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EXHIBIT 10.6
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J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP.,
PURCHASER
AIG MORTGAGE CAPITAL,
LLC AND SOME II, LLC,
SELLER
MORTGAGE LOAN
PURCHASE AGREEMENT
Dated as of
September 1, 2006
Fixed Rate Mortgage Loans
Series
2006-LDP8
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<PAGE>
This Mortgage Loan Purchase
Agreement (this "Agreement"), dated as
of September 1, 2006, is between J.P. Morgan Chase Commercial Mortgage
Securities Corp., as purchaser (the "Purchaser"), and AIG Mortgage
Capital, LLC
("AIGMC"), as seller of the loans identified on Exhibit A-1 (the
"AIGMC Loans")
and SOME II, LLC ("SOME II" and together with AIGMC, the
"Sellers" and each
individually, a "Seller"), as seller of the loans identified on
Exhibit A-2 (the
"SOME II Loans").
Capitalized terms used in
this Agreement not defined herein shall
have the meanings ascribed to them in the Pooling and Servicing Agreement dated
as of September 1, 2006 (the "Pooling and Servicing Agreement") among
the
Purchaser, as depositor (the "Depositor"), Wells Fargo Bank, N.A. and
Midland
Loan Services, Inc., as master servicers (each, a "Master Servicer"),
J.E.
Robert Company, Inc., as special servicer (the "Special Servicer"),
and LaSalle
Bank National Association, as trustee (the "Trustee"), pursuant to
which the
Purchaser will sell the Mortgage Loans (as defined herein) to a trust fund and
certificates representing ownership interests in the Mortgage Loans will be
issued by the trust fund. For purposes of this Agreement, the term
"Mortgage
Loans" refers to the mortgage loans listed on Exhibit A-1 and Exhibit A-2
and
the term "Mortgaged Properties" refers to the properties securing
such Mortgage
Loans.
The Purchaser and the Sellers
wish to prescribe the manner of sale
of the Mortgage Loans from the Sellers to the Purchaser and in consideration of
the premises and the mutual agreements hereinafter set forth, agree as follows:
SECTION 1. Sale and
Conveyance of Mortgages; Possession of Mortgage
File. Effective as of the Closing Date and upon receipt of the purchase price
set forth in the immediately succeeding paragraph, each Seller does hereby
sell,
transfer, assign, set over and convey to the Purchaser, without recourse
(subject to certain agreements regarding servicing as provided in the Pooling
and Servicing Agreement, subservicing agreements permitted thereunder and that
certain Servicing Rights Purchase Agreement, dated as of the Closing Date
between the applicable Master Servicer and the Sellers) all of its right,
title,
and interest in and to the related Mortgage Loans described in Exhibit A-1 or
Exhibit A-2, as applicable, including all interest and principal received on or
with respect to the Mortgage Loans after the Cut-off Date (other than payments
of principal and interest first due on the Mortgage Loans on or before the
Cut-off Date). Upon the sale of the related Mortgage Loans, the ownership of
each related Mortgage Note, the Mortgage and the other contents of the related
Mortgage File will be vested in the Purchaser and immediately thereafter the
Trustee and the ownership of records and documents with respect to the related
Mortgage Loan prepared by or which come into the possession of the applicable
Seller (other than the records and documents described in the proviso to
Section
3(a) hereof) shall immediately vest in the Purchaser and immediately thereafter
the Trustee. The Sellers' records will accurately reflect the sale of each
Mortgage Loan sold by such Seller to the Purchaser. The Depositor will sell the
Class A-1, Class A-2, Class A-3A, Class A-3FL, Class A-3B, Class A-4, Class
A-SB, Class A-1A, Class X, Class A-M, Class A-J, Class B, Class C and Class D
Certificates (the "Offered Certificates") to the underwriters (the
"Underwriters") specified in the underwriting agreement dated
September 22, 2006
(the "Underwriting Agreement") between the Depositor and J.P. Morgan
Securities
Inc. ("JPMSI") for itself and as representative of the several
underwriters
identified therein, and the Depositor will sell the Class E, Class F Class G,
Class H, Class J, Class K, Class L, Class M, Class N, Class P and Class NR
Certificates (the "Private Certificates") to JPMSI, the initial
purchaser
(together with the Underwriters, the "Dealers") specified in the
certificate
purchase agreement dated September 22, 2006 (the "Certificate Purchase
Agreement"), between the Depositor and JPMSI for itself and as
representative of
the initial purchasers identified therein.
The sale and conveyance of
the AIGMC Loans and the SOME II Loans are
being conducted on an arms length basis and upon commercially reasonable terms.
As the purchase price for the AIGMC Loans and the SOME II Loans, the Purchaser
shall pay to the Sellers or at the Sellers' direction in immediately available
funds the sum of $93,262,833.69 (which amount is inclusive of accrued interest
and exclusive of AIGMC's and SOME II's pro rata share of the costs set forth in
Section 9 hereof). The purchase and sale of the AIGMC Loans and the SOME II
Loans shall take place on the Closing Date.
SECTION 2. Books and Records;
Certain Funds Received After the
Cut-off Date. From and after the sale of the Mortgage Loans to the Purchaser,
record title to each Mortgage and the related Mortgage Note shall be
transferred
to the Trustee in accordance with this Agreement. Any funds due after the
Cut-off Date in connection with a Mortgage Loan received by each Seller shall
be
held in trust for the benefit of the Trustee as the owner of such Mortgage Loan
and shall be transferred promptly to the applicable Master Servicer. All
scheduled payments of principal and interest due on or before the Cut-off Date
but collected after the Cut-off Date, and recoveries of principal and interest
collected on or before the Cut-off Date (only in respect of principal and
interest on the Mortgage Loans due on or before the Cut-off Date and principal
prepayments thereon), shall belong to, and shall be promptly remitted to, the
related Seller.
The transfer of each Mortgage
Loan shall be reflected on the related
Seller's balance sheets and other financial statements as a sale of such
Mortgage Loan by such Seller to the Purchaser. The Sellers intend to treat the
transfer of each Mortgage Loan to the Purchaser as a sale for tax purposes.
The transfer of each Mortgage
Loan shall be reflected on the
Purchaser's balance sheets and other financial statements as a purchase of such
Mortgage Loan by the Purchaser from the applicable Seller. The Purchaser
intends
to treat the transfer of each Mortgage Loan from the Sellers as a purchase for
tax purposes.
SECTION 3. Delivery of
Mortgage Loan Documents; Additional Costs and
Expenses. (a) The Purchaser hereby directs the Sellers, and the Sellers hereby
agree, upon the transfer of the Mortgage Loans contemplated herein, to deliver
on the Closing Date to the Trustee or a Custodian appointed thereby, all
documents, instruments and agreements required to be delivered by the Purchaser
to the Trustee with respect to the Mortgage Loans sold by such Seller under
Sections 2.01(b) and 2.01(c) of the Pooling and Servicing Agreement, and
meeting
all the requirements of such Sections 2.01(b) and 2.01(c), and such other
documents, instruments and agreements as the Purchaser or the Trustee shall
reasonably request. In addition, each Seller agrees to deliver or cause to be
delivered to the applicable Master Servicer, the Servicing File for each
Mortgage Loan transferred by it pursuant to this Agreement; provided that the
Sellers shall not be required to deliver any draft documents, or any attorney
client communications which are privileged communications or constitute legal
or
other due diligence analyses, or internal communications of a Seller or its
affiliates, or credit underwriting or other analyses or data.
(b) With respect to the
transfer described in Section 1 hereof, if
the Mortgage Loan documents do not require the related Mortgagor to pay any
costs and expenses relating to any modifications to a related letter of credit
which modifications are required to effectuate such transfer (the
"Transfer
Modification Costs"), then the related Seller shall pay the Transfer
Modification Costs required to transfer the letter of credit to the Trustee as
described in such Section 1; provided that if the Mortgage Loan documents
require the related Mortgagor to pay any Transfer Modification Costs, such
Transfer Modification Costs shall be an expense of the Mortgagor unless such
Mortgagor fails to pay such Transfer Modification Costs after the applicable
Master Servicer has exercised all remedies available under the applicable
Mortgage Loan documents to collect such Transfer Modification Costs from such
Mortgagor, in which case applicable Master Servicer shall give the related
Seller notice of such failure and the amount of such Transfer Modification
costs
and the related Seller shall pay such Transfer Modification Costs.
SECTION 4. Treatment as a
Security Agreement. Each Seller,
concurrently with the execution and delivery hereof, has conveyed to the
Purchaser, all of its right, title and interest in and to the related Mortgage
Loans. The parties intend that such conveyance of each Seller's right, title
and
interest in and to the related Mortgage Loans pursuant to this Agreement shall
constitute a purchase and sale and not a loan. If such conveyance is deemed to
be a pledge and not a sale, then the parties also intend and agree that each
Seller shall be deemed to have granted, and in such event does hereby grant, to
the Purchaser, a first priority security interest in all of its right, title
and
interest in, to and under the related Mortgage Loans, all payments of principal
or interest on such Mortgage Loans due after the Cut-off Date, all other
payments made in respect of such Mortgage Loans after the Cut-off Date (except
to the extent such payments were due on or before the Cut-off Date) and all
proceeds thereof and that this Agreement shall constitute a security agreement
under applicable law. If such conveyance is deemed to be a pledge and not a
sale, each Seller consents to the Purchaser hypothecating and transferring such
security interest in favor of the Trustee and transferring the obligation
secured thereby to the Trustee.
SECTION 5. Covenants of the
Seller. Each Seller covenants with the
Purchaser as follows:
(a) it shall record or cause
a third party to record in the
appropriate public recording office for real property the intermediate
assignments of the applicable Mortgage Loans and the Assignments of Mortgage
from such Seller to the Trustee in connection with the Pooling and Servicing
Agreement. All recording fees relating to the initial recordation of such
intermediate assignments and Assignments of Mortgage shall be paid by the
related Seller;
(b) it shall take any action
reasonably required by the Purchaser,
the Trustee or the applicable Master Servicer, in order to assist and
facilitate
in the transfer of the servicing of the Mortgage Loans to the applicable Master
Servicer, including effectuating the transfer of any letters of credit with
respect to any Mortgage Loan to the Trustee (in care of the applicable Master
Servicer) for the benefit of Certificateholders. Prior to the date that a
letter
of credit, if any, with respect to any Mortgage Loan is transferred to the
Trustee (in care of the applicable Master Servicer), the related Seller will
cooperate with the reasonable requests of the applicable Master Servicer or
Special Servicer, as applicable, in connection with effectuating a draw under
such letter of credit as required under the terms of the related Mortgage Loan
documents;
(c) if, during such period of
time after the first date of the
public offering of the Offered Certificates as in the opinion of counsel for
the
Underwriters, a prospectus relating to the Offered Certificates is required by
applicable law to be delivered in connection with sales thereof by an
Underwriter or a Dealer, any event shall occur as a result of which it is
necessary to amend or supplement the Prospectus Supplement, including Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect
to
any information relating to the Mortgage Loans or the related Seller, in order
to make the statements therein, in the light of the circumstances when the
Prospectus Supplement is delivered to a purchaser, not misleading, or if it is
necessary to amend or supplement the Prospectus Supplement, including Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect
to
any information relating to the Mortgage Loans or the related Seller, to comply
with applicable law, such Seller shall do all things necessary to assist the
Depositor to prepare and furnish, at the expense of such Seller (to the extent
that such amendment or supplement relates to such Seller, the Mortgage Loans
sold by such Seller and/or any information relating to the same, as provided by
the Sellers), to the Underwriters such amendments or supplements to the
Prospectus Supplement as may be necessary, so that the statements in the
Prospectus Supplement as so amended or supplemented, including Annexes A-1,
A-2,
A-3 and B thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the related Seller, will not, in
the light of the circumstances when the Prospectus is so amended or
supplemented, be misleading or so that the Prospectus Supplement, including
Annexes A-1, A-2, A-3 and B thereto and the Diskette included therewith, with
respect to any information relating to the Mortgage Loans or the related
Seller,
will comply with applicable law. All terms used in this clause (c) and not
otherwise defined herein shall have the meaning set forth in the
Indemnification
Agreement, dated as of September 22, 2006 between the Purchaser and the Sellers
(the "Indemnification Agreement"); and
(d) for so long as the Trust
is subject to the reporting
requirements of the Exchange Act, the Seller shall provide the Purchaser (or
with respect to any Companion Loan related to a Serviced Whole Loan or any
Serviced Securitized Companion Loan that is deposited into an Other
Securitization or a Regulation AB Companion Loan Securitization, the depositor
in such Other Securitization or Regulation AB Companion Loan Securitization)
and
the Trustee with any Additional Form 10-D Disclosure and any Additional Form
10-K Disclosure set forth next to the Purchaser's name on Exhibit X and Exhibit
Y of the Pooling and Servicing Agreement within the time periods set forth in
the Pooling and Servicing Agreement.
SECTION 6. Representations
and Warranties.
(a) Each Seller represents and warrants to
the Purchaser as of the
Closing Date that:
(i) it is a limited liability
company organized, validly existing,
and in good standing under the laws
of Delaware;
(ii) it has the power and
authority to own its property and to carry
on its business as now conducted;
(iii) it has the power to
execute, deliver and perform this
Agreement;
(iv) it is legally authorized
to transact business in the State of
New York. Such Seller is in
compliance with the laws of each state in
which any related Mortgaged
Property is located to the extent necessary so
that a subsequent holder of the
related Mortgage Loan (including, without
limitation, the Purchaser) that is
in compliance with the laws of such
state would not be prohibited from
enforcing such Mortgage Loan solely by
reason of any non-compliance by
such Seller;
(v) the execution, delivery
and performance of this Agreement by
such Seller have been duly
authorized by all requisite action by such
Seller's board of directors and
will not violate or breach any provision
of its organizational documents;
(vi) this Agreement has been
duly executed and delivered by such
Seller and constitutes a legal,
valid and binding obligation of such
Seller, enforceable against it in
accordance with its terms (except as
enforcement thereof may be limited
by bankruptcy, receivership,
conservatorship, reorganization, insolvency,
moratorium or other laws
affecting the enforcement of
creditors' rights generally and by general
equitable principles regardless of
whether enforcement is considered in a
proceeding in equity or at law);
(vii) there are no legal or
governmental proceedings pending to
which such Seller is a party or of
which any property of such Seller is
the subject which, if determined
adversely to such Seller, would
reasonably be expected to adversely
affect (A) the transfer of the
applicable Mortgage Loans and the
Mortgage Loan documents as contemplated
herein, (B) the execution and
delivery by such Seller or enforceability
against such Seller of the
applicable Mortgage Loans or this Agreement, or
(C) the performance of such
Seller's obligations hereunder;
(viii) it has no actual
knowledge that any statement, report,
officer's certificate or other
document prepared and furnished or to be
furnished by such Seller in
connection with the transactions contemplated
hereby (including, without
limitation, any financial cash flow models and
underwriting file abstracts
furnished by such Seller) contains any untrue
statement of a material fact or
omits to state a material fact necessary
in order to make the statements
contained therein, in the light of the
circumstances under which they were
made, not misleading;
(ix) it is not, nor with the
giving of notice or lapse of time or
both would be, in violation of or
in default under any indenture,
mortgage, deed of trust, loan
agreement or other agreement or instrument
to which it is a party or by which
it or any of its properties is bound,
except for violations and defaults
which individually and in the aggregate
would not have a material adverse
effect on the transactions contemplated
herein; the sale of the Mortgage
Loans and the performance by such Seller
of all of its obligations under
this Agreement and the consummation by
such Seller of the transactions
herein contemplated do not conflict with
or result in a breach of any of the
terms or provisions of, or constitute
a default under, any material
indenture, mortgage, deed of trust, loan
agreement or other agreement or
instrument to which the Seller is a party
or by which such Seller is bound or
to which any of the property or assets
of such Seller is subject, nor will
any such action result in any
violation of the provisions of any
applicable law or statute or any order,
rule or regulation of any court or
governmental agency or body having
jurisdiction over such Seller, or
any of its properties, except for
conflicts, breaches, defaults and violations
which individually and in the
aggregate would not have a material
adverse effect on the transactions
contemplated herein; and no
consent, approval, authorization, order,
license, registration or
qualification of or with any such court or
governmental agency or body is
required for the consummation by such
Seller of the transactions
contemplated by this Agreement, other than any
consent, approval, authorization,
order, license, registration or
qualification that has been
obtained or made;
(x) it has either (A) not
dealt with any Person (other than the
Purchaser or the Dealers or their
respective affiliates or any servicer of
a Mortgage Loan) that may be
entitled to any commission or compensation in
connection with the sale or
purchase of the Mortgage Loans or entering
into this Agreement or (B) paid in
full any such commission or
compensation (except with respect
to any servicer of a Mortgage Loan, any
commission or compensation that may
be due and payable to such servicer if
such servicer is terminated and
does not continue to act as a servicer);
and
(xi) it is solvent and the
sale of the Mortgage Loans hereunder will
not cause it to become insolvent;
and the sale of the Mortgage Loans is
not undertaken with the intent to
hinder, delay or defraud any of such
Seller's creditors.
(b) The Purchaser represents
and warrants to each Seller as of the
Closing Date that:
(i) it is a corporation duly
organized, validly existing, and in
good standing in the State of
Delaware;
(ii) it is duly qualified as
a foreign corporation in good standing
in all jurisdictions in which
ownership or lease of its property or the
conduct of its business requires
such qualification, except where the
failure to be so qualified would
not have a material adverse effect on the
Purchaser, and the Purchaser is
conducting its business so as to comply in
all material respects with the
applicable statutes, ordinances, rules and
regulations of each jurisdiction in
which it is conducting business;
(iii) it has the power and
authority to own its property and to
carry on its business as now
conducted;
(iv) it has the power to
execute, deliver and perform this
Agreement, and neither the
execution and delivery by the Purchaser of this
Agreement, nor the consummation by
the Purchaser of the transactions
herein contemplated, nor the
compliance by the Purchaser with the
provisions hereof, will (A)
conflict with or result in a breach of, or
constitute a default under, any of
the provisions of the certificate of
incorporation or by-laws of the
Purchaser or any of the provisions of any
law, governmental rule, regulation,
judgment, decree or order binding on
the Purchaser or any of its
properties, or any indenture, mortgage,
contract or other instrument or agreement to
which the Purchaser is a
party or by which it is bound, or
(B) result in the creation or imposition
of any lien, charge or encumbrance
upon any of the Purchaser's property
pursuant to the terms of any such
indenture, mortgage, contract or other
instrument or agreement;
(v) this Agreement
constitutes a legal, valid and binding obligation
of the Purchaser enforceable
against it in accordance with its terms
(except as enforcement thereof may
be limited by (a) bankruptcy,
receivership, conservatorship,
reorganization, insolvency, moratorium or
other laws affecting the
enforcement of creditors' rights generally and
(b) general equitable principles
(regardless of whether enforcement is
considered in a proceeding in
equity or law));
(vi) there are no legal or
governmental proceedings pending to which
the Purchaser is a party or of
which any property of the Purchaser is the
subject which, if determined
adversely to the Purchaser, might interfere
with or adversely affect the
consummation of the transactions contemplated
herein and in the Pooling and
Servicing Agreement; to the best of the
Purchaser's knowledge, no such
proceedings are threatened or contemplated
by any governmental authorities or
threatened by others;
(vii) it is not in default
with respect to any order or decree of
any court or any order, regulation
or demand of any federal, state
municipal or governmental agency,
which default might have consequences
that would materially and adversely
affect the condition (financial or
other) or operations of the
Purchaser or its properties or might have
consequences that would materially
and adversely affect its performance
hereunder;
(viii) it has not dealt with
any broker, investment banker, agent or
other person, other than the
Sellers, the Dealers and their respective
affiliates, that may be entitled to
any commission or compensation in
connection with the purchase and
sale of the Mortgage Loans or the
consummation of any of the
transactions contemplated hereby;
(ix) all consents, approvals,
authorizations, orders or filings of
or with any court or governmental
agency or body, if any, required for the
execution, delivery and performance
of this Agreement by the Purchaser
have been obtained or made; and
(x) it has not intentionally
violated any provisions of the United
States Secrecy Act, the United
States Money Laundering Control Act of 1986
or the United States International
Money Laundering Abatement and
Anti-Terrorism Financing Act of
2001.
(c) AIGMC and SOME II each
hereby make the representations and
warranties set forth in Exhibit B as to the SOME II Loans and as of the Closing
Date (or as of such other date if specifically provided in the particular
representation or warranty), which representations and warranties are subject
to
the exceptions thereto set forth in Exhibit C. AIGMC further makes the
representations and warranties set forth in Exhibit B as to the AIGMC Loans and
as of the Closing Date (or as of such other date if specifically provided in
the
particular representation or warranty), which representations and warranties
are
subject to the exceptions thereto set forth in Exhibit C. Neither the delivery
by the related Seller of the related Mortgage Files, Servicing Files, or any
other documents required to be delivered under Section 2.01 of the Pooling and
Servicing Agreement, nor the review thereof or any other due diligence by the
Trustee, any Master Servicer, the Special Servicer, a Certificate Owner or any
other Person shall relieve such Seller of any liability or obligation with
respect to any representation or warranty or otherwise under this Agreement or
constitute notice to any Person of a Breach or Defect.
(d) Pursuant to this
Agreement or Section 2.03(b) of the Pooling and
Servicing Agreement, SOME II (only with respect to the SOME II Loans), AIGMC
(with respect to any Mortgage Loan) and the Purchaser shall be given notice of
any Breach or Defect that materially and adversely affects the value of any
Mortgage Loan, the value of the related Mortgaged Property or the interests of
the Trustee or any Certificateholder therein.
(e) Upon notice pursuant to
Section 6(d) above, AIGMC shall, not
later than 90 days from the earlier of AIGMC's receipt of the notice or, in the
case of a Defect or Breach relating to a Mortgage Loan not being a
"qualified
mortgage" within the meaning of Section 860G(a)(3) of the Code, but
without
regard to the rule of Treasury Regulation Section 1.860G-2(f)(2) that causes a
defective mortgage loan to be treated as a qualified mortgage, the AIGMC's
discovery of such Breach or Defect (the "Initial Resolution Period"),
(i) cure
such Defect or Breach, as the case may be, in all material respects, (ii)
repurchase the affected Mortgage Loan at the applicable Repurchase Price (as
defined below) or (iii) substitute a Qualified Substitute Mortgage Loan (as
defined below) for such affected Mortgage Loan (provided that in no event shall
any such substitution occur later than the second anniversary of the Closing
Date) and pay the applicable Master Servicer for deposit into the Certificate
Account, any Substitution Shortfall Amount (as defined below) in connection
therewith; provided, however, that except with respect to a Defect resulting
solely from the failure by AIGMC to deliver to the Trustee or Custodian the
actual policy of lender's title insurance required pursuant to clause (ix) of
the definition of Mortgage File by a date not later than 18 months following
the
Closing Date, if such Breach or Defect is capable of being cured but is not
cured within the Initial Resolution Period, and AIGMC has commenced and is
diligently proceeding with the cure of such Breach or Defect within the Initial
Resolution Period, AIGMC shall have an additional 90 days commencing
immediately
upon the expiration of the Initial Resolution Period (the "Extended
Resolution
Period") to complete such cure (or, failing such cure, to repurchase the
related
Mortgage Loan or substitute a Qualified Substitute Mortgage Loan as described
above); and provided, further, that with respect to the Extended Resolution
Period AIGMC shall have delivered an officer's certificate to the Rating
Agencies, the applicable Master Servicer, the Special Servicer, the Trustee and
the Directing Certificateholder setting forth the reason such Breach or Defect
is not capable of being cured within the Initial Resolution Period and what
actions AIGMC is pursuing in connection with the cure thereof and stating that
the Seller anticipates that such Breach or Defect will be cured within the
Extended Resolution Period. Notwithstanding anything else in this Agreement to
the contrary, all of the obligations with respect to a Breach or Defect
relating
to the SOME II Loans shall be solely the obligations of AIGMC, and the
Purchaser
shall have no right to require SOME II to take any action following a Breach or
Default with respect to the SOME II Loans. Any Defect or Breach which causes
any
Mortgage Loan not to be a "qualified mortgage" (within the meaning of
Section
860G(a)(3) of the Code, without regard to the rule of Treasury Regulations
Section 1.860G-2(f)(2) which causes a defective mortgage loan to be treated as
a
qualified mortgage) shall be deemed to materially and adversely affect the
interests of the holders of the Certificates therein, and such Mortgage Loan
shall be repurchased or a Qualified Substitute Mortgage Loan substituted in
lieu
thereof without regard to the extended cure period described in the preceding
sentence. If the affected Mortgage Loan is to be repurchased, AIGMC shall remit
the Repurchase Price (defined below) in immediately available funds to the
Trustee.
If any Breach pertains to a
representation or warranty that the
related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Mortgagor to bear the costs and expenses associated with
any particular action or matter under such Mortgage Loan document(s), then
AIGMC
shall cure such Breach within the applicable cure period (as the same may be
extended) by reimbursing the Trust Fund (by wire transfer of immediately
available funds) the reasonable amount of any such costs and expenses incurred
by the applicable Master Servicer, the Special Servicer, the Trustee or the
Trust Fund that are the basis of such Breach and have not been reimbursed by
the
related Mortgagor; provided, however, that in the event any such costs and
expenses exceed $10,000, AIGMC shall have the option to either repurchase or
substitute for the related Mortgage Loan as provided above or pay such costs
and
expenses. Except as provided in the proviso to the immediately preceding
sentence, AIGMC shall remit the amount of such costs and expenses and upon its
making such remittance, AIGMC shall be deemed to have cured such Breach in all
respects. To the extent any fees or expenses that are the subject of a cure by
AIGMC are subsequently obtained from the related Mortgagor, the portion of the
cure payment equal to such fees or expenses obtained from the Mortgagor shall
be
returned to AIGMC pursuant to Section 2.03(f) of the Pooling and Servicing
Agreement. Notwithstanding the foregoing, the sole remedy with respect to any
breach of the representation set forth in the second to last sentence of clause
(32) of Exhibit B hereto shall be payment by AIGMC of such costs and expenses
without respect to the materiality of such breach.
Any of the following will
cause a document in the Mortgage File to
be deemed to have a Defect and to be conclusively presumed to materially and
adversely affect the interests of Certificateholders in a Mortgage Loan and to
be deemed to materially and adversely affect the interests of the
Certificateholders in and the value of a Mortgage Loan: (a) the absence from
the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with a copy of the Mortgage
Note that appears to be regular on its face; (b) the absence from the Mortgage
File of the original signed Mortgage that appears to be regular on its face,
unless there is included in the Mortgage File a certified copy of the Mortgage
and a certificate stating that the original signed Mortgage was sent for
recordation; (c) the absence from the Mortgage File of the lender's title
insurance policy (or if the policy has not yet been issued, an original or copy
of a "marked up" written commitment or the pro-forma or specimen
title insurance
policy or a commitment to issue the same pursuant to written escrow
instructions
signed by the title insurance company) called for by clause (ix) of the
definition of "Mortgage File" in the Pooling and Servicing Agreement;
(d) the
absence from the Mortgage File of any required letter of credit; (e) with
respect to any leasehold mortgage loan, the absence from the related Mortgage
File of a copy (or an original, if available) of the related Ground Lease; or
(f) the absence from the Mortgage File of any intervening assignments required
to create a complete chain of assignments to the Trustee on behalf of the Trust,
unless there is included in the Mortgage File a certified copy of the
intervening assignment and a certificate stating that the original intervening
assignments were sent for recordation; provided, however, that no Defect
(except
the Defects previously described in clauses (a) through (f)) shall be
considered
to materially and adversely affect the value of any Mortgage Loan, the value of
the related Mortgaged Property or the interests of the Trustee or any
Certificateholder therein unless the document with respect to which the Defect
exists is required in connection with an imminent enforcement of the
Mortgagee's
rights or remedies under the related Mortgage Loan, defending any claim
asserted
by any borrower or third party with respect to the Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Mortgage
Loan or for any immediate significant servicing obligation. Notwithstanding the
foregoing, the delivery of executed escrow instructions or a commitment to
issue
a lender's title insurance policy, as provided in clause (ix) of the definition
of "Mortgage File" in the Pooling and Servicing Agreement, in lieu of
the
delivery of the actual policy of lender's title insurance, shall not be
considered a Defect or Breach with respect to any Mortgage File if such actual
policy is delivered to the Trustee or its Custodian within 18 months after the
Closing Date.
If (i) any Mortgage Loan is
required to be repurchased or
substituted for in the manner described in the first paragraph of this Section
6(e), (ii) such Mortgage Loan is a Crossed Loan, and (iii) the applicable
Defect
or Breach does not constitute a Defect or Breach, as the case may be, as to any
other Crossed Loan in such Crossed Group (without regard to this paragraph),
then the applicable Defect or Breach, as the case may be, will be deemed to
constitute a Defect or Breach, as the case may be, as to each other Crossed
Loan
in the Crossed Group for purposes of this paragraph, and AIGMC will be required
to repurchase or substitute for all of the remaining Crossed Loans in the
related Crossed Group as provided in the first paragraph of this Section 6(e)
unless such other Crossed Loans in such Crossed Group satisfy the Crossed Loan
Repurchase Criteria, and the Mortgage Loan affected by the applicable Defect or
Breach and the Qualified Substitute Mortgage Loan, if any, satisfy all other
criteria for repurchase or substitution, as applicable, of Mortgage Loans set
forth herein. In the event that the remaining Crossed Loans satisfy the
aforementioned criteria, AIGMC may elect either to repurchase or substitute for
only the affected Crossed Loan as to which the related Breach or Defect exists
or to repurchase or substitute for all of the Crossed Loans in the related
Crossed Group. AIGMC shall be responsible for the cost of any Appraisal
required
to be obtained by the applicable Master Servicer to determine if the Crossed
Loan Repurchase Criteria have been satisfied, so long as the scope and cost of
such Appraisal has been approved by AIGMC (such approval not to be unreasonably
withheld).
To the extent that AIGMC is
required to repurchase or substitute for
a Crossed Loan hereunder in the manner prescribed above while the Trustee
continues to hold any other Crossed Loans in such Crossed Group, neither AIGMC
nor the Trustee shall enforce any remedies against the other's Primary
Collateral, but each is permitted to exercise remedies against the Primary
Collateral securing its respective Crossed Loans, including with respect to the
Trustee, the Primary Collateral securing Crossed Loans still held by the
Trustee.
If the exercise of remedies
by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then AIGMC and the
Trustee shall forbear from exercising such remedies until the Mortgage Loan
documents evidencing and securing the relevant Crossed Loans can be modified in
a manner that removes the threat of material impairment as a result of the
exercise of remedies or some other accommodation can be reached. Any reserve or
other cash collateral or letters of credit securing the Crossed Loans shall be
allocated between such Crossed Loans in accordance with the Mortgage Loan
documents, or otherwise on a pro rata basis based upon their outstanding Stated
Principal Balances. Notwithstanding the foregoing, if a Crossed Loan that
remains in the Trust Fund is modified to terminate the related cross
collateralization and/or cross default provisions, as a condition to such
modification, AIGMC shall furnish to the Trustee an Opinion of Counsel that any
modification shall not cause an Adverse REMIC Event. Any expenses incurred by
the Purchaser in connection with such modification or accommodation (including
but not limited to recoverable attorney fees) shall be paid by AIGMC.
The "Repurchase
Price" with respect to any Mortgage Loan or REO Loan
to be repurchased pursuant to this Agreement and Section 2.03 of the Pooling
and
Servicing Agreement, shall have the meaning given to the term "Purchase
Price"
in the Pooling and Servicing Agreement.
A "Qualified Substitute
Mortgage Loan" with respect to any Mortgage
Loan or REO Loan to be substituted pursuant to this Agreement and Section 2.03
of the Pooling and Servicing Agreement, shall have the meaning given to such
term in the Pooling and Servicing Agreement.
A "Substitution
Shortfall Amount" with respect to any Mortgage Loan
or REO Loan to be substituted pursuant to this Agreement and Section 2.03 of
the
Pooling and Servicing Agreement, shall have the meaning given to such term in
the Pooling and Servicing Agreement.
In connection with any
repurchase or substitution of one or more
Mortgage Loans contemplated hereby, (i) the Purchaser shall execute and
deliver,
or cause the execution and delivery of, such endorsements and assignments,
without recourse, as shall be necessary to vest in AIGMC the legal and
beneficial ownership of each repurchased Mortgage Loan or replaced Mortgage
Loan, as applicable, (ii) the Purchaser shall deliver, or cause the delivery,
to
AIGMC of all portions of the Mortgage File and other documents (including the
Servicing File) pertaining to such Mortgage Loan possessed by the Trustee, or
on
the Trustee's behalf, and (iii) the Purchaser shall release, or cause to be
released, to AIGMC any escrow payments and reserve funds held by the Trustee,
or
on the Trustee's behalf, in respect of such repurchased or replaced Mortgage
Loans.
(f) The representations and
warranties of the parties hereto shall
survive the execution and delivery and any termination of this Agreement and
shall inure to the benefit of the respective parties, notwithstanding any
restrictive or qualified endorsement on the Mortgage Notes or Assignment of
Mortgage or the examination of the Mortgage Files.
(g) Each party hereby agrees
to promptly notify the other party of
any Breach of a representation or warranty contained in this Section 6. AIGMC's
obligation to cure any Breach or Defect or repurchase or substitute for the
affected Mortgage Loan pursuant to Section 6(e) herein shall constitute the
sole
remedy available to the Purchaser in connection with a breach of any of AIGMC's
or SOME II's representations or warranties contained in this Section 6 and it
is
acknowledged and agreed that the representations and warranties are being made
for risk allocation purposes only; provided, however, that no limitation of
remedy is implied with respect to AIGMC's breach of its obligation to cure,
repurchase or substitute in accordance with the terms and conditions of this
Agreement.
SECTION 7. Conditions to
Closing. The obligations of the Purchaser
to purchase the Mortgage Loans shall be subject to the satisfaction, on or
prior
to the Closing Date, of the following conditions:
(a) Each of the obligations
of the Sellers required to be performed
by it at or prior to the Closing Date pursuant to the terms of this Agreement
shall have been duly performed and complied with and all of the representations
and warranties of the Sellers under this Agreement shall be true and correct in
all material respects as of the Closing Date, and no event shall have occurred
as of the Closing Date which, with notice or passage of time, would constitute
a
default under this Agreement, and the Purchaser shall have received a
certificate to the foregoing effect signed by an authorized officer of each
Seller substantially in the form of Exhibit D.
(b) The Purchaser shall have
received the following additional
closing documents:
(i) copies of each Seller's
limited liability company agreement and
by-laws, certified as of a recent
date by the Secretary or Assistant
Secretary of such Seller;
(ii) an original or copy of a
certificate of corporate existence of
each Seller issued by the Secretary
of State of the State of Delaware
dated not earlier than sixty days
prior to the Closing Date;
(iii) an opinion of counsel
of the Sellers, in form and substance
satisfactory to the Purchaser and
its counsel, substantially to the effect
that:
(A) each Seller is a
limited liability company organized,
validly existing, and in good
standing under the laws of Delaware;
(B) each Seller has the
power to conduct its business as now
conducted and to incur and
perform its obligations under this
Agreement and the Indemnification
Agreement;
(C) all necessary
corporate or other action has been taken by
each Seller to authorize the
execution, delivery and performance of
this Agreement and the Indemnification
Agreement by such Seller and
this Agreement is a legal,
valid and binding agreement of such
Seller enforceable against
such Seller, whether such enforcement is
sought in a procedure at law
or in equity, except to the extent such
enforcement may be limited by
bankruptcy or other similar creditors'
laws or principles of equity
and public policy considerations
underlying the securities
laws, to the extent that such public
policy considerations limit the
enforceability of the provisions of
the Agreement which purport
to provide indemnification with respect
to securities law violations;
(D) each Seller's
execution and delivery of, and such Seller's
performance of its
obligations under, each of this Agreement and the
Indemnification Agreement do
not and will not conflict with such
Seller's articles of
association or by-laws or conflict with or
result in the breach of any
of the terms or provisions of, or
constitute a default under,
any indenture, mortgage, deed of trust,
loan agreement or other
material agreement or instrument to which
such Seller is a party or by
which such Seller is bound, or to which
any of the property or assets
of such Seller is subject or violate
any provisions of law or
conflict with or result in the breach of
any order of any court or any
governmental body binding on such
Seller;
(E) there is no
litigation, arbitration or mediation pending
before any court, arbitrator,
mediator or administrative body, or to
such counsel's actual knowledge,
threatened, against either Seller
which (i) questions, directly
or indirectly, the validity or
enforceability of this
Agreement or the Indemnification Agreement or
(ii) would, if decided
adversely to such Seller, either individually
or in the aggregate,
reasonably be expected to have a material
adverse effect on the ability
of such Seller to perform its
obligations under this
Agreement or the Indemnification Agreement;
and
(F) no consent,
approval, authorization, order, license,
registration or qualification
of or with any federal court or
governmental agency or body
is required for the consummation by the
Seller of the transactions
contemplated by this Agreement and the
Indemnification Agreement,
except such consents, approvals,
authorizations, orders,
licenses, registrations or qualifications as
have been obtained; and
(iv) a letter from counsel of the Sellers to
the effect that nothing
has come to such counsel's
attention that would lead such counsel to
believe that the Prospectus
Supplement as of the date thereof or as of the
Closing Date contains, with respect
to the Sellers or the Mortgage Loans,
any untrue statement of a material
fact or omits to state a material fact
necessary in order to make the
statements therein relating to the Sellers
or the Mortgage Loans, in the light
of the circumstances under which they
were made, not misleading.
(c) The Offered Certificates
shall have been concurrently issued and
sold pursuant to the terms of the Underwriting Agreement. The Private
Certificates shall have been concurrently issued and sold pursuant to the terms
of the Certificate Purchase Agreement.
(d) AIGMC shall have executed
and delivered concurrently herewith
the Indemnification Agreement.
(e) The Sellers shall furnish
the Purchaser with such other
certificates of their officers or others and such other documents and opinions
to evidence fulfillment of the conditions set forth in this Agreement as the
Purchaser and its counsel may reasonably request.
SECTION 8. Closing. The closing
for the purchase and sale of the
Mortgage Loans shall take place at the office of Cadwalader, Wickersham &
Taft
LLP, New York, New York, at 10:00 a.m., on the Closing Date or such other place
and time as the parties shall agree. The parties hereto agree that time is of
the essence with respect to this Agreement.
SECTION 9. Expenses. Each
Seller will pay its pro rata share (such
Seller's pro rata share to be determined according to the percentage that the
aggregate principal balance as of the Cut-off Date of all the Mortgage Loans
sold by such Seller represents in proportion to the aggregate principal balance
as of the Cut-off Date of all the mortgage loans to be included in the Trust
Fund) of all costs and expenses of the Purchaser in connection with the
transactions contemplated herein, including (without duplication thereof), but
not limited to: (i) the costs and expenses of the Purchaser in connection with
the purchase of the Mortgage Loans and other mortgage loans; (ii) the costs and
expenses of reproducing and delivering the Pooling and Servicing Agreement and
printing (or otherwise reproducing) and delivering the Certificates; (iii) the
reasonable and documented fees, costs and expenses of the Trustee and its
counsel incurred in connection with the Trustee entering into the Pooling and
Servicing Agreement; (iv) the fees and disbursements of a firm of certified
public accountants selected by the Purchaser and the Sellers with respect to
numerical information in respect of the Mortgage Loans, other mortgage loans
and
the Certificates included in the Prospectus, the Memoranda (as defined in the
Indemnification Agreement) and any related 8-K Information (as defined in the
Underwriting Agreement), or items similar to the 8-K Information, including the
cost of obtaining any "comfort letters" with respect to such items;
(v) the
costs and expenses in connection with the qualification or exemption of the
Certificates under state securities or blue sky laws, including filing fees and
reasonable fees and disbursements of counsel in connection therewith; (vi) the
costs and expenses in connection with any determination of the eligibility of
the Certificates for investment by institutional investors in any jurisdiction
and the preparation of any legal investment survey, including reasonable fees
and disbursements of counsel in connection therewith; (vii) the costs and
expenses in connection with printing (or otherwise reproducing) and delivering
the Registration Statement, Prospectus and Memoranda, and the reproduction and
delivery of this Agreement and the furnishing to the Underwriters of such
copies
of the Registration Statement, Prospectus, Memoranda and this Agreement as the
Underwriters may reasonably request; (viii) the fees of the rating agency or
agencies requested to rate the Certificates and (ix) the reasonable fees and
expenses of Thacher Proffitt & Wood LLP, counsel to the Underwriters, and
Cadwalader, Wickersham & Taft LLP, counsel to the Depositor.
SECTION 10. Severability of
Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity
or
enforceability of the other provisions of this Agreement. Furthermore, the
parties shall in good faith endeavor to replace any provision held to be
invalid
or unenforceable with a valid and enforceable provision which most closely
resembles, and which has the same economic effect as, the provision held to be
invalid or unenforceable.
SECTION 11. Governing Law.
This Agreement shall be construed in
accordance with the laws of the State of New York without regard to conflicts
of
law principles and the obligations, rights and remedies of the parties
hereunder
shall be determined in accordance with such laws.
SECTION 12. No Third Party
Beneficiaries. The parties do not intend
the benefits of this Agreement to inure to any third party except as expressly
set forth in Section 13.
SECTION 13. Assignment. The
Sellers hereby acknowledge that the
Purchaser has, concurrently with the execution hereof, executed and delivered
the Pooling and Servicing Agreement and that, in connection therewith, it has
assigned its rights hereunder to the Trustee for the benefit of the
Certificateholders to the extent set forth in the Pooling and Servicing
Agreement and that the rights so assigned may be further assigned to, and shall
inure to the benefit of, any successor trustee under the Pooling and Servicing
Agreement. The Sellers hereby acknowledge their obligations (subject to the
provisions hereof), including that of expense reimbursement, pursuant to
Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement. Except as
set forth hereinabove and in Sections 2.01, 2.02 and 2.03 of the Pooling and
Servicing Agreement, the representations and warranties of the Sellers made
hereunder and the remedies provided hereunder with respect to Breaches or
Defects may not be further assigned by the Purchaser, the Trustee or any
successor trustee. No owner of a Certificate issued pursuant to the Pooling and
Servicing Agreement shall be deemed a successor or permitted assign because of
such ownership. This Agreement shall bind and inure to the benefit of, and be
enforceable by, the Sellers, the Purchaser and their permitted successors and
permitted assigns. The warranties and representations and the agreements made
by
the Sellers herein shall survive delivery of the Mortgage Loans to the Trustee
until the termination of the Pooling and Servicing Agreement.
SECTION 14. Notices. All
demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given upon
receipt by the intended recipient if personally delivered at or couriered, sent
by facsimile transmission or mailed by first class or registered mail, postage
prepaid, to (i) in the case of the Purchaser, J.P. Morgan Chase Commercial
Mortgage Securities Corp., 270 Park Avenue, New York, New York 10017,
Attention:
Dennis Schuh, fax number (212) 834-6593 with a copy to Bianca Russo, fax number
(212) 834-6593, (ii) in the case of the Sellers, AIG Mortgage Capital, LLC, 1
SunAmerica Center, 38th Floor, Los Angeles, California 90067, Attention: Alan
Nussenblatt, fax number: (310) 772-6584 and (iii) in the case of any of the
preceding parties, such other address or fax number as may hereafter be
furnished to the other party in writing by such party.
SECTION 15. Amendment. This
Agreement may be amended only by a
written instrument which specifically refers to this Agreement and is executed
by the Purchaser and the Seller; provided, however, that unless such amendment
is to cure an ambiguity, mistake or inconsistency in this Agreement, no
amendment shall be permitted unless each Rating Agency has delivered a written
confirmation that such amendment will not result in a downgrade, withdrawal or
qualification of the then current ratings of the Certificates and the cost of
obtaining any Rating Agency confirmation shall be borne by the party requesting
such amendment. This Agreement shall not be deemed to be amended orally or by
virtue of any continuing custom or practice. No amendment to the Pooling and
Servicing Agreement which relates to defined terms contained therein or any
obligations of the Seller whatsoever shall be effective against the Seller
unless the Seller shall have agreed to such amendment in writing.
SECTION 16. Counterparts.
This Agreement may be executed in any
number of counterparts, and by the parties hereto in separate counterparts,
each
of which when executed and delivered shall be deemed to be an original and all
of which taken together shall constitute one and the same instrument.
SECTION 17. Exercise of
Rights. No failure or delay on the part of
any party to exercise any right, power or privilege under this Agreement and no
course of dealing between the Sellers and the Purchaser shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, power or
privilege under this Agreement preclude any other or further exercise thereof
or
the exercise of any other right, power or privilege. Except as set forth in
Section 6 herein, the rights and remedies herein expressly provided are
cumulative and not exclusive of any rights or remedies which any party would
otherwise have pursuant to law or equity. Except as set forth in Section 6
herein, no notice to or demand on any party in any case shall entitle such
party
to any other or further notice or demand in similar or other circumstances, or
constitute a waiver of the right of either party to any other or further action
in any circumstances without notice or demand.
SECTION 18. No Partnership.
Nothing herein contained shall be deemed
or construed to create a partnership or joint venture between the parties
hereto. Nothing herein contained shall be deemed or construed as creating an
agency relationship between the Purchaser and the Sellers and neither party
shall take any action which could reasonably lead a third party to assume that
it has the authority to bind the other party or make commitments on such
party's
behalf.
SECTION 19. Miscellaneous.
This Agreement supersedes all prior
agreements and understandings relating to the subject matter hereof. 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.
* * *
* * *
<PAGE>
IN WITNESS WHEREOF, the
Purchaser and the Seller have caused their
names to be signed hereto by their respective officers thereunto duly
authorized
as of the day and year first above written.
J.P. MORGAN CHASE COMMERCIAL MORTGAGE
SECURITIES CORP., as
Purchaser
By: /s/ Charles Y. Lee
-------------------------------
Name: Charles Y. Lee
Title:
Vice President
AIG MORTGAGE CAPITAL, LLC, as Seller
By: /s/ Keith C. Honig
-------------------------------
Name: Keith C. Honig
Title: Senior Vice President
SOME II, LLC, as Seller
By:
/s/ Keith C. Honig
-------------------------------
Name: Keith C. Honig
Title: Senior Vice President
<PAGE>
EXHIBIT A
MORTGAGE
LOAN SCHEDULE
<TABLE>
<CAPTION>
Loan # Mortgagor Name Property Address
------
-------------------------------------
---------------------------------------------------
<S> <C>
<C>
37 Deerbrook Investment Properties,
Ltd. 9815 FM 1960 Bypass West
47 Kingswood Plaza, LLC 10 Square Lake Road and
43121-43333 Woodward Avenue
59 OLB, LLC Various
59.01
358 West Irving Park Road
59.02
10066 North Skokie Boulevard
59.03
501 West Fourteen Mile Road
59.04
555 West Lake Street
59.05
7327 Little River Turnpike
59.06 201 South Main Street
59.07
3355 28th Street
59.08
6012 South Westnedge Avenue
59.09
10700 South Cicero Avenue
59.1
14701 South Cicero Avenue
59.11
3536 West Dempster Street
59.12
6351 West 95th Street
59.13 200 Virginia Street
59.14
2909 South Niles Avenue
59.15
620 Roosevelt Road
59.16
102 West Highway 20
59.17 8045
Broadway Street
59.18
17245 South Torrence Avenue
59.19
18101 South Halsted Street
59.2
2205 West Ogden Avenue
59.21
3949 Ridge Road
59.22
102 North Lake Street
59.23
5543 South Harlem Avenue
59.24 402 South Neil
Street
59.25
865 Capital Avenue
59.26
107 East North Avenue
59.27
7001 North Lincoln Avenue
59.28
4037 West Saginaw Highway
59.29
7309 Frankford Avenue
77 V-Land Schaumburg LLC 950-1010 North Meacham Road
82 Hwy 23 Retail Group, Inc. 711-881 North Casaloma Drive
98 BIJO LLC 5858-6010
Westerville Road
106 Washington-Louisiana Properties,
LLC Various
106.01
1321 Manhattan Boulevard
106.02
1403 East Washington Avenue
107 Jag Ventures LLC 1639 West Walnut Street
118 Jaccard Woods Mill, LLC 998 Woods Mill Road
120 Cole Baybrook, Ltd. 1550-1560 West Bay Area
Boulevard
131 LFT, LLC 27620 State
Highway 249
<CAPTION>
Loan # City State Zip Code
County Property Name Size Measure
------ ------------------- -------
-------- ------------ ------------------------------- ------
-----------
<S> <C> <C> <C> <C> <C> <C> <C>
37 Humble TX 77338 Harris Deerbrook Shopping Center 219481 Square Feet
47 Bloomfield Township MI
48302 Oakland Kingswood Plaza 111740 Square Feet
59 Various Various
Various Various Fannie May Portfolio 53707 Square Feet
59.01 Wood Dale IL 60191 DuPage TCF Bank 397 2800 Square Feet
59.02 Skokie IL 60077
Cook Fannie May
Portfolio 240 3391 Square Feet
59.03 Madison Heights MI 48071 Oakland Wireless Giant 875 1392 Square Feet
59.04 Addison IL 60101 DuPage Fannie May Portfolio 396 1719 Square Feet
59.05 Annandale VA 22003 Fairfax SKP, Inc. 530 1260 Square Feet
59.06 Mount Prospect IL 60056 Cook
Fannie May Portfolio 277 2863 Square Feet
59.07 Kentwood MI 49512 Kent Grand Rapids Hospitality 880 1497
Square Feet
59.08 Portage MI 49002 Kalamazoo Fannie May Portfolio 894 1798 Square Feet
59.09 Oak Lawn IL 60453 Cook Fannie May Portfolio 203 2359 Square Feet
59.1 Midlothian IL 60445 Cook Fannie May Portfolio 208 2496 Square Feet
59.11 Skokie IL 60076 Cook Fannie May Portfolio 239 1700 Square Feet
59.12 Oak Lawn IL 60453 Cook Fannie May Portfolio 201 1967
Square Feet
59.13 Crystal Lake IL 60014 McHenry Fannie May Portfolio 448 1904 Square Feet
59.14 Saint Joseph MI 49085 Berrien Z Amigos 895 1980 Square Feet
59.15 Glen Ellyn IL 60137 DuPage Fannie May Portfolio 398 1710 Square Feet
59.16 Michigan City IN 46360 La Porte Fannie May Portfolio 617 1900 Square Feet
59.17 Merrillville IN 46410 Lake Fannie May Portfolio 613 1890 Square Feet
59.18 Lansing IL 60438 Cook Fannie May Portfolio 213 1802 Square Feet
59.19 Homewood IL 60430 Cook Fannie May Portfolio 216 1852 Square Feet
59.2 Downers Grove IL 60515 DuPage Fannie May Portfolio 388 1722 Square Feet
59.21 Highland IN 46322 Lake Fannie May Portfolio 614 1855 Square Feet
59.22 Aurora IL 60506 Kane Fannie May Portfolio 461 1800 Square Feet
59.23 Chicago IL 60638
Cook Fannie May
Portfolio 190 1413 Square Feet
59.24 Champaign IL 61820 Champaign Fannie May Portfolio 410 1566 Square Feet
59.25 Battle Creek MI 49015 Calhoun
Fannie May Portfolio 890
1690 Square Feet
59.26 Carol Stream IL 60188 DuPage Fannie May Portfolio 395 1378 Square Feet
59.27 Lincolnwood IL 60712 Cook
Fannie May Portfolio 248 1141 Square Feet
59.28 Lansing MI 48917 Eaton Ice Cream Joe's 878 1400 Square Feet
59.29 Philadelphia PA 19136 Philadelphia Fannie May Portfolio 816 1462 Square Feet
77 Schaumburg IL 60173 Cook Schaumburg Retail Ground Leases 157705
Square Feet
82 Grand Chute WI 54913 Outagamie Casaloma Retail Center 45762 Square Feet
98 Westerville OH 43081 Franklin Glengary Shopping Center 108713 Square Feet
106 Various Various Various
Various Petsmart 38872
Square Feet
106.01 Harvey LA 70058 Jefferson Petsmart - LA 19377 Square Feet
106.02 Union Gap WA 98903 Yakima Petsmart - WA 19495 Square Feet
107 Chicago IL 60612 Cook 1639 Walnut 163995 Square Feet
118 Ballwin MO 63011 Saint Louis Wellbridge Athletic Center 33800
Square Feet
120 Houston TX 77058 Harris Baybrook Office Park 75133 Square Feet
131 Tomball TX 77375 Harris Tomball Marketplace 34918 Square Feet
<CAPTION>
Loan # Interest Rate (%) Net Mortgage Interest Rate Original Balance Cutoff Balance Term
Rem. Term
------ ----------------- -------------------------- ---------------- -------------- ----------
----------
<S> <C> <C> <C> <C> <C> <C>
37 6.18000 6.13940 21,500,000 21,465,937 120 118
47 5.44000 5.39940 14,000,000 14,000,000 120 112
59 6.43000 6.40940 10,220,000 10,195,989 120 118
59.01 6.43000 6.40940 1,088,226 1,085,669 120 118
59.02 6.43000 6.40940 601,754 600,340 120 118
59.03 6.43000 6.40940 511,511 510,309 120 118
59.04 6.43000 6.40940 501,495






