# EDGAR Filing Document

**Accession Number:** 0001935828
**File Stem:** 0001104659-23-030069
**Filing Date:** 2023-3
**Character Count:** 27503
**Document Hash:** e5c36f2b2682102833a3c561563e51bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030069.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001104659-23-030069

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230308

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIP Master Funding II, LLC
- **CENTRAL INDEX KEY:** 0001935828
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-06219
- **FILM NUMBER:** 23716003

**BUSINESS ADDRESS:**
- **STREET 1:** 2425 E. CAMELBACK ROAD
- **STREET 2:** SUITE 800
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
- **BUSINESS PHONE:** (480) 618-0250

**MAIL ADDRESS:**
- **STREET 1:** 2425 E. CAMELBACK ROAD
- **STREET 2:** SUITE 800
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIP Master Funding II, LLC
- **CENTRAL INDEX KEY:** 0001935828
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 2425 E. CAMELBACK ROAD
- **STREET 2:** SUITE 800
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
- **BUSINESS PHONE:** (480) 618-0250

**MAIL ADDRESS:**
- **STREET 1:** 2425 E. CAMELBACK ROAD
- **STREET 2:** SUITE 800
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fundamental Income Properties, LLC
- **CENTRAL INDEX KEY:** 0001941114
- **IRS NUMBER:** 850609314
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 2425 E. CAMELBACK ROAD
- **STREET 2:** SUITE 800
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
- **BUSINESS PHONE:** (480) 618-0250

**MAIL ADDRESS:**
- **STREET 1:** 2425 E. CAMELBACK ROAD
- **STREET 2:** SUITE 800
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016

**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:**

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| | |
|:---|:---|
| ¨ | **Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period to** |

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**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) ◻

x **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)** 

**Central Index Key Number of securitizer: 0001941114**

**FIP Master Funding II, LLC** 

**(Exact name of issuing entity as specified in its charter)** 

**Central Index Key Number of issuing entity (if applicable): 0001935828**

**Central Index Key Number of underwriter (if applicable): Not applicable** 

**Chris Burbach – Chief Executive Officer, 480.618.0250**

**Name and telephone number, including area code, of the person to contact in connection with this filing** 

**PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS** 

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| | |
|:---|:---|
| **Item 2.01** | **Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer** |

---

Attached as Exhibit 99.1 hereto is the Independent Accountants' Report on Applying Agreed-Upon Procedures, dated March 8, 2023, obtained by the securitizer, with respect to certain agreed-upon procedures performed by a third-party due diligence provider.

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: March 8, 2023

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| | |
|:---|:---|
| **FUNDAMENTAL INCOME PROPERTIES, LLC** | **FUNDAMENTAL INCOME PROPERTIES, LLC** |
| (securitizer) | (securitizer) |
| By: | /s/ Chris Burbach |
| Name: | Chris Burbach |
| Title: | Chief Executive Officer |

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EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| [Exhibit 99.1](tm238913d2_ex99-1.htm) | [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated March 8, 2023.](tm238913d2_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | | |
|:---|:---|:---|
| ![](tm238913d2_ex99-1img001.jpg) | Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> Fax: +1 212 773 6350<br> ey.com |

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**Report of Independent Accountants on Applying Agreed-Upon Procedures**

Fundamental Income Properties, LLC FIP Master Funding I, LLC FIP Master Funding II, LLC FIP Master Funding III, LLC FIP Master Funding IV, LLC FIP Master Funding VI, LLC 2425 East Camelback Road, Suite 700 Phoenix, Arizona 85016 8 March 2023

---

| | |
|:---|:---|
| **Re:** | **FIP Master Funding I, LLC, FIP Master Funding II, LLC, FIP Master Funding III, LLC, FIP Master Funding IV, LLC, FIP Master Funding VI, LLC, (collectively, the "Issuers")**<br> **Fundamental Income Net-Lease Mortgage Notes, Series 2023-1 (the "Notes")**<br> **Property and Lease Agreed-Upon Procedures** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by Fundamental Income Properties, LLC (the "Property Manager"), the Issuers and Atlas SP Securities, a division of Apollo Global Securities, LLC ("ATLAS SP," together with the Property Manager and Issuers, the "Specified Parties"), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool consisting primarily of (i) fee titles to, and leasehold interests in ground leases on, commercial real estate properties (the "Properties") and (ii) each of the leases with respect to such Properties and all payments required thereunder (the "Leases," together with the Properties, the "Collateral Pool") relating to the Issuers' securitization transaction. 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.

For the purpose of the procedures described in this report, the 185 Properties and Leases on the Provided Data Files (as defined herein) are referred to as Property and Lease Numbers 1 through 185.

As used herein, the references to the asset file to data file comparison AUP report (the "2022-1 AUP Report") related to the FIP Master Funding Net-Lease Mortgage Notes, Series 2022-1 securitization transaction (the "2022-1 Transaction") refer to the report which describes the agreed-upon procedures we performed with respect to certain information relating to certain properties and leases as of 1 April 2022 (the "2022 Collateral Pool") relating to the 2022-1 Transaction.

The procedures performed subsequent to the procedures described in the 2022-1 AUP Report and our associated findings are included in Attachment A.

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| | |
|:---|:---|
| ![](tm238913d2_ex99-1img002.jpg) | Page 2 of 4 |

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For the purpose of the procedures described in this report, the Property Manager, on behalf of the Issuers, provided us with, or instructed us to obtain, as applicable:

a. An electronic data file labeled "FIP Data Tape_2.1.2023_CSv2.xlsx" and the corresponding
record layout and decode information, as applicable (the "Preliminary Data File"), that the Property Manager, on behalf of
the Issuers, indicated contains information relating to the Properties and Leases as of 1 February 2023 (the "Statistical
Cut-off Date"),

b. An electronic data file labeled "FIP Data Tape_2.1.2023_EYv2.xlsx" and the corresponding
record layout and decode information, as applicable (the "Final Data File," together with the Preliminary Data File, the "Provided
Data Files"), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the Properties and
Leases as of the Statistical Cut-off Date,

c. A schedule and the corresponding record layout and decode information, as applicable (the "NAICS
Code Schedule"), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the sector and
industry group for the Properties and Leases,

d. A schedule and the corresponding record layout and decode information, as applicable (the "FIP
Corporate FCCR Schedule"), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the corporate
fixed charge coverage ratio ("FCCR") for the Properties and Leases,

e. A schedule and the corresponding record layout and decode information, as applicable (the "FIP
Contract FCCR Schedule"), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the contract
FCCR for the Properties and Leases,

f. A schedule and the corresponding record layout and decode information, as applicable (the "IA
Rent Schedule"), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the current monthly
rent Compared Characteristic (as defined below) for Property and Lease Number 109,

g. Imaged copies of the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Lease agreement or master lease agreement, any corresponding amendments, estoppels or other related documents
(collectively, the "Lease Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Appraisal report (the "Appraisal") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The survey, floor plan or other related documents (collectively and as applicable, the "Survey,"
together with the NAICS Code Schedule, FIP Corporate FCCR Schedule, FIP Contract FCCR Schedule, IA Rent Schedule, Lease Agreement and
Appraisal, the "Source Documents"),

as applicable, that the Property Manager, on behalf of the Issuers, indicated relate to each Property and Lease,

h. The list of relevant characteristics (the "Compared Characteristics") on the Provided Data
Files, which is shown on Exhibit 1 to Attachment A,

i. The list of relevant characteristics (the "Recalculated Characteristics") on the Data File,
that the Property Manager, on behalf of the Issuers, instructed us to recalculate using information on the Final Data File, as described
in Item 4. of Attachment A,

j. The list of relevant characteristics (the "Provided Characteristics") on the Provided Data
Files, which is shown on Exhibit 2 to Attachment A, on which the Property Manager, on behalf of the Issuers, instructed us to perform
no procedures and

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

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| | |
|:---|:---|
| ![](tm238913d2_ex99-1img002.jpg) | Page 3 of 4 |

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For the purpose of the procedures described in this report, certain information contained on the Provided Data Files is the "Subject Matter" as of the date of this report. We performed certain procedures on earlier versions of the Subject Matter and communicated any differences prior to being provided the final Subject Matter which was subjected to the procedures described below.

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Issuers are responsible for the Subject Matter, Provided Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics 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. We were not requested to perform, and we have not performed, any procedures other than those listed in the 2022-1 AUP Report with respect to the Data File (as defined in the 2022-1 AUP Report). We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics or any other information provided to us, or that we were instructed to obtain, as applicable, by the Property Manager, on behalf of the Issuers, 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 Collateral Pool, (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 Property Manager, on behalf of the Issuers, 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.

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|:---|:---|
| ![](tm238913d2_ex99-1img002.jpg) | Page 4 of 4 |

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether the origination of the Leases conformed to, or deviated from, stated underwriting or credit extension guidelines, standards,
criteria, or other requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The value of the collateral securing the Leases,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Leases complied with federal, state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other factor or characteristic of the Properties or Leases that would be material to the likelihood that the issuers of the Notes
will pay interest and principal in accordance with applicable terms and conditions.

We are required to be independent of the Issuers 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

8 March 2023

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| | |
|:---|:---|
| ![](tm238913d2_ex99-1img002.jpg) | **Attachment A**<br> Page 1 of 2 |

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**<u>Procedures performed subsequent to the procedures described in the 2022-1 AUP Report and our associated findings</u>**

1. For each property and lease on the Data File and Preliminary Data File, we compared the property number, as shown on the Data File,
to the corresponding property number, as shown on the Preliminary Data File, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Six (6) of the properties and leases included on the Data File were not included on the Preliminary Data File (the "Removed
Properties and Leases"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Seven (7) of the Properties and Leases included on the Preliminary Data File were not included on the Data File (the "Additional
Properties and Leases") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 178 of the Properties and Leases were included on both the Data File and Preliminary Data File (the "Consistent Properties and
Leases").

2. For each Consistent Property and Lease, we compared the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Property number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Tenant,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Tenant sector,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Tenant industry group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Master lease (Y/N),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Guarantor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Land (sqft),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Building sqft,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Lease start date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Lease end date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Transfer of lease terms,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Percentage rent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Lease type (NN/NNN),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Remaining renewal options,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Rent increase type,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. City and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. State

Compared Characteristics, and "original lease term months" Recalculated Characteristic, all as shown on the Data File, to the corresponding information, as shown on the Preliminary Data File. Except for the information shown on Exhibit 3 to Attachment A, all such compared information was in agreement.

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| | |
|:---|:---|
| ![](tm238913d2_ex99-1img002.jpg) | **Attachment A**<br> Page 2 of 2 |

---

3. For each Property and Lease, we compared the Compared Characteristics listed on Exhibit 1 to Attachment A (except as otherwise
noted on Exhibit 1 to Attachment A), as shown on the Preliminary Data File, to the corresponding information located in, or to the
corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions
and methodologies provided to us by the Property Manager, on behalf of the Issuers, described in the notes to Exhibit 1 to Attachment
A and the succeeding paragraph(s) of this Item.

The Source Document(s) that we were instructed by the Property Manager, on behalf of the Issuers, to use for each Compared Characteristic are indicated on Exhibit 1 to Attachment A. Unless otherwise indicated in the notes to Exhibit 1 to Attachment A, where more than one Source Document is listed for a Compared Characteristic, the Property Manager, on behalf of the Issuers, instructed us to note agreement if the value on the Preliminary Data File for such Compared Characteristic agreed with the corresponding information on at least one of the Source Documents listed for such Compared Characteristic on Exhibit 1 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 1 to Attachment A.

4. As instructed by the Property Manager, on behalf of the Issuers, we adjusted the information on the Preliminary Data File to correct
all the differences we noted in performing the procedures described in Item 3. and provided a list of such differences to the Property
Manager. The Preliminary Data File, as adjusted, is hereinafter referred to as the "Updated Preliminary Data File."

5. For each Property and Lease, we compared each Compared Characteristic listed on Exhibit 1 to Attachment A (except as otherwise
noted on Exhibit 1 to Attachment A), all as shown on the Final Data File, to the corresponding information on the Updated Preliminary
Data File. All such compared information was found to be in agreement.

6. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Statistical Cut-off Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lease End Date, as shown on the Final Data File,

we recalculated the "remaining lease term (months)" Recalculated Characteristic for each Property and Lease. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

7. Using the l ease start date and lease end
date, both as shown on the Final Data File,

we recalculated the "original lease term (months)" Recalculated Characteristic for each Additional Property and Lease. 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

**<u>Compared Characteristics and Source Documents</u>**

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| | | |
|:---|:---|:---|
| **Compared Characteristic** | **Source Document(s)** | **Note(s)** |
| Property number | Lease Agreement | i., iii. |
| Tenant | Lease Agreement | ii., iii. |
| Tenant sector | NAICS Code Schedule | iii. |
| Tenant industry group | NAICS Code Schedule | iii. |
| Corporate FCCR | FIP Corporate FCCR Schedule |  |
| Corp. statement date | FIP Corporate FCCR Schedule |  |
| Contract FCCR | FIP Contract FCCR Schedule |  |
| Unit statement date | FIP Contract FCCR Schedule | iv. |
| Current monthly rent | FIP Contract FCCR Schedule or IA Rent Schedule | v., vi. |
| Master Lease (Y/N) | Lease Agreement | iii. |
| Guarantor | Lease Agreement | iii. |
| Land (sqft) | Survey or Appraisal | iii. |
| Building sqft | Survey or Appraisal | iii. |
| Lease start date | Lease Agreement | iii. |
| Lease end date | Lease Agreement | iii. |
| Transfer of lease terms | Lease Agreement | iii. |
| Percentage rent | Lease Agreement | iii. |
| Lease type (NN/NNN) | Lease Agreement | iii. |
| Remaining renewal options | Lease Agreement | iii. |
| Date of last rent bump | Lease Agreement |  |
| Date of next rent bump | Lease Agreement |  |
| Rent increase type | Lease Agreement | iii. |
| City | Appraisal or Lease Agreement | iii. |
| State | Appraisal or Lease Agreement | iii. |
| Appraised value | Appraisal |  |
| Land value | Appraisal | vii., viii. |
| Appraisal date | Appraisal |  |

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**Exhibit 1 to Attachment A**

Page 2 of 2

**<u>Notes</u>:**

i. For identification purposes only.

ii. For the purpose of comparing the tenant Compared Characteristics, the Property Manager, on behalf of the Issuers, instructed us to
ignore differences due to abbreviations and truncations.

iii. For the purpose of comparing the indicated Compared Characteristics, the Property Manager, on behalf of the Issuers, instructed us
to compare such Compared Characteristics for Additional Properties and Leases.

iv. For the purpose of comparing the unit statement date Compared Characteristic for Property and Lease Number 108, the Property Manager,
on behalf of the Issuers, instructed us to use "N/A."

v. For the purpose of comparing the current monthly rent Compared Characteristic for each Property and Lease, the Property Manager, on
behalf of the Issuers, instructed us to use the same current monthly rent, as shown in the applicable Source Document, for any Property
that has the same unique lease ID and an amount listed in the applicable Source Document.

vi. For the purpose of comparing the current monthly rent Compared Characteristic for each Property and Lease (except for Property and
Lease Number 109), the Property Manager, on behalf of the Issuers, instructed us to use the FIP Contract FCCR Schedule as the Source Document.

For the purpose of comparing the current monthly rent Compared Characteristic for Property and Lease Number 109, the Property Manager, on behalf of the Issuers, instructed us to use the IA Rent Schedule as the Source Document.

vii. For the purpose of comparing the land value Compared Characteristic for Property and Lease Numbers 45, 46, 47, 156 and 157, the Property
Manager, on behalf of the Issuers, instructed us to use "N/A."

viii. For the purpose of comparing the land value Compared Characteristic for Property and Lease Number 87, the Property Manager, on behalf
of the Issuers, instructed us to use "$3,105,200.00."

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described above.

**Exhibit 2 to Attachment A**

**<u>Provided Characteristics</u>**

Phase I (Y/N)<br> Phase I Date<br> Phase II (Y/N)<br> Phase II (Date)<br> Available Credit Ratings<br> Transfer of Lease Terms<br>

**<u>Note</u>:** We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics.

**Exhibit 3 to Attachment A**

**<u>Compared Characteristic Differences between the Data File and Preliminary Data File</u>**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Property and Lease Number</u>** | &nbsp;&nbsp;**<u>Compared Characteristic</u>** | &nbsp;&nbsp;<br> **<u>Data File Value</u>** | &nbsp;&nbsp;**<u>Preliminary Data File Value</u>** |
| &nbsp;&nbsp;<u>87</u> | &nbsp;&nbsp;<u>Land (sqft)</u> | &nbsp;&nbsp;<u>207013</u> | &nbsp;&nbsp;<u>207009</u> |
| &nbsp;&nbsp;<u>87</u> | &nbsp;&nbsp;<u>Building sqft</u> | &nbsp;&nbsp;<u>TBD</u> | &nbsp;&nbsp;<u>48023</u> |
| &nbsp;&nbsp;<u>108</u> | &nbsp;&nbsp;<u>Building sqft</u> | &nbsp;&nbsp;<u>N/A</u> | &nbsp;&nbsp;<u>TBD</u> |

---