EXHIBIT 99.1

                         UNITED STATES BANKRUPTCY COURT
                              DISTRICT OF MARYLAND
                                  At Greenbelt
----------------------------------
                                  )
In re                             )
                                  )
                                  ) Chapter 11
CRIIMI MAE Inc., et al.,          ) Case Nos. 9823115
                                  )
                                  )  (Jointly Administered)
                       Debtors.   )
                                  )
----------------------------------)

             ORDER APPROVING SETTLEMENT AND COMPROMISE WITH FIRST UNION
               NATIONAL BANK PURSUANT TO FEDERAL RULE OF BANKRUPTCY
                                 PROCEDURE 9019(a)

     Upon the motion,  dated  February  8, 2002 (the  "Settlement  Motion"),  of
CRIIMI MAE Inc. ("CMM"),  the above captioned  reorganized  debtor, for an order
pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy  Procedure approving
the Settlement and Compromise with First Union National Bank ("FUNB");  and upon
consideration of the pleadings filed in this matter and after notice and hearing
and due deliberation  thereon; and good and sufficient cause appearing therefor;
it is hereby

     ORDERED, ADJUDGED AND DECREED THAT:

     1. The Settlement Motion is GRANTED.

     2. The Settlement  Agreement attached as Exhibit A to the Settlement Motion
        is APPROVED.

     3. CMM  shall be,  and  hereby is  AUTHORIZED  to take any and all  actions
        necessary to effectuate the terms of the Settlement Agreement.



     4. CMM and FUNB are shall be, and hereby  are,  AUTHORIZED  to release  all
        funds held in escrow by previous  order of this Court pending
        resolution of the dispute described in the Settlement  Motion.

     5. CMM shall be, and hereby is, AUTHORIZED to release the Series A Note and
        Series B Notes and all Monies held in escrow,  pursuant to the Plan,
        on account of the  FUNB  Unsecured  Claim.

     6.  Pursuant  to  section  1145 of the  Bankruptcy  Code,  Section 5 of the
         Securities Act of 1933 and any state or local law requiring
         registration  prior to the sale of securities  shall not apply to the
         resale of the Series A Note or Series B Notes issued  pursuant to the
         Plan.

     7. Any remaining objections to the Motion are OVERRULED.

     8. CMM and FUNB are DIRECTED to dismiss with  prejudice  any and all claims
        asserted in adversary  proceeding  No.  00-1471,  First Union  National
        Bank v. CRIIMI MAE Inc,  pending  before this Court,  within  twenty
        (20) days after the Settlement Date (as defined in the Settlement
        Agreement).

     9.  Counsel to the Debtor  shall serve  copies of this Order on all parties
         entitled to notice and file a separate certificate of service within
         72 hours of entry of this Order.

Dated: March 5, 2002
       -------------------
       Greenbelt, Maryland


                                            /s/Duncan W. Keir
                                            -----------------------------------
                                            Duncan W. Keir
                                            United States Bankruptcy Judge



cc:    Stanley J. Samorajczyk
       Akin, Gump, Strauss, Hauer & Feld, L.L.P.
       1333 New Hampshire Avenue, N.W.
       Washington, D.C. 20036
       Counsel to CRIIMI MAE Inc.