Exhibit 2

 

 

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

 

Barclays Commercial Mortgage Securities LLC (the “Depositor”)

Barclays Capital Real Estate Inc. (“Barclays”)

Barclays Capital Inc.

Bank of America, N.A. (“BANA”)

BofA Securities, Inc.

German American Capital Corporation (“GACC”)

Goldman Sachs Mortgage Company (“GSMC”)

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

LMF Commercial, LLC (“LMF”)

Societe Generale Financial Corporation (“SGFC”)

SG Americas Securities, LLC

Starwood Mortgage Capital LLC (“SMC”)

UBS AG

JPMorgan Chase Bank, National Association (“JPMCB”)

(collectively, the “Specified Parties”)

 

Re:BBCMS Mortgage Trust 2025-C35 (the “Issuing Entity”)
 Commercial Mortgage Pass-Through Certificates, Series 2025-C35 (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 Loans (as defined herein) contained on the Underwriting Files, Underwritten Rent Rolls and ASRs (all as defined herein) (as applicable) (collectively, the “Subject Matter”) relating to the Issuing Entity’s securitization transaction as of 1 July 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.

 

 
 

 

Page 2 of 5

 

For the purpose of the procedures described in this report, Barclays, BANA, GACC, GSMC, LMF, SGFC, SMC, UBS AG and JPMCB (collectively, the “Mortgage Loan Sellers”), on behalf of the Depositor, provided us with the following information, as applicable, for each Mortgage Loan:

a.Certain electronic data files (the “Borrower Operating Statement Data Files”) prepared by the Mortgage Loan borrower(s) containing revenue, expense and net operating income information relating to the historical three year period, if applicable (the “Historical 3 Year Period”), and most recent trailing twelve month period, if applicable (the “TTM Period,” together with the Historical 3 Year Period, the “Historical Periods”), for the Collateral Property or Collateral Properties (both as defined herein) that secure the Mortgage Loan,
b.The most recent appraisal reports (the “Appraisals”) prepared for the applicable Mortgage Loan Seller, which contain the appraiser’s estimated year one (the “Year One Period,” together with the Historical Periods, the “Specified Periods”) revenue, expense and net operating income information for the Collateral Property or Collateral Properties that secure the Mortgage Loan,
c.Copies of the ground rent abstracts or leases, as applicable (the “Ground Rent Documents”),
d.The borrower budgets (the “Borrower Budgets”) prepared by the Mortgage Loan borrower(s) for the Collateral Property or Collateral Properties that secure the Mortgage Loan,
e.Electronic underwriting files (the “Underwriting Files”) prepared by the applicable Mortgage Loan Seller containing:
i.The revenue and expense information for the Specified Periods and
ii.The underwritten revenue, expense and net cash flow information for the underwritten period (the “Underwritten Period”)

for the Collateral Property or Collateral Properties that secure the Mortgage Loan,

f.Instructions, assumptions and methodologies (the “Underwriting Instructions and Adjustments”) used by the applicable Mortgage Loan Seller to prepare the information on the Underwriting Files, ASRs, Underwritten Rent Rolls and/or Tenant Billing Schedules (as defined herein), which were included as footnotes to the Underwriting Files and/or were separately provided in e-mail or other written correspondence from the applicable Mortgage Loan Seller and
g.Instructions, assumptions and methodologies, which are described in Attachment A.

 

For the purpose of the procedures described in this report, the Depositor provided us with a schedule (the “Mortgage Loan Schedule”) containing a list of the Mortgage Loans and the original principal balance of each Mortgage Loan, which is shown on Exhibit 1 to Attachment A.

 
 

 

Page 3 of 5

 

For the purpose of the procedures described in this report with respect to each Mortgage Loan with an original principal balance, as shown on the Mortgage Loan Schedule, equal to or greater than $10,000,000 (collectively, the “$10MM+ Mortgage Loans”) and the Mortgage Loans identified on the Mortgage Loan Schedule as “Hampton Heights Portfolio” (the “Hampton Heights Portfolio Mortgage Loan”), “Silver Swan Portfolio” (the “Silver Swan Portfolio Mortgage Loan”), “Hopkins Street Portfolio” (the “Hopkins Street Portfolio Mortgage Loan”), “Lindham Court” (the “Lindham Court Mortgage Loan”) and “PrimeWest Warehouse” (the “PrimeWest Warehouse Mortgage Loan”), the Mortgage Loan Sellers, as applicable, on behalf of the Depositor, provided us with:

a.The most recent real estate tax bills (the “Tax Bills”) for the Collateral Property or Collateral Properties that secure such $10MM+ Mortgage Loan, Hampton Heights Portfolio Mortgage Loan, Silver Swan Portfolio Mortgage Loan, Hopkins Street Portfolio Mortgage Loan, Lindham Court Mortgage Loan and PrimeWest Warehouse Mortgage Loan,
b.The most recent insurance review files (the “Insurance Review Files”) or insurance bills (the “Insurance Bills”) for the Collateral Property or Collateral Properties that secure such $10MM+ Mortgage Loan,
c.The asset summary report(s) (the “ASRs”),
d.The most recent electronic borrower rent roll files (the “Borrower Rent Roll Files”) for the Collateral Property or Collateral Properties that secure such $10MM+ Mortgage Loan,
e.The lease agreements (the “Leases”), lease abstracts (the “Lease Abstracts”) and/or lease estoppels (the “Estoppels,” together with the Leases and Lease Abstracts, the “Lease Documents”) relating to the commercial tenants at the Collateral Property or Collateral Properties that secure such $10MM+ Mortgage Loan and
f.The underwritten rent rolls (the “Underwritten Rent Rolls”) for the Collateral Property or Collateral Properties that secure such $10MM+ Mortgage Loan.

 

For the purpose of the procedures described in this report with respect to each of the first fifteen (15) Mortgage Loans shown on the Mortgage Loan Schedule (collectively, the “Top 15 Mortgage Loans”), the Mortgage Loan Sellers, as applicable, on behalf of the Depositor, provided us with the tenant billing schedule and any supplemental information prepared by the Mortgage Loan borrower(s) (each, a “Tenant Billing Schedule”) relating to the tenants at the Collateral Property or Collateral Properties that secure such Top 15 Mortgage Loan.

 

For certain Collateral Properties, we were instructed by the applicable Mortgage Loan Sellers, on behalf of the Depositor, to obtain information relating to the current property taxes for each such Collateral Property from the applicable tax assessor website (each, a “Tax Assessor Website,” and collectively, the “Tax Assessor Websites”).

 

For the purpose of the procedures described in this report, the Borrower Operating Statement Data Files, Appraisals, Ground Rent Documents, Borrower Budgets, Tax Bills, Insurance Review Files, Insurance Bills, Borrower Rent Roll Files, Lease Documents, Tenant Billing Schedules and Tax Assessor Websites are hereinafter collectively referred to as the “Source Documents.”

 

 
 

 

Page 4 of 5

 

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, Source Documents, Underwriting Files, Underwriting Instructions and Adjustments, Mortgage Loan Schedule, ASRs, Underwritten Rent Rolls 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 Underwriting Files, ASRs (as applicable) or Underwritten Rent Rolls. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, ASRs (as applicable), Underwriting Instructions and Adjustments, Mortgage Loan Schedule or any other information provided to us, or that we were instructed to obtain, by the Depositor or Mortgage Loan Sellers, on behalf of the Depositor, upon which we relied in forming our findings. We performed no procedures to compare any information contained in any Source Document or ASR (as applicable) to any information contained in any other Source Document or ASR (as applicable). Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loans, (b) the ability of any Mortgage Loan borrower(s) to repay the Mortgage Loans, (c) questions of legal or tax interpretation or (d) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor or Mortgage Loan Sellers, on behalf of 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.The value of the collateral securing the Mortgage Loans,
ii.Whether the originator(s) of the Mortgage Loans complied with federal, state or local laws or regulations or
iii.Any other factor or characteristic of the Mortgage Loans 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.

 

 
 

 

Page 5 of 5

 

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

 

 

1 July 2025

 
 

 

Attachment A

Page 1 of 6

 

Background

 

For the purpose of the procedures described in this report, the Depositor indicated that the assets of the Issuing Entity will primarily consist of a pool of fixed-rate commercial mortgage loans (the “Mortgage Loans”) secured by first mortgage liens on various types of commercial properties (each, a “Collateral Property,” and collectively, the “Collateral Properties”).

 

Procedures performed and our associated findings

 

Operating Statement Comparison and Recalculation Procedures

 

1.Using the applicable Source Document(s) listed on the AUP Findings Schedules (as defined herein) and the Underwriting Instructions and Adjustments (as applicable) for each of the Top 15 Mortgage Loans (as applicable), we compared, or recalculated and compared:
a.Each revenue line item,
b.Each expense line item and
c.Net operating income

for each Specified Period that is shown in the applicable Source Document(s) to the corresponding information on the Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

Using the applicable Source Document(s) listed on the AUP Findings Schedules and the Underwriting Instructions and Adjustments (as applicable) for each Mortgage Loan that is not a Top 15 Mortgage Loan, we compared, or recalculated and compared:

a.The effective gross revenue or total revenues,
b.Total expenses and
c.Net operating income

for each Specified Period that is shown in the applicable Source Document(s) to the corresponding information on the Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

For the purpose of these procedures, the Depositor instructed us to:

a.Omit non-cash and non-recurring revenues and expenses that are shown on the Borrower Operating Statement Data Files from the comparison of the information that is shown on the Underwriting File,
b.Use a materiality threshold of +/- 4%, calculated as a percentage of the value as shown in the applicable Source Document(s), which is also below $10,000, and
c.Not perform the procedures described above for any of the Specified Periods that were not shown on the Underwriting Files for the Collateral Properties that secure the Mortgage Loans.
 
 

 

Attachment A

Page 2 of 6

 

Cashflow Reimbursement Comparison and Recalculation Procedures

 

2.Using the applicable Source Document(s) listed on the AUP Findings Schedules and the Underwriting Instructions and Adjustments (as applicable) for each Top 15 Mortgage Loan for which the underwritten cash flow reimbursements represent less than 25% of the underwritten effective gross revenue (as applicable), as shown on the Underwriting File and/or Underwritten Rent Roll (as applicable), we compared, or recalculated and compared, the cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant from largest to smallest) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) at the Collateral Property or Collateral Properties that secure such Top 15 Mortgage Loan, as shown in the applicable Source Document(s), to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

Using the applicable Source Document(s) listed on the AUP Findings Schedules and the Underwriting Instructions and Adjustments (as applicable) for each Top 15 Mortgage Loan for which the underwritten cash flow reimbursements represent 25% or more of the underwritten effective gross revenue (as applicable), as shown on the Underwriting File and/or Underwritten Rent Roll (as applicable), we compared, or recalculated and compared, the cash flow reimbursements for the five largest tenants (by underwritten base rent revenue) at the Collateral Property or Collateral Properties that secure such Top 15 Mortgage Loan, as shown in the applicable Source Document(s), to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

For the purpose of these procedures, the Depositor instructed us to use a materiality threshold of +/- 10%, calculated as a percentage of the value as shown in the applicable Source Document(s), which is also below $10,000.

 
 

 

Attachment A

Page 3 of 6

 

Supporting Expense Comparison and Recalculation Procedures

 

3.Using the applicable Source Document(s) listed on the AUP Findings Schedules and the Underwriting Instructions and Adjustments (as applicable) for each Mortgage Loan (as applicable), we compared, or recalculated and compared, the ground rent expense of each Mortgage Loan for the Underwritten Period, as shown in the applicable Source Document(s), to the corresponding information on the Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

For the purpose of this procedure, the Depositor instructed us to use a materiality threshold of +/- 5%, calculated as a percentage of the value as shown in the applicable Source Document(s).

 

4.Using the applicable Source Document(s) listed on the AUP Findings Schedules and the Underwriting Instructions and Adjustments (as applicable) for each $10MM+ Mortgage Loan (as applicable), we compared, or recalculated and compared, the tax expense and insurance expense amounts for the Underwritten Period (as applicable), as shown in the applicable Source Document(s), to the corresponding information on the Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

For the purpose of this procedure, the Depositor instructed us to only identify differences where the tax expense and insurance expense amounts in the applicable Source Document(s) exceeded a -5% and -$10,000 variance from the corresponding amounts on the Underwriting File and that were not explained in the Underwriting Instructions and Adjustments.

 
 

 

Attachment A

Page 4 of 6

 

Lease Expiration and Termination Comparison Procedures

 

5.Using the applicable Source Document(s) listed on the AUP Findings Schedules and the Underwriting Instructions and Adjustments (as applicable) for the Collateral Property or Collateral Properties that secure each of the Top 15 Mortgage Loans (as applicable), we compared:
a.The lease expiration date only for the commercial tenants (ordered, from largest to smallest, by the underwritten base rent revenue of each tenant) that comprise 80% of the aggregate underwritten base rent revenue (a maximum of ten tenants), as shown on the Underwritten Rent Roll, at the Collateral Property or Collateral Properties that secure such Top 15 Mortgage Loan and
b.The lease early termination options for the ten largest commercial tenants (by underwritten base rent revenue) at the Collateral Property or Collateral Properties that secure such Top 15 Mortgage Loan,

all as shown in the applicable Source Document(s), to the corresponding information on the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the corresponding Underwritten Rent Roll). We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

Using the applicable Source Document(s) listed on the AUP Findings Schedules and the Underwriting Instructions and Adjustments (as applicable) for the Collateral Property or Collateral Properties that secure each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan (as applicable), we compared:

a.The lease expiration date for the five largest commercial tenants (by underwritten base rent revenue) at the Collateral Property or Collateral Properties that secure such $10MM+ Mortgage Loan and
b.The lease early termination options only for the commercial tenants (ordered, from largest to smallest, by the underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue (a maximum of five tenants), as shown on the Underwritten Rent Roll, at the Collateral Property or Collateral Properties that secure such $10MM+ Mortgage Loan,

all as shown in the applicable Source Document(s), to the corresponding information on the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the corresponding Underwritten Rent Roll). We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

For the purpose of the lease expiration date comparison procedures, the Depositor instructed us to use a materiality threshold of +/- 90 days.

 
 

 

Attachment A

Page 5 of 6

 

Underwritten Cashflow Comparison and Recalculation Procedures

 

6.Using:
a.The TTM Period revenue and expense information that is contained on the Underwriting File,
b.The underwritten revenue and expense information that is contained on the Underwriting File and
c.The Underwriting Instructions and Adjustments

for each $10MM+ Mortgage Loan (as applicable), we compared the underwritten revenue and expense line items, as shown on the Underwriting File, to the corresponding TTM Period revenue and expense line items, as shown on the Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

For the purpose of this procedure, the Depositor instructed us to:

a.Use a materiality threshold of +/- 10%, calculated as a percentage of the TTM Period revenue or expense line item value, as shown on the Underwriting File, and
b.Only identify differences over the 10% materiality threshold (calculated as described in a. above) that were not explained in the Underwriting Instructions and Adjustments.

 

Using:

a.Information on the Underwriting Files,
b.Information in the Source Documents,
c.Information in the ASRs,
d.Information on the Underwritten Rent Rolls and
e.The Underwriting Instructions and Adjustments

for each $10MM+ Mortgage Loan (as applicable), and the additional instruction provided by the Depositor described in item b. of the succeeding paragraph of this Item, we recalculated and compared the underwritten revenue, expense and net cash flow line items on the Underwriting File. We provided the Mortgage Loan Sellers (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

 

For the purpose of this procedure, the Depositor instructed us to:

a.Use a materiality threshold for each underwritten revenue, expense and net cash flow line item of +/- 5%, calculated as a percentage of the value as shown on the Underwriting File, which is also below $15,000, and
b.Assume that an underwritten revenue or expense line item is based on the TTM Period if the Underwriting Instructions and Adjustments do not include information for such underwritten revenue or expense line item.
 
 

 

Attachment A

Page 6 of 6

 

7.Subsequent to the performance of the procedures described in the preceding Items, the Mortgage Loan Sellers, on behalf of the Depositor, provided us with certain updated Underwriting Files, ASRs (as applicable) and Underwritten Rent Rolls for each Mortgage Loan (as applicable), which in certain cases included updated Underwriting Instructions and Adjustments. As instructed by the Depositor, we compared the results of the recalculations or comparisons for each Mortgage Loan that are described in the preceding Items to the corresponding information on the updated Underwriting Files, ASRs (as applicable) or Underwritten Rent Rolls (as applicable). All such compared information was in agreement. Attached as Exhibit 2 to Attachment A are schedules for each Mortgage Loan (collectively, the “AUP Findings Schedules”), which contain the primary Source Documents for each Mortgage Loan that were used to perform the procedures described in the preceding Items and the results of the comparison procedures described in the preceding two sentences of this Item.

 

 
 

Exhibit 1 to Attachment A

 

Mortgage Loan Schedule

 

Mortgage Loan Original Principal Balance
   
Rentar Plaza $79,000,000
BioMed MIT Portfolio $75,000,000
29-33 Ninth Avenue $75,000,000
Marriott World Headquarters $75,000,000
Washington Square $70,000,000
Coastal Equities Portfolio $45,000,000
32 Old Slip - Leased Fee $36,000,000
Davis Ford Crossing $33,250,000
Norton Links $28,750,000
The Hollywood Collection $25,680,000
Leeton Leased Fee Portfolio $23,850,000
CorePharma Portfolio $20,000,000
Menlo Center $18,000,000
Beltramo Office $16,150,000
Natson Portfolio $16,000,000
Crown Valley Center $14,000,000
340 Mt Kemble $13,950,000
University Gardens $12,800,000
Monticello Meadows Apartments $12,000,000
1550 Broadway $11,700,000
46 & 47 Mercer Street $11,350,000
Mills Pointe $10,260,000
El Toro $9,000,000
Golden State Storage - Oak Avenue $9,000,000
Hampton Heights Portfolio $8,730,000
87th Street Retail $8,650,000
Silver Swan Portfolio $8,210,000
Hopkins Street Portfolio $7,140,000
Lindham Court $5,650,000
FedEx Ground Alexandria $5,500,000
PrimeWest Warehouse $5,050,000
Golden State Storage - Tropicana $5,000,000
Adini Portfolio $1,000,000

 

Note:For any pari passu Mortgage Loans, the original principal balance in the table above represents the portion of the whole loan that will be included in the Issuing Entity’s securitization transaction.
 
 

Exhibit 2 to Attachment A

 

AUP Findings Schedules

 

 

   

 

 

  Rentar Plaza
         
  Mortgage Loan Seller: GACC Top 15 Mortgage Loan: Yes
  Original Principal Balance: $79,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Tenant Billing Schedule and Leases No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Assessor Website and Insurance Review File  No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Borrower Rent Roll File and Leases No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  BioMed MIT Portfolio
         
  Mortgage Loan Seller: JPMCB Top 15 Mortgage Loan: Yes
  Original Principal Balance: $75,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Tenant Billing Schedule, Tax Bills and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  Ground Rent Documents, Borrower Budget and Underwriting Instructions and Adjustments No Exceptions Noted
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases and Lease Abstracts No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASR, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  29-33 Ninth Avenue
         
  Mortgage Loan Seller: UBS AG Top 15 Mortgage Loan: Yes
  Original Principal Balance: $75,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Borrower Rent Roll File, Lease Abtracts and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Lease Abstracts and Estoppels No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Marriott World Headquarters
         
  Mortgage Loan Seller: BANA Top 15 Mortgage Loan: Yes
  Original Principal Balance: $75,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Leases and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. N/A N/A
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Washington Square
         
  Mortgage Loan Seller: GACC Top 15 Mortgage Loan: Yes
  Original Principal Balance: $70,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Tenant Billing Schedule and Leases No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Borrower Budget, Insurance Review File and Underwriting Instructions and Adjustments No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases, Estoppels and Underwriting Instructions and Adjustments No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Coastal Equities Portfolio
         
  Mortgage Loan Seller: JPMCB Top 15 Mortgage Loan: Yes
  Original Principal Balance: $45,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Borrower Budget and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases and Underwriting Instructions and Adjustments No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  32 Old Slip - Leased Fee
         
  Mortgage Loan Seller: Barclays Top 15 Mortgage Loan: Yes
  Original Principal Balance: $36,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  Ground Rent Documents No Exceptions Noted
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. N/A N/A
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
N/A N/A
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Davis Ford Crossing
         
  Mortgage Loan Seller: UBS AG Top 15 Mortgage Loan: Yes
  Original Principal Balance: $33,250,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Borrower Rent Roll File, Leases, Estoppels and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases and Estoppels No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Norton Links
         
  Mortgage Loan Seller: Barclays Top 15 Mortgage Loan: Yes
  Original Principal Balance: $28,750,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Appraisal and Insurance Bills No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
N/A N/A
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  The Hollywood Collection
         
  Mortgage Loan Seller: UBS AG Top 15 Mortgage Loan: Yes
  Original Principal Balance: $25,680,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Tenant Billing Schedule and Leases No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills, Insurance Review File and Underwriting Instructions and Adjustments No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases and Estoppels No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Leeton Leased Fee Portfolio
         
  Mortgage Loan Seller: Barclays Top 15 Mortgage Loan: Yes
  Original Principal Balance: $23,850,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
N/A N/A
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. N/A N/A
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Ground Rent Documents No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  CorePharma Portfolio
         
  Mortgage Loan Seller: UBS AG Top 15 Mortgage Loan: Yes
  Original Principal Balance: $20,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Appraisals No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Appraisals and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Lease Abstracts No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Menlo Center
         
  Mortgage Loan Seller: SMC Top 15 Mortgage Loan: Yes
  Original Principal Balance: $18,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
Lease Abstracts and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  Ground Rent Documents and Underwriting Instructions and Adjustments No Exceptions Noted
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills, Insurance Review File and Underwriting Instructions and Adjustments No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases and Lease Abstracts No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Beltramo Office
         
  Mortgage Loan Seller: GACC Top 15 Mortgage Loan: Yes
  Original Principal Balance: $16,150,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Borrower Budget and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Natson Portfolio
         
  Mortgage Loan Seller: Barclays Top 15 Mortgage Loan: Yes
  Original Principal Balance: $16,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisals and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Assessor Website, Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
N/A N/A
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Crown Valley Center
         
  Mortgage Loan Seller: SMC Top 15 Mortgage Loan: No
  Original Principal Balance: $14,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Lease Abstracts and Estoppels No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  340 Mt Kemble
         
  Mortgage Loan Seller: SGFC Top 15 Mortgage Loan: No
  Original Principal Balance: $13,950,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills, Appraisal and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases and Lease Abstracts No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  University Gardens
         
  Mortgage Loan Seller: SMC Top 15 Mortgage Loan: No
  Original Principal Balance: $12,800,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Appraisal and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
N/A N/A
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Monticello Meadows Apartments
         
  Mortgage Loan Seller: SMC Top 15 Mortgage Loan: No
  Original Principal Balance: $12,000,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
N/A N/A
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  1550 Broadway
         
  Mortgage Loan Seller: GACC Top 15 Mortgage Loan: No
  Original Principal Balance: $11,700,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Borrower Budget and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Leases No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  46 & 47 Mercer Street
         
  Mortgage Loan Seller: LMF Top 15 Mortgage Loan: No
  Original Principal Balance: $11,350,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
N/A N/A
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

  Mills Pointe
         
  Mortgage Loan Seller: UBS AG Top 15 Mortgage Loan: No
  Original Principal Balance: $10,260,000 $10MM+ Mortgage Loan: Yes
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: No
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files,  Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES    
  2 For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent less than 25% of effective gross revenue, compare, or recalculate and compare, cash flow reimbursements for the tenants (ordered by underwritten cash flow reimbursements of each tenant) that comprise 75% of the underwritten cash flow reimbursements (a maximum of five tenants) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.

For the Top 15 Mortgage Loans where underwritten cash flow reimbursements represent 25% or more of effective gross revenue, compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) shown in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File.  Identify any variance above a 10% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  4 For each $10MM+ Mortgage Loan, compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File.  Identify any variance that exceeds a -5% and -$10,000 threshold. Tax Bills and Insurance Review File No Exceptions Noted
    LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES     
  5 For the Top 15 Mortgage Loans, compare the lease expiration date (only for the commercial tenants (ordered by underwritten base rent of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten commercial tenants and lease early termination options (for the top ten commercial tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.

For each Mortgage Loan that is a $10MM+ Mortgage Loan but which is not a Top 15 Mortgage Loan, compare the lease expiration dates for the top five commercial tenants (by underwritten base rent revenue) and lease early termination options (only for the commercial tenants (ordered by underwritten base rent revenue of each tenant) that comprise 25% of the aggregate underwritten base rent revenue) with a maximum of five commercial tenants that are shown in the Source Document(s) (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.
Borrower Rent Roll File, Leases, Lease Abstracts and Estoppels No Exceptions Noted
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES    
  6 For each $10MM+ Mortgage Loan, using the TTM Period revenue and expense information on the Underwriting File, underwritten revenue and expense information on the Underwriting File and the Underwriting Instructions and Adjustments, compare the underwritten revenue and expense line items on the Underwriting File to the corresponding TTM Period revenue and expense line items on the Underwriting File.  Identify any differences above a 10% threshold that are not explained in the Underwriting Instructions and Adjustments.

For each $10MM+ Mortgage Loan, using the information on the Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue, expense and net cash flow line items that are shown on the Underwriting File.  Identify any variance above a 5% and $15,000 threshold.
Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted
  **N/A: Not Applicable     

 

   

 

El Toro
         
  Mortgage Loan Seller: GACC Top 15 Mortgage Loan: No
  Original Principal Balance: $9,000,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files and Appraisal No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

Golden State Storage - Oak Avenue
         
  Mortgage Loan Seller: SMC Top 15 Mortgage Loan: No
  Original Principal Balance: $9,000,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

Hampton Heights Portfolio
         
  Mortgage Loan Seller: SGFC Top 15 Mortgage Loan: No
  Original Principal Balance: $8,730,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Tax Bills, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

87th Street Retail
         
  Mortgage Loan Seller: GACC Top 15 Mortgage Loan: No
  Original Principal Balance: $8,650,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

Silver Swan Portfolio
         
  Mortgage Loan Seller: SGFC Top 15 Mortgage Loan: No
  Original Principal Balance: $8,210,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Tax Bills, Appraisals and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

Hopkins Street Portfolio
         
  Mortgage Loan Seller: SGFC Top 15 Mortgage Loan: No
  Original Principal Balance: $7,140,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Tax Bills, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

Lindham Court
         
  Mortgage Loan Seller: LMF Top 15 Mortgage Loan: No
  Original Principal Balance: $5,650,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Tax Bills, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

FedEx Ground Alexandria
         
  Mortgage Loan Seller: Barclays Top 15 Mortgage Loan: No
  Original Principal Balance: $5,500,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
N/A N/A
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

PrimeWest Warehouse
         
  Mortgage Loan Seller: LMF Top 15 Mortgage Loan: No
  Original Principal Balance: $5,050,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Tax Bills, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

Golden State Storage - Tropicana
         
  Mortgage Loan Seller: SMC Top 15 Mortgage Loan: No
  Original Principal Balance: $5,000,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable     

 

   

 

Adini Portfolio
         
  Mortgage Loan Seller: JPMCB Top 15 Mortgage Loan: No
  Original Principal Balance: $1,000,000 $10MM+ Mortgage Loan: No
      Non-Top 15 Mortgage Loan and Under $10MM Mortgage Loan: Yes
         
  The following items refer to the procedures described in Attachment A:    
         
  Item Description of the Procedures Primary Source Document(s) Used Findings
    OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES    
  1 For the Top 15 Mortgage Loans, compare, or recalculate and compare (i) each revenue line item, (ii) each expense line item and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.

For each Mortgage Loan that is not a Top 15 Mortgage Loan, compare, or recalculate and compare (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File.  Identify any variance above a 4% and $10,000 threshold.
Borrower Operating Statement Data Files, Appraisals and Underwriting Instructions and Adjustments No Exceptions Noted
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES    
  3 For each Mortgage Loan, compare, or recalculate and compare, the ground rent expense in the Source Document(s) listed (as applicable) for the Underwritten Period to the corresponding amount on the Underwriting File. Identify any variance above a 5% threshold.  N/A N/A
  **N/A: Not Applicable