Exhibit 99.1
|
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
Citigroup Commercial Mortgage Securities Inc. (the “Depositor”)
Citi Real Estate Funding Inc.
Citigroup Global Markets Inc.
JPMorgan Chase Bank, National Association
J.P. Morgan Securities LLC
(collectively, the “Specified Parties”)
| Re: | PRM9 Commercial Mortgage Trust 2026-PRM9 (the “Issuing Entity”) |
Commercial Mortgage Pass-Through Certificates, Series 2026-PRM9 (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 Data Files (as defined herein) (the “Subject Matter”) relating to the Issuing Entity’s securitization transaction as of 27 October 2026. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.
The procedures performed and our associated findings are included in Attachment A.
For the purpose of the procedures described in this report, the Depositor provided us with:
| a. | Certain electronic data files (the “Data Files”) that are described in Attachment A, |
| b. | Copies of various source documents (the “Source Documents”), which are listed on Exhibit 1 to Attachment A, |
| c. | A list of characteristics on the Data Files (the “Compared Characteristics”), which are listed on Exhibit 2 to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents, |
| d. | A list of characteristics on the Data Files (the “Recalculated Characteristics”), which are described in Attachment A, that the Depositor instructed us to recalculate using information on the Data Files, |
| e. | A list of characteristics on the Data Files (the “Provided Characteristics”), which are listed on Exhibit 3 to Attachment A, on which the Depositor instructed us to perform no procedures, |
| f. | A draft of the preliminary 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. |
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Page 2 of 3 |
The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loans, (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 or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the Subject Matter or on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
The agreed-upon procedures described in this report were not performed for the purpose of:
| a. | Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or |
| b. | Making any findings with respect to: |
| i. | Whether the origination of the Mortgage Loans 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 Loans, |
| iii. | Whether the originator(s) of the Mortgage Loans complied with federal, state or local laws or regulations or |
| iv. | 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. |
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Page 3 of 3 |
We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.
This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.
/s/ Ernst & Young LLP
27 October 2026
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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 2 fixed rate commercial mortgage loans (each, a “Mortgage Loan” and collectively, the “Mortgage Loans”) and |
| b. | Each Mortgage Loan will be secured primarily by a portfolio of commercial properties (each, a “Property” and collectively, the “Properties”). |
For the purpose of the procedures described in this report, the Depositor indicated certain information on the Data Files is shown on an aggregate basis of the Mortgage Loans, such aggregate information is hereinafter referred to as the “Pool Level Information.” All references and recalculations related to the Pool Level Information relate to the aggregate information for the Issuing Entity.
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 Loans and Properties that is expected to be as of 5 November 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.
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Attachment A Page 2 of 6 |
| 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.” |
| 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 Loans 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 Loan Payment Date,” as shown on the Final Data File, we recalculated the “Seasoning” of each 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 Loan Payment Date and |
| b. | Maturity Date, |
as shown on the Final Data File, we recalculated the “Original Term to Maturity (Months)” of each 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 and |
| b. | Original Term to Maturity (Months), |
as shown on the Final Data File, we recalculated the “Remaining Term to Maturity (Months)” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
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Attachment A Page 3 of 6 |
| 7. | The applicable Source Document(s) indicate that each Mortgage Loan is interest-only for its entire term. Based on this information, the Depositor instructed us to: |
| a. | Use “0” for the: |
| i. | Original amortization term of each Mortgage Loan (the “Original Amortization Term (Months)”) and |
| ii. | Remaining amortization term of each Mortgage Loan (the “Remaining Amortization Term (Months)”), |
| b. | Use the “Original Term to Maturity (Months),” as shown on the Final Data File, for the original interest-only period of each Mortgage Loan (the “Original IO Term (Months)”), |
| c. | Use the “Remaining Term to Maturity (Months),” as shown on the Final Data File, for the remaining interest-only period of each Mortgage Loan (the “Remaining IO Term (Months)”) and |
| d. | Use the “Mortgage Loan Original Balance,” as shown on the Final Data File, for the: |
| i. | Principal balance of each Mortgage Loan, each Property and the Pool Level Information as of the Reference Date (the “Mortgage Loan Closing Date Balance”) and |
| ii. | Principal balance of each Mortgage Loan and the Pool Level Information as of the “Maturity Date” of each Mortgage Loan (the “Mortgage Loan Maturity Date Balance”). |
We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.
| 8. | Using the: |
| a. | Mortgage Loan Original Balance, |
| b. | Mortgage Loan Coupon and |
| c. | Interest Calculation (30/360 / Actual/360), |
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 Monthly Debt Service Payment, |
| ii. | Mortgage Loan Annual Debt Service Payment, |
of each 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 Monthly Debt Service Payment” of each Mortgage Loan as 1/12th of the product, rounded to two decimal places, of:
| a. | The “Mortgage Loan Original Balance,” as shown on the Final Data File, |
| b. | The “Mortgage Loan Coupon,” as shown on the Final Data File, and |
| c. | 365/360. |
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Attachment A Page 4 of 6 |
8. (continued)
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual Debt Service Payment” of each Mortgage Loan as twelve (12) times the “Mortgage Loan Monthly Debt Service Payment,” as shown on the Final Data File.
For purpose of the procedure for the Pool Level Information, the Depositor instructed us to recalculate the characteristics listed in i. and ii. above on an aggregate basis, using the recalculated values from this Item for each Mortgage Loan.
| 9. | Using the: |
| a. | Mortgage Loan Closing Date Balance, |
| b. | Mortgage Loan Maturity Date Balance, |
| c. | Individual As-Is Appraised Value, |
| d. | Portfolio Appraised Value, |
| e. | Mortgage Loan Annual Debt Service Payment, |
| f. | UW Net Operating Income, |
| g. | UW Net Cash Flow, |
| h. | Square Footage (Available SF) Total Square Footage Including Parking, Other and Commercial and |
| i | Unit Mix (Available Units) Total Units Including Parking, Other and Commercial, |
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 UW NOI DSCR, |
| ii. | Mortgage Loan UW NCF DSCR, |
| iii. | Mortgage Loan Closing Date Balance per SF, |
| iv. | Mortgage Loan Closing Date Balance per Unit, |
| v. | Individual As-Is Appraised Value per SF, |
| vi. | Portfolio Appraised Value per SF, |
| vii. | Portfolio Appraised Value Premium, |
| viii. | Mortgage Loan Closing Date LTV (Aggregate Individual As-is Values), |
| ix. | Mortgage Loan Balloon LTV (Aggregate Individual As-is Values), |
| x. | Mortgage Loan Closing Date LTV (Portfolio Value), |
| xi. | Mortgage Loan Balloon LTV (Portfolio Value), |
| xii. | Mortgage Loan UW NOI Debt Yield and |
| xiii. | Mortgage Loan UW NCF Debt Yield |
of each Mortgage Loan and Pool Level Information, and with respect to iii. through v. above, of each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
For the purpose of this procedure, the Depositor instructed us to:
| a. | Round the characteristics listed in i. through vi. above to two decimal places and |
| b. | Round the characteristics listed in vii. through xiii. above to the nearest 1/10th of one percent. |
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Attachment A Page 5 of 6 |
| 10. | Using the: |
| a. | Square Footage (Available SF) Total Self Storage Square Footage, |
| b. | Square Footage (Available SF) Climate Controlled and |
| c. | Square Footage (Available SF) Regular, |
as shown on the Final Data File, we recalculated the:
| i. | % of Square Footage (Available SF) Climate Controlled and |
| ii. | % of Square Footage (Available SF) Regular |
of each Mortgage Loan, each Property and the Pool Level Information. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
| 11. | Using the: |
| a. | Square Footage (Available SF) Total Square Footage Including Parking, Other and Commercial, |
| b. | Square Footage (Available SF) Total Self Storage Square Footage, |
| c. | Square Footage (Available SF) Parking, |
| d. | Square Footage (Available SF) Other and |
| e. | Square Footage (Available SF) Commercial, |
as shown on the Final Data File, we recalculated the:
| i. | % of Square Footage (Available SF) Self Storage SF % of Total, |
| ii. | % of Square Footage (Available SF) Parking, |
| iii. | % of Square Footage (Available SF) Other, |
| iv. | % of Square Footage (Available SF) Commercial and |
| v. | % of Square Footage (Available SF) Total Square Footage Including Parking, Other and Commercial % of Total |
of each Mortgage Loan, each Property and Pool Level Information. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
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Attachment A Page 6 of 6 |
| 12. | Using the: |
| a. | Square Footage (Available SF) Total Square Footage Including Parking, Other and Commercial, |
| b. | Square Footage (Available SF) Commercial, |
| c. | 2023 Annualized Effective Gross Income – Storage, |
| d. | 2024 Annualized Effective Gross Income – Storage, |
| e. | 2025 Annualized Effective Gross Income – Storage, |
| f. | August 2026 T-12 Annualized Effective Gross Income – Storage, |
| g. | August 2026 T-6 Annualized Effective Gross Income – Storage, |
| h. | August 2026 T-3 Annualized Effective Gross Income – Storage, |
| i. | Sponsor 2026 Budget Effective Gross Income – Storage and |
| j. | UW Effective Gross Income – Storage, |
as shown on the Final Data File, we recalculated the:
| i. | 2023 Annualized RevPAF – Storage, |
| ii. | 2024 Annualized RevPAF – Storage, |
| iii. | 2025 Annualized RevPAF – Storage, |
| iv. | August 2026 T-12 Annualized RevPAF – Storage, |
| v. | August 2026 T-6 Annualized RevPAF – Storage, |
| vi. | August 2026 T-3 Annualized RevPAF – Storage, |
| vii. | Sponsor 2026 Budget RevPAF – Storage and |
| viii. | UW RevPAF - Storage |
of each Mortgage Loan, each Property and the Pool Level Information. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
| 13. | Using the “Mortgage Loan Closing Date Balance,” as shown on the Final Data File, we recalculated the “% of Mortgage Loan Closing Date Balance” of each Mortgage Loan and Property and the “% of Pooled Mortgage Loan Closing Date Balance” of the Mortgage Loans, each Property and Pool Level Information on an aggregate basis. 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 Agreements (see Note 1) | 27 October 2026 |
| Cash Management Agreements (see Note 1) | 20 October 2026 |
| Promissory Notes (see Note 1) | 20 October 2026 |
| Guaranty Agreements (see Note 1) | 26 October 2026 |
| Environmental Indemnity Agreements (see Note 1) | 20 October 2026 |
| Administrative Fee Schedule (see Note 1) | 20 October 2026 |
Property Source Documents
| Source Document Title | Source Document Date |
| Appraisal Reports | Various |
| Portfolio Appraisal Report | 22 October 2026 |
| Engineering Reports | Various |
| Phase I Environmental Reports | Various |
| Seismic Risk Assessments | Various |
| Pro Forma Title Policies | Not Dated |
| Management Agreement Documents (see Note 1) | 26 October 2026 |
| Underwriter’s Summary Report | Not Dated |
| Underwritten Rent Roll | 6 October 2026 |
Exhibit 1 to Attachment A
Page 2 of 2
Property Source Documents (continued)
| Source Document Title | Source Document Date |
| GreenStreet Self Storage Sector Outlook | 28 January 2026 |
| Client Provided Screenshot(s) of the 2026 Self Storage Almanac | Not Dated |
| Commercial Leasing Information | Not Dated |
| Historical Capital Expenditure Information | Not Dated |
| Portfolio Monthly Performance Information | Not Dated |
| TREPP Screenshot | Not Dated |
| Insurance Risk Analysis (see Note 1) | 22 October 2026 |
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 16
Compared Characteristics and Source Documents
Property Information:
| Characteristic | Source Document(s) |
| Address | Appraisal Report or Engineering Report |
| City | Appraisal Report or Engineering Report |
| State (Province) | Appraisal Report |
| Zip (Postal Abbreviation) | Appraisal Report |
| County | Appraisal Report |
| MSA | Appraisal Report |
| Property Type | Appraisal Report |
| Property Sub-Type | Appraisal Report |
| Year Built | Appraisal Report or Engineering Report |
| Year Renovated | Appraisal Report or Engineering Report |
| Date Acquired | Underwriter’s Summary Report |
| Ownership Interest | Pro Forma Title Policy |
| Unit Mix (Available Units) Regular | Underwriter’s Summary Report |
| Unit Mix (Available Units) Climate Controlled | Underwriter’s Summary Report |
| Unit Mix (Available Units) Total Self Storage Units | Underwriter’s Summary Report |
| Unit Mix (Available Units) Parking | Underwriter’s Summary Report |
| Unit Mix (Available Units) Other | Underwriter’s Summary Report |
| Unit Mix (Available Units) Commercial | Underwriter’s Summary Report |
| Unit Mix (Available Units) Total Units Including Parking, Other and Commercial | Underwriter’s Summary Report |
| Square Footage (Available SF) Regular | Underwriter’s Summary Report |
| Square Footage (Available SF) Climate Controlled | Underwriter’s Summary Report |
| Square Footage (Available SF) Total Self Storage Square Footage | Underwriter’s Summary Report |
| Square Footage (Available SF) Parking | Underwriter’s Summary Report |
| Square Footage (Available SF) Other | Underwriter’s Summary Report |
| Square Footage (Available SF) Commercial | Underwriter’s Summary Report |
| Square Footage (Available SF) Total Square Footage Including Parking, Other and Commercial | Underwriter’s Summary Report |
| Unit Mix (Occupied Units) Regular | Underwriter’s Summary Report |
| Unit Mix (Occupied Units) Climate Controlled | Underwriter’s Summary Report |
| Unit Mix (Occupied Units) Total Self Storage Units | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 2 of 16
Property Information: (continued)
| Characteristic | Source Document(s) |
| Unit Mix (Occupied Units) Parking | Underwriter’s Summary Report |
| Unit Mix (Occupied Units) Other | Underwriter’s Summary Report |
| Unit Mix (Occupied Units) Commercial | Underwriter’s Summary Report |
| Unit Mix (Occupied Units) Total Units Including Parking, Other and Commercial | Underwriter’s Summary Report |
| Square Footage (Occupied SF) Regular | Underwriter’s Summary Report |
| Square Footage (Occupied SF) Climate Controlled | Underwriter’s Summary Report |
| Square Footage (Occupied SF) Total Self Storage SF | Underwriter’s Summary Report |
| Square Footage (Occupied SF) Parking | Underwriter’s Summary Report |
| Square Footage (Occupied SF) Other | Underwriter’s Summary Report |
| Square Footage (Occupied SF) Commercial | Underwriter’s Summary Report |
| Square Footage (Occupied SF) Total Square Footage Including Parking, Other and Commercial | Underwriter’s Summary Report |
| Self Storage Occupancy (%) (based on SF) | Underwriter’s Summary Report |
| Storage Occupancy (%) (based on SF) | Underwriter’s Summary Report |
| Total Occupancy Including Parking, Other and Commercial SF (based on SF) (%) | Underwriter’s Summary Report |
| Occupancy Date | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 3 of 16
Third Party Information:
| Characteristic | Source Document(s) |
| Individual As-is Appraiser | Appraisal Report |
| Appraiser Designation | Appraisal Report |
| Appraisal FIRREA (Y/N) | Appraisal Report |
| Individual As-Is Appraised Value Date | Appraisal Report |
| Individual As-Is Appraised Value | Appraisal Report |
| Portfolio Appraisal Appraiser | Portfolio Appraisal Report |
| Portfolio Appraised Value Date | Portfolio Appraisal Report |
| Portfolio Appraised Value | Portfolio Appraisal Report |
| Engineering Report Provider | Engineering Report |
| Engineering Report Date | Engineering Report |
| Flood Zone | Engineering Report |
| Seismic Zone | Engineering Report |
| PML % | Seismic Risk Assessment |
| Seismic Report Date | Seismic Risk Assessment |
| Environmental Phase I Report Provider | Phase I Environmental Report |
| Environmental Phase I Report Date | Phase I Environmental Report |
| Earthquake Insurance Required | Seismic Risk Assessment |
| Terrorism Insurance Required | Insurance Risk Analysis |
| Blanket Insurance Policy (Yes/No) | Insurance Risk Analysis |
Exhibit 2 to Attachment A
Page 4 of 16
Underwriting Information:
| Characteristic | Source Document(s) |
| 2023 Annualized Storage Rental Income | Underwriter’s Summary Report |
| 2024 Annualized Storage Rental Income | Underwriter’s Summary Report |
| 2025 Annualized Storage Rental Income | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Storage Rental Income | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Storage Rental Income | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Storage Rental Income | Underwriter’s Summary Report |
| Sponsor 2026 Budget Storage Rental Income | Underwriter’s Summary Report |
| UW Storage Rental Income | Underwriter’s Summary Report |
| 2023 Annualized Potential Income from Vacant Units | Underwriter’s Summary Report |
| 2024 Annualized Potential Income from Vacant Units | Underwriter’s Summary Report |
| 2025 Annualized Potential Income from Vacant Units | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Potential Income from Vacant Units | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Potential Income from Vacant Units | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Potential Income from Vacant Units | Underwriter’s Summary Report |
| Sponsor 2026 Budget Potential Income from Vacant Units | Underwriter’s Summary Report |
| UW Potential Income from Vacant Units | Underwriter’s Summary Report |
| 2023 Annualized Gross Potential Income | Underwriter’s Summary Report |
| 2024 Annualized Gross Potential Income | Underwriter’s Summary Report |
| 2025 Annualized Gross Potential Income | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Gross Potential Income | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Gross Potential Income | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Gross Potential Income | Underwriter’s Summary Report |
| Sponsor 2026 Budget Gross Potential Income | Underwriter’s Summary Report |
| UW Gross Potential Income | Underwriter’s Summary Report |
| 2023 Annualized Economic Vacancy | Underwriter’s Summary Report |
| 2024 Annualized Economic Vacancy | Underwriter’s Summary Report |
| 2025 Annualized Economic Vacancy | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Economic Vacancy | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 5 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| August 2026 T-6 Annualized Economic Vacancy | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Economic Vacancy | Underwriter’s Summary Report |
| Sponsor 2026 Budget Economic Vacancy | Underwriter’s Summary Report |
| UW Economic Vacancy | Underwriter’s Summary Report |
| 2023 Annualized Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| 2024 Annualized Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| 2025 Annualized Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| Sponsor 2026 Budget Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| UW Gross Potential Income Before Other Income | Underwriter’s Summary Report |
| 2023 Annualized Late & Application Fees | Underwriter’s Summary Report |
| 2024 Annualized Late & Application Fees | Underwriter’s Summary Report |
| 2025 Annualized Late & Application Fees | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Late & Application Fees | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Late & Application Fees | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Late & Application Fees | Underwriter’s Summary Report |
| Sponsor 2026 Budget Late & Application Fees | Underwriter’s Summary Report |
| UW Late & Application Fees | Underwriter’s Summary Report |
| 2023 Annualized Other Income | Underwriter’s Summary Report |
| 2024 Annualized Other Income | Underwriter’s Summary Report |
| 2025 Annualized Other Income | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Other Income | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Other Income | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Other Income | Underwriter’s Summary Report |
| Sponsor 2026 Budget Other Income | Underwriter’s Summary Report |
| UW Other Income | Underwriter’s Summary Report |
| 2023 Annualized Effective Gross Income - Storage | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 6 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| 2024 Annualized Effective Gross Income - Storage | Underwriter’s Summary Report |
| 2025 Annualized Effective Gross Income - Storage | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Effective Gross Income - Storage | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Effective Gross Income - Storage | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Effective Gross Income - Storage | Underwriter’s Summary Report |
| Sponsor 2026 Budget Effective Gross Income - Storage | Underwriter’s Summary Report |
| UW Effective Gross Income - Storage | Underwriter’s Summary Report |
| 2023 Annualized Commercial Base Rent | Underwriter’s Summary Report |
| 2024 Annualized Commercial Base Rent | Underwriter’s Summary Report |
| 2025 Annualized Commercial Base Rent | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Commercial Base Rent | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Commercial Base Rent | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Commercial Base Rent | Underwriter’s Summary Report |
| Sponsor 2026 Budget Commercial Base Rent | Underwriter’s Summary Report |
| UW Commercial Base Rent | Underwriter’s Summary Report |
| 2023 Annualized Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
| 2024 Annualized Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
| 2025 Annualized Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
| Sponsor 2026 Budget Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
| UW Commercial Potential Income from Vacant Space | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 7 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| 2023 Annualized Commercial Expense Reimbursements | Underwriter’s Summary Report |
| 2024 Annualized Commercial Expense Reimbursements | Underwriter’s Summary Report |
| 2025 Annualized Commercial Expense Reimbursements | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Commercial Expense Reimbursements | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Commercial Expense Reimbursements | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Commercial Expense Reimbursements | Underwriter’s Summary Report |
| Sponsor 2026 Budget Commercial Expense Reimbursements | Underwriter’s Summary Report |
| UW Commercial Expense Reimbursements | Underwriter’s Summary Report |
| 2023 Annualized Gross Potential Commercial Income | Underwriter’s Summary Report |
| 2024 Annualized Gross Potential Commercial Income | Underwriter’s Summary Report |
| 2025 Annualized Gross Potential Commercial Income | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Gross Potential Commercial Income | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Gross Potential Commercial Income | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Gross Potential Commercial Income | Underwriter’s Summary Report |
| Sponsor 2026 Budget Gross Potential Commercial Income | Underwriter’s Summary Report |
| UW Gross Potential Commercial Income | Underwriter’s Summary Report |
| 2023 Annualized Commercial Economic Vacancy | Underwriter’s Summary Report |
| 2024 Annualized Commercial Economic Vacancy | Underwriter’s Summary Report |
| 2025 Annualized Commercial Economic Vacancy | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Commercial Economic Vacancy | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Commercial Economic Vacancy | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Commercial Economic Vacancy | Underwriter’s Summary Report |
| Sponsor 2026 Budget Commercial Economic Vacancy | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 8 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| UW Commercial Economic Vacancy | Underwriter’s Summary Report |
| 2023 Annualized Effective Gross Income - Commercial | Underwriter’s Summary Report |
| 2024 Annualized Effective Gross Income - Commercial | Underwriter’s Summary Report |
| 2025 Annualized Effective Gross Income - Commercial | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Effective Gross Income - Commercial | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Effective Gross Income - Commercial | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Effective Gross Income - Commercial | Underwriter’s Summary Report |
| Sponsor 2026 Budget Effective Gross Income - Commercial | Underwriter’s Summary Report |
| UW Effective Gross Income - Commercial | Underwriter’s Summary Report |
| 2023 Annualized Effective Gross Income - Total | Underwriter’s Summary Report |
| 2024 Annualized Effective Gross Income - Total | Underwriter’s Summary Report |
| 2025 Annualized Effective Gross Income - Total | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Effective Gross Income - Total | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Effective Gross Income - Total | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Effective Gross Income - Total | Underwriter’s Summary Report |
| Sponsor 2026 Budget Effective Gross Income - Total | Underwriter’s Summary Report |
| UW Effective Gross Income - Total | Underwriter’s Summary Report |
| 2023 Annualized Management Fee | Underwriter’s Summary Report |
| 2024 Annualized Management Fee | Underwriter’s Summary Report |
| 2025 Annualized Management Fee | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Management Fee | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Management Fee | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Management Fee | Underwriter’s Summary Report |
| Sponsor 2026 Budget Management Fee | Underwriter’s Summary Report |
| UW Management Fee | Underwriter’s Summary Report |
| 2023 Annualized Payroll & Benefits | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 9 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| 2024 Annualized Payroll & Benefits | Underwriter’s Summary Report |
| 2025 Annualized Payroll & Benefits | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Payroll & Benefits | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Payroll & Benefits | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Payroll & Benefits | Underwriter’s Summary Report |
| Sponsor 2026 Budget Payroll & Benefits | Underwriter’s Summary Report |
| UW Payroll & Benefits | Underwriter’s Summary Report |
| 2023 Annualized Cost of Goods Sold | Underwriter’s Summary Report |
| 2024 Annualized Cost of Goods Sold | Underwriter’s Summary Report |
| 2025 Annualized Cost of Goods Sold | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Cost of Goods Sold | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Cost of Goods Sold | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Cost of Goods Sold | Underwriter’s Summary Report |
| Sponsor 2026 Budget Cost of Goods Sold | Underwriter’s Summary Report |
| UW Cost of Goods Sold | Underwriter’s Summary Report |
| 2023 Annualized Utilities | Underwriter’s Summary Report |
| 2024 Annualized Utilities | Underwriter’s Summary Report |
| 2025 Annualized Utilities | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Utilities | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Utilities | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Utilities | Underwriter’s Summary Report |
| Sponsor 2026 Budget Utilities | Underwriter’s Summary Report |
| UW Utilities | Underwriter’s Summary Report |
| 2023 Annualized Repairs & Maintenance | Underwriter’s Summary Report |
| 2024 Annualized Repairs & Maintenance | Underwriter’s Summary Report |
| 2025 Annualized Repairs & Maintenance | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Repairs & Maintenance | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Repairs & Maintenance | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Repairs & Maintenance | Underwriter’s Summary Report |
| Sponsor 2026 Budget Repairs & Maintenance | Underwriter’s Summary Report |
| UW Repairs & Maintenance | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 10 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| 2023 Annualized Marketing & Advertising | Underwriter’s Summary Report |
| 2024 Annualized Marketing & Advertising | Underwriter’s Summary Report |
| 2025 Annualized Marketing & Advertising | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Marketing & Advertising | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Marketing & Advertising | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Marketing & Advertising | Underwriter’s Summary Report |
| Sponsor 2026 Budget Marketing & Advertising | Underwriter’s Summary Report |
| UW Marketing & Advertising | Underwriter’s Summary Report |
| 2023 Annualized General & Administrative | Underwriter’s Summary Report |
| 2024 Annualized General & Administrative | Underwriter’s Summary Report |
| 2025 Annualized General & Administrative | Underwriter’s Summary Report |
| August 2026 T-12 Annualized General & Administrative | Underwriter’s Summary Report |
| August 2026 T-6 Annualized General & Administrative | Underwriter’s Summary Report |
| August 2026 T-3 Annualized General & Administrative | Underwriter’s Summary Report |
| Sponsor 2026 Budget General & Administrative | Underwriter’s Summary Report |
| UW General & Administrative | Underwriter’s Summary Report |
| 2023 Annualized Insurance | Underwriter’s Summary Report |
| 2024 Annualized Insurance | Underwriter’s Summary Report |
| 2025 Annualized Insurance | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Insurance | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Insurance | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Insurance | Underwriter’s Summary Report |
| Sponsor 2026 Budget Insurance | Underwriter’s Summary Report |
| UW Insurance | Underwriter’s Summary Report |
| 2023 Annualized Real Estate Taxes | Underwriter’s Summary Report |
| 2024 Annualized Real Estate Taxes | Underwriter’s Summary Report |
| 2025 Annualized Real Estate Taxes | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Real Estate Taxes | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Real Estate Taxes | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 11 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| August 2026 T-3 Annualized Real Estate Taxes | Underwriter’s Summary Report |
| Sponsor 2026 Budget Real Estate Taxes | Underwriter’s Summary Report |
| UW Real Estate Taxes | Underwriter’s Summary Report |
| 2023 Annualized Total Expenses | Underwriter’s Summary Report |
| 2024 Annualized Total Expenses | Underwriter’s Summary Report |
| 2025 Annualized Total Expenses | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Total Expenses | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Total Expenses | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Total Expenses | Underwriter’s Summary Report |
| Sponsor 2026 Budget Total Expenses | Underwriter’s Summary Report |
| UW Total Expenses | Underwriter’s Summary Report |
| 2023 Annualized Net Operating Income | Underwriter’s Summary Report |
| 2024 Annualized Net Operating Income | Underwriter’s Summary Report |
| 2025 Annualized Net Operating Income | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Net Operating Income | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Net Operating Income | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Net Operating Income | Underwriter’s Summary Report |
| Sponsor 2026 Budget Net Operating Income | Underwriter’s Summary Report |
| UW Net Operating Income | Underwriter’s Summary Report |
| 2023 Annualized Replacement Reserves - Storage | Underwriter’s Summary Report |
| 2024 Annualized Replacement Reserves - Storage | Underwriter’s Summary Report |
| 2025 Annualized Replacement Reserves - Storage | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Replacement Reserves – Storage | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Replacement Reserves - Storage | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Replacement Reserves - Storage | Underwriter’s Summary Report |
| Sponsor 2026 Budget Replacement Reserves - Storage | Underwriter’s Summary Report |
| UW Replacement Reserves - Storage | Underwriter’s Summary Report |
| 2023 Annualized Replacement Reserves - Commercial | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 12 of 16
Underwriting Information: (continued)
| Characteristic | Source Document(s) |
| 2024 Annualized Replacement Reserves - Commercial | Underwriter’s Summary Report |
| 2025 Annualized Replacement Reserves - Commercial | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Replacement Reserves - Commercial | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Replacement Reserves - Commercial | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Replacement Reserves - Commercial | Underwriter’s Summary Report |
| Sponsor 2026 Budget Replacement Reserves - Commercial | Underwriter’s Summary Report |
| UW Replacement Reserves - Commercial | Underwriter’s Summary Report |
| 2023 Annualized Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| 2024 Annualized Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| 2025 Annualized Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| Sponsor 2026 Budget Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| UW Normalized Tenant Improvement and Leasing Commissions | Underwriter’s Summary Report |
| 2023 Annualized Net Cash Flow | Underwriter’s Summary Report |
| 2024 Annualized Net Cash Flow | Underwriter’s Summary Report |
| 2025 Annualized Net Cash Flow | Underwriter’s Summary Report |
| August 2026 T-12 Annualized Net Cash Flow | Underwriter’s Summary Report |
| August 2026 T-6 Annualized Net Cash Flow | Underwriter’s Summary Report |
| August 2026 T-3 Annualized Net Cash Flow | Underwriter’s Summary Report |
| Sponsor 2026 Budget Net Cash Flow | Underwriter’s Summary Report |
| UW Net Cash Flow | Underwriter’s Summary Report |
Exhibit 2 to Attachment A
Page 13 of 16
Reserve and Escrow Information:
| Characteristic | Source Document(s) |
| Ongoing RE Tax Reserve ($) | Mortgage Loan Agreement |
| Upfront Replacement Reserve ($) | Mortgage Loan Agreement |
| Ongoing Insurance Reserve ($) | Mortgage Loan Agreement |
| Ongoing Replacement Reserve ($) | Mortgage Loan Agreement |
| Replacement Reserve Caps ($) | Mortgage Loan Agreement |
| Upfront TI/LC Reserve ($) | Mortgage Loan Agreement |
| Ongoing TI/LC Reserve ($) | Mortgage Loan Agreement |
| TI/LC Caps ($) | Mortgage Loan Agreement |
| Upfront Debt Service Reserve ($) | Mortgage Loan Agreement |
| Ongoing Debt Service Reserve ($) | Mortgage Loan Agreement |
| Debt Service Reserve Cap ($) | Mortgage Loan Agreement |
| Upfront Deferred Maintenance Reserve ($) | Mortgage Loan Agreement |
| Ongoing Deferred Maintenance Reserve ($) | Mortgage Loan Agreement |
| Upfront Environmental Reserve ($) | Mortgage Loan Agreement |
| Ongoing Environmental Reserve ($) | Mortgage Loan Agreement |
| Other Reserve Cap ($) | Mortgage Loan Agreement |
Mortgage Loan Information:
| Characteristic | Source Document(s) |
| First Loan Payment Date | Mortgage Loan Agreement |
| Maturity Date | Mortgage Loan Agreement |
| Prepayment Provision | Mortgage Loan Agreement |
| Interest Calculation (30/360 / Actual/360) | Mortgage Loan Agreement |
| Amort Type | Mortgage Loan Agreement |
| Grace Period- Late Fee | Mortgage Loan Agreement |
| Grace Period- Default | Mortgage Loan Agreement |
| Lockbox | Mortgage Loan Agreement |
| Cash Management Trigger | Mortgage Loan Agreement |
| Cash Management Type | Mortgage Loan Agreement |
| Release Provisions (Yes/No) | Mortgage Loan Agreement |
| Property Release Description | Mortgage Loan Agreement |
| Administrative Fee Rate (%) | Administrative Fee Schedule |
| Mortgage Loan Original Balance | Mortgage Loan Agreement |
| Prepayment / Defeasance Begin Date | Mortgage Loan Agreement |
| Prepayment / Defeasance End Date | Mortgage Loan Agreement |
| Open Period Begin Date | Mortgage Loan Agreement |
| Open Period (Payments) | Mortgage Loan Agreement |
| Prepayment Type | Mortgage Loan Agreement |
| Future Debt Permitted (Yes/No) | Mortgage Loan Agreement |
| Mortgage Assumable? | Mortgage Loan Agreement |
Exhibit 2 to Attachment A
Page 14 of 16
Mortgage Loan Information: (continued)
| Characteristic | Source Document(s) |
| Assumption Fee | Mortgage Loan Agreement |
| Due on Sale | Mortgage Loan Agreement |
| Due on Encumbrance | Mortgage Loan Agreement |
| Borrower Name | Mortgage Loan Agreement |
| Tenant In Common (Yes/No)? | Mortgage Loan Agreement |
| Delaware Statutory Trust (Yes/No)? | Mortgage Loan Agreement |
| Carve-out Guarantor | Guaranty Agreement |
| Recourse | Mortgage Loan Agreement |
| Single Purpose Borrower (Y/N) | Mortgage Loan Agreement |
| Property Manager | Mortgage Loan Agreement |
| Originator | Mortgage Loan Agreement |
| Originator Entity Type | Mortgage Loan Agreement |
Notes:
| 1. | For the purpose of comparing the: |
| a. | Address, |
| b. | City and |
| c. | State (Province) |
characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.
| 2. | 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. |
| 3. | For the purpose of comparing the: |
| a. | Prepayment Provision, |
| b. | Prepayment / Defeasance Begin Date, |
| c. | Prepayment / Defeasance End Date, |
| d. | Open Period Begin Date and |
| e. | Open Period (Payments) |
characteristics for each Mortgage Loan, the Depositor instructed us to ignore any prepayment premiums or other conditions related to partial release events or partial prepayments to cure certain trigger periods, as described in the applicable Source Document(s).
Exhibit 2 to Attachment A
Page 15 of 16
| 4. | For the purpose of comparing the “Prepayment / Defeasance Begin Date” characteristic for each Mortgage Loan, the Depositor instructed us to use the “Origination Date,” as shown on the Preliminary Data File. |
For the purpose of comparing the “Prepayment / Defeasance End Date” characteristic for each Mortgage Loan, the Depositor instructed us to use the day prior to the “Maturity Date,” as shown on the Preliminary Data File.
For the purpose of comparing the “Open Period Begin Date” characteristic for each Mortgage Loan, the Depositor instructed us to use the “Maturity Date,” as shown on the Preliminary Data File.
| 5. | For the purpose of comparing the “Lockbox” characteristic for each Mortgage Loan, the Depositor instructed us to use “Soft” if the applicable Source Document(s) require the borrower(s) to deposit or cause the property manager to deposit all rents collected into a lockbox account controlled by the lender(s). |
| 6. | For the purpose of comparing the “Cash Management Type” characteristic for each Mortgage Loan, 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). |
| 7. | For the purpose of comparing the “Individual As-Is Appraised Value” characteristic for the Property identified on the Preliminary Data File as “Prime Storage – Appleton,” the Depositor instructed us to combine the excess land value with the as-is appraised value, as shown in the applicable appraisal report Source Document. |
| 8. | For the purpose of comparing the “County” and “MSA” characteristics for the Properties identified on the Preliminary Data File as “Prime Storage – Fairbank,” “Prime Storage - Mississauga” and “Prime Storage – Ajax,” the Depositor instructed us to use “NAP.” |
Exhibit 2 to Attachment A
Page 16 of 16
| 9. | The Depositor instructed us to perform procedures on the “Seismic Report Date” and “PML %” characteristics only for any Property that contains a seismic risk assessment Source Document. For any Property that does not contain a seismic risk assessment Source Document, the Depositor instructed us to use “NAP” for the “Seismic Report Date” and “PML %” characteristics. |
The Depositor instructed us to use “Yes” for the “Earthquake Insurance Required” characteristic if the “PML %” value on the Preliminary Data File is greater than or equal to 20%. If the “PML %” value on the Preliminary Data File is less than 20% or is “NAP” (as described in the preceding paragraph(s) of this Note), the Depositor instructed us to use “No” for the “Earthquake Insurance Required” characteristic.
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 ID |
| Property No. (ranked by Mortgage ALA) |
| Property Name |
| Mortgage Loan Seller |
| Origination Date |
| Loan Purpose |
| Sponsor |
| Environmental Phase II Report Provider |
| Environmental Phase II Report Date |
| Environmental Insurance Required (Y/N) |
| Property Located Within a Qualified Opportunity Zone (Y/N) |
| Upfront RE Tax Reserve ($) |
| Upfront Insurance Reserve ($) |
| Upfront Other Reserve ($) |
| Ongoing Other Reserve ($) |
| Other Reserve Description |
| Previous Securitization |
| Mortgage Loan Coupon |
| Lockout Period |
| Lockout Expiration Date |
| Note: | We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics. |