Exhibit 1

 

Ernst & Young LLP

One Manhattan West

New York, NY 10001

 

Tel: +1 212 773 3000

ey.com

 

Report of Independent Accountants on Applying Agreed-Upon Procedures

 

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the “Depositor”)

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

Academy Securities, Inc.

Drexel Hamilton, LLC

(collectively, the “Specified Parties”)

 

Re:EQT Trust 2026-IND1 (the “Issuing Entity”)
Commercial Mortgage Pass-Through Certificates, Series 2026-IND1 (the “Certificates”)

 

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the “Subject Matter”) relating to the Issuing Entity’s securitization transaction as of 24 June 2026. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

 

The procedures performed and our associated findings are included in Attachment A.

 

For the purpose of the procedures described in this report, the Depositor provided us with:

a.Certain electronic data files (the “Data Files”) that are described in Attachment A,
b.Copies of various source documents (the “Source Documents”), which are listed on Exhibit 1 to Attachment A,
c.A list of characteristics on the Data Files (the “Compared Characteristics”), which are listed on Exhibit 2 to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents,
d.A list of characteristics on the Data Files (the “Recalculated Characteristics”), which are described in Attachment A, that the Depositor instructed us to recalculate using information on the Data Files,
e.A list of characteristics on the Data Files (the “Provided Characteristics”), which are listed on Exhibit 3 to Attachment A, on which the Depositor instructed us to perform no procedures,
f.A draft of the preliminary confidential offering circular for the Issuing Entity’s securitization transaction (the “Draft Preliminary Offering Circular”) and
g.Instructions, assumptions and methodologies, which are described in Attachment A.
  
 

Page 2 of 3

 

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

The agreed-upon procedures described in this report were not performed for the purpose of:

a.Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or
b.Making any findings with respect to:
i.Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,
ii.The value of the collateral securing the Mortgage Loan,
iii.Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or
iv.Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates will pay interest and principal in accordance with applicable terms and conditions.

 

  
 

Page 3 of 3

 

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

 

 

24 June 2026

  
 

Attachment A
Page 1 of 6

 

Background

 

For the purpose of the procedures described in this report, the Depositor indicated that:

a.The assets of the Issuing Entity will consist primarily of a floating rate commercial mortgage loan (the “Mortgage Loan”) and
b.The Mortgage Loan will be secured primarily by a portfolio of commercial properties (each, a “Property” and collectively, the “Properties”).

 

Procedures performed and our associated findings

 

1.The Depositor provided us with:
a.An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Mortgage Loan and Properties that is expected to be as of 2 July 2026 (the “Reference Date”) and
b.Record layout and decode information relating to the information on the Preliminary Data File.

 

Using the information in the Source Documents, we compared the Compared Characteristics listed on Exhibit 2 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in the Source Documents indicated on Exhibit 2 to Attachment A, subject to the instructions, assumptions and methodologies stated in the notes on Exhibit 2 to Attachment A. If more than one Source Document is listed for a Compared Characteristic, the Depositor instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 2 to Attachment A (except as described in the notes on Exhibit 2 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 2 to Attachment A.

 

We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described herein.

 

2.As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in the Item above and provided a list of such differences to the Depositor. The Preliminary Data File, as so adjusted, is hereinafter referred to as the “Updated Data File.”
  
 

Attachment A
Page 2 of 6

 

3.Subsequent to the performance of the procedures described in the Items above, we received from the Depositor:
a.An electronic data file (the “Final Data File,” which together with the Preliminary Data File comprise the Data Files) that the Depositor indicated contains information relating to the Mortgage Loan and Properties as of the Reference Date and
b.Record layout and decode information relating to the information on the Final Data File.

 

Using information on the:

a.Final Data File and
b.Updated Data File,

we compared each Compared Characteristic listed on Exhibit 2 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.

 

4.Using the “First Payment Date,” as shown on the Final Data File, we recalculated the “Seasoning” of the Mortgage Loan as of the Reference Date. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

5.Using the:
a.First Payment Date,
b.Initial Maturity Date and
c.Fully Extended Maturity Date,

as shown on the Final Data File, we recalculated the:

i.Original Mortgage Loan Term (Excluding Extension Options) and
ii.Original Mortgage Loan Term (Including Extension Options)

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

6.Using the:
a.Seasoning,
b.Original Mortgage Loan Term (Excluding Extension Options) and
c.Original Mortgage Loan Term (Including Extension Options),

as shown on the Final Data File, we recalculated the:

i.Remaining Mortgage Loan Term to Maturity (Excluding Extension Options) and
ii.Remaining Mortgage Loan Term to Maturity (Including Extension Options)

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

  
 

Attachment A
Page 3 of 6

 

7.The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term, including during any extension period option(s). Based on this information, the Depositor instructed us to:
a.Use “0” for the:
i.Original Mortgage Loan Amortization Term (Excluding Extension Options),
ii.Original Mortgage Loan Amortization Term (Including Extension Options),
iii.Remaining Mortgage Loan Amortization Term (Excluding Extension Options) and
iv.Remaining Mortgage Loan Amortization Term (Including Extension Options)

of the Mortgage Loan,

b.Use the “Original Mortgage Loan Term (Excluding Extension Options),” as shown on the Final Data File, for the “Mortgage Loan IO Period (Excluding Extension Options)” of the Mortgage Loan and
c.Use the “Original Mortgage Loan Balance,” as shown on the Final Data File, for the:
i.Principal balance of the Mortgage Loan and each Property as of the Reference Date (the “Cut-off Date Mortgage Loan Balance”) and
ii.Principal balance of the Mortgage Loan and each Property as of the “Initial Maturity Date” of the Mortgage Loan (the “Maturity Date Mortgage Loan Balance”).

 

We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.

 

8.Using the “Cut-off Date Mortgage Loan Balance,” as shown on the Final Data File, we recalculated the “Percentage of Cut-Off Date Mortgage Loan Balance” of the Mortgage Loan and each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

9.Using the:
a.Mortgage Loan Spread,
b.SOFR Floor,
c.SOFR Rounding Methodology and
d.SOFR Cap Strike Price,

as shown on the Final Data File, and a SOFR assumption of 3.65000% provided by the Depositor, we recalculated the:

i.Assumed Mortgage Loan Interest Rate and
ii.Assumed Mortgage Loan Interest Rate @ SOFR Cap

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

  
 

Attachment A
Page 4 of 6

 

10.Using the:
a.Original Mortgage Loan Balance,
b.Assumed Mortgage Loan Interest Rate,
c.Assumed Mortgage Loan Interest Rate @ SOFR Cap and
d.Accrual Basis,

as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

i.Annual Mortgage Loan Debt Service,
ii.Monthly Mortgage Loan Debt Service,
iii.Annual Mortgage Loan Debt Service @ SOFR Cap and
iv.Monthly Mortgage Loan Debt Service @ SOFR Cap

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Monthly Mortgage Loan Debt Service” of the Mortgage Loan as 1/12th of the product, rounded to two decimal places, of:

a.The “Original Mortgage Loan Balance,” as shown on the Final Data File,
b.The “Assumed Mortgage Loan Interest Rate,” as shown on the Final Data File, and
c.365/360.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Annual Mortgage Loan Debt Service” of the Mortgage Loan as twelve (12) times the “Monthly Mortgage Loan Debt Service,” as shown on the Final Data File.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Monthly Mortgage Loan Debt Service @ SOFR Cap” of the Mortgage Loan as 1/12th of the product, rounded to two decimal places, of:

a.The “Original Mortgage Loan Balance,” as shown on the Final Data File,
b.The “Assumed Mortgage Loan Interest Rate @ SOFR Cap,” as shown on the Final Data File, and
c.365/360.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Annual Mortgage Loan Debt Service @ SOFR Cap” of the Mortgage Loan as twelve (12) times the “Monthly Mortgage Loan Debt Service @ SOFR Cap,” as shown on the Final Date File.

  
 

Attachment A
Page 5 of 6

 

11.Using the:
a.Cut-off Date Mortgage Loan Balance,
b.Maturity Date Mortgage Loan Balance,
c.Annual Mortgage Loan Debt Service,
d.Annual Mortgage Loan Debt Service @ SOFR Cap,
e.Underwritten NOI,
f.Underwritten NCF,
g.Appraised Value and
h.Square Footage,

as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:

i.Mortgage Loan Cut-Off Date LTV,
ii.Mortgage Loan Maturity Date LTV,
iii.Mortgage Loan Underwritten As-Is NOI DY,
iv.Mortgage Loan Underwritten As-Is NCF DY,
v.Mortgage Loan Underwritten As-Is NOI DSCR,
vi.Mortgage Loan Underwritten As-Is NCF DSCR,
vii.Mortgage Loan Underwritten NCF DSCR @ SOFR Cap and
viii.Cut-off Date Mortgage Loan Balance Per Square Foot

of the Mortgage Loan, and with respect to viii. above, of each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

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

a.Round the characteristics listed in i. through iv. above to the nearest 1/10th of one percent and
b.Round the characteristics listed in v. through viii. above to two decimal places.

 

12.Using the:
a.Square Footage,
b.SF1,
c.SF2 and
d.SF3,

as shown on the Final Data File, we recalculated the:

i.Space Pct 1,
ii.Space Pct 2 and
iii.Space Pct 3

of each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

  
 

Attachment A
Page 6 of 6

 

13.Using the:
a.Tenant Lease Expiration Date 1,
b.Tenant Lease Expiration Date 2 and
c.Tenant Lease Expiration Date 3,

as shown on the Final Data File, and the respective tenant’s lease start date, as shown in the underwritten rent roll Source Document, we recalculated the:

i.Tenant Lease Term at Location (Years) 1,
ii.Tenant Lease Term at Location (Years) 2 and
iii.Tenant Lease Term at Location (Years) 3

of each Property using the “YEARFRAC” function in Microsoft Excel. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

14.Using the:
a.Master Servicer and
b.Primary Servicer,

as shown on the Final Data File, we recalculated the “Servicing Fee” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

15.Using the:
a.Servicing Fee,
b.Trustee/Cert Admin,
c.Operating Advisor Fee and
d.CREFC Fee,

as shown on the Final Data File, we recalculated the “Total Admin Fee” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

16.Using the:
a.Total Admin Fee and
b.Mortgage Loan Spread,

as shown on the Final Data File, we recalculated the “Net Margin” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

  
 

Exhibit 1 to Attachment A
Page 1 of 2

 

Source Documents

 

Mortgage Loan Source Documents

 

Source Document Title Source Document Date
   
Mortgage Loan Agreement (see Note 1) 24 June 2026
   
Environmental Indemnity Agreement (see Note 1) 23 June 2026
   
Property Management Agreements (see Note 1) 24 June 2026
   
Allocated Loan Amount Schedule 24 June 2026
   
Cash Management Agreement 23 June 2026

 

Property Source Documents

 

Source Document Title Source Document Date
   
Portfolio Appraisal Report 18 June 2026
   
Appraisal Reports Various
   
Engineering Reports Various
   
Phase I Environmental Reports Various
   
Underwriter’s Summary Report Not Dated
   
Underwritten Rent Roll 7/1/2026
  
 

Exhibit 1 to Attachment A
Page 2 of 2

Property Source Documents (continued)

 

Source Document Title Source Document Date
   
Lease and Sublease Agreements Various
   
Lease Estoppels Various
   
CoStar Reports 11 June 2026
   
Historical Occupancy Report Not Dated

 

Note:

 

1.The indicated provided Source Document(s) are draft document(s) with the Source Document Date reflecting the latest date of receipt. For the purpose of the procedures described in this report, the Depositor instructed us to treat the indicated Source Document(s) as fully executed.
  
 

Exhibit 2 to Attachment A
Page 1 of 7

 

Compared Characteristics and Source Documents

 

Property Information:

 

Characteristic Source Document(s)
   
Street Address Appraisal Report
City Appraisal Report or Engineering Report
State Appraisal Report
Zip Code Appraisal Report
MSA Appraisal Report
Property Type Appraisal Report
Property Subtype Appraisal Report
Year Built Appraisal Report
Year Renovated Appraisal Report
Property Manager Mortgage Loan Agreement
Square Footage Underwritten Rent Roll
% Office Underwriter’s Summary Report
% Industrial Underwriter’s Summary Report
Clear Height (feet) Underwriter’s Summary Report
Dock Doors Underwriter’s Summary Report
Drive-In Doors Underwriter’s Summary Report
In-Place Occupancy % Underwritten Rent Roll
Occupancy Date Underwritten Rent Roll
TTM Recent Occupancy % Historical Occupancy Report
2025 Occupancy Historical Occupancy Report
2024 Occupancy Historical Occupancy Report
  
 

Exhibit 2 to Attachment A
Page 2 of 7

 

Third Party Information:

 

Characteristic Source Document(s)
   
Appraised Value Appraisal Report
Date of Appraisal (Valuation Date) Appraisal Report
Appraisal Cap Rate Appraisal Report
Appraisal Firm Appraisal Report
Environmental Firm Phase I Environmental Report
Phase I Date Phase I Environmental Report
Engineering Firm Engineering Report
Engineering Report Date Engineering Report

 

Tenant Information:

 

Characteristic Source Document(s)
   
Tenant Name 1 Underwritten Rent Roll
SF1 Underwritten Rent Roll
UW Base Rent 1 Underwritten Rent Roll
Tenant Lease Expiration Date 1 Underwritten Rent Roll
Tenant Name 2 Underwritten Rent Roll
SF2 Underwritten Rent Roll
UW Base Rent 2 Underwritten Rent Roll
Tenant Lease Expiration Date 2 Underwritten Rent Roll
Tenant Name 3 Underwritten Rent Roll
SF3 Underwritten Rent Roll
UW Base Rent 3 Underwritten Rent Roll
Tenant Lease Expiration Date 3 Underwritten Rent Roll

 

  
 

Exhibit 2 to Attachment A
Page 3 of 7

 

Underwriting Information:

 

Characteristic Source Document(s)
   
2023 Effective Gross Income Underwriter’s Summary Report
2024 Effective Gross Income Underwriter’s Summary Report
2025 Effective Gross Income Underwriter’s Summary Report
TTM Effective Gross Income Underwriter’s Summary Report
2023 Expense Total Underwriter’s Summary Report
2024 Expense Total Underwriter’s Summary Report
2025 Expense Total Underwriter’s Summary Report
TTM Expense Total Underwriter’s Summary Report
2023 NOI Underwriter’s Summary Report
2024 NOI Underwriter’s Summary Report
2025 NOI Underwriter’s Summary Report
TTM NOI Underwriter’s Summary Report
Underwritten Base Rent Underwriter’s Summary Report
Underwritten Effective Gross Income Underwriter’s Summary Report
Underwritten Expense Total Underwriter’s Summary Report
Underwritten NOI Underwriter’s Summary Report
Underwritten Replacement Reserves Underwriter’s Summary Report
Underwritten In-Place TI/LC Underwriter’s Summary Report
Underwritten NCF Underwriter’s Summary Report
Underwritten Economic Occupancy Underwriter’s Summary Report

 

  
 

Exhibit 2 to Attachment A
Page 4 of 7

 

Reserve and Escrow Information:

 

Characteristic Source Document(s)
   
Initial Tax Reserve Mortgage Loan Agreement
Monthly Tax Reserve Mortgage Loan Agreement
Tax Reserve Cap Mortgage Loan Agreement
Initial Insurance Reserve Mortgage Loan Agreement
Monthly Insurance Reserve Mortgage Loan Agreement
Insurance Reserve Cap Mortgage Loan Agreement
Initial Rollover Reserve Mortgage Loan Agreement
Monthly Rollover Reserve Mortgage Loan Agreement
Rollover Reserve Cap Mortgage Loan Agreement
Upfront Required Repairs Mortgage Loan Agreement
Initial Replacement Reserves Mortgage Loan Agreement
Monthly Replacement Reserves Mortgage Loan Agreement
Replacement Reserves Cap Mortgage Loan Agreement
Other Reserve Type Mortgage Loan Agreement
Other Reserve Initial Deposit Mortgage Loan Agreement
Other Reserve Monthly Deposit Mortgage Loan Agreement
Other Reserve Cap Mortgage Loan Agreement
  
 

Exhibit 2 to Attachment A
Page 5 of 7

 

Mortgage Loan Information: 

 

Characteristic Source Document(s)
   
Borrower Entities Mortgage Loan Agreement
Original Mortgage Loan Balance Allocated Loan Amount Schedule
First Payment Date Mortgage Loan Agreement
Payment Date Mortgage Loan Agreement
Extension Options (Yes/No) Mortgage Loan Agreement
Extension Options Description Mortgage Loan Agreement
First Extension Fee Mortgage Loan Agreement
Second Extension Fee Mortgage Loan Agreement
Third Extension Fee Mortgage Loan Agreement
Payment Grace Period (Default) Mortgage Loan Agreement
Payment Grace Period Mortgage Loan Agreement
Maturity Payment Grace Period (Default) Mortgage Loan Agreement
Maturity Payment Grace Period Mortgage Loan Agreement
Interest Accrual Period Start Mortgage Loan Agreement
Interest Accrual Period End Mortgage Loan Agreement
Interest Rate Adjustment Frequency Mortgage Loan Agreement
Spread Increase Mortgage Loan Agreement
Spread Increase Description Mortgage Loan Agreement
Assumption Fee Mortgage Loan Agreement
SOFR Rounding Methodology Mortgage Loan Agreement
SOFR Lookback Days Mortgage Loan Agreement
SOFR Floor Mortgage Loan Agreement
Extension Term SOFR Cap Mortgage Loan Agreement
Rate Type Mortgage Loan Agreement
Amortization Type Mortgage Loan Agreement
Accrual Basis Mortgage Loan Agreement
Partial Prepayments Allowed Mortgage Loan Agreement
Partial Release Permitted Mortgage Loan Agreement
Partial Release Description Mortgage Loan Agreement
LockBox (Y/N) Mortgage Loan Agreement
LockBox Type Mortgage Loan Agreement
Cash Management Mortgage Loan Agreement
Springing Conditions Mortgage Loan Agreement
Single Purpose Entity Mortgage Loan Agreement
Non-Consolidation Letter Mortgage Loan Agreement
Additional Debt Permitted Mortgage Loan Agreement
Additional Debt Type Mortgage Loan Agreement

 

  
 

Exhibit 2 to Attachment A
Page 6 of 7

 

Notes:

 

1.For the purpose of comparing the:
a.Street Address,
b.City and
c.State

characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

 

2.For the purpose of comparing the:
a.Appraised Value,
b.Date of Appraisal (Valuation Date) and
c.Appraisal Cap Rate

characteristics for each Property, the Depositor instructed us to use the appraised value, date and cap rate, respectively, as shown in the applicable Source Document(s), associated with the related “Appraisal Type,” as shown on the Preliminary Data File.

 

3.For the purpose of comparing the “Tenant Information” characteristics, the Depositor instructed us to combine multiple spaces leased by the same tenant, and for those tenants with multiple lease expirations (if applicable), to use the earliest lease expiration date associated with any space occupied by the related tenant, as shown in the applicable Source Document(s).

 

4.For the purpose of comparing the “Underwriting Information” characteristics that are expressed as dollar values, the Depositor instructed us to ignore differences of +/– $1 or less.

 

5.For the purpose of comparing the “Maturity Payment Grace Period” characteristic, the Depositor instructed us to use “0,” as the applicable Source Document(s) did not specify a grace period for the payment due on the “Initial Maturity Date” or another maturity date during any extension period.

 

6.For the purpose of comparing the “LockBox Type” characteristic, the Depositor instructed us to use “Hard” if the applicable Source Document(s) require the borrower(s) or manager(s) to direct tenants to pay rents directly to a lockbox account controlled by the lender(s).

 

  
 

Exhibit 2 to Attachment A
Page 7 of 7

 

7.For the purpose of comparing the “Cash Management” characteristic, the Depositor instructed us to use “Springing” if:
a.Prior to the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to an account controlled by the borrower(s), and
b.Upon the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to a cash management account controlled by the lender(s), and the funds are disbursed according to the applicable Source Document(s).

 

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.

  
 

Exhibit 3 to Attachment A

Provided Characteristics

 

Characteristic
 
Loan / Property
Property Count
Property Number
Property Name
Loan Purpose
Sponsors
Master Servicer
Primary Servicer
Trustee/Cert Admin
Operating Advisor Fee
CREFC Fee
Appraisal Type
Letter of Credit
Description of LOC
Origination Date
Mortgage Loan Spread
SOFR Cap Strike Price
SOFR Cap Expiration Date
SOFR Cap Provider
SOFR Cap Provider Rating (M/S&P/F)
Ownership Interest
Ground Lease? (Y/N)
Ground Lease Expiration Date
Ground Lease Extension Terms
Annual Ground Lease Payment
Ground Lease Escalation Terms
Initial Maturity Date
Fully Extended Maturity Date
Prepayment String
Phase II Date
Seismic Firm
Seismic Report Date
Seismic Zone
Seismic PML%
Guarantor
Initial Unfunded Obligations Reserve
Monthly Unfunded Obligations Reserve
Unfunded Obligations Reserve Cap

 

Note:We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics.