Exhibit 1
![]() | Ernst & Young LLP One Manhattan West New York, NY 10001 | Tel: +1 212 773 3000 ey.com |
Report of Independent Accountants on Applying Agreed-Upon Procedures
J.P. Morgan Chase Commercial Mortgage Securities Corp. (the “Depositor”)
JPMorgan Chase Bank, National Association
J.P. Morgan Securities LLC
(collectively, the “Specified Parties”)
Re: | HILT Trust 2025-NASH (the “Issuing Entity”) | |
Commercial Mortgage Pass-Through Certificates, Series 2025-NASH (the “Certificates”) |
We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the “Subject Matter”) relating to the Issuing Entity’s securitization transaction as of 10 June 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.
The procedures performed and our associated findings are included in Attachment A.
For the purpose of the procedures described in this report, the Depositor provided us with:
a. | Certain electronic data files (the “Data Files”) that are described in Attachment A, |
b. | Copies of various source documents (the “Source Documents”), which are listed on Exhibit 1 to Attachment A, |
c. | A list of characteristics on the Data Files (the “Compared Characteristics”), which are listed on Exhibit 2 to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents, |
d. | A list of characteristics on the Data Files (the “Recalculated Characteristics”), which are described in Attachment A, that the Depositor instructed us to recalculate using information on the Data Files, |
e. | A list of characteristics on the Data Files (the “Provided Characteristics”), which are listed on Exhibit 3 to Attachment A, on which the Depositor instructed us to perform no procedures, |
f. | A draft of the preliminary confidential offering circular for the Issuing Entity’s securitization transaction (the “Draft Preliminary Offering Circular”) and |
g. | Instructions, assumptions and methodologies, which are described in Attachment A. |
![]() | Page 2 of 3 |
The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. 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.
The agreed-upon procedures described in this report were not performed for the purpose of:
a. | Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or |
b. | Making any findings with respect to: |
i. | Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements, |
ii. | The value of the collateral securing the Mortgage Loan, |
iii. | Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or |
iv. | Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates will pay interest and principal in accordance with applicable terms and conditions. |
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We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.
This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.
/s/ Ernst & Young LLP
10 June 2025
![]() | Attachment A |
Background
For the purpose of the procedures described in this report, the Depositor indicated that:
a. | The assets of the Issuing Entity will consist primarily of a floating rate commercial mortgage loan (the “Mortgage Loan”) and |
b. | The Mortgage Loan will be secured primarily by a commercial property (the “Property”). |
Procedures performed and our associated findings
1. | The Depositor provided us with: |
a. | An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Mortgage Loan and Property that is expected to be as of 25 June 2025 (the “Reference Date”) and |
b. | Record layout and decode information relating to the information on the Preliminary Data File. |
Using the information in the Source Documents, we compared the Compared Characteristics listed on Exhibit 2 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in the Source Documents indicated on Exhibit 2 to Attachment A, subject to the instructions, assumptions and methodologies stated in the notes on Exhibit 2 to Attachment A. If more than one Source Document is listed for a Compared Characteristic, the Depositor instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 2 to Attachment A (except as described in the notes on Exhibit 2 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 2 to Attachment A.
We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described herein.
2. | As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in the Item above and provided a list of such differences to the Depositor. The Preliminary Data File, as so adjusted, is hereinafter referred to as the “Updated Data File.” |
![]() | Attachment A |
3. | Subsequent to the performance of the procedures described in the Items above, we received from the Depositor: |
a. | An electronic data file (the “Final Data File,” which together with the Preliminary Data File comprise the Data Files) that the Depositor indicated contains information relating to the Mortgage Loan and Property as of the Reference Date and |
b. | Record layout and decode information relating to the information on the Final Data File. |
Using information on the:
a. | Final Data File and |
b. | Updated Data File, |
we compared each Compared Characteristic listed on Exhibit 2 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.
4. | Using the “First Payment Date,” as shown on the Final Data File, we recalculated the “Seasoning” of the Mortgage Loan as of the Reference Date. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. |
5. | Using the: |
a. | First Payment Date, |
b. | Maturity Date and |
c. | Extended Maturity Date, |
as shown on the Final Data File, we recalculated the:
i. | Original Term (Excluding Extensions) and |
ii. | Original Term (Including Extensions) |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
6. | Using the: |
a. | Seasoning, |
b. | Original Term (Excluding Extensions) and |
c. | Original Term (Including Extensions), |
as shown on the Final Data File, we recalculated the:
i. | Remaining Term to Maturity Date and |
ii. | Remaining Term to Extended Maturity Date |
of
the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information
to be in agreement.
![]() | Attachment A |
7. | The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term, including during any extension period option(s). Based on this information, the Depositor instructed us to: |
a. | Use “0” for the: |
i. | Original Amortization Term and |
ii. | Remaining Amortization Term |
of the Mortgage Loan,
b. | Use the “Original Term (Excluding Extensions),” as shown on the Final Data File, for the “IO Period” of the Mortgage Loan, |
c. | Use the “Original Term (Including Extensions),” as shown on the Final Data File, for the “Fully Extended IO Period” of the Mortgage Loan and |
d. | Use the “Original Mortgage Loan Balance,” as shown on the Final Data File, for the: |
i. | Principal balance of the Mortgage Loan as of the Reference Date (the “Cut-Off Date Mortgage Loan Balance”) and |
ii. | Principal balance of the Mortgage Loan as of the “Maturity Date” of the Mortgage Loan (the “Maturity Date Mortgage Loan Balance”). |
We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.
8. | Using the: |
a. | Mortgage Loan Margin, |
b. | SOFR Floor, |
c. | SOFR Rounding Methodology and |
d. | SOFR Cap, |
as shown on the Final Data File, and a SOFR assumption of 4.30000% provided by the Depositor, we recalculated the:
i. | Mortgage Loan Interest Rate (At Assumed SOFR) and |
ii. | Mortgage Loan Interest Rate (At SOFR CAP) |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
9. | Using the: |
a. | Original Mortgage Loan Balance, |
b. | Mortgage Loan Interest Rate (At Assumed SOFR), |
c. | Mortgage Loan Interest Rate (At SOFR CAP) and |
d. | Accrual Basis, |
as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:
i. | Mortgage Loan Monthly Debt Service, |
ii. | Mortgage Loan Annual Debt Service and |
iii. | Mortgage Loan Annual Debt Service @ Cap |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
9. (continued)
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Monthly Debt Service” of the Mortgage Loan as 1/12th of the product, rounded to two decimal places, of:
a. | The “Original Mortgage Loan Balance,” as shown on the Final Data File, |
b. | The “Mortgage Loan Interest Rate (At Assumed SOFR),” as shown on the Final Data File, and |
c. | 365/360. |
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual Debt Service” of the Mortgage Loan as twelve (12) times the “Mortgage Loan Monthly Debt Service.”
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual Debt Service @ Cap” of the Mortgage Loan as the product, rounded to two decimal places, of:
a. | The “Original Mortgage Loan Balance,” as shown on the Final Data File, |
b. | The “Mortgage Loan Interest Rate (At SOFR CAP),” as shown on the Final Data File, and |
c. | 365/360. |
10. | Using the: |
a. | Underwritten Hotel NOI, |
b. | Underwritten Hotel NCF, |
c. | Mortgage Loan Annual Debt Service, |
d. | Mortgage Loan Annual Debt Service @ Cap, |
e. | Cut-Off Date Mortgage Loan Balance, |
f. | Maturity Date Mortgage Loan Balance, |
g. | Appraised Value and |
h. | Total Rooms, |
as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:
i. | Mortgage Loan Hotel Underwritten NOI DSCR, |
ii. | Mortgage Loan Hotel Underwritten NCF DSCR, |
iii. | Mortgage Loan Hotel Underwritten NOI DSCR @ Cap, |
iv. | Mortgage Loan Hotel Underwritten NCF DSCR @ Cap, |
v. | Cut-Off Date Mortgage Loan Balance Per Key, |
vi. | Maturity Date Mortgage Loan Balance Per Key, |
vii. | Cut-Off Date Mortgage Loan LTV, |
viii. | Maturity Date Mortgage Loan LTV, |
ix. | Mortgage Loan Hotel Underwritten NOI DY and |
x. | Mortgage Loan Hotel Underwritten NCF DY |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
10. (continued)
For the purpose of this procedure, the Depositor instructed us to:
a. | Round the characteristics listed in i. through iv. above to two decimal places and |
b. | Round the characteristics listed in vii. through x. above to the nearest 1/10th of one percent. |
11. | Using the: |
a. | Master Servicing Fee Rate and |
b. | Primary Servicing Fee Rate, |
as shown on the Final Data File, we recalculated the “Servicing Fee” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
12. | Using the: |
a. | Servicing Fee, |
b. | Trustee & Paying Agent Fee, |
c. | Operating Advisor and |
d. | CREFC Fee, |
as shown on the Final Data File, we recalculated the “Total Admin. Fee” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
13. | Using the: |
a. | Total Admin. Fee and |
b. | Mortgage Loan Interest Rate (At Assumed SOFR), |
as shown on the Final Data File, we recalculated the “Net Mortgage Interest Rate” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
Exhibit 1 to Attachment A | |
Page 1 of 2 |
Source Documents
Mortgage Loan Source Documents
Source Document Title | Source Document Date |
Mortgage Loan Agreement (see Note 1) | 7 June 2025 |
Mortgage Loan Promissory Notes (see Note 1) | 29 May 2025 |
Cash Management Agreement (see Note 1) | 29 May 2025 |
Deposit Account Control Agreement (see Note 1) | 29 May 2025 |
Guaranty Agreement (see Note 1) | 29 May 2025 |
Environmental Indemnity Agreement (see Note 1) | 29 May 2025 |
Property Source Documents
Source Document Title | Source Document Date |
Appraisal Report | 18 March 2025 |
Pro Forma Title Policy | Not Dated |
USPS Internet Site (www.usps.com) | Not Applicable |
Engineering Report | 6 March 2025 |
Environmental Phase I Report | 7 March 2025 |
Franchise Agreement | 26 March 2015 |
Review of Franchise Agreement (see Note 1) | 4 June 2025 |
Underwriter’s Summary Report | Not Dated |
Exhibit 1 to Attachment A | |
Page 2 of 2 |
Property Source Documents (continued)
Source Document Title | Source Document Date |
Management Agreements and Amendments | Various |
Review of Management Agreement (see Note 1) | 4 June 2025 |
Subordination of Management Agreements (see Note 1) | 29 May 2025 |
PACE and STR Reports | Various |
Cooperation Agreement (see Note 1) | 29 May 2025 |
Capex Summary Report | Not Dated |
Market and Submarket Reports | Not Dated |
Liquor License | 28 September 2024 |
Note:
1. | The indicated provided Source Document(s) are draft document(s) with the Source Document Date reflecting the latest date of receipt. For the purpose of the procedures described in this report, the Depositor instructed us to treat the indicated Source Document(s) as fully executed. |
Exhibit 2 to Attachment A | |
Page 1 of 6 |
Compared Characteristics and Source Documents
Property Information:
Characteristic | Source Document(s) |
Street Address | Appraisal Report |
City | Appraisal Report |
State | Appraisal Report |
County | USPS Internet Site (www.usps.com) |
Zip Code | Appraisal Report |
Property Type | Appraisal Report |
Property Sub-Type | Appraisal Report |
Year Opened | Appraisal Report |
Year Renovated | Appraisal Report |
Total Rooms | Underwriter’s Summary Report |
Ownership Interest | Pro Forma Title Policy |
Third Party Information:
Characteristic | Source Document(s) |
Appraised Value | Appraisal Report |
Date of Appraisal (Valuation Date) | Appraisal Report |
Appraisal Firm | Appraisal Report |
Phase I Date | Environmental Phase I Report |
Engineering Report Date | Engineering Report |
Underwriting Information:
Characteristic | Source Document(s) |
2018 Available Room Nights | Underwriter’s Summary Report |
2019 Available Room Nights | Underwriter’s Summary Report |
2020 Available Room Nights | Underwriter’s Summary Report |
2021 Available Room Nights | Underwriter’s Summary Report |
2022 Available Room Nights | Underwriter’s Summary Report |
2023 Available Room Nights | Underwriter’s Summary Report |
2024 Available Room Nights | Underwriter’s Summary Report |
2025 April TTM Available Room Nights | Underwriter’s Summary Report |
2018 Occupied Room Nights | Underwriter’s Summary Report |
2019 Occupied Room Nights | Underwriter’s Summary Report |
2020 Occupied Room Nights | Underwriter’s Summary Report |
Exhibit 2 to Attachment A | |
Page 2 of 6 |
Underwriting Information: (continued)
Characteristic | Source Document(s) |
2021 Occupied Room Nights | Underwriter’s Summary Report |
2022 Occupied Room Nights | Underwriter’s Summary Report |
2023 Occupied Room Nights | Underwriter’s Summary Report |
2024 Occupied Room Nights | Underwriter’s Summary Report |
2025 April TTM Occupied Room Nights | Underwriter’s Summary Report |
2018 Occupancy | Underwriter’s Summary Report |
2019 Occupancy | Underwriter’s Summary Report |
2020 Occupancy | Underwriter’s Summary Report |
2021 Occupancy | Underwriter’s Summary Report |
2022 Occupancy | Underwriter’s Summary Report |
2023 Occupancy | Underwriter’s Summary Report |
2024 Occupancy | Underwriter’s Summary Report |
2025 April TTM Occupancy | Underwriter’s Summary Report |
2018 ADR | Underwriter’s Summary Report |
2019 ADR | Underwriter’s Summary Report |
2020 ADR | Underwriter’s Summary Report |
2021 ADR | Underwriter’s Summary Report |
2022 ADR | Underwriter’s Summary Report |
2023 ADR | Underwriter’s Summary Report |
2024 ADR | Underwriter’s Summary Report |
2025 April TTM ADR | Underwriter’s Summary Report |
2018 RevPAR | Underwriter’s Summary Report |
2019 RevPAR | Underwriter’s Summary Report |
2020 RevPAR | Underwriter’s Summary Report |
2021 RevPAR | Underwriter’s Summary Report |
2022 RevPAR | Underwriter’s Summary Report |
2023 RevPAR | Underwriter’s Summary Report |
2024 RevPAR | Underwriter’s Summary Report |
2025 April TTM RevPAR | Underwriter’s Summary Report |
2018 Room Revenue | Underwriter’s Summary Report |
2019 Room Revenue | Underwriter’s Summary Report |
2020 Room Revenue | Underwriter’s Summary Report |
2021 Room Revenue | Underwriter’s Summary Report |
2022 Room Revenue | Underwriter’s Summary Report |
2023 Room Revenue | Underwriter’s Summary Report |
2024 Room Revenue | Underwriter’s Summary Report |
2025 April TTM Room Revenue | Underwriter’s Summary Report |
2018 Hotel Revenue | Underwriter’s Summary Report |
2019 Hotel Revenue | Underwriter’s Summary Report |
2020 Hotel Revenue | Underwriter’s Summary Report |
2021 Hotel Revenue | Underwriter’s Summary Report |
2022 Hotel Revenue | Underwriter’s Summary Report |
2023 Hotel Revenue | Underwriter’s Summary Report |
2024 Hotel Revenue | Underwriter’s Summary Report |
Exhibit 2 to Attachment A | |
Page 3 of 6 |
Underwriting Information: (continued)
Characteristic | Source Document(s) |
2025 April TTM Hotel Revenue | Underwriter’s Summary Report |
2018 Total Hotel Expenses | Underwriter’s Summary Report |
2019 Total Hotel Expenses | Underwriter’s Summary Report |
2020 Total Hotel Expenses | Underwriter’s Summary Report |
2021 Total Hotel Expenses | Underwriter’s Summary Report |
2022 Total Hotel Expenses | Underwriter’s Summary Report |
2023 Total Hotel Expenses | Underwriter’s Summary Report |
2024 Total Hotel Expenses | Underwriter’s Summary Report |
2025 April TTM Total Hotel Expenses | Underwriter’s Summary Report |
2018 Hotel NOI | Underwriter’s Summary Report |
2019 Hotel NOI | Underwriter’s Summary Report |
2020 Hotel NOI | Underwriter’s Summary Report |
2021 Hotel NOI | Underwriter’s Summary Report |
2022 Hotel NOI | Underwriter’s Summary Report |
2023 Hotel NOI | Underwriter’s Summary Report |
2024 Hotel NOI | Underwriter’s Summary Report |
2025 April TTM Hotel NOI | Underwriter’s Summary Report |
2018 CapEx | Underwriter’s Summary Report |
2019 CapEx | Underwriter’s Summary Report |
2020 CapEx | Underwriter’s Summary Report |
2021 CapEx | Underwriter’s Summary Report |
2022 CapEx | Underwriter’s Summary Report |
2023 CapEx | Underwriter’s Summary Report |
2024 CapEx | Underwriter’s Summary Report |
2025 April TTM CapEx | Underwriter’s Summary Report |
2018 Hotel NCF | Underwriter’s Summary Report |
2019 Hotel NCF | Underwriter’s Summary Report |
2020 Hotel NCF | Underwriter’s Summary Report |
2021 Hotel NCF | Underwriter’s Summary Report |
2022 Hotel NCF | Underwriter’s Summary Report |
2023 Hotel NCF | Underwriter’s Summary Report |
2024 Hotel NCF | Underwriter’s Summary Report |
2025 April TTM Hotel NCF | Underwriter’s Summary Report |
Underwritten Available Room Nights | Underwriter’s Summary Report |
Underwritten Occupied Room Nights | Underwriter’s Summary Report |
Underwritten Occupancy | Underwriter’s Summary Report |
Underwritten Average Daily Room Rate | Underwriter’s Summary Report |
Underwritten RevPAR | Underwriter’s Summary Report |
Underwritten Room Revenue | Underwriter’s Summary Report |
Underwritten Hotel Revenue | Underwriter’s Summary Report |
Underwritten Hotel Expenses | Underwriter’s Summary Report |
Underwritten Hotel NOI | Underwriter’s Summary Report |
Underwritten CapEx | Underwriter’s Summary Report |
Underwritten Hotel NCF | Underwriter’s Summary Report |
Exhibit 2 to Attachment A | |
Page 4 of 6 |
Reserve and Escrow Information:
Characteristic | Source Document(s) |
Initial Tax Escrow | Mortgage Loan Agreement |
Terms/Description of Springing Tax Escrow (If applicable) | Mortgage Loan Agreement |
Initial Insurance Escrow | Mortgage Loan Agreement |
Monthly Insurance Escrow | Mortgage Loan Agreement |
Terms/Description of Springing Insurance Escrow (If applicable) | Mortgage Loan Agreement |
Replacement Reserves Initial Deposit Amount | Mortgage Loan Agreement |
Replacement Reserves Monthly Deposit Amount | Mortgage Loan Agreement |
Terms/Description of Springing Replacement Reserves | Mortgage Loan Agreement |
Upfront Deferred Maintenance Escrow | Mortgage Loan Agreement |
Monthly Deferred Maintenance Escrow | Mortgage Loan Agreement |
Terms/Description of Springing Deferred Maintenance Reserves | Mortgage Loan Agreement |
Upfront FF&E Escrow | Mortgage Loan Agreement |
Monthly FF&E Escrow | Mortgage Loan Agreement |
Terms/Description of Springing FF&E Reserves | Mortgage Loan Agreement |
Upfront Other Escrow | Mortgage Loan Agreement |
Monthly Other Escrow | Mortgage Loan Agreement |
Description of Other Reserves | Mortgage Loan Agreement |
Mortgage Loan Information:
Characteristic | Source Document(s) |
Borrower Entity | Mortgage Loan Agreement |
Original Mortgage Loan Balance | Mortgage Loan Agreement |
Payment Day of Month (and Business Day Convention) | Mortgage Loan Agreement |
Extension Options | Mortgage Loan Agreement |
Extension Description | Mortgage Loan Agreement |
Extension Spread Increase (Yes/No) | Mortgage Loan Agreement |
Extension Spread Increase Description | Mortgage Loan Agreement |
Interest Accrual Period Start | Mortgage Loan Agreement |
Interest Accrual Period End | Mortgage Loan Agreement |
Interest Rate Adjustment Frequency | Mortgage Loan Agreement |
SOFR Lookback Days | Mortgage Loan Agreement |
SOFR Cap after Extension | Mortgage Loan Agreement |
Exhibit 2 to Attachment A | |
Page 5 of 6 |
Mortgage Loan Information: (continued)
Characteristic | Source Document(s) |
SOFR Floor | Mortgage Loan Agreement |
Payment Grace Period Event of Default | Mortgage Loan Agreement |
Payment Grace Period Event of Late Fee | Mortgage Loan Agreement |
Balloon Grace Period Event of Default | Mortgage Loan Agreement |
Balloon Grace Period Event of Late Fee | Mortgage Loan Agreement |
Rate Type | Mortgage Loan Agreement |
Amortization Type | Mortgage Loan Agreement |
Accrual Basis | Mortgage Loan Agreement |
Guarantor | Guaranty Agreement |
Partial Prepayments Allowed | Mortgage Loan Agreement |
Partial Collateral Release (Y/N) | Mortgage Loan Agreement |
Partial Collateral Release Description | Mortgage Loan Agreement |
Substitution Allowed (Y/N) | Mortgage Loan Agreement |
Substitution Provision Description | Mortgage Loan Agreement |
Assumption Fee | Mortgage Loan Agreement |
LockBox (Y/N) | Mortgage Loan Agreement |
LockBox In-Place (Y/N) | Mortgage Loan Agreement |
Lockbox Type | Mortgage Loan Agreement |
Cash Management |
Mortgage Loan Agreement |
Terms/Description of Cash Sweep (If applicable) | Mortgage Loan Agreement |
Additional Debt Permitted | Mortgage Loan Agreement |
First Payment Date | Mortgage Loan Agreement |
Maturity Date | Mortgage Loan Agreement |
Extended Maturity Date | Mortgage Loan Agreement |
Sponsor | Mortgage Loan Agreement |
Exhibit 2 to Attachment A | |
Page 6 of 6 |
Notes:
1. | For the purpose of comparing the: |
a. Street Address,
b. City and
c. State
characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.
2. | For the purpose of comparing the “Appraised Value” and “Date of Appraisal (Valuation Date)” characteristics, the Depositor instructed us to use the appraised value and date, respectively, as shown in the applicable Source Document(s), associated with the “Appraised Value Type,” as shown on the Preliminary Data File. |
3. | For the purpose of comparing the “Underwriting Information” characteristics that are expressed as dollar values, the Depositor instructed us to ignore differences of +/– $1 or less. |
4. | For the purpose of comparing the “Balloon Grace Period Event of Late Fee” and “Balloon Grace Period Event of Default” characteristics, the Depositor instructed us to use the “Payment Grace Period Event of Late Fee” and “Payment Grace Period Event of Default,” respectively, as shown in the applicable Source Document(s), as the applicable Source Document(s) did not specify a grace period for the payment due on the “Maturity Date” or another maturity date during any extension period. |
5. | For the purpose of comparing the “Lockbox Type” characteristic, the Depositor instructed us to use “Hard” if the applicable Source Document(s) require the borrower(s) or manager(s) to deposit all cash revenues relating to the property in the lockbox account by the end of the third business day following receipt thereof and to direct credit card companies or credit card clearing banks to pay receipts directly to a lockbox account controlled by the lender(s). |
6. | For the purpose of comparing the “Cash Management” characteristic, the Depositor instructed us to use “Springing” if: |
a. | Prior to the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to an account controlled by the borrower(s), and |
b. | Upon the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to a cash management account controlled by the lender(s), and the funds are disbursed according to the applicable Source Document(s). |
We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.
Exhibit 3 to Attachment A |
Provided Characteristics
Characteristic |
Property Name |
Phase II Date |
Seismic Report Date |
Seismic PML% |
Loan Purpose |
Note Date |
Appraised Value Type |
Mortgage Loan Margin |
SOFR Rounding Methodology |
SOFR Cap |
SOFR Cap Expiration Date |
SOFR Cap Provider |
SOFR Cap Provider Rating (M/S&P/F) |
Master Servicing Fee Rate |
Primary Servicing Fee Rate |
Trustee & Paying Agent Fee |
Operating Advisor |
CREFC Fee |
Master Lessee |
Master Lease Rent |
Terms/Description of Springing Lockbox (If applicable) |
Ground Lease? (Y/N) |
Ground Lease Expiration Date |
Ground Lease Extension Terms |
Annual Ground Lease Payment |
Ground Lease Escalation Terms |
Monthly Tax Escrow |
Prepayment String |
Note: | We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics. |