0000907

Alpharetta

GA

30022

Spirit Finance Acquisitions, LLC

N

Y

Pike Holding Nursery [ILLEGIBLE]

Non-Rated

P0000908

Marietta

GA

30064

Spirit Finance Acquisitions, LLC

N

Y

Pike Holding Nursery [ILLEGIBLE]

Non-Rated

P0000909

Canton

GA

30115

Spirit Finance Acquisitions, LLC

N

Y

Pike Holding Nursery [ILLEGIBLE]

Non-Rated

P0000910

Atlanta

GA

30342

Spirit Finance Acquisitions, LLC

N

Y

Pike Holding Nursery [ILLEGIBLE]

Non-Rated

P0000911

Alpharetta

GA

30022

Spirit Finance Acquisitions, LLC

N

Y

Pike Holding Nursery [ILLEGIBLE]

Non-Rated

P0000912

Marietta

GA

30062

Spirit Finance Acquisitions, LLC

N

Y

Pike Holding Nursery [ILLEGIBLE]

Non-Rated

P0000913

Phoenix

AZ

85017

Spirit Finance Acquisitions, LLC

N

N

Grand Canyon University

Non-Rated

P0000300

Evansville

IN

47715-2418

Spirit SPE Portfolio 2004-6

N

N

NPC International, Inc.

Non-Rated

P0000301

Owensboro

KY

42301-7455

Spirit SPE Portfolio 2004-6

N

N

NPC International, Inc.

Non-Rated

P0000302

Madill

OK

73446-1410

Spirit SPE Portfolio 2004-6

N

N

NPC International, Inc.

Non-Rated

P0000303

Geneva

AL

36340-1638

Spirit SPE Portfolio 2004-6

N

N

NPC International, Inc.

Non-Rated

P0000304

Blakely

GA

31723-1423

Spirit SPE Portfolio 2004-6

N

N

NPC International, Inc.

Non-Rated

P0000305

Mayfield

KY

42066-4988

Spirit SPE Portfolio 2004-6

N

N

NPC International, Inc.

Non-Rated

P0000306

Fairborn

OH

45324-2670

Spirit SPE Portfolio 2004-6

N

N

Skyline Chili, Inc.

Non-Rated

P0000309

Raleigh

NC

27603-3529

Spirit SPE Portfolio 2004-6

N

N

Carrols Corporation

B+

P0000310

New Bern

NC

28560-6535

Spirit SPE Portfolio 2004-6

N

N

Carrols Corporation

B+

P0000311

Akron

OH

44312-3951

Spirit SPE Portfolio 2004-6

N

N

Carrols Corporation

B+

P0000312

Edon

OH

43518-9714

Spirit SPE Portfolio 2004-6

N

N

Carrols Corporation

B+

P0000313

Burr Ridge

IL

60521-0834

Spirit SPE Portfolio 2004-6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000314

Canton

MI

48187-2906

Spirit SPE Portfolio 2004-6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000315

Mars

PA

16046-9414

Spirit SPE Portfolio 2004-6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

P0000316

Dayton

OH

45458-1621

Spirit SPE Portfolio 2004-6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000317

Gurnee

IL

60031-1620

Spirit SPE Portfolio 2004-6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000318

Pittsburgh

PA

15275-1200

Spirit SPE Portfolio 2004-6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000319

Birmingham

AL

35204-1736

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000323

Boise

ID

83709-1659

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000324

Albuquerque

NM

87112-4406

Spirit SPE Portfolio 2004-6

N

N

Banyan, Inc.

Non-Rated

P0000326

Baton Rouge

LA

70816-8525

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000327

Apopka

FL

32703-5374

Spirit SPE Portfolio 2004-6

N

N

Burger King [ILLEGIBLE]

Non-Rated

P0000328

Saint Cloud

FL

34769-4136

Spirit SPE Portfolio 2004-6

N

N

Burger King Corporation [ILLEGIBLE]

Non-Rated

P0000329

Orlando

FL

32826-4701

Spirit SPE Portfolio 2004-6

N

N

Burger King Corporation [ILLEGIBLE]

Non-Rated

P0000330

Pineville

LA

71360-4389

Spirit SPE Portfolio 2004-6

N

N

R & L Foods, LLC

Non-Rated

P0000331

Oak Ridge

TN

37830-6404

Spirit SPE Portfolio 2004-6

N

N

Pennant Foods

Non-Rated

P0000332

Athens

TN

37303-4929

Spirit SPE Portfolio 2004-6

N

N

Pennant Foods

Non-Rated

P0000336

Tyler

TX

0

Spirit SPE Portfolio 2004-6

N

N

Thomas & Thomas [ILLEGIBLE]

Non-Rated

P0000338

Red Bank

TN

37415-6224

Spirit SPE Portfolio 2004-6

N

N

Tacala, L.L.C.

Non-Rated

P0000349

Lewis Center

OH

43035-9149

Spirit SPE Portfolio 2004-6

N

N

Skyline Chili, Inc.

Non-Rated

P0000350

Birmingham

AL

35209-5149

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000351

Baton Rouge

LA

70816-3319

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000354

Sandy

UT

84070

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000355

Snellville

GA

30078

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000356

Columbus

OH

43213

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000357

Austin

TX

78752

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000358

Columbus

OH

43235

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000359

Aurora

CO

80014

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000360

Houston

TX

77027

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000361

Eden Prairie

MN

55344

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000362

Mesa

AZ

85206

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000363

Maple Grove

MN

55311

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000364

Columbus

OH

43235

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000365

Houston

TX

77095

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000366

Hilliard

OH

43026

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000367

Houston

TX

77040

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000368

Newport News

VA

23602

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000369

Glendale

AZ

85308

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000370

Mason

OH

45040

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date?

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

P0000371

Coon Rapids

MN

55433

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000372

Chesapeake

VA

23320

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000373

Cincinnati

OH

45240

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000374

Houston

TX

77024

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000375

Kingwood

TX

77339

Spirit SPE Portfolio 2004-6

N

N

Fuddruckers, Inc.

Non-Rated

P0000378

Baton Rouge

LA

70811

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000379

La Mesa

CA

91941

Spirit SPE Portfolio 2004-6

N

N

Pennant Foods

Non-Rated

P0000380

Pensacola

FL

32505-5127

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000381

Salem

IL

62881-3805

Spirit SPE Portfolio 2004-6

N

N

NPC International, Inc.

Non-Rated

P0000914

Kansas City

MO

64119

Spirit Finance Acquisitions, LLC

N

Y

Dickinson Theatres, Inc.

Non-Rated

P0000915

Lees Summit

MO

64086

Spirit Finance Acquisitions, LLC

N

Y

Dickinson Theatres, Inc.

Non-Rated

P0000916

Roswell

NM

88201

Spirit Finance Acquisitions, LLC

N

N

Hastings Entertainment,

Non-Rated

P0000917

Wichita

KS

67209

Spirit Finance Acquisitions, LLC

N

N

Kansas Corral

Non-Rated

P0000918

Emporia

KS

66801

Spirit Finance Acquisitions, LLC

N

N

Kansas Corral

Non-Rated

P0000919

Tavares

FL

32778

Spirit Finance Acquisitions, LLC

N

N

Ferrellgas, L.P

BB-

P0000390

Stillwater

MN

55082-6309

Spirit SPE Portfolio 2004-6

N

N

Famous Dave’s of [ILLEGIBLE]

Non-Rated

P0000391

Maple Grove

MN

55369-7013

Spirit SPE Portfolio 2004-6

N

N

Famous Dave’s of [ILLEGIBLE]

Non-Rated

P0000392

Apple Valley

MN

55124-6998

Spirit SPE Portfolio 2004-6

N

N

Famous Dave’s of [ILLEGIBLE]

Non-Rated

P0000393

Utica

NY

13502-2527

Spirit SPE Portfolio 2004-6

N

N

Friendly’s Ice Cream [ILLEGIBLE]

B

P0000394

Colchester

VT

05446-1901

Spirit SPE Portfolio 2004-6

N

N

Friendly’s Ice Cream [ILLEGIBLE]

B

P0000395

Colonie

NY

12110-2501

Spirit SPE Portfolio 2004-6

N

N

Friendly’s Ice Cream [ILLEGIBLE]

B

P0000396

West Caldwell

NJ

07006-7518

Spirit SPE Portfolio 2004-6

N

N

Friendly’s Ice Cream [ILLEGIBLE]

B

P0000397

West Harwich

MA

02671-1041

Spirit SPE Portfolio 2004-6

N

N

Friendly’s Ice Cream [ILLEGIBLE]

B

P0000398

Carlisle

PA

17013-9177

Spirit SPE Portfolio 2004-6

N

N

Friendly’s Ice Cream [ILLEGIBLE]

B

P0000399

Miami

FL

33127-1402

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000400

Deerfield Beach

FL

33441-3311

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000401

Fort Lauderdale

FL

33312-1112

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000402

Baker

LA

70714-5445

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000403

Baker

LA

70714-2843

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000404

Baton Rouge

LA

70805-3201

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000405

Port Allen

LA

70767-198

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000406

Fort Pierce

FL

34947-3602

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000408

Saint Louis

MO

63136-4017

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000409

Saint Louis

MO

63121-4110

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000410

Saint Louis

MO

63136-4639

Spirit SPE Portfolio 2004-6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been modified since origination date?

Has been modified since origination date?

Obligor

Moody’s /S&P/ Fitch Rating

P0000411

Baton Rouge

LA

70814-2909

Spirit SPE Portfolio 2004 -6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000412

Denham Springs

LA

70726-5214

Spirit SPE Portfolio 2004 -6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000415

Waco

TX

76706-1053

Spirit SPE Portfolio 2004 -6

N

N

1st University Credit [ILLEGIBLE]

Non-Rated

P0000416

Apopka

FL

32703-4479

Spirit SPE Portfolio 2004 -6

N

Y - Rolled into [ILLEGIBLE]

Barnhill’s Buffet, Inc.

Non-Rated

P0000417

Orange City

FL

32763-7039

Spirit SPE Portfolio 2004 -6

N

Y - Rolled into [ILLEGIBLE]

Barnhill’s Buffet, Inc.

Non-Rated

P0000418

Moss Point

MS

39563-9539

Spirit SPE Portfolio 2004 -6

N

Y - Rolled into [ILLEGIBLE]

Barnhill’s Buffet, Inc.

Non-Rated

P0000419

Gulfport

MS

39503-2785

Spirit SPE Portfolio 2004 -6

N

Y - Rolled into [ILLEGIBLE]

Barnhill’s Buffet, Inc.

Non-Rated

P0000420

Tallahassee

FL

32304-1015

Spirit SPE Portfolio 2004 -6

N

N

Checker’s Drive-In [ILLEGIBLE]

Non-Rated

P0000421

New Albany

IN

47150-3053

Spirit SPE Portfolio 2004 -6

N

N

Checker’s Drive-In [ILLEGIBLE]

Non-Rated

P0000424

Florence

KY

41042-1803

Spirit SPE Portfolio 2004 -6

N

N

Checker’s Drive-In [ILLEGIBLE]

Non-Rated

P0000425

New Orleans

LA

70119-1602

Spirit SPE Portfolio 2004 -6

N

N

Checker’s Drive-In [ILLEGIBLE]

Non-Rated

P0000426

New Orleans

LA

70117-8352

Spirit SPE Portfolio 2004 -6

N

N

Checker’s Drive-In [ILLEGIBLE]

Non-Rated

P0000428

Marion

IN

46952-3462

Spirit SPE Portfolio 2004 -6

N

N

Checker’s Drive-In [ILLEGIBLE]

Non-Rated

P0000429

Quincy

FL

32351-2130

Spirit SPE Portfolio 2004 -6

N

N

Goldco, Inc.

Non-Rated

P0000431

Columbus

OH

43229-3359

Spirit SPE Portfolio 2004 -6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000432

Maumee

OH

43537-1729

Spirit SPE Portfolio 2004 -6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000433

Milliard

OH

43026-1203

Spirit SPE Portfolio 2004 -6

N

N

Max & Erma’s [ILLEGIBLE]

Non-Rated

P0000434

Fountain Hills

AZ

85268-6635

Spirit SPE Portfolio 2004 -6

N

N

QK, Inc.

Non-Rated

P0000436

Madisonville

KY

42431-1283

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000437

Brunswick

GA

31525-1881

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000438

American Fork

UT

84003-2559

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000439

Tooele

UT

84074-2743

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000440

Jacksonville

FL

32233-2801

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000442

McDonough

GA

30253-6423

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000443

Cumming

GA

30040-2777

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000446

Daphne

AL

36526-9588

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000449

Mobile

AL

36608-5025

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000450

Indianapolis

IN

46268-4445

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000451

Jacksonville

FL

32246-4804

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000453

Jacksonville

FL

32225-8218

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000454

Statesboro

GA

30458-4927

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000455

Moncks Corner

SC

29461-3131

Spirit SPE Portfolio 2004 -6

N

N

Arby’s Restaurant Group

B+

P0000456

Baton Rouge

LA

70806-6027

Spirit SPE Portfolio 2004 -6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000457

Baton Rouge

LA

70810-1038

Spirit SPE Portfolio 2004 -6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

P0000459

Miami

FL

33147-4930

Spirit SPE Portfolio 2004 -6

N

N

Interfoods of America, [ILLEGIBLE]

Non-Rated

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date?

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

P0000920

Kenosha

WI

53140

Spirit Finance Acquisitions, LLC

N

N

Gander Mountain [ILLEGIBLE]

Non-Rated

P0000921

Cedar Rapids

IA

52404

Spirit Finance Acquisitions, LLC

N

N

Carmike Cinemas, Inc.

B

P0000922

Addison

TX

75001

Spirit Finance Acquisitions, LLC

N

N

Humperdink’s Texas, [ILLEGIBLE]

Non-Rated

P0000923

Dallas

TX

75206

Spirit Finance Acquisitions, LLC

N

N

Humperdink’s Texas, [ILLEGIBLE]

Non-Rated

P0000924

Dallas

TX

75220

Spirit Finance Acquisitions, LLC

N

N

Humperdink’s Texas, [ILLEGIBLE]

Non-Rated

P0000925

Arlington

TX

76011

Spirit Finance Acquisitions, LLC

N

N

Humperdink’s Texas, [ILLEGIBLE]

Non-Rated

P0000926

Yukon

OK

73099

Spirit Finance Acquisitions, LLC

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0000927

Amarillo

TX

79109

Spirit Finance Acquisitions, LLC

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0000928

Denison

TX

75020

Spirit Finance Acquisitions, LLC

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0000929

Lubbock

TX

79423

Spirit Finance Acquisitions, LLC

N

N

Taco Bueno Restaurants [ILLEGIBLE]

Non-Rated

P0000930

New Hartford

NY

13413

Spirit Finance Acquisitions, LLC

N

N

Gander Mountain [ILLEGIBLE]

Non-Rated

P0000931

Marietta

GA

30067

Spirit Finance Acquisitions, LLC

N

N

Dave & Buster’s, Inc.

Non-Rated

P0000932

Live Oak

TX

78223

Spirit Finance Acquisitions, LLC

N

N

Hill Country Furniture [ILLEGIBLE]

Non-Rated

P0000933

El Paso

TX

79925

Spirit Finance Acquisitions, LLC

N

N

RBLS, Inc. (a Texas [Illegible]

Non-Rated

P0000934

Flint

MI

48507

Spirit Finance Acquisitions, LLC

N

N

Gander Mountain [ILLEGIBLE]

Non-Rated

P0000935

Riverside

CA

92509

Spirit Finance Acquisitions, LLC

N

N

Ferrellgas, L.P

BB-

P0000936

Fargo

ND

58103

Spirit Finance Acquisitions, LLC

N

N

Gander Mountain [ILLEGIBLE]

Non-Rated

P0000937

Erwin

TN

37650

Spirit Property Holdings, LLC

N

N

Sonic Corp.

Non-Rated

P0000938

Knoxville

TN

37918

Spirit Property Holdings, LLC

N

N

Sonic Corp.

Non-Rated

P0000939

Radford

VA

24141

Spirit Property Holdings, LLC

N

N

Sonic Corp.

Non-Rated

P0000940

Christiansburg

VA

24073

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000941

Pulaski

VA

24301

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000942

Wytheville

VA

24382

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000943

Maryville

TN

37804

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000944

Maryville

TN

37801

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000945

Oak Ridge

TN

37830

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000946

Kingsport

TN

37660

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000947

Knoxville

TN

37912

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000948

Knoxville

TN

39912

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000949

Bristol

TN

37625

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000950

Clinton

TN

37716

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000951

Bixby

OK

74133

Spirit Finance Acquisitions, LLC

N

Y

Dickinson Theatres, Inc.

Non-Rated

P0000952

Cicero

NY

13039

Spirit Finance Acquisitions, LLC

N

N

Gander Mountain [ILLEGIBLE]

Non-Rated

P0000953

Philadelphia

PA

19129

Spirit Finance Acquisitions, LLC

N

N

Rite Aid Corporation

B+

P0000954

Moundsville

WV

26041

Spirit Finance Acquisitions, LLC

N

N

Rite Aid Corporation

B+

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date?

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

P0000955

Oneida

NY

13421

Spirit Finance Acquisitions, LLC

N

N

Rite Aid Corporation

B+

P0000956

Uhrichsville

OH

44683

Spirit Finance Acquisitions, LLC

N

N

Rite Aid Corporation

B+

P0000957

Buffalo

NY

14209

Spirit Finance Acquisitions, LLC

N

N

Rite Aid Corporation

B+

P0000958

Millen

GA

30442

Spirit Finance Acquisitions, LLC

N

N

Rite Aid Corporation

B+

P0000959

Thomasville

GA

31792

Spirit Finance Acquisitions, LLC

N

N

Rite Aid Corporation

B+

P0000960

Elizabethton

TN

37643

Spirit Finance Acquisitions, LLC

N

N

Sonic Corp.

Non-Rated

P0000961

Albuquerque

NM

87110

Spirit Master Holdings SPE, LLC

N

N

Flying Star Cafe

Non-Rated

P0000962

Albuquerque

NM

87111

Spirit Master Holdings SPE, LLC

N

N

Flying Star Cafe

Non-Rated

P0000963

Sebring

FL

33876

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000964

Port Richey

FL

34668

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000965

Jacksonville

FL

32256

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000966

Fort Myers

FL

33912

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000967

Fort Myers

FL

33912

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000968

Lakeland

FL

33811

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000969

Jacksonville

FL

32254

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000970

Jacksonville

FL

32254

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000971

Conroe

TX

77304

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000972

Pompano Beach

FL

33069

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000973

Riviera Beach

FL

33401

Spirit Master Holdings SPE, LLC

N

N

Hughes Supply, Inc.

BBB-

P0000673

Jacksonville

FL

32207

Spirit SPE Portfolio 2004-6

N

N

Arby’s Restaurant Group

B+

P0000675

Orlando

FL

32806

Spirit SPE Portfolio 2004-6

N

N

Arby’s Restaurant Group

B+

P0000676

Winter Springs

FL

32708

Spirit SPE Portfolio 2004-6

N

N

Arby’s Restaurant Group

B+

P0000677

Lexington

KY

40509

Spirit SPE Portfolio 2004-6

N

N

Arby’s Restaurant Group

B+

P0000678

Louisville

KY

40207

Spirit SPE Portfolio 2004-6

N

N

Arby’s Restaurant Group

B+

P0000679

Eustis

FL

32726

Spirit SPE Portfolio 2004-6

N

N

Arby’s Restaurant Group

B+

P0000680

Lubbock

TX

79416

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000681

Pasadena

TX

77502

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000682

Pasadena

TX

77504

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000683

Copperas Cove

TX

76522

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000685

Nampa

ID

83651

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000687

Alvin

TX

77511

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000688

Houston

TX

77060

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000689

Bryan

TX

77802

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000691

Tulsa

OK

74107

Spirit SPE Portfolio 2004-6

N

N

Mexican Restaurants

Non-Rated

P0000692

Lexington

KY

40504-2738

Spirit SPE Portfolio 2004-6

N

N

Arby’s Restaurant Group

B+

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date?

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

P0000974

Philadelphia

PA

19139

Spirit Master Holdings SPE, LLC

N

N

Rite Aid Corporation

B+

P0000975

DePere

WI

54115

Spirit Master Holdings SPE, LLC

N

N

Sportsman’s Warehouse

Non-Rated

P0000976

Mesa

AZ

85210

Spirit Master Holdings SPE, LLC

N

N

Apollo College

Non-Rated

P0000977

Tucson

AZ

85704

Spirit Master Holdings SPE, LLC

N

N

Apollo College

Non-Rated

P0000978

Phoenix

AZ

85017

Spirit Master Holdings SPE, LLC

N

N

Apollo College

Non-Rated

P0000979

Phoenix

AZ

85051

Spirit Master Holdings SPE, LLC

N

N

Apollo College

Non-Rated

P0000980

Jackson

MS

39209

Spirit Finance [ILLEGIBLE]

N

N

Pilgrim’s Pride [ILLEGIBLE]

BB

P0000706

Granbury

TX

76048

Spirit SPE Portfolio [ILLEGIBLE]

N

N

Stonebrook Properties [ILLEGIBLE]

Non-Rated

P0000707

Westland

MI

48185

Spirit SPE Portfolio [ILLEGIBLE]

N

N

Corral of Michigan LLC

Non-Rated

P0000708

Edinburg

TX

78539

Spirit SPE Portfolio [ILLEGIBLE]

N

Y

Pizza Properties, Ltd

Non-Rated

P0000709

Eagle Pass

TX

78852

Spirit SPE Portfolio [ILLEGIBLE]

N

Y

Pizza Properties, Ltd

Non-Rated

P0000710

Rio Grande City

TX

78582

Spirit SPE Portfolio [ILLEGIBLE]

N

Y

Pizza Properties, Ltd

Non-Rated

P0000711

Weslaco

TX

78596

Spirit SPE Portfolio [ILLEGIBLE]

N

Y

Pizza Properties, Ltd

Non-Rated

P0000730

Hermantown

MN

55811

Spirit SPE Portfolio [ILLEGIBLE]

N

N

HOM Furniture, Inc.

Non-Rated

P0000731

Eau Claire

WI

54701

Spirit SPE Portfolio [ILLEGIBLE]

N

N

HOM Furniture, Inc.

Non-Rated

P0000732

Lake Jackson

TX

77566

Spirit SPE Portfolio [ILLEGIBLE]

N

N

Hastings Entertainment, [ILLEGIBLE]

Non-Rated

P0000737

El Paso

TX

79924

Spirit SPE Portfolio [ILLEGIBLE]

N

Y

Pizza Properties, Ltd

Non-Rated

P0000738

St. Clair Shores

MI

48081

Spirit Master Funding, [ILLEGIBLE]

N

N

Rite Aid Corporation

B+

P0000747

Abilene

TX

79605

Spirit Master Funding, [ILLEGIBLE]

N

N

Anvia, Inc.

Non-Rated

P0000748

Forest City

IA

50436

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000749

Cresco

IA

52136

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000750

Elk River

MN

55330

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000751

Eagan

MN

55123

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000752

Hutchinson

MN

55350

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000753

Duluth

MN

55808

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000754

Crystal

MN

55422

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000755

Ely

MN

55731

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000756

Cloquet

MN

55720

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000757

Buffalo

MN

55313

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000758

Duluth

MN

55812

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000759

Albert Lea

MN

56007

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000760

Superior

WI

54880

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000761

Columbia Heights

MN

55421

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000762

Algona

IA

50511

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

P0000763

Woodbury

MN

55125

Spirit Master Funding, [ILLEGIBLE]

N

N

Sky Ventures, LLC

Non-Rated

Property ID

City

ST

Zip Code

Origination Entity

If acquired, o/s loan balance prior to acquisition

Has been delinquent since origination date?

Has been modified since origination date?

Obligor

Moody’s/S&P/ Fitch Rating

P0000764

Mason City

IA

50401

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000765

Two Harbors

MN

55616

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000766

Shakopee

MN

55379

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000767

Clear Lake

IA

50428

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000768

Sauk Centre

MN

56378

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000769

Rosemount

MN

55068

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000770

Virginia

MN

55792

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000771

New Hope

MN

55428

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

P0000772

Minneapolis

MN

55411

Spirit Master Funding, LI N

N

N

Sky Ventures, LLC

Non-Rated

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

E000787

Y

Pizza Hut

n/a

Equipment [ILLEGIBLE]

n/a

n/a

N

2,000,000

2,000,000

5/24/05

P0000891

N

Flying J Travel Plaza

n/a

Lease

Y

n/a

Y

9,508,189

9,508,189

12/23/03

P0000892

N

Flying J Travel Plaza

n/a

Lease

Y

n/a

Y

7,509,610

7,509,610

12/23/03

P0000893

N

Flying J Travel Plaza

n/a

Lease

Y

n/a

Y

10,008,620

10,008,620

12/23/03

P0000894

N

Flying J Travel Plaza

n/a

Lease

Y

n/a

Y

10,509,051

10,509,051

12/23/03

P0000981

N

Taco Bueno

n/a

Mortgage

N

Y

Y

339,845

339,845

12/23/03

P0000982

N

Taco Bueno

n/a

Mortgage

N

Y

Y

339,845

339,845

12/23/03

P0000983

N

Taco Bueno

n/a

Mortgage

N

Y

Y

407,814

407,814

12/23/03

P0000984

N

Taco Bueno

n/a

Mortgage

N

Y

Y

776,789

776,789

12/23/03

P0000985

N

Taco Bueno

n/a

Mortgage

N

Y

Y

796,209

796,209

12/23/03

P0000986

N

Taco Bueno

n/a

Mortgage

N

Y

Y

660,271

660,271

12/23/03

P0000987

N

Taco Bueno

n/a

Mortgage

N

Y

Y

373,830

373,830

12/23/03

P0000988

N

Taco Bueno

n/a

Mortgage

N

Y

Y

752,515

752,515

12/23/03

P0000989

N

Taco Bueno

n/a

Mortgage

N

Y

Y

844,758

844,758

12/23/03

P0000990

N

Taco Bueno

n/a

Mortgage

N

Y

Y

883,597

883,597

12/23/03

P0000991

N

Taco Bueno

n/a

Mortgage

N

Y

Y

796,209

796,209

12/23/03

P0000992

N

Taco Bueno

n/a

Mortgage

N

Y

Y

558,317

558,317

12/23/03

P0000993

N

Taco Bueno

n/a

Mortgage

N

Y

Y

631,141

631,141

12/23/03

P0000994

N

Taco Bueno

n/a

Mortgage

N

Y

Y

631,141

631,141

12/23/03

P0000995

N

Taco Bueno

n/a

Mortgage

N

Y

Y

631,141

631,141

12/23/03

P0000996

N

Taco Bueno

n/a

Mortgage

N

Y

Y

427,234

427,234

12/23/03

P0000997

N

Taco Bueno

n/a

Mortgage

N

Y

Y

364,120

364,120

12/23/03

P0000998

N

Taco Bueno

n/a

Mortgage

N

Y

Y

835,048

835,048

12/23/03

P0000999

N

Taco Bueno

n/a

Mortgage

N

Y

Y

339,845

339,845

12/23/03

P0001000

N

Taco Bueno

n/a

Mortgage

N

Y

Y

703,965

703,965

12/23/03

P0001001

N

Taco Bueno

n/a

Mortgage

N

Y

Y

368,975

368,975

12/23/03

P0001002

N

Taco Bueno

n/a

Mortgage

N

Y

Y

669,981

669,981

12/23/03

P0001003

N

Taco Bueno

n/a

Mortgage

N

Y

Y

582,592

582,592

12/23/03

P0001004

N

Taco Bueno

n/a

Mortgage

N

Y

Y

436,944

436,944

12/23/03

P0001005

N

Taco Bueno

n/a

Mortgage

N

Y

Y

519,477

519,477

12/23/03

P0001006

N

Taco Bueno

n/a

Mortgage

N

Y

Y

597,156

597,156

12/23/03

P0001007

N

Taco Bueno

n/a

Mortgage

N

Y

Y

825,338

825,338

12/23/03

P0001008

N

Taco Bueno

n/a

Mortgage

N

Y

Y

606,866

606,866

12/23/03

P0001009

N

Taco Bueno

n/a

Mortgage

N

Y

Y

359,265

359,265

12/23/03

P0001010

N

Taco Bueno

n/a

Mortgage

N

Y

Y

873,888

873,888

12/23/03

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0001011

N

Taco Bueno

n/a

Mortgage

N

Y

Y

339,845

339,845

12/23/03

P0001012

N

Taco Bueno

n/a

Mortgage

N

Y

Y

375,250

375,250

12/23/03

P0001013

N

Taco Bueno

n/a

Mortgage

N

Y

Y

176,842

176,842

12/23/03

P0001014

N

Taco Bueno

n/a

Mortgage

N

Y

Y

241,138

241,138

12/23/03

P0001015

N

Taco Bueno

n/a

Mortgage

N

Y

Y

172,528

172,528

12/23/03

P0001016

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

329,015

329,015

12/23/03

P0001017

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

488,153

488,153

12/23/03

P0001018

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

872,817

872,817

12/23/03

P0001019

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

617,025

617,025

12/23/03

P0001020

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

585,783

585,783

12/23/03

P0001021

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

806,428

806,428

12/23/03

P0001022

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

610,191

610,191

12/23/03

P0001023

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

627,764

627,764

12/23/03

P0001024

N

Advance Auto Parts

n/a

Mortgage

N

Y

Y

534,038

534,038

12/23/03

P0001025

N

Advance Auto Parts

n/a

Mortgage

N

Y

Y

812,286

812,286

12/23/03

P0001026

N

Advance Auto Parts

n/a

Mortgage

N

Y

Y

432,503

432,503

12/23/03

P0001027

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

598,475

598,475

12/23/03

P0001028

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

621,906

621,906

12/23/03

P0001029

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

624,835

624,835

12/23/03

P0001030

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

527,204

527,204

12/23/03

P0001031

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

484,247

484,247

12/23/03

P0001032

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

561,375

561,375

12/23/03

P0001033

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

614,096

614,096

12/23/03

P0001034

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

588,712

588,712

12/23/03

P0001035

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

668,769

668,769

12/23/03

P0001036

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

457,887

457,887

12/23/03

P0001037

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

738,086

738,086

12/23/03

P0001038

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

714,655

714,655

12/23/03

P0001039

N

Advance Auto Parts

n/a

Mortgage

N

Y

Y

577,972

577,972

12/23/03

P0001040

N

Advance Auto Parts

n/a

Mortgage

N

Y

Y

734,182

734,182

12/23/03

P0001041

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

861,101

861,101

12/23/03

P0001042

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

636,551

636,551

12/23/03

P0001043

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

643,385

643,385

12/23/03

P0001044

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

671,697

671,697

12/23/03

P0001045

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

514,513

514,513

12/23/03

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0001046

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

634,598

634,598

12/23/03

P0001047

N

Discount Auto Parts

n/a

Mortgage

N

Y

Y

335,849

335,849

12/23/03

P0000895

N

KC’s Powersports

n/a

Lease

N

n/a

n/a

2,000,000

2,006,032

2/23/04

P0000896

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

792,693

792,693

3/31/04

P0000897

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

918,517

918,517

3/31/04

P0000898

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

796,887

796,887

3/31/04

P0000899

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

769,205

769,205

3/31/04

P0000900

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

503,297

503,297

3/31/04

P0000901

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

1,090,476

1,090,476

3/31/04

P0000902

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

1,258,242

1,258,242

3/31/04

P0000903

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

1,395,810

1,395,810

3/31/04

P0000904

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

1,426,008

1,426,008

3/31/04

P0000905

N

Hastings

n/a

Lease

N

n/a

n/a

4,744,333

4,744,333

5/6/04

P0000906

N

AMC Theatre

n/a

Lease

N

n/a

n/a

12,900,000

12,943,236

5/17/04

P0000907

N

Pike Plant Nursery

n/a

Lease

Y

n/a

Y

3,492,065

3,492,065

6/15/04

P0000908

N

Pike Plant Nursery

n/a

Lease

Y

n/a

Y

3,983,922

3,983,922

6/15/04

P0000909

N

Pike Plant Nursery

n/a

Lease

Y

n/a

Y

2,754,304

2,754,304

6/15/04

P0000910

N

Pike Plant Nursery

n/a

Lease

Y

n/a

Y

4,131,478

4,131,478

6/15/04

P0000911

N

Pike Plant Nursery

n/a

Lease

Y

n/a

Y

4,475,755

4,475,755

6/15/04

P0000912

N

Pike Plant Nursery

n/a

Lease

Y

n/a

Y

2,606,770

2,606,770

6/15/04

P0000913

N

Grand Canyon University

n/a

Lease

N

n/a

n/a

29,300,000

33,034,586

6/28/04

P0000300

Y

Pizza Hut

n/a

Lease

N

n/a

n/a

560,000

585,051

6/25/04

P0000301

Y

Pizza Hut

n/a

Lease

N

n/a

n/a

550,000

630,446

6/25/04

P0000302

Y

Pizza Hut

n/a

Lease

N

n/a

n/a

394,456

394,456

6/25/04

P0000303

Y

Pizza Hut

n/a

Lease

N

n/a

n/a

432,031

432,031

6/25/04

P0000304

Y

Pizza Hut

n/a

Lease

N

n/a

n/a

458,880

458,880

6/25/04

P0000305

Y

Pizza Hut

n/a

Lease

N

n/a

n/a

400,000

416,322

6/25/04

P0000306

N

Skyline Chili

n/a

Lease

N

n/a

n/a

1,000,000

1,211,086

6/25/04

P0000309

Y

Burger King

n/a

Lease

N

n/a

n/a

900,000

909,100

6/25/04

P0000310

Y

Burger King

n/a

Lease

N

n/a

n/a

950,000

1,046,634

6/25/04

P0000311

Y

Burger King

n/a

Lease

N

n/a

n/a

1,050,000

1,094,526

6/25/04

P0000312

Y

Burger King

n/a

Lease

N

n/a

n/a

950,000

974,873

6/25/04

P0000313

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

1,550,000

1,668,413

6/25/04

P0000314

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

2,850,000

3,077,413

6/25/04

P0000315

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

3,000,000

3,004,361

6/25/04

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0000316

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

2,300,000

2,726,817

6/25/04

P0000317

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

1,100,000

1,136,096

6/25/04

P0000318

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

3,100,000

3,281,184

6/25/04

P0000319

Y

Popeye’s

n/a

Lease

N

n/a

n/a

700,000

762,904

6/25/04

P0000323

N

Casa Mexico

n/a

Lease

N

n/a

n/a

1,150,000

1,407,996

6/25/04

P0000324

Y

Grandy’s

n/a

Lease

N

n/a

n/a

570,000

666,525

6/25/04

P0000326

Y

Popeye’s

n/a

Lease

N

n/a

n/a

840,000

939,368

6/25/04

P0000327

N

Burger King

n/a

Lease

N

n/a

n/a

1,144,030

1,144,030

6/25/04

P0000328

N

Burger King

n/a

Lease

N

n/a

n/a

1,200,000

1,373,395

6/25/04

P0000329

N

Burger King

n/a

Lease

N

n/a

n/a

1,449,884

1,449,884

6/25/04

P0000330

Y

Wendy’s

n/a

Lease

N

n/a

n/a

1,300,000

1,425,412

6/25/04

P0000331

Y

Wendy’s

n/a

Lease

N

n/a

n/a

950,000

1,015,135

6/25/04

P0000332

Y

Wendy’s

n/a

Lease

N

n/a

n/a

950,000

969,166

6/25/04

P0000336

Y

Whataburger

n/a

Lease

N

n/a

Y

1,300,000

1,494,267

6/25/04

P0000338

Y

Taco Bell

n/a

Lease

N

n/a

n/a

1,000,000

1,055,102

6/25/04

P0000349

N

Skyline Chili

n/a

Lease

N

n/a

n/a

900,000

1,086,838

6/25/04

P0000350

Y

Popeye’s

n/a

Lease

N

n/a

n/a

700,000

736,458

6/25/04

P0000351

Y

Popeye’s

n/a

Lease

N

n/a

n/a

700,000

769,803

6/25/04

P0000354

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,615,840

1,615,840

6/25/04

P0000355

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,490,985

1,490,985

6/25/04

P0000356

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,193,650

1,193,650

6/25/04

P0000357

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,639,049

1,639,049

6/25/04

P0000358

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,100,000

1,100,600

6/25/04

P0000359

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,700,000

1,711,495

6/25/04

P0000360

N

Fuddruckers

n/a

Lease

Y

n/a

Y

2,464,468

2,464,468

6/25/04

P0000361

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,545,117

1,545,117

6/25/04

P0000362

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,929,967

1,929,967

6/25/04

P0000363

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,545,112

1,545,112

6/25/04

P0000364

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,243,232

1,243,232

6/25/04

P0000365

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,597,031

1,597,031

6/25/04

P0000366

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,292,744

1,292,744

6/25/04

P0000367

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,861,670

1,861,670

6/25/04

P0000368

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,442,823

1,442,823

6/25/04

P0000369

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,856,577

1,856,577

6/25/04

P0000370

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,290,578

1,290,578

6/25/04

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0000371

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,700,000

1,736,149

6/25/04

P0000372

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,297,934

1,297,934

6/25/04

P0000373

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,350,000

1,383,745

6/25/04

P0000374

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,688,415

1,688,415

6/25/04

P0000375

N

Fuddruckers

n/a

Lease

Y

n/a

Y

1,660,386

1,660,386

6/25/04

P0000378

Y

Popeye’s

n/a

Lease

N

n/a

n/a

673,647

673,647

7/28/04

P0000379

Y

Wendy’s

n/a

Lease

N

n/a

n/a

1,386,053

1,386,053

7/28/04

P0000380

Y

Popeye’s

n/a

Lease

N

n/a

n/a

1,018,004

1,018,004

7/28/04

P0000381

Y

Pizza Hut

n/a

Lease

N

n/a

n/a

433,448

433,448

7/28/04

P0000914

N

Dickinson Theaters

n/a

Lease

Y

n/a

Y

8,000,000

8,000,000

7/29/04

P0000915

N

Dickinson Theaters

n/a

Lease

Y

n/a

Y

10,100,000

10,100,000

7/29/04

P0000916

N

Hastings

n/a

Lease

N

n/a

n/a

3,700,000

3,712,374

7/29/04

P0000917

Y

Golden Corral

n/a

Lease with a

Y

n/a

Y

3,062,436

3,062,436

8/18/04

P0000918

Y

Golden Corral

n/a

Lease with a

Y

n/a

Y

1,194,582

1,194,582

8/18/04

P0000919

N

Blue Rhino

n/a

Lease

N

n/a

n/a

5,580,000

5,591,663

9/7/04

P0000390

N

Famous Dave’s

n/a

Lease

Y

n/a

Y

1,940,000

2,084,755

9/24/04

P0000391

N

Famous Dave’s

n/a

Lease

Y

n/a

Y

2,680,360

2,680,360

9/24/04

P0000392

N

Famous Dave’s

n/a

Lease

Y

n/a

Y

1,935,715

1,935,715

9/24/04

P0000393

N

Friendly’s Ice Cream

n/a

Lease

Y

n/a

Y

1,079,631

1,079,631

9/24/04

P0000394

N

Friendly’s Ice Cream

n/a

Lease

Y

n/a

Y

1,697,533

1,697,533

9/24/04

P0000395

N

Friendly’s Ice Cream

n/a

Lease

Y

n/a

Y

1,350,889

1,350,889

9/24/04

P0000396

N

Friendly’s Ice Cream

n/a

Lease

Y

n/a

Y

730,686

730,686

9/24/04

P0000397

N

Friendly’s Ice Cream

n/a

Lease

Y

n/a

Y

802,698

802,698

9/24/04

P0000398

N

Friendly’s Ice Cream

n/a

Lease

Y

n/a

Y

1,704,422

1,704,422

9/24/04

P0000399

Y

Popeye’s

n/a

Lease

N

n/a

n/a

500,000

513,610

9/24/04

P0000400

Y

Popeye’s

n/a

Lease

N

n/a

n/a

780,000

804,726

9/24/04

P0000401

Y

Popeye’s

n/a

Lease

N

n/a

n/a

590,000

606,370

9/24/04

P0000402

Y

Popeye’s

n/a

Lease

N

n/a

n/a

720,000

737,952

9/24/04

P0000403

Y

Popeye’s

n/a

Lease

N

n/a

n/a

600,000

630,214

9/24/04

P0000404

Y

Popeye’s

n/a

Lease

N

n/a

n/a

1,196,504

1,196,504

9/24/04

P0000405

Y

Popeye’s

n/a

Lease

N

n/a

n/a

990,000

1,019,701

9/24/04

P0000406

Y

Popeye’s

n/a

Lease

N

n/a

n/a

700,000

722,782

9/24/04

P0000408

Y

Popeye’s

n/a

Lease

N

n/a

n/a

1,200,000

1,211,893

9/24/04

P0000409

Y

Popeye’s

n/a

Lease

N

n/a

n/a

1,000,000

1,081,749

9/24/04

P0000410

Y

Popeye’s

n/a

Lease

N

n/a

n/a

990,000

1,013,308

9/24/04

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0000411

Y

Popeye’s

n/a

Lease

N

n/a

n/a

980,000

1,008,423

9/24/04

P0000412

Y

Popeye’s

n/a

Lease

N

n/a

n/a

910,000

940,735

9/24/04

P0000415

N

Other

n/a

Lease

N

n/a

n/a

640,000

724,716

9/24/04

P0000416

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

1,000,000

1,050,420

9/24/04

P0000417

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

1,010,000

1,050,426

9/24/04

P0000418

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

600,000

637,700

9/24/04

P0000419

N

Barnhill’s Buffet

n/a

Lease

Y

n/a

Y

1,010,000

1,050,426

9/24/04

P0000420

N

Rally’s

n/a

Lease

N

n/a

n/a

340,000

369,057

9/24/04

P0000421

N

Rally’s

n/a

Lease

N

n/a

n/a

740,000

809,067

9/24/04

P0000424

N

Rally’s

n/a

Lease

N

n/a

n/a

600,000

659,881

9/24/04

P0000425

N

Rally’s

n/a

Lease

N

n/a

n/a

610,000

668,924

9/24/04

P0000426

N

Rally’s

n/a

Lease

N

n/a

n/a

480,000

528,783

9/24/04

P0000428

N

Rally’s

n/a

Lease

N

n/a

n/a

640,000

666,745

9/24/04

P0000429

Y

Burger King

n/a

Lease

N

n/a

n/a

850,000

910,757

9/24/04

P0000431

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

1,555,174

1,555,174

9/24/04

P0000432

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

3,172,688

3,172,688

9/24/04

P0000433

N

Max & Erma’s

n/a

Lease

N

n/a

n/a

2,332,834

2,332,834

9/24/04

P0000434

Y

Denny’s

n/a

Lease

N

n/a

n/a

1,266,425

1,266,425

9/24/04

P0000436

N

Arby’s

n/a

Lease

N

n/a

n/a

1,680,000

1,701,231

9/24/04

P0000437

N

Arby’s

n/a

Lease

N

n/a

n/a

1,165,605

1,165,605

9/24/04

P0000438

N

Arby’s

n/a

Lease

N

n/a

n/a

1,350,595

1,350,595

9/24/04

P0000439

N

Arby’s

n/a

Lease

N

n/a

n/a

980,000

993,597

9/24/04

P0000440

N

Arby’s

n/a

Lease

N

n/a

n/a

929,926

929,926

9/24/04

P0000442

N

Arby’s

n/a

Lease

N

n/a

n/a

1,350,000

1,361,519

9/24/04

P0000443

N

Arby’s

n/a

Lease

N

n/a

n/a

1,430,000

1,504,995

9/24/04

P0000446

N

Arby’s

n/a

Lease

N

n/a

n/a

870,000

876,947

9/24/04

P0000449

N

Arby’s

n/a

Lease

N

n/a

n/a

960,000

970,060

9/24/04

P0000450

N

Arby’s

n/a

Lease

N

n/a

n/a

870,000

884,126

9/24/04

P0000451

N

Arby’s

n/a

Lease

N

n/a

n/a

1,539,797

1,539,797

9/24/04

P0000453

N

Arby’s

n/a

Lease

N

n/a

n/a

1,058,730

1,058,730

9/24/04

P0000454

N

Arby’s

n/a

Lease

N

n/a

n/a

1,340,000

1,354,244

9/24/04

P0000455

N

Arby’s

n/a

Lease

N

n/a

n/a

860,000

876,043

9/24/04

P0000456

Y

Popeye’s

n/a

Lease

N

n/a

n/a

960,000

988,118

9/24/04

P0000457

Y

Popeye’s

n/a

Lease

N

n/a

n/a

920,000

954,270

9/24/04

P0000459

Y

Popeye’s

n/a

Lease

N

n/a

n/a

570,000

587,817

9/24/04

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0000920

N

Gander Mountain

n/a

Lease

N

n/a

n/a

11,072,806

11,072,806

9/30/04

P0000921

N

Carmike Cinemas

n/a

Lease

N

n/a

n/a

7,600,000

7,632,695

9/30/04

P0000922

N

Humperdink

n/a

Lease

Y

n/a

Y

4,000,000

4,014,584

9/30/04

P0000923

N

Humperdink

n/a

Lease

Y

n/a

Y

1,440,000

1,446,457

9/30/04

P0000924

N

Humperdink

n/a

Lease

Y

n/a

Y

2,900,000

2,913,362

9/30/04

P0000925

N

Humperdink

n/a

Lease

Y

n/a

Y

3,990,000

4,004,554

9/30/04

P0000926

N

Taco Bueno

n/a

Lease

Y

n/a

Y

850,000

850,000

9/30/04

P0000927

N

Taco Bueno

n/a

Lease

Y

n/a

Y

850,000

850,000

9/30/04

P0000928

N

Taco Bueno

n/a

Lease

Y

n/a

Y

850,000

850,000

9/30/04

P0000929

N

Taco Bueno

n/a

Lease

Y

n/a

Y

850,000

850,000

9/30/04

P0000930

N

Gander Mountain

n/a

Lease

N

n/a

n/a

7,201,849

7,201,849

10/8/04

P0000931

N

Dave & Buster’s

n/a

Lease

N

n/a

n/a

11,800,000

11,948,995

10/15/04

P0000932

Y

Ashley Furniture

n/a

Lease

N

n/a

n/a

6,367,110

6,367,110

10/29/04

P0000933

Y

Ashley Furniture

n/a

Lease

N

n/a

n/a

4,916,850

4,916,850

10/29/04

P0000934

N

Gander Mountain

n/a

Lease

N

n/a

n/a

6,630,367

6,630,367

11/5/04

P0000935

N

Blue Rhino

n/a

Lease

N

n/a

n/a

6,950,000

6,971,090

11/12/04

P0000936

N

Gander Mountain

n/a

Lease

N

n/a

n/a

8,536,575

8,536,575

11/17/04

P0000937

N

Sonic

n/a

Lease

N

n/a

n/a

498,896

498,896

11/23/04

P0000938

N

Sonic

n/a

Lease

N

n/a

n/a

752,396

752,396

11/23/04

P0000939

N

Sonic

n/a

Lease

N

n/a

n/a

617,226

617,226

11/23/04

P0000940

N

Sonic

n/a

Lease

N

n/a

n/a

670,000

677,826

11/23/04

P0000941

N

Sonic

n/a

Lease

N

n/a

n/a

580,000

588,513

11/23/04

P0000942

N

Sonic

n/a

Lease

N

n/a

n/a

510,000

518,958

11/23/04

P0000943

N

Sonic

n/a

Lease

N

n/a

n/a

530,000

535,922

11/23/04

P0000944

N

Sonic

n/a

Lease

N

n/a

n/a

750,000

754,381

11/23/04

P0000945

N

Sonic

n/a

Lease

N

n/a

n/a

650,000

655,091

11/23/04

P0000946

N

Sonic

n/a

Lease

N

n/a

n/a

640,000

645,470

11/23/04

P0000947

N

Sonic

n/a

Lease

N

n/a

n/a

810,000

814,306

11/23/04

P0000948

N

Sonic

n/a

Lease

N

n/a

n/a

600,000

606,000

11/23/04

P0000949

N

Sonic

n/a

Lease

N

n/a

n/a

520,000

526,307

11/23/04

P0000950

N

Sonic

n/a

Lease

N

n/a

n/a

520,000

526,319

11/23/04

P0000951

N

Dickinson Theaters

n/a

Lease

Y

n/a

Y

12,500,000

12,500,000

7/29/04

P0000952

N

Gander Mountain

n/a

Lease

N

n/a

n/a

8,874,367

8,874,367

12/10/04

P0000953

N

Rite Aid

n/a

Lease

N

n/a

N

1,538,212

1,538,212

12/15/04

P0000954

N

Rite Aid

n/a

Lease

N

n/a

N

1,448,129

1,448,129

12/15/04

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0000955

N

Rite Aid

n/a

Lease

N

n/a

N

2,353,961

2,353,961

12/15/04

P0000956

N

Rite Aid

n/a

Lease

N

n/a

N

2,440,040

2,440,040

12/15/04

P0000957

N

Rite Aid

n/a

Lease

N

n/a

N

1,348,037

1,348,037

12/15/04

P0000958

N

Rite Aid

n/a

Lease

N

n/a

N

1,809,461

1,809,461

12/15/04

P0000959

N

Rite Aid

n/a

Lease

N

n/a

N

2,349,957

2,349,957

12/15/04

P0000960

N

Sonic

n/a

Lease

N

n/a

n/a

565,044

565,044

12/15/04

P0000961

N

Flying Star Café

n/a

Lease

Y

n/a

Y

1,500,870

1,500,870

12/30/04

P0000962

N

Flying Star Café

n/a

Lease

Y

n/a

Y

2,600,000

2,701,565

12/30/04

P0000963

N

Hughes Supply

n/a

Lease

N

n/a

N

590,000

604,336

12/30/04

P0000964

N

Hughes Supply

n/a

Lease

N

n/a

N

1,380,000

1,399,028

12/30/04

P0000965

N

Hughes Supply

n/a

Lease

N

n/a

N

540,000

553,994

12/30/04

P0000966

N

Hughes Supply

n/a

Lease

N

n/a

N

1,591,872

1,591,872

12/30/04

P0000967

N

Hughes Supply

n/a

Lease

N

n/a

N

1,700,000

1,754,653

12/30/04

P0000968

N

Hughes Supply

n/a

Lease

N

n/a

N

2,400,000

2,462,015

12/30/04

P0000969

N

Hughes Supply

n/a

Lease

N

n/a

N

2,555,863

2,555,863

12/30/04

P0000970

N

Hughes Supply

n/a

Lease

N

n/a

N

2,100,000

2,122,747

12/30/04

P0000971

N

Hughes Supply

n/a

Lease

N

n/a

N

1,195,262

1,195,262

12/30/04

P0000972

N

Hughes Supply

n/a

Lease

N

n/a

N

1,370,000

1,381,422

12/30/04

P0000973

N

Hughes Supply

n/a

Lease

N

n/a

N

630,000

639,307

12/30/04

P0000673

N

Arby’s

n/a

Lease

N

n/a

n/a

900,000

900,668

12/30/04

P0000675

N

Arby’s

n/a

Lease

N

n/a

n/a

530,000

550,028

12/30/04

P0000676

N

Arby’s

n/a

Lease

N

n/a

n/a

650,000

667,960

12/30/04

P0000677

N

Arby’s

n/a

Lease

N

n/a

n/a

710,000

733,173

12/30/04

P0000678

N

Arby’s

n/a

Lease

N

n/a

n/a

710,000

749,707

12/30/04

P0000679

N

Arby’s

n/a

Lease

N

n/a

n/a

600,000

617,744

12/30/04

P0000680

N

Casa Ole

n/a

Lease

N

n/a

n/a

1,056,311

1,056,311

12/30/04

P0000681

N

Casa Ole

n/a

Lease

N

n/a

n/a

1,450,000

1,491,261

12/30/04

P0000682

N

Casa Ole

n/a

Lease

N

n/a

n/a

1,460,000

1,491,261

12/30/04

P0000683

N

Casa Ole

n/a

Lease

N

n/a

n/a

980,000

1,006,600

12/30/04

P0000685

N

Garibaldi’s

n/a

Lease

N

n/a

n/a

1,190,000

1,215,378

12/30/04

P0000687

N

Monterey’s Tex Mex

n/a

Lease

N

n/a

n/a

830,000

847,530

12/30/04

P0000688

N

Monterey’s Tex Mex

n/a

Lease

N

n/a

n/a

1,043,884

1,043,884

12/30/04

P0000689

N

Monterey’s Tex Mex

n/a

Lease

N

n/a

n/a

1,441,554

1,441,554

12/30/04

P0000691

N

Monterey’s Tex Mex

n/a

Lease

N

n/a

n/a

671,067

671,067

12/30/04

P0000692

N

Arby’s

n/a

Lease

N

n/a

n/a

840,000

877,412

1/26/05

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0000974

N

Rite Aid

n/a

Lease

N

n/a

N

3,306,519

3,306,519

2/2/05

P0000975

N

Sportsman’s Warehouse

n/a

Lease

N

n/a

n/a

5,716,575

5,716,575

2/2/05

P0000976

N

Apollo Colleges

n/a

Lease

N

n/a

N

1,650,000

1,650,582

2/10/05

P0000977

N

Apollo Colleges

n/a

Lease

N

n/a

N

6,492,077

6,492,077

2/10/05

P0000978

N

Apollo Colleges

n/a

Lease

N

n/a

N

3,396,147

3,396,147

2/10/05

P0000979

N

Apollo Colleges

n/a

Lease

N

n/a

N

5,100,000

5,158,552

2/10/05

P0000980

N

Pilgrim’s Pride Freezer [ILLEGIBLE]

n/a

Lease

N

n/a

n/a

3,100,000

3,138,243

3/3/05

P0000706

Y

Golden Corral

n/a

Lease

N

n/a

n/a

3,110,000

3,110,000

3/21/05

P0000707

Y

Golden Corral

n/a

Lease

Y

n/a

N

3,800,000

3,899,564

3/31/05

P0000708

Y

Peter Piper Pizza

n/a

Lease

Y

n/a

Y

3,020,533

3,020,533

4/1/05

P0000709

Y

Peter Piper Pizza

n/a

Lease

Y

n/a

Y

3,085,533

3,085,533

4/1/05

P0000710

Y

Peter Piper Pizza

n/a

Lease

Y

n/a

Y

1,875,000

1,887,533

4/1/05

P0000711

Y

Peter Piper Pizza

n/a

Lease

Y

n/a

Y

2,955,533

2,955,533

4/1/05

P0000730

N

Horn Furniture

n/a

Lease

N

n/a

N

9,500,000

9,603,738

4/8/05

P0000731

N

Horn Furniture

n/a

Lease

N

n/a

N

8,500,000

8,590,284

4/8/05

P0000732

N

Hastings

n/a

Lease

N

n/a

N

3,340,000

3,365,262

4/27/05

P0000737

Y

Peter Piper Pizza

n/a

Lease

Y

n/a

Y

2,270,000

2,272,094

4/29/05

P0000738

N

Rite Aid

n/a

Lease

N

n/a

N

1,715,950

1,715,950

5/2/05

P0000747

Y

Ashley Home Center

n/a

Lease

N

n/a

N

4,025,000

4,056,813

5/19/05

P0000748

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

557,735

557,735

5/24/05

P0000749

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

557,735

557,735

5/24/05

P0000750

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

623,740

623,740

5/24/05

P0000751

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

1,010,341

1,010,341

5/24/05

P0000752

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

642,599

642,599

5/24/05

P0000753

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

557,735

557,735

5/24/05

P0000754

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

435,154

435,154

5/24/05

P0000755

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

397,437

397,437

5/24/05

P0000756

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

604,882

604,882

5/24/05

P0000757

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

472,872

472,872

5/24/05

P0000758

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

567,164

567,164

5/24/05

P0000759

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

736,891

736,891

5/24/05

P0000760

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

868,901

868,901

5/24/05

P0000761

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

444,584

444,584

5/24/05

P0000762

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

312,574

312,574

5/24/05

P0000763

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

979,456

979,456

5/24/05

Property ID

Franchisee/ Licensee (Y/N)

Concept

Concept Type

Investment Type

Master Lease (Y/N)

Cross- collateralized?

Cross- defaulted?

CV

Investment Amount (includes closing costs) as of Jan 06

Investment Date

P0000764

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

633,169

633,169

5/24/05

P0000765

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

435,154

435,154

5/24/05

P0000766

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

708,604

708,604

5/24/05

P0000767

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

661,457

661,457

5/24/05

P0000768

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

378,579

378,579

5/24/05

P0000769

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

793,467

793,467

5/24/05

P0000770

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

708,604

708,604

5/24/05

P0000771

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

444,584

444,584

5/24/05

P0000772

Y

Pizza Hut

n/a

Lease

Y

n/a

Y

425,725

425,725

5/24/05

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
E000787			2,000,000				n/a				n/a				n/a				n/a			n/a		n/a		n/a
P0000891			9,700,000				5,100,000				9,700,000				—				9,700,000			Cushman & Wakefield		Limited		Y
P0000892			7,700,000				1,450,000				6,900,000				—				7,700,000			Cushman & Wakefield		Limited		Y
P0000893			10,150,000				4,450,000				10,250,000				—				10,150,000			Cushman & Wakefield		Limited		Y
P0000894			10,650,000				3,400,000				9,600,000				—				10,650,000			Cushman & Wakefield		Limited		Y
P0000981			600,000				230,000				460,000				—				600,000			Cushman & Wakefield		Limited		Y
P0000982			650,000				410,000				680,000				—				650,000			Cushman & Wakefield		Limited		Y
P0000983			600,000				190,000				440,000				—				600,000			Cushman & Wakefield		Limited		Y
P0000984			1,075,000				250,000				580,000				—				1,075,000			Cushman & Wakefield		Limited		Y
P0000985			1,100,000				360,000				570,000				—				1,100,000			Cushman & Wakefield		Limited		Y
P0000986			850,000				280,000				510,000				—				800,000			Cushman & Wakefield		Limited		Y
P0000987			650,000				390,000				610,000				—				650,000			Cushman & Wakefield		Limited		Y
P0000988			1,125,000				290,000				520,000				—				1,125,000			Cushman & Wakefield		Limited		Y
P0000989			1,175,000				210,000				410,000				—				1,175,000			Cushman & Wakefield		Limited		Y
P0000990			1,225,000				290,000				580,000				—				1,225,000			Cushman & Wakefield		Limited		Y
P0000991			1,000,000				300,000				520,000				—				1,000,000			Cushman & Wakefield		Limited		Y
P0000992			800,000				270,000				490,000				—				800,000			Cushman & Wakefield		Limited		Y
P0000993			825,000				130,000				310,000				—				825,000			Cushman & Wakefield		Limited		Y
P0000994			825,000				250,000				460,000				—				825,000			Cushman & Wakefield		Limited		Y
P0000995			800,000				100,000				280,000				—				800,000			Cushman & Wakefield		Limited		Y
P0000996			550,000				220,000				420,000				—				550,000			Cushman & Wakefield		Limited		Y
P0000997			560,000				170,000				350,000				—				560,000			Cushman & Wakefield		Limited		Y
P0000998			1,250,000				310,000				500,000				—				1,250,000			Cushman & Wakefield		Limited		Y
P0000999			550,000				180,000				420,000				—				550,000			Cushman & Wakefield		Limited		Y
P0001000			975,000				180,000				360,000				—				975,000			Cushman & Wakefield		Limited		Y
P0001001			525,000				110,000				330,000				—				525,000			Cushman & Wakefield		Limited		Y
P0001002			925,000				270,000				470,000				—				925,000			Cushman & Wakefield		Limited		Y
P0001003			750,000				110,000				270,000				—				750,000			Cushman & Wakefield		Limited		Y
P0001004			600,000				210,000				390,000				—				600,000			Cushman & Wakefield		Limited		Y
P0001005			675,000				90,000				250,000				—				675,000			Cushman & Wakefield		Limited		Y
P0001006			825,000				320,000				520,000				—				825,000			Cushman & Wakefield		Limited		Y
P0001007			1,225,000				560,000				850,000				—				1,225,000			Cushman & Wakefield		Limited		Y
P0001008			900,000				500,000				830,000				—				900,000			Cushman & Wakefield		Limited		Y
P0001009			750,000				460,000				820,000				—				750,000			Cushman & Wakefield		Limited		Y
P0001010			1,050,000				440,000				810,000				—				1,050,000			Cushman & Wakefield		Limited		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0001011			700,000				570,000				960,000				—				700,000			Cushman & Wakefield		Limited		Y
P0001012			775,000				120,000				340,000				—				775,000			Cushman & Wakefield		Limited		Y
P0001013			385,000				150,000				410,000				—				385,000			Cushman & Wakefield		Limited		Y
P0001014			700,000				220,000				410,000				—				700,000			Cushman & Wakefield		Limited		Y
P0001015			940,000				560,000				900,000				—				940,000			Cushman & Wakefield		Limited		Y
P0001016			370,000				145,000				400,000				—				370,000			Cushman & Wakefield		Limited		Y
P0001017			575,000				200,000				650,000				—				575,000			Cushman & Wakefield		Limited		Y
P0001018			1,000,000				500,000				1,000,000				—				1,100,000			Cushman & Wakefield		Limited		Y
P0001019			800,000				250,000				725,000				—				800,000			Cushman & Wakefield		Limited		Y
P0001020			700,000				300,000				700,000				—				700,000			Cushman & Wakefield		Limited		Y
P0001021			1,100,000				500,000				1,100,000				—				1,100,000			Cushman & Wakefield		Limited		Y
P0001022			775,000				250,000				750,000				—				775,000			Cushman & Wakefield		Limited		Y
P0001023			800,000				275,000				775,000				—				800,000			Cushman & Wakefield		Limited		Y
P0001024			600,000				150,000				650,000				—				600,000			Cushman & Wakefield		Limited		Y
P0001025			1,025,000				400,000				1,050,000				—				1,025,000			Cushman & Wakefield		Limited		Y
P0001026			550,000				275,000				570,000				—				550,000			Cushman & Wakefield		Limited		Y
P0001027			640,000				120,000				620,000				—				640,000			Cushman & Wakefield		Limited		Y
P0001028			725,000				350,000				750,000				—				725,000			Cushman & Wakefield		Limited		Y
P0001029			750,000				390,000				760,000				—				750,000			Cushman & Wakefield		Limited		Y
P0001030			600,000				100,000				550,000				—				600,000			Cushman & Wakefield		Limited		Y
P0001031			550,000				60,000				530,000				—				550,000			Cushman & Wakefield		Limited		Y
P0001032			700,000				150,000				650,000				—				700,000			Cushman & Wakefield		Limited		Y
P0001033			750,000				175,000				700,000				—				750,000			Cushman & Wakefield		Limited		Y
P0001034			675,000				150,000				650,000				—				700,000			Cushman & Wakefield		Limited		Y
P0001035			770,000				330,000				790,000				—				770,000			Cushman & Wakefield		Limited		Y
P0001036			560,000				260,000				570,000				—				560,000			Cushman & Wakefield		Limited		Y
P0001037			870,000				360,000				870,000				—				870,000			Cushman & Wakefield		Limited		Y
P0001038			800,000				325,000				800,000				—				800,000			Cushman & Wakefield		Limited		Y
P0001039			750,000				250,000				790,000				—				750,000			Cushman & Wakefield		Limited		Y
P0001040			950,000				180,000				925,000				—				950,000			Xxxxxxx & Xxxxxxxxx		Limited		Y
P0001041			980,000				250,000				740,000				—				980,000			Xxxxxxx & Wakefield		Limited		Y
P0001042			720,000				340,000				840,000				—				720,000			Xxxxxxx & Xxxxxxxxx		Limited		Y
P0001043			730,000				70,000				510,000				—				730,000			Xxxxxxx & Wakefield		Limited		Y
P0001044			760,000				140,000				610,000				—				760,000			Xxxxxxx & Xxxxxxxxx		Limited		Y
P0001045			580,000				120,000				600,000				—				580,000			Xxxxxxx & Wakefield		Limited		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0001046			720,000				60,000				420,000				—				720,000			Xxxxxxx & Xxxxxxxxx		Limited		Y
P0001047			375,000				80,000				400,000				—				380,000			Xxxxxxx & Wakefield		Limited		Y
P0000895			2,000,000				450,000				1,830,000				1,990,000				2,100,000			Xxxxxxx Xxxxx & Associates		Full		Y
P0000896			945,000				361,000				937,000				994,000				909,000			E. Xxxxxx Xxxxxxx & [ILLEGIBLE]		Full		Y
P0000897			1,095,000				586,000				1,117,000				1,134,000				1,032,000			E. Xxxxxx Xxxxxxx & [ILLEGIBLE]		Full		Y
P0000898			950,000				425,000				964,000				933,000				814,000			Appraisal Now		Full		Y
P0000899			880,000				240,000				800,000				880,000				—			Paramount Property Analysts		Full		Y
P0000900			600,000				210,000				680,000				600,000				575,000			Appraisal Services		Full		Y
P0000901			1,300,000				387,000				1,368,000				1,300,000				1,286,000			Xxxxxxxx & Associates of [ILLEGIBLE]		Full		Y
P0000902			1,325,000				360,000				1,375,655				1,334,500				—			Xxxxxx Appraisals, Inc.		Full		Y
P0000903			1,664,000				390,296				1,880,000				—				1,664,000			Xxxxxxx X. Xxxx, Inc.		Full		Y
P0000904			1,550,000				306,030				—				1,550,000				1,550,000			XxXxxxx, Best & Associates		Full		Y
P0000905			4,850,000				950,000				4,150,000				5,000,000				4,800,000			Standard & Poor’s Corporate		Full		Y
P0000906			12,900,000				2,500,000				13,400,000				13,000,000				12,800,000			Standard & Poor’s Corporate		Full		Y
P0000907			3,550,000				1,900,000				3,550,000				—				3,600,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Full		Y
P0000908			4,050,000				3,100,000				4,000,000				—				4,100,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Full		Y
P0000909			2,800,000				2,200,000				2,750,000				—				2,900,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Full		Y
P0000910			4,200,000				3,600,000				4,300,000				—				4,100,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Full		Y
P0000911			4,550,000				3,000,000				4,500,000				—				4,600,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Full		Y
P0000912			2,650,000				2,050,000				2,650,000				—				2,700,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Full		Y
P0000913			29,300,000				7,950,000				29,300,000				—				—			Xxxxxxx & Wakefield of [ILLEGIBLE]		Full		Y
P0000300			560,000				304,920				—				—				560,000			Standard & Poor’s		Limited		Y
P0000301			550,000				223,083				—				—				550,000			Standard & Poor’s		Limited		Y
P0000302			400,000				60,000				400,000				—				370,000			Standard & Poor’s		Limited		Y
P0000303			450,000				220,000				450,000				—				550,000			Standard & Poor’s		Limited		Y
P0000304			500,000				110,000				500,000				—				450,000			Standard & Poor’s		Limited		Y
P0000305			400,000				30,000				400,000				—				410,000			Standard & Poor’s		Limited		Y
P0000306			1,000,000				560,000				1,000,000				—				1,000,000			Standard & Poor’s		Limited		Y
P0000309			900,000				410,000				900,000				—				840,000			Standard & Poor’s		Limited		Y
P0000310			950,000				450,000				950,000				—				910,000			Standard & Poor’s		Limited		Y
P0000311			1,050,000				620,000				1,050,000				—				1,010,000			Standard & Poor’s		Limited		Y
P0000312			950,000				380,000				950,000				—				900,000			Standard & Poor’s		Limited		Y
P0000313			1,550,000				450,000				1,550,000				—				1,520,000			Standard & Poor’s		Limited		Y
P0000314			2,850,000				1,440,000				2,850,000				—				2,830,000			Standard & Poor’s		Limited		Y
P0000315			3,000,000				490,000				2,100,000				—				3,100,000			Standard & Poor’s		Limited		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0000316			2,300,000				1,580,000				2,300,000				—				2,400,000			Standard & Poor’s		Limited		Y
P0000317			1,100,000				440,000				1,100,000				—				1,100,000			Standard & Poor’s		Limited		Y
P0000318			3,100,000				800,000				2,100,000				—				3,120,000			Standard & Poor’s		Limited		Y
P0000319			700,000				96,000				700,000				—				660,000			Standard & Poor’s		Limited		Y
P0000323			1,150,000				580,000				1,150,000				—				1,100,000			Standard & Poor’s		Limited		Y
P0000324			570,000				409,500				—				—				570,000			Standard & Poor’s		Limited		Y
P0000326			840,000				360,000				840,000				—				810,000			Standard & Poor’s		Limited		Y
P0000327			1,150,000				790,000				1,150,000				—				1,130,000			Standard & Poor’s		Limited		Y
P0000328			1,200,000				520,000				1,000,000				—				1,280,000			Standard & Poor’s		Limited		Y
P0000329			1,450,000				820,000				1,450,000				—				1,440,000			Standard & Poor’s		Limited		Y
P0000330			1,300,000				330,000				1,140,000				—				1,400,000			Standard & Poor’s		Limited		Y
P0000331			950,000				220,000				820,000				—				1,000,000			Standard & Poor’s		Limited		Y
P0000332			950,000				170,000				950,000				—				930,000			Standard & Poor’s		Limited		Y
P0000336			1,300,000				250,000				1,100,000				—				1,350,000			Standard & Poor’s		Limited		Y
P0000338			1,000,000				280,000				1,000,000				—				1,000,000			Standard & Poor’s		Limited		Y
P0000349			900,000				360,000				900,000				—				880,000			Standard & Poor’s		Limited		Y
P0000350			700,000				150,000				700,000				—				650,000			Standard & Poor’s		Limited		Y
P0000351			700,000				350,000				700,000				—				700,000			Standard & Poor’s		Limited		Y
P0000354			1,650,000				700,000				1,600,000				—				1,700,000			Xxxxxxx & Xxxxxxxxx of [Illegible]		Limited		Y
P0000355			1,800,000				800,000				1,700,000				—				1,800,000			Xxxxxxx & Wakefield of [LLEGIBLE]		Limited		Y
P0000356			1,200,000				450,000				1,200,000				—				1,150,000			Xxxxxxx & Xxxxxxxxx, Inc.		Limited		Y
P0000357			1,650,000				600,000				1,650,000				—				1,650,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000358			1,100,000				500,000				1,100,000				—				1,100,000			Xxxxxxx & Xxxxxxxxx, Inc.		Limited		Y
P0000359			1,700,000				600,000				1,700,000				—				1,750,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000360			2,500,000				1,600,000				2,500,000				—				2,500,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Limited		Y
P0000361			1,600,000				900,000				1,650,000				—				1,600,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000362			2,000,000				1,200,000				1,950,000				—				2,130,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Limited		Y
P0000363			1,600,000				900,000				1,650,000				—				1,600,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000364			1,275,000				550,000				1,250,000				—				1,300,000			Xxxxxxx & Xxxxxxxxx, Inc.		Limited		Y
P0000365			1,600,000				600,000				1,600,000				—				1,600,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000366			1,300,000				600,000				1,300,000				—				1,300,000			Xxxxxxx & Xxxxxxxxx, Inc.		Limited		Y
P0000367			1,900,000				900,000				1,875,000				—				1,950,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000368			1,475,000				750,000				1,475,000				—				1,475,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Limited		Y
P0000369			1,950,000				1,125,000				1,875,000				—				2,040,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000370			1,300,000				600,000				1,300,000				—				1,250,000			Xxxxxxx & Xxxxxxxxx, Inc.		Limited		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0000371			1,700,000				900,000				1,750,000				—				1,700,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000372			1,300,000				575,000				1,300,000				—				1,300,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Limited		Y
P0000373			1,350,000				700,000				1,400,000				—				1,300,000			Xxxxxxx & Wakefield, Inc.		Limited		Y
P0000374			1,750,000				700,000				1,700,000				—				1,760,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Limited		Y
P0000375			1,700,000				650,000				1,675,000				—				1,750,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Limited		Y
P0000378			680,000				200,000				570,000				—				620,000			Standard & Poor’s		Limited		Y
P0000379			1,410,000				1,180,000				1,680,000				—				1,690,000			Standard & Poor’s		Limited		Y
P0000380			1,030,000				520,000				900,000				—				940,000			Standard & Poor’s		Limited		Y
P0000381			440,000				137,368				—				—				440,000			Standard & Poor’s		Limited		Y
P0000914			8,000,000				1,500,000				7,725,000				7,600,000				8,000,000			Bliss Associates, Inc.		Full		Y
P0000915			10,100,000				2,000,000				9,900,000				9,600,000				10,100,000			Bliss Associates, Inc.		Full		Y
P0000916			3,700,000				700,000				3,540,000				3,830,000				3,700,000			Standard & Poor’s		Full		Y
P0000917			3,130,000				800,000				2,400,000				—				2,900,000			Xxxxxxx & Xxxxxxxxx of [ILLEGIBLE]		Full		Y
P0000918			1,220,000				200,000				1,050,000				—				1,200,000			Xxxxxxx & Wakefield of [ILLEGIBLE]		Full		Y
P0000919			5,580,000				370,000				5,500,000				5,500,000				5,580,000			Integra Realty Resources - [ILLEGIBLE]		Full		Y
P0000390			1,940,000				560,000				1,820,000				—				1,940,000			Standard & Poor’s		Limited		Y
P0000391			2,700,000				1,310,000				2,600,000				—				2,700,000			Standard & Poor’s		Limited		Y
P0000392			2,090,000				690,000				1,540,000				—				2,090,000			Standard & Poor’s		Limited		Y
P0000393			1,100,000				260,000				1,010,000				—				1,100,000			Standard & Poor’s		Limited		Y
P0000394			1,740,000				640,000				1,740,000				—				1,740,000			Standard & Poor’s		Limited		Y
P0000395			1,400,000				520,000				1,300,000				—				1,400,000			Standard & Poor’s		Limited		Y
P0000396			750,000				280,000				750,000				—				750,000			Standard & Poor’s		Limited		Y
P0000397			830,000				370,000				750,000				—				830,000			Standard & Poor’s		Limited		Y
P0000398			1,740,000				290,000				1,420,000				—				1,740,000			Standard & Poor’s		Limited		Y
P0000399			500,000				350,000				500,000				—				500,000			Standard & Poor’s		Limited		Y
P0000400			780,000				450,000				760,000				—				780,000			Standard & Poor’s		Limited		Y
P0000401			590,000				360,000				580,000				—				590,000			Standard & Poor’s		Limited		Y
P0000402			720,000				100,000				450,000				—				720,000			Standard & Poor’s		Limited		Y
P0000403			600,000				130,000				560,000				—				600,000			Standard & Poor’s		Limited		Y
P0000404			1,200,000				450,000				1,030,000				—				1,200,000			Standard & Poor’s		Limited		Y
P0000405			990,000				260,000				860,000				—				990,000			Standard & Poor’s		Limited		Y
P0000406			700,000				170,000				680,000				—				700,000			Standard & Poor’s		Limited		Y
P0000408			1,200,000				610,000				1,200,000				—				1,200,000			Standard & Poor’s		Limited		Y
P0000409			1,000,000				290,000				1,000,000				—				1,000,000			Standard & Poor’s		Limited		Y
P0000410			990,000				310,000				820,000				—				990,000			Standard & Poor’s		Limited		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0000411			980,000				440,000				910,000				—				980,000			Standard & Poor’s		Limited		Y
P0000412			910,000				250,000				820,000				—				910,000			Standard & Poor’s		Limited		Y
P0000415			640,000				210,000				640,000				—				640,000			Standard & Poor’s		Limited		Y
P0000416			1,000,000				520,000				1,000,000				—				1,000,000			Standard & Poor’s		Limited		Y
P0000417			1,010,000				260,000				1,010,000				—				1,010,000			Standard & Poor’s		Limited		Y
P0000418			600,000				260,000				600,000				—				600,000			Standard & Poor’s		Limited		Y
P0000419			1,010,000				480,000				1,010,000				—				1,010,000			Standard & Poor’s		Limited		Y
P0000420			340,000				230,000				340,000				—				340,000			Standard & Poor’s		Limited		Y
P0000421			740,000				180,000				440,000				—				740,000			Standard & Poor’s		Limited		Y
P0000424			600,000				290,000				570,000				—				600,000			Standard & Poor’s		Limited		Y
P0000425			610,000				190,000				430,000				—				610,000			Standard & Poor’s		Limited		Y
P0000426			480,000				160,000				400,000				—				480,000			Standard & Poor’s		Limited		Y
P0000428			640,000				260,000				420,000				—				640,000			Standard & Poor’s		Limited		Y
P0000429			850,000				200,000				830,000				—				850,000			Standard & Poor’s		Limited		Y
P0000431			1,560,000				610,000				1,450,000				—				1,560,000			Standard & Poor’s		Limited		Y
P0000432			3,180,000				800,000				2,460,000				—				3,180,000			Standard & Poor’s		Limited		Y
P0000433			2,340,000				580,000				1,760,000				—				2,340,000			Standard & Poor’s		Limited		Y
P0000434			1,300,000				550,000				1,300,000				—				1,300,000			Standard & Poor’s		Limited		Y
P0000436			1,680,000				250,000				1,000,000				—				1,680,000			Standard & Poor’s		Limited		Y
P0000437			1,190,000				330,000				870,000				—				1,190,000			Standard & Poor’s		Limited		Y
P0000438			1,380,000				750,000				1,380,000				—				1,380,000			Standard & Poor’s		Limited		Y
P0000439			980,000				280,000				820,000				—				980,000			Standard & Poor’s		Limited		Y
P0000440			950,000				270,000				920,000				—				950,000			Standard & Poor’s		Limited		Y
P0000442			1,350,000				570,000				1,290,000				—				1,350,000			Standard & Poor’s		Limited		Y
P0000443			1,430,000				580,000				1,360,000				—				1,430,000			Standard & Poor’s		Limited		Y
P0000446			870,000				510,000				870,000				—				870,000			Standard & Poor’s		Limited		Y
P0000449			960,000				450,000				960,000				—				960,000			Standard & Poor’s		Limited		Y
P0000450			870,000				270,000				810,000				—				870,000			Standard & Poor’s		Limited		Y
P0000451			1,570,000				570,000				1,430,000				—				1,570,000			Standard & Poor’s		Limited		Y
P0000453			1,080,000				580,000				1,030,000				—				1,080,000			Standard & Poor’s		Limited		Y
P0000454			1,340,000				310,000				880,000				—				1,340,000			Standard & Poor’s		Limited		Y
P0000455			860,000				320,000				860,000				—				860,000			Standard & Poor’s		Limited		Y
P0000456			960,000				200,000				770,000				—				960,000			Standard & Poor’s		Limited		Y
P0000457			920,000				260,000				820,000				—				920,000			Standard & Poor’s		Limited		Y
P0000459			570,000				400,000				570,000				—				570,000			Standard & Poor’s		Limited		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0000920			11,600,000				2,880,000				11,900,000				11,400,000				11,600,000			X.X. Xxxxxx & Associates, [ILLEGIBLE]		Full		Y
P0000921			7,600,000				1,900,000				7,700,000				7,300,000				7,600,000			Xxxxxxx & Wakefield		Full		Y
P0000922			4,000,000				1,050,000				32,000,000				—				4,000,000			Standard & Poor’s		Limited		Y
P0000923			1,440,000				980,000				1,434,564				—				1,440,000			Standard & Poor’s		Limited		Y
P0000924			2,900,000				1,330,000				3,290,000				—				2,900,000			Standard & Poor’s		Limited		Y
P0000925			3,990,000				1,780,000				3,990,000				—				3,990,000			Standard & Poor’s		Limited		Y
P0000926			860,000				370,000				935,000				830,000				860,000			Standard & Poors		Full		Y
P0000927			860,000				290,000				840,000				870,000				860,000			Standard & Poors		Full		Y
P0000928			860,000				140,000				620,000				820,000				860,000			Standard & Poors		Full		Y
P0000929			860,000				260,000				770,000				770,000				860,000			Standard & Poors		Full		Y
P0000930			7,540,000				1,050,000				7,590,000				7,320,000				7,540,000			X.X. Xxxxxx & Associates, [ILLEGIBLE]		Full		Y
P0000931			11,800,000				2,100,000				7,600,000				11,750,000				11,800,000			Standard & Poor’s		Full		Y
P0000932			6,400,000				1,000,000				5,800,000				6,300,000				6,500,000			Xxxxxxx & Wakefield		Full		Y
P0000933			5,000,000				1,295,000				5,080,000				5,000,000				4,940,000			Xxxxxxxxx Xxxxxxxxxxx		Full		Y
P0000934			6,650,000				326,000				6,670,000				6,530,000				6,650,000			X.X. Xxxxxx & Associates, [ILLEGIBLE]		Full		Y
P0000935			6,950,000				825,000				7,050,000				6,950,000				6,850,000			Xxxx-Shelger Associates		Full		Y
P0000936			8,950,000				1,620,000				8,990,000				8,620,000				8,950,000			X.X. Xxxxxx & Associates, [ILLEGIBLE]		Full		Y
P0000937			500,000				100,000				440,000				—				500,000			Standard & Poor’s		Limited		Y
P0000938			760,000				300,000				680,000				—				760,000			Standard & Poor’s		Limited		Y
P0000939			620,000				110,000				610,000				—				620,000			Standard & Poor’s		Limited		Y
P0000940			670,000				280,000				660,000				—				670,000			Standard & Poor’s		Limited		Y
P0000941			580,000				130,000				580,000				—				580,000			Standard & Poor’s		Limited		Y
P0000942			510,000				200,000				510,000				—				510,000			Standard & Poor’s		Limited		Y
P0000943			530,000				180,000				530,000				—				530,000			Standard & Poor’s		Limited		Y
P0000944			750,000				470,000				750,000				—				750,000			Standard & Poor’s		Limited		Y
P0000945			650,000				200,000				600,000				—				650,000			Standard & Poor’s		Limited		Y
P0000946			640,000				180,000				620,000				—				640,000			Standard & Poor’s		Limited		Y
P0000947			810,000				380,000				800,000				—				810,000			Standard & Poor’s		Limited		Y
P0000948			600,000				280,000				570,000				—				600,000			Standard & Poor’s		Limited		Y
P0000949			520,000				190,000				510,000				—				520,000			Standard & Poor’s		Limited		Y
P0000950			520,000				200,000				520,000				—				520,000			Standard & Poor’s		Limited		Y
P0000951			12,500,000				3,350,000				11,710,000				12,300,000				12,630,000			Xxxxxxx & Xxxxxxxxx		Full		Y
P0000952			9,290,000				2,150,000				9,730,000				9,180,000				9,290,000			X.X. Xxxxxx & Associates, [ILLEGIBLE]		Full		Y
P0000953			1,700,000				590,000				2,000,000				1,700,000				1,700,000			Birch/REA Partners, Inc.		Full		Y
P0000954			1,600,000				260,000				1,480,000				1,600,000				1,580,000			Birch/REA Partners, Inc.		Full		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0000955			2,500,000				1,060,000				2,740,000				2,500,000				2,500,000			Birch/REA Partners, Inc.		Full		Y
P0000956			2,700,000				240,000				1,940,000				2,800,000				2,700,000			Birch/REA Partners, Inc.		Full		Y
P0000957			1,500,000				390,000				1,490,000				1,500,000				1,480,000			Birch/REA Partners, Inc.		Full		Y
P0000958			2,000,000				130,000				1,610,000				2,000,000				1,980,000			Birch/REA Partners, Inc.		Full		Y
P0000959			2,600,000				430,000				2,010,000				2,600,000				2,580,000			Birch/REA Partners, Inc.		Full		Y
P0000960			730,000				370,000				730,000				—				730,000			Standard & Poor’s		Full		Y
P0000961			1,515,000				250,000				1,360,000				1,515,000				1,515,000			American Property [ILLEGIBLE]		Full		Y
P0000962			2,600,000				650,000				2,560,000				2,600,000				2,600,000			American Property [ILLEGIBLE]		Full		Y
P0000963			590,000				220,000				660,000				—				590,000			S&P		Limited		Y
P0000964			1,380,000				520,000				1,380,000				—				1,380,000			S&P		Limited		Y
P0000965			540,000				210,000				610,000				—				540,000			S&P		Limited		Y
P0000966			1,700,000				650,000				1,600,000				1,600,000				—			Xxxxxxx & Xxxxxxxxx		Full		Y
P0000967			1,700,000				340,000				1,880,000				—				1,700,000			S&P		Limited		Y
P0000968			2,400,000				650,000				2,440,000				—				2,360,000			S&P		Limited		Y
P0000969			2,590,000				350,000				2,280,000				—				2,590,000			S&P		Limited		Y
P0000970			2,100,000				350,000				2,300,000				2,100,000				—			S&P		Limited		Y
P0000971			1,220,000				360,000				1,290,000				—				1,220,000			S&P		Limited		Y
P0000972			1,370,000				870,000				1,410,000				—				1,370,000			S&P		Limited		Y
P0000973			630,000				420,000				730,000				—				630,000			S&P		Limited		Y
P0000673			900,000				200,000				720,000				—				900,000			S&P		Limited		Y
P0000675			530,000				270,000				500,000				270,000				530,000			S&P		Limited		Y
P0000676			650,000				340,000				660,000				—				650,000			S&P		Limited		Y
P0000677			710,000				450,000				710,000				450,000				710,000			S&P		Limited		Y
P0000678			710,000				340,000				710,000				340,000				710,000			S&P		Limited		Y
P0000679			600,000				220,000				490,000				220,000				600,000			S&P		Limited		Y
P0000680			1,100,000				320,000				900,000				—				1,100,000			S&P		Limited		Y
P0000681			1,450,000				350,000				1,080,000				—				1,450,000			S&P		Limited		Y
P0000682			1,460,000				310,000				610,000				—				1,460,000			S&P		Limited		Y
P0000683			980,000				230,000				832,000				—				980,000			S&P		Limited		Y
P0000685			1,190,000				310,000				1,100,000				—				1,190,000			S&P		Limited		Y
P0000687			830,000				40,000				177,000				—				830,000			S&P		Limited		Y
P0000688			1,050,000				400,000				640,000				—				1,050,000			S&P		Limited		Y
P0000689			1,460,000				290,000				712,000				—				1,460,000			S&P		Limited		Y
P0000691			680,000				110,000				540,000				—				680,000			S&P		Limited		Y
P0000692			840,000				480,000				800,000				—				840,000			S&P		Limited		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0000974			3,400,000				1,330,000				3,700,000				3,400,000				3,300,000			Birch/REA Partners, Inc.		Full		Y
P0000975			5,800,000				1,270,000				6,000,000				5,400,000				5,800,000			Xxxxxxxxxx Research, Inc.		Full		Y
P0000976			1,650,000				510,000				1,670,000				1,640,000				1,660,000			Xxxxxxx & Wakefield		Full		Y
P0000977			6,500,000				740,000				5,040,000				4,800,000				6,510,000			Xxxxxxx & Xxxxxxxxx		Full		Y
P0000978			3,400,000				1,470,000				3,650,000				3,400,000				3,420,000			Xxxxxxx & Wakefield		Full		Y
P0000979			5,100,000				1,070,000				4,900,000				5,000,000				5,200,000			Xxxxxxx & Xxxxxxxxx		Full		Y
P0000980			3,100,000				195,700				3,350,000				3,080,000				3,100,000			Xxxxx X. Mask, MAI		Full		Y
P0000706			3,110,000				765,000				3,100,000				3,110,000				3,210,000			J. Xxxxxx Xxxx		Full		Y
P0000707			3,800,000				1,060,000				3,300,000				3,600,000				3,800,000			Standard & Poor’s		Full		Y
P0000708			3,050,000				775,000				3,050,000				3,050,000				3,050,000			Advanced Appraisals Group		Full		Y
P0000709			3,100,000				660,000				3,080,000				3,060,000				3,110,000			Advanced Appraisals Group		Full		Y
P0000710			1,875,000				400,000				1,875,000				1,875,000				1,875,000			Advanced Appraisals Group		Full		Y
P0000711			2,975,000				600,000				2,975,000				2,975,000				2,975,000			Advanced Appraisals Group		Full		Y
P0000730			9,500,000				1,320,000				9,680,000				9,530,000				9,440,000			Diversified Real Estate [ILLEGIBLE]		Full		Y
P0000731			8,500,000				1,190,000				9,000,000				8,500,000				8,500,000			Diversified Real Estate [ILLEGIBLE]		Full		Y
P0000732			3,340,000				625,000				3,340,000				3,340,000				3,340,000			Advanced Appraisal Group		Full		Y
P0000737			2,270,000				395,000				2,270,000				2,275,000				2,270,000			Advanced Appraisals Group		Full		Y
P0000738			2,230,000				1,170,000				2,230,000				1,900,000				1,840,000			Standard & Poors		Full		Y
P0000747			4,025,000				925,000				3,985,000				4,050,000				3,970,000			Regional Real Estate [ILLEGIBLE]		Full		Y
P0000748			590,000				120,000				480,000				490,000				590,000			Xxxxxxx Appraisal Services		Full		Y
P0000749			590,000				100,000				450,000				520,000				590,000			Xxxxxxx Appraisal Services		Full		Y
P0000750			660,000				280,000				650,000				690,000				660,000			Xxxxxxx Appraisal Services		Full		Y
P0000751			1,070,000				440,000				940,000				970,000				1,070,000			Xxxxxxx Appraisal Services		Full		Y
P0000752			680,000				320,000				560,000				650,000				680,000			Xxxxxxx Appraisal Services		Full		Y
P0000753			590,000				60,000				430,000				550,000				590,000			Xxxxxxx Appraisal Services		Full		Y
P0000754			460,000				150,000				250,000				430,000				460,000			Xxxxxxx Appraisal Services		Full		Y
P0000755			420,000				50,000				300,000				460,000				420,000			Xxxxxxx Appraisal Services		Full		Y
P0000756			640,000				290,000				600,000				580,000				640,000			Xxxxxxx Appraisal Services		Full		Y
P0000757			500,000				120,000				290,000				460,000				500,000			Xxxxxxx Appraisal Services		Full		Y
P0000758			600,000				250,000				470,000				500,000				610,000			Xxxxxxx Appraisal Services		Full		Y
P0000759			780,000				280,000				660,000				730,000				780,000			Xxxxxxx Appraisal Services		Full		Y
P0000760			920,000				230,000				570,000				1,090,000				920,000			Xxxxxxx Appraisal Services		Full		Y
P0000761			470,000				210,000				340,000				450,000				470,000			Xxxxxxx Appraisal Services		Full		Y
P0000762			330,000				30,000				140,000				270,000				330,000			Xxxxxxx Appraisal Services		Full		Y
P0000763			1,070,000				420,000				820,000				1,020,000				1,070,000			Xxxxxxx Appraisal Services		Full		Y

Property ID		Appraised Value				Land Value				Replacement Cost Approach				Sales Comparison Approach				Income Cost Approach				Appraisal Firm		Full / Limited / None		MAI (Y/N)
P0000764			670,000				120,000				420,000				620,000				670,000			Xxxxxxx Appraisal Services		Full		Y
P0000765			460,000				120,000				380,000				420,000				460,000			Xxxxxxx Appraisal Services		Full		Y
P0000766			750,000				240,000				560,000				700,000				750,000			Xxxxxxx Appraisal Services		Full		Y
P0000767			700,000				210,000				510,000				660,000				700,000			Xxxxxxx Appraisal Services		Full		Y
P0000768			400,000				130,000				270,000				380,000				400,000			Xxxxxxx Appraisal Services		Full		Y
P0000769			840,000				390,000				760,000				790,000				840,000			Xxxxxxx Appraisal Services		Full		Y
P0000770			750,000				240,000				660,000				680,000				750,000			Xxxxxxx Appraisal Services		Full		Y
P0000771			470,000				220,000				360,000				450,000				470,000			Xxxxxxx Appraisal Services		Full		Y
P0000772			450,000				150,000				280,000				440,000				450,000			Xxxxxxx Appraisal Services		Full		Y

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

E000787

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

P0000891

Feb/Mar 05

98.0

%

Y

Y

9/15/1999

Y

9/15/1999

No further [Illegible]

929,135

15,326

P0000892

Feb/Mar 05

97.5

%

Y

Y

4/30/1999

Y

4/30/1999

No further [Illegible]

1,596,038

17,652

P0000893

Feb/Mar 05

98.6

%

Y

Y

3/31/2000

N

N

n/a

1,047,879

17,692

P0000894

Feb/Mar 05

98.7

%

Y

Y

11/8/2000

N

N

n/a

790,962

15,141

P0000981

Feb/Mar 05

56.6

%

Y

N/A

N/A

N/A

N/A

n/a

32,392

2,788

P0000982

Feb/Mar 05

52.3

%

Y

N/A

N/A

N/A

N/A

n/a

48,492

3,825

P0000983

Feb/Mar 05

68.0

%

Y

N/A

N/A

N/A

N/A

n/a

22,653

3,807

P0000984

Feb/Mar 05

72.3

%

Y

N/A

N/A

N/A

N/A

n/a

42,210

3,949

P0000985

Feb/Mar 05

72.4

%

Y

N/A

N/A

N/A

N/A

n/a

27,500

2,843

P0000986

Feb/Mar 05

77.7

%

Y

N/A

N/A

N/A

N/A

n/a

29,917

2,944

P0000987

Feb/Mar 05

57.5

%

Y

N/A

N/A

N/A

N/A

n/a

37,454

2,439

P0000988

Feb/Mar 05

66.9

%

Y

N/A

N/A

N/A

N/A

n/a

28,514

3,140

P0000989

Feb/Mar 05

71.9

%

Y

N/A

N/A

N/A

N/A

n/a

19,572

3,116

P0000990

Feb/Mar 05

72.1

%

Y

N/A

N/A

N/A

N/A

n/a

30,424

2,681

P0000991

Feb/Mar 05

79.6

%

Y

N/A

N/A

N/A

N/A

n/a

25,202

3,102

P0000992

Feb/Mar 05

69.8

%

Y

N/A

N/A

N/A

N/A

n/a

26,953

3,023

P0000993

Feb/Mar 05

76.5

%

Y

N/A

N/A

N/A

N/A

n/a

17,143

2,595

P0000994

Feb/Mar 05

76.5

%

Y

N/A

N/A

N/A

N/A

n/a

31,269

2,501

P0000995

Feb/Mar 05

78.9

%

Y

N/A

N/A

N/A

N/A

n/a

26,183

2,094

P0000996

Feb/Mar 05

77.7

%

Y

N/A

N/A

N/A

N/A

n/a

21,525

2,360

P0000997

Feb/Mar 05

65.0

%

Y

N/A

N/A

N/A

N/A

n/a

22,123

2,395

P0000998

Feb/Mar 05

66.8

%

Y

N/A

N/A

N/A

N/A

n/a

27,000

2,366

P0000999

Feb/Mar 05

61.8

%

Y

N/A

N/A

N/A

N/A

n/a

27,500

3,128

P0001000

Feb/Mar 05

72.2

%

Y

N/A

N/A

N/A

N/A

n/a

23,960

2,410

P0001001

Feb/Mar 05

70.3

%

Y

N/A

N/A

N/A

N/A

n/a

27,109

2,630

P0001002

Feb/Mar 05

72.4

%

Y

N/A

N/A

N/A

N/A

n/a

28,034

2,433

P0001003

Feb/Mar 05

77.7

%

Y

N/A

N/A

N/A

N/A

n/a

21,545

2,102

P0001004

Feb/Mar 05

72.8

%

Y

N/A

N/A

N/A

N/A

n/a

20,100

2,324

P0001005

Feb/Mar 05

77.0

%

Y

N/A

N/A

N/A

N/A

n/a

14,168

2,400

P0001006

Feb/Mar 05

72.4

%

Y

N/A

N/A

N/A

N/A

n/a

25,618

2,520

P0001007

Feb/Mar 05

67.4

%

Y

N/A

N/A

N/A

N/A

n/a

30,298

2,681

P0001008

Feb/Mar 05

67.4

%

Y

N/A

N/A

N/A

N/A

n/a

33,323

2,915

P0001009

Feb/Mar 05

47.9

%

Y

N/A

N/A

N/A

N/A

n/a

35,240

2,880

P0001010

Feb/Mar 05

83.2

%

Y

N/A

N/A

N/A

N/A

n/a

41,521

2,769

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0001011

Feb/Mar 05

48.5

%

Y

N/A

N/A

N/A

N/A

n/a

43,289

2,800

P0001012

Feb/Mar 05

48.4

%

Y

N/A

N/A

N/A

N/A

n/a

15,000

3,635

P0001013

Feb/Mar 05

45.9

%

Y

N/A

N/A

N/A

N/A

n/a

34,107

2,695

P0001014

Feb/Mar 05

34.4

%

Y

N/A

N/A

N/A

N/A

n/a

28,177

2,357

P0001015

Feb/Mar 05

18.4

%

Y

N/A

N/A

N/A

N/A

n/a

34,848

2,917

P0001016

Feb/Mar 05

88.9

%

Y

Y

6/20/2000

N

N

n/a

82,328

6,743

P0001017

Feb/Mar 05

84.9

%

Y

Y

6/20/2000

Y

2/27/2001

No further [ILLEGIBLE]

52,272

6,734

P0001018

Feb/Mar 05

87.3

%

Y

Y

2/12/1998

Y

N/A

No further [ILLEGIBLE]

33,018

6,700

P0001019

Feb/Mar 05

77.1

%

Y

Y

4/2/1998

N

N

n/a

32,400

6,729

P0001020

Feb/Mar 05

83.7

%

Y

N/A

N/A

Y

N/A

No further [ILLEGIBLE]

34,848

5,793

P0001021

Feb/Mar 05

73.3

%

Y

Y

2/16/1996

Y

N/A

No further [ILLEGIBLE]

54,450

6,700

P0001022

Feb/Mar 05

78.7

%

Y

N/A

N/A

Y

1/20/1997

No further [ILLEGIBLE]

36,397

6,729

P0001023

Feb/Mar 05

78.5

%

Y

Y

N/A

Y

N/A

No further [ILLEGIBLE]

54,000

6,729

P0001024

Feb/Mar 05

89.0

%

Y

N/A

N/A

N/A

N/A

n/a

27,910

7,985

P0001025

Feb/Mar 05

79.2

%

Y

N/A

N/A

N/A

N/A

n/a

44,030

7,956

P0001026

Feb/Mar 05

78.6

%

Y

N/A

N/A

N/A

N/A

n/a

37,440

8,926

P0001027

Feb/Mar 05

93.5

%

Y

Y

6/19/2000

N

N

n/a

36,155

6,715

P0001028

Feb/Mar 05

85.8

%

Y

Y

N/A

Y

5/6/1994

No further [ILLEGIBLE]

27,840

6,506

P0001029

Feb/Mar 05

83.3

%

Y

Y

6/21/2000

N

N

n/a

55,321

9,993

P0001030

Feb/Mar 05

87.9

%

Y

Y

6/15/2000

N

N

n/a

35,283

6,728

P0001031

Feb/Mar 05

88.0

%

Y

Y

6/14/2000

N

N

n/a

30,000

6,710

P0001032

Feb/Mar 05

80.2

%

Y

Y

6/15/2000

N

N

n/a

31,270

6,613

P0001033

Feb/Mar 05

81.9

%

Y

Y

6/20/2000

N

N

n/a

56,628

6,746

P0001034

Feb/Mar 05

87.2

%

Y

Y

6/13/2000

N

N

n/a

39,204

6,703

P0001035

Feb/Mar 05

86.9

%

Y

Y

6/14/2000

N

N

n/a

40,946

6,713

P0001036

Feb/Mar 05

81.8

%

Y

Y

6/13/2000

N

N

n/a

40,200

6,707

P0001037

Feb/Mar 05

84.8

%

Y

Y

6/12/2005

N

N

n/a

84,071

8,351

P0001038

Feb/Mar 05

89.3

%

Y

Y

6/8/2000

N

N

n/a

41,948

6,721

P0001039

Feb/Mar 05

77.1

%

Y

N/A

N/A

N/A

N/A

n/a

36,209

8,194

P0001040

Feb/Mar 05

77.3

%

Y

N/A

N/A

N/A

N/A

n/a

22,927

8,766

P0001041

Feb/Mar 05

87.9

%

Y

Y

6/20/2000

N

N

n/a

31,673

6,730

P0001042

Feb/Mar 05

88.4

%

Y

Y

6/9/2000

N

N

n/a

38,250

6,750

P0001043

Feb/Mar 05

88.1

%

Y

Y

6/7/2000

N

N

n/a

22,502

6,732

P0001044

Feb/Mar 05

88.4

%

Y

Y

6/16/2000

N

N

n/a

31,920

6,730

P0001045

Feb/Mar 05

88.7

%

Y

Y

6/6/2000

N

N

n/a

30,812

6,838

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0001046

Feb/Mar 05

88.1

%

Y

Y

6/14/2000

N

N

n/a

30,000

8,083

P0001047

Feb/Mar 05

89.6

%

Y

Y

6/13/2000

N

N

n/a

54,014

6,738

P0000895

1/27/04

100.3

%

N

Y

2/13/2004

N

N

n/a

112,559

30,550

P0000896

3/5/04

83.9

%

N

Y

2/25/2004

N

N

n/a

56,410

8,145

P0000897

3/5/04

83.9

%

N

Y

2/26/2004

N

N

n/a

59,808

9,374

P0000898

3/8/04

83.9

%

N

Y

2/25/2004

N

N

n/a

73,965

9,330

P0000899

11/3/03

87.4

%

N

Y

2/25/2004

N

N

n/a

64,207

5,380

P0000900

2/23/04

83.9

%

N

Y

2/25/2004

N

N

n/a

83,635

8,184

P0000901

2/19/04

83.9

%

N

Y

2/25/2004

N

N

n/a

67,518

10,402

P0000902

2/14/04

95.0

%

N

Y

2/25/2004

N

N

n/a

56,192

10,676

P0000903

3/15/04

83.9

%

N

Y

2/25/2004

N

N

n/a

107,158

10,540

P0000904

3/3/04

92.0

%

N

Y

2/25/2004

N

N

n/a

61,202

10,622

P0000905

4/1/04

97.8

%

N

Y

4/1/2004

Y

4/1/2004

The Phase I [ILLEGIBLE]

59,677

25,000

P0000906

4/2/04

100.3

%

N

Y

5/6/2004

N

N

n/a

69,914

52,360

P0000907

6/11/04

98.4

%

N

Y

4/26/2004

N

N

n/a

151,327

70,316

P0000908

6/11/04

98.4

%

N

Y

4/27/2004

N

N

n/a

206,039

25,408

P0000909

6/11/04

98.4

%

N

Y

4/27/2004

N

N

n/a

622,560

31,704

P0000910

6/11/04

98.4

%

N

Y

4/26/2004

N

N

n/a

161,172

25,489

P0000911

6/11/04

98.4

%

N

Y

4/26/2004

N

N

n/a

230,868

73,570

P0000912

6/11/04

98.4

%

N

Y

4/26/2004

N

N

n/a

135,036

51,190

P0000913

6/11/04

112.7

%

N

Y

6/17/2004

N

N

n/a

3,916,915

430,442

P0000300

6/30/04

104.5

%

N

Y

5/13/2004

N

N

n/a

30,492

3,354

P0000301

6/30/04

114.6

%

N

Y

5/13/2004

N

N

n/a

26,245

2,600

P0000302

6/30/04

98.6

%

N

Y

5/12/2004

N

N

n/a

21,070

2,415

P0000303

6/30/04

96.0

%

N

Y

5/12/2004

N

N

n/a

75,850

2,740

P0000304

6/30/04

91.8

%

N

Y

5/14/2004

N

N

n/a

30,572

2,553

P0000305

6/30/04

104.1

%

N

Y

5/14/2004

N

N

n/a

31,476

2,836

P0000306

6/30/04

121.1

%

N

Y

4/15/2004

N

N

n/a

47,001

2,700

P0000309

6/30/04

101.0

%

N

Y

5/10/2004

N

N

n/a

33,071

2,860

P0000310

6/30/04

110.2

%

N

Y

5/10/2004

Y

6/16/2004

No further [ILLEGIBLE]

38,594

3,027

P0000311

6/30/04

104.2

%

N

Y

4/23/2004

N

N

n/a

77,972

3,497

P0000312

6/30/04

102.6

%

N

Y

5/3/2004

N

N

n/a

40,162

2,916

P0000313

6/30/04

107.6

%

N

Y

5/11/2004

N

N

n/a

78,564

7,299

P0000314

6/30/04

108.0

%

N

Y

4/15/2004

N

N

n/a

92,696

6,953

P0000315

6/30/04

100.1

%

N

Y

5/11/2004

Y

6/16/2004

No further [ILLEGIBLE]

71,856

7,299

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0000316

6/30/04

118.6

%

N

Y

5/12/2004

N

N

n/a

65,776

6,100

P0000317

6/30/04

103.3

%

N

Y

5/7/2004

N

N

n/a

67,566

6,972

P0000318

6/30/04

105.8

%

N

Y

5/7/2004

N

N

n/a

57,543

6,852

P0000319

6/30/04

109.0

%

N

Y

9/15/2003

N

N

n/a

17,384

2,290

P0000323

6/30/04

122.4

%

N

Y

9/11/2003

N

N

n/a

49,400

4,038

P0000324

6/30/04

116.9

%

N

Y

5/12/2004

N

N

n/a

36,400

4,000

P0000326

6/30/04

111.8

%

N

Y

5/25/2004

N

N

n/a

25,566

2,695

P0000327

6/30/04

99.5

%

N

Y

4/28/2004

N

N

n/a

64,468

3,851

P0000328

6/30/04

114.4

%

N

Y

3/26/2004

N

N

n/a

45,000

3,325

P0000329

6/30/04

100.0

%

N

Y

4/28/2004

N

N

n/a

68,389

4,350

P0000330

6/30/04

109.6

%

N

Y

9/15/2003

N

N

n/a

36,150

4,005

P0000331

6/30/04

106.9

%

N

Y

5/5/2004

N

N

n/a

31,166

2,452

P0000332

6/30/04

102.0

%

N

Y

5/6/2004

N

N

n/a

43,596

3,295

P0000336

6/30/04

114.9

%

N

Y

5/12/2004

N

N

n/a

39,509

3,000

P0000338

6/30/04

105.5

%

N

Y

9/15/2003

N

N

n/a

75,989

2,436

P0000349

6/30/04

120.8

%

N

Y

4/25/2004

N

N

n/a

46,261

2,751

P0000350

6/30/04

105.2

%

N

Y

5/21/2004

N

N

n/a

27,593

2,022

P0000351

6/30/04

110.0

%

N

Y

5/25/2004

N

N

n/a

30,000

2,334

P0000354

7/7/04

97.9

%

N

Y

44/6/2003

N

N

n/a

43,560

5,497

P0000355

7/5/04

82.8

%

N

Y

11/6/2003

N

N

n/a

42,515

4,882

P0000356

7/6/04

99.5

%

N

Y

10/24/2003

N

N

n/a

49,303

5,958

P0000357

7/8/04

99.3

%

N

Y

10/30/2003

N

N

n/a

46,000

5,706

P0000358

6/29/04

100.1

%

N

Y

10/24/2003

N

N

n/a

43,473

4,979

P0000359

7/6/04

100.7

%

N

Y

10/29/2003

N

N

n/a

68,756

5,802

P0000360

7/3/04

98.6

%

N

Y

11/6/2003

N

N

n/a

44,650

5,785

P0000361

6/30/04

96.6

%

N

Y

11/6/2003

N

N

n/a

74,264

4,972

P0000362

7/6/04

96.5

%

N

Y

10/30/2003

N

N

n/a

50,500

5,780

P0000363

6/30/04

96.6

%

N

Y

11/6/2003

N

N

n/a

71,925

4,936

P0000364

6/29/04

97.5

%

N

Y

10/24/2003

N

N

n/a

51,400

5,840

P0000365

7/5/04

99.8

%

N

Y

11/6/2003

N

N

n/a

76,023

5,703

P0000366

6/28/04

99.4

%

N

Y

10/24/2003

N

N

n/a

57,455

5,785

P0000367

7/3/04

98.0

%

N

Y

11/6/2003

N

N

n/a

67,500

5,775

P0000368

7/7/04

97.8

%

N

Y

11/6/2003

N

N

n/a

74,051

5,796

P0000369

7/6/04

95.2

%

N

Y

10/29/2003

N

N

n/a

46,386

6,062

P0000370

7/1/04

99.3

%

N

Y

10/24/2003

N

N

n/a

48,834

5,734

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0000371

6/30/04

102.1

%

N

Y

11/6/2003

N

N

n/a

102,562

5,805

P0000372

7/7/04

99.8

%

N

Y

11/6/2003

N

N

n/a

155,461

5,787

P0000373

7/1/04

102.5

%

N

Y

10/24/2003

N

N

n/a

50,000

5,850

P0000374

7/5/04

96.5

%

N

Y

11/6/2003

N

N

n/a

64,938

5,794

P0000375

7/3/04

97.7

%

N

Y

11/6/2003

N

N

n/a

66,490

6,208

P0000378

6/30/04

99.1

%

N

Y

6/23/2004

N

N

n/a

30,000

2,336

P0000379

6/30/04

98.3

%

N

Y

5/10/2004

N

N

n/a

34,687

2,824

P0000380

6/30/04

98.8

%

N

Y

6/22/2004

N

N

n/a

48,330

2,654

P0000381

6/30/04

98.5

%

N

Y

7/20/2004

N

N

n/a

24,313

3,183

P0000914

7/13/04

100.0

%

N

Y

7/13/2004

N

N

n/a

315,980

52,500

P0000915

7/13/04

100.0

%

N

Y

7/13/2004

N

N

n/a

452,150

66,600

P0000916

7/8/04

100.3

%

N

Y

8/1/2003

N

N

n/a

82,764

22,500

P0000917

7/9/04

97.8

%

N

Y

7/27/2004

N

N

n/a

87,714

10,353

P0000918

7/9/04

97.9

%

N

Y

7/27/2004

N

N

n/a

69,696

6,752

P0000919

8/9/04

100.2

%

N

Y

7/30/2004

N

N

n/a

422,529

17,356

P0000390

9/30/04

107.5

%

N

Y

3/22/2004

N

N

n/a

101,250

5,200

P0000391

9/30/04

99.3

%

N

Y

3/22/2004

N

N

n/a

80,633

5,225

P0000392

9/30/04

92.6

%

N

Y

3/22/2004

N

N

n/a

41,560

3,712

P0000393

9/30/04

98.1

%

N

Y

3/22/2004

N

N

n/a

46,850

3,400

P0000394

9/30/04

97.6

%

N

Y

3/22/2004

N

N

n/a

159,865

5,790

P0000395

9/30/04

96.5

%

N

Y

3/22/2004

N

N

n/a

43,229

4,607

P0000396

9/30/04

97.4

%

N

Y

3/22/2004

N

N

n/a

29,936

2,480

P0000397

9/30/04

96.7

%

N

Y

3/22/2004

N

N

n/a

57,064

2,528

P0000398

9/30/04

98.0

%

N

Y

3/22/2004

N

N

n/a

57,499

5,135

P0000399

9/30/04

102.7

%

N

Y

8/27/2004

N

N

n/a

11,180

1,787

P0000400

9/30/04

103.2

%

N

Y

8/13/2004

N

N

n/a

24,975

2,250

P0000401

9/30/04

102.8

%

N

Y

8/27/2004

N

N

n/a

34,848

2,191

P0000402

9/30/04

102.5

%

N

Y

8/27/2004

N

N

n/a

12,800

1,737

P0000403

9/30/04

105.0

%

N

Y

8/27/2004

N

N

n/a

19,032

2,278

P0000404

9/30/04

99.7

%

N

Y

8/27/2004

N

N

n/a

42,438

2,959

P0000405

9/30/04

103.0

%

N

Y

8/27/2004

N

N

n/a

34,020

2,438

P0000406

9/30/04

103.3

%

N

Y

8/27/2004

N

N

n/a

25,270

2,238

P0000408

9/30/04

101.0

%

N

Y

8/27/2004

N

N

n/a

75,794

1,959

P0000409

9/30/04

108.2

%

N

Y

8/27/2004

N

N

n/a

30,056

3,004

P0000410

9/30/04

102.4

%

N

Y

8/27/2004

N

N

n/a

27,878

2,046

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0000411

9/30/04

102.9

%

N

Y

8/27/2004

N

N

n/a

40,300

2,589

P0000412

9/30/04

103.4

%

N

Y

8/27/2004

N

N

n/a

26,141

3,251

P0000415

9/30/04

113.2

%

N

Y

9/10/2004

N

N

n/a

41,085

4,046

P0000416

9/30/04

105.0

%

N

Y

9/22/2003

N

N

n/a

52,097

6,803

P0000417

9/30/04

104.0

%

N

Y

9/10/2004

N

N

n/a

60,060

7,411

P0000418

9/30/04

106.3

%

N

Y

3/26/2004

N

N

n/a

54,223

7,396

P0000419

9/30/04

104.0

%

N

Y

9/10/2004

N

N

n/a

80,261

8,341

P0000420

9/30/04

108.5

%

N

Y

3/22/2004

N

N

n/a

25,700

586

P0000421

9/30/04

109.3

%

N

Y

3/22/2004

N

N

n/a

17,325

736

P0000424

9/30/04

110.0

%

N

Y

3/22/2004

N

N

n/a

24,915

672

P0000425

9/30/04

109.7

%

N

Y

3/22/2004

N

N

n/a

18,275

656

P0000426

9/30/04

110.2

%

N

Y

3/22/2004

N

N

n/a

14,140

768

P0000428

9/30/04

104.2

%

N

Y

3/22/2004

N

N

n/a

17,729

785

P0000429

9/30/04

107.1

%

N

Y

5/25/2004

N

N

n/a

44,866

2,787

P0000431

9/30/04

99.7

%

N

Y

5/10/2004

N

N

n/a

29,055

4,099

P0000432

9/30/04

99.8

%

N

Y

5/3/2004

N

N

n/a

109,771

7,011

P0000433

9/30/04

99.7

%

N

Y

4/26/2004

N

N

n/a

72,658

5,316

P0000434

9/30/04

97.4

%

N

Y

9/11/2003

N

N

n/a

47,132

3,500

P0000436

9/30/04

101.3

%

N

Y

10/8/2003

N

N

n/a

41,400

3,180

P0000437

9/30/04

98.0

%

N

Y

9/24/2003

N

N

n/a

41,663

3,370

P0000438

9/30/04

97.9

%

N

Y

9/8/2003

N

N

n/a

48,196

3,700

P0000439

9/30/04

101.4

%

N

Y

10/8/2003

N

N

n/a

55,102

2,864

P0000440

9/30/04

97.9

%

N

Y

9/24/2003

N

N

n/a

40,000

3,136

P0000442

9/30/04

100.9

%

N

Y

9/19/2003

N

N

n/a

43,581

3,291

P0000443

9/30/04

105.2

%

N

Y

10/8/2003

N

N

n/a

45,302

3,415

P0000446

9/30/04

100.8

%

N

Y

9/17/2003

N

N

n/a

38,997

2,750

P0000449

9/30/04

101.0

%

N

Y

9/19/2003

N

N

n/a

27,230

3,400

P0000450

9/30/04

101.6

%

N

Y

10/1/2003

N

N

n/a

27,351

3,221

P0000451

9/30/04

98.1

%

N

Y

9/30/2003

N

N

n/a

40,000

3,718

P0000453

9/30/04

98.0

%

N

Y

10/8/2003

N

N

n/a

44,400

3,447

P0000454

9/30/04

101.1

%

N

Y

9/19/2003

N

N

n/a

36,590

4,099

P0000455

9/30/04

101.9

%

N

Y

10/1/2003

N

N

n/a

47,916

3,316

P0000456

9/30/04

102.9

%

N

Y

8/27/2004

N

N

n/a

27,998

2,643

P0000457

9/30/04

103.7

%

N

Y

8/27/2004

N

N

n/a

27,559

2,681

P0000459

9/30/04

103.1

%

N

Y

8/27/2004

N

N

n/a

20,928

1,845

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0000920

9/14/04

95.5

%

N

Y

9/1/2004

N

N

n/a

360,280

87,663

P0000921

9/21/04

100.4

%

N

Y

10/4/2004

N

N

n/a

416,434

46,000

P0000922

9/30/04

100.4

%

N

Y

9/23/2004

Not Required

n/a

n/a

87,307

10,800

P0000923

9/30/04

100.4

%

N

Y

9/27/2004

Not Required

n/a

n/a

79,828

6,785

P0000924

9/30/04

100.5

%

N

Y

9/27/2004

N

N

n/a

106,125

11,290

P0000925

9/30/04

100.4

%

N

Y

9/24/2004

N

N

n/a

117,019

13,453

P0000926

9/30/04

98.8

%

N

Y

9/24/2004

N

N

n/a

33,454

2,304

P0000927

9/30/04

98.8

%

N

Y

9/24/2004

N

N

n/a

32,111

2,557

P0000928

9/30/04

98.8

%

N

Y

9/24/2004

N

N

n/a

25,911

2,273

P0000929

9/30/04

98.8

%

N

Y

9/24/2004

N

N

n/a

37,026

2,273

P0000930

11/4/04

95.5

%

N

Y

4/30/2004

N

N

n/a

181,579

50,496

P0000931

9/30/04

101.3

%

N

Y

9/21/2004

N

N

n/a

275,735

52,201

P0000932

10/17/04

99.5

%

N

Y

9/30/2004

N

N

n/a

135,820

46,375

P0000933

10/13/04

98.3

%

N

Y

10/22/2004

N

N

n/a

231,335

90,804

P0000934

10/27/04

99.7

%

N

Y

11/3/2004

N

N

n/a

65,293

65,293

P0000935

10/19/04

100.3

%

N

Y

11/1/2004

N

N

n/a

336,719

26,731

P0000936

12/1/04

95.4

%

N

Y

3/30/2004

N

N

n/a

308,832

66,330

P0000937

9/30/04

99.8

%

N

Y

12/7/2004

N

Not Required

n/a

17,219

1,254

P0000938

9/30/04

99.0

%

N

Y

9/28/2004

N

N

n/a

23,610

1,254

P0000939

9/30/04

99.6

%

N

Y

9/30/2004

N

N

n/a

22,499

1,276

P0000940

9/30/04

101.2

%

N

Y

9/30/2004

N

N

n/a

36,860

1,254

P0000941

9/30/04

101.5

%

N

Y

9/30/2004

N

N

n/a

31,498

1,254

P0000942

9/30/04

101.8

%

N

Y

9/30/2004

N

N

n/a

39,962

1,254

P0000943

9/30/04

101.1

%

N

Y

9/28/2004

N

N

n/a

23,566

1,100

P0000944

9/30/04

100.6

%

N

Y

9/28/2004

N

N

n/a

41,604

1,254

P0000945

9/30/04

100.8

%

N

Y

9/28/2004

N

N

n/a

23,305

1,144

P0000946

9/30/04

100.9

%

N

Y

9/30/2004

N

N

n/a

26,284

1,254

P0000947

9/30/04

100.5

%

N

Y

9/22/2004

N

N

n/a

27,007

1,254

P0000948

9/30/04

101.0

%

N

Y

9/22/2004

N

N

n/a

24,394

1,144

P0000949

9/30/04

101.2

%

N

Y

9/30/2004

N

N

n/a

30,274

1,276

P0000950

9/30/04

101.2

%

N

Y

9/28/2004

N

N

n/a

22,782

1,144

P0000951

11/17/04

100.0

%

N

Y

11/23/2004

N

N

n/a

478,289

86,200

P0000952

11/4/04

95.5

%

N

Y

3/16/2004

N

N

n/a

390,035

65,556

P0000953

10/27/04

90.5

%

N

Y

11/17/2004

N

N

n/a

39,380

7,952

P0000954

11/9/04

90.5

%

N

Y

11/15/2004

N

N

n/a

29,033

8,178

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0000955

10/19/04

94.2

%

N

Y

11/17/2004

N

N

n/a

106,356

11,138

P0000956

11/9/04

90.4

%

N

Y

11/22/2004

N

N

n/a

40,634

11,260

P0000957

10/20/04

89.9

%

N

Y

11/17/2004

N

N

n/a

17,930

6,800

P0000958

11/10/04

90.5

%

N

Y

11/16/2004

N

N

n/a

40,587

11,034

P0000959

10/26/04

90.4

%

N

Y

11/18/2004

N

N

n/a

85,785

11,215

P0000960

9/30/04

77.4

%

N

Y

12/2/2004

N

N

n/a

52,668

1,254

P0000961

12/3/04

99.1

%

N

Y

12/29/2004

N

N

n/a

16,500

3,504

P0000962

11/17/04

103.9

%

N

Y

12/29/2004

N

N

n/a

100,062

6,000

P0000963

1/31/05

102.4

%

N

Y

10/6/2004

N

N

n/a

146,362

15,072

P0000964

1/31/05

101.4

%

N

Y

10/6/2004

N

N

n/a

86,249

27,623

P0000965

1/31/05

102.6

%

N

Y

10/1/2004

Y

12/6/2004

No further [ILLEGIBLE]

140,699

12,082

P0000966

11/30/04

93.6

%

N

Y

10/6/2004

N

N

n/a

185,242

10,037

P0000967

1/31/05

103.2

%

N

Y

10/6/2004

N

N

n/a

135,036

25,219

P0000968

1/31/05

102.6

%

N

Y

10/6/2004

N

N

n/a

432,986

36,044

P0000969

1/31/05

98.7

%

N

Y

10/1/2004

Y

12/6/2004

No further [ILLEGIBLE]

345,431

66,266

P0000970

1/31/05

101.1

%

N

Y

10/1/2004

Y

12/6/2004

No further [ILLEGIBLE]

278,695

41,805

P0000971

1/31/05

98.0

%

N

Y

9/16/2004

N

N

n/a

178,160

23,500

P0000972

1/31/05

100.8

%

N

Y

10/6/2004

N

N

n/a

165,528

12,015

P0000973

1/31/05

101.5

%

N

Y

10/6/2004

Y

12/8/2004

No further [ILLEGIBLE]

138,521

10,051

P0000673

1/31/05

100.1

%

N

Y

8/27/2004

N

N

n/a

15,601

3,742

P0000675

1/31/05

103.8

%

N

Y

8/27/2004

N

N

n/a

22,645

1,993

P0000676

1/31/05

102.8

%

N

Y

9/2/2004

N

N

n/a

33,923

2,441

P0000677

1/31/05

103.3

%

N

Y

8/27/2004

N

N

n/a

35,987

2,920

P0000678

1/31/05

105.6

%

N

Y

9/2/2004

N

N

n/a

26,223

5,880

P0000679

1/31/05

103.0

%

N

Y

9/2/2004

N

N

n/a

18,358

1,779

P0000680

1/31/05

96.0

%

N

Y

11/9/2004

N .

N

n/a

64,904

4,285

P0000681

1/31/05

102.8

%

N

Y

11/11/2004

N

N

n/a

69,373

7,344

P0000682

1/31/05

102.1

%

N

Y

11/11/2004

N

N

n/a

61,707

5,010

P0000683

1/31/05

102.7

%

N

Y

12/6/2004

N

N

n/a

45,302

4,420

P0000685

1/31/05

102.1

%

N

Y

12/5/2003

N

N

n/a

54,450

4,038

P0000687

1/31/05

102.1

%

N

Y

11/12/2004

N

N

n/a

18,750

2,542

P0000688

1/31/05

99.4

%

N

Y

11/12/2004

N

N

n/a

40,024

4,492

P0000689

1/31/05

98.7

%

N

Y

11/8/2004

N

N

n/a

47,960

4,177

P0000691

1/31/05

98.7

%

N

Y

11/12/2004

N

N

n/a

10,018

2,152

P0000692

1/31/05

104.5

%

N

Y

9/2/2004

N

N

n/a

31,743

2,694

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0000974

10/27/04

97.3

%

N

Y

11/18/2004

N

N

n/a

66,300

12,720

P0000975

10/1/04

98.6

%

N

Y

1/24/2005

N

N

n/a

186,467

48,702

P0000976

1/19/05

100.0

%

N

Y

1/28/2005

N

N

n/a

78,408

9,418

P0000977

1/22/05

99.9

%

N

Y

1/19/2005

Y

Not Required

No further [ILLEGIBLE]

141,503

38,611

P0000978

1/19/05

99.9

%

N

Y

1/28/2005

N

N

n/a

183,330

19,378

P0000979

1/13/05

101.1

%

N

Y

1/28/2005

N

N

n/a

125,480

29,434

P0000980

1/12/05

101.2

%

N

Y

2/24/2005

N

Not Required

n/a

154,986

71,325

P0000706

3/2/05

100.0

%

N

Y

3/3/2005

N

Not Required

n/a

69,696

8,880

P0000707

3/10/05

102.6

%

N

Y

3/21/2005

N

Not Required

n/a

146,797

10,480

P0000708

3/18/05

99.0

%

N

Y

3/24/2005

N

Not Required

n/a

77,817

12,000

P0000709

3/17/05

99.5

%

N

Y

3/24/2005

N

Not Required

n/a

69,652

12,000

P0000710

3/18/05

100.7

%

N

Y

3/24/2005

N

Not Required

n/a

10,000

66,876

P0000711

3/18/05

99.3

%

N

Y

3/24/2005

N

Not Required

n/a

86,249

13,000

P0000730

4/8/05

101.1

%

N

Y

4/1/2005

N

n/a

n/a

394,043

103,631

P0000731

4/8/05

101.1

%

N

Y

4/1/2005

N

n/a

n/a

216,867

98,824

P0000732

4/25/05

100.8

%

N

Y

4/22/2005

N

Not Required

n/a

104,094

23,500

P0000737

4/25/05

100.1

%

N

Y

4/27/2005

N

Not Required

n/a

98,692

1,999

P0000738

4/11/05

76.9

%

N

Y

4/26/2005

N

Not Required

N/A

33,400

9,375

P0000747

5/17/05

100.8

%

N

Y

1/17/2005

N

Not Required

N/A

132,161

33,734

P0000748

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

46,384

3,258

P0000749

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

24,281

2,964

P0000750

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

43,702

2,761

P0000751

4/11/05

94.4

%

N

Y

4/2005

N

Not Required

N/A

35,411

3,231

P0000752

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

32,261

2,700

P0000753

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

3,125

2,000

P0000754

4/11/05

94.6

%

N

Y

4/2005

N

Not Required

N/A

17,340

1,434

P0000755

4/11/05

94.6

%

N

Y

4/2005

N

Not Required

N/A

12,500

2,040

P0000756

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

33,541

2,275

P0000757

4/11/05

94.6

%

N

Y

4/2005

N

Not Required

N/A

22,266

2,065

P0000758

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

14,000

1,830

P0000759

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

41,160

3,254

P0000760

4/11/05

94.4

%

N

Y

4/2005

N

Not Required

N/A

45,000

4,176

P0000761

4/11/05

94.6

%

N

Y

4/2005

Y

5/6/2005

No further [ILLEGIBLE]

12,616

1,377

P0000762

4/11/05

94.7

%

N

Y

4/2005

N

Not Required

N/A

11,500

1,830

P0000763

4/11/05

91.5

%

N

Y

4/2005

N

Not Required

N/A

30,052

2,789

Property ID

Appraisal Date

Investment Amt as % of MAI

Environmental Insurance Policy

Phase I (Y/N)

Phase I Date

Phase II (Y/N)

Phase II Date

Phase II Result

Land SF

Building SF

P0000764

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

28,910

2,757

P0000765

4/11/05

94.6

%

N

Y

4/2005

N

Not Required

N/A

13,050

2,108

P0000766

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

29,603

2,815

P0000767

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

29,621

2,918

P0000768

4/11/05

94.6

%

N

Y

4/2005

N

Not Required

N/A

36,300

1,676

P0000769

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

40,608

3,153

P0000770

4/11/05

94.5

%

N

Y

4/2005

N

Not Required

N/A

36,372

2,457

P0000771

4/11/05

94.6

%

N

Y

4/2005

Y

5/6/2005

No further [ILLEGIBLE]

22,485

1,363

P0000772

4/11/05

94.6

%

N

Y

4/2005

N

Not Required

N/A

10,399

1,346

Property ID		Year Built		Year Renovated if any		Collateral Type (Land/Bldg/Bus Val)		Balloon if any				Lease Term Start Date		Lease Expiration Date		Rent Commencement Date		Lease Term (Months)				Current Lease  Age (Months-Based on Rent Comm. Date to 1-06)				Remaining Lease Term (As of 1-2006)
E000787		n/a		n/a		Equipment				2,000,000.00		5/24/2005		7/1/2015		5/24/2005			120				7				113
P0000891		2001		n/a		Land & Building		n/a				12/23/2003		12/22/2018		12/23/2003			179				25				154
P0000892		2001		n/a		Land & Building		n/a				12/23/2003		12/22/2018		12/23/2003			179				25				154
P0000893		2001		n/a		Land & Building		n/a				12/23/2003		12/22/2018		12/23/2003			179				25				154
P0000894		2001		n/a		Land & Building		n/a				12/23/2003		12/22/2018		12/23/2003			179				25				154
P0000981		1978		n/a		Land & Building				121,031.59		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000982		1978		n/a		Land & Building				121,031.59		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000983		1977		n/a		Land & Building				145,236.96		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000984		1977		n/a		Land & Building				276,635.76		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000985		1978		n/a		Land & Building				283,554.42		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000986		1978		n/a		Land & Building				235,142.81		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000987		1979		n/a		Land & Building				133,136.20		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000988		1979		n/a		Land & Building				267,992.86		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000989		1981		n/a		Land & Building				300,844.55		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000990		1995		n/a		Land & Building				314,674.75		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000991		1983		n/a		Land & Building				283,554.42		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000992		1984		n/a		Land & Building				198,833.84		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000993		1979		n/a		Land & Building				224,776.63		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000994		1979		n/a		Land & Building				224,776.63		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000995		1985		n/a		Land & Building				224,776.63		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000996		1984		n/a		Land & Building				152,152.49		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000997		1985		n/a		Land & Building				129,673.62		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000998		1985		n/a		Land & Building				297,380.64		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0000999		1986		n/a		Land & Building				121,031.59		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001000		1986		n/a		Land & Building				250,705.54		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001001		1987		n/a		Land & Building				131,404.59		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001002		1987		n/a		Land & Building				238,603.82		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001003		1977		n/a		Land & Building				207,473.87		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001004		1986		n/a		Land & Building				155,608.20		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001005		1985		n/a		Land & Building				184,999.39		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001006		1978		n/a		Land & Building				212,668.53		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001007		1998		n/a		Land & Building				293,924.26		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001008		1999		n/a		Land & Building				216,127.38		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001009		1999		n/a		Land & Building				127,942.08		6/12/2001		7/1/2021		6/12/2001			240				55				185
P0001010		1999		n/a		Land & Building				311,226.63		6/12/2001		7/1/2021		6/12/2001			240				55				185

Property ID		Year Built		Year Renovated if any		Collateral Type (Land/Bldg/Bus Val)		Balloon if any		Lease Term Start Date		Lease Expiration Date		Rent Commencement Date		Lease Term (Months)		Current Lease Age (Months-Based on Rent Comm. Date to 1-06)				Remaining Lease Term (As of 1-2006)
P0001011		2000		n/a		Land & Building		121,031.59		6/12/2001		7/1/2021		6/12/2001		240			55				185
P0001012		1982		n/a		Building		n/a		6/12/2001		7/1/2016		6/12/2001		180			55				125
P0001013		1985		n/a		Building		n/a		6/12/2001		7/1/2016		6/12/2001		180			55				125
P0001014		1986		n/a		Building		n/a		6/12/2001		12/1/2011		6/12/2001		125			55				70
P0001015		1999		n/a		Building		n/a		6/12/2001		7/1/2016		6/12/2001		180			55				125
P0001016		1995		n/a		Land & Building		117,779.50		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001017		1996		n/a		Land & Building		174,753.31		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001018		1998		n/a		Land & Building		312,455.50		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001019		1999		n/a		Land & Building		220,884.79		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001020		1991		n/a		Land & Building		209,702.52		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001021		1996		n/a		Land & Building		288,686.70		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001022		1997		n/a		Land & Building		218,437.68		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001023		1999		n/a		Land & Building		224,731.94		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001024		1998		n/a		Land & Building		191,173.62		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001025		1998		n/a		Land & Building		290,785.94		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001026		1989		n/a		Land & Building		154,828.63		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001027		1995		n/a		Land & Building		214,242.03		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001028		1995		n/a		Land & Building		222,631.05		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001029		1998		n/a		Land & Building		223,677.17		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001030		1995		n/a		Land & Building		188,729.33		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001031		1995		n/a		Land & Building		173,354.61		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001032		1996		n/a		Land & Building		200,963.76		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001033		1998		n/a		Land & Building		219,838.29		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001034		1998		n/a		Land & Building		210,749.29		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001035		1998		n/a		Land & Building		239,407.06		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001036		1998		n/a		Land & Building		163,915.63		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001037		1999		n/a		Land & Building		264,218.32		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001038		1998		n/a		Land & Building		255,838.76		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001039		1997		n/a		Land & Building		206,903.35		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001040		1997		n/a		Land & Building		262,826.87		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001041		1997		n/a		Land & Building		308,262.45		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001042		1998		n/a		Land & Building		227,877.36		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001043		1998		n/a		Land & Building		230,324.25		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001044		1998		n/a		Land & Building		240,452.65		2/27/2001		3/1/2021		2/27/2001		240			59				181
P0001045		1998		n/a		Land & Building		184,189.04		2/27/2001		3/1/2021		2/27/2001		240			59				181

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/Bldg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease Term (As of 1-2006)

P0001046

1965

n/a

Land & Building

227,177.25

2/27/2001

3/1/2021

2/27/2001

240

59

181

P0001047

1996

n/a

Land & Building

120,226.73

2/27/2001

3/1/2021

2/27/2001

240

59

181

P0000895

1997

n/a

Land & Building

n/a

2/23/2004

2/22/2024

2/23/2004

239

23

216

P0000896

1986

2002

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000897

1978

2002

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000898

1984

n/a

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000899

1975

1998

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000900

1977

n/a

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000901

1979

n/a

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000902

1979

2001

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000903

1987

2001

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000904

1981

2001

Land & Building

n/a

3/31/2004

3/31/2019

3/31/2004

180

22

158

P0000905

2004

n/a

Land & Building

n/a

4/23/2004

4/30/2019

4/23/2004

180

21

159

P0000906

1997

n/a

Land & Building

n/a

12/19/1997

12/18/2017

12/19/1997

239

97

142

P0000907

1994

n/a

Land & Building

n/a

6/15/2004

6/30/2021

6/15/2004

204

19

185

P0000908

1996

n/a

Land & Building

n/a

6/15/2004

6/30/2021

6/15/2004

204

19

185

P0000909

2000

n/a

Land & Building

n/a

6/15/2004

6/30/2021

6/15/2004

204

19

185

P0000910

1970

n/a

Land & Building

n/a

6/15/2004

6/30/2021

6/15/2004

204

19

185

P0000911

1983

n/a

Land & Building

n/a

6/15/2004

6/30/2021

6/15/2004

204

19

185

P0000912

1977

n/a

Land & Building

n/a

6/15/2004

6/30/2021

6/15/2004

204

19

185

P0000913

1950

1995

Land & Building

n/a

6/28/2004

6/30/2024

6/28/2004

240

19

221

P0000300

1999

n/a

Land

n/a

4/1/2000

3/31/2015

4/1/2000

179

69

110

P0000301

2000

n/a

Land

n/a

5/15/2000

5/14/2015

5/15/2000

179

68

111

P0000302

1972

n/a

Land & Building

n/a

4/18/1995

4/18/2015

4/18/1995

240

130

110

P0000303

1990

n/a

Land & Building

n/a

4/18/1995

4/18/2015

4/18/1995

240

130

110

P0000304

1987

n/a

Land & Building

n/a

4/18/1995

4/18/2015

4/18/1995

240

130

110

P0000305

1997

n/a

Land & Building

n/a

4/18/1995

4/18/2015

4/18/1995

240

130

110

P0000306

1998

n/a

Land & Building

n/a

2/11/1998

2/10/2018

2/11/1998

239

95

144

P0000309

1971

n/a

Land & Building

n/a

12/23/1997

12/31/2017

12/23/1997

240

97

143

P0000310

1991

n/a

Land & Building

n/a

12/23/1997

12/31/2017

12/23/1997

240

97

143

P0000311

1988

n/a

Land & Building

n/a

12/23/1997

12/31/2017

12/23/1997

240

97

143

P0000312

1996

n/a

Land & Building

n/a

12/23/1997

12/31/2017

12/23/1997

240

97

143

P0000313

1997

n/a

Land & Building

n/a

4/1/2003

3/31/2023

4/1/2003

239

33

206

P0000314

1996

n/a

Land & Building

n/a

4/1/2003

3/31/2023

4/1/2003

239

33

206

P0000315

1990

n/a

Land & Building

n/a

4/1/2003

3/31/2023

4/1/2003

239

33

206

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/BIdg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease Term (As of 1-2006)

P0000316

1975

n/a

Land & Building

n/a

4/1/2003

3/31/2023

4/1/2003

239

33

206

P0000317

1995

n/a

Land & Building

n/a

4/1/2003

3/31/2023

4/1/2003

239

33

206

P0000318

1992

n/a

Land & Building

n/a

4/1/2003

3/31/2023

4/1/2003

239

33

206

P0000319

1999

n/a

Land & Building

n/a

7/20/1999

7/20/2019

7/20/1999

240

79

161

P0000323

1998

n/a

Land & Building

n/a

10/14/1998

10/1/2013

10/14/1998

179

87

92

P0000324

1973

n/a

Land

n/a

1/20/1986

1/31/2016

1/20/1986

360

240

120

P0000326

1979

n/a

Land & Building

n/a

3/8/1999

3/8/2019

3/8/1999

240

83

157

P0000327

1977

n/a

Land & Building

n/a

8/16/1994

8/31/2014

8/16/1994

240

137

103

P0000328

1983

n/a

Land & Building

n/a

8/16/1994

8/31/2014

8/16/1994

240

137

103

P0000329

1985

n/a

Land & Building

n/a

8/16/1994

8/31/2014

8/16/1994

240

137

103

P0000330

1996

n/a

Land & Building

n/a

4/1/1996

6/30/2015

4/1/1996

230

117

113

P0000331

1995

n/a

Land & Building

n/a

4/28/1995

3/28/2015

4/28/1995

239

129

110

P0000332

1994

n/a

Land & Building

n/a

4/28/1995

3/28/2015

4/28/1995

239

129

110

P0000336

1996

n/a

Land & Building

n/a

9/24/1996

6/30/2016

9/24/1996

237

112

125

P0000338

1997

n/a

Land & Building

n/a

10/14/1996

10/14/2016

10/14/1996

240

112

128

P0000349

1998

n/a

Land & Building

n/a

10/23/1998

10/22/2018

10/23/1998

239

87

152

P0000350

1989

n/a

Land & Building

n/a

1/28/1999

6/8/2019

1/28/1999

244

84

160

P0000351

1991

n/a

Land & Building

n/a

3/8/1999

3/7/2019

3/8/1999

239

82

157

P0000354

1997

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000355

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000356

1996

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000357

1996

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000358

1996

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000359

1996

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000360

1996

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000361

1996

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000362

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000363

1996

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000364

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000365

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000366

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000367

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000368

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000369

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000370

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/Bldg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease Term (As of 1-2006)

P0000371

1990

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000372

1995

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000373

1994

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000374

1994

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000375

1994

n/a

Land & Building

n/a

11/24/1998

5/31/2017

11/24/1998

222

86

136

P0000378

1978

n/a

Land & Building

n/a

12/19/1997

12/31/2017

12/19/1997

240

97

143

P0000379

1984

n/a

Land & Building

n/a

8/3/1995

8/31/2015

8/3/1995

240

125

115

P0000380

1977

n/a

Land & Building

n/a

7/7/1998

7/31/2018

7/7/1998

240

90

150

P0000381

2000

n/a

Land

n/a

6/15/2000

6/15/2015

6/15/2000

180

68

112

P0000914

2003

n/a

Land & Building

n/a

7/29/2004

12/31/2019

7/29/2004

185

18

167

P0000915

1999

n/a

Land & Building

n/a

7/29/2004

12/31/2019

7/29/2004

185

18

167

P0000916

2004

n/a

Land & Building

n/a

7/29/2004

7/31/2019

7/29/2004

180

18

162

P0000917

2000

n/a

Land & Building

n/a

8/18/2004

8/31/2019

8/18/2004

180

17

163

P0000918

1998

n/a

Land & Building

n/a

8/18/2004

8/31/2019

8/18/2004

180

17

163

P0000919

2004

n/a

Land & Building

n/a

8/12/2004

8/31/2019

8/12/2004

180

17

163

P0000390

n/a

n/a

Land & Building

n/a

3/31/1999

3/1/2019

3/31/1999

239

82

157

P0000391

1997

n/a

Land & Building

n/a

3/31/1999

3/1/2019

3/31/1999

239

82

157

P0000392

n/a

n/a

Land & Building

n/a

3/31/1999

3/1/2019

3/31/1999

239

82

157

P0000393

n/a

n/a

Land & Building

n/a

12/19/2001

12/27/2016

12/19/2001

180

49

131

P0000394

1996

n/a

Land & Building

n/a

12/19/2001

12/27/2016

12/19/2001

180

49

131

P0000395

1995

n/a

Land & Building

n/a

12/19/2001

12/27/2016

12/19/2001

180

49

131

P0000396

n/a

n/a

Land & Building

n/a

12/19/2001

12/27/2016

12/19/2001

180

49

131

P0000397

1975

n/a

Land & Building

n/a

12/19/2001

12/27/2016

12/19/2001

180

49

131

P0000398

1990

n/a

Land & Building

n/a

12/19/2001

12/27/2016

12/19/2001

180

49

131

P0000399

1978

n/a

Land & Building

n/a

9/30/1996

9/1/2016

9/30/1996

239

112

127

P0000400

1970

n/a

Land & Building

n/a

9/30/1996

9/1/2016

9/30/1996

239

112

127

P0000401

1984

n/a

Land & Building

n/a

12/3/1996

12/3/2016

12/3/1996

240

110

130

P0000402

1988

n/a

Land & Building

n/a

12/12/1997

12/1/2017

12/12/1997

239

97

142

P0000403

1984

n/a

Land & Building

n/a

5/19/1998

5/1/2018

5/19/1998

239

92

147

P0000404

1984

n/a

Land & Building

n/a

12/12/1997

12/1/2017

12/12/1997

239

97

142

P0000405

1997

n/a

Land & Building

n/a

12/12/1997

12/1/2017

12/12/1997

239

97

142

P0000406

1999

n/a

Land & Building

n/a

7/13/1999

7/1/2019

7/13/1999

239

78

161

P0000408

1986

n/a

Land & Building

n/a

3/23/1999

3/22/2019

3/23/1999

239

82

157

P0000409

1960

n/a

Land & Building

n/a

3/23/1999

3/22/2019

3/23/1999

239

82

157

P0000410

1976

n/a

Land & Building

n/a

3/23/1999

3/22/2019

3/23/1999

239

82

157

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/Bldg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease Term (As of 1-2006)

P0000411

1983

n/a

Land & Building

n/a

3/8/1999

3/7/2019

3/8/1999

239

82

157

P0000412

1983

n/a

Land & Building

n/a

3/8/1999

3/7/2019

3/8/1999

239

82

157

P0000415

1986

n/a

Land & Building

n/a

9/1/2004

8/31/2014

9/1/2004

119

16

103

P0000416

1980

n/a

Land & Building

n/a

2/11/2005

3/31/2019

2/11/2005

169

11

158

P0000417

1984

n/a

Land & Building

n/a

2/11/2005

3/31/2019

2/11/2005

169

11

158

P0000418

1984

n/a

Land & Building

n/a

2/11/2005

3/31/2019

2/11/2005

169

11

158

P0000419

1985

n/a

Land & Building

n/a

2/11/2005

3/31/2019

2/11/2005

169

11

158

P0000420

1990

n/a

Land & Building

n/a

12/23/1999

12/31/2019

12/23/1999

240

73

167

P0000421

1992

n/a

Land & Building

n/a

12/23/1999

12/31/2019

12/23/1999

240

73

167

P0000424

1992

n/a

Land & Building

n/a

12/23/1999

12/31/2019

12/23/1999

240

73

167

P0000425

1990

n/a

Land & Building

n/a

12/23/1999

12/31/2019

12/23/1999

240

73

167

P0000426

1991

n/a

Land & Building

n/a

12/23/1999

12/31/2019

12/23/1999

240

73

167

P0000428

1990

n/a

Land & Building

n/a

12/23/1999

12/31/2019

12/23/1999

240

73

167

P0000429

1989

n/a

Land & Building

n/a

8/16/1994

8/31/2014

8/16/1994

240

137

103

P0000431

1997

n/a

Land & Building

n/a

4/1/2003

3/1/2023

4/1/2003

239

34

205

P0000432

1997

n/a

Land & Building

n/a

4/1/2003

3/1/2023

4/1/2003

239

34

205

P0000433

1997

n/a

Land & Building

n/a

4/1/2003

3/1/2023

4/1/2003

239

34

205

P0000434

1995

n/a

Land & Building

n/a

12/4/1995

2/1/2016

12/4/1995

241

121

120

P0000436

1990

n/a

Land & Building

n/a

2/5/2001

2/28/2021

2/5/2001

240

59

181

P0000437

n/a

n/a

Land & Building

n/a

7/13/2000

7/31/2020

7/13/2000

240

66

174

P0000438

1985

n/a

Land & Building

n/a

6/23/1997

6/30/2017

6/23/1997

240

103

137

P0000439

1988

n/a

Land & Building

n/a

6/23/1997

6/30/2017

6/23/1997

240

103

137

P0000440

1998

n/a

Land & Building

n/a

9/3/1998

9/30/2018

9/3/1998

240

88

152

P0000442

1985

n/a

Land & Building

n/a

7/13/2000

7/31/2020

7/13/2000

240

66

174

P0000443

1986

n/a

Land & Building

n/a

12/12/2000

12/31/2020

12/12/2000

240

61

179

P0000446

1982

n/a

Land & Building

n/a

3/3/1997

2/1/2017

3/3/1997

238

106

132

P0000449

1985

n/a

Land & Building

n/a

3/3/1997

2/1/2017

3/3/1997

238

106

132

P0000450

1998

n/a

Land & Building

n/a

10/16/1998

10/16/2018

10/16/1998

240

88

152

P0000451

1986

n/a

Land & Building

n/a

4/30/2002

4/30/2022

4/30/2002

240

45

195

P0000453

1984

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

P0000454

1985

n/a

Land & Building

n/a

3/20/2000

3/31/2020

3/20/2000

240

70

170

P0000455

1998

n/a

Land & Building

n/a

12/30/1998

1/1/2019

12/30/1998

240

85

155

P0000456

1987

n/a

Land & Building

n/a

3/8/1999

3/7/2019

3/8/1999

239

82

157

P0000457

1985

n/a

Land & Building

n/a

3/8/1999

3/7/2019

3/8/1999

239

82

157

P0000459

1978

n/a

Land & Building

n/a

9/30/1996

9/1/2016

9/30/1996

239

112

127

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/Bldg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease  Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease  Term (As of 1-2006)

P0000920

2004

n/a

Land & Building

n/a

8/13/2004

8/31/2019

8/13/2004

180

17

163

P0000921

1998

n/a

Land & Building

n/a

6/30/2000

2/29/2024

6/30/2000

283

66

217

P0000922

1998

n/a

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000923

1976

1997

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000924

1997

n/a

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000925

1995

n/a

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000926

2003

n/a

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000927

2004

n/a

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000928

2003

n/a

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000929

2004

n/a

Land & Building

n/a

9/30/2004

9/30/2024

9/30/2004

240

16

224

P0000930

2004

n/a

Land & Building

n/a

10/1/2004

9/30/2019

10/1/2004

179

15

164

P0000931

1992

n/a

Land & Building

n/a

12/17/2001

12/31/2021

12/17/2001

240

49

191

P0000932

2004

n/a

Land & Building

n/a

6/1/2004

5/31/2019

6/1/2004

179

19

160

P0000933

1973

2004

Land & Building

n/a

8/3/2004

8/2/2019

8/3/2004

179

17

162

P0000934

1993

2004

Land & Building

n/a

8/13/2004

8/31/2019

8/13/2004

180

17

163

P0000935

2004

n/a

Land & Building

n/a

11/1/2004

10/31/2019

11/1/2004

179

14

165

P0000936

2004

n/a

Land & Building

n/a

9/17/2004

9/30/2019

9/17/2004

180

16

164

P0000937

1995

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000938

1995

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000939

1995

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000940

1994

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000941

1994

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000942

1995

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000943

1977

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000944

1993

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000945

1990

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000946

1992

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000947

1995

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000948

1987

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000949

1991

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000950

1989

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000951

1998

n/a

Land & Building

n/a

7/29/2004

12/31/2019

7/29/2004

185

18

167

P0000952

2004

n/a

Land & Building

n/a

9/23/2004

9/30/2019

9/23/2004

180

16

164

P0000953

1993

n/a

Land & Building

n/a

12/15/2004

12/31/2024

12/15/2004

240

13

227

P0000954

1993

n/a

Land & Building

n/a

12/15/2004

12/31/2024

12/15/2004

240

13

227

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/Bldg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease  Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease  Term (As of l-2006)

P0000955

1999

n/a

Land & Building

n/a

12/15/2004

12/31/2024

12/15/2004

240

13

227

P0000956

2000

n/a

Land & Building

n/a

12/15/2004

12/31/2024

12/15/2004

240

13

227

P0000957

1993

n/a

Land & Building

n/a

12/15/2004

12/31/2024

12/15/2004

240

13

227

P0000958

1999

n/a

Land & Building

n/a

12/15/2004

12/31/2024

12/15/2004

240

13

227

P0000959

1999

n/a

Land & Building

n/a

12/15/2004

12/31/2024

12/15/2004

240

13

227

P0000960

1993

n/a

Land & Building

n/a

3/15/1996

3/14/2011

3/15/1996

179

118

61

P0000961

1999

n/a

Land & Building

n/a

12/30/2004

12/31/2024

12/30/2004

240

13

227

P0000962

1994

2003

Land & Building

n/a

12/30/2004

12/31/2024

12/30/2004

240

13

227

P0000963

1982

n/a

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000964

1975

n/a

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000965

1987

n/a

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000966

1999

n/a

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000967

1999

n/a

Land & Building

n/a

12/30/2004

12/31/2019

12/30/2004

180

13

167

P0000968

1984

1989

Land & Building

n/a

12/30/2004

12/31/2019

12/30/2004

180

13

167

P0000969

1960

1979

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000970

2001

n/a

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000971

1999

n/a

Land & Building

n/a

12/30/2004

12/31/2019

12/30/2004

180

13

167

P0000972

1990

n/a

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000973

1987

n/a

Land & Building

n/a

12/30/2004

12/31/2014

12/30/2004

120

13

107

P0000673

1985

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

P0000675

1967

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

P0000676

1988

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

P0000677

1978

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

P0000678

1950

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

P0000679

1969

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

P0000680

1997

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000681

1973

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000682

1977

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000683

1996

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000685

1998

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000687

1977

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000688

1979

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000689

1988

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000691

1995

n/a

Land & Building

n/a

6/26/1998

6/26/2013

6/26/1998

180

91

89

P0000692

1976

n/a

Land & Building

n/a

8/4/1994

7/31/2014

8/4/1994

239

137

102

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/Bldg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease  Term (As of 1-2006)

P0000974

1999

n/a

Land & Building

n/a

2/2/2005

1/31/2025

2/2/2005

239

11

228

P0000975

2004

n/a

Land & Building

n/a

10/29/2004

10/31/2019

10/29/2004

180

15

165

P0000976

1980

n/a

Land & Building

n/a

11/1/2003

11/30/2018

11/1/2003

180

26

154

P0000977

1978

n/a

Land & Building

n/a

11/1/2003

11/30/2018

11/1/2003

180

26

154

P0000978

1978

n/a

Land & Building

n/a

11/1/2003

11/30/2018

11/1/2003

180

26

154

P0000979

1975

n/a

Land & Building

n/a

11/1/2003

11/30/2018

11/1/2003

180

26

154

P0000980

1963

1989

Land & Building

n/a

3/1/2005

2/28/2015

3/1/2005

120

11

109

P0000706

2005

n/a

Land & Building

n/a

3/21/2005

3/31/2025

3/21/2005

240

10

230

P0000707

2003

n/a

Land & Building

n/a

3/31/2005

9/28/2018

3/31/2005

161

9

152

P0000708

2000

n/a

Land & Building

n/a

4/1/2005

3/31/2020

4/1/2005

180

10

170

P0000709

2001

n/a

Land & Building

n/a

4/1/2005

3/31/2020

4/1/2005

180

10

170

P0000710

1999

n/a

Land & Building

n/a

4/1/2005

3/31/2020

4/1/2005

180

10

170

P0000711

2001

n/a

Land & Building

n/a

4/1/2005

3/31/2020

4/1/2005

180

10

170

P0000730

2003

n/a

Land & Building

n/a

4/8/2005

4/30/2020

4/8/2005

180

9

171

P0000731

2004

n/a

Land & Building

n/a

4/8/2005

4/30/2020

4/8/2005

180

9

171

P0000732

2005

n/a

Land & Building

n/a

4/22/2005

4/30/2020

4/22/2005

180

9

171

P0000737

1999

n/a

Land & Building

n/a

4/1/2005

3/31/2020

4/1/2005

179

9

170

P0000738

1991

Land and Building

n/a

12/3/1993

12/31/2013

12/3/1993

240

145

95

P0000747

2000

Land and Building

n/a

5/19/2005

5/31/2021

5/19/2005

192

8

184

P0000748

1985

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000749

1988

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000750

1988

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000751

1988

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000752

1975

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000753

1915

2001

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000754

1957

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000755

1985

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000756

1977

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000757

1978

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000758

1968

1982

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000759

1985

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000760

1976

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000761

1977

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000762

1972

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000763

1987

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

Property ID

Year Built

Year Renovated if any

Collateral Type (Land/Bldg/Bus Val)

Balloon if any

Lease Term Start Date

Lease Expiration Date

Rent Commencement Date

Lease Term (Months)

Current Lease  Age (Months-Based on Rent Comm. Date to 1-06)

Remaining Lease  Term (As of 1-2006)

P0000764

1973

1984

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000765

1984

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000766

1977

1985

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000767

1980

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000768

1979

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000769

1983

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000770

1986

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000771

1978

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

P0000772

1978

Land and Building

n/a

5/24/2005

5/31/2020

5/24/2005

180

8

172

Property ID		Initial Lease Rate				Initial Lease Payment (Monthly)				Current Lease Payment as of January		Additional CF		Percentage Rent Clause - Y/N		Percentage Rent Only		Lease Rate Increase - Description		Date of Next Bump in Rent		Lease Renewal Options
E000787			8.000	%			13,333.33			13,333.33				N				n/a		n/a		n/a
P0000891			9.500	%			master lease			master lease				N				Annually, 1% of prior year base [Illegible]		1/1/2007		3 Options of 88
P0000892			9.500	%			master lease			master lease				N				Annually, 1% of prior year base [Illegible]		1/1/2007		3 Options of 88
P0000893			9.500	%			master lease			master lease				N				Annually, 1% of prior year base [Illegible]		1/1/2007		3 Options of 88
P0000894			9.500	%			296,875.00			299,843.75				N				Annually, 1% of prior year base [Illegible]		1/1/2007		3 Options of 88
P0000981			9.850	%			3,076.22			3,138.05				N				None - mortgage		7/1/2006		n/a
P0000982			9.850	%			3,076.22			3,138.05				N				None - mortgage		7/1/2006		n/a
P0000983			9.850	%			3,691.46			3,765.65				N				None - mortgage		7/1/2006		n/a
P0000984			9.850	%			7,031.35			7,172.68				N				None - mortgage		7/1/2006		n/a
P0000985			9.850	%			7,207.13			7,351.99				N				None - mortgage		7/1/2006		n/a
P0000986			9.850	%			5,976.64			6,096.77				N				None - mortgage		7/1/2006		n/a
P0000987			9.850	%			3,383.83			3,451.85				N				None - mortgage		7/1/2006		n/a
P0000988			9.850	%			6,811.61			6,948.53				N				None - mortgage		7/1/2006		n/a
P0000989			9.850	%			7,646.59			7,800.29				N				None -mortgage		7/1/2006		n/a
P0000990			9.850	%			7,998.16			8,158.92				N				None - mortgage		7/1/2006		n/a
P0000991			9.850	%			7,207.13			7,351.99				N				None - mortgage		7/1/2006		n/a
P0000992			9.850	%			5,053.78			5,155.36				N				None - mortgage		7/1/2006		n/a
P0000993			9.850	%			5,712.96			5,827.79				N				None - mortgage		7/1/2006		n/a
P0000994			9.850	%			5,712.96			5,827.79				N				None - mortgage		7/1/2006		n/a
P0000995			9.850	%			5,712.96			5,827.79				N				None - mortgage		7/1/2006		n/a
P0000996			9.850	%			3,867.24			3,944.97				N				None - mortgage		7/1/2006		n/a
P0000997			9.850	%			3,295.94			3,362.19				N				None - mortgage		7/1/2006		n/a
P0000998			9.850	%			7,558.70			7,710.63				N				None - mortgage		7/1/2006		n/a
P0000999			9.850	%			3,076.22			3,138.05				N				None - mortgage		7/1/2006		n/a
P0001000			9.850	%			6,372.16			6,500.24				N				None - mortgage		7/1/2006		n/a
P0001001			9.850	%			3,339.89			3,407.02				N				None - mortgage		7/1/2006		n/a
P0001002			9.850	%			6,064.53			6,186.43				N				None - mortgage		7/1/2006		n/a
P0001003			9.850	%			5,273.51			5,379.51				N				None - mortgage		7/1/2006		n/a
P0001004			9.850	%			3,955.13			4,034.63				N				None - mortgage		7/1/2006		n/a
P0001005			9.850	%			4,702.22			4,796.73				N				None - mortgage		7/1/2006		n/a
P0001006			9.850	%			5,405.35			5,513.99				N				None - mortgage		7/1/2006		n/a
P0001007			9.850	%			7,470.81			7,620.98				N				None - mortgage		7/1/2006		n/a
P0001008			9.850	%			5,493.24			5,603.65				N				None - mortgage		7/1/2006		n/a
P0001009			9.850	%			3,252.00			3,317.37				N				None - mortgage		7/1/2006		n/a
P0001010			9.850	%			7,910.26			8,069.25				N				None - mortgage		7/1/2006		n/a

Property ID

Initial Lease Rate

Initial Lease Payment (Monthly)

Current Lease Payment as of January

Additional CF

Percentage Rent Clause - Y/N

Percentage Rent Only

Lease Rate Increase - Description

Date of Next Bump in Rent

Lease Renewal Options

P0001011

9.850%

3,076.22

3,138.05

N

None - mortgage

7/1/2006

n/a

P0001012

9.850%

4,520.01

4,610.86

N

None - mortgage

7/1/2006

n/a

P0001013

9.850%

2,130.12

2,172.93

N

None - mortgage

7/1/2006

n/a

P0001014

9.850%

4,303.97

4,390.48

N

None - mortgage

7/1/2006

n/a

P0001015

9.850%

2,078.17

2,119.94

N

None - mortgage

7/1/2006

n/a

P0001016

9.230%

2,741.70

2,741.70

N

None - mortgage

3/1/2006

n/a

P0001017

9.230%

4,067.80

4,067.80

N

None - mortgage

3/1/2006

n/a

P0001018

9.230%

7,273.23

7,273.23

N

None - mortgage

3/1/2006

n/a

P0001019

9.230%

5,141.70

5,141.70

N

None - mortgage

3/1/2006

n/a

P0001020

9.230%

4,881.36

4,881.36

N

None - mortgage

3/1/2006

n/a

P0001021

9.230%

6,720.01

6,720.01

N

None - mortgage

3/1/2006

n/a

P0001022

9.230%

5,084.75

5,084.75

N

None - mortgage

3/1/2006

n/a

P0001023

9.230%

5,231.19

5,231.19

N

None - mortgage

3/1/2006

n/a

P0001024

9.230%

4,450.18

4,450.18

N

None - mortgage

3/1/2006

n/a

P0001025

9.230%

6,768.82

6,768.82

N

None - mortgage

3/1/2006

n/a

P0001026

9.230%

3,604.07

3,604.07

N

None - mortgage

3/1/2006

n/a

P0001027

9.230%

4,987.13

4,987.13

N

None - mortgage

3/1/2006

n/a

P0001028

9.230%

5,182.38

5,182.38

N

None - mortgage

3/1/2006

n/a

P0001029

9.230%

5,206.79

5,206.79

N

None - mortgage

3/1/2006

n/a

P0001030

9.230%

4,393.23

4,393.23

N

None - mortgage

3/1/2006

n/a

P0001031

9.230%

4,035.26

4,035.26

N

None - mortgage

3/1/2006

n/a

P0001032

9.230%

4,677.97

4,677.97

N

None - mortgage

3/1/2006

n/a

P0001033

9.230%

5,117.29

5,117.29

N

None - mortgage

3/1/2006

n/a

P0001034

9 230%

4,905.77

4,905.77

N

None - mortgage

3/1/2006

n/a

P0001035

9.230%

5,572.89

5,572.89

N

None - mortgage

3/1/2006

n/a

P0001036

9.230%

3,815.60

3,815.60

N

None - mortgage

3/1/2006

n/a

P0001037

9.230%

6,150.52

6,150.52

N

None - mortgage

3/1/2006

n/a

P0001038

9.230%

5,955.26

5,955.26

N

None - mortgage

3/1/2006

n/a

P0001039

9.230%

4,816.28

4,816.28

N

None - mortgage

3/1/2006

n/a

P0001040

9.230%

6,117.97

6,117.97

N

None - mortgage

3/1/2006

n/a

P0001041

9.230%

7,175.60

7,175.60

N

None - mortgage

3/1/2006

n/a

P0001042

9.230%

5,304.41

5,304.41

N

None - mortgage

3/1/2006

n/a

P0001043

9.230%

5,361.36

5,361.36

N

None - mortgage

3/1/2006

n/a

P0001044

9.230%

5,597.30

5,597.30

N

None - mortgage

3/1/2006

n/a

P0001045

9.230%

4,287.46

4,287.46

N

None -mortgage

3/1/2006

n/a

Property ID

Initial Lease Rate

Initial Lease Payment (Monthly)

Current Lease Payment as of January

Additional CF

Percentage Rent Clause - Y/N

Percentage Rent Only

Lease Rate Increase - Description

Date of Next Bump in  Rent

Lease Renewal Options

P0001046

9.230%

5,288.14

5,288.14

N

None - mortgage

3/1/2006

n/a

P0001047

9.230%

2,798.65

2,798.65

N

None - mortgage

3/1/2006

n/a

P0000895

9.500%

15,833.33

15,991.66

N

the lesser of 1% or index rate

3/1/2006

2 Options of 5 [Illegible]

P0000896

9.000%

master lease

master lease

N

lesser of 6% or 1.25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000897

9.000%

master lease

master lease

N

lesser of 6% or 1.25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000898

9.000%

master lease

master lease

N

lesser of 6% or 1.25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000899

9.000%

67,088.00

67,088.00

N

lesser of 6% or 1. 25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000900

9.000%

master lease

master lease

N

lesser of 6% or 1.25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000901

9.000%

master lease

master lease

N

lesser of 6% or 1.25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000902

9.000%

master lease

master lease

N

lesser of 6% or 1.25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000903

9.000%

master lease

master lease

N

lesser of 6% or 1.25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000904

9.000%

master lease

master lease

N

lesser of 6% or 1. 25 X CPI every 5 [Illegible]

4/1/2009

3 Options of 5 [Illegible]

P0000905

9.000%

35,416.67

35,416.67

N

Fixed rent schedule defined in lease [Illegible]

5/1/2009

3 Options of 5 [Illegible]

P0000906

9.000%

96,750.00

96,750.00

Y

Fixed rent schedule defined in lease [Illegible]

1/1/2008

4 Options of 5 [Illegible]

P0000907

9.000%

master lease

master lease

N

5% every 5 years

7/1/2009

3 Options of 5 [Illegible]

P0000908

9.000%

158,925.00

205,335.82

N

5% every 5 years

7/1/2009

3 Options of 5 [Illegible]

P0000909

9.000%

master lease

master lease

N

5% every 5 years

7/1/2009

3 Options of 5 [Illegible]

P0000910

9.000%

master lease

master lease

N

5% every 5 years

7/1/2009

3 Options of 5 [Illegible]

P0000911

9.000%

master lease

master lease

N

5% every 5 years

7/1/2009

3 Options of 5 [Illegible]

P0000912

9.000%

master lease

master lease

N

5% every 5 years

7/1/2009

3 Options of 5 [Illegible]

P0000913

10.500%

234,062.50

288,750.00

N

every 2 years, lesser of 5% or 1.25 x

7/1/2006

4 Options of 5 [Illegible]

P0000300

8.000%

3,736.20

3,849.81

N

4% every 2 years

4/1/2007

3 Options of 5 [Illegible]

P0000301

8.000%

4,026.26

4,188.92

N

4% every 2 years

6/1/2007

3 Options of 5 [Illegible]

P0000302

8.000%

2,519.40

2,955.52

Y

Y

n/a

n/a

2 Options of 5 [Illegible]

P0000303

8.000%

2,758.99

2,948.68

Y

Y

n/a

n/a

2 Options of 5 [Illegible]

P0000304

8.000%

2,930.46

3,191.95

Y

Y

n/a

n/a

2 Options of 5 [Illegible]

P0000305

8.000%

2,659.16

3,059.84

Y

Y

n/a

n/a

2 Options of 5 [Illegible]

P0000306

8.000%

7,733.44

7,733.44

N

4% every 2 years

3/1/2006

2 Options of 5 [Illegible]

P0000309

8.000%

5,804.81

6,037.00

N

Every 2 years, lesser of 4% or 3 times

1/1/2008

4 Options of 5 [Illegible]

P0000310

8.000%

6,683.16

6,950.49

N

Every 2 years, lesser of 4% or 3 times

1/1/2008

4 Options of 5 [Illegible]

P0000311

8.000%

6,988.68

7,268.23

N

Every 2 years, lesser of 4% or 3 times

1/1/2008

4 Options of 5 [Illegible]

P0000312

8.000%

6,224.89

6,473.89

N

Every 2 years, lesser of 4% or 3 times

1/1/2008

4 Options of 5 [Illegible]

P0000313

8.000%

10,653.23

10,759.76

N

Lesser of 1% or 3 times CPI

4/1/2006

3 Options of 5 [Illegible]

P0000314

8.000%

19,648.29

19,844.77

N

Lesser of 1% or 3 times CPI

4/1/2006

3 Options of 5 [Illegible]

P0000315

8.000%

21,024.49

21,234.73

N

Lesser of 1% or 3 times CPI

4/1/2006

3 Options of 5 [Illegible]

Property ID

Initial Lease Rate

Initial Lease Payment (Monthly)

Current Lease Payment as of January

Additional CF

Percentage Rent Clause - Y/N

Percentage Rent Only

Lease Rate Increase - Description

Date of Next Bump in Rent

Lease Renewal Options

P0000316

8.000%

17,409.87

17,583.97

N

Lesser of 1% or 3 times CPI

4/1/2006

3 Options of 5 [Illegible]

P0000317

8.000%

7,254.15

7,326.69

N

Lesser of 1 % or 3 times CPI

4/1/2006

3 Options of 5 [Illegible]

P0000318

8.000%

20,949.93

21,159.43

N

Annually, lesser of 4.5% or 3 times [Illegible]

4/1/2006

3 Options of 5 [Illegible]

P0000319

8.000%

4,816.84

4,938.01

N

1.25% annually

8/1/2006

2 Options of 5 [Illegible]

P0000323

8.000%

8,990.80

9,350.43

N

Every 2 years, lesser of 4% or 3 times

11/1/2006

4 Options of 5 [Illegible]

P0000324

8.000%

4,256.11

4,256.11

N

n/a

n/a

2 Options of 5 [Illegible]

P0000326

8.000%

5,998.48

5,998.48

N

n/a

n/a

2 Options of 5 [Illegible]

P0000327

8.000%

7,144.59

7,144.59

Y

n/a

n/a

4 Options of 5 [Illegible]

P0000328

8.000%

6,170.73

6,170.73

Y

n/a

n/a

4 Options of 5 [Illegible]

P0000329

8.000%

8,285.48

8,285.48

Y

n/a

n/a

4 Options of 5 [Illegible]

P0000330

8.000%

8,024.03

8,024.03

Y

n/a

n/a

2 Options of 5 [Illegible]

P0000331

8.000%

6,566.98

6,712.84

N

n/a

n/a

2 Options of 5 [Illegible]

P0000332

8.000%

6,269.61

6,359.27

N

n/a

n/a

2 Options of 5 [Illegible]

P0000336

8.000%

6,541.26

6,541.26

Y

n/a

n/a

2 Options of 5 [Illegible]

P0000338

8.000%

6,737.50

6,737.50

Y

n/a

n/a

2 Options of 5 [Illegible]

P0000349

8.000%

6,760.00

7,030.40

N

4% every 2 years

11/1/2006

2 Options of 5 [Illegible]

P0000350

8.000%

4,644.91

4,761.77

N

1.25% annually

7/1/2006

2 Options of 5 [Illegible]

P0000351

8.000%

4,915.75

4,915.75

N

n/a

n/a

2 Options of 5 [Illegible]

P0000354

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000355

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000356

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000357

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000358

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000359

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000360

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000361

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000362

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000363

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000364

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000365

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000366

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000367

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000368

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000369

8.800%

250,192.87

260,200.58

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

P0000370

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [Illegible]

Property ID

Initial Lease Rate

Initial Lease Payment (Monthly)

Current Lease Payment as of January

Additional CF

Percentage Rent Clause - Y/N

Percentage Rent Only

Lease Rate Increase - Description

Date of Next Bump in Rent

Lease Renewal Options

P0000371

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [illegible]

P0000372

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [illegible]

P0000373

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [illegible]

P0000374

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [illegible]

P0000375

8.800%

master lease

master lease

N

lesser of 4% or 4 times the CPI, every

12/1/2007

2 Options of 5 [illegible]

P0000378

8.000%

4,384.17

4,494.46

N

lesser of 1.25% or 3 times CPI

1/1/2007

2 Options of 5 [illegible]

P0000379

8.000%

9,076.18

9,521.91

N

Annually, previous year base annual [illegible]

9/1/2006

2 Options of 5 [illegible]

P0000380

8.500%

7,077.79

6,749.63

N

lesser of 1 .25% or 3 times CPI

8/1/2007

2 Options of 5 [illegible]

P0000381

8.000%

2,838.81

2,953.50

N

4% every 2 years

7/1/2007

3 Options of 5 [illegible]

P0000914

10.000%

master lease

master lease

N

Fixed rent schedule defined in lease [illegible]

8/1/2007

3 Options of 5 [illegible]

P0000915

10.000%

150,833.33

250,833.33

N

Fixed rent schedule defined in lease [illegible]

8/1/2007

3 Options of 5 [illegible]

P0000916

9.000%

27,656.25

27,656.25

N

Fixed rent schedule defined in lease [illegible]

8/1/2009

3 Options of 5 [illegible]

P0000917

9.500%

master lease

master lease

N

Fixed rent schedule defined in lease [illegible]

9/1/2009

3 Options of 5 [illegible]

P0000918

9.500%

30,479.17

37,248.76

6,770

N

Fixed rent schedule defined in lease [illegible]

9/1/2009

3 Options of 5 [illegible]

P0000919

8.100%

37,214.00

38,976.00

N

per fixed rent schedule in lease

9/1/2006

3 Options of 5 [illegible]

P0000390

8.200%

master lease

master lease

N

4.04% every 2 years

4/1/2007

2 Options of 5 [illegible]

P0000391

8.200%

44,650.32

46,454.19

N

4.04% every 2 years

4/1/2007

2 Options of 5 [illegible]

P0000392

8.200%

master lease

master lease

N

4.04% every 2 years

4/1/2007

2 Options of 5 [illegible]

P0000393

8.200%

master lease

master lease

N

Fixed rent schedule defined in lease [illegible]

1/1/2007

3 Options of 5 [illegible]

P0000394

8.200%

master lease

master lease

N

Fixed rent schedule defined in lease [illegible]

1/1/2007

3 Options of 5 [illegible]

P0000395

8.200%

master lease

master lease

N

Fixed rent schedule defined in lease [illegible]

1/1/2007

3 Options of 5 [illegible]

P0000396

8.200%

50,477.00

52,496.00

N

Fixed rent schedule defined in lease [illegible]

1/1/2007

3 Options of 5 [illegible]

P0000397

8.200%

master lease

master lease

N

Fixed rent schedule defined in lease [illegible]

1/1/2007

3 Options of 5 [illegible]

P0000398

8.200%

master lease

master lease

N

Fixed rent schedule defined in lease [illegible]

1/1/2007

3 Options of 5 [illegible]

P0000399

8.200%

3,423.08

3,509.19

N

the lesser of 1.25% or CPI

10/1/2006

2 Options of 5 [illegible]

P0000400

8.200%

5,362.84

5,497.75

N

the lesser of 1.25% or CPI

10/1/2006

2 Options of 5 [illegible]

P0000401

8.200%

4,041.15

4,142.81

N

the lesser of 1.25% or CPI

1/1/2007

2 Options of 5 [illegible]

P0000402

8.200%

4,917.89

4,979.36

N

the lesser of 1.25% or CPI

1/1/2007

2 Options of 5 [illegible]

P0000403

8.200%

4,200.09

4,252.59

N

the lesser of 1.25% or CPI

6/1/2006

2 Options of 5 [illegible]

P0000404

8.200%

7,973.17

8,072.83

N

the lesser of 1.25% or CPI

1/1/2007

2 Options of 5 [illegible]

P0000405

8.200%

6,795.24

6,880.18

N

the lesser of 1.25% or CPI

1/1/2007

2 Options of 5 [illegible]

P0000406

8.200%

4,816.83

4,877.04

N

1.25% annually

8/1/2006

2 Options of 5 [illegible]

P0000408

8.200%

8,075.76

8,237.28

N

the lesser of 2% or CPI

4/1/2006

2 Options of 5 [illegible]

P0000409

8.200%

7,208.87

7,353.05

N

the lesser of 2% or CPI

4/1/2006

2 Options of 5 [illegible]

P0000410

8.200%

6,752.62

6,887.67

N

the lesser of 2% or CPI

4/1/2006

2 Options of 5 [illegible]

Property ID Initial Lease Rate Initial  Lease
Payment
(Monthly)