Exhibit 99.2

 

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

 

Citigroup Commercial Mortgage Securities Inc. (the “Depositor”)

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

(collectively, the “Specified Parties”)

 
Re: Citigroup Commercial Mortgage Trust 2026-MFAM1 (the “Issuing Entity”)

Commercial Mortgage Pass-Through Certificates, Series 2026-MFAM1 (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 6 July 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.

 

  
 

Page 2 of 5

 

For the purpose of the procedures described in this report, 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 and expense 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 Depositor, which contain the appraiser’s estimated year one (the “Year One Period,” together with the Historical Periods, the “Specified Periods”) revenue and expense information for the Collateral Property or Collateral Properties that secure the Mortgage Loan,
c.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,
d.Copies of the:
i.Most recent real estate tax bills (the “Tax Bills”) and
ii.Most recent insurance review files (the “Insurance Review Files”)

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

e.Asset summary report(s) (the “ASRs”) for each Mortgage Loan,
f.The most recent electronic borrower rent roll files (the “Borrower Rent Roll Files”) for the Collateral Property or Collateral Properties that secure the Mortgage Loan,
g.The lease abstracts (the “Lease Abstracts”), lease agreements (the “Leases”) and/or lease estoppels (the “Estoppels,” together with the Lease Abstracts and Leases, the “Lease Documents”) relating to the commercial tenants at the Collateral Property or Collateral Properties that secure the Mortgage Loan,
h.Underwritten rent rolls (the “Underwritten Rent Rolls”) for the Collateral Property or Collateral Properties that secure the Mortgage Loan,
i.Electronic underwriting files (the “Underwriting Files”) prepared by the Depositor containing:
i.The revenue and expense information for the Specified Periods and
ii.The underwritten revenue and expense information for the underwritten period (the “Underwritten Period”)

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

j.Instructions, assumptions and methodologies (the “Underwriting Instructions and Adjustments”) used to prepare the information on the ASRs, Underwritten Rent Rolls and/or Underwriting Files, which were included as footnotes to the Underwriting Files and/or were separately provided in e-mail or other written correspondence from the Depositor and
k.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 of the first twenty (20) Mortgage Loans shown on the Mortgage Loan Schedule (collectively, the “Top 20 Mortgage Loans”), the Depositor provided us with an electronic file with the Depositor’s calculation of the physical occupancy rate for each Historical Period (each, a “Historical Occupancy File”) for the Collateral Property or Collateral Properties that secure such Top 20 Mortgage Loan (only if the physical occupancy rate for such Historical Period was not included on the corresponding Borrower Operating Statement Data Files).

 

For certain Collateral Properties, we were instructed by 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, Borrower Budgets, Tax Bills, Insurance Review Files, Borrower Rent Roll Files, Lease Documents, Historical Occupancy Files 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, ASRs, Underwritten Rent Rolls, Underwriting Files, Underwriting Instructions and Adjustments, Mortgage Loan Schedule 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 ASRs (as applicable), Underwritten Rent Rolls or Underwriting Files. 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 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 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

 

6 July 2026

  
 

Attachment A
Page 1 of 5

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 Mortgage Loan (as applicable), we compared, or recalculated and compared:
a.The effective gross revenue or total revenues,
b.Total expenses and
c.Net operating income or net cash flow

for each Specified Period that is shown in the applicable Source Document(s) to the corresponding information on the Underwriting File. We provided the Depositor (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.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 +/- 3%, 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 procedure 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 5

Historical Occupancy 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 20 Mortgage Loan (as applicable), we compared, or recalculated and compared, the physical occupancy rate for each Historical Period in the applicable Source Document(s) to the corresponding physical occupancy rates on the Underwriting File. We provided the Depositor (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 +/- 0.5% and
b.Not perform the procedure described above for any of the Historical Periods that were not shown on the Underwriting Files for the Collateral Properties that secure the Top 20 Mortgage Loans.

 

Cashflow Reimbursement 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 of the first ten (10) Mortgage Loans shown on the Mortgage Loan Schedule (collectively, the “Top 10 Mortgage Loans”) (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 10 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 Depositor (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 +/- 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 5

 

Supporting Expense Comparison and Recalculation Procedures

 

4.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 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 Depositor (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.

 

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 first fifteen (15) Mortgage Loans shown on the Mortgage Loan Schedule (collectively, 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 Underwritten Rent Roll). We provided the Depositor (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 not a Top 15 Mortgage Loan (as applicable), we compared the lease expiration date and lease early termination options for the five largest commercial tenants (by underwritten base rent revenue) at the Collateral Property or Collateral Properties that secure such Mortgage Loan, 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 Underwritten Rent Roll). We provided the Depositor (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 4 of 5

 

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 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 Depositor (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 and 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 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 and expense line items on the Underwriting File. We provided the Depositor (as applicable) a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

  
 

Attachment A
Page 5 of 5

 

Underwritten Cashflow Comparison and Recalculation Procedures (continued)

 

6. (continued)

 

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

a.Use a materiality threshold for each underwritten revenue and expense line item of +/- 3%, calculated as a percentage of the value as shown on the Underwriting File, which is also below $25,000, 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 revenue or expense line item.

 

7.Subsequent to the performance of the procedures described in the preceding Items, the Depositor provided us with certain updated ASRs (as applicable), Underwritten Rent Rolls and Underwriting Files 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 ASRs (as applicable), Underwritten Rent Rolls or Underwriting Files (as applicable). All such compared information was in agreement. Attached as Exhibit 2 to Attachment A is a schedule for each Mortgage Loan (collectively, the “AUP Findings Schedules”), which contains 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
   
The Leo $65,000,000
Solterra at Civic Center        $54,000,000
Edge at Novi $50,000,000
The Dutton $47,500,000
Edison Grand $47,000,000
Ridgeline Apartments $46,000,000
237 Madison $45,750,000
194 East 2nd Street $44,500,000
7403 Living $37,000,000
Innovo at Waters $35,250,000
Innovo at Sunrise $34,000,000
FIVE20 Views $34,000,000
Greenrock Estates $33,000,000
The Azul Apartments $27,750,000
The Kensley $27,250,000
Palms at Sunset Lakes $22,200,000
Cypress Lake $20,500,000
135 William Street $20,000,000
101-19 Beach Blvd $19,500,000
Citizens Square Villas $18,500,000
122-124 Ludlow Street $18,500,000
Residences at Arnada $15,000,000
Humble Park Place $13,500,000
142 Sullivan Street $13,000,000
83-61 116th Street $11,900,000
Station Square $9,000,000
Freedom Lofts $7,250,000

 

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

 

 

  

 

 

The Leo                                
                                           
  Original Principal Balance: $65,000,000   Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments  No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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. Appraisal, Borrower Rent Roll File and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           

 

 

  

 

Solterra at Civic Center                                
                                           
  Original Principal Balance: $54,000,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy Files and Borrower Operating Statement Data Files No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           

 

 

  

 

Edge at Novi                                
                                           
  Original Principal Balance: $50,000,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy File No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       

 

  

 

The Dutton                              
                                         
  Original Principal Balance: $47,500,000 Top 10 Mortgage Loan: Yes                                
      Top 15 Mortgage Loan: Yes                                
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                    
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy Files No Exceptions Noted                                
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                    
  3 For the Top 10 Mortgage Loans, 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                                    
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                
  **N/A: Not Applicable                                     
                                       
                                       

 

  

 

Edison Grand                                
                                           
  Original Principal Balance: $47,000,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data File, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy File No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           

 

 

  

 

Ridgeline Apartments                                
                                           
  Original Principal Balance: $46,000,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy File No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                         
                                         

 

  

 

237 Madison                                
                                           
  Original Principal Balance: $45,750,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy File No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.		 Lease No Exceptions Noted                                  
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES                                      
  6 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                         
                                         

 

  

 

194 East 2nd Street                                 
                                           
  Original Principal Balance: $44,500,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Borrower Rent Roll Files No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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, Borrower Budget, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES                                      
  4 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 Bill, 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                         

 

  

 

7403 Living                                
                                           
  Original Principal Balance: $37,000,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal, Tax Bills and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.		 Lease and Lease Abstract No Exceptions Noted                                  
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES                                      
  6 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                         
                                         

 

  

 

Innovo at Waters                                
                                           
  Original Principal Balance: $35,250,000 Top 10 Mortgage Loan: Yes                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files and Appraisal No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Borrower Rent Roll Files No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                         
                                         

 

  

 

Innovo at Sunrise                                
                                           
  Original Principal Balance: $34,000,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files and Appraisal No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Borrower Rent Roll Files No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                           
                                           
                                           
                                         
                                         

 

  

 

FIVE20 Views                                
                                           
  Original Principal Balance: $34,000,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy File No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                         
                                         

 

  

 

Greenrock Estates                                
                                           
  Original Principal Balance: $33,000,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                         
                                         

 

  

 

The Azul Apartments                                
                                           
  Original Principal Balance: $27,750,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Tax Assessor Website, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy File No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       

 

  

 

The Kensley                                
                                           
  Original Principal Balance: $27,250,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: Yes                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill, 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                         
                                         

 

  

 

Palms at Sunset Lakes                                
                                           
  Original Principal Balance: $22,200,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Historical Occupancy Files No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Operating Statement Data Files 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       

 

  

 

Cypress Lake                                
                                           
  Original Principal Balance: $20,500,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Tax Bills, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill, 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                         
                                         

 

  

 

135 William Street                                
                                           
  Original Principal Balance: $20,000,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       

 

  

 

101-19 Beach Blvd                                
                                           
  Original Principal Balance: $19,500,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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, 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.		 Lease No Exceptions Noted                                  
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES                                      
  6 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                         
                                         

 

  

 

Citizens Square Villas                                 
                                           
  Original Principal Balance: $18,500,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. Borrower Rent Roll Files No Exceptions Noted                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           

 

 

  

 

122-124 Ludlow Street                                
                                           
  Original Principal Balance: $18,500,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                         
                                         

 

  

 

Residences at Arnada                                
                                           
  Original Principal Balance: $15,000,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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. 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.		 Lease No Exceptions Noted                                  
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES                                      
  6 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                           
                                         
                                         

 

  

 

Humble Park Place                              
                                         
  Original Principal Balance: $13,500,000 Top 10 Mortgage Loan: No                                
      Top 15 Mortgage Loan: No                                
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files and Appraisal No Exceptions Noted                                
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                    
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                    
  3 For the Top 10 Mortgage Loans, 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                                    
  4 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.  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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                
  **N/A: Not Applicable                                     
                                         
                                       
                                       

 

  

 

142 Sullivan Street                                
                                           
  Original Principal Balance: $13,000,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 Bill, 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                         
                                         

 

  

 

83-61 116th Street                                
                                           
  Original Principal Balance: $11,900,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early 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 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       
                                         
                                         

 

  

 

Station Square                                
                                           
  Original Principal Balance: $9,000,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal, Tax Bills and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                   
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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, 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.		 Lease and Estoppel No Exceptions Noted                                  
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES                                      
  6 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable                                       

 

  

 

Freedom Lofts                                
                                           
  Original Principal Balance: $7,250,000 Top 10 Mortgage Loan: No                                  
      Top 15 Mortgage Loan: No                                  
      Top 20 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 Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow 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 3% and $10,000 threshold.  Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments No Exceptions Noted                                  
    HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES                                      
  2 For the Top 20 Mortgage Loans, compare, or recalculate and compare, the physical occupancy rate for each Historical Period shown in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File.  Identify any variance above a 0.5% threshold. N/A N/A                                  
    CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES                                      
  3 For the Top 10 Mortgage Loans, 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                                      
  4 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 revenue 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 early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.  

For non-Top 15 Mortgage Loans, compare the lease expiration date and lease early termination options for the top five commercial tenants (by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information in the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll).  Identify any variance above a 90-day threshold.		 Leases and Estoppel No Exceptions Noted                                  
    UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES                                      
  6 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.

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 and expense line items that are shown on the Underwriting File.  Identify any variance above a 3% and $25,000 threshold.		 Underwriting File, Source Documents, ASRs, Underwritten Rent Roll and Underwriting Instructions and Adjustments No Exceptions Noted                                  
  **N/A: Not Applicable