UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM ABS-15G

ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934


Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:


[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

______________________________________________________________________
Name and telephone number, including area code, of the person to
contact in connection with this filing


Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1)  [_]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i)  [_]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii)  [_]


[✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: Not applicable          

Real Estate Asset Liquidity Trust          
(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): 0001653397          




Central Index Key Number of underwriter (if applicable): Not applicable          

Norm Camiré, (416) 313-1230          
Name and telephone number, including area code, of the person to
contact in connection with this filing


INFORMATION TO BE INCLUDED IN THE REPORT
FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
Attached as Exhibit 1 hereto is an agreed-upon procedures report, dated, October 19, 2021, of PricewaterhouseCoopers LLP, obtained by Real Estate Asset Liquidity Trust, which report sets forth the findings and conclusions, as applicable, of PricewaterhouseCoopers LLP with respect to certain agreed-upon procedures performed by PricewaterhouseCoopers LLP.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated:  October 19, 2021
MONTREAL TRUST COMPANY OF CANADA, as trustee of REAL ESTATE ASSET LIQUIDITY TRUST, by its administrative agent ROYAL BANK OF CANADA, as Purchaser
  
       
       
 
By:
/s/ Rod Hunt  
    Name:  Rod Hunt
  
    Title:     Managing Director, Real Estate Lending
  
       
       
  By: 
/s/ Norm Camiré
  
    Name:   Norm Camiré
  
    Title:      Managing Director & Head, Canadian CMBS
  
       





Exhibit 1        Agreed-upon procedures report, dated October 19, 2021, of PricewaterhouseCoopers LLP





Exhibit 1

Report of Independent Accountants on Applying
Agreed-Upon Procedures


Royal Bank of Canada, as administrative agent of Real Estate Asset Liquidity Trust (the “Company”)
RBC WaterPark Place
88 Queens Quay West, 11th Floor
Toronto, Ontario M5J 0B8

We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by the Company herein referred to as the “Specified Party”, solely to assist you with the procedures enumerated below with respect to Real Estate Asset Liquidity Trust Commercial Mortgage Pass-Through Certificates, Series 2021-1 (the “Transaction”).  The Company (the “Responsible Party”) is responsible for the accuracy of certain attributes and calculations within the Final Data File (defined below).  The procedures were performed with respect to the REALT 2021-1, securitization (the “Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the information contained in the Final Data File.
In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.
Procedures and Findings

In connection with the Transaction, the Specified Party has requested that the procedures be performed on the seventy-nine (79) loans secured by one hundred-fifty (150) properties herein referred to as the “Collateral”, which represents the entire population of collateral within the Transaction.

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

•
The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the procedures agreed to by the Specified Party. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;

•
The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;

•
The value of collateral securing such assets; and

•
The compliance of the originator of the assets with federal, state/provincial, and local laws and regulations.



  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 


We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the current fair value of these securities.  PwC should not be regarded as having performed any procedures other than those detailed in this report.
With respect to any terms or requirements of the preliminary offering memorandum, investor presentation, term sheet and final preliminary offering memorandum (collectively, the “Transaction Documents”) that do not appear in this report , we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction Documents.
It should be understood that we make no representations as to:
•
The interpretation of the Transaction Documents included in connection with our procedures;
•
Your compliance with Rule 15Ga-2 of Securities Exchange Act of 1934; and
•
The reasonableness of any of the assumptions provided by the Company.
These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Party would undertake in consideration of the Transaction.
For the purpose of this report:
•
The phrase “Cut-off Date”, refers to the date of November 1, 2021.
•
The following Microsoft Excel (“Excel”) file was provided to us by the Company, which includes certain attributes related to the Collateral as of the Cut-off Date shall be herein referred to as the “Final Data File”:
•
 2021.10.18 REALT 2021-1 - Accountant Datatape v3.xlsx
•
The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) provided to us by the Company, related to the information contained in the Final Data File.
•
The phrase “Loan File” refers to any Source Document or collection of Source Documents provided to us by the Company and used by us in performing the procedures enumerated below.
•
The fields in the Final Data File shall be herein referred to as “Specified Attributes”.
•
The phrase “compared and agreed” as used hereinafter, refers to the comparison of one or more Specified Attributes to Source Documents for which the Specified Attributes and the Source Documents have been found to be in agreement, unless otherwise indicated.
•
Capitalized terms, used but not defined, herein shall have the meanings ascribed to them in the Final Data File.
Source Documents included in the Loan File:



  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 


•
The phrase “Amortization Table” refers to the schedule detailing each periodic payment of principal and interest and the loan’s beginning/remaining balance on each payment date, as contained in the Loan File.
•
The phrase “Appraisal” or “Opinion of Value” refers to the signed third-party appraisal report or opinion of value report detailing the valuation of the property or summary provided by the Company detailing the opinion of value and opinion of value date for the respective loan, as contained in the Loan File.
•
The phrase “Asset Summary Report” refers to the detailed write-up prepared by the Company which summarizes the significant information about the property and structure of the loan, as contained in the Loan File.
•
The phrases “Borrower Financial Statements” and “Guarantor/Indemnitor Financial Statements” refer to most recent financial statements detailing the borrower/guarantor/indemnitor(s) financial performance, which was contained in the Loan File.
•
The phrase “Borrower Rate Lock Confirmation” refers to the signed agreement detailing the proposed loan terms and establishing the interest rate and confirmation by the Borrower prior to settlement, as contained in the Loan File.
•
The phrase “Canada Post” refers to postal code lookup tool included on the official Canada Post website, which was used to identify the postal code associated with the property's address.
•
The phrase “Closing Confirmation” refers to the signed agreement detailing the final loan terms based on the lender’s completion of underwriting, as contained in the Loan File.
•
The phrase “Commitment Letter” refers to the signed agreement detailing the proposed loan terms offered to the borrower (subject to the lender’s completion of underwriting), as contained in the Loan File.
•
The phrase “Discharge/Payout Stmt” refers to the payment statement indicating that the previous loan was repaid using proceeds from the current loan, and that the property was released from the previous lien, as contained in the Loan File.
•
The phrase “Engineering Report” refers to the signed third-party property condition assessment, certificate of substantial completion or architect certificate - each document detailing the physical condition and any required/proposed repairs needed at the property, as contained in the Loan File.
•
The phrase “Environmental Report” refers to the signed third-party phase I, phase II, hazardous building materials assessment, remedial soil excavation or client environmental questionnaire. Each document details various environmental assessments related to the property, as contained in the Loan File.
•
The phrase “Executed Legal Summary” refers to the signed document summarizing the detailed loan and security terms and property information abstracted by the Company’s representative counsel, as contained in the Loan File.
•
The phrase “Ground Lease” refers to the signed ground lease agreement detailing the legal terms of the borrower’s leasing of the land, as included in the Loan File.



  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 


•
The phrase “Guarantee” refers to the signed guarantee agreement or amendments/assumptions thereof, detailing the legal terms of recourse, as contained in the Loan File.
•
The phrase “Intercreditor Agreement” refers to the signed agreement detailing the rights and liabilities of each creditor, as contained in the Loan File.
•
The phrase “Mortgage/Hypotheque” refers to the charge, mortgage note, or amendments/assumptions thereof, detailing the legal terms of the loan, as contained in the Loan File.
•
The phrase “Mortgage Loan Closing Statement” refers to the signed payment statement detailing the sources and uses of the loan proceeds on the settlement date, as contained in the Loan File.
•
The phrase “Mortgage Sale and Administration Agreement” refers to the signed contract of sale detailing the transfer of ownership of the loan from the originator to the Company, as contained in the Loan File.
•
The phrase “Operating Statement” refers to the most recent financial statements detailing the property’s operating performance, as contained in the Loan File.
•
The phrase “Payment Deferral Agreement” refers to the signed document detailing any modifications to the loan following COVID-19.
•
The phrase “Peer Review” refers to the signed third-party review form prepared by a second environmental firm, which summarizes the original environmental firm’s findings and the appropriateness of their environmental report, as contained in the Loan File.
•
The phrase “Purchase & Sale Agreement” refers to the signed contract of sale detailing the transfer of ownership of the property from the seller to the borrower, as contained in the Loan File.
•
The phrase “Recomputation” as use hereinafter, refers to a recomputation using the Specified Attribute included in the Final Data File.
•
The phrase “Rent Roll”, “Borrower Rent Roll”, “Estoppel”, or “Tenant Leases” refers to the schedule detailing the property’s occupied and vacant space and includes information regarding each tenant’s lease terms, such as amount of space occupied, annual rent due, expiration date and renewal options, as contained in the Loan File.
•
The phrase “Site Inspection Report” refers to the summary worksheet detailing the condition of the property identified during the Company’s on-site inspection of the property, as contained in the Loan File.
•
The phrase “Subordination & Standstill Agreement” refers to the signed agreement detailing the legal terms and priority of repayment related to additional liens against the property, as contained in the Loan File.
•
The phrase “Title Insurance Policy” refers to the signed title policy indicating the property’s address and current ownership, as contained in the Loan File.




  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 


•
The phrase “Underwriting Cash Flow in Asset Summary Report” refers to the property’s most recent three years of historical financial statement information and the Company’s underwriting projections, as contained in the Asset Summary Report.
The procedures performed and results thereof are described below. In performing this engagement, we received one or more preliminary data file(s) and performed certain procedures as set forth in Exhibit A and Exhibit B. The procedures identified differences, which were communicated to the Responsible Party. The Responsible Party revised one or more of the preliminary data files based on such communicated differences, where they determined it to be appropriate. We then performed these procedures on the Final Data File, and the results of those procedures are described below.
From September 14, 2021 through October 19, 2021, the Company provided us with the Source Documents related to the Collateral for which we:
(i)
Compared certain Specified Attributes to the corresponding Source Documents as detailed in Exhibit A and found them to be in agreement  (the “Compared Attributes”),
(ii)
Recalculated certain Specified Attributes as detailed in Exhibit B and found them to be in agreement (the “Recalculated Attributes”) or
(iii)
Assumed certain Specified Attributes were accurate as instructed by the Company, and neither compared nor recalculated the Specified Attributes (the “Company Provided Attributes”).
The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit B. For each procedure where a recalculation was performed, the underlying attributes were compared and agreed to the corresponding Source Documents. For the purpose of our procedures, any differences within the defined tolerance level (if any) listed in Exhibit A, were considered to be in agreement. We did not perform any procedures with respect to the Specified Attributes denoted with a Source Document of “None - Company Provided”, in Exhibit A.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.  We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the Final Data File.  Accordingly, we do not express such an opinion or conclusion.  Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of the Specified Party including for purposes of substantiating the Specified Party’ “due diligence defense” under the Securities Act of 1933, and is not intended to be and should not be used by anyone other than the Specified Party.
If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is herein referred to as a “Non-Specified Party”), that Non-Specified Party cannot:




  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 


i)
Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and
ii)
Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.
A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any
other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17G-5 of the Securities Exchange Act of 1934).
The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.


/s/ PricewaterhouseCoopers LLP

New York, NY

October 19, 2021




  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 6
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
Commercial Mortgage Pass-Through Certificates, Series 2021-1


Exhibits

Exhibit A - Specified Attributes

Exhibit B - Recalculated Attributes




  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 7
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
0
Control Number
None - Company Provided
None
  
1
Cut_off_Date_Balance
Amortization Table
None
  
4
Loan_Originator
Mortgage/Hypotheque, Mortgage Sale and Administration Agreement
None
  
5
Loan Number
Executed Legal Summary
None
  
6
Loan_Purpose
Purchase & Sale Agreement, Mortgage Loan Closing Statement, Discharge/Payout Stmt, Asset Summary Report
None
  
7
DealName_ or_PropertyName
Executed Legal Summary
None
  
8
Property_Address
Title Insurance Policy
None
  
9
Property_City
Title Insurance Policy
None
  
10
Property_Province
Title Insurance Policy
None
  
11
Property_Postal_Code
Canada Post
None
  
12
Property_Type
Appraisal, Engineering Report
None
  
13
Loan Amount
Mortgage/Hypotheque
None
  
14
Priority of Lender's Security (ie. First)
Title Insurance Policy
None
  
15
Payment_Type
Commitment Letter
None
  
16
Daycount
Amortization Table, Recomputation
None
  
17
Payment Frequency
Mortgage/Hypotheque
None
  
18
Payment Date Grace Period
Executed Legal Summary
None
  
19
Mortgage_InterestRate_Fixed_or_Variable
Commitment Letter
None
  
20
Semi-Annual, not in advance Interest Rate
Mortgage/Hypotheque, Commitment Letter
None
(1)
22
Administrative Cost Rate
None - Company Provided
None
  
25
Full Maturity Term (Mos) (ARD for Balloon Loans and Fully Amortizing, Full Maturity for Hyperam Loans)
Borrower Rate Lock Confirmation, Mortgage/Hypotheque
None
  
26
Anticipated Repayment Term in Months (ARD Months)
Borrower Rate Lock Confirmation, Mortgage/Hypotheque
None
  
28
Final Amortization Term in Months
Borrower Rate Lock Confirmation, Mortgage/Hypotheque
None
  
30
Cut-Off Date (Paid Through Date)
None – Company Provided
None
  
32
Closing / Funding Date
Borrower Rate Lock Confirmation
None
  
33
Interest Adjustment Date
Mortgage/Hypotheque
None
  
34
First Payment Date
Mortgage/Hypotheque
None
  
35
Maturity Date (ard date if balloon or fully amortizing, full maturity date if hyperam)
Mortgage/Hypotheque
None
  
36
Anticipated Repayment Date (ARD date if balloon or fully amortizing, hyperam start date if hyperam)
Mortgage/Hypotheque
None
  
37
Balloon_Amount
Amortization Table
None
  
38
Amortization Description (Balloon, HyperAm or Fully Amortizing)
Executed Legal Summary
None
  
39
HyperAmortization Start Date, if applicable
Mortgage/Hypotheque
None
  
40
Step-up interest Rate for Hyperam Loans
Mortgage/Hypotheque
None
  


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 


#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
41
Remaining Prepayment Restrictions
Recomputation, Executed Legal Summary
None
  
42
Remaining Closed Period (excluding YM and/or Defeasance) and expressed as # of payment dates, excluding Maturity Date)
Commitment Letter, Recomputation, Executed Legal Summary
None
  
43
Yield Maintenance Minimum
Mortgage/Hypotheque, Commitment Letter
None
  
44
Yield Maintenance Begin Date
Mortgage/Hypotheque, Commitment Letter
None
  
46
Remaining Yield Maintenance Period (expressed as # of payment dates, excluding Maturity Date)
Commitment Letter, Recomputation, Executed Legal Summary
None
  
47
Yield Maintenance Spread (0, -0.50%, -1.0%, etc.)
Mortgage/Hypotheque, Commitment Letter
None
  
48
Defeasance Begin Date
Mortgage/Hypotheque, Commitment Letter
None
  
49
Defeasance Fee (expressed as %, $ or N/A if not applicable)
Executed Legal Summary
None
  
50
Non-Penalty Open Period (expressed as # of payment dates, including the Maturity Date)
Commitment Letter, Executed Legal Summary
None
  
51
Final Prepay Description (Yield Maintenance, Defeasance or Closed)
Commitment Letter, Executed Legal Summary
None
  
52
Monthly Blended Principal and Interest Payment
Mortgage/Hypotheque
None
  
54
YR3_Year_of_Financial
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
None
  
55
YR2_Year_of_Financial
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
None
  
56
YR1_Year_of_Financial
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
None
  
57
YR0_Year_of_Financial
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
None
  
58
YR3_Net_Cash_Flow
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
59
YR2_Net_Cash_Flow
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
60
YR1_Net_Cash_Flow
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
61
YR3_Net_Operating_Income
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
62
YR2_Net_Operating_Income
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
63
YR1_Net_Operating_Income
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
64
YR0_Net_Operating_Income
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
65
YR0 (U/W) Replacement Reserves (or FF& E for Hotel)
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
67
YR0_Net_Cash_Flow
Underwriting Cash Flow in Asset Summary Report.
 
“N/A”, if no financial information was provided for this period.
$1.00
  
70
Reconciled_Appraised_Value
Appraisal, Opinion of Value
None
  
71
Appraisal_Value_Date
Appraisal, Opinion of Value
None
  
74
Borrower_Entity_Name
Mortgage/Hypotheque
None
  
75
Borrower_Entity_Type
Executed Legal Summary
None
  
76
Is Borrower a Canadian resident entity? Y, N
Executed Legal Summary
None
  
77
Is Borrower a single asset entity, as identified by Lender? Y, N or Unknown
Executed Legal Summary
None
  
78
Any Recourse (excluding carve-outs) or Guarantee? Y, N
Guarantee, Mortgage/Hypotheque, Executed Legal Summary, Commitment Letter
None
  
79
Amount of Recourse specified in Loan Documents (100%, 50%, $). N/A if not applicable
Guarantee, Mortgage/Hypotheque, Executed Legal Summary, Commitment Letter
None
  
80
To whom does Lender have Recourse (list names, including Borrower). N/A if not applicable
Guarantee, Mortgage/Hypotheque, Executed Legal Summary, Commitment Letter
None
  
81
Is this Loan cross-collateralized and cross-defaulted with other loans? Y, N
Commitment Letter, Executed Legal Summary
None
  
82
If Loan is cross-collateralized and cross-defaulted, name(s) of other crossed loans. N/A if not applicable
Commitment Letter, Executed Legal Summary
None
  
83
If Loan is cross-collateralized and cross-defaulted, loan number(s) of other crossed loans. N/A if not applicable
Commitment Letter, Executed Legal Summary
None
  
84
Is this Loan related to other loans or other Seller loans in same securitization? Y, N
Executed Legal Summary
None
  
85
If Loan is related to other loans or other Seller loans, name and relationship of Borrower or Principal on other loans in same securitization. N/A if not applicable
Executed Legal Summary
None
  
86
If Loan is related to other loans or Seller Loans, loan number(s) of other related loans. N/A if not applicable
Executed Legal Summary
None
  
87
Year_Built
Appraisal, Engineering Report, Environmental Report
None
  


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Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
88
Year_Renovated
Appraisal, Engineering Report, Environmental Report
None
  
89
Net Rentable Area
Rent Roll, Operating Statement, Estoppel, Tenant Leases
None
  
91
Net/Occupied_Rentable_Area_Units_Measure
For a Company loan - Rent Roll, Operating Statement, Estoppel, Tenant Leases;
 
Or if a Bank of Montreal “BMO” loan - Borrower Rent Roll, Recomputation, Estoppel, Tenant Leases
None
  
92
Occupied_Rentable_Area
For a Company loan - Rent Roll, Operating Statemen, Estoppel, Tenant Leases t;
 
Or if a BMO loan - Borrower Rent Roll, Recomputation, Estoppel, Tenant Leases
None
  
93
YR3_Physical Occupancy
Asset Summary Report, Rent Roll, Estoppel, Tenant Leases
None
  
94
YR2_Physical Occupancy
Asset Summary Report, Rent Roll, Estoppel, Tenant Leases
None
  
95
YR1_Physical Occupancy
Asset Summary Report, Rent Roll, Estoppel, Tenant Leases
None
  
96
Physical Occupancy
Rent Roll, Recomputation, Estoppel, Tenant Leases
None
  
97
Rent Roll Date (Also Occupancy % Date)
Rent Roll, Estoppel, Tenant Leases
None
  
98
Number_Separately_Assessed_IncomeProducing_Properties
Executed Legal Summary
None
  
99
Is the Property a condominium unit(s) or strata title? Y/N
Executed Legal Summary
None
  
100
Fee, Leasehold or Fee and Leasehold
Ground Lease, Title Insurance Policy, Executed Legal Summary
None
  
101
Does the Property consist in whole or in part of a leasehold interest? Y, N
Ground Lease, Title Insurance Policy, Executed Legal Summary
None
  
102
Ground Lease expiration date (excluding renewals). N/A if not applicable
Ground Lease, Title Insurance Policy, Executed Legal Summary
None
  
103
Any subordinate debt secured by the Property? Y, N
Subordination & Standstill Agreement, Commitment Letter, Executed Legal Summary
None
  
104
Nature of subordinate security. N/A if not applicable
Subordination & Standstill Agreement, Commitment Letter, Executed Legal Summary
None
  
105
Amount of subordinate debt outstanding. $ or N/A if not applicable
Subordination & Standstill Agreement, Commitment Letter, Executed Legal Summary
None
  
106
Is existing subordinate debt subject to subordination provisions? Y, N or N/A if not applicable
Subordination & Standstill Agreement, Commitment Letter, Executed Legal Summary
None
  
107
Is existing subordinate debt subject to standstill provisions? Y, N or N/A if not applicable
Subordination & Standstill Agreement, Commitment Letter, Executed Legal Summary
None
  
108
Do Loan Documents permit future subordinate debt? Y, N
Subordination & Standstill Agreement, Commitment Letter, Executed Legal Summary
None
  
109
If future subordinate debt permitted, provide information on Lender consent, LTV/DSCR and Subordination and Standstill Agreement requirements. N/A if not applicable
Subordination & Standstill Agreement, Commitment Letter, Executed Legal Summary
None
  
110
Remaining Defeasance Period (expressed as # of payment dates, excluding Maturity Date)
Commitment Letter, Recomputation, Executed Legal Summary
None
  


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 11
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
111
Any provision in Loan Documents allowing Borrower to obtain a release of part of the Property from Lender's security? Y, N
Commitment Letter, Executed Legal Summary
None
  
112
If Loan Documents allow Borrower to obtain release of part of the Property from Lender's security, describe release provisions. N/A if not applicable
Executed Legal Summary, Commitment Letter
None
  
113
Any provision in Loan Documents allowing Borrower to substitute new Property as collateral for existing Property collateral (other than defeasance) Y, N
Commitment Letter, Executed Legal Summary
None
  
114
If Loan Documents allow Borrower to substitute new Property as collateral, describe. N/A if not applicable
Executed Legal Summary, Commitment Letter
None
  
115
Pool_Code
None - Company Provided
None
  
116
Site_Inspection_Date
Site Inspection Report
None
  
117
Envir_Report_Firm
Environmental Report, Peer Review
None
  
118
Envir_Report_Type
Environmental Report, Peer Review
None
  
119
Envir_Report_Analysis_Date
Environmental Report, Peer Review
None
  
120
Engineering_Firm
Engineering Report, Certificate of Substantial Completion, Architect Certificate, Occupancy Permit
None
  
121
Engineering_Date
Engineering Report, Certificate of Substantial Completion, Architect Certificate, Occupancy Permit
None
  
122
Replacement Reserve: Immediate ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
123
Repair Reserve: Immediate ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
124
Environmental Reserve: Immediate ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
125
Debt Service Reserve: Immediate ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
126
Realty Tax Reserve: Immediate ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
127
Lease Rollover Reserve: Immediate ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
128
Other Reserve: Immediate ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
129
Other Reserve: Immediate (Type/Description)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
130
Replacement Reserve: Monthly ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
131
Repair Reserve: Monthly ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
132
Environmental Reserve: Monthly ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
133
Debt Service Reserve: Monthly ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
134
Realty Tax Reserve: Monthly ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
135
Lease Rollover Reserve: Monthly ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
136
Other Reserve: Monthly ($)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
137
Other Reserve: Monthly ($) (Type/Description)
Borrower Rate Lock Confirmation, Closing Confirmation
None
  
138
Any Future Reserves? Y/N
Closing Confirmation, Executed Legal Summary
None
  
139
Description of Future Reserves
Closing Confirmation, Executed Legal Summary
None
  


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 12
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
140
Lock Box requirement? Y, N
Executed Legal Summary
None
  
141
Lock Box Hard or Soft? N/A if not applicable
Executed Legal Summary
None
  
142
Lock Box Springing? Y, N or N/A
Executed Legal Summary
None
  
143
Participation or 100% Ownership
Provided (Legal Summary), Mortgage/Hypotheque
None
  
144
Single Tenant (Y/N)
Rent Roll, Estoppel, Tenant Leases
None
  
145
% Occupied by Owner
Rent Roll, Estoppel, Tenant Leases, Recomputation
None
  
146
Owner Occupied (Y/N)
For a Company loan - Rent Roll, Estoppel, Tenant Leases;
 
Or if a BMO loan, Borrower Rent Roll, Operating Statement, Estoppel, Tenant Leases
None
  
147
Largest_Tenant_Name
Rent Roll, Estoppel, Tenant Leases
None
(2)
149
Largest_Tenant_SqFt
Rent Roll, Estoppel, Tenant Leases
None
(2)
151
Largest_Tenant_Exp_Date
Rent Roll, Estoppel, Tenant Leases
None
(2)
152
2nd_Largest_Tenant_Name
Rent Roll, Estoppel, Tenant Leases
None
(2)
154
2nd_Largest_Tenant_SqFt
Rent Roll, Estoppel, Tenant Leases
None
(2)
156
2nd_Largest_Tenant_Exp_Date
Rent Roll, Estoppel, Tenant Leases
None
(2)
157
3rd_Largest_Tenant_Name
Rent Roll, Estoppel, Tenant Leases
None
(2)
159
3rd_Largest_Tenant_SqFt
Rent Roll, Estoppel, Tenant Leases
None
(2)
161
3rd_Largest_Tenant_Exp_Date
Rent Roll, Estoppel, Tenant Leases
None
(2)
162
Tenant Expiry Year0 Ending
Asset Summary Report
None
(2), (3)
163
Number of Scheduled Lease Expiries in Year0
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
164
Total NRSF Expiring in Year0
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
166
Number of Scheduled Lease Expiries in Year1
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
167
Total NRSF Expiring in Year1
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
169
Number of Scheduled Lease Expiries in Year2
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
170
Total NRSF Expiring in Year2
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
172
Number of Scheduled Lease Expiries in Year3
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
173
Total NRSF Expiring in Year3
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
175
Number of Scheduled Lease Expiries in Year4
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
176
Total NRSF Expiring in Year4
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
178
Number of Scheduled Lease Expiries in Year5
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
179
Total NRSF Expiring in Year5
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
181
Number of Scheduled Lease Expiries in Year6
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
182
Total NRSF Expiring in Year6
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
184
Number of Scheduled Lease Expiries in Year7
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
185
Total NRSF Expiring in Year7
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 13
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
187
Number of Scheduled Lease Expiries in Year8
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
188
Total NRSF Expiring in Year8
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
190
Number of Scheduled Lease Expiries in Year9
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
191
Total NRSF Expiring in Year9
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
193
Number of Scheduled Lease Expiries in Year10
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
194
Total NRSF Expiring in Year10
Rent Roll, Estoppel, Tenant Leases, Recomputation, Asset Summary Report
None
(2), (3)
196
Pari Passu? Y/N
Participation Agreement, Provided (Legal Summary)
None
  
197
If Pari Passu, initial or balance?
Participation Agreement, Provided (Legal Summary)
None
  
198
Pari Passu %
Participation Agreement, Provided (Legal Summary)
None
  
199
If Balance, name of Pool Code of initial
Participation Agreement, Provided (Legal Summary)
None
  
200
A Note Whole Loan Amount
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
201
A Note Whole Loan Cut-Off Balance
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
202
A Note Whole Loan Balloon Balance
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
203
A Note Whole Loan Monthly Payment
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
204
A Note Pooled Loan Amount
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
205
A Note Pooled Cut-Off Balance
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
206
A Note Pooled Loan Balloon Balance
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
207
A Note Pooled Loan Monthly Payment
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
208
A Note Non-Pooled Loan Amount
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
209
A Note Non-Pooled Cut-Off Balance
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
210
A Note Non-Pooled Loan Balloon Balance
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
211
A Note Non-Pooled Loan Monthly Payment
Participation Agreement, Amortization Table, Provided (Legal Summary)
None
  
212
A/B Note? Y/N
Intercreditor Agreement, Provided (Legal Summary)
None
  
213
B Note Amount
Intercreditor Agreement, Provided (Legal Summary)
None
  
214
Assumption Fee
Commitment Letter
None
  
215
Has the Whole Loan been previously securitized? Y/N/Unknown
None - Company Provided
None
  
216
If the Whole Loan was previously securitized, which CMBS Issue was it securitized in?
None - Company Provided
None
  
217
Date of Operating Statement
Operating Statement
None
  
218
Date of Guarantor / Indemnitor Financial Statement
Borrower/Guarantor/Indemnitor Financial Statements
None
  
219
Additional Notes
None - Company Provided
None
  


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 14
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
220
Closed End Date (day prior to Closed or Defeasance End Date or N/A for Yield Maintenance Loans)
Mortgage/Hypotheque, Commitment Letter
None
  
221
Subordinate or B Note Orig Amt ($)
Intercreditor Agreement, Commitment Letter, Legal Summary
None
  
224
Subordinate or B Note Orig Term (Mths)
Intercreditor Agreement, Commitment Letter, Legal Summary
None
  
226
Subordinate or B Note Orig Amort (Mths)
Intercreditor Agreement, Commitment Letter, Legal Summary
None
  
228
Subordinate or B Note Interest Rate
Intercreditor Agreement, Commitment Letter, Legal Summary
None
  
229
Subordinate or B Note Mth P&I
Intercreditor Agreement, Commitment Letter, Legal Summary, Recomputation
None
  
250
Name of B Note holder. N/A if not applicable
Intercreditor Agreement, Commitment Letter, Legal Summary
None
  
251
Is there any known litigation as identified by Seller? Y, N. If Y, describe
Legal Summary
None
  
258
Engineering Report Type
Engineering Report, Certificate of Substantial Completion, Architect Certificate
None
  
259
Phase II Firm:
Environmental Report
None
  
260
Has Borrower requested any COVID debt service relief (e.g. IOP, deferred P&I, repurposing reserves)? Y/N
Executed Legal Summary
None
  
261
Has Borrower's request for COVID debt service relief been approved by Lender? Y/N
Executed Legal Summary
None
  
262
If Lender approved Borrower's COVID debt service relief request, describe type of relief was provided
Executed Legal Summary
None
  
263
Monthly debt service payments during COVID debt service relief period
Executed Payment Deferral Agreement
None
  
264
Begin date of COVID debt service relief program
Executed Payment Deferral Agreement
None
  
265
Last date of COVID debt service relief program
Executed Payment Deferral Agreement
None
  
266
Monthly debt service payments after COVID debt service relief period
Executed Payment Deferral Agreement
None
  
267
Has the Borrower requested any other loan modification as a result of COVID (e.g. deferred reserve payment)? Y/N
Executed Legal Summary
None
  
268
If the loan has been approved by Lender for any other loan modification as a result of COVID, describe final approved loan modification
Executed Legal Summary
None
  
269
Begin date of COVID loan modification program
Executed Payment Deferral Agreement
None
  
270
Last date of COVID loan modification program
Executed Payment Deferral Agreement
None
  
271
Modified Replacement Reserve Immediate ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
272
Modified Repair Reserve Immediate ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
273
Modified Environmental Reserve Immediate ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
274
Modified Debt Service Reserve Immediate ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
275
Modified Realty Tax Reserve Immediate ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 15
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT A
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Source Document (by order of priority)
Tolerance Levels
Notes
276
Modified Lease Rollover Reserve Immediate ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
277
Modified Other Reserve Immediate ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
278
Modified Other Reserve (Immediate) - Type/Description
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
279
Modified Replacement Reserve Monthly ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
280
Modified Repair Reserve Monthly ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
281
Modified Environmental Reserve Monthly ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
282
Modified Debt Service Reserve Monthly ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
283
Modified Realty Tax Reserve Monthly ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
284
Modified Lease Rollover Reserve Monthly ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
285
Other Reserve Monthly ($)
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
286
Modified Other Reserve (Monthly) - Type/Description
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
287
Any Modified Future Reserve?
Executed Payment Deferral Agreement, Executed Legal Summary
None
  
288
If there is any Modified Future Reserve - Description
Executed Payment Deferral Agreement, Executed Legal Summary
None
  




#
Notes
(1)
As instructed by  Bank of Montreal, we utilized the Commitment Letter as the primary source  for Control Number 7
(2)
This Specified Attribute is not applicable (“N/A”) for Multifamily, Self Storage, Retirement and Manufactured Home Community property types.
(3)
In scope for Control Numbers 1, 2, 4, 5, 6, 7, 9, 11, 12, 13, 20, 21, 25, 26, 29, 32, 33, 34, 35, 40, 41, 44, 46, 47, 55, 57, 58, 61, 63, 66, 67, 69, 72, 73, 76, 77, 78



  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 16
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT B
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Calculation
Tolerance Levels
Notes
2
Percentage of Cut off Date Balance
Recomputation from the Final Data File in which the Cut_off_Date_Balance was divided by the aggregate Cut_off_Date_Balance of the Underlying Assets.
None
 
3
Cumulative percentage Cut off date Balance
Recomputation from the Final Data File in which the loan’s Percentage of Cut off Date Balance was added to the sum of the Percentage of Cut off Date Balances for all loans which have a Cut_off_Date_Balance larger than the respective loan.
None
 
21
Monthly_Compounding_MortgageRate
For a Company loan - product of (i) (((1+ semi annual interest rate/2)^(2/12))-1) and (ii) 12;
 
Or if a BMO loan (((1+semi annual interest rate/2)^(2/366 year))^31)-1
None
 
23
Net mortgage rate
Recomputation from the Final Data File in which the Administrative Cost Rate was subtracted from the Monthly_Compounding_MortgageRate.
None
 
24
NCF Debt Yield at Origination
Recomputation from the Final Data File in which the YR0_Net_Cash_Flow was divided by the Loan Amount.
None
(3)
27
Remaining_Term_to_Maturity_ARD_Mos
Recomputation from the Final Data File in which the number of monthly payments occurring between the Cut-Off Date (Paid Through Date) and the Anticipated Repayment Date (ARD date if balloon or fully amortizing, hyperam start date if hyperam) were counted.
None
 
29
Remaining_Amortization_Term
Recomputation from the Final Data File in which the Seasoning (Number of Loan Payments including Cut-off Date payment) was deducted from the Final Amortization Term in Months.
None
 
31
Seasoning (Number of Loan Payments including Cut-Off Date payment)
Recomputation from the Final Data File in which the number of monthly payments occurring between the loan’s First Payment Date, through and including, the Cut-off Date (Paid Through Date) were counted.
None
 
53
Annual_Debt_Service
Recomputation from the Final Data File in which the Monthly Blended Principal and Interest Payment was multiplied by 12.
None
 
66
Adjusted UW NOI (UW NOI + UW Replacement or FFE Reserves)
Recomputation from the Final Data File in which the YR0_Net_Operating_Income was added to the YR0 (U/W) Replacement Reserves (or FF&E for Hotel).
None
 
68
Adjusted Underwritten NOI DSCR (UW NOI + U/W Replacement or FFE Reserves / Annual Debt Service)
Recomputation from the Final Data File in which the Adjusted UW NOI (UW NOI + UW Replacement or FFE Reserves) was divided by the Annual_Debt_Service.
None
(3)
69
UW_NCF_DSCR
Recomputation from the Final Data File in which the YR0_Net_Cash_Flow was divided by the Annual_Debt_Service.
None
(3)
72
Cut_Off_Date_LTV
Recomputation from the Final Data File in which the Cut-off Balance was divided by the Appraised Value.
None
(3)
73
Balloon_LTV
Recomputation from the Final Data File in which the Balloon_Amount was divided by the Appraised Value.
None
(3)


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 17
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT B
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Calculation
Tolerance Levels
Notes
90
Current Balance Per Sq Ft, Unit, Pad or Room
Recomputation from the Final Data File in which the Cut_off_Date_Balance was divided by the Net Rentable Area.
None
(3)
148
Largest Tenant % of Total Underwritten Base Rent
Recomputation from the Rent Roll in which the largest tenant's total base rent was divided by the total underwritten base rent for the property.
None
(1), (2)
150
Largest Tenant % of Total NRSF
Recomputation from the Final Data File in which the Largest_Tenant_SqFt was divided by the Net Rentable Area.
None
(1), (2)
153
2nd Largest Tenant % of Total Underwritten Base Rent
Recomputation from the Rent Roll in which the 2nd largest tenant's total base rent was divided by the total underwritten base rent for the property.
None
(1), (2)
155
2nd Largest Tenant % of Total NRSF
Recomputation from the Final Data File in which the 2nd_Largest_Tenant_SqFt was divided by the Net Rentable Area.
None
(1), (2)
158
3rd Largest Tenant % of Total Underwritten Base Rent
Recomputation from the Rent Roll in which the 3rd largest tenant's total base rent was divided by the total underwritten base rent for the property.
None
(1), (2)
160
3rd Largest Tenant % of Total NRSF
Recomputation from the Final Data File in which the 3rd_Largest_Tenant_SqFt was divided by the Net Rentable Area.
None
(1), (2)
165
% of Total NRSF Expiring in Year0
If tenant lease(s) expire in Year 0, recomputation from the Final Data File in which the Total NRSF Expiring in Year 0 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 0.
None
(1), (2)
168
% of Total NRSF Expiring in Year1
If tenant lease(s) expire in Year 1, recomputation from the Final Data File in which the Total NRSF Expiring in Year1 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 1.
None
(1), (2)
171
% of Total NRSF Expiring in Year2
If tenant lease(s) expire in Year 2, recomputation from the Final Data File in which the Total NRSF Expiring in Year2 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 2.
None
(1), (2)
174
% of Total NRSF Expiring in Year3
If tenant lease(s) expire in Year 3, recomputation from the Final Data File in which the Total NRSF Expiring in Year3 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 3.
None
(1), (2)
177
% of Total NRSF Expiring in Year4
If tenant lease(s) expire in Year 4, recomputation from the Final Data File in which the Total NRSF Expiring in Year4 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 4.
None
(1), (2)
180
% of Total NRSF Expiring in Year5
If tenant lease(s) expire in Year 5, recomputation from the Final Data File in which the Total NRSF Expiring in Year5 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 5.
None
(1), (2)
183
% of Total NRSF Expiring in Year6
If tenant lease(s) expire in Year 6, recomputation from the Final Data File in which the Total NRSF Expiring in Year6 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 6.
None
(1), (2)


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 18
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com
 
Real Estate Asset Liquidity Trust
 EXHIBIT B
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Calculation
Tolerance Levels
Notes
186
% of Total NRSF Expiring in Year7
If tenant lease(s) expire in Year 7, recomputation from the Final Data File in which the Total NRSF Expiring in Year7 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 7.
None
(1), (2)
189
% of Total NRSF Expiring in Year8
If tenant lease(s) expire in Year 8, recomputation from the Final Data File in which the Total NRSF Expiring in Year8 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 8.
None
(1), (2)
192
% of Total NRSF Expiring in Year9
If tenant lease(s) expire in Year 9, recomputation from the Final Data File in which the Total NRSF Expiring in Year9 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 9.
None
(1), (2)
195
% of Total NRSF Expiring in Year10
If tenant lease(s) expire in Year 10, recomputation from the Final Data File in which the Total NRSF Expiring in Year10 was divided by the Net Rentable Area. “0%”, if no tenant lease(s) expire in Year 10.
None
(1), (2)
222
Subordinate or B Note Cut off Amt ($)
Equal to Subordinate Debt or B Note Cut Off Date amount(as stated in the Amortization Schedule) or the Subordinate Debt or B Note Original Loan Amount (if Interest Only).
None
 
223
Subordinate or B Note Balloon Bal ($)
Equal to Subordinate Debt or B Note Balloon amount(as stated in the Amortization Schedule) or the Subordinate Debt or B Note Original Loan Amount (if Interest Only).
None
 
225
Subordinate or B Note Remain Term (Mths)
Sum of (i) Subordinate Debt or B Note Original Term in Months less (ii) Seasoning in months.
None
 
227
Subordinate or B Note Remain Amort (Mths)
Sum of (i) Subordinate Debt or B Note Original Amortization in months less (ii) Seasoning in months.
None
 
230
Subordinate or B Note Annual P&I
Product of (i) Subordinate Debt or B Note Monthly P&I and (ii) 12.
None
 
231
Total Debt (A Note + B Note + Subordinate) Original Amt ($)
Sum of (i) A Note Original Loan Amount and (ii) Subordinate Debt or B Note Original Loan Amount.
None
  
232
Total Debt (A Note + B Note + Subordinate) Cut off Date Amt ($)
Sum of (i) A Note Cut Off Loan Amount and (ii) Subordinate Debt or B Note Cut Off Loan Amount.
None
  
233
Total Debt (A Note + B Note + Subordinate) Balloon Balance ($)
Sum of (i) A Note Balloon Loan Amount and (ii) Subordinate Debt or B Note Balloon Loan Amount.
None
  
234
Total Debt (A Note + B Note + Subordinate) Mth P&I
Sum of (i) Subordinate Debt or B Note Monthly P&I and (ii) A Note Monthly P&I.
None
  
235
Total Debt (A Note + B Note + Subordinate) Annual P&I
Product of (i) Sum of (i) A Note Monthly P&I and (ii) Subordinate Debt or B Note Monthly P&I and (ii) 12.
None
  
236
Total Debt (A Note + B Note + Subordinate) Loan PSF
Quotient of (i) Total Debt (sum of (a) A Note and (b) B Note and (c) Subordinate Debt Original Amount) and (ii) Total Square Feet, Units, Pads or Rooms.
None
  
237
Total Debt (A Note + B Note + Subordinate) NOI DSCR
Quotient of (i) Underwritten Net Operating Income and (ii) Total Debt Annual P&I (sum of (a) A Note and (b) B Note (c) Subordinate Debt Annual P&I).
None
  


  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
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Real Estate Asset Liquidity Trust
 EXHIBIT B
Commercial Mortgage Pass-Through Certificates, Series 2021-1
 
   
Specified Attributes
 

#
Specified Attribute
Calculation
Tolerance Levels
Notes
238
Total Debt (A Note + B Note + Subordinate) NCF DSCR
Quotient of (i) Underwritten Net Cash Flow and (ii) Total Debt Annual P&I (sum of (a) A Note and (b) B Note and (c) Subordinate Debt Annual P&I).
None
  
239
Total Debt (A Note + B Note + Subordinate) Orig LTV
Quotient of (i) Total Debt Original Amount (sum of (a) A Note and (b) B Note and (c) Subordinate Debt Original Amount) and (ii) Appraisal Value.
None
  
240
Total Debt (A Note + B Note + Subordinate) Cut off LTV
Quotient of (i) Total Debt Original Amount (sum of (a) A Note and (b) B Note and (c) Subordinate Debt Cut Off Date Amount) and (ii) Appraisal Value.
None
  
241
Total Debt (A Note + B Note + Subordinate) Balloon LTV
Quotient of (i) Total Debt Original Amount (sum of (a) A Note and (b) B Note and (c) Subordinate Debt Balloon Balance) and (ii) Appraisal Value.
None
  
242
Total Debt (A Note + B Note + Subordinate) Debt Yield
Quotient of (i) Underwritten Net Cash Flow and (ii) Total Debt Original Amount (sum of (a) A Note and (b) B Note and (c) Subordinate Debt Original Amount).
None
  
243
A Note Loan PSF
Quotient of (i) A Note Original Loan Amount and (ii) Square Feet, Units, Pads or Rooms.
None
  
244
A Note NOI DSCR
Quotient of (i) Underwritten Net Operating Income and (ii) A Note Annual Debt Service.
None
  
245
A Note NCF DSCR
Quotient of (i) Underwritten Net Cash Flow and (ii) A Note Annual Debt Service.
None
  
246
A Note Orig LTV
Quotient of (i) A Note Original Loan Balance and (ii) Appraisal Value.
None
  
247
A Note Cut off LTV
Quotient of (i) A Note Cut off Date Balance and (ii) Appraisal Value.
None
  
248
A Note Balloon LTV
Quotient of (i) A Note Balloon Balance/ and (ii) Appraisal Value.
None
  
249
A Note Debt Yield
Quotient of (i) Underwritten Net Cash Flow and (ii) A Note Loan Balance.
None
  




#
Notes
(1)
This Specified Attribute is not applicable (“N/A”), for Multifamily, Self Storage, Retirement and Manufactured Home Community property types.
(2)
In scope for Control Numbers 1, 2, 4, 5, 6, 7, 9, 11, 12, 13, 20, 21, 25, 26, 29, 32, 33, 34,35, 40, 41, 44, 46, 47, 55, 57, 58, 61, 63, 66, 67, 69, 72, 73, 76, 77, 78
(3)
With respect to Control Number 5, the re-computation includes the total loan balances (original, cut-off and balloon) and, where applicable, total debt service (monthly and annual) of the pooled interest (in the REALT 2021-1 transaction) and non-pooled interest.



  PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017
 20
  T: (646) 471-3000, F: 813-286-6000 www.pwc.com