EX-1 2 exh_1.htm AGREED-UPON PROCEDURES REPORT DATED APRIL 23, 2021

Exhibit 1

SFO Commercial Mortgage Trust 2021-555

Commercial Mortgage Pass-Through Certificates, Series 2021-555

Report To:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

Drexel Hamilton, LLC

Academy Securities, Inc.

23 April 2021

Ernst & Young LLP

5 Times Square

New York, NY 10036

Tel: +1 212 773 3000

ey.com

Report of Independent Accountants on Applying Agreed-Upon Procedures

J.P. Morgan Chase Commercial Mortgage Securities Corp.

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Academy Securities, Inc.

140 East 45th Street, 5th Floor

New York, New York 10017

Drexel Hamilton, LLC

77 Water Street

New York, New York 10005

Re:

SFO Commercial Mortgage Trust 2021-555 (the “Issuing Entity”)
Commercial Mortgage Pass-Through Certificates, Series 2021-555 (the “Certificates”)

We have performed the procedures enumerated in Attachment A, which were agreed to by the addressees of this report (the “Specified Parties”), solely to assist the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) relating to the Issuing Entity’s securitization transaction. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency 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, J.P. Morgan Chase Commercial Mortgage Securities Corp. (the “Depositor”) provided us with:

Certain electronic data files (the “Data Files”) that are described in Attachment A,

Copies of various source documents (the “Source Documents”), which are listed on Exhibit 1 to Attachment A,

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,

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,

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,

A draft of the preliminary confidential offering circular relating to the Issuing Entity’s securitization transaction (the “Draft Preliminary Offering Circular”) and

Instructions, assumptions and methodologies, which are described in Attachment A.

Page 2 of 2

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 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 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 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.

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 American Institute of Certified Public Accountants 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:

Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or

Making any findings with respect to:

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.

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

23 April 2021

Attachment A
Page 1 of 5

Background

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

The assets of the Issuing Entity will consist primarily of a componentized promissory note evidencing a two-year (subject to five, one-year extension options), floating rate, interest-only loan (the “Mortgage Loan”) and

The Mortgage Loan is secured by, among other things, a first priority mortgage lien on the borrower’s fee simple interest in an office and retail campus located in San Francisco, California (the “Property”).

Procedures performed and our associated findings

The Depositor provided us with:

An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Mortgage Loan and Property that is expected to be as of 10 May 2021 (the “Reference Date”) and

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.

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 5

Subsequent to the performance of the procedures described in Items 1. and 2. above, we received from the Depositor:

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 Property as of the Reference Date and

Record layout and decode information relating to the information on the Final Data File.

Using information on the:

Final Data File and

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.

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.

Using the:

First Payment Date,

Initial Maturity Date and

Extended Maturity Date,

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

Original Mortgage Loan Term (Excluding Extensions) and

ii.

Original Mortgage Loan Term (Including Extensions)

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.

Using the:

Seasoning,

Original Mortgage Loan Term (Excluding Extensions) and

Original Mortgage Loan Term (Including Extensions),

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

Remaining Mortgage Loan Term to Maturity (Excluding Extensions) and

ii.

Remaining Mortgage Loan Term to Maturity (Including Extensions)

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 5

The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term, including during the extension period options. Based on this information, the Depositor instructed us to:

Use “0” for the:

Original Mortgage Loan Amortization Term (Excluding Extensions),

ii.

Remaining Mortgage Loan Amortization Term (Excluding Extensions) and

iii.

Remaining Mortgage Loan Amortization Term (Including Extensions)

of the Mortgage Loan,

Use the “Original Mortgage Loan Term (Excluding Extensions),” as shown on the Final Data File, for the “Mortgage Loan IO Period” of the Mortgage Loan and

Use the “Original Mortgage Loan Balance,” as shown on the Final Data File, for the:

Principal balance of the Mortgage Loan as of the Reference Date (the “Cut-off Date Mortgage Loan Balance”) and

ii.

Principal balance of the Mortgage Loan as of the “Initial Maturity Date” of the Mortgage Loan (the “Maturity Date Mortgage Loan Balance”).

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

Using the:

Mortgage Loan Margin,

LIBOR Floor,

LIBOR Rounding Methodology and

LIBOR Cap,

as shown on the Final Data File, and a LIBOR assumption of 0.11000% provided by the Depositor, we recalculated the:

Mortgage Loan Interest Rate (At Assumed LIBOR) and

ii.

Mortgage Loan Interest Rate (At LIBOR 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.

Using the:

Original Mortgage Loan Balance,

Mortgage Loan Interest Rate (At Assumed LIBOR),

Mortgage Loan Interest Rate (At LIBOR Cap) and

Accrual Basis,

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

Annual Mortgage Loan Debt Service,

ii.

Monthly Mortgage Loan Debt Service,

iii.

Annual Mortgage Loan Debt Service @ Cap and

iv.

Monthly Mortgage Loan Debt Service @ 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 5

9. (continued)

For the purpose of this procedure, the Depositor instructed us to recalculate the “Annual Mortgage Loan 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,

The “Mortgage Loan Interest Rate (At Assumed LIBOR),” as shown on the Final Data File, and

365/360.

For the purpose of this procedure, the Depositor instructed us to recalculate the “Monthly Mortgage Loan Debt Service” of the Mortgage Loan as 1/12^th of the “Annual Mortgage Loan Debt Service.”

For the purpose of this procedure, the Depositor instructed us to recalculate the “Annual Mortgage Loan Debt Service @ 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,

The “Mortgage Loan Interest Rate (At LIBOR 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 “Monthly Mortgage Loan Debt Service @ Cap” of the Mortgage Loan as 1/12^th of the “Annual Mortgage Loan Debt Service @ Cap.”

10.

Using the:

Cut-off Date Mortgage Loan Balance,

Maturity Date Mortgage Loan Balance,

Annual Mortgage Loan Debt Service,

Annual Mortgage Loan Debt Service @ Cap,

As-Is Appraised Value,

Underwritten In-Place NOI,

Underwritten In-Place NCF and

Units,

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

Mortgage Loan Cut-Off Date LTV,

ii.

Mortgage Loan Maturity Date LTV,

iii.

Mortgage Loan Underwritten As-Is NOI DY,

iv.

Mortgage Loan Underwritten As-Is NCF DY,

Mortgage Loan Underwritten As-Is NOI DSCR,

vi.

Mortgage Loan Underwritten As-Is NCF DSCR,

vii.

Mortgage Loan Underwritten As-Is NOI DSCR @ Cap,

viii.

Mortgage Loan Underwritten As-Is NCF DSCR @ Cap and

ix.

Cut-off Date Mortgage Loan Balance Per SF

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 5 of 5

10. (continued)

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

Round the characteristics listed in i. through iv. above to the nearest 1/10^th of one percent and

Round the characteristics listed in v. through viii. above to two decimal places.

11.

Using the:

Units,

SF1,

SF2,

SF3,

SF4 and

SF5,

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

Space Pct 1,

ii.

Space Pct 2,

iii.

Space Pct 3,

iv.

Space Pct 4 and

Space Pct 5

of the 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:

Master Servicer and

Primary Servicer,

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

13.

Using the:

Servicing Fee,

Trustee Fee,

Operating Advisor Fee and

CREFC Fee,

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

14.

Using the:

Total Admin Fee and

Mortgage Loan Margin,

as shown on the Final Data File, we recalculated the “Net Margin 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)	22 April 2021

Interest Rate Cap Bid Package (see Note 1)	12 April 2021

Property Source Documents

Source Document Title	Source Document Date

Appraisal Report	19 April 2021

Engineering Report	26 March 2021

Phase I Environmental Report	25 March 2021

Seismic Report	26 March 2021

Underwriter’s Summary Report	Not Dated

Underwritten Rent Roll	1 February 2021

Management Agreement	1 March 2006

Management Agreement Amendments	Various

Lease Agreements	Various

Lease Estoppels	Various

Lease Abstracts	Various

Title Policy	Not Dated

Campus Capital Expenditures Summary	Not Dated

CoStar Market and Submarket Reports	Various

Note:

The indicated Source Document(s) that were provided to us by the Depositor are draft document(s). 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)

Street Address (see Note 1)	Appraisal Report
City (see Note 1)	Appraisal Report
State / Province (see Note 1)	Appraisal Report
Zip Code	Appraisal Report
Property Type	Appraisal Report
Property Sub Type	Appraisal Report
Class	Appraisal Report
Year Built	Appraisal Report
Units	Underwritten Rent Roll
Unit Type	Underwritten Rent Roll
Occupancy %	Underwritten Rent Roll
Occupancy Date	Underwritten Rent Roll

Third Party Information:

Characteristic	Source Document(s)

As-Is Appraised Value	Appraisal Report
Appraisal Cap Rate	Appraisal Report
Appraisal Firm	Appraisal Report
Appraisal (Valuation Date)	Appraisal Report
Environmental Firm	Phase I Environmental Report
Phase I Date	Phase I Environmental Report
Engineering Firm	Engineering Report
Engineering Report Date	Engineering Report
Seismic Zone	Engineering Report
Seismic Date	Seismic Report
Seismic Firm	Seismic Report
Seismic PML %	Seismic Report

Major Tenant Information: (see Note 2)

Characteristic	Source Document(s)

Tenant Name 1	Underwritten Rent Roll
SF1	Underwritten Rent Roll
Tenant Lease Expiration Date 1	Underwritten Rent Roll
Tenant Name 2	Underwritten Rent Roll
SF2	Underwritten Rent Roll

Exhibit 2 to Attachment A
Page 2 of 5

Major Tenant Information: (continued)

Characteristic	Source Document(s)

Tenant Lease Expiration Date 2	Underwritten Rent Roll
Tenant Name 3	Underwritten Rent Roll
SF3	Underwritten Rent Roll
Tenant Lease Expiration Date 3	Underwritten Rent Roll
Tenant Name 4	Underwritten Rent Roll
SF4	Underwritten Rent Roll
Tenant Lease Expiration Date 4	Underwritten Rent Roll
Tenant Name 5	Underwritten Rent Roll
SF5	Underwritten Rent Roll
Tenant Lease Expiration Date 5	Underwritten Rent Roll

Underwriting Information: (see Note 3)

Characteristic	Source Document(s)

2017 Effective Gross Income	Underwriter’s Summary Report
2017 Expense Total	Underwriter’s Summary Report
2017 NOI	Underwriter’s Summary Report
2018 Effective Gross Income	Underwriter’s Summary Report
2018 Expense Total	Underwriter’s Summary Report
2018 NOI	Underwriter’s Summary Report
2019 Effective Gross Income	Underwriter’s Summary Report
2019 Expense Total	Underwriter’s Summary Report
2019 NOI	Underwriter’s Summary Report
TTM Date	Underwriter’s Summary Report
TTM Effective Gross Income	Underwriter’s Summary Report
TTM Expense Total	Underwriter’s Summary Report
TTM NOI	Underwriter’s Summary Report
Underwritten In-Place Effective Gross Income	Underwriter’s Summary Report
Underwritten In-Place Expense Total	Underwriter’s Summary Report
Underwritten In-Place NOI	Underwriter’s Summary Report
Underwritten In-Place Replacement Reserves	Underwriter’s Summary Report
Underwritten In-Place TI/LC	Underwriter’s Summary Report
Underwritten In-Place NCF	Underwriter’s Summary Report
Underwritten In-Place Economic Occupancy	Underwriter’s Summary Report

Reserve and Escrow Information:

Characteristic	Source Document(s)

Upfront Required Repairs	Mortgage Loan Agreement
Initial Tax Reserve	Mortgage Loan Agreement
Monthly Tax Reserve	Mortgage Loan Agreement
Tax Reserve Cap	Mortgage Loan Agreement

Exhibit 2 to Attachment A
Page 3 of 5

Reserve and Escrow Information:

Characteristic	Source Document(s)

Initial Insurance Reserve	Mortgage Loan Agreement
Monthly Insurance Reserve	Mortgage Loan Agreement
Insurance Reserve Cap	Mortgage Loan Agreement
Initial Replacement Reserves	Mortgage Loan Agreement
Monthly Replacement Reserves	Mortgage Loan Agreement
Replacement Reserves Cap	Mortgage Loan Agreement
Initial Rollover Reserve	Mortgage Loan Agreement
Monthly Rollover Reserve	Mortgage Loan Agreement
Rollover Reserve Cap	Mortgage Loan Agreement
Initial Free Rent Reserve	Mortgage Loan Agreement
Monthly Free Rent Reserve	Mortgage Loan Agreement
Monthly Free Rent Reserve Cap	Mortgage Loan Agreement
Other Reserve Monthly Deposit	Mortgage Loan Agreement
Other Reserve Cap	Mortgage Loan Agreement

Mortgage Loan Information:

Characteristic	Source Document(s)

Borrower Entities	Mortgage Loan Agreement
Original Mortgage Loan Balance	Mortgage Loan Agreement
First Payment Date	Mortgage Loan Agreement
Initial Maturity Date	Mortgage Loan Agreement
Extended Maturity Date	Mortgage Loan Agreement
Payment Date	Mortgage Loan Agreement
Extension Options	Mortgage Loan Agreement
Extension Description	Mortgage Loan Agreement
Extension Test Description	Mortgage Loan Agreement
Extension Spread Increase (Yes/No)	Mortgage Loan Agreement
First Extension Spread Increase	Mortgage Loan Agreement
Second Extension Spread Increase	Mortgage Loan Agreement
Third Extension Spread Increase	Mortgage Loan Agreement
Fourth Extension Spread Increase	Mortgage Loan Agreement
Fifth Extension Spread Increase	Mortgage Loan Agreement

Exhibit 2 to Attachment A
Page 4 of 5

Mortgage Loan Information: (continued)

Characteristic	Source Document(s)

First Extension Fee	Mortgage Loan Agreement
Second Extension Fee	Mortgage Loan Agreement
Third Extension Fee	Mortgage Loan Agreement
Fourth Extension Fee	Mortgage Loan Agreement
Fifth Extension Fee	Mortgage Loan Agreement
Payment Grace Period Event of Default	Mortgage Loan Agreement
Payment Grace Period Event of Late Fee	Mortgage Loan Agreement
Balloon Grace Period Event of Default	Mortgage Loan Agreement
Balloon Grace Period Event of Late 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
LIBOR Rounding Methodology	Mortgage Loan Agreement
LIBOR Lookback Days	Mortgage Loan Agreement
LIBOR Floor	Mortgage Loan Agreement
LIBOR Cap	Interest Rate Cap Bid Package
Extension Term LIBOR CAP	Mortgage Loan Agreement
LIBOR Cap Expiration Date	Interest Rate Cap Bid Package
Rate Type	Mortgage Loan Agreement
Amortization Type	Mortgage Loan Agreement
Accrual Basis	Mortgage Loan Agreement
Prepayment String	Mortgage Loan Agreement
Partial Prepayments Allowed	Mortgage Loan Agreement
Future Funding Provisions	Mortgage Loan Agreement
Partial Release Permitted	Mortgage Loan Agreement
LockBox (Y/N)	Mortgage Loan Agreement
LockBox Type (see Note 4)	Mortgage Loan Agreement
Cash Management (see Note 5)	Mortgage Loan Agreement
Springing Conditions	Mortgage Loan Agreement
Single Asset Entity	Mortgage Loan Agreement
Single Purpose Entity	Mortgage Loan Agreement
Additional Debt Permitted	Mortgage Loan Agreement
Ownership Interest	Title Policy

Exhibit 2 to Attachment A
Page 5 of 5

Notes:

For the purpose of comparing the indicated characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

For the purpose of comparing the “Major Tenant Information” characteristics, the Depositor instructed us to combine multiple spaces leased by the same tenant, and for those tenants with multiple lease expirations, to use the lease expiration date associated with the space which has the largest square footage, as shown in the applicable Source Document(s).

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.

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

For the purpose of comparing the “Cash Management” characteristic, the Depositor instructed us to use “Springing” if:

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

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 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

No.

Property No.

Property Name

Property Count

Percentage of Cut-Off Date Mortgage Loan Balance

Origination Date

Mortgage Loan Margin

Loan Purpose

Appraised Value Description

Year Renovated

LIBOR Cap Provider

LIBOR Cap provider rating (M/S&P/F)

Ground Lease? (Y/N)

Ground Lease Expiration Date

Ground Lease Extension Terms

Annual Ground Lease Payment

Ground Lease Escalation Terms

Non-Consolidation Letter

Other Reserve Type

Other Reserve Initial Deposit

Guarantor