Exhibit 99.1
MSMC Mortgage Loan Purchase Agreement
EXECUTION COPY
MORTGAGE LOAN PURCHASE AGREEMENT
(MSMC LOANS)
Mortgage Loan Purchase Agreement (this "Agreement"), dated as of May
1, 2007, between Xxxxxx Xxxxxxx Mortgage Capital Inc. (the "Seller"), and Xxxxxx
Xxxxxxx Capital I Inc. (the "Purchaser").
The Seller agrees to sell, and the Purchaser agrees to purchase,
certain mortgage loans listed on Exhibit 1 hereto (the "Mortgage Loans") as
described herein. The Purchaser will convey the Mortgage Loans to a trust (the
"Trust") created pursuant to a Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of May 1, 2007, between the Purchaser, as
depositor, Capmark Finance Inc., as Capmark Master Servicer, Prudential Asset
Resources, Inc., as Prudential Master Servicer, Xxxxx Fargo Bank, National
Association, as Xxxxx Fargo Master Servicer, Centerline Servicing, Inc.
(formerly ARCap Servicing, Inc., as Special Servicer, The Bank of New York Trust
Company, National Association, as Trustee, and LaSalle Bank National
Association, as Paying Agent, Certificate Registrar, Authenticating Agent and
Custodian. In exchange for the Mortgage Loans and certain other mortgage loans
(the "Other Mortgage Loans") to be purchased by the Purchaser, the Trust will
issue to the Depositor pass-through certificates to be known as Xxxxxx Xxxxxxx
Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-IQ14
(the "Certificates"). The Certificates will be issued pursuant to the Pooling
and Servicing Agreement.
Capitalized terms used herein but not defined herein shall have the
meanings assigned to them in the Pooling and Servicing Agreement.
The Class A-1, Class A-1A, Class A-2, Class A-2FL, Class A-3, Class
A-AB, Class A-4, Class A-5FL, Class A-M, Class A-MFL, Class A-J, Class A-JFL and
Class B Certificates (the "Public Certificates") will be sold by the Purchaser
to Xxxxxx Xxxxxxx & Co. Incorporated, LaSalle Financial Services, Inc., Xxxxxxx
Lynch, Pierce, Xxxxxx & Xxxxx Incorporated, RBC Capital Markets Corporation,
Xxxxxxx, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the
"Underwriters"), pursuant to an Underwriting Agreement, between the Purchaser
and the Underwriters, dated May 18, 2007 (the "Underwriting Agreement"), and the
Class X, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class O, Class P, Class Q, Class S, Class EI, Class
R-I, Class R-II and Class R-III Certificates (collectively, the "Private
Certificates") will be sold by the Purchaser to Xxxxxx Xxxxxxx & Co.
Incorporated (in such capacity, the "Initial Purchaser") pursuant to a
Certificate Purchase Agreement, between the Purchaser and the Initial Purchaser,
dated May 18, 2007 (the "Certificate Purchase Agreement"). The Underwriters will
offer the Public Certificates for sale publicly pursuant to a Prospectus dated
February 6, 2007, as supplemented by a Prospectus Supplement dated May 18, 2007
(together, the "Prospectus Supplement"), and the Initial Purchaser will offer
the Private Certificates (other than the Class EI, Class R-I, Class R-II and
Class R-III Certificates) for sale in transactions exempt from the registration
requirements of the Securities Act of 1933 pursuant to a Private Placement
Memorandum, dated as of May 18, 2007 (the "Memorandum").
In consideration of the mutual agreements contained herein, the
Seller and the Purchaser hereby agree as follows:
Section 1. Agreement to Purchase. The Seller agrees to sell, and the
Purchaser agrees to purchase, on a servicing released basis, the Mortgage Loans
identified on the schedule (the "Mortgage Loan Schedule") annexed hereto as
Exhibit 1, as such schedule may be amended to reflect the actual Mortgage Loans
accepted by the Purchaser pursuant to the terms hereof. The Cut-Off Date with
respect to each Mortgage Loan is such Mortgage Loan's Due Date in the month of
May 2007. The Mortgage Loans and the Other Mortgage Loans will have an aggregate
principal balance as of the close of business on the Cut-Off Date, after giving
effect to any payments due on or before such date, whether or not received, of
$1,345,579,291. The sale of the Mortgage Loans shall take place on May 30, 2007
or such other date as shall be mutually acceptable to the parties hereto (the
"Closing Date"). The purchase price to be paid by the Purchaser for the Mortgage
Loans shall equal the amount set forth as such purchase price on the Xxxx of
Sale. The purchase price shall be paid to the Seller by wire transfer in
immediately available funds on the Closing Date.
Notwithstanding anything to the contrary in this Agreement, with
respect to the Mortgage Loans originated or acquired by the Seller and subject
to defeasance, the Seller shall retain the right to designate and establish the
successor borrower and to purchase or cause the purchase on behalf of the
related borrower of the related defeasance collateral ("Seller Defeasance Rights
and Obligations"). In the event the applicable Master Servicer receives notice
of a defeasance request with respect to a Mortgage Loan originated or acquired
by the Seller and subject to defeasance, the applicable Master Servicer shall
provide upon receipt of such notice, written notice of such defeasance request
to the Seller or its assignee. Until such time as the Seller provides written
notice to the contrary, notice of a defeasance of a Mortgage Loan with Seller
Defeasance Rights and Obligations shall be delivered to the Seller pursuant to
the notice provisions of the Pooling and Servicing Agreement.
On the Closing Date, the Purchaser will assign to the Trustee
pursuant to the Pooling and Servicing Agreement all of its right, title and
interest in and to the Mortgage Loans and its rights under this Agreement (to
the extent set forth in Section 15), and the Trustee shall succeed to such
right, title and interest in and to the Mortgage Loans and the Purchaser's
rights under this Agreement (to the extent set forth in Section 15).
Section 2. Conveyance of Mortgage Loans. Effective as of the Closing
Date, subject only to receipt of the consideration referred to in Section 1
hereof and the satisfaction of the conditions specified in Sections 6 and 7
hereof, the Seller does hereby transfer, assign, set over and otherwise convey
to the Purchaser, without recourse, all the right, title and interest of the
Seller, with the understanding that a Servicing Rights Purchase Agreement, dated
May 30, 2007, will be executed by the Seller and the applicable Master Servicer,
in and to the Mortgage Loans identified on the Mortgage Loan Schedule as of the
Closing Date. The Mortgage Loan Schedule, as it may be amended from time to time
on or prior to the Closing Date, shall conform to the requirements of this
Agreement and the Pooling and Servicing Agreement. In connection with such
transfer and assignment, the Seller shall deliver to the Custodian on behalf of
the Trustee, on behalf of the Purchaser, on or prior to the Closing Date, the
Mortgage Note (as described in clause (a) below) for each Mortgage Loan and on
or prior to the fifth Business Day after the Closing Date, five limited powers
of attorney substantially in the form attached hereto as Exhibit 5 in favor of
the Trustee, the applicable Master Servicer and the Special Servicer to empower
the Trustee, the applicable Master Servicer and, in the event of the failure or
incapacity of the Trustee and the applicable Master Servicer, the Special
Servicer, to submit for recording, at the expense of the Seller, any mortgage
loan documents required to be recorded as described in the Pooling and Servicing
Agreement and any intervening assignments with evidence of recording thereon
that are required to be included in the Mortgage Files (so long as original
counterparts have previously been delivered to the Trustee). The Seller agrees
to reasonably cooperate with the Trustee, the applicable Master Servicer and the
Special Servicer in connection with any additional powers of attorney or
revisions thereto that are requested by such parties for purposes of such
recordation. The parties hereto agree that no such power of attorney shall be
used with respect to any Mortgage Loan by or under authorization by any party
hereto except to the extent that the absence of a document described in the
second preceding sentence with respect to such Mortgage Loan remains unremedied
as of the earlier of (i) the date that is 180 days following the delivery of
notice of such absence to the Seller, but in no event earlier than 18 months
from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan
becomes a Specially Serviced Mortgage Loan. The Trustee shall submit such
documents for recording, at the Seller's expense, after the periods set forth
above; provided, however, the Trustee shall not submit such assignments for
recording if the Seller produces evidence that it has sent any such assignment
for recording and certifies that the Seller is awaiting its return from the
applicable recording office. In addition, not later than the 30th day following
the Closing Date, the Seller shall deliver to the Custodian on behalf of the
Trustee each of the remaining documents or instruments specified below (with
such exceptions and additional time periods as are permitted by this Section)
with respect to each Mortgage Loan (each, a "Mortgage File"). (The Seller
acknowledges that the term "without recourse" does not modify the duties of the
Seller under Section 5 hereof.)
All Mortgage Files, or portions thereof, delivered prior to the
Closing Date are to be held by the Custodian on behalf of the Trustee in escrow
on behalf of the Seller at all times prior to the Closing Date. The Mortgage
Files shall be released from escrow upon closing of the sale of the Mortgage
Loans and payments of the purchase price therefor as contemplated hereby. The
Mortgage File for each Mortgage Loan shall contain the following documents:
(a) The original Mortgage Note bearing all intervening endorsements,
endorsed in blank or endorsed "Pay to the order of The Bank of New York Trust
Company, National Association, as Trustee for Xxxxxx Xxxxxxx Capital I Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2007-IQ14, without
recourse, representation or warranty" or if the original Mortgage Note is not
included therein, then a lost note affidavit and indemnity, with a copy of the
Mortgage Note attached thereto;
(b) The original Mortgage, with evidence of recording thereon, and,
if the Mortgage was executed pursuant to a power of attorney, a certified true
copy of the power of attorney certified by the public recorder's office, with
evidence of recording thereon (if recording is customary in the jurisdiction in
which such power of attorney was executed), or certified by a title insurance
company or escrow company to be a true copy thereof; provided that if such
original Mortgage cannot be delivered with evidence of recording thereon on or
prior to the 90th day following the Closing Date because of a delay caused by
the public recording office where such original Mortgage has been delivered for
recordation or because such original Mortgage has been lost, the Seller shall
deliver or cause to be delivered to the Trustee a true and correct copy of such
Mortgage, together with (i) in the case of a delay caused by the public
recording office, an Officer's Certificate (as defined below) of the Seller
stating that such original Mortgage has been sent to the appropriate public
recording official for recordation or (ii) in the case of an original Mortgage
that has been lost after recordation, a certification by the appropriate county
recording office where such Mortgage is recorded that such copy is a true and
complete copy of the original recorded Mortgage;
(c) The originals of all agreements modifying a Money Term or other
material modification, consolidation and extension agreements, if any, with
evidence of recording thereon (if applicable) or if any such original
modification, consolidation or extension agreement has been delivered to the
appropriate recording office for recordation and either has not yet been
returned on or prior to the 90th day following the Closing Date with evidence of
recordation thereon or has been lost after recordation, a true copy of such
modification, consolidation or extension certified by the Seller together with
(i) in the case of a delay caused by the public recording office, an Officer's
Certificate of the Seller stating that such original modification, consolidation
or extension agreement has been dispatched or sent to the appropriate public
recording official for recordation or (ii) in the case of an original
modification, consolidation or extension agreement that has been lost after
recordation, a certification by the appropriate county recording office where
such document is recorded that such copy is a true and complete copy of the
original recorded modification, consolidation or extension agreement, and the
originals of all assumption agreements, if any;
(d) An original Assignment of Mortgage for each Mortgage Loan, in
form and substance acceptable for recording (except for recording information
not yet available if the instrument being recorded has not been returned from
the applicable recording office), signed by the holder of record in blank or in
favor of "The Bank of New York Trust Company, National Association, as Trustee
for Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through
Certificates, Series 2007-IQ14";
(e) Originals of all intervening assignments of Mortgage, if any,
with evidence of recording thereon or, if such original assignments of Mortgage
have been delivered to the appropriate recorder's office for recordation,
certified true copies of such assignments of Mortgage certified by the Seller,
or in the case of an original blanket intervening assignment of Mortgage
retained by the Seller, a copy thereof certified by the Seller or, if any
original intervening assignment of Mortgage has not yet been returned on or
prior to the 90th day following the Closing Date from the applicable recording
office or has been lost, a true and correct copy thereof, together with (i) in
the case of a delay caused by the public recording office, an Officer's
Certificate of the Seller stating that such original intervening assignment of
Mortgage has been sent to the appropriate public recording official for
recordation or (ii) in the case of an original intervening assignment of
Mortgage that has been lost after recordation, a certification by the
appropriate county recording office where such assignment is recorded that such
copy is a true and complete copy of the original recorded intervening assignment
of Mortgage;
(f) If the related Assignment of Leases is separate from the
Mortgage, the original of such Assignment of Leases with evidence of recording
thereon or certified by a title insurance company or escrow company to be a true
copy thereof; provided that if such Assignment of Leases has not been returned
on or prior to the 90th day following the Closing Date because of a delay caused
by the applicable public recording office where such Assignment of Leases has
been delivered for recordation or because such original Assignment of Leases has
been lost, the Seller shall deliver or cause to be delivered to the Trustee a
true and correct copy of such Assignment of Leases submitted for recording,
together with, (i) in the case of a delay caused by the public recording office,
an Officer's Certificate (as defined below) of the Seller stating that such
Assignment of Leases has been sent to the appropriate public recording official
for recordation or (ii) in the case of an original Assignment of Leases that has
been lost after recordation, a certification by the appropriate county recording
office where such Assignment of Leases is recorded that such copy is a true and
complete copy of the original recorded Assignment of Leases, in each case
together with an original assignment of such Assignment of Leases, in recordable
form (except for recording information not yet available if the instrument being
recorded has not been returned from the applicable recording office), signed by
the holder of record in favor of "The Bank of New York Trust Company, National
Association, as Trustee for Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage
Pass-Through Certificates, Series 2007-IQ14," which assignment may be effected
in the related Assignment of Mortgage;
(g) The original or a copy of each guaranty, if any, constituting
additional security for the repayment of such Mortgage Loan;
(h) The original Title Insurance Policy, or in the event such
original Title Insurance Policy has not been issued, a binder, actual
"marked-up" title commitment, pro forma policy, or an agreement to provide any
of the foregoing pursuant to binding escrow instructions executed by the title
company or its authorized agent with the original Title Insurance Policy to
follow within 180 days of the Closing Date, or a copy of any of the foregoing
certified by the title company with the original Title Insurance Policy to
follow within 180 days of the Closing Date, or a preliminary title report with
the original Title Insurance Policy to follow within 180 days of the Closing
Date;
(i) (A) Copies of UCC financing statements (together with all
assignments thereof) filed in connection with a Mortgage Loan and (B) UCC-2 or
UCC-3 financing statements assigning such UCC financing statements to the
Trustee delivered in connection with the Mortgage Loan;
(j) Copies of the related ground lease(s), if any, to any Mortgage
Loan where the Mortgagor is the lessee under such ground lease and there is a
lien in favor of the mortgagee in such lease.
(k) Copies of any loan agreements, lock-box agreements and
intercreditor agreements, if any, related to any Mortgage Loan;
(l) Either (A) the original of each letter of credit, if any,
constituting additional collateral for such Mortgage Loan (other than letters of
credit representing tenant security deposits which have been collaterally
assigned to the lender), which shall be assigned to the Trustee (and delivered
to the Custodian on the Trustee's behalf) on behalf of the Trust with a copy to
be held by the Primary Servicer (or the Master Servicer), and applied, drawn,
reduced or released in accordance with documents evidencing or securing the
applicable Mortgage Loan, the Pooling and Servicing Agreement and the Primary
Servicing Agreement or (B) the original of each letter of credit, if any,
constituting additional collateral for such Mortgage Loan (other than letters of
credit representing tenant security deposits which have been collaterally
assigned to the lender), which shall be held by the applicable Primary Servicer
(or the Master Servicer) on behalf of the Trustee, with a copy to be held by
Custodian on behalf of the Trustee, and applied, drawn, reduced or released in
accordance with documents evidencing or securing the applicable Mortgage Loan,
the Pooling and Servicing Agreement and the Primary Servicing Agreement (it
being understood that the Seller has agreed (a) that the proceeds of such letter
of credit belong to the Trust, (b) to notify, on or before the Closing Date, the
bank issuing the letter of credit that the letter of credit and the proceeds
thereof belong to the Trust, and to use reasonable efforts to obtain within 30
days (but in any event to obtain within 90 days) following the Closing Date, an
acknowledgement thereof by the bank (with a copy of such acknowledgement to be
sent to the Custodian on behalf of the Trustee) and (c) to indemnify the Trust
for any liabilities, charges, costs, fees or other expenses accruing from the
failure of the Seller to assign the letter of credit hereunder). In the case of
clause (B) above, any letter of credit held by the applicable Primary Servicer
(or Master Servicer) shall be held in its capacity as agent of the Trust, and if
the applicable Primary Servicer (or Master Servicer) sells its rights to service
the applicable Mortgage Loan, the applicable Primary Servicer (or Master
Servicer) has agreed to assign the applicable letter of credit to the Trust or
at the direction of the Special Servicer to such party as the Special Servicer
may instruct, in each case, at the expense of the applicable Primary Servicer
(or Master Servicer). The applicable Primary Servicer (or Master Servicer) has
agreed to indemnify the Trust for any loss caused by the ineffectiveness of such
assignment;
(m) The original or a copy of the environmental indemnity agreement,
if any, related to any Mortgage Loan;
(n) Copies of third-party management agreements, if any, for all
hotels and for such other Mortgaged Properties securing Mortgage Loans with a
Cut-Off Date principal balance equal to or greater than $20,000,000;
(o) The original of any Environmental Insurance Policy or, if the
original is held by the related Mortgagor, a copy thereof;
(p) A copy of any affidavit and indemnification agreement in favor
of the lender;
(q) With respect to hospitality properties, a copy of any franchise
agreement, franchise comfort letter and applicable assignment or transfer
documents;
"Officer's Certificate" shall mean a certificate signed by one or
more of the Chairman of the Board, any Vice Chairman, the President, any Senior
Vice President, any Vice President, any Assistant Vice President, any Treasurer
or any Assistant Treasurer.
The Assignment of Mortgage, intervening assignments of Mortgage and
assignment of Assignment of Leases referred to in clauses (d), (e) and (f) may
be in the form of a single instrument assigning the Mortgage and the Assignment
of Leases to the extent permitted by applicable law. To avoid the unnecessary
expense and administrative inconvenience associated with the execution and
recording or filing of multiple assignments of mortgages, assignments of leases
(to the extent separate from the mortgages) and assignments of UCC financing
statements, the Seller shall execute, in accordance with the third succeeding
paragraph, the assignments of mortgages, the assignments of leases (to the
extent separate from the mortgages) and the assignments of UCC financing
statements relating to the Mortgage Loans naming the Trustee on behalf of the
Certificateholders as assignee. Notwithstanding the fact that such assignments
of mortgages, assignments of leases (to the extent separate from the assignments
of mortgages) and assignments of UCC financing statements shall name the Trustee
on behalf of the Certificateholders as the assignee, the parties hereto
acknowledge and agree that the Mortgage Loans shall for all purposes be deemed
to have been transferred from the Seller to the Purchaser and from the Purchaser
to the Trustee on behalf of the Certificateholders.
If the Seller cannot deliver, or cause to be delivered, as to any
Mortgage Loan, any of the documents and/or instruments referred to in clauses
(b), (c), (e) or (f), with evidence of recording thereon, because of a delay
caused by the public recording office where such document or instrument has been
delivered for recordation within such 90-day period, but the Seller delivers a
photocopy thereof (to the extent available, certified by the appropriate county
recorder's office to be a true and complete copy of the original thereof
submitted for recording or, if such certification is not available, together
with an Officer's Certificate of the Seller stating that such document has been
sent to the appropriate public recording official for recordation), to the
Custodian on behalf of the Trustee within such 90-day period, the Seller shall
then deliver within 180 days after the Closing Date the recorded document (or
within such longer period after the Closing Date as the Custodian on behalf of
the Trustee may consent to, which consent shall not be withheld so long as the
Seller is, as certified in writing to the Trustee no less often than monthly, in
good faith attempting to obtain from the appropriate county recorder's office
such original or photocopy).
The Trustee, as assignee or transferee of the Purchaser, shall be
entitled to all scheduled payments of principal due thereon after the Cut-Off
Date, all other payments of principal collected after the Cut-Off Date (other
than scheduled payments of principal due on or before the Cut-Off Date), and all
payments of interest on the Mortgage Loans allocable to the period commencing on
the Cut-Off Date. All scheduled payments of principal and interest due on or
before the Cut-Off Date and collected after the Cut-Off Date shall belong to the
Seller.
Within 45 days following the Closing Date, the Seller shall deliver
and the Purchaser, the Custodian on behalf of the Trustee or the agents of
either may submit or cause to be submitted for recordation at the expense of the
Seller, in the appropriate public office for real property records, each
assignment referred to in clauses (d) and (f)(ii) above (with recording
information in blank if such information is not yet available). Within 15 days
following the Closing Date, the Seller shall deliver and the Purchaser, the
Custodian on behalf of the Trustee or the agents of either may submit or cause
to be submitted for filing, at the expense of the Seller, in the appropriate
public office for Uniform Commercial Code financing statements, the assignment
referred to in clause (i) above. If any such document or instrument is lost or
returned unrecorded or unfiled, as the case may be, because of a defect therein,
the Seller shall prepare a substitute therefor or cure such defect, and the
Seller shall, at its own expense (except in the case of a document or instrument
that is lost by the Trustee), record or file, as the case may be, and deliver
such document or instrument in accordance with this Section 2.
As to each Mortgage Loan secured by a Mortgaged Property with
respect to which the related Mortgagor has entered into a franchise agreement
and each Mortgage Loan secured by a Mortgaged Property with respect to which a
letter of credit is in place, the Seller shall provide a notice on or prior to
the date that is thirty (30) days after the Closing Date to the franchisor or
the issuing financial institution, as applicable, of the transfer of such
Mortgage Loan to the Trust pursuant to the Pooling and Servicing Agreement, and
inform such parties that any notices to the Mortgagor's lender pursuant to such
franchise agreement or letter of credit should thereafter be forwarded to the
Master Servicer and, with respect to each franchise agreement, provide a
franchise comfort letter to the franchisor on or prior to the date that is
thirty (30) days after the Closing Date. After the Closing Date, with respect to
any letter of credit that has not yet been assigned to the Trust, upon the
written request of the Master Servicer or the applicable Primary Servicer, the
Seller will draw on such letter of credit as directed by the Master Servicer or
such Primary Servicer in such notice to the extent the Seller has the right to
do so.
Documents that are in the possession of the Seller, its agents or
its subcontractors that relate to the servicing of any Mortgage Loans and that
are not required to be a part of the Mortgage File and are reasonably necessary
for the ongoing administration and/or servicing of the applicable Mortgage Loan
(the "Servicing File") shall be delivered by the Seller to or at the direction
of the Master Servicer, on behalf of the Purchaser, on or prior to the 75th day
after the Closing Date, in accordance with the Primary Servicing Agreement, if
applicable.
The Servicing File shall include, to the extent required to be (and
actually) delivered to the Seller pursuant to the applicable Mortgage Loan
documents, copies of the following items: the Mortgage Note, any Mortgage, the
Assignment of Leases and the Assignment of Mortgage, any guaranty/indemnity
agreement, any loan agreement, the insurance policies or certificates, as
applicable, the property inspection reports, any financial statements on the
property, any escrow analysis, the tax bills, the Appraisal, the environmental
report, the engineering report, the asset summary, financial information on the
Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor
agreements and any Environmental Insurance Policies; provided, however, the
Seller shall not be required to deliver any draft documents, attorney-client
privileged communications, internal correspondence or credit analysis. Delivery
of any of the foregoing documents to the Primary Servicer shall be deemed a
delivery to the Master Servicer and satisfy Seller's obligations under this
sub-paragraph. Each of the foregoing items shall be delivered by the Seller in
electronic form, to the extent such document is available in such form and such
form is reasonably acceptable to the Master Servicer.
Upon the sale of the Mortgage Loans by the Seller to the Purchaser
pursuant to this Agreement, the ownership of each Mortgage Note, Mortgage and
the other contents of the related Mortgage File shall be vested in the Purchaser
and its assigns, and the ownership of all records and documents with respect to
the related Mortgage Loan prepared by or that come into the possession of the
Seller shall immediately vest in the Purchaser and its assigns, and shall be
delivered promptly by the Seller to or on behalf of either the Custodian (on
behalf of the Trustee) or the Master Servicer as set forth herein, subject to
the requirements of the Primary Servicing Agreement. The Seller's and
Purchaser's records shall reflect the transfer of each Mortgage Loan from the
Seller to the Purchaser and its assigns as a sale.
It is the express intent of the parties hereto that the conveyance
of the Mortgage Loans and related property to the Purchaser by the Seller as
provided in this Section 2 be, and be construed as, an absolute sale of the
Mortgage Loans and related property. It is, further, not the intention of the
parties that such conveyance be deemed a pledge of the Mortgage Loans and
related property by the Seller to the Purchaser to secure a debt or other
obligation of the Seller. However, in the event that, notwithstanding the intent
of the parties, the Mortgage Loans or any related property are held to be the
property of the Seller, or if for any other reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans or any related
property, then:
(i) this Agreement shall be deemed to be a security agreement; and
(ii) the conveyance provided for in this Section 2 shall be deemed
to be a grant by the Seller to the Purchaser of a security interest in all
of the Seller's right, title, and interest, whether now owned or hereafter
acquired, in and to:
(A) All accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, certificates of
deposit, goods, letters of credit, advices of credit and investment
property consisting of, arising from or relating to any of the
following property: the Mortgage Loans identified on the Mortgage
Loan Schedule, including the related Mortgage Notes, Mortgages,
security agreements, and title, hazard and other insurance policies,
all distributions with respect thereto payable after the Cut-Off
Date, all substitute or replacement Mortgage Loans and all
distributions with respect thereto, and the Mortgage Files;
(B) All accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, certificates of
deposit, goods, letters of credit, advices of credit, investment
property and other rights arising from or by virtue of the
disposition of, or collections with respect to, or insurance
proceeds payable with respect to, or claims against other Persons
with respect to, all or any part of the collateral described in
clause (A) above (including any accrued discount realized on
liquidation of any investment purchased at a discount); and
(C) All cash and non-cash proceeds of the collateral described
in clauses (A) and (B) above.
The possession by the Purchaser or its designee of the Mortgage
Notes, the Mortgages, and such other goods, letters of credit, advices of
credit, instruments, money, documents, chattel paper or certificated securities
shall be deemed to be possession by the secured party or possession by a
purchaser for purposes of perfecting the security interest pursuant to the
Uniform Commercial Code (including, without limitation, Sections 9-305 and 9-115
thereof) as in force in the relevant jurisdiction. Notwithstanding the
foregoing, the Seller makes no representation or warranty as to the perfection
of any such security interest.
Notifications to Persons holding such property, and acknowledgments,
receipts, or confirmations from persons holding such property, shall be deemed
to be notifications to, or acknowledgments, receipts or confirmations from,
securities intermediaries, bailees or agents of, or Persons holding for, the
Purchaser or its designee, as applicable, for the purpose of perfecting such
security interest under applicable law.
The Seller shall, to the extent consistent with this Agreement, take
such reasonable actions as may be necessary to ensure that, if this Agreement
were deemed to create a security interest in the property described above, such
security interest would be deemed to be a perfected security interest of first
priority under applicable law and will be maintained as such throughout the term
of the Agreement. In such case, the Seller shall file all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect such security
interest in such property. In connection herewith, the Purchaser shall have all
of the rights and remedies of a secured party and creditor under the Uniform
Commercial Code as in force in the relevant jurisdiction.
Notwithstanding anything to the contrary contained herein, and
subject to Section 2(a), the Purchaser shall not be required to purchase any
Mortgage Loan as to which any Mortgage Note (endorsed as described in clause (a)
above) or lost note affidavit and indemnity required to be delivered to or on
behalf of the Trustee or the Master Servicer pursuant to this Section 2 on or
before the Closing Date is not so delivered, or is not properly executed or is
defective on its face, and the Purchaser's acceptance of the related Mortgage
Loan on the Closing Date shall in no way constitute a waiver of such omission or
defect or of the Purchaser's or its successors' and assigns' rights in respect
thereof pursuant to Section 5.
Section 3. Examination of Mortgage Files and Due Diligence Review.
The Seller shall (i) deliver to the Purchaser on or before the Closing Date a
diskette acceptable to the Purchaser that contains such information about the
Mortgage Loans as may be reasonably requested by the Purchaser, (ii) deliver to
the Purchaser investor files (collectively the "Collateral Information") with
respect to the assets proposed to be included in the Mortgage Pool and made
available at the Purchaser's headquarters in New York, and (iii) otherwise
cooperate fully with the Purchaser in its examination of the credit files,
underwriting documentation and Mortgage Files for the Mortgage Loans and its due
diligence review of the Mortgage Loans. The fact that the Purchaser has
conducted or has failed to conduct any partial or complete examination of the
credit files, underwriting documentation or Mortgage Files for the Mortgage
Loans shall not affect the right of the Purchaser or the Trustee to cause the
Seller to cure any Material Document Defect or Material Breach (each as defined
below), or to repurchase or replace the defective Mortgage Loans pursuant to
Section 5 of this Agreement.
On or prior to the Closing Date, the Seller shall allow
representatives of any of the Purchaser, each Underwriter, the Initial
Purchaser, the Trustee, the Custodian, the Special Servicer and each Rating
Agency to examine and audit all books, records and files pertaining to the
Mortgage Loans, the Seller's underwriting procedures and the Seller's ability to
perform or observe all of the terms, covenants and conditions of this Agreement.
Such examinations and audits shall take place at one or more offices of the
Seller during normal business hours and shall not be conducted in a manner that
is disruptive to the Seller's normal business operations upon reasonable prior
advance notice. In the course of such examinations and audits, the Seller will
make available to such representatives of any of the Purchaser, each
Underwriter, the Initial Purchaser, the Trustee, the Custodian, the Special
Servicer and each Rating Agency reasonably adequate facilities, as well as the
assistance of a sufficient number of knowledgeable and responsible individuals
who are familiar with the Mortgage Loans and the terms of this Agreement, and
the Seller shall cooperate fully with any such examination and audit in all
material respects. On or prior to the Closing Date, the Seller shall provide the
Purchaser with all material information regarding the Seller's financial
condition and access to knowledgeable financial or accounting officers for the
purpose of answering questions with respect to the Seller's financial condition,
financial statements as provided to the Purchaser or other developments
affecting the Seller's ability to consummate the transactions contemplated
hereby or otherwise affecting the Seller in any material respect. Within 45 days
after the Closing Date, the Seller shall provide the Master Servicer or Primary
Servicer, if applicable, with any additional information identified by the
Master Servicer or Primary Servicer, if applicable, as necessary to complete the
CMSA Property File, to the extent that such information is available.
The Purchaser may exercise any of its rights hereunder through one
or more designees or agents; provided the Purchaser has provided the Seller with
prior notice of the identity of such designee or agent.
The Purchaser shall keep confidential any information regarding the
Seller and the Mortgage Loans that has been delivered into the Purchaser's
possession and that is not otherwise publicly available; provided, however, that
such information shall not be kept confidential (and the right to require
confidentiality under any confidentiality agreement is hereby waived) to the
extent such information is required to be included in the Memorandum or the
Prospectus Supplement or the Purchaser is required by law or court order to
disclose such information. If the Purchaser is required to disclose in the
Memorandum or the Prospectus Supplement confidential information regarding the
Seller as described in the preceding sentence, the Purchaser shall provide to
the Seller a copy of the proposed form of such disclosure prior to making such
disclosure and the Seller shall promptly, and in any event within two Business
Days, notify the Purchaser of any inaccuracies therein, in which case the
Purchaser shall modify such form in a manner that corrects such inaccuracies. If
the Purchaser is required by law or court order to disclose confidential
information regarding the Seller as described in the second preceding sentence,
the Purchaser shall notify the Seller and cooperate in the Seller's efforts to
obtain a protective order or other reasonable assurance that confidential
treatment will be accorded such information and, if in the absence of a
protective order or such assurance, the Purchaser is compelled as a matter of
law to disclose such information, the Purchaser shall, prior to making such
disclosure, advise and consult with the Seller and its counsel as to such
disclosure and the nature and wording of such disclosure and the Purchaser shall
use reasonable efforts to obtain confidential treatment therefor.
Notwithstanding the foregoing, if reasonably advised by counsel that the
Purchaser is required by a regulatory agency or court order to make such
disclosure immediately, then the Purchaser shall be permitted to make such
disclosure without prior review by the Seller.
Section 4. Representations and Warranties of the Seller and the
Purchaser.
(a) To induce the Purchaser to enter into this Agreement, the Seller
hereby makes for the benefit of the Purchaser and its assigns with respect
to each Mortgage Loan as of the date hereof (or as of such other date
specifically set forth in the particular representation and warranty) each
of the representations and warranties set forth on Exhibit 2 hereto,
except as otherwise set forth on Schedule A attached hereto, and hereby
further represents and warrants to the Purchaser as of the date hereof
that:
(i) The Seller is duly organized and is validly existing as a
corporation in good standing under the laws of New York. The Seller
has the requisite power and authority and legal right to own the
Mortgage Loans and to transfer and convey the Mortgage Loans to the
Purchaser and has the requisite power and authority to execute and
deliver, engage in the transactions contemplated by, and perform and
observe the terms and conditions of, this Agreement.
(ii) This Agreement has been duly and validly authorized,
executed and delivered by the Seller, and assuming the due
authorization, execution and delivery hereof by the Purchaser, this
Agreement constitutes the valid, legal and binding agreement of the
Seller, enforceable in accordance with its terms, except as such
enforcement may be limited by (A) laws relating to bankruptcy,
insolvency, reorganization, receivership or moratorium, (B) other
laws relating to or affecting the rights of creditors generally, (C)
general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law) or (D) public policy
considerations underlying the securities laws, to the extent that
such public policy considerations limit the enforceability of the
provisions of this Agreement that purport to provide indemnification
from liabilities under applicable securities laws.
(iii) No consent, approval, authorization or order of,
registration or filing with, or notice to, any governmental
authority or court is required, under federal or state law, for the
execution, delivery and performance of or compliance by the Seller
with this Agreement, or the consummation by the Seller of any
transaction contemplated hereby, other than (1) such qualifications
as may be required under state securities or blue sky laws, (2) the
filing or recording of financing statements, instruments of
assignment and other similar documents necessary in connection with
the Seller's sale of the Mortgage Loans to the Purchaser, (3) such
consents, approvals, authorizations, qualifications, registrations,
filings or notices as have been obtained and (4) where the lack of
such consent, approval, authorization, qualification, registration,
filing or notice would not have a material adverse effect on the
performance by the Seller under this Agreement.
(iv) Neither the transfer of the Mortgage Loans to the
Purchaser, nor the execution, delivery or performance of this
Agreement by the Seller, conflicts or will conflict with, results or
will result in a breach of, or constitutes or will constitute a
default under (A) any term or provision of the Seller's articles of
organization or by-laws, (B) any term or provision of any material
agreement, contract, instrument or indenture to which the Seller is
a party or by which it or any of its assets is bound or results in
the creation or imposition of any lien, charge or encumbrance upon
any of its property pursuant to the terms of any such indenture,
mortgage, contract or other instrument, other than pursuant to this
Agreement, or (C) after giving effect to the consents or taking of
the actions contemplated in subsection (iii), any law, rule,
regulation, order, judgment, writ, injunction or decree of any court
or governmental authority having jurisdiction over the Seller or its
assets, except where in any of the instances contemplated by clauses
(B) or (C) above, any conflict, breach or default, or creation or
imposition of any lien, charge or encumbrance, will not have a
material adverse effect on the consummation of the transactions
contemplated hereby by the Seller or materially and adversely affect
its ability to perform its obligations and duties hereunder or
result in any material adverse change in the business, operations,
financial condition, properties or assets of the Seller, or in any
material impairment of the right or ability of the Seller to carry
on its business substantially as now conducted.
(v) There are no actions or proceedings against, or
investigations of, the Seller pending or, to the Seller's knowledge,
threatened in writing against the Seller before any court,
administrative agency or other tribunal, the outcome of which could
reasonably be expected to materially and adversely affect the
transfer of the Mortgage Loans to the Purchaser or the execution or
delivery by, or enforceability against, the Seller of this Agreement
or have an effect on the financial condition of the Seller that
would materially and adversely affect the ability of the Seller to
perform its obligations under this Agreement.
(vi) On the Closing Date, the sale of the Mortgage Loans
pursuant to this Agreement will effect a transfer by the Seller of
all of its right, title and interest in and to the Mortgage Loans to
the Purchaser.
(vii) To the Seller's knowledge, the Loan Seller Information
(as defined in that certain indemnification agreement, dated as of
May 18, 2007, between the Seller, the Purchaser, the Underwriters
and the Initial Purchaser (the "Indemnification Agreement"))
contained in the Disclosure Information (as defined in the
Indemnification Agreement), the Memorandum and the Prospectus
Supplement as of the Time of Sale (as defined in the Indemnification
Agreement) (i) does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which
they were made, not misleading and (ii) (other than the Memorandum)
complies with the requirements of and contains all of the applicable
information required by Regulation AB (as defined in the
Indemnification Agreement).
To induce the Purchaser to enter into this Agreement, the Seller
hereby covenants that the foregoing representations and warranties and those set
forth on Exhibit 2 hereto will be true and correct in all material respects on
and as of the Closing Date with the same effect as if made on the Closing Date,
provided that any representations and warranties made as of a specified date
shall be true and correct in all material respects as of such specified date.
Each of the representations, warranties and covenants made by the
Seller pursuant to this Section 4(a) shall survive the sale of the Mortgage
Loans and shall continue in full force and effect notwithstanding any
restrictive or qualified endorsement on the Mortgage Notes.
(viii) To induce the Seller to enter into this Agreement, the
Purchaser hereby represents and warrants to the Seller as of the
date hereof:
(ix) The Purchaser is a corporation duly organized, validly
existing, and in good standing under the laws of the State of
Delaware with full power and authority to carry on its business as
presently conducted by it.
(x) The Purchaser has full power and authority to acquire the
Mortgage Loans, to execute and deliver this Agreement and to enter
into and consummate all transactions contemplated by this Agreement.
The Purchaser has duly and validly authorized the execution,
delivery and performance of this Agreement and has duly and validly
executed and delivered this Agreement. This Agreement, assuming due
authorization, execution and delivery by the Seller, constitutes the
valid and binding obligation of the Purchaser, enforceable against
it in accordance with its terms, except as such enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting the enforcement of creditors' rights
generally and by general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law.
(xi) No consent, approval, authorization or order of,
registration or filing with, or notice to, any governmental
authority or court is required, under federal or state law, for the
execution, delivery and performance of or compliance by the
Purchaser with this Agreement, or the consummation by the Purchaser
of any transaction contemplated hereby that has not been obtained or
made by the Purchaser.
(xii) Neither the purchase of the Mortgage Loans nor the
execution, delivery and performance of this Agreement by the
Purchaser will violate the Purchaser's certificate of incorporation
or by-laws or constitute a default (or an event that, with notice or
lapse of time or both, would constitute a default) under, or result
in a breach of, any material agreement, contract, instrument or
indenture to which the Purchaser is a party or that may be
applicable to the Purchaser or its assets.
(xiii) The Purchaser's 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, rule, writ,
injunction, order or decree of any court, or order or regulation of
any federal, state or municipal government agency having
jurisdiction over the Purchaser or its assets, which violation could
materially and adversely affect the condition (financial or
otherwise) or the operation of the Purchaser or its assets or could
materially and adversely affect its ability to perform its
obligations and duties hereunder.
(xiv) There are no actions or proceedings against, or
investigations of, the Purchaser pending or, to the Purchaser's
knowledge, threatened against the Purchaser before any court,
administrative agency or other tribunal, the outcome of which could
reasonably be expected to adversely affect the transfer of the
Mortgage Loans, the issuance of the Certificates, the execution,
delivery or enforceability of this Agreement or have an effect on
the financial condition of the Purchaser that would materially and
adversely affect the ability of the Purchaser to perform its
obligation under this Agreement.
(xv) The Purchaser has not dealt with any broker, investment
banker, agent or other person, other than the Seller, the
Underwriters, the Initial Purchaser and their respective affiliates,
that may be entitled to any commission or compensation in connection
with the sale of the Mortgage Loans or consummation of any of the
transactions contemplated hereby.
To induce the Seller to enter into this Agreement, the Purchaser
hereby covenants that the foregoing representations and warranties will be true
and correct in all material respects on and as of the Closing Date with the same
effect as if made on the Closing Date.
Each of the representations and warranties made by the Purchaser
pursuant to this Section 4(b) shall survive the purchase of the Mortgage Loans.
Section 5. Remedies Upon Breach of Representations and Warranties
Made by the Seller.
(a) It is hereby acknowledged that the Seller shall make for the
benefit of the Trustee on behalf of the holders of the Certificates, whether
directly or by way of the Purchaser's assignment of its rights hereunder to the
Trustee, the representations and warranties set forth on Exhibit 2 hereto (each
as of the date hereof unless otherwise specified).
(b) It is hereby further acknowledged that if any document required
to be delivered to the Custodian on behalf of the Trustee pursuant to Section 2
is not delivered as and when required (and including the expiration of any grace
or cure period), is not properly executed or is defective on its face, or if
there is a breach of any of the representations and warranties required to be
made by the Seller regarding the characteristics of the Mortgage Loans and/or
the related Mortgaged Properties as set forth in Exhibit 2 hereto, and in either
case such defect or breach, either (i) materially and adversely affects the
interests of the holders of the Certificates in the related Mortgage Loan, or
(ii) both (A) the document defect or breach materially and adversely affects the
value of the Mortgage Loan and (B) the Mortgage Loan is a Specially Serviced
Mortgage Loan or Rehabilitated Mortgage Loan (such a document defect described
in the preceding clause (i) or (ii), a "Material Document Defect" and such a
breach described in the preceding clause (i) or (ii) a "Material Breach"), the
party discovering such Material Document Defect or Material Breach shall
promptly notify, in writing, the other party; provided that any breach of the
representation and warranty contained in paragraph (38) of such Exhibit 2 shall
constitute a Material Breach only if such prepayment premium or yield
maintenance charge is not deemed "customary" for commercial mortgage loans as
evidenced by (i) an opinion of tax counsel to such effect or (ii) a
determination by the Internal Revenue Service that such provision is not
customary. Promptly (but in any event within three Business Days) upon becoming
aware of any such Material Document Defect or Material Breach, the Master
Servicer shall, and the Special Servicer may, request that the Seller, not later
than 90 days from the Seller's receipt of the notice of such Material Document
Defect or Material Breach, cure such Material Document Defect or Material
Breach, as the case may be, in all material respects; provided, however, that if
such Material Document Defect or Material Breach, as the case may be, cannot be
corrected or cured in all material respects within such 90-day period, and such
Material Document Defect or Material Breach would not cause the Mortgage Loan to
be other than a "qualified mortgage" (as defined in the Code), but the Seller is
diligently attempting to effect such correction or cure, as certified by the
Seller in an Officer's Certificate delivered to the Trustee, then the cure
period will be extended for an additional 90 days unless, solely in the case of
a Material Document Defect, (x) the Mortgage Loan is, at the end of the initial
90-day period, a Specially Serviced Mortgage Loan and a Servicing Transfer Event
has occurred as a result of a monetary default or as described in clause (ii) or
clause (v) of the definition of "Servicing Transfer Event" in the Pooling and
Servicing Agreement and (y) the Material Document Defect was identified in a
certification delivered to the Seller by the Trustee pursuant to Section 2.2 of
the Pooling and Servicing Agreement not less than 90 days prior to the delivery
of the notice of such Material Document Defect. The parties acknowledge that
neither delivery of a certification or schedule of exceptions to the Seller
pursuant to Section 2.2 of the Pooling and Servicing Agreement or otherwise nor
possession of such certification or schedule by the Seller shall, in and of
itself, constitute delivery of notice of any Material Document Defect or
knowledge or awareness by the Seller of any Material Document Defect listed
therein.
The Seller hereby covenants and agrees that, if any such Material
Document Defect or Material Breach cannot be corrected or cured in all material
aspects within the above cure periods, the Seller shall, on or before the
termination of such cure periods, either (i) repurchase the affected Mortgage
Loan or REO Mortgage Loan from the Purchaser or its assignee at the Purchase
Price as defined in the Pooling and Servicing Agreement, or (ii) if within the
two-year period commencing on the Closing Date, at its option replace, without
recourse, any Mortgage Loan or REO Mortgage Loan to which such defect relates
with a Qualifying Substitute Mortgage Loan. If such Material Document Defect or
Material Breach would cause the Mortgage Loan to be other than a "qualified
mortgage" (as defined in the Code), then notwithstanding the previous sentence,
such repurchase or substitution must occur within 90 days from the earlier of
the date the Seller discovered or was notified of the breach or defect. The
Seller agrees that any substitution shall be completed in accordance with the
terms and conditions of the Pooling and Servicing Agreement.
If (i) a Mortgage Loan is to be repurchased or replaced in
connection with a Material Document Defect or Material Breach as contemplated
above, (ii) such Mortgage Loan is cross-collateralized and cross-defaulted with
one or more other Mortgage Loans in the Trust and (iii) the applicable document
defect or breach does not constitute a Material Document Defect or Material
Breach, as the case may be, as to such other Mortgage Loans (without regard to
this paragraph), then the applicable document defect or breach (as the case may
be) shall be deemed to constitute a Material Document Defect or Material Breach,
as the case may be, as to each such other Mortgage Loan for purposes of the
above provisions, and the Seller shall be obligated to repurchase or replace
each such other Mortgage Loan in accordance with the provisions above, unless,
in the case of such breach or document defect, both of the following conditions
would be satisfied if the Seller were to repurchase or replace only those
Mortgage Loans as to which a Material Breach had occurred without regard to this
paragraph (the "Affected Loan(s)"): (1) the debt service coverage ratio for all
such other Mortgage Loans (excluding the Affected Loan(s)) for the four calendar
quarters immediately preceding the repurchase or replacement (determined as
provided in the definition of Debt Service Coverage Ratio in the Pooling and
Servicing Agreement, except that net cash flow for such four calendar quarters,
rather than year-end, shall be used) is equal to the greater of (x) the debt
service coverage ratio for all such Mortgage Loans (including the Affected
Loan(s)) set forth under the heading "NCF DSCR" in Appendix II to the Final
Prospectus Supplement and (y) 1.25x, and (2) the Loan-to-Value Ratio for all
such other Mortgage Loans (excluding the Affected Loan(s)) is not greater than
the lesser of (x) the current loan-to-value ratio for all such Mortgage Loans
(including the Affected Loan(s)) set forth under the heading "Cut-Off Date LTV"
in Appendix II to the Final Prospectus Supplement and (y) 75%. The determination
of the Master Servicer as to whether either of the conditions set forth above
has been satisfied shall be conclusive and binding in the absence of manifest
error. The Master Servicer will be entitled to cause, or direct the Seller to
cause, to be delivered to the Master Servicer at the Seller's expense (i) an
Appraisal of any or all of the related Mortgaged Properties for purposes of
determining whether the condition set forth in clause (2) above has been
satisfied, in each case at the expense of the Seller if the scope and cost of
the Appraisal is approved by the Seller (such approval not to be unreasonably
withheld) and (ii) an Opinion of Counsel that not requiring the repurchase of
each such Cross-Collateralized Loan will not result in an Adverse REMIC Event.
With respect to any Mortgage Loan that is cross-defaulted and/or
cross-collateralized with any other Mortgage Loan conveyed hereunder, to the
extent that the Seller is required to repurchase or substitute for such Mortgage
Loan (each, a "Repurchased Loan") in the manner prescribed above while the
Trustee (as assignee of the Purchaser) continues to hold any other Mortgage Loan
that is cross-collateralized and/or cross-defaulted (each, a
"Cross-Collateralized Loan") with such Repurchased Loan, the Seller and the
Purchaser hereby agree to modify, prior to such repurchase or substitution, the
related Mortgage Loan documents in a manner such that such affected Repurchased
Loan, on the one hand, and any related Crossed-Collateralized Loans held by the
Trustee, on the other, would no longer be cross-defaulted or
cross-collateralized with one another; provided that the Seller shall have
furnished the Trustee, at the expense of the Seller, a nondisqualification
opinion that such modification shall not cause an Adverse REMIC Event; provided,
further, that if such nondisqualification opinion cannot be furnished, the
Seller and the Purchaser agree that such repurchase or substitution of only the
Repurchased Loan, notwithstanding anything to the contrary herein, shall not be
permitted and the Seller shall repurchase or substitute for the Repurchased Loan
and all related Crossed-Collateralized Loans. Any reserve or other cash
collateral or letters of credit securing the Cross-Collateralized Loans shall be
allocated between such Mortgage Loans in accordance with the Mortgage Loan
documents. All other terms of the Mortgage Loans shall remain in full force and
effect, without any modification thereof. The Mortgagors set forth on Schedule B
hereto are intended third-party beneficiaries of the provisions set forth in
this paragraph and the preceding paragraph. The provisions of this paragraph and
the preceding paragraph may not be modified with respect to any Mortgage Loan
without the related Mortgagor's consent.
Upon occurrence (and after any applicable cure or grace period), any
of the following document defects shall be conclusively presumed materially and
adversely to affect the interests of Certificateholders in a Mortgage Loan and
be a Material Document Defect: (i) the absence from the Mortgage File of the
original signed Mortgage Note, unless the Mortgage File contains a signed lost
note affidavit and indemnity and a copy of the Mortgage Note; (ii) the absence
from the Mortgage File of the item called for by paragraph (b) of the definition
of Mortgage File; or (iii) the absence from the Mortgage File of the item called
for by paragraph (h) of the definition of Mortgage File. If any of the foregoing
Material Document Defects is discovered by the Custodian (or the Trustee if
there is no Custodian), the Trustee (or as set forth in Section 2.3(a) of the
Pooling and Servicing Agreement, the Master Servicer) will take the steps
described elsewhere in this Section, including the giving of notices to the
Rating Agencies and the parties hereto and making demand upon the Seller for the
cure of the Material Document Defect or repurchase or replacement of the related
Mortgage Loan.
If the Seller disputes that a Material Document Defect or Material
Breach exists with respect to a Mortgage Loan or otherwise refuses (i) to effect
a correction or cure of such Material Document Defect or Material Breach, (ii)
to repurchase the Affected Loan from the Trust or (iii) to replace such Mortgage
Loan with a Qualifying Substitute Mortgage Loan, then provided that (x) the
period of time provided for the Seller to correct, repurchase or cure has
expired and (y) the Mortgage Loan is then in default and is then a Specially
Serviced Mortgage Loan, the Special Servicer may, subject to the Servicing
Standard, modify, work-out or foreclose, sell or otherwise liquidate (or permit
the liquidation of) the Mortgage Loan pursuant to Section 9.5, Section 9.12,
Section 9.15 and Section 9.36, as applicable, of the Pooling and Servicing
Agreement, while pursuing the repurchase claim. The Seller acknowledges and
agrees that any modification of the Mortgage Loan pursuant to such a work-out
shall not constitute a defense to any repurchase claim nor shall such
modification or work-out change the Purchase Price due from the Seller for any
repurchase claim. Any sale of the Mortgage Loan, or foreclosure upon such
Mortgage Loan and sale of the REO Property, to a Person other than the Seller
shall be without (i) recourse of any kind (either express or implied) by such
Person against the Seller and (ii) representation or warranty of any kind
(either express or implied) by the Seller to or for the benefit of such Person.
The fact that a Material Document Defect or Material Breach is not
discovered until after foreclosure (but in all instances prior to the sale of
the related REO Property or Mortgage Loan) shall not prejudice any claim against
the Seller for repurchase of the REO Mortgage Loan or REO Property. In such an
event, the Master Servicer or Special Servicer, as applicable, shall be required
to notify the Seller of the discovery of the Material Document Defect or
Material Breach and the Seller shall be required to follow the procedures set
forth in this Agreement to correct or cure such Material Document Defect or
Material Breach or purchase the REO Property at the Purchase Price. If the
Seller fails to correct or cure the Material Document Defect or Material Breach
or purchase the REO Property, then the provisions above regarding notice of
offers related to such REO Property and the Seller's right to purchase such REO
Property shall apply. If a court of competent jurisdiction issues a final order
that the Seller is or was obligated to repurchase the related Mortgage Loan or
REO Mortgage Loan or the Seller otherwise accepts liability, then, after the
expiration of any applicable appeal period, but in no event later than the
termination of the Trust pursuant to Section 9.30 of the Pooling and Servicing
Agreement, the Seller will be obligated to pay to the Trust the difference
between any Liquidation Proceeds received upon such liquidation (including those
arising from any sale to the Seller) and the Purchase Price; provided that the
prevailing party in such action shall be entitled to recover all costs, fees and
expenses (including reasonable attorneys' fees) related thereto.
In connection with any liquidation or sale of a Mortgage Loan or REO
Property as described above, the Special Servicer will not receive a Liquidation
Fee in connection with such liquidation or sale or any portion of the Work-Out
Fee that accrues after the Seller receives notice of a Material Document Defect
or Material Breach until a final determination has been made, as set forth in
the prior paragraph, as to whether the Seller is or was obligated to repurchase
such related Mortgage Loan or REO Property. Upon such determination, the Special
Servicer will be entitled: (i) with respect to a determination that the Seller
is or was obligated to repurchase, to collect a Liquidation Fee, if due in
accordance with the definition thereof, based upon the full Purchase Price of
the related Mortgage Loan or REO property, with such Liquidation Fee payable by
the Seller or (ii) with respect to a determination that Seller is not or was not
obligated to repurchase (or the Trust decides that it will no longer pursue a
claim against the Seller for repurchase), (A) to collect a Liquidation Fee based
upon the Liquidation Proceeds as received upon the actual sale or liquidation of
such Mortgage Loan or REO Property, and (B) to collect any accrued and unpaid
Work-Out Fee, based on amounts that were collected for as long as the related
Mortgage Loan was a Rehabilitated Mortgage Loan, in each case with such amount
to be paid from amounts in the Certificate Account.
The obligations of the Seller set forth in this Section 5(b) to cure
a Material Document Defect or a Material Breach or repurchase or replace a
defective Mortgage Loan constitute the sole remedies of the Purchaser or its
assignees with respect to a Material Document Defect or Material Breach in
respect of an outstanding Mortgage Loan; provided, that this limitation shall
not in any way limit the Purchaser's rights or remedies upon breach of any other
representation or warranty or covenant by the Seller set forth in this Agreement
(other than those set forth in Exhibit 2).
Notwithstanding the foregoing, in the event that there is a breach
of the representation and warranty set forth in paragraph 41 of Exhibit 2
attached hereto because the underlying loan documents do not provide for the
payment by the Mortgagor of reasonable costs and expenses associated with the
defeasance or assumption of a Mortgage Loan by the Mortgagor, the Seller hereby
covenants and agrees to pay such reasonable costs and expenses, to the extent an
amount is due and not paid by the related Mortgagor. The parties hereto
acknowledge that the payment of such reasonable costs and expenses shall be the
Seller's sole obligation with respect to the breaches discussed in the previous
sentence. The Seller shall have no obligation to pay for any of the foregoing
costs if the applicable Mortgagor has an obligation to pay for such costs.
The Seller hereby agrees that it will pay for any expense incurred
by the applicable Master Servicer or the Special Servicer, as applicable, in
connection with modifying a Mortgage Loan pursuant to Section 2.3 of the Pooling
and Servicing Agreement in order for such Mortgage Loan to be a "qualified
substitute mortgage loan" within the meaning of the Treasury Regulations
promulgated under the Code. Upon a breach of the representation and warranty set
forth in paragraph 37 of Exhibit 2 attached hereto, if such Mortgage Loan is
modified so that it becomes a "qualified substitute mortgage loan", such breach
will be cured and the Seller will not be obligated to repurchase or otherwise
remedy such breach.
(c) The Pooling and Servicing Agreement shall provide that the
Trustee (or the applicable Master Servicer or the Special Servicer on its
behalf) shall give written notice within three Business Days to the Seller of
its discovery of any Material Document Defect or Material Breach and prompt
written notice to the Seller in the event that any Mortgage Loan becomes a
Specially Serviced Mortgage Loan (as defined in the Pooling and Servicing
Agreement).
(d) If the Seller repurchases any Mortgage Loan pursuant to this
Section 5, the Purchaser or its assignee, following receipt by the Trustee of
the Purchase Price therefor, promptly shall deliver or cause to be delivered to
the Seller all Mortgage Loan documents with respect to such Mortgage Loan, and
each document that constitutes a part of the Mortgage File that was endorsed or
assigned to the Trustee shall be endorsed and assigned to the Seller in the same
manner such that the Seller shall be vested with legal and beneficial title to
such Mortgage Loan, in each case without recourse, including any property
acquired in respect of such Mortgage Loan or proceeds of any insurance policies
with respect thereto.
Section 6. Closing. The closing of the sale of the Mortgage Loans
shall be held at the offices of Cadwalader, Xxxxxxxxxx & Xxxx LLP, Xxx Xxxxx
Xxxxxxxxx Xxxxxx, Xxx Xxxx, XX 00000 at 9:00 a.m., New York time, on the Closing
Date.
The obligation of the Seller and the Purchaser to close shall be
subject to the satisfaction of each of the following conditions on or prior to
the Closing Date:
(a) All of the representations and warranties of the Seller and the
Purchaser specified in Section 4 of this Agreement (including, without
limitation, the representations and warranties set forth on Exhibit 2 to this
Agreement) shall be true and correct as of the Closing Date, provided that any
representations and warranties made as of a specified date shall be true and
correct as of such specified date.
(b) All Closing Documents specified in Section 7 of this Agreement,
in such forms as are agreed upon and reasonably acceptable to the Seller or the
Purchaser, as applicable, shall be duly executed and delivered by all
signatories as required pursuant to the respective terms thereof.
(c) The Seller shall have delivered and released to the Purchaser or
its designee all documents required to be delivered to the Purchaser as of the
Closing Date pursuant to Section 2 of this Agreement.
(d) The result of the examination and audit performed by the
Purchaser and its affiliates pursuant to Section 3 hereof shall be satisfactory
to the Purchaser and its affiliates in their sole determination and the parties
shall have agreed to the form and contents of the Seller Information (as defined
in the Indemnification Agreement) to be disclosed in the Memorandum and the
Prospectus Supplement.
(e) All other terms and conditions of this Agreement required to be
complied with on or before the Closing Date shall have been complied with, and
the Seller and the Purchaser shall have the ability to comply with all terms and
conditions and perform all duties and obligations required to be complied with
or performed after the Closing Date.
(f) The Seller shall have paid all fees and expenses payable by it
to the Purchaser pursuant to Section 8 hereof.
(g) The Certificates to be so rated shall have been assigned ratings
by each Rating Agency no lower than the ratings specified for each such Class in
the Memorandum and the Prospectus Supplement.
(h) No Underwriter shall have terminated the Underwriting Agreement
and the Initial Purchaser shall not have terminated the Certificate Purchase
Agreement, and neither the Underwriters nor the Initial Purchaser shall have
suspended, delayed or otherwise cancelled the Closing Date.
(i) The Seller shall have received the purchase price for the
Mortgage Loans pursuant to Section 1 hereof.
Each party agrees to use its best efforts to perform its respective
obligations hereunder in a manner that will enable the Purchaser to purchase the
Mortgage Loans on the Closing Date.
Section 7. Closing Documents. The Closing Documents shall consist of
the following:
(a) This Agreement duly executed by the Purchaser and the Seller.
(b) A certificate of the Seller, executed by a duly authorized
officer of the Seller and dated the Closing Date, and upon which the Purchaser
and its successors and assigns may rely, to the effect that: (i) the
representations and warranties of the Seller in this Agreement are true and
correct in all material respects on and as of the Closing Date with the same
force and effect as if made on the Closing Date, provided that any
representations and warranties made as of a specified date shall be true and
correct as of such specified date; and (ii) the Seller has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied
on or prior to the Closing Date.
(c) True, complete and correct copies of the Seller's articles of
organization and by-laws.
(d) A certificate of existence for the Seller from the Secretary of
State of New York dated not earlier than 30 days prior to the Closing Date.
(e) A certificate of the Secretary or Assistant Secretary of the
Seller, dated the Closing Date, and upon which the Purchaser may rely, to the
effect that each individual who, as an officer or representative of the Seller,
signed this Agreement or any other document or certificate delivered on or
before the Closing Date in connection with the transactions contemplated herein,
was at the respective times of such signing and delivery, and is as of the
Closing Date, duly elected or appointed, qualified and acting as such officer or
representative, and the signatures of such persons appearing on such documents
and certificates are their genuine signatures.
(f) An opinion of counsel (which, other than as to the opinion
described in paragraph (vi) below, may be in-house counsel) to the Seller, dated
the Closing Date, substantially to the effect of the following (with such
changes and modifications as the Purchaser may approve and subject to such
counsel's reasonable qualifications):
(i) The Seller is validly existing under New York law and has full
corporate power and authority to enter into and perform its obligations
under this Agreement.
(ii) This Agreement has been duly authorized, executed and delivered
by the Seller.
(iii) No consent, approval, authorization or order of any federal
court or governmental agency or body is required for the consummation by
the Seller of the transactions contemplated by the terms of this Agreement
except any approvals as have been obtained.
(iv) Neither the execution, delivery or performance of this
Agreement by the Seller, nor the consummation by the Seller of any of the
transactions contemplated by the terms of this Agreement (A) conflicts
with or results in a breach or violation of, or constitutes a default
under, the organizational documents of the Seller, (B) to the knowledge of
such counsel, constitutes a default under any term or provision of any
material agreement, contract, instrument or indenture, to which the Seller
is a party or by which it or any of its assets is bound or results in the
creation or imposition of any lien, charge or encumbrance upon any of its
property pursuant to the terms of any such indenture, mortgage, contract
or other instrument, other than pursuant to this Agreement, or (C)
conflicts with or results in a breach or violation of any law, rule,
regulation, order, judgment, writ, injunction or decree of any court or
governmental authority having jurisdiction over the Seller or its assets,
except where in any of the instances contemplated by clauses (B) or (C)
above, any conflict, breach or default, or creation or imposition of any
lien, charge or encumbrance, will not have a material adverse effect on
the consummation of the transactions contemplated hereby by the Seller or
materially and adversely affect its ability to perform its obligations and
duties hereunder or result in any material adverse change in the business,
operations, financial condition, properties or assets of the Seller, or in
any material impairment of the right or ability of the Seller to carry on
its business substantially as now conducted.
(v) To his or her knowledge, there are no legal or governmental
actions, investigations or proceedings pending to which the Seller is a
party, or threatened against the Seller, (a) asserting the invalidity of
this Agreement or (b) which materially and adversely affect the
performance by the Seller of its obligations under, or the validity or
enforceability of, this Agreement.
(vi) This Agreement is a valid, legal and binding agreement of the
Seller, enforceable against the Seller in accordance with its terms,
except as such enforcement may be limited by (1) laws relating to
bankruptcy, insolvency, reorganization, receivership or moratorium, (2)
other laws relating to or affecting the rights of creditors generally, (3)
general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law) or (4) public policy
considerations underlying the securities laws, to the extent that such
public policy considerations limit the enforceability of the provisions of
this Agreement that purport to provide indemnification from liabilities
under applicable securities laws.
Such opinion may express its reliance as to factual matters on,
among other things specified in such opinion, the representations and warranties
made by, and on certificates or other documents furnished by officers of, the
parties to this Agreement.
In rendering the opinions expressed above, such counsel may limit
such opinions to matters governed by the federal laws of the United States and
the corporate laws of the State of Delaware and the State of New York, as
applicable.
(g) Such other opinions of counsel as any Rating Agency may request
in connection with the sale of the Mortgage Loans by the Seller to the Purchaser
or the Seller's execution and delivery of, or performance under, this Agreement.
(h) A letter from Deloitte & Touche LLP, certified public
accountants, dated the date hereof, to the effect that they have performed
certain specified procedures as a result of which they determined that certain
information of an accounting, financial or statistical nature set forth in the
Memorandum and the Prospectus Supplement agrees with the records of the Seller.
(i) Such further certificates, opinions and documents as the
Purchaser may reasonably request.
(j) An officer's certificate of the Purchaser, dated as of the
Closing Date, with the resolutions of the Purchaser authorizing the transactions
described herein attached thereto, together with certified copies of the
charter, by-laws and certificate of good standing of the Purchaser dated not
earlier than 30 days prior to the Closing Date.
(k) Such other certificates of the Purchaser's officers or others
and such other documents to evidence fulfillment of the conditions set forth in
this Agreement as the Seller or its counsel may reasonably request.
(l) An executed Xxxx of Sale in the form attached hereto as Exhibit
4.
Section 8. Costs. The Seller shall pay the Purchaser the costs and
expenses as agreed upon by the Seller and the Purchaser in a separate Letter of
Understanding dated May 30, 2007.
Section 9. Exchange Act Reporting Information. The Seller hereby
agrees to deliver to the Purchaser and the Trustee any disclosure information
relating to any event specifically related to the Seller reasonably determined
in good faith by the Purchaser as required to be reported on Form 8-K, Form 10-D
or Form 10-K by the Trust (in formatting reasonably appropriate for inclusion in
such form), including, without limitation, the disclosure required under Items
1117 and 1119 of Regulation AB and Item 1.03 to Form 8-K. The Seller shall use
its best efforts to deliver proposed disclosure language relating to any event
described under Items 1117 and 1119 of Regulation AB and Item 1.03 to Form 8-K
to the Trustee and the Purchaser within one Business Day and in any event no
later than two Business Days of the Seller becoming aware of such event and
shall provide disclosure relating to any other event reasonably determined by
the Purchaser as required to be disclosed on Form 8-K, Form 10-D or Form 10-K
within two Business Days following the Purchaser's request for such disclosure
language. The obligation of the Seller to provide the above-referenced
disclosure materials will terminate upon notice or other written confirmation
from the Purchaser or the Trustee that the Trustee has filed a Form 15 with
respect to the Trust as to that fiscal year in accordance with Section 13.8 of
the Pooling and Servicing Agreement or the reporting requirements with respect
to the Trust under the Securities Exchange Act of 1934, as amended, have
otherwise been automatically suspended. The Seller hereby acknowledges that the
information to be provided by it pursuant to this Section will be used in the
preparation of reports meeting the reporting requirements of the Trust under
Section 13(a) and/or Section 15(d) of the Securities Exchange Act of 1934, as
amended.
Section 10. Notices. All communications provided for or permitted
hereunder shall be in writing and shall be deemed to have been duly given if (a)
personally delivered, (b) mailed by registered or certified mail, postage
prepaid and received by the addressee, (c) sent by express courier delivery
service and received by the addressee, or (d) transmitted by telex or facsimile
transmission (or any other type of electronic transmission agreed upon by the
parties) and confirmed by a writing delivered by any of the means described in
(a), (b) or (c), if (i) to the Purchaser, addressed to Xxxxxx Xxxxxxx Capital I
Inc., 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxxxx Xxxxxx, with a
copy to Xxxxxxxx Xxxxx (or such other address as may hereafter be furnished in
writing by the Purchaser), or (ii) if to the Seller, addressed to the Seller at
Xxxxxx Xxxxxxx Mortgage Capital Inc., 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000,
Attention: Xxxxxxx Xxxxxxxxx, with a copy to Xxxxxxxx Xxxxx.
Section 11. Severability of Provisions. Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or
that is held to be void or unenforceable shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof. Any part, provision, representation, warranty or covenant of
this Agreement that is prohibited or unenforceable or is held to be void or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, the parties
hereto waive any provision of law which prohibits or renders void or
unenforceable any provision hereof.
Section 12. Further Assurances. The Seller and the Purchaser each
agree to execute and deliver such instruments and take such actions as the other
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement and the Pooling and Servicing
Agreement.
Section 13. Survival. Each party hereto agrees that the
representations, warranties and agreements made by it herein and in any
certificate or other instrument delivered pursuant hereto shall be deemed to be
relied upon by the other party, notwithstanding any investigation heretofore or
hereafter made by the other party or on its behalf, and that the
representations, warranties and agreements made by such other party herein or in
any such certificate or other instrument shall survive the delivery of and
payment for the Mortgage Loans and shall continue in full force and effect,
notwithstanding any restrictive or qualified endorsement on the Mortgage Notes
and notwithstanding subsequent termination of this Agreement.
Section 14. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES,
OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW
YORK. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.
Section 15. Benefits of Mortgage Loan Purchase Agreement. This
Agreement shall inure to the benefit of and shall be binding upon the Seller,
the Purchaser and their respective successors, legal representatives, and
permitted assigns, and nothing expressed or mentioned in this Agreement is
intended or shall be construed to give any other person any legal or equitable
right, remedy or claim under or in respect of this Agreement, or any provisions
herein contained, this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and
for the benefit of no other person except that (a) each Underwriter shall be a
third party beneficiary of the Seller's representations and warranties set forth
in Section 4(a)(vii) and (b) the rights and obligations of the Purchaser
pursuant to Sections 2, 4(a) (other than clause (vii)), 5, 11 and 12 hereof may
be assigned to the Trustee as may be required to effect the purposes of the
Pooling and Servicing Agreement and, upon such assignment, the Trustee shall
succeed to the rights and obligations hereunder of the Purchaser. No owner of a
Certificate issued pursuant to the Pooling and Servicing Agreement shall be
deemed a successor or permitted assigns because of such ownership.
Section 16. Miscellaneous. This Agreement may be executed in two or
more counterparts, each of which when so executed and delivered shall be an
original, but all of which together shall constitute one and the same
instrument. Neither this Agreement nor any term hereof may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against whom enforcement of the change, waiver, discharge or
termination is sought. The headings in this Agreement are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof. The
rights and obligations of the Seller under this Agreement shall not be assigned
by the Seller without the prior written consent of the Purchaser, except that
any person into which the Seller may be merged or consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Seller is a party, or any person succeeding to the entire business of the Seller
shall be the successor to the Seller hereunder.
Section 17. Entire Agreement. This Agreement contains the entire
agreement and understanding between the parties hereto with respect to the
subject matter hereof (other than the Letter of Understanding, the
Indemnification Agreement and the Pooling and Servicing Agreement), and
supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever
with respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance or usage of the trade inconsistent with any
of the terms hereof.
IN WITNESS WHEREOF, the Purchaser and the Seller have caused this
Agreement to be executed by their respective duly authorized officers as of the
date first above written.
XXXXXX XXXXXXX MORTGAGE CAPITAL INC.
By: //S// Xxxxxxx Xxxxxx
--------------------
Name: Xxxxxxx Xxxxxx
Title: Vice President
XXXXXX XXXXXXX CAPITAL I INC.
By: //S// Xxxxxxx Xxxxxx
--------------------
Name: Xxxxxxx Xxxxxx
Title: Executive Director
EXHIBIT 1
MORTGAGE LOAN SCHEDULE
CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Xxxxxx Xxxxxxx Mortgage Capital Inc.
Mortgage CMSA CMSA Mortgage Cross-
Loan Loan Property Loan Property Loan Collateral
No. No. No. Seller(1) Name Group -ization (2)
-------- ---- -------- --------------- ------------------------------------------------------- ----- ------------
1 MSMC Beacon Seattle & DC Portfolio Roll-Up
1 0-000 XXXX Xxxxxx Xxxxxx (I) 1 No
1 0-000 XXXX Xxxx & Xxxxxx (I) 1 No
1 1-003 MSMC Xxxxx Fargo Center (I) 1 No
1 1-004 MSMC Lafayette Center (I) 1 No
1 1-005 MSMC Xxxx Xxxxx Complex (I) 1 No
1 1-006 MSMC Key Center (I) 1 No
1 1-007 MSMC Sunset North (I) 1 No
1 0-000 XXXX Xxxx Center Bellevue (I) 1 No
1 0-000 XXXX Xxxxx Xxxxxx (I) 1 No
1 1-010 MSMC 0000 Xxxxx Xxxx Xxxx Xxxxx (I) 1 No
1 0-000 XXXX American Center (I) 1 No
1 1-012 MSMC Eastgate Office Park (I) 1 No
1 1-013 MSMC Liberty Place (I) 1 No
1 1-014 MSMC Lincoln Executive Center (I) 1 No
1 1-015 MSMC 00000 Xxxxxx Xxxxx Xxxx (I) 1 No
1 1-016 MSMC Army and Navy Building (I) 1 No
1 0-000 XXXX Xxxxx Xxxx (I) 1 No
1 1-018 MSMC Reston Town Center (I) 1 No
1 0-000 XXXX Xxxxxxxxxx Mutual Tower (I) 1 No
1 1-020 MSMC 0000 Xxxxx Xxxxxxxxxxx Xxxxxx (I) 1 No
2 MSMC Xxxxx Center & U.S. Bank Tower Roll-Up
2 2-001 MSMC Xxxxx Center (II) 1 No
2 0-000 XXXX X.X. Bank Tower (II) 1 No
8 8 0-000 XXXX Xxxx View Center 1 No
30 MSMC Las Vegas Portfolio Roll-Up
30 30-001 MSMC Las Vegas Portfolio - Majestic Runway Partners I-I (IX) 1 No
30 30-002 MSMC Las Vegas Portfolio - Park 2000 (IX) 1 No
52 52 52-001 MSMC 2000 & 0000 Xxxxxx Xxxxx 1 No
64 64 64-001 MSMC Gateway Medical Research Building 1 No
75 75 75-001 MSMC 000 Xxxxxxxxxx Xxxxxx 1 No
81 81 81-001 MSMC Redrock Plaza 1 No
91 91 91-001 MSMC 000-000 Xxxx Xxxxxx 1 No
92 92 92-001 MSMC Xxxxxxx Xxxxxxxx Plaza 1 No
99 99 99-001 MSMC Pasadena Office & Light Industrial 1 No
180 180 180-001 MSMC Xxxxxxxx Professional Plaza 1 No
184 184 184-001 MSMC Kentucky Retail Portfolio - Rite Aid (G) 1 Yes
185 185 185-001 MSMC Kentucky Retail Portfolio - Richmond Xxxxx Centre (G) 1 Yes
193 193 193-001 MSMC Xxxxxxxxxx Shopping Village 1 No
199 199 199-001 MSMC Shoppes of Powers Ferry 1 No
215 215 215-001 MSMC Eckerd Williamsburg 1 No
218 218 218-001 MSMC Woodridge I & II 2 No
219 219 219-001 MSMC Holiday Inn Express - Fultondale 1 No
234 234 234-001 MSMC Comfort Suites - Fultondale 1 No
239 239 239-001 MSMC Comfort Suites - Clearwater 1 No
245 245 245-001 MSMC 00000 Xxxxx Xxxxxx Xxxxxx 1 No
246 246 246-001 MSMC Westmark Plaza II 1 No
249 249 249-001 MSMC Copper Country MHP and Mini-Storage 2 No
251 251 251-001 MSMC Best Western Rory & Xxxx Inns 1 No
253 253 253-001 MSMC Xxxxxxx Xxx & Xxxxxx - Xxxxxx 0 No
254 254 254-001 MSMC Radisson Hotel - Akron 1 No
256 256 256-001 MSMC Best Western - Universal Inn 1 No
272 272 272-001 MSMC 0000 Xxx Xxxxxxx Xxxx 1 No
281 281 281-001 MSMC Best Western - Castle Rock 1 No
284 284 284-001 MSMC Rite Aid - Hopkinsville, KY 1 No
299 299 299-001 MSMC Xxxxx Creek Commons 1 No
334 334 334-001 MSMC Super 8 - Meridian 1 No
396 396 396-001 MSMC Oak Lawn Plaza 1 No
Mortgage Cut-Off Post IO Cut-Off
Loan Original Date NOI NCF Period Date Balloon
No. Balance Balance(3) DSCR(4) DSCR(4) NCF DSCR(4) LTV(4) LTV(4)
-------- ------------ ------------ ------- ------- ----------- ------- -------
$775,000,000 $775,000,000 1.34 1.25 NAP 68.2% 68.2%
1 $119,747,930 $119,747,930 1.34 1.25 NAP 68.2% 68.2%
1 $94,847,604 $94,847,604 1.34 1.25 NAP 68.2% 68.2%
1 $89,188,439 $89,188,439 1.34 1.25 NAP 68.2% 68.2%
1 $80,609,145 $80,609,145 1.34 1.25 NAP 68.2% 68.2%
1 $67,977,889 $67,977,889 1.34 1.25 NAP 68.2% 68.2%
1 $45,431,776 $45,431,776 1.34 1.25 NAP 68.2% 68.2%
1 $42,217,370 $42,217,370 1.34 1.25 NAP 68.2% 68.2%
1 $41,911,776 $41,911,776 1.34 1.25 NAP 68.2% 68.2%
1 $34,362,449 $34,362,449 1.34 1.25 NAP 68.2% 68.2%
1 $31,691,324 $31,691,324 1.34 1.25 NAP 68.2% 68.2%
1 $23,994,859 $23,994,859 1.34 1.25 NAP 68.2% 68.2%
1 $20,961,547 $20,961,547 1.34 1.25 NAP 68.2% 68.2%
1 $19,920,260 $19,920,260 1.34 1.25 NAP 68.2% 68.2%
1 $19,354,344 $19,354,344 1.34 1.25 NAP 68.2% 68.2%
1 $17,022,768 $17,022,768 1.34 1.25 NAP 68.2% 68.2%
1 $14,374,279 $14,374,279 1.34 1.25 NAP 68.2% 68.2%
1 $11,386,240 $11,386,240 1.34 1.25 NAP 68.2% 68.2%
1 $0 $0 1.34 1.25 NAP 68.2% 68.2%
1 $0 $0 1.34 1.25 NAP 68.2% 68.2%
1 $0 $0 1.34 1.25 NAP 68.2% 68.2%
$300,000,000 $300,000,000 1.14 1.11 NAP 76.0% 76.0%
2 $200,000,000 $200,000,000 1.14 1.11 NAP 76.0% 76.0%
2 $100,000,000 $100,000,000 1.14 1.11 NAP 76.0% 76.0%
8 $81,000,000 $81,000,000 1.32 1.27 NAP 78.3% 78.3%
$24,000,000 $23,953,921 2.41 1.21 NAP 65.8% 55.7%
30 $17,500,000 $17,466,401 2.41 1.21 NAP 65.8% 55.7%
30 $6,500,000 $6,487,520 2.41 1.21 NAP 65.8% 55.7%
52 $16,825,000 $16,771,559 1.37 1.17 NAP 79.0% 74.2%
64 $14,200,000 $14,184,948 1.51 1.42 NAP 67.5% 56.9%
75 $12,100,000 $12,061,567 1.58 1.24 NAP 74.7% 70.2%
81 $11,500,000 $11,500,000 1.57 1.45 1.19 75.7% 70.4%
91 $10,200,000 $10,200,000 1.69 1.53 1.26 76.1% 66.9%
92 $10,250,000 $10,199,093 1.26 1.13 NAP 79.7% 67.8%
99 $9,200,000 $9,200,000 1.35 1.27 NAP 66.7% 56.4%
180 $5,500,000 $5,500,000 1.52 1.39 NAP 77.5% 61.8%
184 $2,865,000 $2,855,947 1.30 1.24 NAP 79.2% 67.5%
185 $2,485,000 $2,477,147 1.30 1.24 NAP 79.2% 67.5%
193 $5,120,000 $5,120,000 1.71 1.52 1.27 80.0% 69.2%
199 $5,000,000 $4,979,555 1.21 1.15 NAP 63.4% 54.0%
215 $4,425,000 $4,425,000 1.21 1.17 NAP 74.4% 62.6%
218 $4,400,000 $4,376,936 1.42 1.29 NAP 76.8% 64.9%
219 $4,375,000 $4,349,282 1.70 1.51 NAP 73.7% 63.0%
234 $3,955,000 $3,931,751 1.62 1.43 NAP 74.2% 63.4%
239 $3,800,000 $3,784,783 1.67 1.50 NAP 62.0% 52.9%
245 $3,600,000 $3,581,976 1.43 1.34 NAP 79.6% 67.7%
246 $3,560,000 $3,560,000 1.80 1.66 1.38 80.0% 72.0%
249 $3,500,000 $3,500,000 1.85 1.80 1.50 64.8% 57.2%
251 $3,500,000 $3,488,476 2.03 1.85 NAP 63.4% 53.7%
253 $3,500,000 $3,478,857 2.54 2.23 NAP 49.7% 38.5%
254 $3,450,000 $3,425,247 1.72 1.42 NAP 71.4% 55.8%
256 $3,400,000 $3,359,802 1.77 1.57 NAP 65.9% 52.6%
272 $3,000,000 $3,000,000 1.38 1.37 1.11 77.9% 70.5%
281 $3,000,000 $2,988,303 1.65 1.43 NAP 68.7% 58.9%
284 $2,980,000 $2,974,478 1.34 1.33 NAP 78.3% 66.6%
299 $2,700,000 $2,695,533 1.47 1.28 NAP 74.9% 64.6%
334 $2,200,000 $2,187,649 1.83 1.60 NAP 59.9% 47.2%
396 $1,475,000 $1,467,481 1.29 1.20 NAP 79.3% 67.3%
Mortgage
Loan
No. Street Address
-------- --------------------------------------------------------------------------------------------------------------------
1 701 & 000 Xxxxxxxxxxxx Xxxxxx, XX
1 0000 X Xxxxx Xxxxxx & 0000 Xxxxxxx Xxxxx
1 000 Xxxxx Xxxxxx
1 0000 00xx Xxxxxx XX; 0000 00xx Xxxxxx, XX; 0000 00xx Xxxxxx, XX
0 0000 Xxxxxxxxxx Xxxxx; 0000 Xxxxxxxxxx Xxxxx; 0000 Xxxxxxxxxx Xxxxx
1 000 000xx Xxxxxx XX
1 3060 - 0000 000xx Xxxxxx XX
1 000 000xx Xxxxxx XX
1 10800 - 10900 NE 0xx Xxxxxx
1 1616 North Fort Xxxx Drive
1 8300 & 0000 Xxxxx Xxxxxxxxx
1 00000 XX 00xx Xxxxx
1 000 0xx Xxxxxx, XX
1 0000 000xx Xxxxx XX & 0000 000xx Xxxxx SE, 00000 XX Xxxxxxxx Xxx, 0000 000xx Xxxxx XX & 0000 000xx Xxxxx XX
1 11111 Sunset Hills Road
1 0000 X Xxxxxx, XX
1 11100 NE 0xx Xxxxxx
0 00000 Xxxxxxx Xxxxx
1 0000 Xxxxx Xxxxxx
1 0000 Xxxxx 00xx Xxxxxx
2 0000 00xx Xxxxxx
2 950 17th Xxxxxx
0 Xxxxxxxxxxxxxx Xxxxxxxxx & I-480
30 3165, 3325, 3455, 3655, 3755 W Sunset; 0000 X Xxxxxx Xxxx; 6585, 0000 Xxxxxxxxx Xxxxxx; 6670, 6680 South Valley View
30 6380 & 0000 Xxxxxxx Xxxxxx; 0000 Xxxxxxxx Xxxx
52 2000 & 0000 Xxxxxx Xxxxx
64 000 Xxxxxxxx Xxxxx Xxxxxxxxx
75 000 Xxxxxxxxxx Xxxxxx
81 0000 Xxxx Xxxxxxxxxx Xxxxxxxxx
91 000-000 Xxxx Xxxxxx
92 E. Side of Xxxxxx Road, S. of Mt. Rose Avenue
99 000 X. Xxxx Xxxx Xxxxxx & 00 Xxxxxx Xxxxxx
180 2050 North Xxxxxxxx Xxxx
000 0000 Xxxxx Xxxx
185 000 Xxxxxx Xxxxx
193 000 Xxxxxxxxxx Xxxxxx
199 2022 Powers Xxxxx Xxxx
000 0000 Xxxx Xxxx
000 000 Xxxxxxxx Xxxxx
219 0000 Xxxxxx Xxxx
234 1325 Old Xxxxxx Xxxxxx Xxxx
000 0000 Xxxxxxxxx Xxxxx
245 15650-15690 South Xxxxxx Xxxxxx
000 0000 00xx Xxxxxx
249 000 Xxxxx Xxxx Xxxxxx
251 000 Xxxxxxx 00 Xxxxx
253 0000 Xxxxxx Xxxxxx
254 000 Xxxxxxxx Xxxx Xxxxxx
256 5618 Xxxxxxxx Xxxx
000 0000 Xxx Xxxxxxx Xxxx
281 000 Xxxxx Xxx
284 2626 Fort Xxxxxxxx Xxxxxxxxx
000 000 Xxxxxxxx Xxxx Xxxxx
000 000 Xxxxxxx 00 & 80
396 10550 X. Xxxxxx Avenue
Mortgage
Loan
No. City State Zip Code Property Type Property Sub-Type
-------- ---------------- ----- -------- ------------------------------ ----------------------------------------
1 Xxxxxxxxxx XX 00000 Office Urban
1 Xxxxxxxxx XX 00000 Office Urban
1 Xxxxxxx XX 00000 Office Urban
1 Xxxxxxxxxx XX 00000 Office Urban
1 XxXxxx XX 00000 Xxxxxx Xxxxxxxx
0 Xxxxxxxx XX 00000 Office Urban
1 Xxxxxxxx XX 00000 Xxxxxx Xxxxxxxx
0 Xxxxxxxx XX 00000 Office Urban
1 Xxxxxxxx XX 00000 Office Urban
1 Xxxxxxxxx XX 00000 Office Urban
1 Xxxxxx XX 00000 Xxxxxx Xxxxxxxx
0 Xxxxxxxx XX 00000 Xxxxxx Xxxxxxxx
0 Xxxxxxxxxx XX 00000 Office Urban
1 Xxxxxxxx XX 00000 Xxxxxx Xxxxxxxx
0 Xxxxxx XX 00000 Xxxxxx Xxxxxxxx
0 Xxxxxxxxxx XX 00000 Office Urban
1 Xxxxxxxx XX 00000 Office Urban
1 Xxxxxx XX 00000 Xxxxxx Xxxxxxxx
0 Xxxxxxx XX 00000 Office Urban
1 Xxxxxxxxx XX 00000 Office Urban
2 Xxxxxx XX 00000 Office Urban
2 Xxxxxx XX 00000 Office Urban
8 Xxxxxxxx Xxxxxxx XX 00000 Retail Anchored
30 Xxx Xxxxx XX 00000 Mixed Use Retail/Light Xxxxxxxxxx/Xxxxxxxxx/Xxxxxx
00 Xxx Xxxxx XX 00000 Mixed Use Office/Warehouse/Retail
00 Xxxxxx Xxxx XX 00000 Xxxxxx Xxxxxxxx
00 Xx. Xxxxxxx XX 00000 Office Medical
75 Xxxxxxxxxx XX 00000 Xxxxxx Xxxxx
00 Xxx Xxxxx XX 00000 Retail Unanchored
91 Xxxxxxx Xxxx XX 00000 Xxxxxx Xxxxxxxx
00 Xxxxxxxxxxxxxx XX 00000 Retail Anchored
99 Xxxxxxxx XX 00000 Xxxxxx Xxxxxxxx
000 Xxxxxx XX 00000 Xxxxxx Xxxxxxx
000 Xxxxxxxxxxxxx XX 00000 Retail Free Standing
000 Xxxxxxxxx XX 00000 Retail Unanchored
193 Xxxxxxx XX 00000 Retail Anchored
199 Xxxxxxx XX 00000 Retail Unanchored
000 Xxxxxxxxxxxx XX 00000 Retail Free Standing
000 Xxxxxxxx XX 00000 Multifamily Garden
219 Xxxxxxxxxx XX 00000 Hospitality Limited Service
000 Xxxxxxxxxx XX 00000 Hospitality Limited Service
000 Xxxxxxxxxx XX 00000 Hospitality Limited Service
000 Xxxxxx Xxxx XX 00000 Mixed Use Office/Retail
246 Xxxxxxxxx XX 00000 Retail Unanchored
000 Xxxxx XX 00000 Manufactured Housing Community Manufactured Housing Community
251 Xxxxx OR 97738 Hospitality Limited Service
253 Xxxxxx XX 00000 Hospitality Limited Service
000 Xxxxx XX 00000 Hospitality Full Service
000 Xxxxxxx XX 00000 Hospitality Limited Service
000 Xxxxxxxxx XX 00000 Retail Free Standing
000 Xxxxxx Xxxx XX 00000 Hospitality Limited Service
000 Xxxxxxxxxxxx XX 00000 Retail Free Standing
000 Xxxxxxx XX 00000 Industrial Light Industrial
000 Xxxxxxxx XX 00000 Hospitality Limited Service
000 Xxx Xxxx XX 00000 Retail Unanchored
Mortgage Percent
Loan Units/ Year Year Percent Leased as Security
No. SF(5) Built Renovated Leased(6) of Date(6) Type(7)
-------- --------- ----------------------- ----------- --------- ---------- ------------------
1 678,348 1991 NAP 95.4% 04/01/2007 Pledge / Cash Flow
1 904,226 1970 2003 100.0% 04/01/2007 Fee
1 944,141 1983 NAP 92.8% 04/01/2007 Fee
1 711,495 1980, 1985, 1986 1993 91.3% 04/01/2007 Fee
1 731,234 1983, 2001, 1980, 1999 NAP 99.5% 04/01/2007 Fee
1 473,988 2000 NAP 97.9% 04/01/2007 Leasehold
1 463,182 1999 NAP 100.0% 04/01/2007 Fee
1 465,765 1986 NAP 95.6% 04/01/2007 Fee
1 466,948 1978 - 1983 NAP 95.8% 04/01/2007 Fee
1 294,521 1975 NAP 97.8% 04/01/2007 Fee
1 329,695 1985 NAP 94.8% 04/01/2007 Fee
1 251,088 1985 NAP 100.0% 04/01/2007 Fee
1 163,936 1991 NAP 99.4% 04/01/2007 Fee
1 277,672 1984, 1986 NAP 96.8% 04/01/2007 Fee
1 216,469 2000 NAP 100.0% 04/01/2007 Fee
1 102,822 1913 1987 100.0% 04/01/2007 Fee
1 148,952 1987 NAP 91.5% 04/01/2007 Fee
1 764,103 1988 NAP 98.3% 04/01/2007 Cash Flow
1 1,079,013 1988 NAP 96.9% 04/01/2007 Cash Flow
1 380,743 1980 NAP 99.4% 04/01/2007 Cash Flow
2 696,027 1984 2000 91.9% 03/01/2007 Fee
2 494,323 1974 2001 95.8% 03/01/2007 Fee / Leasehold
8 506,141 2006 NAP 100.0% 03/13/2007 Fee
30 1,487,620 1999, 2001, 2005 NAP 100.0% 12/31/2006 Fee
30 65,493 1984 NAP 92.0% 02/28/2007 Fee
52 144,057 1982 1996 85.9% 03/01/2007 Fee
64 102,699 2001 2005 100.0% 05/01/2007 Fee
75 226,878 1918 1964, 1987 93.1% 03/01/2007 Fee
81 42,183 2006 NAP 95.3% 02/01/2007 Fee
91 86,325 1922, 1970 NAP 96.8% 01/03/2007 Fee
92 174,792 1988 NAP 98.3% 01/31/2007 Fee
99 54,797 1960 2006 100.0% 03/01/2007 Fee
180 25,791 2006 NAP 91.6% 04/11/2007 Fee
184 11,157 2006 NAP 100.0% 05/01/2007 Fee
185 21,208 2004 NAP 91.7% 01/16/2007 Fee
193 57,606 2003 NAP 86.5% 01/30/2007 Fee
199 19,140 2005, 2006 NAP 81.5% 02/01/2007 Fee
215 13,813 2006 NAP 100.0% 05/01/2007 Fee
218 156 1986, 1987 NAP 98.1% 12/01/2006 Fee
219 67 1999 2006 72.3% 08/31/2006 Leasehold
234 70 2005 NAP 79.2% 08/31/2006 Fee
239 47 2004 NAP 79.9% 12/31/2006 Fee
245 22,152 2005 NAP 100.0% 04/09/2007 Fee
246 34,560 2002 NAP 100.0% 10/31/2006 Fee
249 192 1973 1998 85.9% 02/01/2007 Fee
251 63 1997, 2000 NAP 75.2% 03/31/2007 Fee
253 138 1985 NAP 68.2% 03/31/2007 Fee
254 128 1989 2003-2005 54.4% 09/30/2006 Fee
256 70 1998 NAP 76.3% 12/31/2006 Fee
272 7,000 1957 NAP 100.0% 05/01/2007 Fee
281 69 1998 NAP 57.6% 08/31/2006 Fee
284 11,157 2006 NAP 100.0% 05/01/2007 Fee
299 36,820 2006 NAP 88.7% 01/06/2007 Fee
334 68 1991 NAP 86.2% 10/31/2006 Fee
396 15,100 1968 2007 100.0% 01/22/2007 Fee
Mortgage Related Cut-Off Date First First
Loan Borrower Balance per Note Payment Date Payment Date
No. Lien Position List Unit or SF Date (P&I)(8) (IO)(8)
-------- ----------------------------------------------- --------- ------------ ---------- ------------ ------------
04/10/2007 NAP 06/07/2007
1 Pledge of First Mortgage NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 First NAP $309 04/10/2007 NAP 06/07/2007
1 Cash Flow Pledge NAP $309 04/10/2007 NAP 06/07/2007
1 Cash Flow Pledge of 62.8% JV Ownership Interest NAP $309 04/10/2007 NAP 06/07/2007
1 Cash Flow Pledge NAP $309 04/10/2007 NAP 06/07/2007
03/29/2007 NAP 05/08/2007
2 First NAP $252 03/29/2007 NAP 05/08/2007
2 First NAP $252 03/29/2007 NAP 05/08/2007
8 First 8, 91 $160 12/29/2006 NAP 02/08/2007
02/02/2007 04/01/2007 NAP
30 First NAP $15 02/02/2007 04/01/2007 NAP
30 First NAP $15 02/02/2007 04/01/2007 NAP
52 First 52, 75 $116 01/29/2007 03/01/2007 NAP
64 First 64, 235 $138 03/14/2007 05/01/2007 NAP
75 First 52, 75 $53 01/29/2007 03/01/2007 NAP
81 First NAP $273 03/05/2007 05/01/2012 05/01/2007
91 First 8, 91 $118 01/04/2007 03/01/2009 03/01/2007
92 First NAP $58 11/30/2006 01/01/2007 NAP
99 First NAP $168 04/17/2007 06/01/2007 NAP
180 First NAP $213 04/18/2007 06/01/2007 NAP
184 First 184, 185 $165 01/18/2007 03/01/2007 NAP
185 First 184, 185 $165 01/18/2007 03/01/2007 NAP
193 First NAP $89 03/29/2007 05/01/2008 05/01/2007
199 First NAP $260 12/15/2006 02/01/2007 NAP
215 First NAP $320 04/04/2007 06/01/2007 NAP
218 First NAP $28,057 11/15/2006 01/01/2007 NAP
219 First 219, 234 $64,915 10/31/2006 12/01/2006 NAP
234 First 219, 234 $56,168 10/31/2006 12/01/2006 NAP
239 First NAP $80,527 12/29/2006 02/01/2007 NAP
245 First NAP $162 11/17/2006 01/01/2007 NAP
246 First NAP $103 11/14/2006 01/01/2010 01/01/2007
249 First NAP $18,229 03/14/2007 05/01/2009 05/01/2007
251 First NAP $55,373 01/24/2007 03/01/2007 NAP
253 First 253, 254 $25,209 12/28/2006 02/01/2007 NAP
254 First 253, 254 $26,760 11/08/2006 01/01/2007 NAP
256 First NAP $47,997 07/07/2006 09/01/2006 NAP
272 First NAP $429 11/06/2006 01/01/2011 01/01/2007
281 First NAP $43,309 12/05/2006 02/01/2007 NAP
284 First NAP $267 02/16/2007 04/01/2007 NAP
299 First NAP $73 02/27/2007 04/01/2007 NAP
334 First NAP $32,171 12/12/2006 02/01/2007 NAP
396 First NAP $97 11/21/2006 01/01/2007 NAP
Mortgage Original Remaining Original Remaining
Loan Maturity Due Xxxxx XXX Lockbox Lockbox Term to Term to Amort. Amort. Mortgage
No. Date Date Period(9) Loan Status Type Maturity Maturity Term(10) Term Rate
-------- ---------- ---- --------- ---- --------- ------- -------- --------- -------- --------- --------
05/07/2012 In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
1 05/07/2012 7 0 No In-Place Hard 60 60 IO IO 5.797%
04/08/2012 In-Place Hard 60 59 IO IO 5.620%
2 04/08/2012 8 0 No In-Place Hard 60 59 IO IO 5.620%
2 04/08/2012 8 0 No In-Place Hard 60 59 IO IO 5.620%
8 01/08/2017 8 0 No In-Place Hard 120 116 IO IO 5.650%
03/01/2017 None NAP 120 118 360 358 5.780%
30 03/01/2017 1 5 No None NAP 120 118 360 358 5.780%
30 03/01/2017 1 5 No None NAP 120 118 360 358 5.780%
52 02/01/2012 1 5 No In-Place Hard 60 57 360 357 5.990%
64 04/01/2017 1 5 No None NAP 120 119 360 359 5.670%
75 02/01/2012 1 5 No In-Place Hard 60 57 360 357 5.990%
81 04/01/2017 1 5 No None NAP 120 119 360 360 5.530%
91 02/01/2017 1 5 No None NAP 120 117 360 360 5.600%
92 12/01/2016 1 5 No None NAP 120 115 360 355 5.890%
99 05/01/2017 1 5 No None NAP 120 120 360 360 5.840%
180 05/01/2017 1 5 No None NAP 120 120 324 324 5.500%
184 02/01/2017 1 5 No In-Place Hard 120 117 360 357 6.020%
185 02/01/2017 1 5 No None NAP 120 117 360 357 6.020%
193 04/01/2017 1 5 No None NAP 120 119 360 360 5.790%
199 01/01/2017 1 5 No None NAP 120 116 360 356 5.900%
215 05/01/2017 1 5 No None NAP 120 120 360 360 5.660%
218 12/01/2016 1 5 No None NAP 120 115 360 355 5.620%
219 11/01/2016 1 5 No None NAP 120 114 360 354 6.000%
234 11/01/2016 1 5 No None NAP 120 114 360 354 6.000%
239 01/01/2017 1 5 No None NAP 120 116 360 356 6.010%
245 12/01/2016 1 5 No None NAP 120 115 360 355 5.850%
246 12/01/2016 1 5 No Springing Hard 120 115 360 360 5.720%
249 04/01/2017 1 5 No None NAP 120 119 360 360 5.780%
251 02/01/2017 1 5 No None NAP 120 117 360 357 5.780%
253 01/01/2017 1 5 No None NAP 120 116 300 296 5.750%
254 12/01/2016 1 5 No None NAP 120 115 300 295 5.950%
256 08/01/2016 1 5 No None NAP 120 111 300 291 6.450%
272 12/01/2016 1 5 No None NAP 120 115 336 336 5.750%
281 01/01/2017 1 5 No None NAP 120 116 360 356 6.150%
284 03/01/2017 1 5 No Springing Hard 120 118 360 358 5.940%
299 03/01/2017 1 5 No None NAP 120 118 360 358 6.440%
334 01/01/2017 1 5 No None NAP 120 116 300 296 6.230%
396 12/01/2016 1 5 No In-Place Hard 120 115 360 355 5.760%
Mortgage Monthly Monthly Third Most Second Most Most Most Recent
Loan Payment Payment Third Most Recent NOI Second Most Recent NOI Recent NOI
No. (P&I) (IO) Recent NOI End Date Recent NOI End Date NOI End Date
-------- -------- ---------- ---------- ---------- ----------- -------------------- ----------- -------------------
NAP $3,795,894
1 NAP $586,517 $23,159,020 12/31/2004 $21,208,805 12/31/2005 $19,364,825 TTM 10/31/2006
1 NAP $464,557 $14,158,150 12/31/2004 $19,129,777 12/31/2005 $20,383,775 TTM 10/31/2006
1 NAP $436,839 $16,717,437 12/31/2004 $15,503,742 12/31/2005 $15,474,857 TTM 10/31/2006
1 NAP $394,818 $14,871,504 12/31/2004 $14,956,393 12/31/2005 $16,104,255 TTM 10/31/2006
1 NAP $332,951 $15,478,144 12/31/2004 $15,571,132 12/31/2005 $15,405,541 TTM 10/31/2006
1 NAP $222,522 $13,491,368 12/31/2004 $8,931,513 12/31/2005 $9,838,198 TTM 10/31/2006
1 NAP $206,778 $6,981,985 12/31/2004 $7,998,450 12/31/2005 $8,575,097 TTM 10/31/2006
1 NAP $205,281 $7,925,470 12/31/2004 $8,344,605 12/31/2005 $10,562,260 TTM 10/31/2006
1 NAP $168,305 $5,884,785 12/31/2004 $6,448,792 12/31/2005 $6,834,261 TTM 10/31/2006
1 NAP $155,222 $3,852,327 12/31/2004 $5,179,810 12/31/2005 $4,633,934 TTM 10/31/2006
1 NAP $117,525 $2,018,813 12/31/2004 $2,523,151 12/31/2005 $3,739,160 TTM 10/31/2006
1 NAP $102,668 $1,582,645 12/31/2004 $2,854,046 12/31/2005 $2,887,632 TTM 10/31/2006
1 NAP $97,568 $3,760,981 12/31/2004 $3,856,832 12/31/2005 $4,327,320 TTM 10/31/2006
1 NAP $94,796 $2,930,355 12/31/2004 $3,370,749 12/31/2005 $3,183,144 TTM 10/31/2006
1 NAP $83,376 NAP NAP $2,901,808 12/31/2005 $3,554,775 TTM 10/31/2006
1 NAP $70,404 $2,703,783 12/31/2004 $2,996,736 12/31/2005 $2,900,420 TTM 10/31/2006
1 NAP $55,769 $1,338,361 12/31/2004 $1,354,073 12/31/2005 $2,153,661 TTM 10/31/2006
1 NAP NAP $19,796,172 12/31/2004 $20,866,819 12/31/2005 $21,711,497 TTM 10/31/2006
1 NAP NAP $17,029,769 12/31/2004 $16,821,310 12/31/2005 $17,004,497 TTM 10/31/2006
1 NAP NAP $6,646,303 12/31/2004 $8,580,474 12/31/2005 $9,108,594 TTM 10/31/2006
NAP $1,424,514
2 NAP $949,676 $10,197,378 12/31/2003 $9,674,855 12/31/2004 $10,358,697 12/31/2005
2 NAP $474,838 $2,687,289 12/31/2003 $7,278,268 12/31/2004 $6,568,383 12/31/2005
8 NAP $386,672 NAP NAP NAP NAP NAP NAP
$140,515 NAP
30 $102,459 NAP NAP NAP $3,149,387 06/27/1905 $4,611,650 06/28/1905
30 $38,056 NAP $582,675 06/26/1905 $636,500 06/27/1905 $660,977 T-12 (11/30/06)
52 $100,766 NAP $2,161,207 06/26/1905 $1,730,888 06/27/1905 $1,718,157 T-12 (10/31/06)
64 $82,147 NAP NAP NAP NAP NAP NAP NAP
75 $72,468 NAP $1,689,828 06/26/1905 $1,717,810 06/27/1905 $1,726,437 T-12 (10/31/06)
81 $65,512 $53,732 NAP NAP NAP NAP NAP NAP
91 $58,556 $48,261 NAP NAP NAP NAP NAP NAP
92 $60,731 NAP NAP NAP NAP NAP $477,339 06/28/1905
99 $54,216 NAP $356,007 06/26/1905 $312,456 06/27/1905 $479,311 06/28/1905
180 $32,623 NAP NAP NAP NAP NAP $267,071 T-6 (12/31/06) Xxx.
184 $17,214 NAP NAP NAP NAP NAP NAP NAP
185 $14,931 NAP $29,026 06/26/1905 $116,028 06/27/1905 $218,620 T-12 (11/30/06)
193 $30,009 $25,047 NAP NAP NAP NAP NAP NAP
199 $29,657 NAP NAP NAP NAP NAP NAP NAP
215 $25,571 NAP NAP NAP NAP NAP NAP NAP
218 $25,315 NAP $340,089 06/26/1905 $298,498 06/27/1905 $296,364 T-12 (7/31/06)
219 $26,230 NAP $589,470 06/26/1905 $530,918 06/27/1905 $573,683 T-12 (8/31/06)
234 $23,712 NAP NAP NAP NAP NAP $478,144 T-12 (8/31/06)
239 $22,807 NAP NAP NAP NAP NAP $514,323 06/28/1905
245 $21,238 NAP NAP NAP NAP NAP $319,779 T-9 (10/19/06) Xxx.
246 $20,707 $17,205 $124,598 06/26/1905 $58,993 06/27/1905 $236,594 T-12 (8/31/06)
249 $20,492 $17,092 NAP NAP NAP NAP $348,702 06/28/1905
251 $20,492 NAP $432,291 06/26/1905 $500,080 06/27/1905 $536,266 06/28/1905
253 $22,019 NAP NAP NAP $521,213 06/27/1905 $774,522 06/28/1905
254 $22,123 NAP $424,914 06/26/1905 $415,242 06/27/1905 $468,160 T-12 (9/30/06)
256 $22,851 NAP $295,437 06/26/1905 $613,118 T-11 (12/31/05) Xxx. $563,860 06/28/1905
272 $17,984 $14,575 $195,180 06/25/1905 $177,496 06/26/1905 $257,843 06/27/1905
281 $18,277 NAP $307,347 06/26/1905 $377,627 06/27/1905 $377,195 06/28/1905
284 $17,752 NAP NAP NAP NAP NAP NAP NAP
299 $16,959 NAP NAP NAP NAP NAP NAP NAP
334 $14,486 NAP $312,391 06/26/1905 $457,731 06/27/1905 $466,253 06/28/1905
396 $8,617 NAP NAP NAP NAP NAP NAP NAP
Mortgage Underwritable Source
Loan Underwritten Underwritten Underwritable Underwritten Cash Balloon Current of
No. EGI Expenses NOI Reserves Flow Balance Value(11) Value(11)
-------- ------------ ------------ ------------- ------------ ------------- ------------ -------------- ---------
$354,117,597 $112,306,489 $232,287,136 $15,255,685 $217,631,011 $775,000,000 $4,453,034,000
1 $41,074,705 $14,894,479 $26,180,226 $873,158 $25,307,068 $119,747,930 $529,000,000 Appraisal
1 $30,545,603 $7,021,511 $23,524,092 $1,260,997 $22,263,095 $94,847,604 $419,000,000 Appraisal
1 $28,071,027 $8,301,024 $19,770,003 $1,153,769 $18,616,234 $89,188,439 $394,000,000 Appraisal
1 $30,980,759 $12,711,966 $18,268,793 $880,663 $17,388,129 $80,609,145 $356,100,000 Appraisal
1 $24,118,682 $7,495,676 $16,623,006 $1,153,488 $15,469,519 $67,977,889 $302,000,000 Appraisal
1 $17,473,413 $5,634,675 $11,838,738 $823,859 $11,014,878 $45,431,776 $200,700,000 Appraisal
1 $13,695,876 $4,460,723 $9,235,154 $864,472 $8,370,682 $42,217,370 $186,500,000 Appraisal
1 $14,212,550 $4,356,452 $9,856,098 $672,663 $9,183,434 $41,911,776 $182,150,000 Appraisal
1 $12,942,281 $3,754,953 $9,187,329 $720,410 $8,466,919 $34,362,449 $151,800,000 Appraisal
1 $11,100,543 $3,398,937 $7,701,606 $573,627 $7,127,979 $31,691,324 $144,000,000 Appraisal
1 $10,080,811 $2,814,064 $7,266,746 $465,145 $6,801,602 $23,994,859 $106,000,000 Appraisal
1 $6,306,620 $2,302,082 $4,004,538 $449,021 $3,555,517 $20,961,547 $92,600,000 Appraisal
1 $8,901,737 $3,370,195 $5,531,542 $305,782 $5,225,760 $19,920,260 $96,000,000 Appraisal
1 $6,692,458 $2,332,365 $4,360,093 $461,964 $3,898,128 $19,354,344 $85,500,000 Appraisal
1 $6,512,906 $1,845,476 $4,667,430 $467,556 $4,199,874 $17,022,768 $75,200,000 Appraisal
1 $5,101,921 $2,523,180 $2,578,741 $202,520 $2,376,221 $14,374,279 $63,500,000 Appraisal
1 $3,941,992 $1,323,042 $2,618,950 $266,466 $2,352,485 $11,386,240 $50,300,000 Appraisal
1 $30,503,227 $8,733,694 $21,769,534 $1,477,500 $20,292,034 $0 $440,000,000 Appraisal
1 $36,782,970 $11,180,896 $16,078,102 $1,611,718 $15,065,944 $0 $378,684,000 Appraisal
1 $15,077,516 $3,851,100 $11,226,415 $570,907 $10,655,509 $0 $200,000,000 Appraisal
$33,813,230 $14,368,619 $19,444,612 $416,623 $19,027,989 $300,000,000 $394,850,000
2 $21,531,135 $8,776,211 $12,754,923 $243,609 $12,511,314 $200,000,000 $256,650,000 Appraisal
2 $12,282,096 $5,592,407 $6,689,688 $173,013 $6,516,675 $100,000,000 $138,200,000 Appraisal
8 $7,744,649 $1,596,798 $6,147,851 $239,079 $5,908,772 $81,000,000 $103,400,000 Appraisal
$12,165,869 $8,098,137 $4,067,731 $535,307 $2,041,736 $20,276,773 $36,400,000
30 $11,233,929 $7,806,265 $3,427,664 $446,286 $1,490,689 $14,785,147 $27,600,000 Appraisal
30 $931,940 $291,872 $640,068 $89,021 $551,047 $5,491,627 $8,800,000 Appraisal
52 $3,136,180 $1,476,083 $1,660,097 $247,779 $1,412,318 $15,754,873 $21,225,000 Appraisal
64 $1,532,640 $45,979 $1,486,661 $86,076 $1,400,585 $11,950,577 $21,000,000 Appraisal
75 $3,533,041 $2,155,231 $1,377,810 $301,748 $1,076,062 $11,330,399 $16,150,000 Appraisal
81 $1,227,102 $216,892 $1,010,210 $77,950 $932,260 $10,702,961 $15,200,000 Appraisal
91 $1,685,488 $704,142 $981,346 $97,559 $883,787 $8,969,956 $13,400,000 Appraisal
92 $1,341,963 $422,146 $919,818 $97,793 $822,025 $8,683,371 $12,800,000 Appraisal
99 $1,170,492 $289,835 $880,657 $51,256 $829,402 $7,784,050 $13,800,000 Appraisal
180 $839,604 $246,062 $593,541 $50,292 $543,249 $4,384,943 $7,100,000 Appraisal
184 $261,300 $7,839 $253,461 $4,463 $248,999 $2,435,442 $3,560,000 Appraisal
185 $306,396 $58,850 $247,546 $17,465 $230,083 $2,112,417 $3,175,000 Appraisal
193 $761,755 $247,507 $514,248 $57,606 $456,642 $4,426,213 $6,400,000 Appraisal
199 $561,729 $130,023 $431,706 $22,995 $408,711 $4,235,906 $7,850,000 Appraisal
215 $381,385 $11,442 $369,944 $9,807 $360,136 $3,723,780 $5,950,000 Appraisal
218 $953,844 $523,164 $430,680 $39,000 $391,680 $3,697,482 $5,700,000 Appraisal
219 $1,506,870 $971,604 $535,266 $60,275 $474,991 $3,717,372 $5,900,000 Appraisal
234 $1,374,318 $912,463 $461,855 $54,973 $406,882 $3,360,505 $5,300,000 Appraisal
239 $1,191,818 $733,813 $458,005 $47,673 $410,332 $3,229,668 $6,100,000 Appraisal
245 $572,761 $207,349 $365,412 $23,848 $341,564 $3,046,163 $4,500,000 Appraisal
246 $596,875 $224,440 $372,435 $29,376 $343,059 $3,204,795 $4,450,000 Appraisal
249 $607,810 $228,952 $378,858 $9,600 $369,258 $3,091,492 $5,400,000 Appraisal
251 $1,113,052 $614,247 $498,805 $44,522 $454,283 $2,954,315 $5,500,000 Appraisal
253 $2,017,287 $1,347,022 $670,265 $80,389 $589,876 $2,695,959 $7,000,000 Appraisal
254 $1,971,879 $1,515,304 $456,576 $78,875 $377,701 $2,676,223 $4,800,000 Appraisal
256 $1,366,774 $881,162 $485,612 $54,671 $430,941 $2,680,874 $5,100,000 Appraisal
272 $361,267 $120,341 $240,926 $2,170 $238,756 $2,713,013 $3,850,000 Appraisal
281 $1,183,653 $821,899 $361,754 $47,346 $314,408 $2,560,068 $4,350,000 Appraisal
284 $293,355 $8,801 $284,555 $1,674 $282,881 $2,529,710 $3,800,000 Appraisal
299 $349,739 $50,938 $298,801 $38,661 $260,140 $2,325,193 $3,600,000 Appraisal
334 $994,739 $676,794 $317,945 $39,790 $278,155 $1,721,981 $3,650,000 Appraisal
396 $263,850 $130,191 $133,659 $9,513 $124,146 $1,244,739 $1,850,000 Appraisal
Mortgage Lease
Loan Valuation Expiration %
No. Date Largest Tenant(12) Date NSF Second Largest Tenant(12)
-------- ---------- ----------------------------------------- ---------- ----- ------------------------------
1 03/01/2007 Fulbright & Xxxxxxxx 06/30/2015 18.8% Shearman & Sterling
1 03/15/2007 GSA - Department Of Defense 04/30/2008 58.0% Xxxx XX
1 03/01/2007 Xxxxx Fargo Bank NA 09/30/2008 13.6% King County
1 03/01/2007 Commodity Future 09/30/2015 22.7% Xxxxxxx & Xxxxxxxx
1 03/15/2007 Booz Xxxxx Xxxxxxxx 12/31/2010 55.9% Booz Xxxxx Xxxxxxxx
1 03/01/2007 Infospace 02/28/2013 27.6% Keybank National Association
1 03/01/2007 Expedia 09/30/2009 57.4% Sierra Entertainment
1 03/01/2007 HDR Engineering 12/31/2012 11.7% Oracle USA
1 03/01/2007 US Bank National 12/31/2013 9.8% Business Service Center
1 03/15/2007 DHS - GS-11B-01687 05/31/2009 18.7% GSA - GS-11B-01808
1 03/15/2007 SunTrust Bank 11/30/2014 17.4% HQ Global Workplaces
1 03/01/2007 Fiserv Seattle 07/31/2008 14.7% Orrtax Software
1 03/01/2007 GSA-Department of Justice 01/31/2008 42.4% American Hospital Association
1 03/01/2007 High Tech Institute 08/31/2014 11.3% Xxxx X Xxxxx Real Estate Servi
1 03/15/2007 XO Communications 11/30/2007 77.4% Xxxxxxx Xxxxxx
1 03/01/2007 New York Times 12/31/2009 21.5% Xxxxxxxx Companies
1 03/01/2007 Serena Software 01/31/2012 19.3% Xxxxxxx Xxxx
1 03/15/2007 College Entrance Exam 09/30/2009 9.3% Pfizer, Inc.
1 03/01/2007 Xxxxxxx Coie 12/31/2011 26.2% Washington Mutual Bank
1 03/15/2007 BAE Systems 05/31/2014 19.3% Federal Network Systems
2 04/01/2007 Rothgerber Xxxxxxx & Xxxxx LLP 08/31/2010 8.0% Xxxxx & Xxxxxxx
2 04/01/2007 US Bank 12/31/2016 27.4% Encana Oil & Gas
8 01/01/2007 Walmart Store #3326 01/31/2027 29.0% Giant Eagle Store #0218
30 01/05/2007 Xxxxxxxxxx Display Services 10/31/2011 13.4% Champion Exposition
30 01/05/2007 AFSCME 01/31/2008 8.0% Xxxxx Fargo Financial Nevada
52 12/29/2006 Washington Mutual 12/31/2008 49.6% St. Clair Mgt. Resources, Inc.
64 11/27/2006 Gateway Medical Research Inc. 12/31/2026 100.0% NAP
75 12/28/2006 Wheelabrator Air Pollution 12/31/2010 26.8% Cardholder Services
81 02/15/2007 Academy of Hair Design 11/30/2016 27.3% Dotty's
91 11/15/2006 Passaic Board of Education 03/31/2010 73.7% PNC Bank
92 10/09/2006 Xxxxxxx Xxxxxxxx 05/31/2015 36.8% Buccaneer Data Services
99 01/18/2007 Pacific Oaks College 07/31/2016 29.2% Idealab
180 12/07/2006 Cherry Hill Internal Medicine Associates 04/30/2021 17.8% Oakwood Healthcare System
184 11/07/2006 Rite Aid 01/31/2027 100.0% NAP
185 11/07/2006 Ziyan Salon 03/31/2011 22.1% Yamaguchi
193 01/18/2007 Supremo Food Markets 01/31/2025 44.8% Lot Stores
199 10/18/2006 Boneheads 05/31/2016 14.3% Doc Greens
215 02/07/2007 Eckerd Corporation 11/30/2026 100.0% NAP
218 09/28/2006 NAP NAP NAP NAP
219 10/01/2006 NAP NAP NAP NAP
234 10/01/2006 NAP NAP NAP NAP
239 12/05/2006 NAP NAP NAP NAP
245 08/21/2006 Xxxxxx'x Xxxx Winery & Restaurant 06/30/2014 59.9% MGM Construction Co
246 10/12/2006 Xxxxxxx Companies 07/13/2009 31.4% Elements Salon
249 02/08/2007 NAP NAP NAP NAP
251 10/20/2006 NAP NAP NAP NAP
253 11/01/2006 NAP NAP NAP NAP
254 10/01/2006 NAP NAP NAP NAP
256 05/25/2006 NAP NAP NAP NAP
272 08/20/2006 JPMorgan Chase Bank, National Association 12/31/2012 100.0% NAP
281 10/27/2006 NAP NAP NAP NAP
284 12/04/2006 Rite Aid 01/31/2027 100.0% NAP
299 01/10/2007 PPS/Chempac 06/30/2016 41.4% Omnicell
334 11/04/2006 NAP NAP NAP NAP
396 02/01/2007 Dollar Tree Sores, Inc. 10/31/2016 68.9% JK Optical
Mortgage Lease Lease Insurance Tax
Loan Expiration % Expiration % Escrow Escrow in
No. Date NSF Third Largest Tenant(12) Date NSF in Place Place(13)
-------- ---------- ---- ------------------------------- ---------- -------- --------- ---------
1 03/31/2016 14.0% Edison Electric Institute 07/31/2015 11.3% No No
1 03/31/2015 14.4% Polk GSA - Army Material Comma 03/31/2014 8.4% No No
1 07/31/2007 10.4% Xxxx Xxxxx 11/30/2016 9.1% No No
1 05/31/2010 6.2% AT&T Corp. 12/31/2010 4.5% No No
1 01/31/2012 24.6% Booz Xxxxx Xxxxxxxx 06/30/2014 17.2% No No
1 07/31/2010 21.9% Symetra Financial Corporation 07/31/2015 15.1% No No
1 02/28/2010 27.6% American Family Mutual Insuran 10/31/2010 3.9% No No
1 03/31/2009 6.6% Cisco Systems 02/28/2013 6.0% No No
1 03/31/2009 7.7% Tectura Corporation 12/31/2012 4.6% No No
1 02/28/2011 16.0% XXXX 08/31/2014 12.6% No No
1 03/31/2011 6.5% Mercury Interactive 06/30/2011 6.4% No No
1 09/30/2013 13.3% Great American Insurance 12/31/2009 9.9% No No
1 08/31/2014 24.1% National Retail Federation 03/31/2014 16.3% No No
1 04/30/2014 9.6% Peacehealth 03/31/2014 9.3% No No
1 01/31/2016 13.4% Akamai Technologies 05/31/2011 7.2% No No
1 03/31/2009 12.2% Cozen X'Xxxxxx 04/30/2011 11.4% No No
1 08/31/2012 8.8% National Medical Management 07/31/2008 8.5% No No
1 09/30/2009 8.2% Metron 02/29/2012 6.7% No No
1 12/31/2010 16.8% Xxxxx Xxxxxx Xxxxxxxx 12/31/2013 15.7% No No
1 11/30/2008 11.2% BBN Technologies 11/30/2010 10.8% No No
2 09/30/2016 6.4% Marisco Capital Management 06/30/2014 5.9% Yes Yes
2 08/31/2008 19.1% Xxxxx Xxxxxxx 12/31/2015 11.1% Yes Yes
8 09/30/2026 15.7% Dick's Sporting Goods, Inc. 01/31/2022 9.4% No No
30 02/28/2008 6.9% Patron Spirits Company 09/30/2010 6.7% No No
30 04/30/2008 6.1% D'Hair To Be Different 09/30/2009 5.8% No No
52 06/30/2012 12.4% Xxxx Xxxx & Co. 11/30/2011 3.4% No No
64 NAP NAP NAP NAP NAP No No
75 10/31/2009 26.2% Allegheny County Dept. of Aging 07/31/2016 16.8% No No
81 10/12/2026 7.9% Carpet Xtreme 11/30/2012 7.9% No No
91 03/31/2011 6.3% PSE & G 12/31/2008 4.2% Yes Yes
92 09/30/2016 18.4% Artesian Factory Pools & Spas 08/31/2009 14.4% No Yes
99 07/31/2009 24.6% State of California 05/31/2016 22.8% No No
180 05/31/2013 17.5% Medstar Rehabilitation 04/30/2021 10.3% Yes Yes
184 NAP NAP NAP NAP NAP No No
185 09/30/2009 8.0% Willstaff 05/31/2010 8.0% Yes Yes
193 01/31/2014 11.1% Laundry Zone 06/30/2013 7.0% Yes Yes
199 05/31/2016 13.3% Xxxx 05/31/2016 13.1% Yes Yes
215 NAP NAP NAP NAP NAP No No
218 NAP NAP NAP NAP NAP No Yes
219 NAP NAP NAP NAP NAP Yes Yes
234 NAP NAP NAP NAP NAP Yes Yes
239 NAP NAP NAP NAP NAP Yes Yes
245 03/31/2022 40.1% NAP NAP NAP Yes Yes
246 04/30/2011 15.8% Taki Japanese Restaurant 08/31/2012 15.5% Yes Yes
249 NAP NAP NAP NAP NAP Yes Yes
251 NAP NAP NAP NAP NAP Yes No
253 NAP NAP NAP NAP NAP No Yes
254 NAP NAP NAP NAP NAP No Yes
256 NAP NAP NAP NAP NAP Yes Yes
272 NAP NAP NAP NAP NAP No No
281 NAP NAP NAP NAP NAP Yes Yes
284 NAP NAP NAP NAP NAP No No
299 10/31/2011 16.2% CP Construction 09/30/2011 13.1% No Yes
334 NAP NAP NAP NAP NAP Yes Yes
396 10/31/2021 31.1% NAP NAP NAP No Yes
Mortgage Capital Expenditure TI/LC
Loan Escrow Escrow in
No. in Place(14) Place(15) Other Escrow Description(16)
-------- ------------------- --------- -------------------------------------------------------------------------------------------
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
1 No Yes NAP
2 Yes Yes NAP
2 Yes Yes NAP
8 No No Rental and Co-Tenancy Holdback
30 No No NAP
30 No No NAP
52 Yes Yes NAP
64 No No NAP
75 Yes Yes NAP
81 Yes Yes Xxxxxx'x Pizza and Heidi's Charleston Holdback
91 Yes Yes NAP
92 Yes Yes Holdback - Planet Fitness ($76,800); Holdback - Buccaneer Data Services Reserve ($112,700);
Buccaneer Letter of Credit ($350,000)
99 No Yes NAP
180 No Yes NAP
184 Yes No NAP
185 Yes Yes Holdback
193 Yes No Earnout Reserve
199 No No Holdback
215 No No NAP
218 Yes No NAP
219 Yes No Ground Lease Reserve
234 Yes No NAP
239 Yes No NAP
245 No Yes NAP
246 No Yes NAP
249 Yes No Holdback
251 Yes No NAP
253 Yes No NAP
254 Yes No NAP
256 Yes No NAP
272 No No NAP
281 Yes No NAP
284 Yes No NAP
299 Yes Yes Easement Holdback
334 Yes No NAP
396 Yes No Dollar Tree Reserve
Mortgage Springing Initial Capital Monthly Capital Current Capital
Loan Escrow Expenditure Escrow Expenditure Escrow Expenditure Escrow
No. Description(17) Requirement(18) Requirement(19) Balance(20)
-------- ----------------------------------- ------------------ ------------------ ------------------
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
1 Tax, Insurance, CapEx, TI/LC, Other $0 $0 $0
2 NAP $0 $16,533 $0
2 NAP $0 $8,266 $0
8 Tax, Insurance, CapEx, TI/LC $0 $0 $0
30 Tax, Insurance, TI/LC $0 $0 $0
30 Tax, Insurance, TI/LC $0 $0 $0
52 Tax, Insurance $0 $2,401 $2,401
64 Tax, Insurance $0 $0 $0
75 Tax, Insurance, TI/LC $0 $3,781 $3,781
81 Tax, Insurance, CapEx, TI/LC $6,331(LOC) $0 $6,331 (LOC)
91 TI/LC $0 $813 $813
92 Insurance $2,185 $2,185 $8,751
99 Tax, Insurance, TI/LC $0 $0 $0
180 CapEx, TI/LC $0 $0 $0
184 Tax, Insurance, TI/LC, Other $0 $139 $139
185 TI/LC $0 $265 $265
193 TI/LC $0 $720 $0
199 TI/LC $0 $0 $0
215 Tax, Insurance, CapEx, TI/LC $0 $0 $0
218 NAP $0 $3,653 $10,959
219 NAP $0 $3,720 $11,171
234 NAP $0 $3,355 $8,536
239 NAP $0 $3,525 $7,050
245 TI/LC $0 $0 $0
246 CapEx, Other $0 $0 $0
249 NAP $0 $800 $0
251 Tax $0 $4,316 $4,316
253 Insurance $0 $4,681 $9,366
254 NAP $0 $4,815 $14,457
256 NAP $0 $4,333 $21,665
272 Tax, Insurance, TI/LC, Other $0 $0 $0
281 NAP $0 $3,833 $7,667
284 Tax, Insurance, TI/LC, Other $0 $139 $0
299 Insurance, TI/LC $0 $460 $0
334 NAP $0 $3,075 $6,150
396 Insurance, TI/LC $0 $189 $567
Mortgage Initial TI/LC Monthly TI/LC Current TI/LC Interest
Loan Escrow Escrow Escrow Environmental Accrual Seasoning DEF/ DEF/
No. Requirement(21) Requirement(22) Balance(23) Insurance Method (24) LO DEF YM1 YM
-------- --------------- --------------- ------------- ------------- ---------- --------- -- --- ---- ----
Actual/360 0 29
1 $2,812,160 $0 $2,812,160 No Actual/360 0 29
1 $2,227,401 $0 $2,227,401 No Actual/360 0 29
1 $2,094,501 $0 $2,094,501 No Actual/360 0 29
1 $1,893,025 $0 $1,893,025 No Actual/360 0 29
1 $1,596,392 $0 $1,596,392 No Actual/360 0 29
1 $1,066,920 $0 $1,066,920 No Actual/360 0 29
1 $991,432 $0 $991,432 No Actual/360 0 29
1 $984,256 $0 $984,256 No Actual/360 0 29
1 $806,968 $0 $806,968 No Actual/360 0 29
1 $744,239 $0 $744,239 No Actual/360 0 29
1 $563,495 $0 $563,495 No Actual/360 0 29
1 $492,261 $0 $492,261 No Actual/360 0 29
1 $467,807 $0 $467,807 No Actual/360 0 29
1 $454,517 $0 $454,517 No Actual/360 0 29
1 $399,763 $0 $399,763 No Actual/360 0 29
1 $337,565 $0 $337,565 No Actual/360 0 29
1 $267,394 $0 $267,394 No Actual/360 0 29
1 $0 $0 $0 No Actual/360 0 29
1 $0 $0 $0 No Actual/360 0 29
1 $0 $0 $0 No Actual/360 0 29
Actual/360 1 25 31
2 $3,338,565 $0 $3,338,565 No Actual/360 1 25 31
2 $4,529,754 $0 $4,529,754 No Actual/360 1 25 31
8 $0 $0 $0 Yes Actual/360 4 28 90
Actual/360 2 26 90
30 $0 $0 $0 No Actual/360 2 26 90
30 $0 $0 $0 No Actual/360 2 26 90
52 $4,000,000 $0 $4,000,274 No Actual/360 3 27 27
64 $0 $0 $0 No Actual/360 1 25 91
75 $500,000 $0 $500,034 No Actual/360 3 27 27
81 $135,000 (LOC) $0 $135,000 (LOC) No Actual/360 1 25 91
91 $0 $7,391 $7,391 No Actual/360 3 27 89
92 $5,080 $5,080 $20,345 No Actual/360 5 29 87
99 $0 $4,167 $0 No Actual/360 0 24 92
180 $50,000 (LOC) $0 $50,000 (LOC) No Actual/360 0 24 92
184 $0 $0 $0 No Actual/360 3 27 89
185 $0 $1,679 $1,679 No Actual/360 3 27 89
193 $0 $0 $0 No Actual/360 1 25 91
199 $0 $0 $0 No Actual/360 4
215 $0 $0 $0 No Actual/360 0 24 92
218 $0 $0 $0 No Actual/360 5 29 87
219 $0 $0 $0 No Actual/360 6 30 86
234 $0 $0 $0 No Actual/360 6 30 86
239 $0 $0 $0 No Actual/360 4 28 88
245 $0 $500 $1,500 No Actual/360 5 29 87
246 $0 $2,500 $7,503 No Actual/360 5 29
249 $0 $0 $0 No Actual/360 1 25 91
251 $0 $0 $0 No Actual/360 3 27 91
253 $0 $0 $0 No Actual/360 4 28 88
254 $0 $0 $0 No Actual/360 5 29 87
256 $0 $0 $0 No Actual/360 9 33 83
272 $0 $0 $0 No Actual/360 5 29 87
281 $0 $0 $0 No Actual/360 4 28 88
284 $0 $0 $0 No Actual/360 2 26 90
299 $0 $2,310 $0 No Actual/360 2 26 90
334 $0 $0 $0 No Actual/360 4 28 88
396 $0 $0 $0 No Actual/360 5 29 87
Mortgage YM Administrative Mortgage
Loan Formula Cost Loan
No. YM2 YM1 YM # 4% 3% 2% # Open (26) Rate No.
-------- --- --- -- --- ---- ---- ---- --- ---- ------- -------------- --------
24 7 A 2.026
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
1 24 7 A 2.026 1
4 2.026
2 4 2.026 2
2 4 2.026 2
8 2 E 2.026 8
4 2.026
30 4 2.026 30
30 4 2.026 30
52 6 7.026 52
64 4 2.026 64
75 6 7.026 75
81 4 2.026 81
91 4 2.026 91
92 4 2.026 92
99 4 12.026 99
180 4 2.026 180
184 4 2.026 184
185 4 2.026 185
193 4 2.026 193
199 116 4 N 2.026 199
215 4 2.026 215
218 4 2.026 218
219 4 2.026 219
234 4 2.026 234
239 4 2.026 239
245 4 2.026 245
246 87 4 O 2.026 246
249 4 2.026 249
251 2 2.026 251
253 4 2.026 253
254 4 2.026 254
256 4 2.026 256
272 4 Q 2.026 272
281 4 2.026 281
284 4 2.026 284
299 4 2.026 299
334 4 2.026 334
396 4 2.026 396
EXHIBIT 2
REPRESENTATIONS AND WARRANTIES REGARDING
INDIVIDUAL MORTGAGE LOANS
(1) Mortgage Loan Schedule. The information set forth in the Mortgage Loan
Schedule is true and correct in all material respects as of the date of this
Agreement and as of the Cut-Off Date.
(2) Whole Loan; Ownership of Mortgage Loans. Each Mortgage Loan is a whole
loan and not a participation interest in a mortgage loan. Immediately prior to
the transfer to the Purchaser of the Mortgage Loans, the Seller had good title
to, and was the sole owner of, each Mortgage Loan. The Seller has full right,
power and authority to transfer and assign each of the Mortgage Loans to or at
the direction of the Purchaser and has validly and effectively conveyed (or
caused to be conveyed) to the Purchaser or its designee all of the Seller's
legal and beneficial interest in and to the Mortgage Loans free and clear of any
and all pledges, liens, charges, security interests and/or other encumbrances.
Upon the consummation of the transactions contemplated by this Agreement, the
Seller will have validly and effectively conveyed to the Purchaser all legal and
beneficial interest in and to each Mortgage Loan free and clear of any pledge,
lien, charge, security interest or other encumbrance. The sale of the Mortgage
Loans to the Purchaser or its designee does not require the Seller to obtain any
governmental or regulatory approval or consent that has not been obtained. None
of the Mortgage Loan documents restricts the Seller's right to transfer the
Mortgage Loan to the Purchaser or to the Trustee.
(3) Payment Record. No scheduled payment of principal and interest under
any Mortgage Loan was 30 days or more past due as of the Cut-Off Date, and no
Mortgage Loan was 30 days or more delinquent in the twelve-month period
immediately preceding the Cut-Off Date.
(4) Lien; Valid Assignment. The Mortgage related to and delivered in
connection with each Mortgage Loan constitutes a valid and, subject to the
exceptions set forth in paragraph 13 below, enforceable first priority lien upon
the related Mortgaged Property, prior to all other liens and encumbrances,
except for (a) the lien for current real estate taxes and assessments not yet
due and payable, (b) covenants, conditions and restrictions, rights of way,
easements and other matters that are of public record and/or are referred to in
the related lender's title insurance policy, (c) exceptions and exclusions
specifically referred to in such lender's title insurance policy, (d) other
matters to which like properties are commonly subject, none of which matters
referred to in clauses (b), (c) or (d), individually or in the aggregate,
materially interferes with the security intended to be provided by such
Mortgage, the marketability or current use or operation of the Mortgaged
Property or the current ability of the Mortgaged Property to generate operating
income sufficient to service the Mortgage Loan debt and (e) if such Mortgage
Loan is cross-collateralized with any other Mortgage Loan, the lien of the
Mortgage for such other Mortgage Loan (the foregoing items (a) through (e) being
herein referred to as the "Permitted Encumbrances"). The related assignment of
such Mortgage executed and delivered in favor of the Trustee is in recordable
form and constitutes a legal, valid and binding assignment, sufficient to convey
to the assignee named therein all of the assignor's right, title and interest
in, to and under such Mortgage. Such Mortgage, together with any separate
security agreements, chattel mortgages or equivalent instruments, establishes
and creates a valid and, subject to the exceptions set forth in paragraph 13
below, enforceable security interest in favor of the holder thereof in all of
the related Mortgagor's personal property used in, and reasonably necessary to
operate, the related Mortgaged Property. In the case of a Mortgaged Property
operated as a hotel or an assisted living facility, the Mortgagor's personal
property includes all personal property that a prudent mortgage lender making a
similar Mortgage Loan would deem reasonably necessary to operate the related
Mortgaged Property as it is currently being operated. A Uniform Commercial Code
financing statement has been filed and/or recorded in all places necessary to
perfect a valid security interest in such personal property, to the extent a
security interest may be so created therein, and such security interest is a
first priority security interest, subject to any prior purchase money security
interest in such personal property and any personal property leases applicable
to such personal property. Notwithstanding the foregoing, no representation is
made as to the perfection of any security interest in rents or other personal
property to the extent that possession or control of such items or actions other
than the filing of Uniform Commercial Code financing statements are required in
order to effect such perfection.
(5) Assignment of Leases and Rents. The Assignment of Leases related to
and delivered in connection with each Mortgage Loan establishes and creates a
valid, subsisting and, subject to the exceptions set forth in paragraph 13
below, enforceable first priority lien and first priority security interest in
the related Mortgagor's interest in all leases, sub-leases, licenses or other
agreements pursuant to which any person is entitled to occupy, use or possess
all or any portion of the real property subject to the related Mortgage, and
each assignor thereunder has the full right to assign the same. The related
assignment of any Assignment of Leases not included in a Mortgage has been
executed and delivered in favor of the Trustee and is in recordable form and
constitutes a legal, valid and binding assignment, sufficient to convey to the
assignee named therein all of the assignor's right, title and interest in, to
and under such Assignment of Leases. If an Assignment of Leases exists with
respect to any Mortgage Loan (whether as a part of the related Mortgage or
separately), then the related Mortgage or related Assignment of Leases, subject
to applicable law, provides for, upon an event of default under the Mortgage
Loan, the appointment of a receiver for the collection of rents or for the
related mortgagee to enter into possession to collect the rents or for rents to
be paid directly to the mortgagee.
(6) Mortgage Status; Waivers and Modifications. No Mortgage has been
satisfied, cancelled, rescinded or subordinated in whole or in part, and the
related Mortgaged Property has not been released from the lien of such Mortgage,
in whole or in part (except for partial reconveyances of real property that are
set forth on Schedule A to Exhibit 2), nor has any instrument been executed that
would effect any such satisfaction, cancellation, subordination, rescission or
release, in any manner that, in each case, materially adversely affects the
value of the related Mortgaged Property. None of the terms of any Mortgage Note,
Mortgage or Assignment of Leases has been impaired, waived, altered or modified
in any respect, except by written instruments, all of which are included in the
related Mortgage File and none of the Mortgage Loans has been materially
modified since May 30, 2007.
(7) Condition of Property; Condemnation. With respect to (i) the Mortgaged
Properties securing the Mortgage Loans that were the subject of an engineering
report issued after the first day of the month that is 18 months prior to the
Closing Date, each Mortgaged Property is, to the Seller's knowledge, free and
clear of any damage (or adequate reserves therefor have been established based
on the engineering report) that would materially and adversely affect its value
as security for the related Mortgage Loan and (ii) the Mortgaged Properties
securing the Mortgage Loans that were not the subject of an engineering report
18 months prior to the Closing Date as set forth on Schedule A to this Exhibit
2, each Mortgaged Property is in good repair and condition and all building
systems contained therein are in good working order (or adequate reserves
therefor have been established) and each Mortgaged Property is free of
structural defects, in each case, that would materially and adversely affect its
value as security for the related Mortgage Loan as of the date hereof. The
Seller has received no notice of the commencement of any proceeding for the
condemnation of all or any material portion of any Mortgaged Property. To the
Seller's knowledge (based on surveys and/or title insurance obtained in
connection with the origination of the Mortgage Loans), as of the date of the
origination of each Mortgage Loan, all of the material improvements on the
related Mortgaged Property that were considered in determining the appraised
value of the Mortgaged Property lay wholly within the boundaries and building
restriction lines of such property, except for encroachments that are insured
against by the lender's Title Policy referred to herein or that do not
materially and adversely affect the value or marketability of such Mortgaged
Property, and no improvements on adjoining properties materially encroached upon
such Mortgaged Property so as to materially and adversely affect the value or
marketability of such Mortgaged Property, except those encroachments that are
insured against by the Title Policy referred to herein.
(8) Title Insurance. Each Mortgaged Property is covered by an American
Land Title Association (or a comparable form as adopted in the applicable
jurisdiction) lender's title insurance policy, a pro forma policy or a marked-up
title insurance commitment (on which the required premium has been paid) which
evidences such title insurance policy (the "Title Policy") in the original
principal amount of the related Mortgage Loan after all advances of principal.
Each Title Policy insures that the related Mortgage is a valid first priority
lien on such Mortgaged Property, subject only to Permitted Encumbrances. Each
Title Policy (or, if it has yet to be issued, the coverage to be provided
thereby) is in full force and effect, all premiums thereon have been paid and no
material claims have been made thereunder and no claims have been paid
thereunder. No holder of the related Mortgage has done, by act or omission,
anything that would materially impair the coverage under such Title Policy.
Immediately following the transfer and assignment of the related Mortgage Loan
to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage
to be provided thereby) will inure to the benefit of the Trustee without the
consent of or notice to the insurer. To the Seller's knowledge, the insurer
issuing such Title Policy is qualified to do business in the jurisdiction in
which the related Mortgaged Property is located. Such Title Policy contains no
exclusion for, or it affirmatively insures access to a public road.
(9) No Holdbacks. The proceeds of each Mortgage Loan have been fully
disbursed and there is no obligation for future advances with respect thereto.
With respect to each Mortgage Loan, any and all requirements as to completion of
any on-site or off-site improvement that must be satisfied as a condition to
disbursements of any funds escrowed for such purpose have been complied with on
or before the Closing Date, or any such funds so escrowed have not been
released.
(10) Mortgage Provisions. The Mortgage Note or Mortgage for each Mortgage
Loan, together with applicable state law, contains customary and enforceable
provisions (subject to the exceptions set forth in paragraph 13) such as to
render the rights and remedies of the holder thereof adequate for the practical
realization against the related Mortgaged Property of the principal benefits of
the security intended to be provided thereby.
(11) Trustee under Deed of Trust. If any Mortgage is a deed of trust, (1)
a trustee, duly qualified under applicable law to serve as such, is properly
designated and serving under such Mortgage, and (2) no fees or expenses are
payable to such trustee by the Seller, the Purchaser or any transferee thereof
except in connection with a trustee's sale after default by the related
Mortgagor or in connection with any full or partial release of the related
Mortgaged Property or related security for the related Mortgage Loan.
(12) Environmental Conditions.
(i) With respect to the Mortgaged Properties securing the Mortgage
Loans that were the subject of an environmental site assessment after the
first day of the month that is 18 months prior to the Closing Date, an
environmental site assessment, or an update of a previous such report, was
performed with respect to each Mortgaged Property in connection with the
origination or the acquisition of the related Mortgage Loan, a report of
each such assessment (or the most recent assessment with respect to each
Mortgaged Property) (an "Environmental Report") has been delivered to the
Purchaser, and the Seller has no knowledge of any material and adverse
environmental condition or circumstance affecting any Mortgaged Property
that was not disclosed in such report. Each Mortgage requires the related
Mortgagor to comply with all applicable federal, state and local
environmental laws and regulations. Where such assessment disclosed the
existence of a material and adverse environmental condition or
circumstance affecting any Mortgaged Property, (i) a party not related to
the Mortgagor was identified as the responsible party for such condition
or circumstance or (ii) environmental insurance covering such condition
was obtained or must be maintained until the condition is remediated or
(iii) the related Mortgagor was required either to provide additional
security that was deemed to be sufficient by the originator in light of
the circumstances and/or to establish an operations and maintenance plan.
In connection with the origination of each Mortgage Loan, each
environmental consultant has represented in such Environmental Report or
in a supplement letter that the environmental assessment of the applicable
Mortgaged Property was conducted utilizing generally accepted Phase I
industry standards using the American Society for Testing and Materials
(ASTM) Standard Practice E 1527-00.
(ii) With respect to the Mortgaged Properties securing the Mortgage
Loans that were not the subject of an environmental site assessment
meeting ASTM Standards after the first day of the month that is 18 months
prior to the Closing Date as set forth on Schedule A to this Exhibit 2,
(i) no Hazardous Material is present on such Mortgaged Property such that
(1) the value, use or operation of such Mortgaged Property is materially
and adversely affected or (2) under applicable federal, state or local
law, (a) such Hazardous Material could be required to be eliminated at a
cost materially and adversely affecting the value of the Mortgaged
Property before such Mortgaged Property could be altered, renovated,
demolished or transferred or (b) the presence of such Hazardous Material
could (upon action by the appropriate governmental authorities) subject
the owner of such Mortgaged Property, or the holders of a security
interest therein, to liability for the cost of eliminating such Hazardous
Material or the hazard created thereby at a cost materially and adversely
affecting the value of the Mortgaged Property, and (ii) such Mortgaged
Property is in material compliance with all applicable federal, state and
local laws pertaining to Hazardous Materials or environmental hazards, any
noncompliance with such laws does not have a material adverse effect on
the value of such Mortgaged Property and neither Seller nor, to Seller's
knowledge, the related Mortgagor or any current tenant thereon, has
received any notice of violation or potential violation of any such law.
"Hazardous Materials" means gasoline, petroleum products,
explosives, radioactive materials, polychlorinated biphenyls or
related or similar materials, and any other substance, material or
waste as may be defined as a hazardous or toxic substance by any
federal, state or local environmental law, ordinance, rule,
regulation or order, including without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as
amended (42 U.S.C. xx.xx. 9601 et seq.), the Hazardous Materials
Transportation Act as amended (42 U.S.C. xx.xx. 6901 et seq.), the
Resource Conservation and Recovery Act, as amended (42 U.S.C. xx.xx.
6901 et seq.), the Federal Water Pollution Control Act as amended
(33 U.S.C. xx.xx. 1251 et seq.), the Clean Air Act as amended (42
U.S.C. xx.xx. 1251 et seq.) and any regulations promulgated pursuant
thereto.
(13) Loan Document Status. Each Mortgage Note, Mortgage, Assignment of
Leases and other agreement that evidences or secures such Mortgage Loan and was
executed by or on behalf of the related Mortgagor is the legal, valid and
binding obligation of the maker thereof (subject to any non-recourse provisions
contained in any of the foregoing agreements and any applicable state
anti-deficiency or market value limit deficiency legislation), enforceable in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights generally, and by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity
or at law) and there is no valid defense, counterclaim or right of offset or
rescission available to the related Mortgagor with respect to such Mortgage
Note, Mortgage or other agreement.
(14) Insurance. Each Mortgaged Property is, and is required pursuant to
the related Mortgage to be, insured by (a) a fire and extended perils insurance
policy providing coverage against loss or damage sustained by reason of fire,
lightning, windstorm, hail, explosion, riot, riot attending a strike, civil
commotion, aircraft, vehicles and smoke, and, to the extent required as of the
date of origination by the originator of such Mortgage Loan consistent with its
normal commercial mortgage lending practices, against other risks insured
against with respect to similarly situated properties in the locality of the
Mortgaged Property (so-called "All Risk" coverage) in an amount not less than
the lesser of the principal balance of the related Mortgage Loan and the
replacement cost of the improvements located at the Mortgaged Property, and
contains no provisions for a deduction for depreciation, and not less than the
amount necessary to avoid the operation of any co-insurance provisions with
respect to the Mortgaged Property; (b) a business interruption or rental loss
insurance policy, in an amount at least equal to six months of operations of the
Mortgaged Property; (c) a flood insurance policy (if any portion of buildings or
other structures on the Mortgaged Property are located in an area identified by
the Federal Emergency Management Agency as having special flood hazards and the
Federal Emergency Management Agency requires flood insurance to be maintained);
and (d) a comprehensive general liability insurance policy in amounts as are
generally required by commercial mortgage lenders, for properties of similar
types and in any event not less than $1 million per occurrence. Such insurance
policy contains a standard mortgagee clause that names the mortgagee as an
additional insured in the case of liability insurance policies and as a loss
payee in the case of property insurance policies and requires prior notice to
the holder of the Mortgage of termination or cancellation. No such notice has
been received, including any notice of nonpayment of premiums, that has not been
cured. Each Mortgage obligates the related Mortgagor to maintain all such
insurance and, upon such Mortgagor's failure to do so, authorizes the holder of
the Mortgage to maintain such insurance at the Mortgagor's cost and expense and
to seek reimbursement therefor from such Mortgagor. Each Mortgage provides that
casualty insurance proceeds will be applied (a) to the restoration or repair of
the related Mortgaged Property, (b) to the restoration or repair of the related
Mortgaged Property, with any excess insurance proceeds after restoration or
repair being paid to the Mortgagor, or (c) to the reduction of the principal
amount of the Mortgage Loan. For each Mortgaged Property located in a Zone 3 or
Zone 4 seismic zone, either: (i) a seismic report which indicated a PML of less
than 20% was prepared, based on a 450- or 475-year lookback with a 10%
probability of exceedance in a 50-year period, in connection with the
origination of the Mortgage Loan secured by such Mortgaged Property or (ii) the
improvements for the Mortgaged Property are insured against earthquake damage.
(15) Taxes and Assessments. As of the Closing Date, there are no
delinquent or unpaid taxes, assessments (including assessments payable in future
installments) or other outstanding charges affecting any Mortgaged Property that
are or may become a lien of priority equal to or higher than the lien of the
related Mortgage. For purposes of this representation and warranty, real
property taxes and assessments shall not be considered delinquent or unpaid
until the date on which interest or penalties would be first payable thereon.
(16) Mortgagor Bankruptcy. No Mortgagor is, to the Seller's knowledge, a
debtor in any state or federal bankruptcy or insolvency proceeding.
(17) Leasehold Estate. Each Mortgaged Property consists of a fee simple
estate in real estate or, if the related Mortgage Loan is secured in whole or in
part by the interest of a Mortgagor as a lessee under a ground lease of a
Mortgaged Property (a "Ground Lease"), by the related Mortgagor's interest in
the Ground Lease but not by the related fee interest in such Mortgaged Property
(the "Fee Interest"), and as to such Ground Leases:
(a) Such Ground Lease or a memorandum thereof has been or will be
duly recorded; such Ground Lease (or the related estoppel letter or lender
protection agreement between the Seller and related lessor) does not
prohibit the current use of the Mortgaged Property and does not prohibit
the interest of the lessee thereunder to be encumbered by the related
Mortgage; and there has been no material change in the payment terms of
such Ground Lease since the origination of the related Mortgage Loan, with
the exception of material changes reflected in written instruments that
are a part of the related Mortgage File;
(b) The lessee's interest in such Ground Lease is not subject to any
liens or encumbrances superior to, or of equal priority with, the related
Mortgage, other than Permitted Encumbrances;
(c) The Mortgagor's interest in such Ground Lease is assignable to
the Purchaser and the Trustee as its assignee upon notice to, but without
the consent of, the lessor thereunder (or, if such consent is required, it
has been obtained prior to the Closing Date) and, in the event that it is
so assigned, is further assignable by the Purchaser and its successors and
assigns upon notice to, but without the need to obtain the consent of,
such lessor or if such lessor's consent is required it cannot be
unreasonably withheld;
(d) Such Ground Lease is in full force and effect, and the Ground
Lease provides that no material amendment to such Ground Lease is binding
on a mortgagee unless the mortgagee has consented thereto, and the Seller
has received no notice that an event of default has occurred thereunder,
and, to the Seller's knowledge, there exists no condition that, but for
the passage of time or the giving of notice, or both, would result in an
event of default under the terms of such Ground Lease;
(e) Such Ground Lease, or an estoppel letter or other agreement, (A)
requires the lessor under such Ground Lease to give notice of any default
by the lessee to the holder of the Mortgage; and (B) provides that no
notice of termination given under such Ground Lease is effective against
the holder of the Mortgage unless a copy of such notice has been delivered
to such holder and the lessor has offered or is required to enter into a
new lease with such holder on terms that do not materially vary from the
economic terms of the Ground Lease.
(f) A mortgagee is permitted a reasonable opportunity (including,
where necessary, sufficient time to gain possession of the interest of the
lessee under such Ground Lease) to cure any default under such Ground
Lease, which is curable after the receipt of notice of any such default,
before the lessor thereunder may terminate such Ground Lease;
(g) Such Ground Lease has an original term (including any extension
options set forth therein) which extends not less than twenty years beyond
the Stated Maturity Date of the related Mortgage Loan;
(h) Under the terms of such Ground Lease and the related Mortgage,
taken together, any related insurance proceeds or condemnation award
awarded to the holder of the ground lease interest will be applied either
(A) to the repair or restoration of all or part of the related Mortgaged
Property, with the mortgagee or a trustee appointed by the related
Mortgage having the right to hold and disburse such proceeds as the repair
or restoration progresses (except in such cases where a provision
entitling a third party to hold and disburse such proceeds would not be
viewed as commercially unreasonable by a prudent commercial mortgage
lender), or (B) to the payment of the outstanding principal balance of the
Mortgage Loan together with any accrued interest thereon;
(i) Such Ground Lease does not impose any restrictions on subletting
which would be viewed as commercially unreasonable by prudent commercial
mortgage lenders lending on a similar Mortgaged Property in the lending
area where the Mortgaged Property is located; and such Ground Lease
contains a covenant that the lessor thereunder is not permitted, in the
absence of an uncured default, to disturb the possession, interest or
quiet enjoyment of the lessee thereunder for any reason, or in any manner,
which would materially adversely affect the security provided by the
related Mortgage;
(j) Such Ground Lease requires the Lessor to enter into a new lease
upon termination of such Ground Lease if the Ground Lease is rejected in a
bankruptcy proceeding; and
(k) Such Ground Lease may not be amended or modified or any such
amendment or modification will not be effective against the mortgagee
without the prior written consent of the mortgagee under such Mortgage
Loan, and any such action without such consent is not binding on such
mortgagee, its successors or assigns; provided, however, that termination
or cancellation without such consent may be binding on the mortgagee if
(i) an event of default occurs under the Ground Lease, (ii) notice is
provided to the mortgagee and (iii) such default is curable by the
mortgagee as provided in the Ground Lease but remains uncured beyond the
applicable cure period.
(18) Escrow Deposits. All escrow deposits and payments relating to each
Mortgage Loan that are, as of the Closing Date, required to be deposited or paid
have been so deposited or paid.
(19) LTV Ratio. The gross proceeds of each Mortgage Loan to the related
Mortgagor at origination did not exceed the non-contingent principal amount of
the Mortgage Loan and either: (a) such Mortgage Loan is secured by an interest
in real property having a fair market value (i) at the date the Mortgage Loan
was originated, at least equal to 80 percent of the original principal balance
of the Mortgage Loan or (ii) at the Closing Date, at least equal to 80 percent
of the principal balance of the Mortgage Loan on such date; provided that for
purposes hereof, the fair market value of the real property interest must first
be reduced by (x) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (y) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in clauses (a)(i) and (a)(ii) of this paragraph 19 shall
be made on a pro rata basis in accordance with the fair market values of the
Mortgaged Properties securing such cross-collateralized Mortgage Loans); or (b)
substantially all the proceeds of such Mortgage Loan were used to acquire,
improve or protect the real property that served as the only security for such
Mortgage Loan (other than a recourse feature or other third party credit
enhancement within the meaning of Treasury Regulations Section
1.860G-2(a)(1)(ii)).
(20) Mortgage Loan Modifications. Any Mortgage Loan that was
"significantly modified" prior to the Closing Date so as to result in a taxable
exchange under Section 1001 of the Code either (a) was modified as a result of
the default under such Mortgage Loan or under circumstances that made a default
reasonably foreseeable or (b) satisfies the provisions of either clause (a)(i)
of paragraph 19 (substituting the date of the last such modification for the
date the Mortgage Loan was originated) or clause (a)(ii) of paragraph 19,
including the proviso thereto.
(21) Advancement of Funds by the Seller. No holder of a Mortgage Loan has
advanced funds or induced, solicited or knowingly received any advance of funds
from a party other than the owner of the related Mortgaged Property, directly or
indirectly, for the payment of any amount required by such Mortgage Loan.
(22) No Mechanics' Liens. Each Mortgaged Property is free and clear of any
and all mechanics' and materialmen's liens that are prior or equal to the lien
of the related Mortgage, except, in each case, for liens insured against by the
Title Policy referred to herein, and no rights are outstanding that under law
could give rise to any such lien that would be prior or equal to the lien of the
related Mortgage except, in each case, for liens insured against by the Title
Policy referred to herein.
(23) Compliance with Laws. Except as otherwise specifically disclosed in
an exception on Schedule A attached hereto to another representation and
warranty made by the seller in this Exhibit 2, at origination, each Mortgage
Loan complied with all applicable federal, state and local statutes and
regulations. Each Mortgage Loan complied with (or is exempt from) all applicable
usury laws in effect at its date of origination.
(24) Cross-collateralization. No Mortgage Loan is cross-collateralized or
cross-defaulted with any loan other than one or more other Mortgage Loans.
(25) Releases of Mortgaged Property. Except as described in the next
sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or
any material portion of the related Mortgaged Property that was included in the
appraisal for such Mortgaged Property, and/or generates income from the lien of
the related Mortgage except upon payment in full of all amounts due under the
related Mortgage Loan or in connection with the defeasance provisions of the
related Note and Mortgage. The Mortgages relating to those Mortgage Loans
identified on Schedule A hereto require the mortgagee to grant releases of
portions of the related Mortgaged Properties upon (a) the satisfaction of
certain legal and underwriting requirements and/or (b) the payment of a release
price and prepayment consideration in connection therewith. Except as described
in the first sentence hereof and for those Mortgage Loans identified on Schedule
A, no Mortgage Loan permits the full or partial release or substitution of
collateral unless the mortgagee or servicer can require the Mortgagor to provide
an opinion of tax counsel to the effect that such release or substitution of
collateral (a) would not constitute a "significant modification" of such
Mortgage Loan within the meaning of Treas. Reg. ss.1.860G-2(b)(2) and (b) would
not cause such Mortgage Loan to fail to be a "qualified mortgage" within the
meaning of Section 860G(a)(3)(A) of the Code. The loan documents require the
related Mortgagor to bear the cost of such opinion.
(26) No Equity Participation or Contingent Interest. No Mortgage Loan
contains any equity participation by the lender or provides for negative
amortization (except that the ARD Loan may provide for the accrual of interest
at an increased rate after the Anticipated Repayment Date) or for any contingent
or additional interest in the form of participation in the cash flow of the
related Mortgaged Property.
(27) No Material Default. To the Seller's knowledge, there exists no
material default, breach, violation or event of acceleration (and no event
which, with the passage of time or the giving of notice, or both, would
constitute any of the foregoing) under the documents evidencing or securing the
Mortgage Loan, in any such case to the extent the same materially and adversely
affects the value of the Mortgage Loan and the related Mortgaged Property;
provided, however, that this representation and warranty does not address or
otherwise cover any default, breach, violation or event of acceleration that
specifically pertains to any matter otherwise covered by any other
representation and warranty made by the Seller elsewhere in this Exhibit 2 or
the exceptions listed in Schedule A attached hereto.
(28) Inspections. The Seller (or if the Seller is not the originator, the
originator of the Mortgage Loan) has inspected or caused to be inspected each
Mortgaged Property in connection with the origination of the related Mortgage
Loan.
(29) Local Law Compliance. Based on due diligence considered reasonable by
prudent commercial mortgage lenders in the lending area where the Mortgaged
Property is located, the improvements located on or forming part of each
Mortgaged Property comply with applicable zoning laws and ordinances, or
constitute a legal non-conforming use or structure or, if any such improvement
does not so comply, such non-compliance does not materially and adversely affect
the value of the related Mortgaged Property, such value as determined by the
appraisal performed at origination or in connection with the sale of the related
Mortgage Loan by the Seller hereunder.
(30) Junior Liens. None of the Mortgage Loans permits the related
Mortgaged Property to be encumbered by any lien (other than a Permitted
Encumbrance) junior to or of equal priority with the lien of the related
Mortgage without the prior written consent of the holder thereof or the
satisfaction of debt service coverage or similar criteria specified therein. The
Seller has no knowledge that any of the Mortgaged Properties is encumbered by
any lien (other than a Permitted Encumbrance) junior to the lien of the related
Mortgage.
(31) Actions Concerning Mortgage Loans. To the knowledge of the Seller,
there are no actions, suits or proceedings before any court, administrative
agency or arbitrator concerning any Mortgage Loan, Mortgagor or related
Mortgaged Property that might adversely affect title to the Mortgaged Property
or the validity or enforceability of the related Mortgage or that might
materially and adversely affect the value of the Mortgaged Property as security
for the Mortgage Loan or the use for which the premises were intended.
(32) Servicing. The servicing and collection practices used by the Seller
or any prior holder or servicer of each Mortgage Loan have been in all material
respects legal, proper and prudent and have met customary industry standards.
(33) Licenses and Permits. To the Seller's knowledge, based on due
diligence that it customarily performs in the origination of comparable mortgage
loans, as of the date of origination of each Mortgage Loan or as of the date of
the sale of the related Mortgage Loan by the Seller hereunder, the related
Mortgagor was in possession of all material licenses, permits and franchises
required by applicable law for the ownership and operation of the related
Mortgaged Property as it was then operated.
(34) Collateral in Trust. The Mortgage Note for each Mortgage Loan is not
secured by a pledge of any collateral that has not been assigned to the
Purchaser.
(35) Due on Sale. Each Mortgage Loan contains a "due on sale" clause,
which provides for the acceleration of the payment of the unpaid principal
balance of the Mortgage Loan if, without prior written consent of the holder of
the Mortgage, the property subject to the Mortgage or any material portion
thereof, or a controlling interest in the related Mortgagor, is transferred,
sold or encumbered by a junior mortgage or deed of trust; provided, however,
that certain Mortgage Loans provide a mechanism for the assumption of the loan
by a third party upon the Mortgagor's satisfaction of certain conditions
precedent, and upon payment of a transfer fee, if any, or transfer of interests
in the Mortgagor or constituent entities of the Mortgagor to a third party or
parties related to the Mortgagor upon the Mortgagor's satisfaction of certain
conditions precedent.
(36) Non-Recourse Exceptions. The Mortgage Loan documents for each
Mortgage Loan provide that such Mortgage Loan constitutes either (a) the
recourse obligations of at least one natural person or (b) the non-recourse
obligations of the related Mortgagor, provided that at least one natural person
(and the Mortgagor if the Mortgagor is not a natural person) is liable to the
holder of the Mortgage Loan for damages arising in the case of fraud or willful
misrepresentation by the Mortgagor, misappropriation of rents, insurance
proceeds or condemnation awards and breaches of the environmental covenants in
the Mortgage Loan documents.
(37) REMIC Eligibility. Each Mortgage Loan is a "qualified mortgage" as
such term is defined in Section 860G(a)(3) of the Code (without regard to
Treasury Regulations Section 1.860G-2(f)(2), which treats certain defective
mortgage loans as qualified mortgages).
(38) Prepayment Premiums. As of the applicable date of origination of each
such Mortgage Loan, any prepayment premiums and yield maintenance charges
payable under the terms of the Mortgage Loans, in respect of voluntary
prepayments, constituted customary prepayment premiums and yield maintenance
charges for commercial mortgage loans of the Seller.
(39) [Reserved].
(40) Single Purpose Entity. The Mortgagor on each Mortgage Loan with a
Cut-Off Date Principal Balance in excess of $10 million, was, as of the
origination of the Mortgage Loan, a Single Purpose Entity. For this purpose, a
"Single Purpose Entity" shall mean an entity, other than an individual, whose
organizational documents provide substantially to the effect that it was formed
or organized solely for the purpose of owning and operating one or more of the
Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging
in any business unrelated to such Mortgaged Property or Properties, and whose
organizational documents further provide, or which entity represented in the
related Mortgage Loan documents, substantially to the effect that it does not
have any assets other than those related to its interest in, and operation of,
such Mortgaged Property or Properties, or any indebtedness other than as
permitted by the related Mortgage(s) or the other related Mortgage Loan
documents, that it has its own books and records and accounts separate and apart
from any other person (other than a Mortgagor for a Mortgage Loan that is
cross-collateralized and cross-defaulted with the related Mortgage Loan), and
that it holds itself out as a legal entity, separate and apart from any other
person.
(41) Defeasance and Assumption Costs. The related Mortgage Loan Documents
provide that the related borrower is responsible for the payment of all
reasonable costs and expenses of the Lender incurred in connection with (i) the
defeasance of such Mortgage Loan and the release of the related Mortgaged
Property, and (ii) the approval of an assumption of such Mortgage Loan.
(42) Defeasance. No Mortgage Loan provides that it can be defeased until a
date that is more than two years after the Closing Date or provides that it can
be defeased with any property other than government securities (as defined in
Section 2(a)(16) of the Investment Company Act of 1940, as amended) or any
direct non-callable security issued or guaranteed as to principal or interest by
the United States.
(43) Authorized to do Business. To the extent required under applicable
law as of the date of origination, and necessary for the enforceability or
collectability of the Mortgage Loan, the originator of such Mortgage Loan was
authorized to do business in the jurisdiction in which the related Mortgaged
Property is located at all times when it originated and held the Mortgage Loan.
(44) Terrorism Insurance. With respect to each Mortgage Loan that has a
Stated Principal Balance as of the Cut-Off Date that is greater than or equal to
$20,000,000, the related all risk insurance policy and business interruption
policy do not specifically exclude acts of terrorism from coverage. With respect
to each other Mortgage Loan, the related all risk insurance policy and business
interruption policy did not, as of the date of origination of the Mortgage Loan,
and, to the Mortgage Loan Seller's knowledge, does not as of the date hereof,
specifically exclude acts of terrorism from coverage. With respect to each of
the Mortgage Loans, the related Mortgage Loan Documents do not expressly waive
or prohibit the mortgagee from requiring coverage for acts of terrorism or
damages related thereto, except to the extent that any right to require such
coverage may be limited by commercially reasonable availability, or as otherwise
indicated on Schedule A.
(45) Operating Statements and Rent Rolls. In the case of each Mortgage
Loan, the related Mortgage Loan Documents require the related Mortgagor, in some
cases at the request of the lender, to provide to the holder of such Mortgage
Loan operating statements and rent rolls not less frequently than annually
(except if the Mortgage Loan has an outstanding principal balance of less than
or equal to $3,500,000 as of the Cut-Off Date or the related Mortgaged Property
has only one tenant, in either of which cases, the Mortgage Loan Documents
require the Mortgagor, in some cases at the request of the lender, to provide to
the holder of such Mortgage Loan operating statements and (if there is more than
one tenant) rent rolls and/or financial statements of the Mortgagor annually),
and such other information as may be required therein.
(46) An appraisal of the related Mortgaged Property was conducted in
connection with the origination of such Mortgage Loan, and such appraisal
satisfied the guidelines in Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage
Loan was originated.
SCHEDULE A
EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES
LISTED IN EXHIBIT 2 REGARDING INDIVIDUAL MORTGAGE LOANS
Representation No. 2: Whole Loan; Ownership of Mortgage Loans
Loan No. 1, Beacon DC & Seattle Portfolio: The related whole loan
consists of three pari passu notes (certain of which pari pass notes may be
further split into senior and subordinate notes), one of which pari passu note
is the mortgage loan.
Representation No. 4: Lien, Valid Assignment
Loan No. 1, Beacon DC & Seattle Portfolio: With respect to the
Market Square, Reston, Washington Mutual and 1300 N. 17th properties (the
"Non-Mortgaged Properties"), the lender does not have mortgages on them. With
respect to the Market Square property, the lender has received pledges of the
ownership interests in one of the entities comprising the joint venture which
owns the Market Square property and in the two entities which own that entity.
In addition, a partner loan and a mortgage loan associated with this property
was pledged to the lender. The borrower also agreed to deposit distributions
from the joint venture owning this property to the deposit account. The Market
Square property is subject to a joint venture agreement. With respect to the
Reston, Washington Mutual and 1300 N. 17th properties, the borrower agreed to
deposit distributions from the joint venture (in the case of Washington Mutual)
or from the owner of the property (in the case of Reston and 1300 N. 17th
properties) to the deposit accounts. These properties are encumbered by existing
debt. The Washington Mutual property is also subject to a joint venture
agreement.
Loan No. 92, Xxxxxxx Xxxxxxxx Plaza: Two Memoranda of Ground Lease
exist between the borrower, as ground lessor, and an affiliated entity, GB Plaza
Pad Associates, LLC, as ground lessee, for the lease of two undeveloped portions
of the mortgaged property that the borrower is planning to develop.
Loan No. 299, Xxxxx Creek Commons: A supplemental access easement is
junior to two mortgages encumbering the servient estate. The borrower has
escrowed $15,000 to pay for the estimated costs of constructing a new drive way
in the event that the easement is terminated. The borrower is attempting to
obtain subordinations from the mortgagees.
Representation No. 8: Title Insurance
Loan Xx. 0, Xxxxxx XX & Xxxxxxx Xxxxxxxxx: There is no title
insurance with respect to the Non-Mortgaged Properties. There is, however, UCC
insurance with respect to any pledged interests.
Loan Xx. 00, Xxxxxxx Xxxxxxxx Xxxxx: Two Memoranda of Ground Lease
exist between the borrower, as ground lessor, and an affiliated entity, GB Plaza
Pad Associates, LLC, as ground lessee, for the lease of two undeveloped portions
of the mortgaged property that the borrower is planning to develop.
Representation No. 14: Insurance
Loan No. 1, Beacon DC & Seattle Portfolio: Earthquake insurance with
respect to the Washington Mutual property is required at $125,000,000.
Representation No. 17(c): Leasehold Estate
Loan No. 1, Beacon DC & Seattle Portfolio: The ground lease is
assignable without consent in connection with a foreclosure or assignment or
deed in lieu thereof, but further assignments must comply with the terms of the
ground lease.
Representation No. 17(d): Leasehold Estate
Loan No. 1, Beacon DC & Seattle Portfolio: The lender's right to
hold and disburse insurance proceeds is dependent on its qualifying as a
"Lending Institution" set forth in the ground lease. The application of
insurance proceeds to restoration is dependent upon the satisfaction of certain
conditions set forth in the ground lease, such as restoration to the former
condition (with only nonmaterial changes) being permitted under then applicable
law and tenant's providing adequate security that sufficient funds will be
available to cover deficiencies in insurance proceeds.
Representation No. 17(f): Leasehold Estate
Loan No. 2, Xxxxx Center/US Bank Tower: There is no extra time given
for a monetary default. With respect to a non-monetary default, the ground
lessor may not terminate the ground lease if the lender is diligently curing,
attempting to obtain possession.
Representation No. 17(g): Leasehold Estate
Loan Xx. 000, Xxxxxx Xxx Xxxxxxx - Xxxxxxxxxx: The ground lease does
not have a sufficient term, but the borrower has the option to purchase the
property for $20,000 at lease expiration (which purchase option may be exercised
by the lender); lender required that $20,000 be deposited into a reserve at loan
closing.
Representation No. 17(f): Leasehold Estate
Loan No. 2, Xxxxx Center/US Bank Tower: The loan documents are
silent about the following language in clause (B): "with the mortgagee or a
trustee appointed by the related Mortgage having the right to hold and disburse
such proceeds as the repair or restoration progresses (except in such cases
where a provision entitling a third party to hold and disburse such proceeds
would not be viewed as commercially unreasonable by a prudent commercial
mortgage lender)." In addition, the ground lease is silent about clause (C).
Representation No. 24: Cross-collateralization
Loan No. 1, Beacon DC & Seattle Portfolio: The related whole loan
consists of three pari passu notes (certain of which pari pass notes may be
further split into senior and subordinate notes), one of which pari passu note
is the mortgage loan.
Representation No. 25: Releases of Mortgaged Property
Loan No. 1, Beacon DC & Seattle Portfolio: The mortgage loan allows
for a partial release subject to the satisfaction of certain tests and
conditions set forth in the related loan documents, including, but not limited
to: (i) no event of default has occurred or is continuing, (ii) payment of the
greater of 110% of the allocated loan amount or 90% of net sales proceeds if
DSCR is less than 1.45x; or the greater of 100% of the allocated loan amount or
75% of net sales proceeds if the DSCR is greater than or equal to 1.45x, (iii)
certain properties have specific release prices, and (iv) yield maintenance fees
if prepaid prior to November 7, 2011. In addition, the mortgage loan permits a
partial release of the Cash Flow Assets (Washington Mutual, Reston and 1300 N.
17th) and associated prepayment of the mortgage loan and the mezzanine loan,
provided that after such prepayment and release, the mezzanine loan DSCR is at
least equal to the greater of (i) DSCR at origination or (ii) DSCR immediately
prior to the sale and release. The Cash Flow Assets may be released for the
following amounts, which will pay off the mezzanine loan first and then the
mortgage loan, with prepayment of the later capped at a total of $100,000,000:
(i) Washington Mutual: $235,000,000, (ii) Reston: $130,0000 and (iii) 1300 N.
17th: $75,000,000.
Loan No. 2, Xxxxx Center/ US Bank Center: A partial defeasance is
permitted subject to certain conditions, including: a Rating Agency Confirmation
is provided. In addition, the borrower may obtain a release of a portion of the
mortgaged properties, subject to certain conditions, including: DSCR is at least
equal to the DSCR for the 12 calendar months immediately preceding such release.
Loan Xx. 00, Xxx Xxxxx Xxxxxxxxx - Xxxxxxxx Xxxxxx Xxxxxxxx X-X, -
Xxxx 0000: The borrower may obtain a release of certain specified portions of
the mortgaged properties, subject to certain conditions, including: (i) DSCR is
no less than the greater of 1.25x or DSCR prior to such release, (ii) defeasance
collateral equal to 110% relating to the released property is provided, and
(iii) LTV is not greater than the lesser of 70% or LTV prior to such release.
Loan No. 251, Best Western Rory & Xxxx Inns: The borrower may obtain
a release of certain parcel of vacant land, subject to certain conditions,
including: (i) after such release, LTV is no more than 72% and (ii) a Rating
Agency Confirmation is provided.
Loan Nos. 184 & 185, Kentucky Retail Portfolio: The borrower may
obtain release of one of the cross collateralized/cross defaulted properties
subject to defeasance collateral equal to 125% of the allocated loan amount of
the released property and a resulting DSCR greater than or equal to 1.20x.
Representation No. 30: Junior Liens
Loan No. 1, Beacon DC & Seattle Portfolio: The related whole loan
consists of three pari passu notes (certain of which pari pass notes may be
further split into senior and subordinate notes), one of which pari passu note
is the mortgage loan. In addition, the Non-Mortgage Properties are encumbered by
pre-existing debt.
Representation No. 31: Actions Concerning Mortgage Loans
Loan No. 1, Beacon DC & Seattle Portfolio: Litigation is pending
with respect to the Market Square property, as set forth below:
Western Associates Limited Partnership v. Market Square Associates,
et al., Civil Action No. 02ca00993 (D.C. Superior); Market Square
Associates, et al. v. Western Associates Limited Partnership, No.
03-CV-000732 (D.C. Ct. of Appeals). This action was filed in February 2001
(after a substantially similar action was dismissed from federal court
following dismissal of a RICO count, upheld on appeal). The allegations of
the complaint involve the development of Market Square in Washington, D.C.
Market Square is owned by Avenue Associates Limited Partnership ("AALP").
The defendants are Market Square Associates (the general partner of AALP)
("MSA") and current and former partners in and affiliates of MSA. The
plaintiff is the limited partner of AALP. The complaint alleges fraud,
conspiracy, breach of contract, breach of fiduciary duty, inducement of
fiduciary breach, and failure to provide access to the books and records
of AALP. The complaint seeks monetary and injunctive relief. The
defendants filed an answer in November 2001 denying liability. Document
discovery was substantially completed in 2003. Depositions have not
commenced. The case currently is stayed pending the interlocutory appeal
noted above. The defendants appealed an order granting in part a motion by
the plaintiff to compel the production of certain privileged documents. In
connection with the above action, Western Associates Limited Partnership
delivered a Notice of Lis Pendens January 30, 2007.
Representation No. 33: Licenses and Permits
Loan Xx. 000, Xxxxxxxx Xxxxx - Xxxxx: The previous property owner
holds liquor license for the property, but is operating as nominal permittee
under a 6-month liquor license management agreement, pending issuance of new
liquor license to the borrower. The recourse guaranty coves loss of liquor
license due to default of the borrower under such agreement.
Representation No. 36: Non-Recourse Exceptions
Loan Xx. 0, Xxxxxx XX & Xxxxxxx Xxxxxxxxx: The mortgage loan is
recourse to the borrower. A guarantor (not a natural person) has indemnified for
losses in the event of a misappropriation of distributions as to the
Non-Mortgage Properties and for other matters relating to the Market Square
property encumbrance.
Loan No. 64, Gateway Medical Research Building: The recourse
obligations are not to a natural person.
Loan Xx. 00, 000 Xxxxxxxxxx Xxxxxx: The recourse obligations are not
to a natural person.
Loan Xx. 000, Xxxxxxx Xxx Xxxxxxx - Xxxxxxxxxx: The recourse
obligations are not to a natural person.
Loan No. 52, 2000 & 0000 Xxxxxx Xxxxx: The recourse obligations are
not to a natural person.
Loan Xx. 000, Xxxxxxx Xxxxxx - Xxxxxxxxxx: The recourse obligations
are not to a natural person.
Loan No. 64, Gateway Medical Research Building: The recourse
obligations are not to a natural person.
Representation No. 37: REMIC Eligibility
Loan Xx. 0, Xxxxxx XX & Xxxxxxx Xxxxxxxxx: The security with respect
to the Non-Mortgage Properties is not a mortgage.
Representation No. 40: Single Purpose Entity
Loan No. 1, Beacon DC & Seattle Portfolio: The JV entities (the
direct owners of the Market Square and Washington Mutual properties) are not
SPEs and their organizational documents do not require them to be SPEs. However,
the borrower has covenanted that they will comply with the SPE covenants in the
loan documents and the organizational documents of the owners of the JV entities
are SPEs. There were no representations and no diligence with respect to the JV
entities.
Loan No. 92, Xxxxxxx Xxxxxxxx Plaza: Two of the four co-borrowers,
Grange Associates, LLC and Good Drive Associates, LLC, each previously owned one
parcel of real property ("Prior Assets"), each of which was sold in 2005. At
loan closing, they have represented that (i) they have never owned property
other than the Prior Assets, (ii) they are not aware of any environmental
conditions in respect of the Prior Assets, (iii) they have no contingent or
actual obligations whatsoever related to the Prior Assets, (iv) they have no
judgments or liens of any nature against them except for tax liens not yet due,
and (v) they are not involved ion any disputes with any tax authority and have
paid all taxes due and payable. In addition, the recourse carve-out obligations
covers any claims made against or liabilities incurred by or accruing to the
borrower, including reasonable attorney's fees and expenses, in connection with
the Prior Assets.
Representation No. 44: Terrorism Insurance
Loan Xx. 0, Xxxxxx XX & Xxxxxxx Xxxxxxxxx: The total annual premium
payable by the borrower for the terrorism coverage shall not exceed one and a
half times the result of (x) the annual premium for the coverage required under
the loan document minus (y) any premiums required to be paid for earthquake,
flood and terrorism coverages.
SCHEDULE B
LIST OF MORTGAGORS THAT ARE
THIRD-PARTY BENEFICIARIES UNDER SECTION 5(b)
None.
None.
EXHIBIT 3
XXXX OF SALE
1. Parties. The parties to this Xxxx of Sale are the following:
Seller: Xxxxxx Xxxxxxx Mortgage Capital Inc.
Purchaser: Xxxxxx Xxxxxxx Capital I Inc.
2. Sale. For value received, the Seller hereby conveys to the
Purchaser, without recourse, all right, title and interest in and to the
Mortgage Loans identified on Exhibit 1 (the "Mortgage Loan Schedule") to the
Mortgage Loan Purchase Agreement, dated as of May 1, 2007 (the "Mortgage Loan
Purchase Agreement"), between the Seller and the Purchaser and all of the
following property:
(a) All accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit and investment property consisting
of, arising from or relating to any of the following property: the
Mortgage Loans identified on the Mortgage Loan Schedule including the
related Mortgage Notes, Mortgages, security agreements, and title, hazard
and other insurance policies, all distributions with respect thereto
payable after the Cut-Off Date, all substitute or replacement Mortgage
Loans and all distributions with respect thereto, and the Mortgage Files;
(b) All accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit, investment property, and other
rights arising from or by virtue of the disposition of, or collections
with respect to, or insurance proceeds payable with respect to, or claims
against other Persons with respect to, all or any part of the collateral
described in clause (a) above (including any accrued discount realized on
liquidation of any investment purchased at a discount); and
(c) All cash and non-cash proceeds of the collateral described in
clauses (a) and (b) above.
3. Purchase Price. $_____ (including accrued interest).
4. Definitions. Terms used but not defined herein shall have the
meanings assigned to them in the Mortgage Loan Purchase Agreement.
IN WITNESS WHEREOF, each of the parties hereto has caused this Xxxx
of Sale to be duly executed and delivered on this 30th day of May, 2007.
SELLER: XXXXXX XXXXXXX MORTGAGE CAPITAL INC.
By:
---------------------------------
Name:
Title:
PURCHASER: XXXXXX XXXXXXX CAPITAL I INC.
By:
---------------------------------
Name:
Title:
EXHIBIT 5
FORM OF LIMITED POWER OF ATTORNEY
THIS DOCUMENT PREPARED BY,
AND AFTER RECORDING RETURN TO:
Capmark Finance Inc.
000 Xxxxxx Xxxx
Xxxxxxx, Xxxxxxxxxxxx 00000
Centerline Servicing, Inc.
0000 Xxxxx X'Xxxxxx Xxxxxxxxx
Xxxxxx, Xxxxx 00000
The Bank of New York Trust Company, National Association
0 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
LIMITED POWER OF ATTORNEY
Know all persons by these presents; that the undersigned in its
capacity as Seller, having an address of 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx
00000, Attention: Xxxxxx Xxxxxx (the "Seller"), being duly empowered and
authorized to do so, does hereby make, constitute and appoint Capmark Finance
Inc., having an address of 000 Xxxxxx Xxxx, Xxxxxxx, Xxxxxxxxxxxx 00000 (the
"Master Servicer"), Centerline Servicing, Inc. (formerly ARCap Servicing, Inc.),
having an address of 0000 Xxxxx X'Xxxxxx Xxxxxxxxx, Xxxxxx, Xxxxx 00000,
Attention: Xxx X. Xxxxx (the "Special Servicer"), and The Bank of New York Trust
Company, National Association, having an address of Corporate Trust Office, 0
Xxxxx XxXxxxx Xxxxxx, Xxxxxxx, Xxxxxxxx, 00000, Attention: Corporate Trust
Services (CMBS) -- Xxxxxx Xxxxxxx Capital I Inc., Series 2007-IQ14 (the
"Trustee") as the true and lawful attorneys-in-fact for the undersigned, in its
name, place and stead, and for its use and benefit:
1. To empower the Trustee, the Master Servicer and, in the event of
the failure or incapacity of the Trustee and the Master Servicer, the Special
Servicer, to submit for recording, at the expense of the Seller, any mortgage
loan documents required to be recorded as described in the Pooling and Servicing
Agreement, dated as of May 1, 2007 (the "Pooling and Servicing Agreement"),
among Xxxxxx Xxxxxxx Capital I Inc., as Depositor, the Master Servicer, the
Prudential Master Servicer, the Xxxxx Fargo Master Servicer, the Special
Servicer, the Trustee, and the Paying Agent with respect to the Trust and any
intervening assignments with evidence of recording thereon that are required to
be included in the Mortgage File (so long as original counterparts have
previously been delivered to the Trustee).
2. This power of attorney shall be limited to the above-mentioned
exercise of power.
3. This instrument is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers
herein is not intended to, nor does it give rise to, and it is not intended to
be construed as, a general power of attorney.
4. The rights, power of authority of said attorney herein granted
shall commence and be in full force and effect on the date hereof and such
rights, powers and authority shall remain in full force and effect until the
termination of the Pooling and Servicing Agreement.
Capitalized terms used herein but not defined herein shall have the
meanings assigned to them in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of May 2007.
Witnessed by: XXXXXX XXXXXXX MORTGAGE
CAPITAL INC.
_________________________________ By:______________________________
Print Name: Name:
Title:
STATE OF____________________________)
COUNTY OF___________________________)
On __________________________, before me, a Notary Public in and for said
county, personally appeared ________________________________, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity, and that by his/her
signature on the instrument the person acted and executed the instrument.
Witness my hand and official seal.
----------------------------------------
Commission Expires:
