UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM ABS-15G
ASSET-BACKED SECURITIZER
Report Pursuant to Section 15G of
the Securities Exchange Act of 1934
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ____________ to ____________
Date of Report (Date of earliest event reported)______________________
Commission File Number of securitizer: ____________________
Central Index Key Number of securitizer: ___________________
______________________________________________________________________
Name and telephone number, including area code, of the person to
contact in connection with this filing
Indicate by check mark whether the securitizer has no activity
to report for the initial period pursuant to Rule 15Ga-1(c)(1) [_]
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [_]
Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [_]
[ü] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)
Central Index Key Number of depositor: 0001013611
J.P. Morgan
Chase Commercial Mortgage Securities Trust 2022-OPO
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of issuing entity (if applicable): Not applicable
Central Index Key Number of underwriter (if applicable): Not applicable
Kunal K. Singh, (212) 834-5467
Name and telephone number, including area code, of the person to
contact in connection with this filing
INFORMATION TO BE INCLUDED IN THE REPORT
FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
Attached as Exhibit 1 hereto is an agreed-upon procedures report, dated December 29, 2021, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.
Attached as Exhibit 2 hereto is an underwriting information comparison agreed-upon procedures report, dated December 29, 2021, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Date: December 29, 2021 | J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. | ||
By: | /s/ Kunal K. Singh | ||
Name: | Kunal K. Singh | ||
Title: | President and Chief Executive Officer | ||
Exhibit 1 | Agreed-upon procedures report, dated December 29, 2021, of Ernst & Young LLP. |
Exhibit 2 | Underwriting information comparison agreed-upon procedures report, dated December 29, 2021, of Ernst & Young LLP. |
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 2022-OPO (the "Issuing Entity”) |
Commercial Mortgage Pass-Through Certificates, Series 2022-OPO (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 Trust 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 29 December 2021. 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 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. |
![]() | 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 Trust 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.
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 Trust 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 Trust Loan, |
iii. | Whether the originator(s) of the Trust Loan complied with federal, state or local laws or regulations or |
iv. | Any other factor or characteristic of the Trust 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 procedure engagements are less restrictive than independence requirements for audit and other attestation services.
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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
29 December 2021
![]() | Attachment A |
Background
For the purpose of the procedures described in this report, the Depositor indicated that:
a. | The assets of the Issuing Entity will consist primarily of certain promissory notes evidencing a portion of a fixed rate, interest-only loan (the “Trust A Loan” and “Trust B Loan,” respectively, and collectively, the “Trust Loan”), |
b. | The Trust Loan is part of a split loan structure consisting of the Trust Loan and certain other fixed rate, interest-only loans (collectively, the “Companion Loans,” together with the Trust A Loan, the “Senior Debt,” and the Senior Debt together with the Trust B Loan, the “Mortgage Loan”), |
c. | The Companion Loans will not be assets of the Issuing Entity and are pari passu in right of payment to the Trust A Loan, |
d. | The Mortgage Loan is secured by, among other things, a first priority mortgage lien on the borrower’s fee simple interest in an office building located in Chicago, Illinois (the “Property”) and |
e. | The Mortgage Loan has a related fixed rate mezzanine loan (the “Mezzanine Loan”) that will not be an asset of the Issuing Entity. |
For the purpose of the procedures described in this report, the Mortgage Loan, together with the Mezzanine Loan, is hereinafter referred to as the “Total Debt associated with the Mortgage Loan.”
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, Trust Loan, Companion Loans, Mezzanine Loan, Total Debt associated with the Mortgage Loan and Property as of 1 January 2022 (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.
![]() | Attachment A |
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 Loan, Trust Loan, Companion Loans, Mezzanine Loan, Total Debt associated with the Mortgage Loan and Property 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 and Mezzanine 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 and |
b. | Maturity Date, |
as shown on the Final Data File, we recalculated the “Original Mortgage Loan Term” of the Mortgage Loan and Mezzanine 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 Mortgage Loan Term, |
as shown on the Final Data File, we recalculated the “Remaining Mortgage Loan Term to Maturity” of the Mortgage Loan and Mezzanine Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
7. | The applicable Source Document(s) indicate that the Mortgage Loan and Mezzanine Loan are interest-only for their entire terms. Based on this information, the Depositor instructed us to: |
a. | Use “0” for the: |
i. | Original Mortgage Loan Amortization Term and |
ii. | Remaining Mortgage Loan Amortization Term |
of the Mortgage Loan and Mezzanine Loan,
b. | Use the “Original Mortgage Loan Term,” as shown on the Final Data File, for the original interest-only period of the Mortgage Loan and Mezzanine Loan (the “Mortgage Loan IO Period”), |
c. | Use the “Original In-Trust A Mortgage Balance,” as shown on the Final Data File, for the: |
i. | Principal balance of the Trust A Loan as of the Reference Date (the “Cut-off Date In-Trust A Mortgage Balance”) and |
ii. | Principal balance of the Trust A Loan as of the “Maturity Date” of the Mortgage Loan (the “In-Trust A Maturity Mortgage Balance”), |
d. | Use the “Original Non-Trust A Mortgage Balance,” as shown on the Final Data File, for the: |
i. | Principal balance of the Companion Loans as of the Reference Date (the “Cut-off Date Non-Trust A Mortgage Balance”) and |
ii. | Principal balance of the Companion Loans as of the “Maturity Date” of the Mortgage Loan (the “Non-Trust A Maturity Mortgage Balance”), |
e. | Use the “Original In-Trust B Mortgage Balance,” as shown on the Final Data File, for the: |
i. | Principal balance of the Trust B Loan as of the Reference Date (the “Cut-off Date In-Trust B Mortgage Balance”) and |
ii. | Principal balance of the Trust B Loan as of the “Maturity Date” of the Mortgage Loan (the “In-Trust B Maturity Mortgage Balance”) and |
f. | Use the “Original Mezzanine Loan A Balance,” as shown on the Final Data File, for the: |
i. | Principal balance of the Mezzanine Loan as of the Reference Date (the “Cut-off Date Mezzanine Loan A Balance”) and |
ii. | Principal balance of the Mezzanine Loan as of the “Maturity Date” of the Mezzanine Loan (the “Mezzanine Loan A Maturity Mortgage Balance”). |
We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
8. | Using the: |
a. | Original In-Trust A Mortgage Balance, |
b. | Original Non-Trust A Mortgage Balance, |
c. | Original In-Trust B Mortgage Balance, |
d. | Senior Debt Interest Rate, |
e. | Subordinate Debt Interest Rate and |
f. | 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. | Senior Debt Annual Debt Service, |
ii. | Senior Debt Monthly Debt Service, |
iii. | Subordinate Debt Annual Debt Service and |
iv. | Subordinate Debt Monthly Debt Service |
of the Senior Debt and Trust B Loan, as applicable. 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 “Senior Debt Annual Debt Service” of the Senior Debt as the product of, rounded to two decimal places:
a. | The sum of: |
i. | The “Original In-Trust A Mortgage Balance,” as shown on the Final Data File, and |
ii. | The “Original Non-Trust A Mortgage Balance,” as shown on the Final Data File, |
b. | The “Senior Debt 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 “Senior Debt Monthly Debt Service” of the Senior Debt as 1/12th of the “Senior Debt Annual Debt Service.”
For the purpose of this procedure, the Depositor instructed us to recalculate the “Subordinate Debt Annual Debt Service” of the Trust B Note as the product of, rounded to two decimal places:
a. | The “Original In-Trust B Mortgage Balance,” as shown on the Final Data File, |
b. | The “Subordinate Debt 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 “Subordinate Debt Monthly Debt Service” of the Trust B Note as 1/12th of the “Subordinate Debt Annual Debt Service.”
![]() | Attachment A |
9. | Using the: |
a. | Original In-Trust A Mortgage Balance, |
b. | Original Non-Trust A Mortgage Balance, |
c. | Original In-Trust B Mortgage Balance, |
d. | Cut-off Date In-Trust A Mortgage Balance, |
e. | Cut-off Date Non-Trust A Mortgage Balance, |
f. | Cut-off Date In-Trust B Mortgage Balance, |
g. | In-Trust A Maturity Mortgage Balance, |
h. | Non-Trust A Maturity Mortgage Balance, |
i. | In-Trust B Maturity Mortgage Balance, |
j. | Senior Debt Annual Debt Service, |
k. | Senior Debt Monthly Debt Service, |
l. | Subordinate Debt Annual Debt Service, |
m. | Subordinate Debt Monthly Debt Service, |
n. | Senior Debt Interest Rate and |
o. | Subordinate Debt Interest Rate, |
as shown on the Final Data File, we recalculated the:
i. | Original Whole Loan Balance, |
ii. | Cut-off Date Whole Loan Balance, |
iii. | Whole Loan Maturity Balance, |
iv. | Whole Loan Annual Debt Service, |
v. | Whole Loan Monthly Debt Service and |
vi. | Whole Loan Interest Rate |
of the Mortgage Loan. We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.
10. | Using the: |
a. | Original Mezzanine Loan A Balance, |
b. | Mezzanine Loan A Interest Rate and |
c. | 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. | Mezzanine Loan A Annual Debt Service and |
ii. | Mezzanine Loan A Monthly Debt Service |
of the Mezzanine 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 |
10. (continued)
For the purpose of this procedure, the Depositor instructed us to recalculate the “Mezzanine Loan A Annual Debt Service” of the Mezzanine Loan as the product of, rounded to two decimal places:
a. | The “Original Mezzanine Loan A Balance,” as shown on the Final Data File, |
b. | The “Mezzanine Loan A 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 “Mezzanine Loan A Monthly Debt Service” of the Mezzanine Loan as 1/12th of the “Mezzanine Loan A Annual Debt Service.”
11. | Using the: |
a. | Underwritten In-Place NOI, |
b. | Underwritten In-Place NCF, |
c. | Cut-off Date In-Trust A Mortgage Balance, |
d. | Cut-off Date Non-Trust A Mortgage Balance, |
e. | Cut-off Date Whole Loan Balance, |
f. | In-Trust A Maturity Mortgage Balance, |
g. | Non-Trust A Maturity Mortgage Balance, |
h. | Whole Loan Maturity Balance, |
i. | Senior Debt Annual Debt Service, |
j. | Whole Loan Annual Debt Service, |
k. | Appraisal Value and |
l. | 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:
i. | Senior Debt Underwritten As-Is NOI DY, |
ii. | Senior Debt Underwritten As-Is NCF DY, |
iii. | Whole Loan Underwritten As-Is NOI DY, |
iv. | Whole Loan Underwritten As-Is NCF DY, |
v. | Senior Debt Cut-Off Date LTV, |
vi. | Senior Debt Maturity Date LTV, |
vii. | Whole Loan Cut-Off Date LTV, |
viii. | Whole Loan Maturity Date LTV, |
ix. | Senior Debt Underwritten As-Is NOI DSCR, |
x. | Senior Debt Underwritten As-Is NCF DSCR, |
xi. | Whole Loan Underwritten As-Is NOI DSCR, |
xii. | Whole Loan Underwritten As-Is NCF DSCR, |
xiii. | Cut-off Date Senior Debt Loan Balance Per Square Foot, |
xiv. | Cut-off Date Whole Loan Balance Per Square Foot and |
xv. | Whole Loan Maturity Balance Per Square Foot |
of the Senior Debt and Mortgage Loan, as applicable. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
11. (continued)
For the purpose of this procedure, the Depositor instructed us to:
a. | Round the characteristics listed in i. through viii. above to the nearest 1/10th of one percent and |
b. | Round the characteristics listed in ix. through xv. above to two decimal places. |
12. | Using the: |
a. | Original Whole Loan Balance, |
b. | Original Mezzanine Loan A Balance, |
c. | Cut-off Date Whole Loan Balance, |
d. | Cut-off Date Mezzanine Loan A Balance, |
e. | Whole Loan Maturity Balance, |
f. | Mezzanine Loan A Maturity Mortgage Balance, |
g. | Whole Loan Annual Debt Service, |
h. | Whole Loan Monthly Debt Service, |
i. | Mezzanine Loan A Annual Debt Service, |
j. | Mezzanine Loan A Monthly Debt Service, |
k. | Whole Loan Interest Rate and |
l. | Mezzanine Loan A Interest Rate, |
as shown on the Final Data File, we recalculated the:
i. | Original Total Debt Balance, |
ii. | Cut-off Date Total Debt Balance, |
iii. | Total Debt Maturity Balance, |
iv. | Total Debt Annual Debt Service, |
v. | Total Debt Monthly Debt Service and |
vi. | Total Debt Interest Rate |
of the Total Debt associated with the Mortgage Loan. We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.
![]() | Attachment A |
13. | Using the: |
a. | Underwritten In-Place NOI, |
b. | Underwritten In-Place NCF, |
c. | Cut-off Date Total Debt Balance, |
d. | Total Debt Maturity Balance, |
e. | Total Debt Annual Debt Service, |
f. | Appraisal Value and |
g. | 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:
i. | Total Debt Underwritten As-Is NOI DY, |
ii. | Total Debt Underwritten As-Is NCF DY, |
iii. | Total Debt Cut-Off Date LTV, |
iv. | Total Debt Maturity Date LTV, |
v. | Total Debt Underwritten As-Is NOI DSCR, |
vi. | Total Debt Underwritten As-Is NCF DSCR, |
vii. | Cut-off Date Total Debt Balance Per Square Foot and |
viii. | Total Debt Maturity Balance Per Square Foot |
of the Total Debt associated with 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 the nearest 1/10th of one percent and |
b. | Round the characteristics listed in v. through viii. above to two decimal places. |
14. | Using the: |
a. | Units, |
b. | SF1, |
c. | SF2, |
d. | SF3, |
e. | SF4 and |
f. | SF5, |
as shown on the Final Data File, we recalculated the:
i. | Space Pct 1, |
ii. | Space Pct 2, |
iii. | Space Pct 3, |
iv. | Space Pct 4 and |
v. | 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.
![]() | Attachment A |
15. | Using the: |
a. | Primary Servicer and |
b. | Master Servicer, |
as shown on the Final Data File, we recalculated the “Servicing Fee” of the Trust Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
16. | Using the: |
a. | Servicing Fee, |
b. | Trustee/Cert Admin, |
c. | Operating Advisor Fee and |
d. | CREFC FEE, |
as shown on the Final Data File, we recalculated the “Total Admin Fee” of the Trust Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
17. | Using the: |
a. | Total Admin Fee and |
b. | Whole Loan Interest Rate, |
as shown on the Final Data File, we recalculated the “Net Mortgage Rate” of the Trust 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 and Mezzanine Loan Source Documents
Source Document Title | Source Document Date |
Mortgage Loan Agreement | 9 December 2021 |
Mezzanine Loan Agreement | 9 December 2021 |
Mortgage Loan Promissory Notes | 9 December 2021 |
Cash Management Agreement | 9 December 2021 |
Clearing Account Control Agreement | 9 December 2021 |
Settlement Statement | 9 December 2021 |
Guaranty Agreements | 9 December 2021 |
Non-Consolidation Opinion | 9 December 2021 |
Servicing Tape | 23 December 2021 |
Property Source Documents
Source Document Title | Source Document Date |
Appraisal Report | 16 August 2021 |
Engineering Report | 30 August 2021 |
Phase I Environmental Report | 30 August 2021 |
USPS Internet Site (www.usps.com) | Not Applicable |
Underwriter’s Summary Report | Not Dated |
Underwritten Rent Roll | 1 December 2021 |
Insurance Review Document | 17 November 2021 |
Insurance Certificates | Various |
Pro Forma Title Policy | Not Dated |
Management Agreement | 9 December 2021 |
Exhibit 1 to Attachment A | |
Page 2 of 2 |
Property Source Documents (continued)
Source Document Title | Source Document Date |
Lease Agreements | Various |
Lease Abstracts | Various |
Master Lease Agreement | Not Dated |
Master Lease Agreement Amendment | 9 December 2021 |
Parking Management Agreement | 10 August 2018 |
Property Reconstruction Agreement | 17 May 2019 |
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 |
County | USPS Internet Site (www.usps.com) |
Zip Code | USPS Internet Site (www.usps.com) |
Property Type | Appraisal Report |
Property Sub Type | Appraisal Report |
Year Built | Appraisal Report |
Year Renovated | Appraisal Report |
Class | Appraisal Report |
Units | Underwritten Rent Roll |
Unit Type | Underwritten Rent Roll |
Occupancy % | Underwritten Rent Roll |
Property Manager | Management Agreement |
Third Party Information:
Characteristic | Source Document(s) |
As-Is Appraised Value | Appraisal Report |
As-Is Date of Appraisal (Valuation Date) | Appraisal Report |
Appraisal Value (see Note 2) | Appraisal Report |
Date of Appraisal Value (see Note 2) | Appraisal Report |
Appraisal Firm | Appraisal Report |
Phase I Date | Phase I Environmental Report |
Environmental Insurance | Insurance Review Document |
Environmental Firm | Phase I Environmental Report |
Engineering Firm | Engineering Report |
Engineering Report Date | Engineering Report |
Exhibit 2 to Attachment A | |
Page 2 of 5 |
Major Tenant Information: (see Note 3)
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 |
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 4)
Characteristic | Source Document(s) |
Underwritten In-Place Economic Occupancy | 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 |
Reserve and Escrow Information:
Characteristic | Source Document(s) |
Initial Tax Reserve | Settlement Statement |
Monthly Tax Reserve | Servicing Tape |
Tax Reserve Cap | Mortgage Loan Agreement |
Initial Insurance Reserve | Settlement Statement |
Monthly Insurance Reserve | Servicing Tape |
Insurance Reserve Cap | Mortgage Loan Agreement |
Upfront Required Repairs | Mortgage Loan Agreement |
Initial Replacement Reserves | Mortgage Loan Agreement |
Monthly Replacement Reserves | Mortgage Loan Agreement |
Exhibit 2 to Attachment A | |
Page 3 of 5 |
Reserve and Escrow Information: (continued)
Characteristic | Source Document(s) |
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 | Settlement Statement |
Monthly Free Rent Reserve | Mortgage Loan Agreement |
Monthly Free Rent Reserve Cap | Mortgage Loan Agreement |
Other Reserve Type | Mortgage Loan Agreement |
Other Reserve Initial Deposit | Settlement Statement |
Other Reserve Monthly Deposit | Mortgage Loan Agreement |
Other Reserve Cap | Mortgage Loan Agreement |
Mortgage Loan and Mezzanine Loan Information:
Characteristic | Source Document(s) |
Borrower Entity | Mortgage Loan Agreement |
Origination Date (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
First Payment Date (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
Payment Date (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
Maturity Date (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
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 (see Note 6) | Mortgage Loan Agreement |
Interest Accrual Period Start (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
Interest Accrual Period End (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
Rate Type (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
Amortization Type (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
Accrual Basis (see Note 5) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
Senior Debt Interest Rate | Mortgage Loan Agreement |
Exhibit 2 to Attachment A | |
Page 4 of 5 |
Mortgage Loan and Mezzanine Loan Information: (continued)
Characteristic | Source Document(s) |
Subordinate Debt Interest Rate | Mortgage Loan Agreement |
Mezzanine Loan A Interest Rate | Mezzanine Loan Agreement |
Original Mezzanine Loan A Balance | Mezzanine Loan Agreement |
Prepayment String (see Note 7) | Mortgage Loan Agreement |
Partial Prepayments Allowed | Mortgage Loan Agreement |
Partial Release Permitted | Mortgage Loan Agreement |
Substitution Allowed | Mortgage Loan Agreement |
LockBox (Y/N) | Mortgage Loan Agreement |
LockBox Type (see Note 8) | Mortgage Loan Agreement |
Cash Management (see Note 9) | Mortgage Loan Agreement |
Springing Conditions | Mortgage Loan Agreement |
Single Asset Entity | Mortgage Loan Agreement |
Single Purpose Entity | Mortgage Loan Agreement |
TIC Structure | Mortgage Loan Agreement |
Condo Structure | Mortgage Loan Agreement |
DST | Mortgage Loan Agreement |
Assumption Fee | Mortgage Loan Agreement |
Non-Consolidation Letter | Non-Consolidation Opinion |
Ownership Interest | Pro Forma Title Policy |
Ground Lease? (Y/N) | Pro Forma Title Policy |
Future Debt Permitted? | Mortgage Loan Agreement |
Loan Purpose | Settlement Statement |
Guarantor | Guaranty Agreements |
Notes:
1. | For the purpose of comparing the indicated characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations. |
2. | For the purpose of comparing the “Appraisal Value” and “Date of Appraisal Value” characteristics, the Depositor instructed us to use the appraised value and date, respectively, as shown in the applicable Source Document(s), associated with the “Appraisal Type,” as shown on the Preliminary Data File. |
3. | For the purpose of comparing the “Major Tenant Information” characteristics, the Depositor instructed us to combine multiple spaces leased by the same tenant and show the lease expiration date related to the largest space, as shown in the applicable Source Document(s). |
4. | 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. |
Exhibit 2 to Attachment A | |
Page 5 of 5 |
Notes: (continued)
5. | For the purpose of comparing the indicated characteristics, the Depositor instructed us to compare the information on the Preliminary Data File to the corresponding information for both the Mortgage Loan and Mezzanine Loan that is shown in the applicable Source Document(s). |
6. | 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 “Maturity Date.” |
7. | For the purpose of comparing the “Prepayment String” characteristic, the Depositor instructed us to assume that the entire “Loan” (as described in the applicable Source Document(s)) has been securitized. |
8. | 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 to direct the tenants to pay rents directly to a lockbox account controlled by the lender(s). |
9. | For the purpose of comparing the “Cash Management” characteristic, the Depositor instructed us to use “In Place” if, for funds directed into a lockbox, such funds are generally not made immediately available to the borrower(s), but instead are forwarded to a cash management account maintained by the borrower(s) for the benefit of the lender(s) and such funds are disbursed according to the applicable Source Document(s), with any excess remitted to the borrower(s) (unless an event of default or one or more specified trigger events under the applicable Source Document(s) have occurred and are outstanding), generally on a daily basis. |
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 |
No. |
Property No. |
Property Name |
Property Count |
Seismic Zone |
Seismic PML % |
Appraisal Type |
Appraisal Cap Rate |
Occupancy Date |
Sponsors |
Pari Passu Note Control (Y/N) |
Original In-Trust A Mortgage Balance |
Original Non-Trust A Mortgage Balance |
Original In-Trust B Mortgage Balance |
Percentage of Cut-Off Date Mortgage Loan Balance |
Mezzanine Loan B Interest Rate |
Original Mezzanine Loan B Balance |
Cut-off Date Mezzanine Loan B Balance |
Mezzanine Loan B Maturity Mortgage Balance |
Mezzanine Loan B Annual Debt Service |
Mezzanine Loan B Monthly Debt Service |
Final Maturity Date |
ARD Step up (%) |
Ground Lease Expiration Date |
Ground Lease Extension Terms |
Annual Ground Lease Payment |
Ground Lease Escalation Terms |
Letter of Credit |
Earnout / Holdback |
Future Debt Description |
Primary Servicer |
Master Servicer |
Trustee/Cert Admin |
Operating Advisor Fee |
CREFC FEE |
Note: | We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics. |
Exhibit 2
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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 (collectively, the “Specified Parties”)
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Re: | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO (the “Issuing Entity”) | |
Commercial Mortgage Pass-Through Certificates, Series 2022-OPO (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 Underwriting File, Underwritten Rent Roll and ASR (all as defined herein) (collectively, the “Subject Matter”) relating to the Issuing Entity’s securitization transaction as of 29 December 2021. 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, JPMorgan Chase Bank, National Association (“JP Morgan”), on behalf of the Depositor, provided us with:
a. | An asset summary report (the “ASR”), |
b. | The most recent electronic borrower rent roll file (the “Borrower Rent Roll File”) for the Collateral Property that secures the Mortgage Loan, |
c. | The lease abstracts (the “Lease Abstracts”) relating to the tenants at the Collateral Property that secures the Mortgage Loan, |
d. | The borrower budget (the “Borrower Budget”) prepared by the Mortgage Loan borrower(s) for the Collateral Property that secures the Mortgage Loan, |
e. | An underwritten rent roll (the “Underwritten Rent Roll”) for the Collateral Property that secures the Mortgage Loan, |
f. | An electronic underwriting file (the “Underwriting File”) prepared by JP Morgan containing the underwritten revenue and expense information for the underwritten period (the “Underwritten Period”) for the Collateral Property that secures the Mortgage Loan, |
g. | Instructions, assumptions and methodologies (the “Underwriting Instructions and Adjustments”) used to prepare the information on the ASR, Underwritten Rent Roll and/or Underwriting File, which were included as footnotes to the Underwriting File and/or were separately provided in e-mail or other written correspondence from JP Morgan and |
h. | Instructions, assumptions and methodologies, which are described in Attachment A. |
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Page 2 of 3 |
For the purpose of the procedures described in this report, the Borrower Rent Roll File, Lease Abstracts and Borrower Budget are hereinafter collectively referred to as the “Source Documents.”
The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Source Documents, ASR, Underwritten Rent Roll, Underwriting File, Underwriting Instructions and Adjustments 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 ASR, Underwritten Rent Roll or Underwriting File. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, ASR, Underwriting Instructions and Adjustments or any other information provided to us, or that we were instructed to obtain, as applicable, by JP Morgan, on behalf of the Depositor, upon which we relied in forming our findings. We performed no procedures to compare any information contained in any Source Document or the ASR to any information contained in any other Source Document or the ASR, except as described in Attachment A. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) the ability of any Mortgage Loan borrower(s) to repay the Mortgage Loan, (c) questions of legal or tax interpretation or (d) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor or JP Morgan, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
The agreed-upon procedures described in this report were not performed for the purpose of:
a. | Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or |
b. | Making any findings with respect to: |
i. | The value of the collateral securing the Mortgage Loan, |
ii. | Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or |
iii. | 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. |
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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 procedure 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
29 December 2021
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Attachment A Page 1 of 2 |
Background
For the purpose of the procedures described in this report, the Depositor indicated that the asset of the Issuing Entity will primarily consist of a fixed rate commercial mortgage loan (the “Mortgage Loan”) secured by a first priority mortgage lien on a commercial property (the “Collateral Property”).
Procedures performed and our associated findings
Supporting Expense Comparison and Recalculation Procedures
1. | Using: |
a. | Information in the Borrower Budget and |
b. | The Underwriting Instructions and Adjustments |
for the Mortgage Loan, we compared the tax expense and insurance expense amounts for the Underwritten Period, as shown in the Source Document(s) listed above (as applicable), to the corresponding information on the Underwriting File. We provided JP Morgan a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).
For the purpose of this procedure, the Depositor instructed us to only identify differences where the tax expense and insurance expense amounts in the Source Document(s) listed above (as applicable) exceeded a -5% and -$10,000 variance from the corresponding amounts on the Underwriting File that were not explained in the Underwriting Instructions and Adjustments.
Lease Expiration and Termination Comparison Procedures
2. | Using information in the Lease Abstracts for the Collateral Property that secures the Mortgage Loan, we compared: |
a. | The lease expiration date only for the tenants (ordered, from largest to smallest, by the underwritten commercial base rent revenue of each tenant) that comprise 80% of the aggregate underwritten commercial base rent revenue (a maximum of ten tenants), as shown on the Underwritten Rent Roll, at the Collateral Property that secures the Mortgage Loan and |
b. | The lease early termination options for the ten largest tenants (by underwritten commercial base rent revenue) at the Collateral Property that secures the Mortgage Loan, |
all as shown in the Source Document(s) listed above (as applicable), to the corresponding information on the Underwritten Rent Roll (or ASR if the lease early termination option is not shown on the Underwritten Rent Roll). We provided JP Morgan a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).
For the purpose of the lease expiration date comparison procedure, the Depositor instructed us to use a materiality threshold of +/- 90 days.
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Attachment A Page 2 of 2 |
Underwritten Cashflow Comparison and Recalculation Procedures
3. | Using: |
a. | Information on the Underwriting File, |
b. | Information in the Source Documents, |
c. | Information in the ASR, |
d. | Information on the Underwritten Rent Roll and |
e. | The Underwriting Instructions and Adjustments |
for the Mortgage Loan, we recalculated and compared the underwritten revenue and expense line items on the Underwriting File. We provided JP Morgan a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).
For the purpose of this procedure, the Depositor instructed us to use a materiality threshold for each underwritten revenue and expense line item of +/- 3%, calculated as a percentage of the value as shown on the Underwriting File, which is also below $25,000.
4. | Subsequent to the performance of the procedures described in the preceding Items, JP Morgan, on behalf of the Depositor, provided us with an updated ASR, Underwritten Rent Roll and Underwriting File for the Mortgage Loan, which included updated Underwriting Instructions and Adjustments. As instructed by the Depositor, we compared the results of the recalculations or comparisons for the Mortgage Loan that are described in the preceding Items to the corresponding information on the updated ASR, Underwritten Rent Roll or Underwriting File. All such compared information was in agreement. Attached as Exhibit 1 to Attachment A is a schedule for the Mortgage Loan (the “AUP Findings Schedule”), which contains the primary Source Documents for the Mortgage Loan that were used to perform the procedures described in the preceding Items above and the results of the comparison procedures described in the preceding two sentences of this Item. |
Exhibit 1 to Attachment A
AUP Findings Schedule
J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO | ||||
The following Items 1. to 3. refer to the procedures described in Attachment A: | ||||
Item | Description of the Procedures | Primary Source Document(s) Used | Findings | |
SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES | ||||
1 | Compare the tax expense and insurance expense amounts in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File. Identify any variance above a -5% and -$10,000 threshold. | Borrower Budget and Underwriting Instructions and Adjustments | No Exceptions Noted | |
LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES | ||||
2 | Compare the lease expiration date (only for the tenants (ordered by underwritten base rent revenue of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of 10 tenants and lease early termination options (for the top ten tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll). Identify any variance above a 90-day threshold. | Lease Abstracts | No Exceptions Noted | |
UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES | ||||
3 | Using the information on the Underwriting File, Source Documents, ASR, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate the underwritten revenue and expense line items that are shown on the Underwriting File. Identify any variance above a 3% and $25,000 threshold. | Underwriting File, Source Documents, ASR, Underwritten Rent Roll and Underwriting Instructions and Adjustments | No Exceptions Noted | |
**N/A: Not Applicable | ||||
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