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
Page 1 of 6

Background

 

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

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

 

Procedures performed and our associated findings

 

1.The Depositor provided us with:
a.An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Mortgage Loan and Properties that is expected to be as of 2 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
Page 2 of 6

 

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

 

Using information on the:

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

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

 

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

 

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

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

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

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

 

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

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

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

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

  
 

Attachment A
Page 3 of 6

 

7.The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term, including during any extension period option(s). Based on this information, the Depositor instructed us to:
a.Use “0” for the:
i.Original Mortgage Loan Amortization Term (Excluding Extension Options),
ii.Original Mortgage Loan Amortization Term (Including Extension Options),
iii.Remaining Mortgage Loan Amortization Term (Excluding Extension Options) and
iv.Remaining Mortgage Loan Amortization Term (Including Extension Options)
of the Mortgage Loan,
b.Use the “Original Mortgage Loan Term (Excluding Extension Options),” as shown on the Final Data File, for the “Mortgage Loan IO Period (Excluding Extension Options)” of the Mortgage Loan and
c.Use the “Original Mortgage Loan Balance,” as shown on the Final Data File, for the:
i.Principal balance of the Mortgage Loan and each Property as of the Reference Date (the “Cut-off Date Mortgage Loan Balance”) and
ii.Principal balance of the Mortgage Loan and each Property as of the “Initial Maturity Date” of the Mortgage Loan (the “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
Page 4 of 6

 

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
Page 5 of 6

 

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
Page 6 of 6

 

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
Page 1 of 2

 

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
Page 2 of 2

 

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
Page 1 of 5

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
Page 2 of 5

 

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
Page 3 of 5

 

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
Page 4 of 5

 

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
Page 5 of 5

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.