Exhibit 1
|
Ernst & Young LLP One Manhattan West New York, NY 10001 |
Tel: +1 212 773 3000 ey.com |
Report of Independent Accountants on Applying Agreed-Upon Procedures
J.P. Morgan Chase Commercial Mortgage Securities Corp. (the “Depositor”)
JPMorgan Chase Bank, National Association
J.P. Morgan Securities LLC
Drexel Hamilton, LLC
Academy Securities, Inc.
(collectively, the “Specified Parties”)
| Re: | J.P. Morgan Chase Commercial Mortgage Securities Trust 2026-ARLO (the “Issuing Entity”) |
Commercial Mortgage Pass-Through Certificates, Series 2026-ARLO (the “Certificates”)
We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the “Subject Matter”) relating to the Issuing Entity’s securitization transaction as of 22 September 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 3 |
For the purpose of the procedures described in this report, the Depositor provided us with:
| a. | Certain electronic data files (the “Data Files”) that are described in Attachment A, |
| b. | Copies of various source documents (the “Source Documents”), which are listed on Exhibit 1 to Attachment A, |
| c. | A list of characteristics on the Data Files (the “Compared Characteristics”), which are listed on Exhibit 2 to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents, |
| d. | A list of characteristics on the Data Files (the “Recalculated Characteristics”), which are described in Attachment A, that the Depositor instructed us to recalculate using information on the Data Files, |
| e. | A list of characteristics on the Data Files (the “Provided Characteristics”), which are listed on Exhibit 3 to Attachment A, on which the Depositor instructed us to perform no procedures, |
| f. | A draft of the preliminary confidential offering circular for the Issuing Entity’s securitization transaction (the “Draft Preliminary Offering Circular”) and |
| g. | Instructions, assumptions and methodologies, which are described in Attachment A. |
The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
![]() | Page 3 of 3 |
The agreed-upon procedures described in this report were not performed for the purpose of:
| a. | Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or |
| b. | Making any findings with respect to: |
| i. | Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements, |
| ii. | The value of the collateral securing the Mortgage Loan, |
| iii. | Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or |
| iv. | Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates will pay interest and principal in accordance with applicable terms and conditions. |
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
22 September 2026
![]() | Attachment A |
Background
For the purpose of the procedures described in this report, the Depositor indicated that:
| a. | The assets of the Issuing Entity will consist primarily of a floating rate commercial mortgage loan (the “Mortgage Loan”) and |
| b. | The Mortgage Loan will be secured primarily by a portfolio of commercial properties (each, a “Property” and collectively, the “Properties”). |
Procedures performed and our associated findings
| 1. | The Depositor provided us with: |
| a. | An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Mortgage Loan and Properties that is expected to be as of 2 October 2026 (the “Reference Date”) and |
| b. | Record layout and decode information relating to the information on the Preliminary Data File. | |
| Using the information in the Source Documents, we compared the Compared Characteristics listed on Exhibit 2 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in the Source Documents indicated on Exhibit 2 to Attachment A, subject to the instructions, assumptions and methodologies stated in the notes on Exhibit 2 to Attachment A. If more than one Source Document is listed for a Compared Characteristic, the Depositor instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 2 to Attachment A (except as described in the notes on Exhibit 2 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 2 to Attachment A. | ||
| We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described herein. | ||
| 2. | As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in the Item above and provided a list of such differences to the Depositor. The Preliminary Data File, as so adjusted, is hereinafter referred to as the “Updated Data File.” |
![]() | Attachment A |
| 3. | Subsequent to the performance of the procedures described in the Items above, we received from the Depositor: |
| a. | An electronic data file (the “Final Data File,” which together with the Preliminary Data File comprise the Data Files) that the Depositor indicated contains information relating to the Mortgage Loan and Properties as of the Reference Date and |
| b. | Record layout and decode information relating to the information on the Final Data File. |
Using information on the:
| a. | Final Data File and |
| b. | Updated Data File, |
we compared each Compared Characteristic listed on Exhibit 2 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.
| 4. | Using the “First Payment Date,” as shown on the Final Data File, we recalculated the “Seasoning” of the Mortgage Loan as of the Reference Date. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. |
| 5. | Using the: |
| a. | First Payment Date, |
| b. | Initial Maturity Date and |
| c. | Fully Extended Maturity Date, |
as shown on the Final Data File, we recalculated the:
| i. | Original Mortgage Loan Term (Excluding Extension Options) and |
| ii. | Original Mortgage Loan Term (Including Extension Options) |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
| 6. | Using the: |
| a. | Seasoning, |
| b. | Original Mortgage Loan Term (Excluding Extension Options) and |
| c. | Original Mortgage Loan Term (Including Extension Options), |
as shown on the Final Data File, we recalculated the:
| i. | Remaining Mortgage Loan Term to Maturity (Excluding Extension Options) and |
| ii. | Remaining Mortgage Loan Term to Maturity (Including Extension Options) |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
| 7. | The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term, including during any extension period option(s). Based on this information, the Depositor instructed us to: |
| a. | Use “0” for the: |
| i. | Original Mortgage Loan Amortization Term (Excluding Extension Options), |
| ii. | Original Mortgage Loan Amortization Term (Including Extension Options), |
| iii. | Remaining Mortgage Loan Amortization Term (Excluding Extension Options) and |
| iv. | Remaining Mortgage Loan Amortization Term (Including Extension Options) |
| of the Mortgage Loan, |
| b. | Use the “Original Mortgage Loan Term (Excluding Extension Options),” as shown on the Final Data File, for the “Mortgage Loan IO Period (Excluding Extension Options)” of the Mortgage Loan and |
| c. | Use the “Original Mortgage Loan Balance,” as shown on the Final Data File, for the: |
| i. | Principal balance of the Mortgage Loan and each Property as of the Reference Date (the “Cut-off Date Mortgage Loan Balance”) and |
| ii. | Principal balance of the Mortgage Loan and each Property as of the “Initial Maturity Date” of the Mortgage Loan (the “Mortgage Loan Balance at Maturity”). |
We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.
| 8. | Using the: |
| a. | Mortgage Loan Spread, |
| b. | SOFR Floor, |
| c. | SOFR Rounding Methodology and |
| d. | SOFR Cap Strike Price, |
as shown on the Final Data File, and a SOFR assumption of 3.89000% provided by the Depositor, we recalculated the:
| i. | Assumed Mortgage Loan Interest Rate and |
| ii. | Assumed Mortgage Loan Interest Rate @ SOFR Cap |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
| 9. | Using the: |
| a. | Original Mortgage Loan Balance, |
| b. | Assumed Mortgage Loan Interest Rate, |
| c. | Assumed Mortgage Loan Interest Rate @ SOFR Cap and |
| d. | Accrual Basis, | |
| as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the | ||
| i. | Mortgage Loan Annual Debt Service, |
| ii. | Mortgage Loan Monthly Debt Service, |
| iii. | Mortgage Loan Annual Debt Service @ SOFR Cap and |
| iv. | Mortgage Loan Monthly Debt Service @ SOFR Cap |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual Debt Service” of the Mortgage Loan as the product, rounded to two decimal places, of:
| a. | The “Original Mortgage Loan Balance,” as shown on the Final Data File, |
| b. | The “Assumed Mortgage Loan Interest Rate,” as shown on the Final Data File, and |
| c. | 365/360. |
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Monthly Debt Service” of the Mortgage Loan as 1/12th of the “Mortgage Loan Annual Debt Service,” as shown on the Final Data File.
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual Debt Service @ SOFR Cap” of the Mortgage Loan as the product, rounded to two decimal places, of:
| a. | The “Original Mortgage Loan Balance,” as shown on the Final Data File, |
| b. | The “Assumed Mortgage Loan Interest Rate @ SOFR Cap,” as shown on the Final Data File, and |
| c. | 365/360. |
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Monthly Debt Service @ SOFR Cap” of the Mortgage Loan as 1/12th of the “Mortgage Loan Annual Debt Service @ SOFR Cap,” as shown on the Final Data File.
![]() | Attachment A |
| 10. | Using the: |
| a. | TTM July 2026 NCF, |
| b. | Underwritten NCF, |
| c. | Mortgage Loan Annual Debt Service, |
| d. | Mortgage Loan Annual Debt Service @ SOFR Cap, |
| e. | Cut-off Date Mortgage Loan Balance, |
| f. | Mortgage Loan Balance at Maturity and |
| g. | Appraised Value, |
as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:
| i. | Mortgage Loan TTM July 2026 NCF DSCR, |
| ii. | Mortgage Loan TTM July 2026 NCF DSCR @ SOFR Cap, |
| iii. | Mortgage Loan Underwritten In-Place NCF DSCR, |
| iv. | Mortgage Loan Underwritten In-Place NCF DSCR @ SOFR Cap, |
| v. | Mortgage Loan Cut-off Date As-Is LTV, |
| vi. | Mortgage Loan Maturity Date As-Is LTV, |
| vii. | Mortgage Loan TTM July 2026 NCF DY and |
| viii. | Mortgage Loan Underwritten In-Place NCF DY |
of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
For the purpose of this procedure, the Depositor instructed us to:
| a. | Round the characteristics listed in i. through iv. above to two decimal places and |
| b. | Round the characteristics listed in v. through viii. above to the nearest 1/10th of one percent. |
| 11. | Using the “Cut-off Date Mortgage Loan Balance,” as shown on the Final Data File, we recalculated the “% of Cut-Off Date Allocated Loan Amount” of the Mortgage Loan and each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. |
| 12. | Using the: |
| a. | Master Servicer Fee Rate and |
| b. | Primary Servicer Fee Rate, |
as shown on the Final Data File, we recalculated the “Servicing Fee Rate” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
| 13. | Using the: |
| a. | Servicing Fee Rate, |
| b. | Trustee/Cert Admin Fee Rate, |
| c. | Operating Advisor Fee and |
| d. | CREFC Fee Rate, |
as shown on the Final Data File, we recalculated the “Total Admin Fee Rate” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
| 14. | Using the: |
| a. | Total Admin Fee Rate and |
| b. | Assumed Mortgage Loan Interest Rate, |
as shown on the Final Data File, we recalculated the “Net Mortgage Rate” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
Exhibit 1 to Attachment A |
Source Documents
Mortgage Loan Source Documents
| Source Document Title | Source Document Date |
| Mortgage Loan Agreement (see Note 1) | 21 September 2026 |
| Promissory Notes (see Note 1) | 16 September 2026 |
| Cash Management Agreement (see Note 1) | 3 September 2026 |
| Blocked Account Control Agreement (see Note 1) | 29 July 2026 |
| Guaranty Agreement (see Note 1) | 3 September 2026 |
| Environmental Indemnity Agreement (see Note 1) | 3 September 2026 |
| Non-Consolidation Opinion (see Note 1) | 30 July 2026 |
| Allocated Loan Amount Schedule (see Note 1) | Not Dated |
| Loan Payoff Schedule | Not Dated |
Property Source Documents
| Source Document Title | Source Document Date |
| Appraisal Reports | Various |
| Portfolio Appraisal Report | 8 July 2026 |
| Engineering Reports | 26 June 2026 |
| Environmental Phase I Reports | 26 June 2026 |
| Underwriter’s Summary Report | Not Dated |
Exhibit 1 to Attachment A |
Property Source Documents (continued)
| Source Document Title | Source Document Date |
| Amended & Restated Management Agreement and Management Agreements (see Note 1) | Various |
| Capex Summary | Not Dated |
| Historical and Future CapEx Summary | Not Dated |
| Pro Forma Title Policies | Not Dated |
| Ground Lease Documents | Various |
| Insurance Review Document | 16 September 2026 |
| Intellectual Property License Agreement (see Note 1) | 5 August 2026 |
| Hotel PACE Summaries | Not Dated |
| Cost Basis and Acquisition Information | Not Dated |
| Historical Booking Information | Not Dated |
Note:
| 1. | The indicated provided Source Document(s) are draft document(s) with the Source Document Date reflecting the latest date of receipt. For the purpose of the procedures described in this report, the Depositor instructed us to treat the indicated Source Document(s) as fully executed. |
Exhibit 2 to Attachment A |
Compared Characteristics and Source Documents
Property Information:
| Characteristic | Source Document(s) |
| Property Address | Appraisal Report |
| Property City | Appraisal Report |
| State | Appraisal Report |
| Zip Code | Appraisal Report |
| Market | Appraisal Report |
| Property Type | Appraisal Report |
| Property Sub-Type | Appraisal Report |
| Year Built | Appraisal Report |
| Year Renovated | Appraisal Report |
| Number of Units | Underwriter’s Summary Report |
| Unit Type | Underwriter’s Summary Report |
| Property Manager | Mortgage Loan Agreement |
| Brand | Appraisal Report |
| Title Type | Pro Forma Title Policy |
| Ground Lease Expiration Date | Ground Lease Documents |
| Ground Lease Payment | Ground Lease Documents |
Third Party Information:
| Characteristic | Source Document(s) |
| Appraisal Firm | Appraisal Report or Portfolio Appraisal Report |
| Appraised Value | Appraisal Report or Portfolio Appraisal Report |
| Date of Appraisal (Valuation Date) | Appraisal Report or Portfolio Appraisal Report |
| Appraisal Cap Rate | Appraisal Report or Portfolio Appraisal Report |
| Environmental Firm | Environmental Phase I Report |
| Phase I Date | Environmental Phase I Report |
| Engineering Firm | Engineering Report |
| Engineering Report Date | Engineering Report |
| Environmental Insurance | Insurance Review Document |
| Seismic Insurance | Insurance Review Document |
Exhibit 2 to Attachment A |
Underwriting Information:
| Characteristic | Source Document(s) |
| 2023 Occupancy | Underwriter’s Summary Report |
| 2024 Occupancy | Underwriter’s Summary Report |
| 2025 Occupancy | Underwriter’s Summary Report |
| TTM July 2026 Occupancy | Underwriter’s Summary Report |
| Underwritten Occupancy | Underwriter’s Summary Report |
| 2023 Average Daily Rate | Underwriter’s Summary Report |
| 2024 Average Daily Rate | Underwriter’s Summary Report |
| 2025 Average Daily Rate | Underwriter’s Summary Report |
| TTM July 2026 Average Daily Rate | Underwriter’s Summary Report |
| Underwritten Average Daily Rate | Underwriter’s Summary Report |
| 2023 RevPAR | Underwriter’s Summary Report |
| 2024 RevPAR | Underwriter’s Summary Report |
| 2025 RevPAR | Underwriter’s Summary Report |
| TTM July 2026 RevPAR | Underwriter’s Summary Report |
| Underwritten RevPAR | Underwriter’s Summary Report |
| 2023 Room Revenue | Underwriter’s Summary Report |
| 2024 Room Revenue | Underwriter’s Summary Report |
| 2025 Room Revenue | Underwriter’s Summary Report |
| TTM July 2026 Room Revenue | Underwriter’s Summary Report |
| Underwritten Room Revenue | Underwriter’s Summary Report |
| 2023 Total Revenue | Underwriter’s Summary Report |
| 2024 Total Revenue | Underwriter’s Summary Report |
| 2025 Total Revenue | Underwriter’s Summary Report |
| TTM July 2026 Total Revenue | Underwriter’s Summary Report |
| Underwritten Total Revenue | Underwriter’s Summary Report |
| 2023 Total Expenses | Underwriter’s Summary Report |
| 2024 Total Expenses | Underwriter’s Summary Report |
| 2025 Total Expenses | Underwriter’s Summary Report |
| TTM July 2026 Total Expenses | Underwriter’s Summary Report |
| Underwritten Total Expenses | Underwriter’s Summary Report |
| 2023 FF&E Reserve | Underwriter’s Summary Report |
| 2024 FF&E Reserve | Underwriter’s Summary Report |
| 2025 FF&E Reserve | Underwriter’s Summary Report |
| TTM July 2026 FF&E Reserve | Underwriter’s Summary Report |
| Underwritten FF&E Reserve | Underwriter’s Summary Report |
| 2023 NCF | Underwriter’s Summary Report |
| 2024 NCF | Underwriter’s Summary Report |
| 2025 NCF | Underwriter’s Summary Report |
| TTM July 2026 NCF | Underwriter’s Summary Report |
| Underwritten NCF | Underwriter’s Summary Report |
Exhibit 2 to Attachment A |
Reserve and Escrow Information:
| Characteristic | Source Document(s) |
| Initial Tax Escrow | Mortgage Loan Agreement |
| Monthly Tax Escrow | Mortgage Loan Agreement |
| Initial Insurance Escrow | Mortgage Loan Agreement |
| Monthly Insurance Escrow | Mortgage Loan Agreement |
| Deferred Maintenance Reserve Deposit Amount | Mortgage Loan Agreement |
| Replacement Reserves Initial Deposit Amount | Mortgage Loan Agreement |
| Replacement Reserves Monthly Deposit Amount | Mortgage Loan Agreement |
| Replacement Reserves Cap | Mortgage Loan Agreement |
| Initial Debt Service Deposit | Mortgage Loan Agreement |
| Monthly Debt Service Deposit | Mortgage Loan Agreement |
| Initial Other Escrow | Mortgage Loan Agreement |
| Monthly Other Escrow | Mortgage Loan Agreement |
| Description of Other Escrow | Mortgage Loan Agreement |
| Other Escrow Reserve Cap | Mortgage Loan Agreement |
Mortgage Loan Information:
| Characteristic | Source Document(s) |
| Original Mortgage Loan Balance | Allocated Loan Amount Schedule |
| Payment Date | Mortgage Loan Agreement |
| First Payment Date | Mortgage Loan Agreement |
| Initial Maturity Date | Mortgage Loan Agreement |
| Extension Options (Yes/No) | Mortgage Loan Agreement |
| Extension Options Description | Mortgage Loan Agreement |
| Extension Term SOFR Cap | Mortgage Loan Agreement |
| Fully Extended Maturity Date | Mortgage Loan Agreement |
| Spread Increase | Mortgage Loan Agreement |
| Spread Increase Description | Mortgage Loan Agreement |
| First Extension Fee | Mortgage Loan Agreement |
| Second Extension Fee | Mortgage Loan Agreement |
| Third Extension Fee | Mortgage Loan Agreement |
| Interest Accrual Period Start | Mortgage Loan Agreement |
| Interest Accrual Period End | Mortgage Loan Agreement |
| Interest Rate Adjustment Frequency | Mortgage Loan Agreement |
| SOFR Rounding Methodology | Mortgage Loan Agreement |
| SOFR Lookback Days | Mortgage Loan Agreement |
| SOFR Floor | Mortgage Loan Agreement |
| SOFR Cap Strike Price | Mortgage Loan Agreement |
Exhibit 2 to Attachment A |
Mortgage Loan Information: (continued)
| Characteristic | Source Document(s) |
| Payment Grace Period (Default) | Mortgage Loan Agreement |
| Payment Grace Period | Mortgage Loan Agreement |
| Maturity Payment Grace Period (Default) | Mortgage Loan Agreement |
| Maturity Payment Grace Period | Mortgage Loan Agreement |
| Rate Type | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Accrual Basis | Mortgage Loan Agreement |
| Guarantor | Guaranty Agreement |
| Partial Release Permitted | Mortgage Loan Agreement |
| Partial Release Description | Mortgage Loan Agreement |
| Prepayment String | Mortgage Loan Agreement |
| Partial Prepayments Allowed | Mortgage Loan Agreement |
| Assumption Fee | Mortgage Loan Agreement |
| LockBox (Y/N) | Mortgage Loan Agreement |
| LockBox Type | Mortgage Loan Agreement |
Cash Management |
Mortgage Loan Agreement |
| Springing Conditions | Mortgage Loan Agreement |
| Single Purpose Entity | Mortgage Loan Agreement |
| Non-Consolidation Letter | Non-Consolidation Opinion |
| TIC Structure | Mortgage Loan Agreement |
| Future Debt Permitted? | Mortgage Loan Agreement |
| Future Debt Description | Mortgage Loan Agreement |
| Loan Purpose | Loan Payoff Schedule |
Notes:
| 1. | For the purpose of comparing the: |
| a. | Property Address, |
| b. | Property City and |
| c. | State |
characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.
| 2. | For the purpose of comparing the “Appraised Value,” “Date of Appraisal (Valuation Date)” and “Appraisal Cap Rate” characteristics for each Property, the Depositor instructed us to use the appraisal value, appraisal valuation date and appraisal cap rate associated with the “Appraised Value Type” appraisal valuation type, respectively, as shown in the applicable Source Document(s). |
For the purpose of comparing the “Appraised Value”
characteristic for the Mortgage Loan, the Depositor instructed us to use the appraisal value associated with the “Appraised
Value Type” appraisal valuation type, as shown in the applicable Source Document(s).
Exhibit 2 to Attachment A |
| 3. | For the purpose of comparing the “Underwriting Information” characteristics that are expressed as dollar values, the Depositor instructed us to ignore differences of +/– $1 or less. |
| 4. | For the purpose of comparing the “Prepayment String” characteristic, the Depositor instructed us to ignore any prepayment premiums or other conditions related to partial release events to cure certain trigger periods or partial prepayments to cure certain trigger periods, as described in the applicable Source Document(s). |
| 5. | For the purpose of comparing the “Maturity Payment Grace Period” characteristic, the Depositor instructed us to use the “Payment Grace Period,” as shown in the applicable Source Document(s), as the applicable Source Document(s) did not specify a grace period for the payment due on the “Initial Maturity Date” or another maturity date during any extension period. |
| 6. | For the purpose of comparing the “LockBox Type” characteristic, the Depositor instructed us to use “Hard” if the applicable Source Document(s) require the borrower(s) or manager(s) to direct credit card companies or credit card clearing banks to pay receipts directly to a lockbox account controlled by the lender(s). |
| 7. | For the purpose of comparing the “Cash Management” characteristic, the Depositor instructed us to use “Springing” if: |
| a. | Prior to the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to an account controlled by the borrower(s), and |
| b. | Upon the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to a cash management account controlled by the lender(s), and the funds are disbursed according to the applicable Source Document(s). |
We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.
Exhibit 3 to Attachment A |
Provided Characteristics
| Characteristic |
| Property Number |
| Property Name |
| Sponsor |
| Appraised Value Type |
| Seismic Firm |
| Seismic Report Date |
| Seismic PML % |
| Origination Date |
| Mortgage Loan Spread |
| SOFR Cap Expiration Date |
| SOFR Cap Provider |
| SOFR Cap Provider Rating (M/S&P/F) |
| DST |
| Borrower Entity |
| Franchise / Brand Management Expiration Date |
| Phase II Date |
| Master Servicer Fee Rate |
| Primary Servicer Fee Rate |
| Trustee/Cert Admin Fee Rate |
| Operating Advisor Fee |
| CREFC Fee Rate |
| Note: | We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics. |