Document:

EXHIBIT 10.3

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             J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.,

                                    PURCHASER

                          NOMURA CREDIT & CAPITAL, INC.

                                     SELLER

                    FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

                            Dated as of March 1, 2006

                            Fixed Rate Mortgage Loans

                                Series 2006-LDP6

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            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of March 1, 2006, is between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as purchaser (the "Purchaser"), and Nomura Credit & Capital, Inc., as
seller (the "Seller").

            Capitalized terms used in this Agreement not defined herein shall
have the meanings ascribed to them in the Pooling and Servicing Agreement dated
as of March 1, 2006 (the "Pooling and Servicing Agreement") among the Purchaser,
as depositor (the "Depositor"), Midland Loan Services, Inc. and GMAC Commercial
Mortgage Corporation, as master servicers (each, a "Master Servicer"), LNR
Partners, Inc., as special servicer (the "Special Servicer"), and Wells Fargo
Bank, N.A., as trustee and paying agent (the "Trustee"), pursuant to which the
Purchaser will sell the Mortgage Loans (as defined herein) to a trust fund and
certificates representing ownership interests in the Mortgage Loans will be
issued by the trust fund. For purposes of this Agreement, the term "Mortgage
Loans" refers to the mortgage loans listed on Exhibit A and the term "Mortgaged
Properties" refers to the properties securing such Mortgage Loans.

            The Purchaser and the Seller wish to prescribe the manner of sale of
the Mortgage Loans from the Seller to the Purchaser and in consideration of the
premises and the mutual agreements hereinafter set forth, agree as follows:

            SECTION 1. Sale and Conveyance of Mortgages; Possession of Mortgage
File. Effective as of the Closing Date and upon receipt of the purchase price
set forth in the immediately succeeding paragraph, the Seller does hereby sell,
transfer, assign, set over and convey to the Purchaser, without recourse
(subject to certain agreements regarding servicing as provided in the Pooling
and Servicing Agreement, subservicing agreements permitted thereunder and that
certain Servicing Rights Purchase Agreement, dated as of the date hereof between
the Master Servicer and the Seller) all of its right, title, and interest in and
to the Mortgage Loans including all interest and principal received on or with
respect to the Mortgage Loans after the Cut-off Date (other than payments of
principal and interest first due on the Mortgage Loans on or before the Cut-off
Date). Upon the sale of the Mortgage Loans, the ownership of each related
Mortgage Note, the Mortgage and the other contents of the related Mortgage File
will be vested in the Purchaser and immediately thereafter the Trustee and the
ownership of records and documents with respect to the related Mortgage Loan
prepared by or which come into the possession of the Seller (other than the
records and documents described in the proviso to Section 3(a) hereof) shall
immediately vest in the Purchaser and immediately thereafter the Trustee. The
Seller's records will accurately reflect the sale of each Mortgage Loan to the
Purchaser. The Depositor will sell the Class A-1, Class A-2, Class A-3FL, Class
A-3B, Class A-4, Class A-SB, Class A-1A, Class X-2, Class A-M, Class A-J, Class
B, Class C and Class D Certificates (the "Offered Certificates") to the
underwriters (the "Underwriters") specified in the underwriting agreement dated
March 24, 2006 (the "Underwriting Agreement") between the Depositor and J.P.
Morgan Securities Inc. ("JPMSI") for itself and as representative of the several
underwriters identified therein, and the Depositor will sell the Class X-1,
Class E, Class F Class G, Class H, Class J, Class K, Class L, Class M, Class N,
Class P and Class NR Certificates (the "Private Certificates") to JPMSI, the
initial purchaser (together with the Underwriters, the "Dealers") specified in
the certificate purchase agreement dated March 24, 2006 (the "Certificate
Purchase Agreement"), between the Depositor and JPMSI for itself and as
representative of the initial purchasers identified therein.

            The sale and conveyance of the Mortgage Loans is being conducted on
an arms length basis and upon commercially reasonable terms. As the purchase
price for the Mortgage Loans, the Purchaser shall pay to the Seller or at the
Seller's direction in immediately available funds the sum of $304,962,750 (which
amount is inclusive of accrued interest and exclusive of the Seller's pro rata
share of the costs set forth in Section 9 hereof). The purchase and sale of the
Mortgage Loans shall take place on the Closing Date.

            SECTION 2. Books and Records; Certain Funds Received After the
Cut-off Date. From and after the sale of the Mortgage Loans to the Purchaser,
record title to each Mortgage and the related Mortgage Note shall be transferred
to the Trustee in accordance with this Agreement. Any funds due after the
Cut-off Date in connection with a Mortgage Loan received by the Seller shall be
held in trust for the benefit of the Trustee as the owner of such Mortgage Loan
and shall be transferred promptly to the applicable Master Servicer. All
scheduled payments of principal and interest due on or before the Cut-off Date
but collected after the Cut-off Date, and recoveries of principal and interest
collected on or before the Cut-off Date (only in respect of principal and
interest on the Mortgage Loans due on or before the Cut-off Date and principal
prepayments thereon), shall belong to, and shall be promptly remitted to, the
Seller.

            The transfer of each Mortgage Loan shall be reflected on the
Seller's balance sheets and other financial statements as a sale of the Mortgage
Loans by the Seller to the Purchaser. The Seller intends to treat the transfer
of each Mortgage Loan to the Purchaser as a sale for tax purposes.

            The transfer of each Mortgage Loan shall be reflected on the
Purchaser's balance sheets and other financial statements as a purchase of the
Mortgage Loans by the Purchaser from the Seller. The Purchaser intends to treat
the transfer of each Mortgage Loan from the Seller as a purchase for tax
purposes.

            SECTION 3. Delivery of Mortgage Loan Documents; Additional Costs and
Expenses. (a) The Purchaser hereby directs the Seller, and the Seller hereby
agrees, upon the transfer of the Mortgage Loans contemplated herein, to deliver
on the Closing Date to the Trustee or a Custodian appointed thereby, all
documents, instruments and agreements required to be delivered by the Purchaser
to the Trustee with respect to the Mortgage Loans under Sections 2.01(b) and
2.01(c) of the Pooling and Servicing Agreement, and meeting all the requirements
of such Sections 2.01(b) and 2.01(c), and such other documents, instruments and
agreements as the Purchaser or the Trustee shall reasonably request. In
addition, the Seller agrees to deliver or cause to be delivered to the Master
Servicer, the Servicing File for each Mortgage Loan transferred pursuant to this
Agreement; provided that the Seller shall not be required to deliver any draft
documents, or any attorney client communications which are privileged
communications or constitute legal or other due diligence analyses, or internal
communications of the Seller or its affiliates, or credit underwriting or other
analyses or data.

            (b) With respect to the transfer described in Section 1 hereof, if
the Mortgage Loan documents do not require the related Mortgagor to pay any
costs and expenses relating to any modifications to a related letter of credit
which modifications are required to effectuate such transfer (the "Transfer
Modification Costs"), then the Seller shall pay the Transfer Modification Costs
required to transfer the letter of credit to the Purchaser as described in such
Section 1; provided that if the Mortgage Loan documents require the related
Mortgagor to pay any Transfer Modification Costs, such Transfer Modification
Costs shall be an expense of the Mortgagor unless such Mortgagor fails to pay
such Transfer Modification Costs after the Master Servicer has exercised all
remedies available under the applicable Mortgage Loan documents to collect such
Transfer Modification Costs from such Mortgagor, in which case the Master
Servicer shall give the Seller notice of such failure and the amount of such
Transfer Modification costs and the Seller shall pay such Transfer Modification
Costs.

            SECTION 4. Treatment as a Security Agreement. The Seller,
concurrently with the execution and delivery hereof, has conveyed to the
Purchaser, all of its right, title and interest in and to the Mortgage Loans.
The parties intend that such conveyance of the Seller's right, title and
interest in and to the Mortgage Loans pursuant to this Agreement shall
constitute a purchase and sale and not a loan. If such conveyance is deemed to
be a pledge and not a sale, then the parties also intend and agree that the
Seller shall be deemed to have granted, and in such event does hereby grant, to
the Purchaser, a first priority security interest in all of its right, title and
interest in, to and under the Mortgage Loans, all payments of principal or
interest on such Mortgage Loans due after the Cut-off Date, all other payments
made in respect of such Mortgage Loans after the Cut-off Date (except to the
extent such payments were due on or before the Cut-off Date) and all proceeds
thereof and that this Agreement shall constitute a security agreement under
applicable law. If such conveyance is deemed to be a pledge and not a sale, the
Seller consents to the Purchaser hypothecating and transferring such security
interest in favor of the Trustee and transferring the obligation secured thereby
to the Trustee.

            SECTION 5. Covenants of the Seller. The Seller covenants with the
Purchaser as follows:

            (a) it shall record or cause a third party to record in the
appropriate public recording office for real property the intermediate
assignments of the Mortgage Loans and the Assignments of Mortgage from the
Seller to the Trustee in connection with the Pooling and Servicing Agreement.
All recording fees relating to the initial recordation of such intermediate
assignments and Assignments of Mortgage shall be paid by the Seller;

            (b) it shall take any action reasonably required by the Purchaser,
the Trustee or the Master Servicer, in order to assist and facilitate in the
transfer of the servicing of the Mortgage Loans to the Master Servicer,
including effectuating the transfer of any letters of credit with respect to any
Mortgage Loan to the Master Servicer on behalf of the Trustee for the benefit of
Certificateholders. Prior to the date that a letter of credit, if any, with
respect to any Mortgage Loan is transferred to the Master Servicer, the Seller
will cooperate with the reasonable requests of the Master Servicer or Special
Servicer, as applicable, in connection with effectuating a draw under such
letter of credit as required under the terms of the related Mortgage Loan
documents; and

            (c) if, during such period of time after the first date of the
public offering of the Offered Certificates as in the opinion of counsel for the
Underwriters, a prospectus relating to the Offered Certificates is required by
applicable law to be delivered in connection with sales thereof by an
Underwriter or a Dealer, any event shall occur as a result of which it is
necessary to amend or supplement the Prospectus Supplement, including Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect to
any information relating to the Mortgage Loans or the Seller, in order to make
the statements therein, in the light of the circumstances when the Prospectus
Supplement is delivered to a purchaser, not misleading, or if it is necessary to
amend or supplement the Prospectus Supplement, including Annexes A-1, A-2, A-3
and B thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the Seller, to comply with
applicable law, the Seller shall do all things necessary to assist the Depositor
to prepare and furnish, at the expense of the Seller (to the extent that such
amendment or supplement relates to the Seller, the Mortgage Loans listed on
Exhibit A and/or any information relating to the same, as provided by the
Seller), to the Underwriters such amendments or supplements to the Prospectus
Supplement as may be necessary, so that the statements in the Prospectus
Supplement as so amended or supplemented, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will not, in the light of the
circumstances when the Prospectus is so amended or supplemented, be misleading
or so that the Prospectus Supplement, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will comply with applicable law.
All terms used in this clause (c) and not otherwise defined herein shall have
the meaning set forth in the Indemnification Agreement, dated as of March 24,
2006 between the Purchaser and the Seller (the "Indemnification Agreement").

            SECTION 6. Representations and Warranties.

            (a) The Seller represents and warrants to the Purchaser as of the
Closing Date that:

            (i) it is a corporation, duly organized, validly existing, and in
      good standing under the laws of the State of Delaware;

            (ii) it has the power and authority to own its property and to carry
      on its business as now conducted;

            (iii) it has the power to execute, deliver and perform this
      Agreement;

            (iv) it is legally authorized to transact business in the State of
      New York. The Seller is in compliance with the laws of each state in which
      any Mortgaged Property is located to the extent necessary so that a
      subsequent holder of the related Mortgage Loan (including, without
      limitation, the Purchaser) that is in compliance with the laws of such
      state would not be prohibited from enforcing such Mortgage Loan solely by
      reason of any non compliance by the Seller;

            (v) the execution, delivery and performance of this Agreement by the
      Seller have been duly authorized by all requisite action by the Seller's
      board of directors and will not violate or breach any provision of its
      organizational documents;

            (vi) this Agreement has been duly executed and delivered by the
      Seller and constitutes a legal, valid and binding obligation of the
      Seller, enforceable against it in accordance with its terms (except as
      enforcement thereof may be limited by bankruptcy, receivership,
      conservatorship, reorganization, insolvency, moratorium or other laws
      affecting the enforcement of creditors' rights generally and by general
      equitable principles regardless of whether enforcement is considered in a
      proceeding in equity or at law);

            (vii) there are no legal or governmental proceedings pending to
      which the Seller is a party or of which any property of the Seller is the
      subject which, if determined adversely to the Seller, would reasonably be
      expected to adversely affect (A) the transfer of the Mortgage Loans and
      the Mortgage Loan documents as contemplated herein, (B) the execution and
      delivery by the Seller or enforceability against the Seller of the
      Mortgage Loans or this Agreement, or (C) the performance of the Seller's
      obligations hereunder;

            (viii) it has no actual knowledge that any statement, report,
      officer's certificate or other document prepared and furnished or to be
      furnished by the Seller in connection with the transactions contemplated
      hereby (including, without limitation, any financial cash flow models and
      underwriting file abstracts furnished by the Seller) contains any untrue
      statement of a material fact or omits to state a material fact necessary
      in order to make the statements contained therein, in the light of the
      circumstances under which they were made, not misleading;

            (ix) it is not, nor with the giving of notice or lapse of time or
      both would be, in violation of or in default under any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument
      to which it is a party or by which it or any of its properties is bound,
      except for violations and defaults which individually and in the aggregate
      would not have a material adverse effect on the transactions contemplated
      herein; the sale of the Mortgage Loans and the performance by the Seller
      of all of its obligations under this Agreement and the consummation by the
      Seller of the transactions herein contemplated do not conflict with or
      result in a breach of any of the terms or provisions of, or constitute a
      default under, any material indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which the Seller is a party
      or by which the Seller is bound or to which any of the property or assets
      of the Seller is subject, nor will any such action result in any violation
      of the provisions of any applicable law or statute or any order, rule or
      regulation of any court or governmental agency or body having jurisdiction
      over the Seller, or any of its properties, except for conflicts, breaches,
      defaults and violations which individually and in the aggregate would not
      have a material adverse effect on the transactions contemplated herein;
      and no consent, approval, authorization, order, license, registration or
      qualification of or with any such court or governmental agency or body is
      required for the consummation by the Seller of the transactions
      contemplated by this Agreement, other than any consent, approval,
      authorization, order, license, registration or qualification that has been
      obtained or made;

            (x) it has either (A) not dealt with any Person (other than the
      Purchaser or the Dealers or their respective affiliates or any servicer of
      a Mortgage Loan) that may be entitled to any commission or compensation in
      connection with the sale or purchase of the Mortgage Loans or entering
      into this Agreement or (B) paid in full any such commission or
      compensation (except with respect to any servicer of a Mortgage Loan, any
      commission or compensation that may be due and payable to such servicer if
      such servicer is terminated and does not continue to act as a servicer);

            (xi) it is solvent and the sale of the Mortgage Loans hereunder will
      not cause it to become insolvent; and the sale of the Mortgage Loans is
      not undertaken with the intent to hinder, delay or defraud any of the
      Seller's creditors; and

            (xii) for so long as the Trust is subject to the reporting
      requirements of the Exchange Act, the Seller shall provide the Purchaser
      (or with respect to any Serviced Companion Mortgage Loan that is deposited
      into an Other Securitization, the depositor in such Other Securitization)
      and the Trustee with any Additional Form 10-D Disclosure and any
      Additional Form 10-K Disclosure set forth next to the Purchaser's name on
      Schedule X and Schedule Y of the Pooling and Servicing Agreement within
      the time periods set forth in the Pooling and Servicing Agreement.

            (b) The Purchaser represents and warrants to the Seller as of the
Closing Date that:

            (i) it is a corporation duly organized, validly existing, and in
      good standing in the State of Delaware;

            (ii) it is duly qualified as a foreign corporation in good standing
      in all jurisdictions in which ownership or lease of its property or the
      conduct of its business requires such qualification, except where the
      failure to be so qualified would not have a material adverse effect on the
      Purchaser, and the Purchaser is conducting its business so as to comply in
      all material respects with the applicable statutes, ordinances, rules and
      regulations of each jurisdiction in which it is conducting business;

            (iii) it has the power and authority to own its property and to
      carry on its business as now conducted;

            (iv) it has the power to execute, deliver and perform this
      Agreement, and neither the execution and delivery by the Purchaser of this
      Agreement, nor the consummation by the Purchaser of the transactions
      herein contemplated, nor the compliance by the Purchaser with the
      provisions hereof, will (A) conflict with or result in a breach of, or
      constitute a default under, any of the provisions of the certificate of
      incorporation or by laws of the Purchaser or any of the provisions of any
      law, governmental rule, regulation, judgment, decree or order binding on
      the Purchaser or any of its properties, or any indenture, mortgage,
      contract or other instrument or agreement to which the Purchaser is a
      party or by which it is bound, or (B) result in the creation or imposition
      of any lien, charge or encumbrance upon any of the Purchaser's property
      pursuant to the terms of any such indenture, mortgage, contract or other
      instrument or agreement;

            (v) this Agreement constitutes a legal, valid and binding obligation
      of the Purchaser enforceable against it in accordance with its terms
      (except as enforcement thereof may be limited by (a) bankruptcy,
      receivership, conservatorship, reorganization, insolvency, moratorium or
      other laws affecting the enforcement of creditors' rights generally and
      (b) general equitable principles (regardless of whether enforcement is
      considered in a proceeding in equity or law));

            (vi) there are no legal or governmental proceedings pending to which
      the Purchaser is a party or of which any property of the Purchaser is the
      subject which, if determined adversely to the Purchaser, might interfere
      with or adversely affect the consummation of the transactions contemplated
      herein and in the Pooling and Servicing Agreement; to the best of the
      Purchaser's knowledge, no such proceedings are threatened or contemplated
      by any governmental authorities or threatened by others;

            (vii) it is not in default with respect to any order or decree of
      any court or any order, regulation or demand of any federal, state
      municipal or governmental agency, which default might have consequences
      that would materially and adversely affect the condition (financial or
      other) or operations of the Purchaser or its properties or might have
      consequences that would materially and adversely affect its performance
      hereunder;

            (viii) it has not dealt with any broker, investment banker, agent or
      other person, other than the Seller, the Dealers and their respective
      affiliates, that may be entitled to any commission or compensation in
      connection with the purchase and sale of the Mortgage Loans or the
      consummation of any of the transactions contemplated hereby;

            (ix) all consents, approvals, authorizations, orders or filings of
      or with any court or governmental agency or body, if any, required for the
      execution, delivery and performance of this Agreement by the Purchaser
      have been obtained or made; and

            (x) it has not intentionally violated any provisions of the United
      States Secrecy Act, the United States Money Laundering Control Act of 1986
      or the United States International Money Laundering Abatement and
      Anti-Terrorism Financing Act of 2001.

            (c) The Seller further makes the representations and warranties as
to the Mortgage Loans set forth in Exhibit B as of the Closing Date (or as of
such other date if specifically provided in the particular representation or
warranty), which representations and warranties are subject to the exceptions
thereto set forth in Exhibit C. Neither the delivery by the Seller of the
Mortgage Files, Servicing Files, or any other documents required to be delivered
under Section 2.01 of the Pooling and Servicing Agreement, nor the review
thereof or any other due diligence by the Trustee, Master Servicer, Special
Servicer, a Certificate Owner or any other Person shall relieve the Seller of
any liability or obligation with respect to any representation or warranty or
otherwise under this Agreement or constitute notice to any Person of a Breach or
Defect.

            (d) Pursuant to this Agreement or Section 2.03(b) of the Pooling and
Servicing Agreement, the Seller and the Purchaser shall be given notice of any
Breach or Defect that materially and adversely affects the value of any Mortgage
Loan, the value of the related Mortgaged Property or the interests of the
Trustee or any Certificateholder therein.

            (e) Upon notice pursuant to Section 6(d) above, the Seller shall,
not later than 90 days from the earlier of the Seller's receipt of the notice
or, in the case of a Defect or Breach relating to a Mortgage Loan not being a
"qualified mortgage" within the meaning of Section 860G(a)(3) of the Code, but
without regard to the rule of Treasury Regulation Section 1.860G 2(f)(2) that
causes a defective mortgage loan to be treated as a qualified mortgage, the
Seller's discovery of such Breach or Defect (the "Initial Resolution Period"),
(i) cure such Defect or Breach, as the case may be, in all material respects,
(ii) repurchase the affected Mortgage Loan at the applicable Repurchase Price
(as defined below) or (iii) substitute a Qualified Substitute Mortgage Loan (as
defined below) for such affected Mortgage Loan (provided that in no event shall
any such substitution occur later than the second anniversary of the Closing
Date) and pay the Master Servicer for deposit into the Certificate Account, any
Substitution Shortfall Amount (as defined below) in connection therewith;
provided, however, ; provided, however, that except with respect to a Defect
resulting solely from the failure by the Seller to deliver to the Trustee or
Custodian the actual policy of lender's title insurance required pursuant to
clause (ix) of the definition of Mortgage File by a date not later than 18
months following the Closing Date, if such Breach or Defect is capable of being
cured but is not cured within the Initial Resolution Period, and the Seller has
commenced and is diligently proceeding with the cure of such Breach or Defect
within the Initial Resolution Period, the Seller shall have an additional 90
days commencing immediately upon the expiration of the Initial Resolution Period
(the "Extended Resolution Period") to complete such cure (or, failing such cure,
to repurchase the related Mortgage Loan or substitute a Qualified Substitute
Mortgage Loan as described above); and provided, further, that with respect to
the Extended Resolution Period the Seller shall have delivered an officer's
certificate to the Rating Agencies, the Master Servicer, the Special Servicer,
the Trustee and the Directing Certificateholder setting forth the reason such
Breach or Defect is not capable of being cured within the Initial Resolution
Period and what actions the Seller is pursuing in connection with the cure
thereof and stating that the Seller anticipates that such Breach or Defect will
be cured within the Extended Resolution Period. Notwithstanding the foregoing,
any Defect or Breach which causes any Mortgage Loan not to be a "qualified
mortgage" (within the meaning of Section 860G(a)(3) of the Code, without regard
to the rule of Treasury Regulations Section 1.860G 2(f)(2) which causes a
defective mortgage loan to be treated as a qualified mortgage) shall be deemed
to materially and adversely affect the interests of the holders of the
Certificates therein, and such Mortgage Loan shall be repurchased or a Qualified
Substitute Mortgage Loan substituted in lieu thereof without regard to the
extended cure period described in the preceding sentence. If the affected
Mortgage Loan is to be repurchased, the Seller shall remit the Repurchase Price
(defined below) in immediately available funds to the Trustee.

            If any Breach pertains to a representation or warranty that the
related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Mortgagor to bear the costs and expenses associated with
any particular action or matter under such Mortgage Loan document(s), then
Seller shall cure such Breach within the applicable cure period (as the same may
be extended) by reimbursing the Trust Fund (by wire transfer of immediately
available funds) the reasonable amount of any such costs and expenses incurred
by the Master Servicer, the Special Servicer, the Trustee or the Trust Fund that
are the basis of such Breach and have not been reimbursed by the related
Mortgagor; provided, however, that in the event any such costs and expenses
exceed $10,000, the Seller shall have the option to either repurchase or
substitute for the related Mortgage Loan as provided above or pay such costs and
expenses. Except as provided in the proviso to the immediately preceding
sentence, the Seller shall remit the amount of such costs and expenses and upon
its making such remittance, the Seller shall be deemed to have cured such Breach
in all respects. To the extent any fees or expenses that are the subject of a
cure by the Seller are subsequently obtained from the related Mortgagor, the
portion of the cure payment equal to such fees or expenses obtained from the
Mortgagor shall be returned to the Seller pursuant to Section 2.03(f) of the
Pooling and Servicing Agreement. Notwithstanding the foregoing, the sole remedy
with respect to any breach of the representation set forth in the second to last
sentence of clause (32) of Exhibit B hereto shall be payment by the Seller of
such costs and expenses without respect to the materiality of such breach.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a Defect and to be conclusively presumed to materially and
adversely affect the interests of Certificateholders in a Mortgage Loan and to
be deemed to materially and adversely affect the interests of the
Certificateholders in and the value of a Mortgage Loan: (a) the absence from the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with a copy of the Mortgage
Note that appears to be regular on its face; (b) the absence from the Mortgage
File of the original signed Mortgage that appears to be regular on its face,
unless there is included in the Mortgage File a certified copy of the Mortgage
and a certificate stating that the original signed Mortgage was sent for
recordation; (c) the absence from the Mortgage File of the lender's title
insurance policy (or if the policy has not yet been issued, an original or copy
of a "marked up" written commitment or the pro-forma or specimen title insurance
policy or a commitment to issue the same pursuant to written escrow instructions
signed by the title insurance company) called for by clause (ix) of the
definition of "Mortgage File" in the Pooling and Servicing Agreement; (d) the
absence from the Mortgage File of any required letter of credit; (e) with
respect to any leasehold mortgage loan, the absence from the related Mortgage
File of a copy (or an original, if available) of the related Ground Lease; or
(f) the absence from the Mortgage File of any intervening assignments required
to create a complete chain of assignments to the Trustee on behalf of the Trust,
unless there is included in the Mortgage File a certified copy of the
intervening assignment and a certificate stating that the original intervening
assignments were sent for recordation; provided, however, that no Defect (except
the Defects previously described in clauses (a) through (f)) shall be considered
to materially and adversely affect the value of any Mortgage Loan, the value of
the related Mortgaged Property or the interests of the Trustee or any
Certificateholder therein unless the document with respect to which the Defect
exists is required in connection with an imminent enforcement of the Mortgagee's
rights or remedies under the related Mortgage Loan, defending any claim asserted
by any borrower or third party with respect to the Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Mortgage
Loan or for any immediate significant servicing obligation. Notwithstanding the
foregoing, the delivery of executed escrow instructions or a commitment to issue
a lender's title insurance policy, as provided in clause (ix) of the definition
of "Mortgage File" in the Pooling and Servicing Agreement, in lieu of the
delivery of the actual policy of lender's title insurance, shall not be
considered a Defect or Breach with respect to any Mortgage File if such actual
policy is delivered to the Trustee or its Custodian on its behalf not later than
12 months after the Closing Date.

            If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described in the first paragraph of this Section
6(e), (ii) such Mortgage Loan is a Crossed Loan, and (iii) the applicable Defect
or Breach does not constitute a Defect or Breach, as the case may be, as to any
other Crossed Loan in such Crossed Group (without regard to this paragraph),
then the applicable Defect or Breach, as the case may be, will be deemed to
constitute a Defect or Breach, as the case may be, as to each other Crossed Loan
in the Crossed Group for purposes of this paragraph, and the Seller will be
required to repurchase or substitute for all of the remaining Crossed Loans in
the related Crossed Group as provided in the first paragraph of this Section
6(e) unless such other Crossed Loans in such Crossed Group satisfy the Crossed
Loan Repurchase Criteria, and the Mortgage Loan affected by the applicable
Defect or Breach and the Qualified Substitute Mortgage Loan, if any, satisfy all
other criteria for substitution and repurchase of Mortgage Loans set forth
herein. In the event that the remaining Crossed Loans satisfy the aforementioned
criteria, the Seller may elect either to repurchase or substitute for only the
affected Crossed Loan as to which the related Breach or Defect exists or to
repurchase or substitute for all of the Crossed Loans in the related Crossed
Group. The Seller shall be responsible for the cost of any Appraisal required to
be obtained by the Master Servicer to determine if the Crossed Loan Repurchase
Criteria have been satisfied, so long as the scope and cost of such Appraisal
has been approved by the Seller (such approval not to be unreasonably withheld).

            To the extent that the Seller is required to repurchase or
substitute for a Crossed Loan hereunder in the manner prescribed above while the
Trustee continues to hold any other Crossed Loans in such Crossed Group, neither
the Seller nor the Purchaser shall enforce any remedies against the other's
Primary Collateral, but each is permitted to exercise remedies against the
Primary Collateral securing its respective Crossed Loans, including with respect
to the Trustee, the Primary Collateral securing Crossed Loans still held by the
Trustee.

            If the exercise of remedies by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then the Seller and
the Purchaser shall forbear from exercising such remedies until the Mortgage
Loan documents evidencing and securing the relevant Crossed Loans can be
modified in a manner that complies with this Agreement to remove the threat of
material impairment as a result of the exercise of remedies or some other
accommodation can be reached. Any reserve or other cash collateral or letters of
credit securing the Crossed Loans shall be allocated between such Crossed Loans
in accordance with the Mortgage Loan documents, or otherwise on a pro rata basis
based upon their outstanding Stated Principal Balances. Notwithstanding the
foregoing, if a Crossed Loan included in the Trust Fund is modified to terminate
the related cross collateralization and/or cross default provisions, as a
condition to such modification, the Seller shall furnish to the Trustee an
Opinion of Counsel that any modification shall not cause an Adverse REMIC Event.
Any expenses incurred by the Purchaser in connection with such modification or
accommodation (including but not limited to recoverable attorney fees) shall be
paid by the Seller.

            The "Repurchase Price" with respect to any Mortgage Loan or REO Loan
to be repurchased pursuant to this Agreement and Section 2.03 of the Pooling and
Servicing Agreement, shall have the meaning given to the term "Purchase Price"
in the Pooling and Servicing Agreement.

            A "Qualified Substitute Mortgage Loan" with respect to any Mortgage
Loan or REO Loan to be substituted pursuant to this Agreement and Section 2.03
of the Pooling and Servicing Agreement, shall have the meaning given to such
term in the Pooling and Servicing Agreement.

            A "Substitution Shortfall Amount" with respect to any Mortgage Loan
or REO Loan to be substituted pursuant to this Agreement and Section 2.03 of the
Pooling and Servicing Agreement, shall have the meaning given to such term in
the Pooling and Servicing Agreement.

            In connection with any repurchase or substitution of one or more
Mortgage Loans contemplated hereby, (i) the Purchaser shall execute and deliver,
or cause the execution and delivery of, such endorsements and assignments,
without recourse, as shall be necessary to vest in the Seller the legal and
beneficial ownership of each repurchased Mortgage Loan or replaced Mortgage
Loan, as applicable, (ii) the Purchaser shall deliver, or cause the delivery, to
the Seller of all portions of the Mortgage File and other documents (including
the Servicing File) pertaining to such Mortgage Loan possessed by the Trustee,
or on the Trustee's behalf, and (iii) the Purchaser shall release, or cause to
be released, to the Seller any escrow payments and reserve funds held by the
Trustee, or on the Trustee's behalf, in respect of such repurchased or replaced
Mortgage Loans.

            (f) The representations and warranties of the parties hereto shall
survive the execution and delivery and any termination of this Agreement and
shall inure to the benefit of the respective parties, notwithstanding any
restrictive or qualified endorsement on the Mortgage Notes or Assignment of
Mortgage or the examination of the Mortgage Files.

            (g) Each party hereby agrees to promptly notify the other party of
any breach of a representation or warranty contained in this Section 6. The
Seller's obligation to cure any Breach or Defect or repurchase or substitute for
the affected Mortgage Loan pursuant to Section 6(e) herein shall constitute the
sole remedy available to the Purchaser in connection with a Breach or Defect
(subject to the second paragraph of Section 6(c)). It is acknowledged and agreed
that the representations and warranties are being made for risk allocation
purposes only; provided, however, that no limitation of remedy is implied with
respect to the Seller's breach of its obligation to cure, repurchase or
substitute in accordance with the terms and conditions of this Agreement.

            SECTION 7. Conditions to Closing. The obligations of the Purchaser
to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior
to the Closing Date, of the following conditions:

            (a) Each of the obligations of the Seller required to be performed
by it at or prior to the Closing Date pursuant to the terms of this Agreement
shall have been duly performed and complied with and all of the representations
and warranties of the Seller under this Agreement shall be true and correct in
all material respects as of the Closing Date, and no event shall have occurred
as of the Closing Date which, with notice or passage of time, would constitute a
default under this Agreement, and the Purchaser shall have received a
certificate to the foregoing effect signed by an authorized officer of the
Seller substantially in the form of Exhibit D.

            (b) The Purchaser shall have received the following additional
closing documents:

            (i) copies of the Seller's articles of association and by laws,
      certified as of a recent date by the Secretary or Assistant Secretary of
      the Seller;

            (ii) an original or copy of a certificate of corporate existence of
      the Seller issued by the Comptroller of the Currency dated not earlier
      than sixty days prior to the Closing Date;

            (iii) an opinion of counsel of the Seller, in form and substance
      satisfactory to the Purchaser and its counsel, substantially to the effect
      that:

                  (A) the Seller is a national banking association, duly
            organized, validly existing, and in good standing under the laws of
            the United States;

                  (B) the Seller has the power to conduct its business as now
            conducted and to incur and perform its obligations under this
            Agreement and the Indemnification Agreement;

                  (C) all necessary corporate or other action has been taken by
            the Seller to authorize the execution, delivery and performance of
            this Agreement and the Indemnification Agreement by the Seller and
            this Agreement is a legal, valid and binding agreement of the Seller
            enforceable against the Seller, whether such enforcement is sought
            in a procedure at law or in equity, except to the extent such
            enforcement may be limited by bankruptcy or other similar creditors'
            laws or principles of equity and public policy considerations
            underlying the securities laws, to the extent that such public
            policy considerations limit the enforceability of the provisions of
            the Agreement which purport to provide indemnification with respect
            to securities law violations;

                  (D) the Seller's execution and delivery of, and the Seller's
            performance of its obligations under, each of this Agreement and the
            Indemnification Agreement do not and will not conflict with the
            Seller's articles of association or by laws or conflict with or
            result in the breach of any of the terms or provisions of, or
            constitute a default under, any indenture, mortgage, deed of trust,
            loan agreement or other material agreement or instrument to which
            the Seller is a party or by which the Seller is bound, or to which
            any of the property or assets of the Seller is subject or violate
            any provisions of law or conflict with or result in the breach of
            any order of any court or any governmental body binding on the
            Seller;

                  (E) there is no litigation, arbitration or mediation pending
            before any court, arbitrator, mediator or administrative body, or to
            such counsel's actual knowledge, threatened, against the Seller
            which (i) questions, directly or indirectly, the validity or
            enforceability of this Agreement or the Indemnification Agreement or
            (ii) would, if decided adversely to the Seller, either individually
            or in the aggregate, reasonably be expected to have a material
            adverse effect on the ability of the Seller to perform its
            obligations under this Agreement or the Indemnification Agreement;
            and

                  (F) no consent, approval, authorization, order, license,
            registration or qualification of or with federal court or
            governmental agency or body is required for the consummation by the
            Seller of the transactions contemplated by this Agreement and the
            Indemnification Agreement, except such consents, approvals,
            authorizations, orders, licenses, registrations or qualifications as
            have been obtained; and

            (iv) a letter from counsel of the Seller to the effect that nothing
      has come to such counsel's attention that would lead such counsel to
      believe that the Prospectus Supplement as of the date thereof or as of the
      Closing Date contains, with respect to the Seller or the Mortgage Loans,
      any untrue statement of a material fact or omits to state a material fact
      necessary in order to make the statements therein relating to the Seller
      or the Mortgage Loans, in the light of the circumstances under which they
      were made, not misleading.

            (c) The Offered Certificates shall have been concurrently issued and
sold pursuant to the terms of the Underwriting Agreement. The Private
Certificates shall have been concurrently issued and sold pursuant to the terms
of the Certificate Purchase Agreement.

            (d) The Seller shall have executed and delivered concurrently
herewith the Indemnification Agreement.

            (e) The Seller shall furnish the Purchaser with such other
certificates of its officers or others and such other documents and opinions to
evidence fulfillment of the conditions set forth in this Agreement as the
Purchaser and its counsel may reasonably request.

            SECTION 8. Closing. The closing for the purchase and sale of the
Mortgage Loans shall take place at the office of Cadwalader, Wickersham & Taft
LLP, New York, New York, at 10:00 a.m., on the Closing Date or such other place
and time as the parties shall agree. The parties hereto agree that time is of
the essence with respect to this Agreement.

            SECTION 9. Expenses. The Seller will pay its pro rata share (the
Seller's pro rata portion to be determined according to the percentage that the
aggregate principal balance as of the Cut-off Date of all the Mortgage Loans
represents in proportion to the aggregate principal balance as of the Cut-off
Date of all the mortgage loans to be included in the Trust Fund) of all costs
and expenses of the Purchaser in connection with the transactions contemplated
herein, including, but not limited to: (i) the costs and expenses of the
Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs
and expenses of reproducing and delivering the Pooling and Servicing Agreement
and this Agreement and printing (or otherwise reproducing) and delivering the
Certificates; (iii) the reasonable and documented fees, costs and expenses of
the Trustee and its counsel incurred in connection with the Trustee entering
into the Pooling and Servicing Agreement; (iv) the fees and disbursements of a
firm of certified public accountants selected by the Purchaser and the Seller
with respect to numerical information in respect of the Mortgage Loans and the
Certificates included in the Prospectus, the Memoranda (as defined in the
Indemnification Agreement) and any related 8 K Information (as defined in the
Underwriting Agreement), or items similar to the 8 K Information, including the
cost of obtaining any "comfort letters" with respect to such items; (v) the
costs and expenses in connection with the qualification or exemption of the
Certificates under state securities or blue sky laws, including filing fees and
reasonable fees and disbursements of counsel in connection therewith; (vi) the
costs and expenses in connection with any determination of the eligibility of
the Certificates for investment by institutional investors in any jurisdiction
and the preparation of any legal investment survey, including reasonable fees
and disbursements of counsel in connection therewith; (vii) the costs and
expenses in connection with printing (or otherwise reproducing) and delivering
the Registration Statement, Prospectus and Memoranda, and the reproduction and
delivery of this Agreement and the furnishing to the Underwriters of such copies
of the Registration Statement, Prospectus, Memoranda and this Agreement as the
Underwriters may reasonably request; (viii) the fees of the rating agency or
agencies requested to rate the Certificates and (ix) the reasonable fees and
expenses of Thacher Proffitt & Wood LLP, counsel to the Underwriters, and
Cadwalader, Wickersham & Taft LLP, counsel to the Depositor.

            SECTION 10. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement. Furthermore, the
parties shall in good faith endeavor to replace any provision held to be invalid
or unenforceable with a valid and enforceable provision which most closely
resembles, and which has the same economic effect as, the provision held to be
invalid or unenforceable.

            SECTION 11. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York without regard to conflicts of
law principles and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

            SECTION 12. No Third Party Beneficiaries. The parties do not intend
the benefits of this Agreement to inure to any third party except as expressly
set forth in Section 13.

            SECTION 13. Assignment. The Seller hereby acknowledges that the
Purchaser has, concurrently with the execution hereof, executed and delivered
the Pooling and Servicing Agreement and that, in connection therewith, it has
assigned its rights hereunder to the Trustee for the benefit of the
Certificateholders to the extent set forth in the Pooling and Servicing
Agreement and that the rights so assigned may be further assigned to, and shall
inure to the benefit of, any successor trustee under the Pooling and Servicing
Agreement. The Seller hereby acknowledges its obligations, including that of
expense reimbursement, pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling
and Servicing Agreement. Except as set forth hereinabove and in the Pooling and
Servicing Agreement, the representations and warranties of the Seller made
hereunder and the remedies provided hereunder with respect to Breaches or
Defects may not be further assigned by the Purchaser, the Trustee or any
successor trustee. No owner of a Certificate issued pursuant to the Pooling and
Servicing Agreement shall be deemed a successor or permitted assign because of
such ownership. This Agreement shall bind and inure to the benefit of, and be
enforceable by, the Seller, the Purchaser and their permitted successors and
permitted assigns. The warranties and representations and the agreements made by
the Seller herein shall survive delivery of the Mortgage Loans to the Trustee
until the termination of the Pooling and Servicing Agreement.

            SECTION 14. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given upon
receipt by the intended recipient if personally delivered at or couriered, sent
by facsimile transmission or mailed by first Class or registered mail, postage
prepaid, to (i) in the case of the Purchaser, J.P. Morgan Chase Commercial
Mortgage Securities Corp., 270 Park Avenue, New York, New York 10017, Attention:
Dennis Schuh, fax number (212) 834 6593, with a copy to Bianca Russo, fax number
(212) 834 6593, (ii) in the case of the Seller, Nomura Credit & Capital, Inc., 2
World Financial Center, Building B, New York, New York 10281 1198, Attention: N.
Dante LaRocca, fax number: (646) 587 9804 and (iii) in the case of any of the
preceding parties, such other address as may hereafter be furnished to the other
party in writing by such party.

            SECTION 15. Amendment. This Agreement may be amended only by a
written instrument which specifically refers to this Agreement and is executed
by the Purchaser and the Seller; provided, however, that unless such amendment
is to cure an ambiguity, mistake or inconsistency in this Agreement, no
amendment shall be permitted unless each Rating Agency has delivered a written
confirmation that such amendment will not result in a downgrade, withdrawal or
qualification of the then current ratings of the Certificates and the cost of
obtaining any Rating Agency confirmation shall be borne by the party requesting
such amendment. This Agreement shall not be deemed to be amended orally or by
virtue of any continuing custom or practice. No amendment to the Pooling and
Servicing Agreement which relates to defined terms contained therein or any
obligations of the Seller whatsoever shall be effective against the Seller
unless the Seller shall have agreed to such amendment in writing.

            SECTION 16. Counterparts. This Agreement may be executed in any
number of counterparts, and by the parties hereto in separate counterparts, each
of which when executed and delivered shall be deemed to be an original and all
of which taken together shall constitute one and the same instrument.

            SECTION 17. Exercise of Rights. No failure or delay on the part of
any party to exercise any right, power or privilege under this Agreement and no
course of dealing between the Seller and the Purchaser shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege under this Agreement preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. Except as set forth in
Section 6 herein, the rights and remedies herein expressly provided are
cumulative and not exclusive of any rights or remedies which any party would
otherwise have pursuant to law or equity. No notice to or demand on any party in
any case shall entitle such party to any other or further notice or demand in
similar or other circumstances, or constitute a waiver of the right of either
party to any other or further action in any circumstances without notice or
demand.

            SECTION 18. No Partnership. Nothing herein contained shall be deemed
or construed to create a partnership or joint venture between the parties
hereto. Nothing herein contained shall be deemed or construed as creating an
agency relationship between the Purchaser and the Seller and neither party shall
take any action which could reasonably lead a third party to assume that it has
the authority to bind the other party or make commitments on such party's
behalf.

            SECTION 19. Miscellaneous. This Agreement supersedes all prior
agreements and understandings relating to the subject matter hereof. Neither
this Agreement nor any term hereof may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party
against whom enforcement of the change, waiver, discharge or termination is
sought.

                                   * * * * * *

<PAGE>

            IN WITNESS WHEREOF, the Purchaser and the Seller have caused their
names to be signed hereto by their respective officers thereunto duly authorized
as of the day and year first above written.

                                       J.P. MORGAN CHASE COMMERCIAL MORTGAGE
                                          SECURITIES CORP., as Purchaser

                                       By:   /s/ Charles Y. Lee
                                          --------------------------------------
                                          Name:  Charles Y. Lee
                                          Title: Vice President

                                       NOMURA CREDIT & CAPITAL, INC., as
                                          Seller

                                       By:   /s/ N. Dante LaRocca
                                          --------------------------------------
                                          Name:  N. Dante LaRocca
                                          Title: Managing Director

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>

   Sequence #     Originator   Property Name                          Property Address                 City                    State
------------------------------------------------------------------------------------------------------------------------------------
<S>               <C>          <C>                                    <C>                              <C>                    <C>
       2             NCCI      Smith Haven Mall                       313 Smith Haven Mall             Lake Grove               NY
      16             NCCI      Marquis at Carmel Valley Apartments    6905 Poppy Hills Lane            Charlotte                NC
      24             NCCI      Bristol Center                         3310-3398 South Bristol Street   Santa Ana                CA
      25             NCCI      Harbor Grand Apartments                15120 Grand Avenue               Lake Elsinore            CA
      27             NCCI      Bridgeside Point Office Building       100 Technology Drive             Pittsburgh               PA
      33             NCCI      Market Fair                            4100-4160 Route 31               Clay                     NY
      60             NCCI      Thermo Process Systems                 1410 Gillingham                  Sugar Land               TX
      102            NCCI      Emerald Park Apartments                8341 Emerald Hills Way           North Richland Hills     TX
      104            NCCI      Mars Hill Shopping Center              3459 North Cobb Parkway          Acworth                  GA
      106            NCCI      Mid - Five Plaza                       29447-29583 Five Mile Road       Livonia                  MI
      122            NCCI      The New Yorker Apartments              13951 Moorpark Street            Sherman Oaks             CA
      125            NCCI      Urban Outfitter's - SLO                962 Monterey Street              San Luis Obispo          CA

<CAPTION>

   Sequence #          Zip Code        County                    Property Type              Property SubType        Total SF/Units
-----------------------------------------------------------------------------------------------------------------------------------
<S>              <C>                   <C>                       <C>                        <C>                     <C>
       2                 11755         Suffolk                   Retail                     Anchored                       558,990
      16                 28226         Mecklenburg               Multifamily                Garden                             424
      24                 92704         Orange                    Retail                     Shadow Anchored                 62,800
      25                 92530         Riverside                 Multifamily                Garden                             192
      27                 15219         Allegheny                 Office                     Suburban                       153,110
      33                 13041         Onondaga                  Retail                     Anchored                       136,989
      60                 77478         Fort Bend                 Industrial                 Flex                           150,000
      102                76180         Tarrant                   Multifamily                Garden                             152
      104                30101         Cobb                      Retail                     Unanchored                      26,476
      106                48154         Wayne                     Retail                     Unanchored                      84,061
      122                91423         Los Angeles               Multifamily                Garden                              34
      125                93401         San Luis Obispo           Retail                     Anchored                        13,560

<CAPTION>

                          Cut-Off Balance:            $ 305,971,602
                          <S>                                          <C>
                          No. of Loans:                                12

<CAPTION>

   Sequence #   Unit of Measure             Original Balance          Cutoff Balance       Interest Rate (%)    Amortization Type
------------------------------------------------------------------------------------------------------------------------------------
<S>             <C>                                <C>                     <C>                   <C>              <C>
       2        Square Feet                        180,000,000             180,000,000.00        5.157000         Interest Only
      16        Units                               28,000,000              28,000,000.00        5.850000         Interest Only
      24        Square Feet                         18,600,000              18,600,000.00        6.170000         Interest Only
      25        Units                               18,500,000              18,500,000.00        5.970000         Interest Only
      27        Square Feet                         17,325,000              17,325,000.00        5.200000         Interest Only
      33        Square Feet                         14,540,000              14,540,000.00        5.770000         IO-Balloon
      60        Square Feet                          8,201,000               8,201,000.00        5.240000         Interest Only
      102       Units                                4,738,000               4,738,000.00        5.780000         Balloon
      104       Square Feet                          4,650,000               4,643,705.73        5.820000         Balloon
      106       Square Feet                          4,500,000               4,493,896.11        5.800000         Balloon
      122       Units                                3,490,000               3,490,000.00        5.490000         Balloon
      125       Square Feet                          3,440,000               3,440,000.00        5.690000         IO-Balloon

<CAPTION>

                                  Monthly
                                   Debt
   Sequence #      Accrual Type   Service       I/O Period    Term         Rem. Term       Amort. Term   Rem. Amort.    Payment Date
------------------------------------------------------------------------------------------------------------------------------------
<S>             <C>               <C>           <C>            <C>         <C>             <C>            <C>            <C>
       2        Actual/360        784,293.75      120          120             120               0             0              1
      16        Actual/360        138,395.83       84          84              84                0             0              1
      24        Actual/360         96,963.26       60          60              60                0             0              11
      25        Actual/360         93,315.80       60          60              60                0             0              11
      27        30/360             75,075.00       60          60              59                0             0              11
      33        Actual/360         85,036.32       60          120             120              360           360             11
      60        30/360             35,811.03       60          60              60                0             0              11
      102       Actual/360         27,740.04       0           120             120              360           360             11
      104       Actual/360         27,343.27       0           120             119              360           359             11
      106       Actual/360         26,403.89       0           120             119              360           359             11
      122       Actual/360         19,793.94       0           120             120              360           360             6
      125       Actual/360         19,943.98       36          120             119              360           360             11

<CAPTION>

                  Grace                       Maturity/ARD
   Sequence #    Period       ARD (Y/N)           Date         Final Mat Date
--------------------------------------------------------------------------------------------------
<S>              <C>          <C>             <C>              <C>
       2            5             No            03/01/16
      16           10             No            03/01/13
      24            0             No            03/11/11
      25            0             No            03/11/11
      27            0            Yes            02/11/11          02/11/31
      33            0             No            03/11/16
      60            0            Yes            03/11/11          03/11/31
      102           0             No            03/11/16
      104           0             No            02/11/16
      106           0             No            02/11/16
      122           0             No            03/06/16
      125           0            Yes            02/11/16          02/11/36

<CAPTION>

ARD_STEPUP
              66

                                                                                                 Defeasance
   Sequence #   ARD Step Up (%)                                                                   Allowed
------------------------------------------------------------------------------------------------------------------------
<S>             <C>                                                                              <C>
       2                                                                                            Yes
      16                                                                                            Yes
      24                                                                                            Yes
      25        Lesser of maximum rate permitted by applicable law or 2.00% + Initial Rate          Yes
      27                                                                                            No
      33        Lesser of maximum rate permitted by applicable law or 2.00% + Initial Rate          Yes
      60                                                                                            No
      102                                                                                           Yes
      104                                                                                           Yes
      106                                                                                           Yes
      122       Greater of Initial Rate + 2.00% or Treasury + 3.25%                                 Yes
      125                                                                                           Yes

<CAPTION>

                 Upfront CapEx       Upfront Eng.     Upfront Envir.       Upfront TI/LC       Upfront RE Tax         Upfront Ins.
   Sequence #       Reserve            Reserve            Reserve             Reserve             Reserve                Reserve
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>             <C>                <C>                 <C>                 <C>                    <C>
       2                  0.00             0.00              0.00                 0.00                0.00                  0.00
      16                  0.00       193,876.00              0.00                 0.00          160,039.46                  0.00
      24             20,000.00         4,500.00              0.00           100,000.00           49,044.07                  0.00
      25                  0.00        27,500.00              0.00                 0.00            8,846.30                  0.00
      27                  0.00             0.00              0.00                 0.00                0.00                  0.00
      33                  0.00        23,025.00         50,000.00           200,000.00           58,632.83              5,639.00
      60                  0.00             0.00              0.00                 0.00                0.00                  0.00
      102                 0.00        28,750.00              0.00                 0.00           35,945.04             29,331.32
      104             3,968.04             0.00              0.00            25,848.00           20,089.22                  0.00
      106                 0.00             0.00              0.00           252,180.00           47,419.40              1,787.58
      122                 0.00        13,062.50              0.00                 0.00            5,135.25              1,222.83
      125                 0.00             0.00              0.00           150,000.00            2,584.01              4,214.50

<CAPTION>

                                           Upfront
                    Upfront Other          Other                       Monthly Capex         Monthly Envir.         Monthly TI/LC
   Sequence #          Reserve             Description                    Reserve               Reserve                Reserve
------------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>             <C>                             <C>               <C>                    <C>
       2                          0.00                                         0.00                   0.00                  0.00
      16                          0.00                                     7,066.67                   0.00                  0.00
      24                          0.00                                         0.00                   0.00                  0.00
      25                          0.00                                     3,552.00                   0.00                  0.00
      27                          0.00                                         0.00                   0.00                  0.00
      33                      1,000.00     Other-Home Decor Reserve        1,712.00                   0.00              8,561.00
      60                          0.00                                         0.00                   0.00                  0.00
      102                         0.00                                     3,167.00                   0.00                  0.00
      104                         0.00                                         0.00                   0.00                  0.00
      106                         0.00                                     1,050.75                   0.00                  0.00
      122                     3,156.25     Termite Repair Reserve            806.75                   0.00                  0.00
      125                   406,800.00     TI Allowance Reserve              169.50                   0.00                  0.00

<CAPTION>

                      Monthly RE             Monthly Ins.          Monthly Other        Other Month
   Sequence #        Tax Reserve              Reserve                Reserve             Description        Letter of Credit
-----------------------------------------------------------------------------------------------------------------------------
<S>                     <C>                     <C>                <C>                  <C>                 <C>
       2                     0.00                   0.00                  0.00                                       No
      16                32,007.89                   0.00                  0.00                                       No
      24                12,261.02               1,449.08                  0.00                                       No
      25                 8,846.30                   0.00                  0.00                                       No
      27                     0.00                   0.00                  0.00                                       No
      33                19,544.28               1,879.67                  0.00                                       No
      60                     0.00                   0.00                  0.00                                       No
      102               11,981.68               4,888.55                  0.00                                       No
      104                3,348.20                   0.00                  0.00                                       No
      106                9,483.88               1,787.58                  0.00                                       No
      122                2,567.62               1,222.83                  0.00                                       No
      125                  516.80                 702.42                  0.00                                       No

<CAPTION>

   Sequence #    Description of LOC                   Title Type             Crossed Loan         Related Borrower
------------------------------------------------------------------------------------------------------------------------------------
<S>              <C>                                  <C>                    <C>                  <C>
       2                                              Fee
      16                                              Fee
      24                                              Fee
      25                                              Fee                                                2
      27                                              Fee                                                5
      33                                              Fee
      60                                              Fee                                                5
      102                                             Fee
      104                                             Fee
      106                                             Fee
      122                                             Fee
      125                                             Fee

<CAPTION>

   Sequence #    Borrower Name
------------------------------------------------------------------------------------------------------------------------------------
<S>              <C>
       2         Mall at Smith Haven, LLC
      16         Carmel Valley Associates, CWS Carmel Valley 97, LLC, CWS Stonegate Austin-Carmel Valley I, L.P.
      24         CP Bristol SA LLC
      25         Harbor Grand Apartments Investors LP, KL Lim HG, LLC, Mila Ent. HG, LLC, Weiss HG, LLC, Heil Harbor Grand, LLC
      27         MB Pittsburgh Bridgeside DST
      33         Marketfair North LLC
      60         MB Sugar Land Gillingham Limited Partnership
      102        Emerald Park Apartments Limited Partnership
      104        R&F Properties, LLC
      106        ANK/Mid-Five Corporation
      122        JMF Enterprises II LLC
      125        CP 962 Monterey, LLC

<CAPTION>

   Sequence #    Principal Name
------------------------------------------------------------------------------------------------------------------------------------
<S>              <C>
       2         Mall at Smith Haven, LLC
      16         CWS Apartment Homes, LLC
      24         William R. Rothacker
      25         Ronald A. Weiss and Jocelyn R. Weiss, Kayne Lim and Linda S. Lim, Surrendra Gokel and Savita Gokel, Robert J. Heil
                 and Rosemary E. Heil, Robert Scanlan, N. Thomson Bard, Jr., Todd M. Gooding, Sol Rabin
      27         MB Pittsburg Bridgeside DST, Inland Western Retail Real Estate Trust, Inc., Minto Builders (Florida), Inc.
      33         M&J Wilkow, Ltd.
      60         MB Sugar Land Gillingham Limited Partnership, Minto Builders (Florida), Inc.
      102        Jerry D. Saxton
      104        Celestino Venturi
      106        Ank Enterprises, Inc., Matthew T. Kornmeier, and Stephen A. Kornmeier
      122        Jeffrey Fish
      125        James Copeland, Thomas Copeland

<CAPTION>

   Sequence #       Lockbox (Y/N)        Lockbox In-place
---------------------------------------------------------------
<S>                 <C>                  <C>
       2                 Yes                    Yes
      16                 No                     No
      24                 No                     No
      25                 Yes                    Yes
      27                 Yes                    No
      33                 No                     No
      60                 Yes                    No
      102                No                     No
      104                No                     No
      106                No                     No
      122                No                     No
      125                Yes                    Yes

<CAPTION>

                      Master        Primary       Trustee &
                     Servicing     Servicing        Paying       Subservicer
   Sequence #        Fee Rate       Fee Rate      Agent Fee          Fee
----------------------------------------------------------------------------------
<S>                  <C>           <C>            <C>            <C>
       2             0.010000       0.010000       0.000700
      16             0.010000       0.010000       0.000700
      24             0.010000       0.010000       0.000700
      25             0.010000       0.010000       0.000700
      27             0.010000       0.010000       0.000700
      33             0.010000                      0.000700         0.020000
      60             0.010000       0.010000       0.000700
      102            0.010000       0.010000       0.000700
      104            0.010000       0.010000       0.000700
      106            0.010000       0.010000       0.000700
      122            0.010000                      0.000700         0.070000
      125            0.010000       0.010000       0.000700

<CAPTION>

                                             Net
                                           Mortgage
                                           Interest          Servicing Fee
   Sequence #            Admin. Fee          Rate                  Rate       Loan Group
------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>               <C>               <C>              <C>
       2                   0.020700        5.136300            0.020000             1
      16                   0.020700        5.829300            0.020000             2
      24                   0.020700        6.149300            0.020000             1
      25                   0.020700        5.949300            0.020000             2
      27                   0.020700        5.179300            0.020000             1
      33                   0.030700        5.739300            0.030000             1
      60                   0.020700        5.219300            0.020000             1
      102                  0.020700        5.759300            0.020000             2
      104                  0.020700        5.799300            0.020000             1
      106                  0.020700        5.779300            0.020000             1
      122                  0.080700        5.409300            0.080000             1
      125                  0.020700        5.669300            0.020000             1
</TABLE>

<PAGE>

                                    EXHIBIT B

                  MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

            (1) No Mortgage Loan is 30 days or more delinquent in payment of
principal and interest (without giving effect to any applicable grace period in
the related Mortgage Note) and no Mortgage Loan has been 30 days or more
(without giving effect to any applicable grace period in the related Mortgage
Note) past due.

            (2) Except with respect to the ARD Loans, which provide that the
rate at which interest accrues thereon increases after the Anticipated Repayment
Date, the Mortgage Loans (exclusive of any default interest, late charges or
prepayment premiums) are fixed rate mortgage loans with terms to maturity, at
origination or as of the most recent modification, as set forth in the Mortgage
Loan Schedule.

            (3) The information pertaining to each Mortgage Loan set forth on
the Mortgage Loan Schedule is true and correct in all material respects as of
the Cut-off Date.

            (4) At the time of the assignment of the Mortgage Loans to the
Purchaser, the Seller had good and marketable title to and was the sole owner
and holder of, each Mortgage Loan, free and clear of any pledge, lien,
encumbrance or security interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase
Agreement, dated as of the date hereof between Master Servicer and Seller) and
such assignment validly and effectively transfers and conveys all legal and
beneficial ownership of the Mortgage Loans to the Purchaser free and clear of
any pledge, lien, encumbrance or security interest (subject to certain
agreements regarding servicing as provided in the Pooling and Servicing
Agreement, subservicing agreements permitted thereunder and that certain
Servicing Rights Purchase Agreement, dated as of the Closing Date between Master
Servicer and Seller).

            (5) In respect of each Mortgage Loan, (A) in reliance on public
documents or certified copies of the incorporation or partnership or other
entity documents, as applicable, delivered in connection with the origination of
such Mortgage Loan, the related Mortgagor is an entity organized under the laws
of a state of the United States of America, the District of Columbia or the
Commonwealth of Puerto Rico and (B) as of the origination date, the Seller
(based on customary due diligence) had no knowledge, and since the origination
date, the Seller has no actual knowledge, that the related Mortgagor is a debtor
in any bankruptcy, receivership, conservatorship, reorganization, insolvency,
moratorium or similar proceeding.

            (6) Each Mortgage Loan is secured by the related Mortgage which
establishes and creates a valid and subsisting first priority lien on the
related Mortgaged Property, or leasehold interest therein, comprising real
estate, free and clear of any liens, claims, encumbrances, participation
interests, pledges, charges or security interests subject only to Permitted
Encumbrances. Such Mortgage, together with any separate security agreement, UCC
Financing Statement or similar agreement, if any, establishes and creates a
first priority security interest in favor of the Seller in all personal property
owned by the Mortgagor that is used in, and is reasonably necessary to, the
operation of the related Mortgaged Property and, to the extent a security
interest may be created therein and perfected by the filing of a UCC Financing
Statement under the Uniform Commercial Code as in effect in the relevant
jurisdiction, the proceeds arising from the Mortgaged Property and other
collateral securing such Mortgage Loan, subject only to Permitted Encumbrances.
There exists with respect to such Mortgaged Property an assignment of leases and
rents provision, either as part of the related Mortgage or as a separate
document or instrument, which establishes and creates a first priority security
interest in and to leases and rents arising in respect of the related Mortgaged
Property, subject only to Permitted Encumbrances. Except for the holder of the
Companion Loan with respect to the AB Mortgage Loans, to the Seller's knowledge,
no person other than the related Mortgagor and the mortgagee own any interest in
any payments due under the related leases. The related Mortgage or such
assignment of leases and rents provision provides for the appointment of a
receiver for rents or allows the holder of the related Mortgage to enter into
possession of the related Mortgaged Property to collect rent or provides for
rents to be paid directly to the holder of the related Mortgage in the event of
a default beyond applicable notice and grace periods, if any, under the related
Mortgage Loan documents. As of the origination date, there were, and, to the
Seller's actual knowledge as of the Closing Date, there are, no mechanics' or
other similar liens or claims which have been filed for work, labor or materials
affecting the related Mortgaged Property which are or may be prior or equal to
the lien of the Mortgage, except those that are bonded or escrowed for or which
are insured against pursuant to the applicable Title Insurance Policy (as
defined below) and except for Permitted Encumbrances. No (a) Mortgaged Property
secures any mortgage loan not represented on the Mortgage Loan Schedule other
than a Companion Loan, (b) Mortgage Loan is cross-collateralized or
cross-defaulted with any other mortgage loan, other than a Mortgage Loan listed
on the Mortgage Loan Schedule or a Companion Loan, or (c) Mortgage Loan is
secured by property that is not a Mortgaged Property.

            (7) The related Mortgagor under each Mortgage Loan has good and
indefeasible fee simple or, with respect to those Mortgage Loans described in
clause (20) hereof, leasehold title to the related Mortgaged Property comprising
real estate subject to any Permitted Encumbrances.

            (8) The Seller has received an American Land Title Association
(ALTA) lender's title insurance policy or a comparable form of lender's title
insurance policy (or escrow instructions binding on the Title Insurer (as
defined below) and irrevocably obligating the Title Insurer to issue such title
insurance policy or a title policy commitment or pro-forma "marked up" at the
closing of the related Mortgage Loan and countersigned or otherwise approved by
the Title Insurer or its authorized agent) as adopted in the applicable
jurisdiction (the "Title Insurance Policy"), which was issued by a nationally
recognized title insurance company (the "Title Insurer") qualified to do
business in the jurisdiction where the applicable Mortgaged Property is located
(unless such jurisdiction is the State of Iowa), covering the portion of each
Mortgaged Property comprised of real estate and insuring that the related
Mortgage is a valid first lien in the original principal amount of the related
Mortgage Loan on the Mortgagor's fee simple interest (or, if applicable,
leasehold interest) in such Mortgaged Property comprised of real estate, subject
only to Permitted Encumbrances. Such Title Insurance Policy was issued in
connection with the origination of the related Mortgage Loan. No claims have
been made under such Title Insurance Policy. Such Title Insurance Policy is in
full force and effect and all premiums thereon have been paid and will provide
that the insured includes the owner of the Mortgage Loan and its successors
and/or assigns. No holder of the related Mortgage has done, by act or omission,
anything that would, and the Seller has no actual knowledge of any other
circumstance that would, impair the coverage under such Title Insurance Policy.

            (9) The related Assignment of Mortgage and the related assignment of
the Assignment of Leases and Rents executed in connection with each Mortgage, if
any, have been recorded in the applicable jurisdiction (or, if not recorded,
have been submitted for recording or are in recordable form (but for the
insertion of the name and address of the assignee and any related recording
information which is not yet available to the Seller)) and constitute the legal,
valid and binding assignment of such Mortgage and the related Assignment of
Leases and Rents from the Seller to the Purchaser. The endorsement of the
related Mortgage Note by the Seller constitutes the legal, valid, binding and
enforceable (except as such enforcement may be limited by anti-deficiency laws
or bankruptcy, receivership, conservatorship, reorganization, insolvency,
moratorium or other similar laws affecting the enforcement of creditors' rights
generally, and by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law)) assignment of
such Mortgage Note, and together with such Assignment of Mortgage and the
related assignment of Assignment of Leases and Rents, legally and validly
conveys all right, title and interest in such Mortgage Loan and Mortgage Loan
documents to the Purchaser.

            (10) (a) The Mortgage Loan documents for each Mortgage Loan provide
that such Mortgage Loan is non-recourse to the related parties thereto except
that the related Mortgagor and at least one individual or entity shall be fully
liable for actual losses, liabilities, costs and damages arising from certain
acts of the related Mortgagor and/or its principals specified in the related
Mortgage Loan documents, which acts generally include the following: (i) fraud
or intentional misrepresentation, (ii) misapplication or misappropriation of
rents, insurance proceeds or condemnation awards, (iii) either (i) any act of
actual waste or (ii) damage or destruction to the Mortgaged Property caused by
the acts or omissions of the borrower, its agents, employees or contractors, and
(iv) any breach of the environmental covenants contained in the related Mortgage
Loan documents.

                  (b) The Mortgage Loan documents for each Mortgage Loan contain
            enforceable provisions such as to render the rights and remedies of
            the holder thereof adequate for the practical realization against
            the Mortgaged Property of the principal benefits of the security
            intended to be provided thereby, including realization by judicial
            or, if applicable, non judicial foreclosure, and there is no
            exemption available to the related Mortgagor which would interfere
            with such right of foreclosure except any statutory right of
            redemption or as may be limited by anti-deficiency or one form of
            action laws or by bankruptcy, receivership, conservatorship,
            reorganization, insolvency, moratorium or other similar laws
            affecting the enforcement of creditors' rights generally, and by
            general principles of equity (regardless of whether such enforcement
            is considered in a proceeding in equity or at law).

                  (c) Each of the related Mortgage Notes and Mortgages are the
            legal, valid and binding obligations of the related Mortgagor named
            on the Mortgage Loan Schedule and each of the other related Mortgage
            Loan documents is the legal, valid and binding obligation of the
            parties thereto (subject to any non recourse provisions therein),
            enforceable in accordance with its terms, except as such enforcement
            may be limited by anti-deficiency or one form of action laws or
            bankruptcy, receivership, conservatorship, reorganization,
            insolvency, moratorium or other similar laws affecting the
            enforcement of creditors' rights generally, and by general
            principles of equity (regardless of whether such enforcement is
            considered in a proceeding in equity or at law), and except that
            certain provisions of such Mortgage Loan documents are or may be
            unenforceable in whole or in part under applicable state or federal
            laws, but the inclusion of such provisions does not render any of
            the Mortgage Loan documents invalid as a whole, and such Mortgage
            Loan documents taken as a whole are enforceable to the extent
            necessary and customary for the practical realization of the
            principal rights and benefits afforded thereby.

                  (d) The terms of the Mortgage Loans or the related Mortgage
            Loan documents, have not been altered, impaired, modified or waived
            in any material respect, except prior to the Cut-off Date by written
            instrument duly submitted for recordation, to the extent required,
            and as specifically set forth in the related Mortgage File.

                  (e) With respect to each Mortgage which is a deed of trust, a
            trustee, duly qualified under applicable law to serve as such,
            currently so serves and is named in the deed of trust or has been
            substituted in accordance with applicable law, and no fees or
            expenses are or will become payable to the trustee under the deed of
            trust, except in connection with a trustee's sale after default by
            the Mortgagor other than de minimis fees paid in connection with the
            release of the related Mortgaged Property or related security for
            such Mortgage Loan following payment of such Mortgage Loan in full.

            (11) No Mortgage Loan has been satisfied, canceled, subordinated,
released or rescinded, in whole or in part, and the related Mortgagor has not
been released, in whole or in part, from its obligations under any related
Mortgage Loan document.

            (12) Except with respect to the enforceability of any provisions
requiring the payment of default interest, late fees, additional interest,
prepayment premiums or yield maintenance charges, neither the Mortgage Loan nor
any of the related Mortgage Loan documents is subject to any right of
rescission, set off, abatement, diminution, valid counterclaim or defense,
including the defense of usury, nor will the operation of any of the terms of
any such Mortgage Loan documents, or the exercise (in compliance with procedures
permitted under applicable law) of any right thereunder, render any Mortgage
Loan documents subject to any right of rescission, set off, abatement,
diminution, valid counterclaim or defense, including the defense of usury
(subject to anti-deficiency or one form of action laws and to bankruptcy,
receivership, conservatorship, reorganization, insolvency, moratorium or other
similar laws affecting the enforcement of creditor's rights generally and to
general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law)), and no such right of
rescission, set off, abatement, diminution, valid counterclaim or defense has
been asserted with respect thereto. None of the Mortgage Loan documents provides
for a release of a portion of the Mortgaged Property from the lien of the
Mortgage except upon payment or defeasance in full of all obligations under the
Mortgage, provided that, notwithstanding the foregoing, certain of the Mortgage
Loans may allow partial release (a) upon payment or defeasance of an Allocated
Loan Amount which may be formula based, but in no event less than 125% of the
Allocated Loan Amount, or (b) in the event the portion of the Mortgaged Property
being released was not given any material value in connection with the
underwriting or appraisal of the related Mortgage Loan.

            (13) As of the Closing Date, there is no payment default, giving
effect to any applicable notice and/or grace period, and, to the Seller's
knowledge, as of the Closing Date, there is no other material default under any
of the related Mortgage Loan documents, giving effect to any applicable notice
and/or grace period; no such material default or breach has been waived by the
Seller or on its behalf or, to the Seller's knowledge, by the Seller's
predecessors in interest with respect to the Mortgage Loans; and, to the
Seller's actual knowledge, no event has occurred which, with the passing of time
or giving of notice would constitute a material default or breach; provided,
however, that the representations and warranties set forth in this sentence do
not cover any default, breach, violation or event of acceleration that
specifically pertains to or arises out of any subject matter otherwise covered
by any other representation or warranty made by the Seller in this Exhibit B. No
Mortgage Loan has been accelerated and no foreclosure or power of sale
proceeding has been initiated in respect of the related Mortgage. The Seller has
not waived any material claims against the related Mortgagor under any
non-recourse exceptions contained in the Mortgage Note.

            (14) (a) The principal amount of the Mortgage Loan stated on the
Mortgage Loan Schedule has been fully disbursed as of the Closing Date (except
for certain amounts that were fully disbursed by the mortgagee, but were
escrowed pursuant to the terms of the related Mortgage Loan documents) and there
are no future advances required to be made by the mortgagee under any of the
related Mortgage Loan documents. Any requirements under the related Mortgage
Loan documents regarding the completion of any on-site or off-site improvements
and to disbursements of any escrow funds therefor have been or are being
complied with or such escrow funds are still being held. The value of the
Mortgaged Property relative to the value reflected in the most recent appraisal
thereof is not materially impaired by any improvements which have not been
completed. The Seller has not, nor, to the Seller's knowledge, have any of its
agents or predecessors in interest with respect to the Mortgage Loan, in respect
of payments due on the related Mortgage Note or Mortgage, directly or
indirectly, advanced funds or induced, solicited or knowingly received any
advance of funds by a party other than the Mortgagor other than (a) interest
accruing on such Mortgage Loan from the date of such disbursement of such
Mortgage Loan to the date which preceded by thirty (30) days the first payment
date under the related Mortgage Note and (b) application and commitment fees,
escrow funds, points and reimbursements for fees and expenses, incurred in
connection with the origination and funding of the Mortgage Loan.

                  (b) No Mortgage Loan has capitalized interest included in its
            principal balance, or provides for any shared appreciation rights or
            other equity participation therein and no contingent or additional
            interest contingent on cash flow or negative amortization (other
            than with respect to the deferment of payment with respect to ARD
            Loans) is due thereon.

                  (c) Each Mortgage Loan identified in the Mortgage Loan
            Schedule as an ARD Loan starts to amortize no later than the Due
            Date of the calendar month immediately after the calendar month in
            which such ARD Loan closed and substantially fully amortizes over
            its stated term, which term is at least 60 months after the related
            Anticipated Repayment Date. Each ARD Loan has an Anticipated
            Repayment Date not less than seven years following the origination
            of such Mortgage Loan. If the related Mortgagor elects not to prepay
            its ARD Loan in full on or prior to the Anticipated Repayment Date
            pursuant to the existing terms of the Mortgage Loan or a unilateral
            option (as defined in Treasury Regulations under Section 1001 of the
            Code) in the Mortgage Loan exercisable during the term of the
            Mortgage Loan, (i) the Mortgage Loan's interest rate will step up to
            an interest rate per annum as specified in the related Mortgage Loan
            documents; provided, however, that payment of such Excess Interest
            shall be deferred until the principal of such ARD Loan has been paid
            in full; (ii) all or a substantial portion of the Excess Cash Flow
            (which is net of certain costs associated with owning, managing and
            operating the related Mortgaged Property) collected after the
            Anticipated Repayment Date shall be applied towards the prepayment
            of such ARD Loan and once the principal balance of an ARD Loan has
            been reduced to zero all Excess Cash Flow will be applied to the
            payment of accrued Excess Interest; and (iii) if the property
            manager for the related Mortgaged Property can be removed by or at
            the direction of the mortgagee on the basis of a debt service
            coverage test, the subject debt service coverage ratio shall be
            calculated without taking account of any increase in the related
            Mortgage Interest Rate on such Mortgage Loan's Anticipated Repayment
            Date. No ARD Loan provides that the property manager for the related
            Mortgaged Property can be removed by or at the direction of the
            mortgagee solely because of the passage of the related Anticipated
            Repayment Date.

                  (d) Each Mortgage Loan identified in the Mortgage Loan
            Schedule as an ARD Loan with a hard lockbox requires that tenants at
            the related Mortgaged Property shall (and each Mortgage Loan
            identified in the Mortgage Loan Schedule as an ARD Loan with a
            springing lockbox requires that tenants at the related Mortgaged
            Property shall, upon the occurrence of a specified trigger event,
            including, but not limited to, the occurrence of the related
            Anticipated Repayment Date) make rent payments into a lockbox
            controlled by the holder of the Mortgage Loan and to which the
            holder of the Mortgage Loan has a first perfected security interest;
            provided, however, with respect to each ARD Loan which is secured by
            a multi-family property with a hard lockbox, or with respect to each
            ARD Loan which is secured by a multi-family property with a
            springing lockbox, upon the occurrence of a specified trigger event,
            including, but not limited to, the occurrence of the related
            Anticipated Repayment Date, tenants either pay rents to a lockbox
            controlled by the holder of the Mortgage Loan or deposit rents with
            the property manager who will then deposit the rents into a lockbox
            controlled by the holder of the Mortgage Loan.

            (15) The terms of the Mortgage Loan documents evidencing such
Mortgage Loan comply in all material respects with all applicable local, state
and federal laws and regulations, and the Seller has complied with all material
requirements pertaining to the origination of the Mortgage Loans, including but
not limited to, usury and any and all other material requirements of any
federal, state or local law to the extent non-compliance would have a material
adverse effect on the Mortgage Loan.

            (16) To the Seller's knowledge and subject to clause (37) hereof, as
of the date of origination of the Mortgage Loan, based on inquiry customary in
the industry, the related Mortgaged Property was, and to the Seller's actual
knowledge and subject to clause (37) hereof, as of the Closing Date, the related
Mortgaged Property is, in all material respects, in compliance with, and is used
and occupied in accordance with, all restrictive covenants of record applicable
to such Mortgaged Property and applicable zoning laws and all inspections,
licenses, permits and certificates of occupancy required by law, ordinance or
regulation to be made or issued with regard to the Mortgaged Property have been
obtained and are in full force and effect, except to the extent (a) any material
non-compliance with all restrictive covenants of record applicable to such
Mortgaged Property or applicable zoning laws is insured by an ALTA lender's
title insurance policy (or binding commitment therefor), or the equivalent as
adopted in the applicable jurisdiction, or a law and ordinance insurance policy,
or (b) the failure to obtain or maintain such inspections, licenses, permits or
certificates of occupancy does not materially impair or materially and adversely
affect the use and/or operation of the Mortgaged Property as it was used and
operated as of the date of origination of the Mortgage Loan or the rights of a
holder of the related Mortgage Loan.

            (17) All (a) taxes, water charges, sewer rents, assessments or other
similar outstanding governmental charges and governmental assessments which
became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property), and if left
unpaid, would be, or might become, a lien on such Mortgaged Property having
priority over the related Mortgage and (b) insurance premiums or ground rents
which became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property), have been paid, or
if disputed, or if such amounts are not delinquent prior to the Closing Date, an
escrow of funds in an amount sufficient (together with escrow payments required
to be made prior to delinquency) to cover such taxes and assessments and any
late charges due in connection therewith has been established. As of the date of
origination, the related Mortgaged Property was one or more separate and
complete tax parcels. For purposes of this representation and warranty, the
items identified herein shall not be considered due and owing until the date on
which interest or penalties would be first payable thereon.

            (18) To the Seller's knowledge based on surveys or the Title
Insurance Policy, (i) none of the improvements that were included for the
purpose of determining the appraised value of the related Mortgaged Property at
the time of the origination of such Mortgage Loan lies outside the boundaries
and building restriction lines of such Mortgaged Property, except to the extent
they are legally nonconforming as contemplated by representation (37) below, and
(ii) no improvements on adjoining properties encroach upon such Mortgaged
Property, except in the case of either (i) or (ii) for (a) immaterial
encroachments which do not materially adversely affect the security intended to
be provided by the related Mortgage or the use, enjoyment, value or
marketability of such Mortgaged Property or (b) encroachments affirmatively
covered by the related Title Insurance Policy. With respect to each Mortgage
Loan, the property legally described in the survey, if any, obtained for the
related Mortgaged Property for purposes of the origination thereof is the same
as the property legally described in the Mortgage.

            (19) (a) As of the date of the applicable engineering report (which
was performed within 12 months prior to the Cut-off Date) related to the
Mortgaged Property and, to Seller's knowledge as of the Closing Date, the
related Mortgaged Property is either (i) in good repair, free and clear of any
damage that would materially adversely affect the value of such Mortgaged
Property as security for such Mortgage Loan or the use and operation of the
Mortgaged Property as it was being used or operated as of the origination date
or (ii) escrows in an amount consistent with the standard utilized by the Seller
with respect to similar loans it holds for its own account have been
established, which escrows will in all events be not less than 100% of the
estimated cost of the required repairs. Since the origination date, to the
Seller's actual knowledge, such Mortgaged Property has not been damaged by fire,
wind or other casualty or physical condition (including, without limitation, any
soil erosion or subsidence or geological condition), which damage has not been
fully repaired or fully insured, or for which escrows in an amount consistent
with the standard utilized by the Seller with respect to loans it holds for its
own account have not been established.

                  (b) As of the origination date of such Mortgage Loan and to
            the Seller's actual knowledge, as of the Closing Date, there are no
            proceedings pending or, to the Seller's actual knowledge,
            threatened, for the partial or total condemnation of the relevant
            Mortgaged Property.

            (20) The Mortgage Loans that are identified on Exhibit A as being
secured in whole or in part by a leasehold estate (a "Ground Lease") (except
with respect to any Mortgage Loan also secured by the related fee interest in
the Mortgaged Property) satisfy the following conditions:

                  (a) such Ground Lease or a memorandum thereof has been or will
            be duly recorded; such Ground Lease or other agreement received by
            the originator of the Mortgage Loan from the ground lessor, provides
            that the interest of the lessee thereunder may be encumbered by the
            related Mortgage and does not restrict the use of the related
            Mortgaged Property by such lessee, its successors or assigns, in a
            manner that would materially and adversely affect the security
            provided by the Mortgage; as of the date of origination of the
            Mortgage Loan, there was no material change of record in the terms
            of such Ground Lease or other agreement with the exception of
            written instruments which are part of the related Mortgage File and
            Seller has no knowledge of any material change in the terms of such
            Ground Lease since the recordation of the related Mortgage, with the
            exception of written instruments which are part of the related
            Mortgage File;

                  (b) such Ground Lease or other agreement is not subject to any
            liens or encumbrances superior to, or of equal priority with, the
            related Mortgage, other than the related fee interest and Permitted
            Encumbrances and such Ground Lease or other agreement is, and shall
            remain, prior to any mortgage or other lien upon the related fee
            interest (other than the Permitted Encumbrances) unless a
            nondisturbance agreement is obtained from the holder of any mortgage
            on the fee interest which is assignable to or for the benefit of the
            related lessee and the related mortgagee;

                  (c) such Ground Lease or other agreement provides that upon
            foreclosure of the related Mortgage or assignment of the Mortgagor's
            interest in such Ground Lease in lieu thereof, the mortgagee under
            such Mortgage is entitled to become the owner of such interest upon
            notice to, but without the consent of, the lessor thereunder and, in
            the event that such mortgagee (or any of its successors and assigns
            under the Mortgage) becomes the owner of such interest, such
            interest is further assignable by such mortgagee (or any of its
            successors and assigns under the Mortgage) upon notice to such
            lessor, but without a need to obtain the consent of such lessor;

                  (d) such Ground Lease is in full force and effect and no
            default of tenant or ground lessor was in existence at origination,
            or to the Seller's knowledge, is in existence as of the Closing
            Date, under such Ground Lease, nor at origination was, or to the
            Seller's knowledge, is there any condition which, but for the
            passage of time or the giving of notice, would result in a default
            under the terms of such Ground Lease; either such Ground Lease or a
            separate agreement contains the ground lessor's covenant that it
            shall not amend, modify, cancel or terminate such Ground Lease
            without the prior written consent of the mortgagee under such
            Mortgage and any amendment, modification, cancellation or
            termination of the Ground Lease without the prior written consent of
            the related mortgagee, or its successors or assigns is not binding
            on such mortgagee, or its successor or assigns;

                  (e) such Ground Lease or other agreement requires the lessor
            thereunder to give written notice of any material default by the
            lessee to the mortgagee under the related Mortgage, provided that
            such mortgagee has provided the lessor with notice of its lien in
            accordance with the provisions of such Ground Lease; and such Ground
            Lease or other agreement provides that no such notice of default and
            no termination of the Ground Lease in connection with such notice of
            default shall be effective against such mortgagee unless such notice
            of default has been given to such mortgagee and any related Ground
            Lease or other agreement contains the ground lessor's covenant that
            it will give to the related mortgagee, or its successors or assigns,
            any notices it sends to the Mortgagor;

                  (f) either (i) the related ground lessor has subordinated its
            interest in the related Mortgaged Property to the interest of the
            holder of the Mortgage Loan or (ii) such Ground Lease or other
            agreement provides that (A) the mortgagee under the related Mortgage
            is permitted a reasonable opportunity to cure any default under such
            Ground Lease which is curable, including reasonable time to gain
            possession of the interest of the lessee under the Ground Lease,
            after the receipt of notice of any such default before the lessor
            thereunder may terminate such Ground Lease; (B) in the case of any
            such default which is not curable by such mortgagee, or in the event
            of the bankruptcy or insolvency of the lessee under such Ground
            Lease, such mortgagee has the right, following termination of the
            existing Ground Lease or rejection thereof by a bankruptcy trustee
            or similar party, to enter into a new ground lease with the lessor
            on substantially the same terms as the existing Ground Lease; and
            (C) all rights of the Mortgagor under such Ground Lease (insofar as
            it relates to the Ground Lease) may be exercised by or on behalf of
            such mortgagee under the related Mortgage upon foreclosure or
            assignment in lieu of foreclosure;

                  (g) such Ground Lease has an original term (or an original
            term plus one or more optional renewal terms that under all
            circumstances may be exercised, and will be enforceable, by the
            mortgagee or its assignee) which extends not less than 20 years
            beyond the stated maturity date of the related Mortgage Loan;

                  (h) under the terms of such Ground Lease and the related
            Mortgage, taken together, any related insurance proceeds will be
            applied either to the repair or restoration of all or part of the
            related Mortgaged Property, with the mortgagee under such Mortgage
            or a financially responsible institution acting as trustee appointed
            by it, or consented to by it, or by the lessor having the right to
            hold and disburse such proceeds as the repair or restoration
            progresses (except in such cases where a provision entitling another
            party to hold and disburse such proceeds would not be viewed as
            commercially unreasonable by a prudent commercial mortgage lender),
            or to the payment in whole or in part of the outstanding principal
            balance of such Mortgage Loan together with any accrued and unpaid
            interest thereon; and

                  (i) such Ground Lease does not impose any restrictions on
            subletting which would be viewed as commercially unreasonable by the
            Seller; such Ground Lease contains a covenant (or applicable laws
            provide) that the lessor thereunder is not permitted, in the absence
            of an uncured default, to disturb the possession, interest or quiet
            enjoyment of any lessee in the relevant portion of such Mortgaged
            Property subject to such Ground Lease for any reason, or in any
            manner, which would materially adversely affect the security
            provided by the related Mortgage.

            (21) (a) Except for those Mortgage Loans set forth on Schedule I
hereto for which a lender's environmental insurance policy was obtained in lieu
of an Environmental Site Assessment, an Environmental Site Assessment relating
to each Mortgaged Property and prepared no earlier than 12 months prior to the
Closing Date was obtained and reviewed by the Seller in connection with the
origination of such Mortgage Loan and a copy is included in the Servicing File.

                  (b) Such Environmental Site Assessment does not identify, and
            the Seller has no actual knowledge of, any adverse circumstances or
            conditions with respect to or affecting the Mortgaged Property that
            would constitute or result in a material violation of any
            Environmental Laws, other than with respect to a Mortgaged Property
            (i) for which environmental insurance (as set forth on Schedule II
            hereto) is maintained, or (ii) which would require any expenditure
            greater than 5% of the outstanding principal balance of such
            Mortgage Loan to achieve or maintain compliance in all material
            respects with any Environmental Laws for which adequate sums, but in
            no event less than 125% of the estimated cost as set forth in the
            Environmental Site Assessment, were reserved in connection with the
            origination of the Mortgage Loan and for which the related Mortgagor
            has covenanted to perform, or (iii) as to which the related
            Mortgagor or one of its affiliates is currently taking or required
            to take such actions, if any, with respect to such conditions or
            circumstances as have been recommended by the Environmental Site
            Assessment or required by the applicable governmental authority, or
            (iv) as to which another responsible party not related to the
            Mortgagor with assets reasonably estimated by the Seller at the time
            of origination to be sufficient to effect all necessary or required
            remediation identified in a notice or other action from the
            applicable governmental authority is currently taking or required to
            take such actions, if any, with respect to such regulatory
            authority's order or directive, or (v) as to which such conditions
            or circumstances identified in the Environmental Site Assessment
            were investigated further and based upon such additional
            investigation, an environmental consultant recommended no further
            investigation or remediation, or (vi) as to which a party with
            financial resources reasonably estimated to be adequate to cure the
            condition or circumstance provided a guaranty or indemnity to the
            related Mortgagor or to the mortgagee to cover the costs of any
            required investigation, testing, monitoring or remediation, or (vii)
            as to which the related Mortgagor or other responsible party
            obtained a "No Further Action" letter or other evidence reasonably
            acceptable to a prudent commercial mortgage lender that applicable
            federal, state, or local governmental authorities had no current
            intention of taking any action, and are not requiring any action, in
            respect of such condition or circumstance, or (viii) which would not
            require substantial cleanup, remedial action or other extraordinary
            response under any Environmental Laws reasonably estimated to cost
            in excess of 5% of the outstanding principal balance of such
            Mortgage Loan.

                  (c) To the Seller's actual knowledge and in reliance upon the
            Environmental Site Assessment, except for any Hazardous Materials
            being handled in accordance with applicable Environmental Laws and
            except for any Hazardous Materials present at such Mortgaged
            Property for which, to the extent that an Environmental Site
            Assessment recommends remediation or other action, (A) there exists
            either (i) environmental insurance with respect to such Mortgaged
            Property (as set forth on Schedule II hereto) or (ii) an amount in
            an escrow account pledged as security for such Mortgage Loan under
            the relevant Mortgage Loan documents equal to no less than 125% of
            the amount estimated in such Environmental Site Assessment as
            sufficient to pay the cost of such remediation or other action in
            accordance with such Environmental Site Assessment or (B) one of the
            statements set forth in clause (b) above is true, (1) such Mortgaged
            Property is not being used for the treatment or disposal of
            Hazardous Materials; (2) no Hazardous Materials are being used or
            stored or generated for off-site disposal or otherwise present at
            such Mortgaged Property other than Hazardous Materials of such types
            and in such quantities as are customarily used or stored or
            generated for off-site disposal or otherwise present in or at
            properties of the relevant property type; and (3) such Mortgaged
            Property is not subject to any environmental hazard (including,
            without limitation, any situation involving Hazardous Materials)
            which under the Environmental Laws would have to be eliminated
            before the sale of, or which could otherwise reasonably be expected
            to adversely affect in more than a de minimis manner the value or
            marketability of, such Mortgaged Property.

                  (d) The related Mortgage or other Mortgage Loan documents
            contain covenants on the part of the related Mortgagor requiring its
            compliance with any present or future federal, state and local
            Environmental Laws and regulations in connection with the Mortgaged
            Property. The related Mortgagor (or an affiliate thereof) has agreed
            to indemnify, defend and hold the Seller, and its successors and
            assigns, harmless from and against any and all losses, liabilities,
            damages, penalties, fines, expenses and claims of whatever kind or
            nature (including attorneys' fees and costs) imposed upon or
            incurred by or asserted against any such party resulting from a
            breach of the environmental representations, warranties or covenants
            given by the related Mortgagor in connection with such Mortgage
            Loan.

                  (e) Each of the Mortgage Loans which is covered by a lender's
            environmental insurance policy obtained in lieu of an Environmental
            Site Assessment ("In Lieu of Policy") is identified on Schedule I,
            and each In Lieu of Policy is in an amount equal to 125% of the
            outstanding principal balance of the related Mortgage Loan and has a
            term ending no sooner than the date which is five years after the
            maturity date (or, in the case of an ARD Loan, the final maturity
            date) of the related Mortgage Loan. All environmental assessments or
            updates that were in the possession of the Seller and that relate to
            a Mortgaged Property identified on Schedule I as being insured by an
            In Lieu of Policy have been delivered to or disclosed to the In Lieu
            of Policy carrier issuing such policy prior to the issuance of such
            policy.

            (22) As of the date of origination of the related Mortgage Loan,
and, as of the Closing Date, the Mortgaged Property is covered by insurance
policies providing the coverage described below and the Mortgage Loan documents
permit the mortgagee to require the coverage described below. All premiums with
respect to the Insurance Policies insuring each Mortgaged Property have been
paid in a timely manner or escrowed to the extent required by the Mortgage Loan
documents, and the Seller has not received any notice of cancellation or
termination. The relevant Servicing File contains the Insurance Policy required
for such Mortgage Loan or a certificate of insurance for such Insurance Policy.
Each Mortgage requires that the related Mortgaged Property and all improvements
thereon are covered by Insurance Policies providing (a) coverage in the amount
of the lesser of full replacement cost of such Mortgaged Property and the
outstanding principal balance of the related Mortgage Loan (subject to customary
deductibles) for fire and extended perils included within the classification
"All Risk of Physical Loss" in an amount sufficient to prevent the Mortgagor
from being deemed a co-insurer and to provide coverage on a full replacement
cost basis of such Mortgaged Property (in some cases exclusive of foundations
and footings) with an agreed amount endorsement to avoid application of any
coinsurance provision; such policies contain a standard mortgage clause naming
mortgagee and its successor in interest as additional insureds or loss payee, as
applicable; (b) business interruption or rental loss insurance in an amount at
least equal to (i) 12 months of operations or (ii) in some cases all rents and
other amounts customarily insured under this type of insurance of the Mortgaged
Property; (c) flood insurance (if any portion of the improvements on the
Mortgaged Property is located in an area identified by the Federal Emergency
Management Agency ("FEMA"), with respect to certain Mortgage Loans and the
Secretary of Housing and Urban Development with respect to other Mortgage Loans,
as having special flood hazards) in an amount not to exceed amounts prescribed
by FEMA; (d) workers' compensation, if required by law; (e) comprehensive
general liability insurance in an amount consistent with the standard utilized
by the Seller with respect to loans it holds for its own account, but not less
than $1 million; all such Insurance Policies contain clauses providing they are
not terminable and may not be terminated without thirty (30) days prior written
notice to the mortgagee (except where applicable law requires a shorter period
or except for nonpayment of premiums, in which case not less than ten (10) days
prior written notice to the mortgagee is required). In addition, each Mortgage
permits the related mortgagee to make premium payments to prevent the
cancellation thereof and shall entitle such mortgagee to reimbursement therefor.
Any insurance proceeds in respect of a casualty loss or taking will be applied
either to the repair or restoration of all or part of the related Mortgaged
Property or the payment of the outstanding principal balance of the related
Mortgage Loan together with any accrued interest thereon. The related Mortgaged
Property is insured by an Insurance Policy, issued by an insurer meeting the
requirements of such Mortgage Loan and having a claims-paying or financial
strength rating of at least "A-:X" from A.M. Best Company or "A" (or the
equivalent) from Standard & Poor's Ratings Services, Fitch, Inc. or Moody's
Investors Service, Inc. An architectural or engineering consultant has performed
an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4
in order to evaluate the structural and seismic condition of such property, for
the sole purpose of assessing the probable maximum loss ("PML") for the
Mortgaged Property in the event of an earthquake. In such instance, the PML was
based on a return period of not less than 100 years, an exposure period of 50
years and a 10% probability of exceedence. If the resulting report concluded
that the PML would exceed 20% of the amount of the replacement costs of the
improvements, earthquake insurance on such Mortgaged Property was obtained by an
insurer rated at least "A-:X" by A.M. Best Company or "A" (or the equivalent)
from Standard & Poor's Ratings Services, Fitch, Inc. or Moody's Investors
Service, Inc. To the Seller's actual knowledge, the insurer issuing each of the
foregoing insurance policies is qualified to write insurance in the jurisdiction
where the related Mortgaged Property is located.

            (23) All amounts required to be deposited by each Mortgagor at
origination under the related Mortgage Loan documents have been deposited or
have been withheld from the related Mortgage Loan proceeds at origination and
there are no deficiencies with regard thereto.

            (24) Whether or not a Mortgage Loan was originated by the Seller, to
the Seller's knowledge, with respect to each Mortgage Loan originated by the
Seller and each Mortgage Loan originated by any Person other than the Seller, as
of the date of origination of the related Mortgage Loan, and, to the Seller's
actual knowledge, with respect to each Mortgage Loan originated by the Seller
and any subsequent holder of the Mortgage Loan, as of the Closing Date, there
are no actions, suits, arbitrations or governmental investigations or
proceedings by or before any court or other governmental authority or agency now
pending against or affecting the Mortgagor under any Mortgage Loan or any of the
Mortgaged Properties which, if determined against such Mortgagor or such
Mortgaged Property, would materially and adversely affect the value of such
Mortgaged Property, the security intended to be provided with respect to the
related Mortgage Loan, or the ability of such Mortgagor and/or the current use
of such Mortgaged Property to generate net cash flow to pay principal, interest
and other amounts due under the related Mortgage Loan; and to the Seller's
actual knowledge there are no such actions, suits or proceedings threatened
against such Mortgagor.

            (25) The origination, servicing and collection practices used by the
Seller or, to its knowledge, any prior holder of the related Mortgage Note with
respect to such Mortgage Loan have been in all material respects legal and have
met customary industry standards.

            (26) The originator of the Mortgage Loan or the Seller has inspected
or caused to be inspected each related Mortgaged Property within the 12 months
prior to the Closing Date.

            (27) The Mortgage Loan documents require the Mortgagor to provide
the holder of the Mortgage Loan with at least annual operating statements,
financial statements and except for Mortgage Loans for which the related
Mortgaged Property is leased to a single tenant, rent rolls.

            (28) All escrow deposits and payments required by the terms of each
Mortgage Loan are in the possession, or under the control of the Seller (except
to the extent they have been disbursed for their intended purposes), and all
amounts required to be deposited by the applicable Mortgagor under the related
Mortgage Loan documents have been deposited, and there are no deficiencies with
regard thereto (subject to any applicable notice and cure period). All of the
Seller's interest in such escrows and deposits will be conveyed by the Seller to
the Purchaser hereunder.

            (29) No two or more Mortgage Loans representing, in the aggregate,
more than 5% of the aggregate outstanding principal amount of all the mortgage
loans included in the Trust Fund have the same Mortgagor or, to the Seller's
knowledge, are to Mortgagors which are entities controlled by one another or
under common control.

            (30) Each Mortgagor with respect to a Mortgage Loan with a principal
balance as of the Cut-off Date in excess of $15,000,000 included in the Trust
Fund is an entity whose organizational documents or related Mortgage Loan
documents provide that it is, and at least so long as the Mortgage Loan is
outstanding will continue to be, a Single Purpose Entity. For this purpose,
"Single Purpose Entity" shall mean a Person, other than an individual, whose
organizational documents provide that it shall engage solely in the business of
owning and operating the Mortgaged Property and which does not engage in any
business unrelated to such property and the financing thereof, does not have any
assets other than those related to its interest in the Mortgaged Property or the
financing thereof or any indebtedness other than as permitted by the related
Mortgage or the other Mortgage Loan documents, and the organizational documents
of which require that it have its own separate books and records and its own
accounts, in each case which are separate and apart from the books and records
and accounts of any other Person.

            (31) The gross proceeds of each Mortgage Loan to the related
Mortgagor at origination did not exceed the non-contingent principal amount of
the Mortgage Loan and either: (a) such Mortgage Loan is secured by an interest
in real property having a fair market value (i) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (ii) at the Closing Date at least equal to 80% of the original
principal balance of the Mortgage Loan on such date; provided that for purposes
hereof, the fair market value of the real property interest must first be
reduced by (A) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (B) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in sub-clauses (a)(i) and (a)(ii) of this clause (31)
shall be made on a pro rata basis in accordance with the fair market values of
the Mortgaged Properties securing such cross-collateralized Mortgage Loan); or
(b) substantially all the proceeds of such Mortgage Loan were used to acquire,
improve or protect the real property which served as the only security for such
Mortgage Loan (other than a recourse feature or other third party credit
enhancement within the meaning of Treasury Regulations Section
1.860G-2(a)(1)(ii)). If the Mortgage Loan was "significantly modified" prior to
the Closing Date so as to result in a taxable exchange under Section 1001 of the
Code, it either (x) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (y) satisfies the provisions of
either sub-clause (a)(i) above (substituting the date of the last such
modification for the date the Mortgage Loan was originated) or sub-clause
(a)(ii), including the proviso thereto. The Mortgage Loan is a "qualified
mortgage" within the meaning of Section 860G(a)(3) of the Code (but without
regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats
certain defective mortgage loans as qualified mortgages). Any prepayment premium
and yield maintenance charges applicable to the Mortgage Loan constitute
"customary prepayment penalties" within the meaning of Treasury Regulations
Section 1.860G-1(b)(2).

            (32) Each of the Mortgage Loans contain a "due on sale" clause,
which provides for the acceleration of the payment of the unpaid principal
balance of the Mortgage Loan if, without the prior written consent of the holder
of the Mortgage Loan, the property subject to the Mortgage, or any controlling
interest therein, is directly or indirectly transferred or sold (except that it
may provide for transfers by devise, descent or operation of law upon the death
of a member, manager, general partner or shareholder of a Mortgagor and that it
may provide for assignments subject to the Mortgage Loan holder's approval of
transferee, transfers to affiliates, transfers to family members for estate
planning purposes, transfers among existing members, partners or shareholders in
Mortgagors or transfers of passive interests so long as the key principals or
general partner retains control). The Mortgage Loan documents contain a "due on
encumbrance" clause, which provides for the acceleration of the payment of the
unpaid principal balance of the Mortgage Loan if the property subject to the
Mortgage or any controlling interest in the Mortgagor is further pledged or
encumbered, unless the prior written consent of the holder of the Mortgage Loan
is obtained (except that it may provide for assignments subject to the Mortgage
Loan holder's approval of transferee, transfers to affiliates or transfers of
passive interests so long as the key principals or general partner retains
control). The Mortgage or Mortgage Note requires the Mortgagor to pay all
reasonable fees and expenses associated with securing the consent or approval of
the holder of the Mortgage for a waiver of a "due on sale" or "due on
encumbrance" clause or a defeasance provision. As of the Closing Date, the
Seller holds no preferred equity interest in any Mortgagor and the Seller holds
no mezzanine debt related to such Mortgaged Property.

            (33) Except with respect to the AB Mortgage Loans, each Mortgage
Loan is a whole loan and not a participation interest in a mortgage loan.

            (34) Each Mortgage Loan containing provisions for defeasance of
mortgage collateral provides that: defeasance may not occur any earlier than two
years after the Closing Date; and requires or provides (i) the replacement
collateral consist of U.S. "government securities," within the meaning of
Treasury Regulations Section 1.860 G-2(a)(8)(i), in an amount sufficient to make
all scheduled payments under the Mortgage Note when due (up to the maturity date
for the related Mortgage Loan, the Anticipated Repayment Date for ARD Loans or
the date on which the Mortgagor may prepay the related Mortgage Loan without
payment of any prepayment penalty); (ii) the loan may be assumed by a Single
Purpose Entity approved by the holder of the Mortgage Loan; (iii) counsel
provide an opinion that the trustee has a perfected security interest in such
collateral prior to any other claim or interest; and (iv) such other documents
and certifications as the mortgagee may reasonably require which may include,
without limitation, (A) a certification that the purpose of the defeasance is to
facilitate the disposition of the mortgaged real property or any other customary
commercial transaction and not to be part of an arrangement to collateralize a
REMIC offering with obligations that are not real estate mortgages and (B) a
certification from an independent certified public accountant that the
collateral is sufficient to make all scheduled payments under the Mortgage Note
when due. Each Mortgage Loan containing provisions for defeasance provides that,
in addition to any cost associated with defeasance, the related Mortgagor shall
pay, as of the date the mortgage collateral is defeased, all scheduled and
accrued interest and principal due as well as an amount sufficient to defease in
full the Mortgage Loan (except as contemplated in clause (35) hereof). In
addition, if the related Mortgage Loan permits defeasance, then the Mortgage
Loan documents provide that the related Mortgagor shall (x) pay all reasonable
fees associated with the defeasance of the Mortgage Loan and all other
reasonable expenses associated with the defeasance, or (y) provide all opinions
required under the related Mortgage Loan documents, and in the case of loans
with an outstanding principal balance as of the Cut-off Date of $40,000,000 or
greater, (a) a REMIC opinion and (b) rating agency letters confirming that no
downgrade or qualification shall occur as a result of the defeasance.

            (35) In the event that a Mortgage Loan is secured by more than one
Mortgaged Property, then, in connection with a release of less than all of such
Mortgaged Properties, a Mortgaged Property may not be released as collateral for
the related Mortgage Loan unless, in connection with such release, an amount
equal to not less than 125% of the Allocated Loan Amount for such Mortgaged
Property is prepaid or, in the case of a defeasance, an amount equal to 125% of
the Allocated Loan Amount is defeased through the deposit of replacement
collateral (as contemplated in clause (34) hereof) sufficient to make all
scheduled payments with respect to such defeased amount, or such release is
otherwise in accordance with the terms of the Mortgage Loan documents.

            (36) Each Mortgaged Property is owned by the related Mortgagor,
except for Mortgaged Properties which are secured in whole or in a part by a
Ground Lease and for out-parcels, and is used and occupied for commercial or
multifamily residential purposes in accordance with applicable law.

            (37) Any material non-conformity with applicable zoning laws
constitutes a legal non-conforming use or structure which, in the event of
casualty or destruction, may be restored or repaired to the full extent of the
use or structure at the time of such casualty, or for which law and ordinance
insurance coverage has been obtained in amounts consistent with the standards
utilized by the Seller.

            (38) Neither the Seller nor any affiliate thereof has any obligation
to make any capital contributions to the related Mortgagor under the Mortgage
Loan. The Mortgage Loan was not originated for the sole purpose of financing the
construction of incomplete improvements on the related Mortgaged Property.

            (39) No court of competent jurisdiction will determine in a final
decree that fraud, with respect to the Mortgage Loans has taken place on the
part of the Seller or, to the Seller's actual knowledge, on the part of any
originator, in connection with the origination of such Mortgage Loan.

            (40) If the related Mortgage or other Mortgage Loan documents
provide for a grace period for delinquent Monthly Payments, such grace period is
no longer than ten (10) days from the applicable payment date.

            (41) The following statements are true with respect to the related
Mortgaged Property: (a) the Mortgaged Property is located on or adjacent to a
dedicated road or has access to an irrevocable easement permitting ingress and
egress and (b) the Mortgaged Property is served by public or private utilities,
water and sewer (or septic facilities) and otherwise appropriate for the use in
which the Mortgaged Property is currently being utilized.

            (42) None of the Mortgage Loan documents contain any provision that
expressly excuses the related borrower from obtaining and maintaining insurance
coverage for acts of terrorism and, in circumstances where terrorism insurance
is not expressly required, the mortgagee is not prohibited from requesting that
the related borrower maintain such insurance, in each case, to the extent such
insurance coverage is generally available for like properties in such
jurisdictions at commercially reasonable rates. Each Mortgaged Property is
insured by an "all risk" casualty insurance policy that does not contain an
express exclusion for (or, alternatively, is covered by a separate policy that
insures against property damage resulting from) acts of terrorism.

            (43) An appraisal of the related Mortgaged Property was conducted in
connection with the origination of such Mortgage Loan, and such appraisal
satisfied the guidelines in Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage
Loan was originated.

            Defined Terms:

            The term "Allocated Loan Amount" shall mean, for each Mortgaged
Property, the portion of principal of the related Mortgage Loan allocated to
such Mortgaged Property for certain purposes (including determining the release
prices of properties, if permitted) under such Mortgage Loan as set forth in the
related loan documents. There can be no assurance, and it is unlikely, that the
Allocated Loan Amounts represent the current values of individual Mortgaged
Properties, the price at which an individual Mortgaged Property could be sold in
the future to a willing buyer or the replacement cost of the Mortgaged
Properties.

            The term "Anticipated Repayment Date" shall mean the date on which
all or substantially all of any Excess Cash Flow is required to be applied
toward prepayment of the related Mortgage Loan and on which any such Mortgage
Loan begins accruing Excess Interest.

            The term "ARD Loan" shall have the meaning assigned thereto in the
Pooling and Servicing Agreement.

            The term "Environmental Site Assessment" shall mean a Phase I
environmental report meeting the requirements of the American Society for
Testing and Materials, and, if in accordance with customary industry standards a
reasonable lender would require it, a Phase II environmental report, each
prepared by a licensed third party professional experienced in environmental
matters.

            The term "Excess Cash Flow" shall mean the cash flow from the
Mortgaged Property securing an ARD Loan after payments of interest (at the
Mortgage Interest Rate) and principal (based on the amortization schedule), and
(a) required payments for the tax and insurance fund and ground lease escrows
fund, (b) required payments for the monthly debt service escrows, if any, (c)
payments to any other required escrow funds and (d) payment of operating
expenses pursuant to the terms of an annual budget approved by the Master
Servicer and discretionary (lender approved) capital expenditures.

            The term "Excess Interest" shall mean any accrued and deferred
interest on an ARD Loan in accordance with the following terms. Commencing on
the respective Anticipated Repayment Date each ARD Loan (pursuant to its
existing terms or a unilateral option, as defined in Treasury Regulations under
Section 1001 of the Code, in the Mortgage Loans exercisable during the term of
the Mortgage Loan) generally will bear interest at a fixed rate (the "Revised
Rate") per annum equal to the Mortgage Interest Rate plus a percentage specified
in the related Mortgage Loan documents. Until the principal balance of each such
Mortgage Loan has been reduced to zero (pursuant to its existing terms or a
unilateral option, as defined in Treasury Regulations under Section 1001 of the
Code, in the Mortgage Loans exercisable during the term of the Mortgage Loan),
such Mortgage Loan will only be required to pay interest at the Mortgage
Interest Rate and the interest accrued at the excess of the related Revised Rate
over the related Mortgage Interest Rate will be deferred (such accrued and
deferred interest and interest thereon, if any, is "Excess Interest").

            The term "in reliance on" shall mean that:

                  (a) the Seller has examined and relied in whole or in part
            upon one or more of the specified documents or other information in
            connection with a given representation or warranty;

                  (b) that the information contained in such document or
            otherwise obtained by the Seller appears on its face to be
            consistent in all material respects with the substance of such
            representation or warranty;

                  (c) the Seller's reliance on such document or other
            information is consistent with the standard of care exercised by
            prudent lending institutions originating commercial mortgage loans;
            and

                  (d) although the Seller is under no obligation to verify
            independently the information contained in any document specified as
            being relied upon by it, the Seller believes the information
            contained therein to be true, accurate and complete in all material
            respects and has no actual knowledge of any facts or circumstances
            which would render reliance thereon unjustified without further
            inquiry.

            The term "Mortgage Interest Rate" shall mean the fixed rate of
interest per annum that each Mortgage Loan bears as of the Cut-off Date.

            The term "Permitted Encumbrances" shall mean:

                  (a) the lien of current real property taxes, water charges,
            sewer rents and assessments not yet delinquent or accruing interest
            or penalties;

                  (b) covenants, conditions and restrictions, rights of way,
            easements and other matters of public record acceptable to mortgage
            lending institutions generally and referred to in the related
            mortgagee's title insurance policy;

                  (c) other matters to which like properties are commonly
            subject, and

                  (d) the rights of tenants, as tenants only, whether under
            ground leases or space leases at the Mortgaged Property.

            which together do not materially and adversely affect the related
      Mortgagor's ability to timely make payments on the related Mortgage Loan,
      which do not materially interfere with the benefits of the security
      intended to be provided by the related Mortgage or the use, for the use
      currently being made, the operation as currently being operated,
      enjoyment, value or marketability of such Mortgaged Property, provided,
      however, that, for the avoidance of doubt, Permitted Encumbrances shall
      exclude all pari passu, second, junior and subordinated mortgages but
      shall not exclude mortgages that secure Mortgage Loans or Companion Loans
      that are cross-collateralized with other Mortgage Loans.

            Other. For purposes of these representations and warranties, the
term "to the Seller's knowledge" shall mean that no officer, employee or agent
of the Seller responsible for the underwriting, origination or sale of the
Mortgage Loans or any servicer that has serviced the Mortgage Loan on behalf of
the Seller, believes that a given representation or warranty is not true or is
inaccurate based upon the Seller's reasonable inquiry and during the course of
such inquiry, no such officer, employee or agent of the Seller has obtained any
actual knowledge of any facts or circumstances that would cause such person to
believe that such representation or warranty was inaccurate. Furthermore, all
information contained in documents which are part of or required to be part of a
Mortgage File shall be deemed to be within the Seller's knowledge. For purposes
of these representations and warranties, the term "to the Seller's actual
knowledge" shall mean that a director, officer, employee or agent of the Seller
responsible for the underwriting, origination and sale of the Mortgage Loans
does not actually know of any facts or circumstances that would cause such
person to believe that such representation or warranty was inaccurate.

<PAGE>

                                    EXHIBIT C

           EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

Representation #(10)(a)

LOAN NUMBER      LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
  27, 60      Bridgeside, Thermo    Only the mortgagor is liable for a breach of
              Process               the environmental covenants. Liability does
                                    not go to actual waste but to acts related
                                    to the removal or disposal of any portion of
                                    the property after an event of default.

     2        Smith Haven           There is no entity or warm body on the
                                    carveouts.

    33        Market Fair           Only the mortgagor is liable for the
                                    environmental covenants.

  25, 16      Harbor Grand,         Liability for each tenant in common is
              Marquis at Carme      limited l to their contribution.
              Valley

Representation #(12)

LOAN NUMBER      LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
     2        Smith Haven           The Borrower may release one or more parcels
                                    from the lien of the mortgage without
                                    consideration or approval, subject to the
                                    satisfaction of certain conditions in the
                                    related mortgage loan documents, which in
                                    some cases require the addition of new
                                    parcels to the lien of the mortgage. These
                                    parcels have been excluded from the
                                    appraisal and underwriting.

                                    Additionally, the Borrower may without
                                    consideration or approval: i) make transfers
                                    of immaterial or non-income producing
                                    portions of the property to any federal,
                                    state or local government or any political
                                    subdivision thereof in connection with
                                    takings or condemnations of any portion of
                                    the Property for dedication or public use
                                    ii) make transfers of non-income producing
                                    portions of the property to certain third
                                    parties for the purpose of erecting and
                                    operating additional structures or parking
                                    facilities whose use is integrated and
                                    consistent with the use of the property iii)
                                    dedicate portions of the property or grant
                                    easements, restrictions, covenants,
                                    reservations and rights of way in the
                                    ordinary course of business for traffic
                                    circulation, ingress, egress, parking,
                                    access, utilities lines or for other similar
                                    purposes; provided, however, it shall be a
                                    condition to any of the transfers in (ii)
                                    and (iii) above that no transfer, conveyance
                                    or other encumbrance shall materially impair
                                    the utility or operation of the property and
                                    no transfer, conveyance or other encumbrance
                                    shall materially adversely affect the vale
                                    of the property, taken as a whole.

    125       Urban Outfitters      Borrower may release, without consideration,
                                    a portion of the property consisting of
                                    2,624 square feet of vacant land with a
                                    vacant annex building.

Representation #(14(a))

LOAN NUMBER      LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
    104       Mars Hill             The Autozone building, which is on a ground
                                    lease, is still under construction. $550,000
                                    was escrowed at closing to be held until
                                    this building is complete.

Representation #(14(c))

LOAN NUMBER       LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
  27, 60      Bridgeside, Thermo    The anticipated repayment date is five years
              Process               following the date of origination.

Representation #(16)

LOAN NUMBER       LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
    106       Mid-Five Plaza        A restrictive covenant on the property
                                    restricts use to single-family. The title
                                    company insured against loss or damage by
                                    reason of the enforcement or attempted
                                    enforcement of this covenant.

    104       Mars Hill             Certificates of occupancy for Verizon and
                                    Music Room were not available. Borrower
                                    provided an indemnification for any related
                                    losses.

Representation #(17)

LOAN NUMBER       LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
     2        Smith Haven           The Dick's Parcel, the Macy's Furniture
                                    Parcel and the Redevelopment Parcel are
                                    currently included in the tax lots
                                    comprising the mortgaged property. Mortgagor
                                    is required to diligently pursue separation
                                    of the tax lots.

Representation #(19)(a)

LOAN NUMBER        LOAN NAME                  DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
   27, 60     Bridgeside, Thermo    An immediate repair reserve was not
              Process               collected at closing; however, the Mortgagor
                                    is required to repair all items that are
                                    life safety or code violations within nine
                                    months of closing. If Mortgagor fails to
                                    repair items that are life safety, code
                                    violations or are greater than 0.10% of the
                                    loan amount within nine months of closing,
                                    the Mortgagor is required to escrow funds
                                    equivalent to the related Deferred
                                    Maintenance costs identified by Engineer.

   106, 2     Mid-Five Plaza,       An escrow for immediate repairs was not
              Smith Haven           taken at closing.

    104       Mars Hill             The Autozone building, which is on a ground
                                    lease, is still under construction. $550,000
                                    was escrowed at closing to be held until
                                    this building is complete.

Representation #(22)

LOAN NUMBER       LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
              All Nomura Loans      Nomura generally requires an AM Best rating
                                    of A:IX.

   27, 60     Bridgeside, Thermo    If any of the policies of insurance contain
              Process               an exclusion from coverage for acts of
                                    terrorism, Mortgagor shall not be required
                                    to obtain such coverage provided (I) an
                                    Inland entity executes a guaranty, in form
                                    and substance satisfactory to Lender,
                                    guaranteeing in the event of any act of
                                    terrorism, payment to Lender of any sums
                                    that would have been payable to Lender under
                                    such coverage (which shall be applied by
                                    Lender in accordance with 6.4 hereof), and
                                    (II) the Inland entity maintains a net worth
                                    of at least $300,000,000 (as determined by
                                    such entity's most recent audited financial
                                    statements), such entity maintains a direct
                                    or indirect ownership interest in Mortgagor,
                                    and the aggregate loan to value ratio (as
                                    determined by Lender) ("LTV") for all
                                    properties on which such entity has a direct
                                    or indirect ownership interest shall not
                                    exceed 60%, however, the Inland entity may
                                    exceed the 60% LTV for a period not to
                                    exceed six (6) months out of any twelve (12)
                                    month period either (1) during the time
                                    period when the Inland entity is offering
                                    securities to the public or 2) when in the
                                    business judgment of the Inland entity,
                                    exceeding an LTV of 60% is necessary given
                                    existing circumstances of the credit
                                    environment, but in no event shall the LTV
                                    exceed 65% if the Inland entity maintains a
                                    net worth greater than or equal to
                                    $300,000,000, but less than $400,000,000, or
                                    70% if the Inland entity maintains a net
                                    worth of at least $400,000,000. Minto
                                    Builders, Inc. shall replace the Inland
                                    entity upon achieving a $300,000,000 net
                                    worth.

27, 60, 125   Bridgeside, Thermo    Tenant may self insure.
              Process, Urban
              Outfitters

     33       Market Fair           Terrorism insurance is required unless such
                                    coverage is i) not legally available or ii)
                                    not available at commercially reasonable
                                    rates and the failure to maintain such
                                    insurance will not result in a
                                    requalification, reduction, downgrade or
                                    withdrawal of any rating initially assigned
                                    or to be assigned in a secondary market
                                    transaction.

Representation # (32)

LOAN NUMBER       LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
  27, 60      Bridgeside, Thermo    A transfer does not include a) any issuance,
              Process               sale or transfer of interest resulting from
                                    any merger as outlined in the mortgage
                                    documents b) transfer by devise or descent
                                    or by operation of law upon the death of a
                                    member of Mortgagor, or c) the merger with
                                    any entities sponsored by Inland Real Estate
                                    Investment Corporation. Mortgagor may
                                    transfer greater than 49% of the direct or
                                    indirect interests in the Mortgagor,
                                    provided that the transfer is to a Qualified
                                    Entity. A Qualified Entity is an entity with
                                    x) a net worth of $200,000,000 y) sufficient
                                    experience as determined by Lender, and z)
                                    which owns or manages retail properties
                                    containing at least 1,000,000 square feet of
                                    gross leasable area. Minto Builders, Inc.
                                    shall replace the Inland entity upon
                                    achieving a $300,000,000 net worth.

  25, 16      Harbor Grand,         Transfers of interest in Mortgagor are
              Marquis at Carmel     permitted to any entity that is party to or
              Valley                will be party to the related TIC Agreement.

    33        Market Fair           So long as either Marc Wilkow, Clifton
                                    Wilkow or David Wilkow remain in control of
                                    the Borrower and responsible for management
                                    the following transfers are permitted: i)
                                    membership interest between members and
                                    their affiliates; ii) direct or indirect
                                    membership interest in Borrower's members;
                                    iii) direct or indirect membership interest
                                    in Borrower's members as a result of the
                                    acquisition by CFSC Corp. XLIV (or its
                                    affiliates) of the membership interests held
                                    by Clarkfair Corporation, M&J/Clarkfair, LP
                                    or Clarkfair LLC.

Representation # (35)

LOAN NUMBER       LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
     2        Smith Haven           The Borrower may release one or more parcels
                                    from the lien of the mortgage without
                                    consideration or approval, subject to the
                                    satisfaction of certain conditions in the
                                    related mortgage loan documents, which in
                                    some cases require the addition of new
                                    parcels to the lien of the mortgage. These
                                    parcels have been excluded from the
                                    appraisal and underwriting.

                                    Additionally, the Borrower may without
                                    consideration or approval: i) make transfers
                                    of immaterial or non-income producing
                                    portions of the property to any federal,
                                    state or local government or any political
                                    subdivision thereof in connection with
                                    takings or condemnations of any portion of
                                    the Property for dedication or public use
                                    ii) make transfers of non-income producing
                                    portions of the property to certain third
                                    parties for the purpose of erecting and
                                    operating additional structures or parking
                                    facilities whose use is integrated and
                                    consistent with the use of the property iii)
                                    dedicate portions of the property or grant
                                    easements, restrictions, covenants,
                                    reservations and rights of way in the
                                    ordinary course of business for traffic
                                    circulation, ingress, egress, parking,
                                    access, utilities lines or for other similar
                                    purposes; provided, however, it shall be a
                                    condition to any of the transfers in (ii)
                                    and (iii) above that no transfer, conveyance
                                    or other encumbrance shall materially impair
                                    the utility or operation of the property and
                                    no transfer, conveyance or other encumbrance
                                    shall materially adversely affect the vale
                                    of the property, taken as a whole.

    125       Urban Outfitters      Borrower may release, without consideration,
                                    a portion of the property consisting of
                                    2,624 square feet of vacant land with a
                                    vacant annex building.

Representation #(41)

LOAN NUMBER       LOAN NAME                   DESCRIPTION OF EXCEPTION
--------------------------------------------------------------------------------
  27, 60      Bridgeside, Thermo    If any of the policies of insurance contain
              Process               an exclusion from coverage for acts of
                                    terrorism, Mortgagor shall not be required
                                    to obtain such coverage provided (I) an
                                    Inland entity executes a guaranty, in form
                                    and substance satisfactory to Lender,
                                    guaranteeing in the event of any act of
                                    terrorism, payment to Lender of any sums
                                    that would have been payable to Lender under
                                    such coverage (which shall be applied by
                                    Lender in accordance with 6.4 hereof), and
                                    (II) the Inland entity maintains a net worth
                                    of at least $300,000,000 (as determined by
                                    such entity's most recent audited financial
                                    statements), such entity maintains a direct
                                    or indirect ownership interest in Mortgagor,
                                    and the aggregate loan to value ratio (as
                                    determined by Lender) ("LTV") for all
                                    properties on which such entity has a direct
                                    or indirect ownership interest shall not
                                    exceed 60%, however, the Inland entity may
                                    exceed the 60% LTV for a period not to
                                    exceed six (6) months out of any twelve (12)
                                    month period either (1) during the time
                                    period when the Inland entity is offering
                                    securities to the public or 2) when in the
                                    business judgment of the Inland entity,
                                    exceeding an LTV of 60% is necessary given
                                    existing circumstances of the credit
                                    environment, but in no event shall the LTV
                                    exceed 65% if the Inland entity maintains a
                                    net worth greater than or equal to
                                    $300,000,000, but less than $400,000,000, or
                                    70% if the Inland entity maintains a net
                                    worth of at least $400,000,000. Minto
                                    Builders, Inc. shall replace the Inland
                                    entity upon achieving a $300,000,000 net
                                    worth.

27, 60, 125   Bridgeside, Thermo    Tenant may self insure.
              Process, Urban
              Outfitters

    33        Market Fair           Terrorism insurance is required unless such
                                    coverage is i) not legally available or ii)
                                    not available at commercially reasonable
                                    rates and the failure to maintain such
                                    insurance will not result in a
                                    requalification, reduction, downgrade or
                                    withdrawal of any rating initially assigned
                                    or to be assigned in a secondary market
                                    transaction.

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

            I, [______], a duly appointed, qualified and acting [______] of
[___________], a [________] [______] (the "Company"), hereby certify on behalf
of the Company as follows:

            1. I have examined the Mortgage Loan Purchase Agreement, dated as of
March 1, 2006 (the "Agreement"), between the Company and J.P. Morgan Chase
Commercial Mortgage Securities Corp., and all of the representations and
warranties of the Company under the Agreement are true and correct in all
material respects on and as of the date hereof (or, in the case of any
particular representation or warranty set forth on Exhibit B to the Agreement,
as of such other date provided for in such representation or warranty) with the
same force and effect as if made on and as of the date hereof, subject to the
exceptions set forth in the Agreement.

            2. The Company has complied with all the covenants and satisfied all
the conditions on its part to be performed or satisfied under the Agreement on
or prior to the date hereof and no event has occurred which, with notice or the
passage of time or both, would constitute a default under the Agreement.

            3. I have examined the information regarding the Mortgage Loans in
the Prospectus, dated March 15, 2006, as supplemented by the Prospectus
Supplement, dated March 15, 2006 (collectively, the "Prospectus"), relating to
the offering of the Class A-1, Class A-2, Class A-3FL, Class A-3B, Class A-4,
Class A-SB, Class A-1A, Class A-J, Class X-2, Class B, Class C and Class D
Certificates, the Private Placement Memorandum, dated March 15, 2006 (the
"Privately Offered Certificate Private Placement Memorandum"), relating to the
offering of the Class X-1, Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class P and Class NR Certificates, and the Residual
Private Placement Memorandum, dated March 15, 2006 (together with the Privately
Offered Certificate Private Placement Memorandum, the "Private Placement
Memoranda"), relating to the offering of the Class R and Class LR Certificates,
and nothing has come to my attention that would lead me to believe that the
Prospectus, as of the date of the Prospectus Supplement or as of the date
hereof, or the Private Placement Memoranda, as of the date of the Private
Placement Memoranda or as of the date hereof, included or includes any untrue
statement of a material fact relating to the Mortgage Loans or omitted or omits
to state therein a material fact necessary in order to make the statements
therein relating to the Mortgage Loans, in light of the circumstances under
which they were made, not misleading.

            Capitalized terms used herein without definition have the meanings
given them in the Agreement.

<PAGE>

            IN WITNESS WHEREOF, I have signed my name this ___ day of March,
2006.

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

<PAGE>

                                   SCHEDULE I

  MORTGAGE LOANS FOR WHICH A LENDER'S ENVIRONMENTAL POLICY WAS OBTAINED IN LIEU
                       OF AN ENVIRONMENTAL SITE ASSESSMENT

                                     [None.]

<PAGE>

                                   SCHEDULE II

                          MORTGAGED PROPERTY FOR WHICH
                      ENVIRONMENTAL INSURANCE IS MAINTAINED

                                     [None.]

<PAGE>

                            Exhibit A - Ground Leases

                                     [None.]EXHIBIT 10.4

================================================================================

             J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.,

                                    PURCHASER

                          IXIS REAL ESTATE CAPITAL INC.

                                     SELLER

                    FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

                            Dated as of March 1, 2006

                            Fixed Rate Mortgage Loans

                                Series 2006-LDP6

================================================================================

<PAGE>

            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of March 1, 2006, is between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as purchaser (the "Purchaser"), and IXIS Real Estate Capital Inc., as
seller (the "Seller").

            Capitalized terms used in this Agreement not defined herein shall
have the meanings ascribed to them in the Pooling and Servicing Agreement dated
as of March 1, 2006 (the "Pooling and Servicing Agreement") among the Purchaser,
as depositor (the "Depositor"), Midland Loan Services, Inc. and GMAC Commercial
Mortgage Corporation, as master servicers (each, a "Master Servicer"), LNR
Partners, Inc., as special servicer (the "Special Servicer"), and Wells Fargo
Bank, N.A., as trustee and paying agent (the "Trustee"), pursuant to which the
Purchaser will sell the Mortgage Loans (as defined herein) to a trust fund and
certificates representing ownership interests in the Mortgage Loans will be
issued by the trust fund. For purposes of this Agreement, the term "Mortgage
Loans" refers to the mortgage loans listed on Exhibit A and the term "Mortgaged
Properties" refers to the properties securing such Mortgage Loans.

            The Purchaser and the Seller wish to prescribe the manner of sale of
the Mortgage Loans from the Seller to the Purchaser and in consideration of the
premises and the mutual agreements hereinafter set forth, agree as follows:

            SECTION 1. Sale and Conveyance of Mortgages; Possession of Mortgage
File. Effective as of the Closing Date and upon receipt of the purchase price
set forth in the immediately succeeding paragraph, the Seller does hereby sell,
transfer, assign, set over and convey to the Purchaser, without recourse
(subject to certain agreements regarding servicing as provided in the Pooling
and Servicing Agreement, subservicing agreements permitted thereunder and that
certain Servicing Rights Purchase Agreement, dated as of the date hereof between
the Master Servicer and the Seller) all of its right, title, and interest in and
to the Mortgage Loans including all interest and principal received on or with
respect to the Mortgage Loans after the Cut-off Date (other than payments of
principal and interest first due on the Mortgage Loans on or before the Cut-off
Date). Upon the sale of the Mortgage Loans, the ownership of each related
Mortgage Note, the Mortgage and the other contents of the related Mortgage File
will be vested in the Purchaser and immediately thereafter the Trustee and the
ownership of records and documents with respect to the related Mortgage Loan
prepared by or which come into the possession of the Seller (other than the
records and documents described in the proviso to Section 3(a) hereof) shall
immediately vest in the Purchaser and immediately thereafter the Trustee. The
Seller's records will accurately reflect the sale of each Mortgage Loan to the
Purchaser. The Depositor will sell the Class A-1, Class A-2, Class A-3FL, Class
A-3B, Class A-4, Class A-SB, Class A-1A, Class X-2, Class A-M, Class A-J, Class
B, Class C and Class D Certificates (the "Offered Certificates") to the
underwriters (the "Underwriters") specified in the underwriting agreement dated
March 24, 2006 (the "Underwriting Agreement") between the Depositor and J.P.
Morgan Securities Inc. ("JPMSI") for itself and as representative of the several
underwriters identified therein, and the Depositor will sell the Class X-1,
Class E, Class F Class G, Class H, Class J, Class K, Class L, Class M, Class N,
Class P and Class NR Certificates (the "Private Certificates") to JPMSI, the
initial purchaser (together with the Underwriters, the "Dealers") specified in
the certificate purchase agreement dated March 24, 2006 (the "Certificate
Purchase Agreement"), between the Depositor and JPMSI for itself and as
representative of the initial purchasers identified therein.

            The sale and conveyance of the Mortgage Loans is being conducted on
an arms length basis and upon commercially reasonable terms. As the purchase
price for the Mortgage Loans, the Purchaser shall pay to the Seller or at the
Seller's direction in immediately available funds the sum of $297,877,164.84
(which amount is inclusive of accrued interest and exclusive of the Seller's pro
rata share of the costs set forth in Section 9 hereof). The purchase and sale of
the Mortgage Loans shall take place on the Closing Date.

            SECTION 2. Books and Records; Certain Funds Received After the
Cut-off Date. From and after the sale of the Mortgage Loans to the Purchaser,
record title to each Mortgage and the related Mortgage Note shall be transferred
to the Trustee in accordance with this Agreement. Any funds due after the
Cut-off Date in connection with a Mortgage Loan received by the Seller shall be
held in trust for the benefit of the Trustee as the owner of such Mortgage Loan
and shall be transferred promptly to the applicable Master Servicer. All
scheduled payments of principal and interest due on or before the Cut-off Date
but collected after the Cut-off Date, and recoveries of principal and interest
collected on or before the Cut-off Date (only in respect of principal and
interest on the Mortgage Loans due on or before the Cut-off Date and principal
prepayments thereon), shall belong to, and shall be promptly remitted to, the
Seller.

            The transfer of each Mortgage Loan shall be reflected on the
Seller's balance sheets and other financial statements as a sale of the Mortgage
Loans by the Seller to the Purchaser. The Seller intends to treat the transfer
of each Mortgage Loan to the Purchaser as a sale for tax purposes.

            The transfer of each Mortgage Loan shall be reflected on the
Purchaser's balance sheets and other financial statements as a purchase of the
Mortgage Loans by the Purchaser from the Seller. The Purchaser intends to treat
the transfer of each Mortgage Loan from the Seller as a purchase for tax
purposes.

            SECTION 3. Delivery of Mortgage Loan Documents; Additional Costs and
Expenses. (a) The Purchaser hereby directs the Seller, and the Seller hereby
agrees, upon the transfer of the Mortgage Loans contemplated herein, to deliver
on the Closing Date to the Trustee or a Custodian appointed thereby, all
documents, instruments and agreements required to be delivered by the Purchaser
to the Trustee with respect to the Mortgage Loans under Sections 2.01(b) and
2.01(c) of the Pooling and Servicing Agreement, and meeting all the requirements
of such Sections 2.01(b) and 2.01(c), and such other documents, instruments and
agreements as the Purchaser or the Trustee shall reasonably request. In
addition, the Seller agrees to deliver or cause to be delivered to the Master
Servicer, the Servicing File for each Mortgage Loan transferred pursuant to this
Agreement; provided that the Seller shall not be required to deliver any draft
documents, or any attorney client communications which are privileged
communications or constitute legal or other due diligence analyses, or internal
communications of the Seller or its affiliates, or credit underwriting or other
analyses or data.

            (b) With respect to the transfer described in Section 1 hereof, if
the Mortgage Loan documents do not require the related Mortgagor to pay any
costs and expenses relating to any modifications to a related letter of credit
which modifications are required to effectuate such transfer (the "Transfer
Modification Costs"), then the Seller shall pay the Transfer Modification Costs
required to transfer the letter of credit to the Purchaser as described in such
Section 1; provided that if the Mortgage Loan documents require the related
Mortgagor to pay any Transfer Modification Costs, such Transfer Modification
Costs shall be an expense of the Mortgagor unless such Mortgagor fails to pay
such Transfer Modification Costs after the Master Servicer has exercised all
remedies available under the applicable Mortgage Loan documents to collect such
Transfer Modification Costs from such Mortgagor, in which case the Master
Servicer shall give the Seller notice of such failure and the amount of such
Transfer Modification costs and the Seller shall pay such Transfer Modification
Costs.

            SECTION 4. Treatment as a Security Agreement. The Seller,
concurrently with the execution and delivery hereof, has conveyed to the
Purchaser, all of its right, title and interest in and to the Mortgage Loans.
The parties intend that such conveyance of the Seller's right, title and
interest in and to the Mortgage Loans pursuant to this Agreement shall
constitute a purchase and sale and not a loan. If such conveyance is deemed to
be a pledge and not a sale, then the parties also intend and agree that the
Seller shall be deemed to have granted, and in such event does hereby grant, to
the Purchaser, a first priority security interest in all of its right, title and
interest in, to and under the Mortgage Loans, all payments of principal or
interest on such Mortgage Loans due after the Cut-off Date, all other payments
made in respect of such Mortgage Loans after the Cut-off Date (except to the
extent such payments were due on or before the Cut-off Date) and all proceeds
thereof and that this Agreement shall constitute a security agreement under
applicable law. If such conveyance is deemed to be a pledge and not a sale, the
Seller consents to the Purchaser hypothecating and transferring such security
interest in favor of the Trustee and transferring the obligation secured thereby
to the Trustee.

            SECTION 5. Covenants of the Seller. The Seller covenants with the
Purchaser as follows:

            (a) it shall record or cause a third party to record in the
appropriate public recording office for real property the intermediate
assignments of the Mortgage Loans and the Assignments of Mortgage from the
Seller to the Trustee in connection with the Pooling and Servicing Agreement.
All recording fees relating to the initial recordation of such intermediate
assignments and Assignments of Mortgage shall be paid by the Seller;

            (b) it shall take any action reasonably required by the Purchaser,
the Trustee or the Master Servicer, in order to assist and facilitate in the
transfer of the servicing of the Mortgage Loans to the Master Servicer,
including effectuating the transfer of any letters of credit with respect to any
Mortgage Loan to the Master Servicer on behalf of the Trustee for the benefit of
Certificateholders. Prior to the date that a letter of credit, if any, with
respect to any Mortgage Loan is transferred to the Master Servicer, the Seller
will cooperate with the reasonable requests of the Master Servicer or Special
Servicer, as applicable, in connection with effectuating a draw under such
letter of credit as required under the terms of the related Mortgage Loan
documents;

            (c) if, during such period of time after the first date of the
public offering of the Offered Certificates as in the opinion of counsel for the
Underwriters, a prospectus relating to the Offered Certificates is required by
applicable law to be delivered in connection with sales thereof by an
Underwriter or a Dealer, any event shall occur as a result of which it is
necessary to amend or supplement the Prospectus Supplement, including Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect to
any information relating to the Mortgage Loans or the Seller, in order to make
the statements therein, in the light of the circumstances when the Prospectus
Supplement is delivered to a purchaser, not misleading, or if it is necessary to
amend or supplement the Prospectus Supplement, including Annexes A-1, A-2, A-3
and B thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the Seller, to comply with
applicable law, the Seller shall do all things necessary to assist the Depositor
to prepare and furnish, at the expense of the Seller (to the extent that such
amendment or supplement relates to the Seller, the Mortgage Loans listed on
Exhibit A and/or any information relating to the same, as provided by the
Seller), to the Underwriters such amendments or supplements to the Prospectus
Supplement as may be necessary, so that the statements in the Prospectus
Supplement as so amended or supplemented, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will not, in the light of the
circumstances when the Prospectus is so amended or supplemented, be misleading
or so that the Prospectus Supplement, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will comply with applicable law.
All terms used in this clause (c) and not otherwise defined herein shall have
the meaning set forth in the Indemnification Agreement, dated as of March 24,
2006 between the Purchaser and the Seller (the "Indemnification Agreement"); and

            (d) that if any Mortgage, Security Agreement or Mortgage Loan is
recorded in the name of MERS, the Seller shall take all actions as are necessary
to cause the Trustee to be shown as the owner or secured party of or on the
applicable Mortgage, Assignment of Leases, the Security Agreement or UCC
Financing Statements, in each case, on the records of MERS for purposes of the
system of recording transfers of beneficial ownership of mortgages maintained by
MERS .

            SECTION 6. Representations and Warranties.

            (a) The Seller represents and warrants to the Purchaser as of the
Closing Date that:

            (i) it is a corporation, duly organized, validly existing, and in
      good standing under the laws of the State of New York;

            (ii) it has the power and authority to own its property and to carry
      on its business as now conducted;

            (iii) it has the power to execute, deliver and perform this
      Agreement;

            (iv) it is legally authorized to transact business in the State of
      New York. The Seller is in compliance with the laws of each state in which
      any Mortgaged Property is located to the extent necessary so that a
      subsequent holder of the related Mortgage Loan (including, without
      limitation, the Purchaser) that is in compliance with the laws of such
      state would not be prohibited from enforcing such Mortgage Loan solely by
      reason of any non compliance by the Seller;

            (v) the execution, delivery and performance of this Agreement by the
      Seller have been duly authorized by all requisite action by the Seller's
      board of directors and will not violate or breach any provision of its
      organizational documents;

            (vi) this Agreement has been duly executed and delivered by the
      Seller and constitutes a legal, valid and binding obligation of the
      Seller, enforceable against it in accordance with its terms (except as
      enforcement thereof may be limited by bankruptcy, receivership,
      conservatorship, reorganization, insolvency, moratorium or other laws
      affecting the enforcement of creditors' rights generally and by general
      equitable principles regardless of whether enforcement is considered in a
      proceeding in equity or at law);

            (vii) there are no legal or governmental proceedings pending to
      which the Seller is a party or of which any property of the Seller is the
      subject which, if determined adversely to the Seller, would reasonably be
      expected to adversely affect (A) the transfer of the Mortgage Loans and
      the Mortgage Loan documents as contemplated herein, (B) the execution and
      delivery by the Seller or enforceability against the Seller of the
      Mortgage Loans or this Agreement, or (C) the performance of the Seller's
      obligations hereunder;

            (viii) it has no actual knowledge that any statement, report,
      officer's certificate or other document prepared and furnished or to be
      furnished by the Seller in connection with the transactions contemplated
      hereby (including, without limitation, any financial cash flow models and
      underwriting file abstracts furnished by the Seller) contains any untrue
      statement of a material fact or omits to state a material fact necessary
      in order to make the statements contained therein, in the light of the
      circumstances under which they were made, not misleading;

            (ix) it is not, nor with the giving of notice or lapse of time or
      both would be, in violation of or in default under any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument
      to which it is a party or by which it or any of its properties is bound,
      except for violations and defaults which individually and in the aggregate
      would not have a material adverse effect on the transactions contemplated
      herein; the sale of the Mortgage Loans and the performance by the Seller
      of all of its obligations under this Agreement and the consummation by the
      Seller of the transactions herein contemplated do not conflict with or
      result in a breach of any of the terms or provisions of, or constitute a
      default under, any material indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which the Seller is a party
      or by which the Seller is bound or to which any of the property or assets
      of the Seller is subject, nor will any such action result in any violation
      of the provisions of any applicable law or statute or any order, rule or
      regulation of any court or governmental agency or body having jurisdiction
      over the Seller, or any of its properties, except for conflicts, breaches,
      defaults and violations which individually and in the aggregate would not
      have a material adverse effect on the transactions contemplated herein;
      and no consent, approval, authorization, order, license, registration or
      qualification of or with any such court or governmental agency or body is
      required for the consummation by the Seller of the transactions
      contemplated by this Agreement, other than any consent, approval,
      authorization, order, license, registration or qualification that has been
      obtained or made;

            (x) it has either (A) not dealt with any Person (other than the
      Purchaser or the Dealers or their respective affiliates or any servicer of
      a Mortgage Loan) that may be entitled to any commission or compensation in
      connection with the sale or purchase of the Mortgage Loans or entering
      into this Agreement or (B) paid in full any such commission or
      compensation (except with respect to any servicer of a Mortgage Loan, any
      commission or compensation that may be due and payable to such servicer if
      such servicer is terminated and does not continue to act as a servicer);

            (xi) it is solvent and the sale of the Mortgage Loans hereunder will
      not cause it to become insolvent; and the sale of the Mortgage Loans is
      not undertaken with the intent to hinder, delay or defraud any of the
      Seller's creditors; and

            (xii) for so long as the Trust is subject to the reporting
      requirements of the Exchange Act, the Seller shall provide the Purchaser
      (or with respect to any Serviced Companion Mortgage Loan that is deposited
      into an Other Securitization, the depositor in such Other Securitization)
      and the Trustee with any Additional Form 10-D Disclosure and any
      Additional Form 10-K Disclosure set forth next to the Purchaser's name on
      Schedule X and Schedule Y of the Pooling and Servicing Agreement within
      the time periods set forth in the Pooling and Servicing Agreement.

            (b) The Purchaser represents and warrants to the Seller as of the
Closing Date that:

            (i) it is a corporation duly organized, validly existing, and in
      good standing in the State of Delaware;

            (ii) it is duly qualified as a foreign corporation in good standing
      in all jurisdictions in which ownership or lease of its property or the
      conduct of its business requires such qualification, except where the
      failure to be so qualified would not have a material adverse effect on the
      Purchaser, and the Purchaser is conducting its business so as to comply in
      all material respects with the applicable statutes, ordinances, rules and
      regulations of each jurisdiction in which it is conducting business;

            (iii) it has the power and authority to own its property and to
      carry on its business as now conducted;

            (iv) it has the power to execute, deliver and perform this
      Agreement, and neither the execution and delivery by the Purchaser of this
      Agreement, nor the consummation by the Purchaser of the transactions
      herein contemplated, nor the compliance by the Purchaser with the
      provisions hereof, will (A) conflict with or result in a breach of, or
      constitute a default under, any of the provisions of the certificate of
      incorporation or by laws of the Purchaser or any of the provisions of any
      law, governmental rule, regulation, judgment, decree or order binding on
      the Purchaser or any of its properties, or any indenture, mortgage,
      contract or other instrument or agreement to which the Purchaser is a
      party or by which it is bound, or (B) result in the creation or imposition
      of any lien, charge or encumbrance upon any of the Purchaser's property
      pursuant to the terms of any such indenture, mortgage, contract or other
      instrument or agreement;

            (v) this Agreement constitutes a legal, valid and binding obligation
      of the Purchaser enforceable against it in accordance with its terms
      (except as enforcement thereof may be limited by (a) bankruptcy,
      receivership, conservatorship, reorganization, insolvency, moratorium or
      other laws affecting the enforcement of creditors' rights generally and
      (b) general equitable principles (regardless of whether enforcement is
      considered in a proceeding in equity or law));

            (vi) there are no legal or governmental proceedings pending to which
      the Purchaser is a party or of which any property of the Purchaser is the
      subject which, if determined adversely to the Purchaser, might interfere
      with or adversely affect the consummation of the transactions contemplated
      herein and in the Pooling and Servicing Agreement; to the best of the
      Purchaser's knowledge, no such proceedings are threatened or contemplated
      by any governmental authorities or threatened by others;

            (vii) it is not in default with respect to any order or decree of
      any court or any order, regulation or demand of any federal, state
      municipal or governmental agency, which default might have consequences
      that would materially and adversely affect the condition (financial or
      other) or operations of the Purchaser or its properties or might have
      consequences that would materially and adversely affect its performance
      hereunder;

            (viii) it has not dealt with any broker, investment banker, agent or
      other person, other than the Seller, the Dealers and their respective
      affiliates, that may be entitled to any commission or compensation in
      connection with the purchase and sale of the Mortgage Loans or the
      consummation of any of the transactions contemplated hereby;

            (ix) all consents, approvals, authorizations, orders or filings of
      or with any court or governmental agency or body, if any, required for the
      execution, delivery and performance of this Agreement by the Purchaser
      have been obtained or made; and

            (x) it has not intentionally violated any provisions of the United
      States Secrecy Act, the United States Money Laundering Control Act of 1986
      or the United States International Money Laundering Abatement and
      Anti-Terrorism Financing Act of 2001.

            (c) The Seller further makes the representations and warranties as
to the Mortgage Loans set forth in Exhibit B as of the Closing Date (or as of
such other date if specifically provided in the particular representation or
warranty), which representations and warranties are subject to the exceptions
thereto set forth in Exhibit C. Neither the delivery by the Seller of the
Mortgage Files, Servicing Files, or any other documents required to be delivered
under Section 2.01 of the Pooling and Servicing Agreement, nor the review
thereof or any other due diligence by the Trustee, Master Servicer, Special
Servicer, a Certificate Owner or any other Person shall relieve the Seller of
any liability or obligation with respect to any representation or warranty or
otherwise under this Agreement or constitute notice to any Person of a Breach or
Defect.

            (d) Pursuant to this Agreement or Section 2.03(b) of the Pooling and
Servicing Agreement, the Seller and the Purchaser shall be given notice of any
Breach or Defect that materially and adversely affects the value of any Mortgage
Loan, the value of the related Mortgaged Property or the interests of the
Trustee or any Certificateholder therein.

            (e) Upon notice pursuant to Section 6(d) above, the Seller shall,
not later than 90 days from the earlier of the Seller's receipt of the notice
or, in the case of a Defect or Breach relating to a Mortgage Loan not being a
"qualified mortgage" within the meaning of Section 860G(a)(3) of the Code, but
without regard to the rule of Treasury Regulation Section 1.860G 2(f)(2) that
causes a defective mortgage loan to be treated as a qualified mortgage, the
Seller's discovery of such Breach or Defect (the "Initial Resolution Period"),
(i) cure such Defect or Breach, as the case may be, in all material respects,
(ii) repurchase the affected Mortgage Loan at the applicable Repurchase Price
(as defined below) or (iii) substitute a Qualified Substitute Mortgage Loan (as
defined below) for such affected Mortgage Loan (provided that in no event shall
any such substitution occur later than the second anniversary of the Closing
Date) and pay the Master Servicer for deposit into the Certificate Account, any
Substitution Shortfall Amount (as defined below) in connection therewith;
provided, however, ; provided, however, that except with respect to a Defect
resulting solely from the failure by the Seller to deliver to the Trustee or
Custodian the actual policy of lender's title insurance required pursuant to
clause (ix) of the definition of Mortgage File by a date not later than 18
months following the Closing Date, if such Breach or Defect is capable of being
cured but is not cured within the Initial Resolution Period, and the Seller has
commenced and is diligently proceeding with the cure of such Breach or Defect
within the Initial Resolution Period, the Seller shall have an additional 90
days commencing immediately upon the expiration of the Initial Resolution Period
(the "Extended Resolution Period") to complete such cure (or, failing such cure,
to repurchase the related Mortgage Loan or substitute a Qualified Substitute
Mortgage Loan as described above); and provided, further, that with respect to
the Extended Resolution Period the Seller shall have delivered an officer's
certificate to the Rating Agencies, the Master Servicer, the Special Servicer,
the Trustee and the Directing Certificateholder setting forth the reason such
Breach or Defect is not capable of being cured within the Initial Resolution
Period and what actions the Seller is pursuing in connection with the cure
thereof and stating that the Seller anticipates that such Breach or Defect will
be cured within the Extended Resolution Period. Notwithstanding the foregoing,
any Defect or Breach which causes any Mortgage Loan not to be a "qualified
mortgage" (within the meaning of Section 860G(a)(3) of the Code, without regard
to the rule of Treasury Regulations Section 1.860G 2(f)(2) which causes a
defective mortgage loan to be treated as a qualified mortgage) shall be deemed
to materially and adversely affect the interests of the holders of the
Certificates therein, and such Mortgage Loan shall be repurchased or a Qualified
Substitute Mortgage Loan substituted in lieu thereof without regard to the
extended cure period described in the preceding sentence. If the affected
Mortgage Loan is to be repurchased, the Seller shall remit the Repurchase Price
(defined below) in immediately available funds to the Trustee.

            If any Breach pertains to a representation or warranty that the
related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Mortgagor to bear the costs and expenses associated with
any particular action or matter under such Mortgage Loan document(s), then
Seller shall cure such Breach within the applicable cure period (as the same may
be extended) by reimbursing the Trust Fund (by wire transfer of immediately
available funds) the reasonable amount of any such costs and expenses incurred
by the Master Servicer, the Special Servicer, the Trustee or the Trust Fund that
are the basis of such Breach and have not been reimbursed by the related
Mortgagor; provided, however, that in the event any such costs and expenses
exceed $10,000, the Seller shall have the option to either repurchase or
substitute for the related Mortgage Loan as provided above or pay such costs and
expenses. Except as provided in the proviso to the immediately preceding
sentence, the Seller shall remit the amount of such costs and expenses and upon
its making such remittance, the Seller shall be deemed to have cured such Breach
in all respects. To the extent any fees or expenses that are the subject of a
cure by the Seller are subsequently obtained from the related Mortgagor, the
portion of the cure payment equal to such fees or expenses obtained from the
Mortgagor shall be returned to the Seller pursuant to Section 2.03(f) of the
Pooling and Servicing Agreement. Notwithstanding the foregoing, the sole remedy
with respect to any breach of the representation set forth in the second to last
sentence of clause (32) of Exhibit B hereto shall be payment by the Seller of
such costs and expenses without respect to the materiality of such breach.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a Defect and to be conclusively presumed to materially and
adversely affect the interests of Certificateholders in a Mortgage Loan and to
be deemed to materially and adversely affect the interests of the
Certificateholders in and the value of a Mortgage Loan: (a) the absence from the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with a copy of the Mortgage
Note that appears to be regular on its face; (b) the absence from the Mortgage
File of the original signed Mortgage that appears to be regular on its face,
unless there is included in the Mortgage File a certified copy of the Mortgage
and a certificate stating that the original signed Mortgage was sent for
recordation; (c) the absence from the Mortgage File of the lender's title
insurance policy (or if the policy has not yet been issued, an original or copy
of a "marked up" written commitment or the pro-forma or specimen title insurance
policy or a commitment to issue the same pursuant to written escrow instructions
signed by the title insurance company) called for by clause (ix) of the
definition of "Mortgage File" in the Pooling and Servicing Agreement; (d) the
absence from the Mortgage File of any required letter of credit; (e) with
respect to any leasehold mortgage loan, the absence from the related Mortgage
File of a copy (or an original, if available) of the related Ground Lease; or
(f) the absence from the Mortgage File of any intervening assignments required
to create a complete chain of assignments to the Trustee on behalf of the Trust,
unless there is included in the Mortgage File a certified copy of the
intervening assignment and a certificate stating that the original intervening
assignments were sent for recordation; provided, however, that no Defect (except
the Defects previously described in clauses (a) through (f)) shall be considered
to materially and adversely affects the value of any Mortgage Loan, the value of
the related Mortgaged Property or the interests of the Trustee or any
Certificateholder therein unless the document with respect to which the Defect
exists is required in connection with an imminent enforcement of the Mortgagee's
rights or remedies under the related Mortgage Loan, defending any claim asserted
by any borrower or third party with respect to the Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Mortgage
Loan or for any immediate significant servicing obligation. Notwithstanding the
foregoing, the delivery of executed escrow instructions or a commitment to issue
a lender's title insurance policy, as provided in clause (ix) of the definition
of "Mortgage File" in the Pooling and Servicing Agreement, in lieu of the
delivery of the actual policy of lender's title insurance, shall not be
considered a Defect or Breach with respect to any Mortgage File if such actual
policy is delivered to the Trustee or its Custodian on its behalf not later than
12 months after the Closing Date.

            If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described in the first paragraph of this Section
6(e), (ii) such Mortgage Loan is a Crossed Loan, and (iii) the applicable Defect
or Breach does not constitute a Defect or Breach, as the case may be, as to any
other Crossed Loan in such Crossed Group (without regard to this paragraph),
then the applicable Defect or Breach, as the case may be, will be deemed to
constitute a Defect or Breach, as the case may be, as to each other Crossed Loan
in the Crossed Group for purposes of this paragraph, and the Seller will be
required to repurchase or substitute for all of the remaining Crossed Loans in
the related Crossed Group as provided in the first paragraph of this Section
6(e) unless such other Crossed Loans in such Crossed Group satisfy the Crossed
Loan Repurchase Criteria, and the Mortgage Loan affected by the applicable
Defect or Breach and the Qualified Substitute Mortgage Loan, if any, satisfy all
other criteria for substitution and repurchase of Mortgage Loans set forth
herein. In the event that the remaining Crossed Loans satisfy the aforementioned
criteria, the Seller may elect either to repurchase or substitute for only the
affected Crossed Loan as to which the related Breach or Defect exists or to
repurchase or substitute for all of the Crossed Loans in the related Crossed
Group. The Seller shall be responsible for the cost of any Appraisal required to
be obtained by the Master Servicer to determine if the Crossed Loan Repurchase
Criteria have been satisfied, so long as the scope and cost of such Appraisal
has been approved by the Seller (such approval not to be unreasonably withheld).

            To the extent that the Seller is required to repurchase or
substitute for a Crossed Loan hereunder in the manner prescribed above while the
Trustee continues to hold any other Crossed Loans in such Crossed Group, neither
the Seller nor the Purchaser shall enforce any remedies against the other's
Primary Collateral, but each is permitted to exercise remedies against the
Primary Collateral securing its respective Crossed Loans, including with respect
to the Trustee, the Primary Collateral securing Crossed Loans still held by the
Trustee.

            If the exercise of remedies by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then the Seller and
the Purchaser shall forbear from exercising such remedies until the Mortgage
Loan documents evidencing and securing the relevant Crossed Loans can be
modified in a manner that complies with this Agreement to remove the threat of
material impairment as a result of the exercise of remedies or some other
accommodation can be reached. Any reserve or other cash collateral or letters of
credit securing the Crossed Loans shall be allocated between such Crossed Loans
in accordance with the Mortgage Loan documents, or otherwise on a pro rata basis
based upon their outstanding Stated Principal Balances. Notwithstanding the
foregoing, if a Crossed Loan included in the Trust Fund is modified to terminate
the related cross collateralization and/or cross default provisions, as a
condition to such modification, the Seller shall furnish to the Trustee an
Opinion of Counsel that any modification shall not cause an Adverse REMIC Event.
Any expenses incurred by the Purchaser in connection with such modification or
accommodation (including but not limited to recoverable attorney fees) shall be
paid by the Seller.

            The "Repurchase Price" with respect to any Mortgage Loan or REO Loan
to be repurchased pursuant to this Agreement and Section 2.03 of the Pooling and
Servicing Agreement, shall have the meaning given to the term "Purchase Price"
in the Pooling and Servicing Agreement.

            A "Qualified Substitute Mortgage Loan" with respect to any Mortgage
Loan or REO Loan to be substituted pursuant to this Agreement and Section 2.03
of the Pooling and Servicing Agreement, shall have the meaning given to such
term in the Pooling and Servicing Agreement.

            A "Substitution Shortfall Amount" with respect to any Mortgage Loan
or REO Loan to be substituted pursuant to this Agreement and Section 2.03 of the
Pooling and Servicing Agreement, shall have the meaning given to such term in
the Pooling and Servicing Agreement.

            In connection with any repurchase or substitution of one or more
Mortgage Loans contemplated hereby, (i) the Purchaser shall execute and deliver,
or cause the execution and delivery of, such endorsements and assignments,
without recourse, as shall be necessary to vest in the Seller the legal and
beneficial ownership of each repurchased Mortgage Loan or replaced Mortgage
Loan, as applicable, (ii) the Purchaser shall deliver, or cause the delivery, to
the Seller of all portions of the Mortgage File and other documents (including
the Servicing File) pertaining to such Mortgage Loan possessed by the Trustee,
or on the Trustee's behalf, and (iii) the Purchaser shall release, or cause to
be released, to the Seller any escrow payments and reserve funds held by the
Trustee, or on the Trustee's behalf, in respect of such repurchased or replaced
Mortgage Loans.

            (f) The representations and warranties of the parties hereto shall
survive the execution and delivery and any termination of this Agreement and
shall inure to the benefit of the respective parties, notwithstanding any
restrictive or qualified endorsement on the Mortgage Notes or Assignment of
Mortgage or the examination of the Mortgage Files.

            (g) Each party hereby agrees to promptly notify the other party of
any breach of a representation or warranty contained in this Section 6. The
Seller's obligation to cure any Breach or Defect or repurchase or substitute for
the affected Mortgage Loan pursuant to Section 6(e) herein shall constitute the
sole remedy available to the Purchaser in connection with a Breach or Defect
(subject to the second paragraph of Section 6(c)). It is acknowledged and agreed
that the representations and warranties are being made for risk allocation
purposes only; provided, however, that no limitation of remedy is implied with
respect to the Seller's breach of its obligation to cure, repurchase or
substitute in accordance with the terms and conditions of this Agreement.

            SECTION 7. Conditions to Closing. The obligations of the Purchaser
to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior
to the Closing Date, of the following conditions:

            (a) Each of the obligations of the Seller required to be performed
by it at or prior to the Closing Date pursuant to the terms of this Agreement
shall have been duly performed and complied with and all of the representations
and warranties of the Seller under this Agreement shall be true and correct in
all material respects as of the Closing Date, and no event shall have occurred
as of the Closing Date which, with notice or passage of time, would constitute a
default under this Agreement, and the Purchaser shall have received a
certificate to the foregoing effect signed by an authorized officer of the
Seller substantially in the form of Exhibit D.

            (b) The Purchaser shall have received the following additional
closing documents:

            (i) copies of the Seller's articles of association and by laws,
      certified as of a recent date by the Secretary or Assistant Secretary of
      the Seller;

            (ii) an original or copy of a certificate of corporate existence of
      the Seller issued by the Comptroller of the Currency dated not earlier
      than sixty days prior to the Closing Date;

            (iii) an opinion of counsel of the Seller, in form and substance
      satisfactory to the Purchaser and its counsel, substantially to the effect
      that:

                  (A) the Seller is a corporation, duly incorporated, validly
            existing, and in good standing under the laws of the State of New
            York;

                  (B) the Seller has the power to conduct its business as now
            conducted and to incur and perform its obligations under this
            Agreement and the Indemnification Agreement;

                  (C) all necessary corporate or other action has been taken by
            the Seller to authorize the execution, delivery and performance of
            this Agreement and the Indemnification Agreement by the Seller and
            this Agreement is a legal, valid and binding agreement of the Seller
            enforceable against the Seller, whether such enforcement is sought
            in a procedure at law or in equity, except to the extent such
            enforcement may be limited by bankruptcy or other similar creditors'
            laws or principles of equity and public policy considerations
            underlying the securities laws, to the extent that such public
            policy considerations limit the enforceability of the provisions of
            the Agreement which purport to provide indemnification with respect
            to securities law violations;

                  (D) the Seller's execution and delivery of, and the Seller's
            performance of its obligations under, each of this Agreement and the
            Indemnification Agreement do not and will not conflict with the
            Seller's articles of association or by laws or conflict with or
            result in the breach of any of the terms or provisions of, or
            constitute a default under, any indenture, mortgage, deed of trust,
            loan agreement or other material agreement or instrument to which
            the Seller is a party or by which the Seller is bound, or to which
            any of the property or assets of the Seller is subject or violate
            any provisions of law or conflict with or result in the breach of
            any order of any court or any governmental body binding on the
            Seller;

                  (E) there is no litigation, arbitration or mediation pending
            before any court, arbitrator, mediator or administrative body, or to
            such counsel's actual knowledge, threatened, against the Seller
            which (i) questions, directly or indirectly, the validity or
            enforceability of this Agreement or the Indemnification Agreement or
            (ii) would, if decided adversely to the Seller, either individually
            or in the aggregate, reasonably be expected to have a material
            adverse effect on the ability of the Seller to perform its
            obligations under this Agreement or the Indemnification Agreement;
            and

                  (F) no consent, approval, authorization, order, license,
            registration or qualification of or with federal court or
            governmental agency or body is required for the consummation by the
            Seller of the transactions contemplated by this Agreement and the
            Indemnification Agreement, except such consents, approvals,
            authorizations, orders, licenses, registrations or qualifications as
            have been obtained; and

            (iv) a letter from counsel of the Seller to the effect that nothing
      has come to such counsel's attention that would lead such counsel to
      believe that the Prospectus Supplement as of the date thereof or as of the
      Closing Date contains, with respect to the Seller or the Mortgage Loans,
      any untrue statement of a material fact or omits to state a material fact
      necessary in order to make the statements therein relating to the Seller
      or the Mortgage Loans, in the light of the circumstances under which they
      were made, not misleading.

            (c) The Offered Certificates shall have been concurrently issued and
sold pursuant to the terms of the Underwriting Agreement. The Private
Certificates shall have been concurrently issued and sold pursuant to the terms
of the Certificate Purchase Agreement.

            (d) The Seller shall have executed and delivered concurrently
herewith the Indemnification Agreement.

            (e) The Seller shall furnish the Purchaser with such other
certificates of its officers or others and such other documents and opinions to
evidence fulfillment of the conditions set forth in this Agreement as the
Purchaser and its counsel may reasonably request.

            SECTION 8. Closing. The closing for the purchase and sale of the
Mortgage Loans shall take place at the office of Cadwalader, Wickersham & Taft
LLP, New York, New York, at 10:00 a.m., on the Closing Date or such other place
and time as the parties shall agree. The parties hereto agree that time is of
the essence with respect to this Agreement.

            SECTION 9. Expenses. The Seller will pay its pro rata share (the
Seller's pro rata portion to be determined according to the percentage that the
aggregate principal balance as of the Cut-off Date of all the Mortgage Loans
represents in proportion to the aggregate principal balance as of the Cut-off
Date of all the mortgage loans to be included in the Trust Fund) of all costs
and expenses of the Purchaser in connection with the transactions contemplated
herein, including, but not limited to: (i) the costs and expenses of the
Purchaser in connection with the purchase of the Mortgage Loans; (ii) the costs
and expenses of reproducing and delivering the Pooling and Servicing Agreement
and this Agreement and printing (or otherwise reproducing) and delivering the
Certificates; (iii) the reasonable and documented fees, costs and expenses of
the Trustee and its counsel incurred in connection with the Trustee entering
into the Pooling and Servicing Agreement; (iv) the fees and disbursements of a
firm of certified public accountants selected by the Purchaser and the Seller
with respect to numerical information in respect of the Mortgage Loans and the
Certificates included in the Prospectus, the Memoranda (as defined in the
Indemnification Agreement) and any related 8 K Information (as defined in the
Underwriting Agreement), or items similar to the 8 K Information, including the
cost of obtaining any "comfort letters" with respect to such items; (v) the
costs and expenses in connection with the qualification or exemption of the
Certificates under state securities or blue sky laws, including filing fees and
reasonable fees and disbursements of counsel in connection therewith; (vi) the
costs and expenses in connection with any determination of the eligibility of
the Certificates for investment by institutional investors in any jurisdiction
and the preparation of any legal investment survey, including reasonable fees
and disbursements of counsel in connection therewith; (vii) the costs and
expenses in connection with printing (or otherwise reproducing) and delivering
the Registration Statement, Prospectus and Memoranda, and the reproduction and
delivery of this Agreement and the furnishing to the Underwriters of such copies
of the Registration Statement, Prospectus, Memoranda and this Agreement as the
Underwriters may reasonably request; (viii) the fees of the rating agency or
agencies requested to rate the Certificates and (ix) the reasonable fees and
expenses of Thacher Proffitt & Wood LLP, counsel to the Underwriters, and
Cadwalader, Wickersham & Taft LLP, counsel to the Depositor.

            SECTION 10. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement. Furthermore, the
parties shall in good faith endeavor to replace any provision held to be invalid
or unenforceable with a valid and enforceable provision which most closely
resembles, and which has the same economic effect as, the provision held to be
invalid or unenforceable.

            SECTION 11. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York without regard to conflicts of
law principles and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

            SECTION 12. No Third Party Beneficiaries. The parties do not intend
the benefits of this Agreement to inure to any third party except as expressly
set forth in Section 13.

            SECTION 13. Assignment. The Seller hereby acknowledges that the
Purchaser has, concurrently with the execution hereof, executed and delivered
the Pooling and Servicing Agreement and that, in connection therewith, it has
assigned its rights hereunder to the Trustee for the benefit of the
Certificateholders to the extent set forth in the Pooling and Servicing
Agreement and that the rights so assigned may be further assigned to, and shall
inure to the benefit of, any successor trustee under the Pooling and Servicing
Agreement. The Seller hereby acknowledges its obligations, including that of
expense reimbursement, pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling
and Servicing Agreement. Except as set forth hereinabove and in the Pooling and
Servicing Agreement, the representations and warranties of the Seller made
hereunder and the remedies provided hereunder with respect to Breaches or
Defects may not be further assigned by the Purchaser, the Trustee or any
successor trustee. No owner of a Certificate issued pursuant to the Pooling and
Servicing Agreement shall be deemed a successor or permitted assign because of
such ownership. This Agreement shall bind and inure to the benefit of, and be
enforceable by, the Seller, the Purchaser and their permitted successors and
permitted assigns. The warranties and representations and the agreements made by
the Seller herein shall survive delivery of the Mortgage Loans to the Trustee
until the termination of the Pooling and Servicing Agreement.

            SECTION 14. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given upon
receipt by the intended recipient if personally delivered at or couriered, sent
by facsimile transmission or mailed by first Class or registered mail, postage
prepaid, to (i) in the case of the Purchaser, J.P. Morgan Chase Commercial
Mortgage Securities Corp., 270 Park Avenue, New York, New York 10017, Attention:
Dennis Schuh, fax number (212) 834 6593, with a copy to Bianca Russo, fax number
(212) 834 6593, (ii) in the case of the Seller, IXIS Real Estate Capital Inc., 9
West 57th Street, 36th Floor, New York, New York 10019, Attention: Albert Zakes,
fax number: (212) 891 1922 and (iii) in the case of any of the preceding
parties, such other address as may hereafter be furnished to the other party in
writing by such party.

            SECTION 15. Amendment. This Agreement may be amended only by a
written instrument which specifically refers to this Agreement and is executed
by the Purchaser and the Seller; provided, however, that unless such amendment
is to cure an ambiguity, mistake or inconsistency in this Agreement, no
amendment shall be permitted unless each Rating Agency has delivered a written
confirmation that such amendment will not result in a downgrade, withdrawal or
qualification of the then current ratings of the Certificates and the cost of
obtaining any Rating Agency confirmation shall be borne by the party requesting
such amendment. This Agreement shall not be deemed to be amended orally or by
virtue of any continuing custom or practice. No amendment to the Pooling and
Servicing Agreement which relates to defined terms contained therein or any
obligations of the Seller whatsoever shall be effective against the Seller
unless the Seller shall have agreed to such amendment in writing.

            SECTION 16. Counterparts. This Agreement may be executed in any
number of counterparts, and by the parties hereto in separate counterparts, each
of which when executed and delivered shall be deemed to be an original and all
of which taken together shall constitute one and the same instrument.

            SECTION 17. Exercise of Rights. No failure or delay on the part of
any party to exercise any right, power or privilege under this Agreement and no
course of dealing between the Seller and the Purchaser shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege under this Agreement preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. Except as set forth in
Section 6 herein, the rights and remedies herein expressly provided are
cumulative and not exclusive of any rights or remedies which any party would
otherwise have pursuant to law or equity. No notice to or demand on any party in
any case shall entitle such party to any other or further notice or demand in
similar or other circumstances, or constitute a waiver of the right of either
party to any other or further action in any circumstances without notice or
demand.

            SECTION 18. No Partnership. Nothing herein contained shall be deemed
or construed to create a partnership or joint venture between the parties
hereto. Nothing herein contained shall be deemed or construed as creating an
agency relationship between the Purchaser and the Seller and neither party shall
take any action which could reasonably lead a third party to assume that it has
the authority to bind the other party or make commitments on such party's
behalf.

            SECTION 19. Miscellaneous. This Agreement supersedes all prior
agreements and understandings relating to the subject matter hereof. Neither
this Agreement nor any term hereof may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party
against whom enforcement of the change, waiver, discharge or termination is
sought.

                                   * * * * * *

<PAGE>

            IN WITNESS WHEREOF, the Purchaser and the Seller have caused their
names to be signed hereto by their respective officers thereunto duly authorized
as of the day and year first above written.

                                       J.P. MORGAN CHASE COMMERCIAL MORTGAGE
                                          SECURITIES CORP., as Purchaser

                                       By:   /s/ Charles Y. Lee
                                          --------------------------------------
                                          Name:  Charles Y. Lee
                                          Title: Vice President

                                       IXIS REAL ESTATE CAPITAL INC., as
                                          Seller

                                       By:   /s/ Scott Douglass
                                          --------------------------------------
                                          Name:  Scott Douglass
                                          Title: Managing Director

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>

  Sequence
      #         Originator  Property Name                                    Property Address
-----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>         <C>                                              <C>
     11            IXIS     Panos/Smith Hotel Portfolio                      Various
    11.01          IXIS     Hampton Inn-Speedway                             9850 Weddington Road
    11.02          IXIS     Hilton Garden Inn- North                         9315 Statesville Road
    11.03          IXIS     Hilton Garden Inn - Rock Hill                    650 Tinsley Way
    11.04          IXIS     Hilton Garden Inn- Pineville                     425 Towne Center Boulevard
    11.05          IXIS     Comfort Suites - North                           7315 Smith Corners Boulevard
     14            IXIS     The Benson Hotel                                 309 SW Broadway
     20            IXIS     The Paramount Hotel                              724 Pine Street
     26            IXIS     Washington Plaza                                 8903-8905 Presidential Pkwy
     31            IXIS     Scher Portfolio 2                                Various
    31.01          IXIS     Cameron Technology Center                        9100, 8900 and 8700 Cameron Road
    31.02          IXIS     Walnut Creek Business Center                     1611 Headway Circle
     46            IXIS     1601 Belvedere, FL                               1601 Belvedere Road
     47            IXIS     Seaford Village                                  610 N Dual Highway
     48            IXIS     Mountain Pointe West                             5803, 5818, & 5828 W. Spring Mountain Road
     52            IXIS     Winchester Square                                27403-27537 Jefferson Avenue
     54            IXIS     Patagonia Building                               87 Post Rd. East
     62            IXIS     Jordan Gateway                                   10705-10713 South Jordan Gateway
     71            IXIS     West Carmel Shoppes & Kokomo Mall Outlots        Various
    71.01          IXIS     West Carmel Shoppes                              4335 West 106th Street
    71.02          IXIS     Kokomo Mall Outlots                              East Hoffer Street & Highway 31
     72            IXIS     Chase Hill Apartments                            15801 Chase Hill Boulevard
     73            IXIS     Cannery West                                     3455 E. Flamingo Road
     76            IXIS     55 Post Road West                                55 Post Road West
     78            IXIS     Country Inn Lancaster                            2260 Lincoln Highway
     79            IXIS     Scher Portfolio 1                                Various
    79.01          IXIS     Cross Creek Business Center                      8505 and 8601 Cross Park Drive
    79.02          IXIS     Rutland Business Center                          2136 Rutland Drive
     83            IXIS     Courtyard by Marriott - State College            1730 University Drive
     87            IXIS     One Royal Palm Place                             1877 South Federal Highway
     89            IXIS     Beaver Medical                                   6109 West Ramsey Street
     93            IXIS     Residence Inn - State College                    1555 University Drive
     95            IXIS     University Loft                                  680 West Virginia Street
     97            IXIS     3435 Ocean Park                                  3435 Ocean Park Boulevard
     98            IXIS     Kelley House                                     23 Kelley Street
     99            IXIS     Upper Chesapeake                                 615 West MacPahail Road
     107           IXIS     Durango Plaza                                    4226 & 4266 South Durango Drive
     116           IXIS     Rockaway Avenue Retail                           830-842 Rockaway Avenue
     128           IXIS     Woodland Apartments                              1401 McDonald Way & 1400 Valhalla
     152           IXIS     381 E. 160th Street                              381 E. 160th Street
     154           IXIS     Shops at Centerbrooke Village                    1024 Centerbrooke Lane
     156           IXIS     2260 Washington Avenue                           2260 Washington Ave
     158           IXIS     Eckerd 333 Penn Ave                              333 Penn Avenue
     160           IXIS     371 E. 165th Street                              371 E. 165th Street

<CAPTION>

  Sequence                                                                       Property       Property                   Total
      #        City                   State     Zip Code   County                Type           SubType                 SF/Units
---------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                   <C>        <C>        <C>                   <C>            <C>                     <C>
     11        Various               Various     Various   Various               Hotel          Various                      580
    11.01      Concord                  NC        28027    Cabarrus              Hotel          Limited Service              125
    11.02      Charlotte                NC        28269    Mecklenburg           Hotel          Full Service                 112
    11.03      Rock Hill                SC        29730    York                  Hotel          Limited Service              127
    11.04      Pineville                NC        28134    Mecklenburg           Hotel          Limited Service              112
    11.05      Charlotte                NC        28269    Mecklenburg           Hotel          Limited Service              104
     14        Portland                 OR        97205    Multnomah             Hotel          Full Service                 287
     20        Seattle                  WA        98101    King                  Hotel          Full Service                 146
     26        Upper Marlboro           MD        20772    Prince George's       Office         Suburban                 199,721
     31        Various               Various     Various   Various               Industrial     Flex                     219,257
    31.01      Austin                   TX        78754    Travis                Industrial     Flex                     119,416
    31.02      Austin                   TX        78754    Travis                Industrial     Flex                      99,841
     46        West Palm Beach          FL        33406    Palm Beach            Office         Suburban                 100,083
     47        Seaford                  DE        19973    Sussex                Retail         Anchored                 199,137
     48        Las Vegas                NV        89146    Clark                 Industrial     Flex                      92,321
     52        Temecula                 CA        92590    Riverside             Retail         Shadow Anchored           65,910
     54        Westport                 CT        6880     Fairfield             Retail         Shadow Anchored           14,384
     62        South Jordan             UT        84095    Salt Lake             Office         Suburban                  90,133
     71        Various               Various     Various   Various               Retail         Shadow Anchored           51,196
    71.01      Carmel                   IN        46032    Hamilton              Retail         Shadow Anchored           28,400
    71.02      Kokomo                   IN        46902    Howard                Retail         Shadow Anchored           22,796
     72        San Antonio              TX        78256    Bexar                 Multifamily    Garden                       200
     73        Las Vegas                NV        89121    Clark                 Retail         Unanchored                36,816
     76        Westport                 CT        06880    Fairfield             Office         Suburban                  33,397
     78        Lancaster                PA        17602    Lancaster             Hotel          Limited Service               78
     79        Various               Various     Various   Various               Industrial     Flex                     115,473
    79.01      Austin                   TX        78754    Travis                Industrial     Flex                      61,173
    79.02      Austin                   TX        78758    Travis                Industrial     Flex                      54,300
     83        State College            PA        16801    Centre                Hotel          Limited Service               78
     87        Boca Raton               FL        33432    Palm Beach            Office         Suburban                  27,154
     89        Banning                  CA        92220    Riverside             Office         Suburban                  27,973
     93        State College            PA        16801    Centre                Hotel          Limited Service               81
     95        Tallahassee              FL        32304    Leon                  Multifamily    Garden                       101
     97        Santa Monica             CA        90405    Los Angeles           Office         Suburban                  25,286
     98        Edgartown                MA        02539    Dukes                 Hotel          Full Service                  60
     99        Bel Air                  MD        21014    Harford               Office         Suburban                  30,987
     107       Las Vegas                NV        89148    Clark                 Retail         Unanchored                21,178
     116       Brooklyn                 NY        11212    Kings                 Retail         Shadow Anchored           20,000
     128       Bakersfield              CA        93309    Kern                  Multifamily    Garden                        64
     152       Bronx                    NY        10451    Bronx                 Multifamily    Garden                        26
     154       Suffolk                  VA        23432    Suffolk               Retail         Shadow Anchored           12,600
     156       Bronx                    NY        10457    Bronx                 Multifamily    Mid/High Rise                 20
     158       Pittsburgh               PA        15221    Allegheny             Retail         Anchored                  10,908
     160       Bronx                    NY        10456    Bronx                 Multifamily    Garden                        21

<CAPTION>
                                                                                                            Monthly
  Sequence     Unit of       Original        Cutoff         Interest      Amortization      Accrual          Debt            I/O
      #        Measure        Balance       Balance         Rate (%)          Type           Type          Service         Period
-----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>           <C>            <C>             <C>         <C>              <C>               <C>             <C>
     11        Rooms           41,300,000   41,300,000.00   5.740000    IO-Balloon       Actual/360          259,571.43      12
    11.01      Rooms           13,581,879   13,581,879.19   5.740000                                                         12
    11.02      Rooms            8,176,846    8,176,845.64   5.740000                                                         12
    11.03      Rooms            7,899,664    7,899,664.43   5.740000                                                         12
    11.04      Rooms            6,236,577    6,236,577.18   5.740000                                                         12
    11.05      Rooms            5,405,034    5,405,033.56   5.740000                                                         12
     14        Rooms           35,500,000   35,418,274.05   5.615000    Balloon          Actual/360          204,133.95       0
     20        Rooms           23,000,000   22,947,050.79   5.615000    Balloon          Actual/360          132,255.80       0
     26        Square Feet     18,000,000   18,000,000.00   5.680000    Balloon          Actual/360          104,244.05       0
     31        Square Feet     15,400,000   15,400,000.00   5.595000    IO-Balloon       Actual/360           88,359.61      48
    31.01      Square Feet      8,900,000    8,900,000.00   5.595000                                                         48
    31.02      Square Feet      6,500,000    6,500,000.00   5.595000                                                         48
     46        Square Feet     10,700,000   10,700,000.00   5.725000    IO-Balloon       Actual/360           62,272.47      24
     47        Square Feet     10,700,000   10,700,000.00   5.784200    IO-Balloon       Actual/360           62,674.96      36
     48        Square Feet     10,650,000   10,650,000.00   5.556000    IO-Balloon       Actual/360           62,560.02      60
     52        Square Feet     10,000,000   10,000,000.00   5.590000    Balloon          Actual/360           57,344.86       0
     54        Square Feet      9,030,000    9,030,000.00   5.575000    IO-Balloon       Actual/360           51,697.07      36
     62        Square Feet      8,100,000    8,100,000.00   5.650000    IO-Balloon       Actual/360           48,787.42      36
     71        Square Feet      7,200,000    7,200,000.00   5.432000    IO-Balloon       Actual/360           40,574.16      60
    71.01      Square Feet      4,400,000    4,400,000.00   5.432000                                                         60
    71.02      Square Feet      2,800,000    2,800,000.00   5.432000                                                         60
     72        Units            7,000,000    7,000,000.00   5.495000    IO-Balloon       Actual/360           39,723.27      36
     73        Square Feet      6,750,000    6,728,532.48   5.690000    Balloon          Actual/360           39,134.26       0
     76        Square Feet      6,300,000    6,300,000.00   5.460000    Balloon          Actual/360           35,612.76       0
     78        Rooms            6,250,000    6,231,872.71   6.390000    Balloon          Actual/360           41,771.86       0
     79        Square Feet      6,200,000    6,200,000.00   5.615000    IO-Balloon       Actual/360           35,651.56      48
    79.01      Square Feet      3,500,000    3,500,000.00   5.615000                                                         48
    79.02      Square Feet      2,700,000    2,700,000.00   5.615000                                                         48
     83        Rooms            6,000,000    6,000,000.00   5.620000    Balloon          Actual/360           37,276.46       0
     87        Square Feet      5,715,000    5,715,000.00   5.582000    IO-Balloon       Actual/360           32,743.78      36
     89        Square Feet      5,675,000    5,675,000.00   5.630000    IO-Balloon       Actual/360           34,111.65      60
     93        Rooms            5,500,000    5,500,000.00   5.620000    Balloon          Actual/360           34,170.09       0
     95        Units            5,500,000    5,487,160.70   5.530000    Balloon          Actual/360           31,332.00       0
     97        Square Feet      5,100,000    5,100,000.00   5.573000    IO-Balloon       Actual/360           29,191.26      36
     98        Rooms            5,000,000    5,000,000.00   5.910000    Balloon          Actual/360           31,940.56       0
     99        Square Feet      5,000,000    5,000,000.00   5.670000    IO-Balloon       Actual/360           28,925.04      24
     107       Square Feet      4,450,000    4,450,000.00   5.780000    IO-Balloon       Actual/360           26,053.86      24
     116       Square Feet      3,875,000    3,875,000.00   5.880000    Balloon          Actual/360           24,683.21       0
     128       Units            3,290,000    3,290,000.00   5.560000    Balloon          Actual/360           18,804.30       0
     152       Units            1,910,000    1,910,000.00   5.505400    IO-Balloon       Actual/360           10,851.24      36
     154       Square Feet      1,900,000    1,893,703.19   5.410000    Balloon          Actual/360           11,565.76       0
     156       Units            1,800,000    1,800,000.00   5.450800    IO-Balloon       Actual/360           10,164.71      36
     158       Square Feet      1,755,000    1,751,879.59   5.990000    Balloon          Actual/360           11,296.76       0
     160       Units            1,625,000    1,625,000.00   5.400900    IO-Balloon       Actual/360            9,125.79      36

<CAPTION>
                                                                                                Final                   Upfront
  Sequence          Rem.   Amort.   Rem.   Payment   Grace   ARD  Maturity/ARD                    Mat      Defeasance    CapEx
      #      Term   Term    Term   Amort.   Date    Period  (Y/N)     Date     ARD Step Up (%)   Date        Allowed    Reserve
----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>    <C>    <C>     <C>     <C>      <C>     <C>   <C>          <C>              <C>        <C>          <C>
     11       120    120     300    300       5        0     No     03/05/16                                   Yes           0.00
    11.01     120    120     300    300
    11.02     120    120     300    300
    11.03     120    120     300    300
    11.04     120    120     300    300
    11.05     120    120     300    300
     14       120    118     360    358       5        0     No     01/05/16                                   Yes           0.00
     20       120    118     360    358       5        0     No     01/05/16                                   Yes           0.00
     26       120    120     360    360       5        0     No     03/05/16                                   Yes           0.00
     31       120    119     360    360       5        0     No     02/05/16                                   Yes           0.00
    31.01     120    119     360    360
    31.02     120    119     360    360
     46       84     81      360    360       5        0     No     12/05/12                                   Yes           0.00
     47       120    118     360    360       6        0     No     01/06/16                                   Yes           0.00
     48       120    120     336    336       7        0     No     03/07/16                                   Yes           0.00
     52       120    120     360    360       5        0     No     03/05/16                                   Yes           0.00
     54       120    119     360    360       1        5     No     02/01/16                                   Yes           0.00
     62       120    120     324    324       5        0     No     03/05/16                                   Yes           0.00
     71       120    118     360    360       5        0     No     01/05/16                                   Yes           0.00
    71.01     120    118     360    360
    71.02     120    118     360    360
     72       120    120     360    360       7        0     No     03/07/16                                   Yes           0.00
     73       120    117     360    357       5        0     No     12/05/15                                   Yes           0.00
     76       120    120     360    360       5        0     No     03/05/16                                   Yes           0.00
     78       120    118     300    298       5        0     No     01/05/16                                   Yes           0.00
     79       120    119     360    360       5        0     No     02/05/16                                   Yes           0.00
    79.01     120    119     360    360
    79.02     120    119     360    360
     83       120    120     300    300       5        0     No     03/05/16                                   Yes           0.00
     87       120    119     360    360       5        0     No     02/05/16                                   Yes           0.00
     89       120    119     324    324       7        0     No     02/07/16                                   Yes           0.00
     93       120    120     300    300       5        0     No     03/05/16                                   Yes           0.00
     95       120    118     360    358       5        0     No     01/05/16                                   Yes           0.00
     97       120    120     360    360       5        0     No     03/05/16                                   Yes           0.00
     98       120    120     300    300       5        0     No     03/05/16                                   Yes           0.00
     99       120    119     360    360       1        5     No     02/01/16                                   Yes           0.00
     107      120    120     360    360       5        0     No     03/05/16                                   Yes           0.00
     116      120    120     300    300       5        0     No     03/05/16                                   Yes           0.00
     128      120    120     360    360       5        0     No     03/05/16                                   Yes           0.00
     152      120    120     360    360       1        7     No     03/01/16                                   Yes           0.00
     154      120    118     300    298       5        0     No     01/05/16                                   Yes           0.00
     156      120    120     360    360       1        7     No     03/01/16                                   Yes           0.00
     158      120    119     300    299       5        0     No     02/05/16                                   Yes           0.00
     160      120    120     360    360       1        7     No     03/01/16                                   Yes           0.00

<CAPTION>
                   Upfront         Upfront          Upfront         Upfront        Upfront         Upfront
   Sequence          Eng.          Envir.            TI/LC           RE Tax         Ins.            Other
       #           Reserve         Reserve          Reserve         Reserve        Reserve         Reserve
----------------------------------------------------------------------------------------------------------------
<S>                <C>             <C>              <C>             <C>            <C>             <C>
      11                  0.00            0.00              0.00      93,099.00     38,595.00              0.00
     11.01
     11.02
     11.03
     11.04
     11.05
      14                  0.00          625.00              0.00      66,500.00     71,183.13              0.00
      20                  0.00            0.00              0.00      45,130.00     26,127.52              0.00
      26                  0.00          625.00      3,715,000.00     120,787.00     10,147.00      2,460,000.00
      31              1,250.00          625.00              0.00      47,800.00      2,746.00              0.00
     31.01
     31.02
      46             14,500.00          625.00              0.00      17,622.36     17,672.08              0.00
      47                  0.00        2,500.00              0.00      25,019.25      3,477.50              0.00
      48                  0.00            0.00        250,000.00      15,932.00      4,096.00              0.00
      52                  0.00      155,625.00              0.00      13,148.00      3,469.00              0.00
      54                  0.00            0.00              0.00      15,574.00      6,313.37              0.00
      62                  0.00            0.00              0.00      50,491.70      6,938.66              0.00
      71                  0.00          625.00        225,000.00      12,494.00      1,712.00              0.00
     71.01
     71.02
      72                  0.00          625.00              0.00      32,600.00     29,277.00         96,000.00
      73                  0.00        3,750.00              0.00      23,226.00      1,219.00              0.00
      76                  0.00            0.00              0.00      24,814.50      4,820.00              0.00
      78             10,625.00            0.00              0.00      21,690.00      6,880.48        150,000.00
      79            188,062.50          625.00              0.00      19,200.00      2,172.00              0.00
     79.01
     79.02
      83                  0.00            0.00              0.00      42,328.00     16,620.00      1,128,219.00
      87             11,250.00            0.00          4,000.00      32,754.52      7,515.92         35,430.10
      89              7,500.00          125.00              0.00      42,000.00      2,000.00              0.00
      93                  0.00            0.00              0.00      42,792.00     23,442.00        376,984.00
      95              1,875.00            0.00              0.00      40,626.67      7,855.77              0.00
      97                  0.00            0.00              0.00       6,600.00      1,471.00              0.00
      98                  0.00          625.00              0.00      37,370.00     46,658.00        150,000.00
      99                  0.00            0.00        150,000.00      13,190.63      1,088.83          1,666.00
      107             3,894.00            0.00         20,000.00       5,103.00      1,682.00              0.00
      116                 0.00      156,250.00              0.00       3,222.60      4,176.00         80,000.00
      128            12,300.00          625.00              0.00           0.00          0.00              0.00
      152                 0.00        2,500.00              0.00       3,878.21      1,028.44              0.00
      154                 0.00            0.00              0.00       1,780.83        433.42              0.00
      156                 0.00        2,500.00              0.00       7,990.42        964.00              0.00
      158            16,687.50            0.00              0.00      54,194.69          0.00              0.00
      160                 0.00        2,500.00              0.00       5,574.30        907.92              0.00

<CAPTION>
                Upfront                                                                                             Monthly
   Sequence     Other                                                                                               Envir.
       #        Description                                            Monthly Capex Reserve                        Reserve
------------------------------------------------------------------------------------------------------------------------------
<S>             <C>                                            <C>                                                  <C>
      11                                                       1/12 of 4% of gross rev for previous calendar year        0.00
     11.01
     11.02
     11.03
     11.04
     11.05
      14                                                       1/12 of 4% of gross rev for previous calendar year        0.00
      20                                                       1/12 of 4% of gross rev for previous calendar year        0.00
      26        Debt Service Reserve                                                                     3,300.00        0.00
      31                                                                                                 2,740.70        0.00
     31.01
     31.02
      46                                                                                                 1,662.70        0.00
      47                                                                                                 2,489.25        0.00
      48                                                                                                 1,550.00        0.00
      52                                                                                                   825.00        0.00
      54                                                                                                   179.80        0.00
      62                                                                                                 1,505.23        0.00
      71                                                                                                   735.00        0.00
     71.01
     71.02
      72        Seasonality Reserve                                                                      4,166.67        0.00
      73                                                                                                   810.00        0.00
      76                                                                                                   557.00        0.00
      78        Seasonality Reserve                            1/12 of 5% of gross rev for previous calendar year        0.00
      79                                                                                                 1,805.75        0.00
     79.01
     79.02
      83        PIP Reserve                                    1/12 of 4% of gross rev for previous calendar year        0.00
      87        Feldman & Getz Rent Abatement                                                              452.57        0.00
      89                                                                                                   540.00        0.00
      93        PIP Reserve                                    1/12 of 4% of gross rev for previous calendar year        0.00
      95                                                                                                 2,104.17        0.00
      97                                                                                                   421.43        0.00
      98        Seasonality Reserve                            1/12 of 6% of gross rev for previous calendar year        0.00
      99        Ground Rent Reserve                                                                        387.34        0.00
      107                                                                                                  265.00        0.00
      116       Pay-Half Rent Abatement                                                                    250.00        0.00
      128                                                                                                1,333.33        0.00
      152                                                                                                  541.67        0.00
      154                                                                                                  157.50        0.00
      156                                                                                                  479.17        0.00
      158                                                                                                   90.90        0.00
      160                                                                                                  437.50        0.00

<CAPTION>
                   Monthly       Monthly       Monthly     Monthly
   Sequence         TI/LC        RE Tax         Ins.        Other
       #           Reserve       Reserve       Reserve     Reserve
---------------------------------------------------------------------
<S>                <C>           <C>           <C>         <C>
      11                 0.00     31,033.13     12,868.00    Various
     11.01
     11.02
     11.03
     11.04
     11.05
      14                 0.00     13,300.00      8,498.00       0.00
      20                 0.00     11,400.00      2,751.71       0.00
      26            18,000.00     20,131.14      5,073.42       0.00
      31             3,654.29     23,900.00      1,373.00       0.00
     31.01
     31.02
      46            12,500.00     17,622.36      3,534.42       0.00
      47                 0.00      7,898.00      1,738.75       0.00
      48                 0.00      8,050.00      2,200.00       0.00
      52             4,200.00      6,700.00        440.00       0.00
      54                 0.00      3,900.00      1,578.37       0.00
      62                 0.00     12,622.92        770.96       0.00
      71                 0.00      2,500.00        856.38       0.00
     71.01
     71.02
      72                 0.00     16,300.00      4,182.00       0.00
      73             2,300.00      3,515.00      1,219.00       0.00
      76             4,589.00      8,271.50      2,410.00       0.00
      78                 0.00      4,897.70      3,440.24       0.00
      79             1,924.55      9,600.00      1,086.00       0.00
     79.01
     79.02
      83                 0.00      7,005.00      2,941.00       0.00
      87             2,500.00     10,918.17      7,515.92       0.00
      89                 0.00      8,400.00      1,100.00       0.00
      93                 0.00      7,089.00      2,444.00       0.00
      95                 0.00      7,935.66      1,963.94       0.00
      97             2,634.00      6,600.00        367.63       0.00
      98                 0.00      3,397.24      9,331.67    Various
      99                 0.00      4,396.88        544.42       0.00
      107            1,667.00      2,800.00        950.00       0.00
      116            1,675.00      1,074.20        696.00       0.00
      128                0.00      3,341.00      1,384.00       0.00
      152                0.00      1,292.74      1,028.44       0.00
      154            1,416.67        890.42        433.42       0.00
      156                0.00      2,663.47        964.00       0.00
      158                0.00      9,032.45        104.17       0.00
      160                0.00      1,858.10        907.92       0.00

<CAPTION>

   Sequence
       #                                                      Other Month Description
----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>
      11        Payments of $8,544, $69,544, $12,544, $4,544, $22,544 and $37,544 are collected during the months of April, May,
                June, July, August and September, respectively.
     11.01
     11.02
     11.03
     11.04
     11.05
      14
      20
      26
      31
     31.01
     31.02
      46
      47
      48
      52
      54
      62
      71
     71.01
     71.02
      72
      73
      76
      78
      79
     79.01
     79.02
      83
      87
      89
      93
      95
      97
      98        Payments of $75,000, $180,000 $290,000 and $100,000 are collected during the months of June, July, August and
                September, respectively.
      99
      107
      116
      128
      152
      154
      156
      158
      160

<CAPTION>

   Sequence         Letter      Description                         Title          Crossed       Related
       #           of Credit    of LOC                              Type           Loan          Borrower
------------------------------------------------------------------------------------------------------------
<S>               <C>           <C>                                 <C>            <C>           <C>
      11              No                                            Fee
     11.01                                                          Fee
     11.02                                                          Fee
     11.03                                                          Fee
     11.04                                                          Fee
     11.05                                                          Fee
      14              No                                            Fee                             1
      20              No                                            Fee                             1
      26              No                                            Fee
      31              No                                            Fee                             6
     31.01                                                          Fee
     31.02                                                          Fee
      46              No                                            Fee
      47          500,000.00     Rollover                           Fee
      48              No                                            Fee
      52              No                                            Fee
      54          650,000.00     Springing Rollover Reserve         Fee
      62              No                                            Fee
      71              No                                            Fee
     71.01                                                          Fee
     71.02                                                          Fee
      72              No                                            Fee
      73              No                                            Fee
      76              No                                            Fee
      78              No                                            Fee
      79              No                                            Fee                             6
     79.01                                                          Fee
     79.02                                                          Fee
      83              No                                            Fee            B
      87              No                                            Fee
      89              No                                            Fee
      93              No                                            Fee            B
      95              No                                            Fee
      97              No                                            Fee
      98              No                                            Fee
      99              No                                            Leasehold
      107             No                                            Fee
      116             No                                            Fee
      128             No                                            Fee
      152             No                                            Fee                             14
      154             No                                            Fee
      156             No                                            Fee                             14
      158             No                                            Fee
      160             No                                            Fee                             14

<CAPTION>

   Sequence
       #        Borrower Name
----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>
      11        Smith/Curry Hotel Group Kings Grant LLC, Smith/Curry Hotel Group HH-Harris LLC, Smith/Curry Hotel Group Manchester
                Village LLC, Smith/Curry Hotel Group Pineville II LLC, Smith/Curry Hotel Group CI-Harris LLC
     11.01
     11.02
     11.03
     11.04
     11.05
      14        Benson Hotel Limited Partnership
      20        8th and Pine Joint Venture
      26        Washington Plaza, LLC
      31        Cameron Technology Investors II, L.P., WCBC Investors II, LP
     31.01
     31.02
      46        Belvedere Investment Associates, LLC
      47        Seaford Village, LLC
      48        Darby II, LLC, 433 Occidental, LLC, MP West, LLC
      52        Winchester Temecula One, L.P.
      54        87 Post Road East Associates LLC
      62        Datwyler Jordan Gateway Plaza, LLC
      71        Lawndale Plaza LLC, 4128 Chester Limited Partnership
     71.01
     71.02
      72        S.A. - Chase Hill SPE, L.P.
      73        St. Rose, LLC, JAA, LLC
      76        55 Post Road West LLC
      78        Lancaster Country Hotel Group, LLC
      79        Cross Park Investors II, L.P., Rutland-McNeil Investors II, L.P.
     79.01
     79.02
      83        Apple Hotel, LLC
      87        1877 South Federal LLC
      89        Beaver Banning Group LLC, Beaver Kirkmulon LLC, Dacar, LLC, Beaver Medical LLC
      93        Apple Hotel Holdings LLC
      95        University Lofts, LLC
      97        3435 Ocean Park LLC
      98        Fifty One NWS Realty Trust, KHA Realty Trust
      99        Belair MOB I, LLC.
      107       Warren Durango, LLC
      116       830 Rock, LLC
      128       MBS Woodland, LLC
      152       AP-Amsterdam 381 East 160th LLC
      154       Centerbrooke Investments, LLC, Centerbrooke Venture, LLC, Alna of DE, LLC
      156       AP-Amsterdam 2260 Washington LLC
      158       BHOLA Associates, LLC
      160       AP-Amsterdam 371 East 165th LLC

<CAPTION>

   Sequence
       #        Principal Name
----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>
      11        C.W. Smith and H. Lee Curry
     11.01
     11.02
     11.03
     11.04
     11.05
      14        Lisa Swanbeck-Johnson, D. Michael Bashaw, Rodney Olson and Gordon Sondland
      20        D. Michael Bashaw, Rodney Olson, and Gordon Sondland
      26        Dean F. Morehouse and Kenneth H. Michael
      31        Joseph Scher, Mark S. Scher, and Scott K. Young
     31.01
     31.02
      46        William A Meyer, Daniel Sirlin, and Jeff Krinsky
      47        Frederic A. Tomarchio
      48        Mark Kanter
      52        Joseph Daneshgar, Jamshid Hekmat, Shirin Hekmat, Farshid Hekmat, and Farah Hekmat
      54        David Waldman and B. Lance Sauerteig
      62        Darwin R. Datwyler; Eleanor Datwyer; and The Darwin R. Datwyer and Eleanor Datwyer Declaration of Trust, dated
                March 31, 1975
      71        Jerry Wise, Ronald Harris, and Mark J. Weinstein
     71.01
     71.02
      72        Stuart Falkin and Albert P. Platnick
      73        Danny Pakravan, Saeed Kohanoff, Behnaz Pakravan, and Roya Satbani
      76        Russel S. Bernard
      78        J. Herbert Fisher, Jr.
      79        Joseph Scher, Mark S. Scher and Scott K. Young
     79.01
     79.02
      83        Eliezer Benbassat, Ron Benbassat, Gil Benbassat, and Miriam Benbassat
      87        Stuart Gilbert
      89        Jeff McGuire, James R. Chiamulon, David Azouz, and Frank Anesi
      93        Eliezer Benbassat, Ron Benbassat, Gil Benbassat, and Miriam Benbassat
      95        Steven M. Leoni and Jonathan D. Leoni
      97        Robert Hanasab and Saman Mostadim
      98        First Winthrop Corporation
      99        Kinsley Equities III, L.P. and MacKenzie Properties, Inc.
      107       Warren Akop
      116       Abraham Rosenblum, Chiam Z. Mayer and Usher Steinmetz
      128       Gary S. Kading, Mark Stevens, and Bernard Brown, Jr.
      152       Mitchel Maidman and Gregory Maidman
      154       Jonathan A. Roth, Robert J. Roth, Gary L. Ackerman
      156       Mitchel Maidman and Gregory Maidman
      158       Manmohan P. Khanna and Nalini K. Khanna
      160       Mitchel Maidman and Gregory Maidman

<CAPTION>

   Sequence      Lockbox     Lockbox
       #          (Y/N)     In-place
---------------------------------------
<S>              <C>        <C>
      11           Yes         Yes
     11.01
     11.02
     11.03
     11.04
     11.05
      14           Yes         No
      20           Yes         No
      26           Yes         Yes
      31           Yes         Yes
     31.01
     31.02
      46           Yes         Yes
      47           Yes         Yes
      48           Yes         No
      52           Yes         No
      54           Yes         No
      62           Yes         No
      71           Yes         No
     71.01
     71.02
      72           Yes         No
      73           Yes         No
      76           Yes         No
      78           Yes         Yes
      79           Yes         Yes
     79.01
     79.02
      83           Yes         Yes
      87           Yes         No
      89           Yes         No
      93           Yes         Yes
      95           Yes         No
      97           Yes         No
      98           Yes         No
      99           Yes         No
      107          Yes         No
      116          Yes         No
      128          Yes         No
      152          Yes         No
      154          Yes         No
      156          Yes         No
      158          Yes         No
      160          Yes         No

<CAPTION>
                     Master      Primary      Trustee &
   Sequence        Servicing    Servicing      Paying      Subservicer     Admin.
       #            Fee Rate     Fee Rate     Agent Fee        Fee          Fee
-------------------------------------------------------------------------------------
<S>                <C>          <C>           <C>          <C>             <C>
      11              0.010000                   0.000700        0.0400     0.050700
     11.01
     11.02
     11.03
     11.04
     11.05
      14              0.010000     0.010000      0.000700                   0.020700
      20              0.010000     0.010000      0.000700                   0.020700
      26              0.010000     0.010000      0.000700                   0.020700
      31              0.010000     0.010000      0.000700        0.0500     0.070700
     31.01
     31.02
      46              0.010000                   0.000700        0.0400     0.050700
      47              0.010000     0.010000      0.000700                   0.020700
      48              0.010000     0.010000      0.000700                   0.020700
      52              0.010000     0.010000      0.000700                   0.020700
      54              0.010000     0.010000      0.000700                   0.020700
      62              0.010000     0.010000      0.000700                   0.020700
      71              0.010000     0.010000      0.000700                   0.020700
     71.01
     71.02
      72              0.010000     0.010000      0.000700                   0.020700
      73              0.010000     0.010000      0.000700                   0.020700
      76              0.010000     0.010000      0.000700                   0.020700
      78              0.010000                   0.000700       0.06000     0.070700
      79              0.010000     0.010000      0.000700       0.05000     0.070700
     79.01
     79.02
      83              0.010000                   0.000700       0.08000     0.090700
      87              0.010000     0.010000      0.000700                   0.020700
      89              0.010000     0.010000      0.000700                   0.020700
      93              0.010000                   0.000700        0.0800     0.090700
      95              0.010000     0.010000      0.000700                   0.020700
      97              0.010000     0.010000      0.000700       0.05000     0.070700
      98              0.010000     0.010000      0.000700                   0.020700
      99              0.010000     0.010000      0.000700                   0.020700
      107             0.010000     0.010000      0.000700                   0.020700
      116             0.010000                   0.000700       0.07000     0.080700
      128             0.010000     0.010000      0.000700                   0.020700
      152             0.010000     0.010000      0.000700                   0.020700
      154             0.010000     0.010000      0.000700                   0.020700
      156             0.010000     0.010000      0.000700                   0.020700
      158             0.010000                   0.000700       0.10000     0.110700
      160             0.010000     0.010000      0.000700                   0.020700

<CAPTION>
                       Net
   Sequence         Mortgage         Servicing   Loan
       #          Interest Rate       Fee Rate  Group
--------------------------------------------------------
<S>               <C>                <C>        <C>
      11                 5.689300     0.050000    1
     11.01                                        1
     11.02                                        1
     11.03                                        1
     11.04                                        1
     11.05                                        1
      14                 5.594300     0.020000    1
      20                 5.594300     0.020000    1
      26                 5.659300     0.020000    1
      31                 5.524300     0.070000    1
     31.01                                        1
     31.02                                        1
      46                 5.674300     0.050000    1
      47                 5.763500     0.020000    1
      48                 5.535300     0.020000    1
      52                 5.569300     0.020000    1
      54                 5.554300     0.020000    1
      62                 5.629300     0.020000    1
      71                 5.411300     0.020000    1
     71.01                                        1
     71.02                                        1
      72                 5.474300     0.020000    2
      73                 5.669300     0.020000    1
      76                 5.439300     0.020000    1
      78                 6.319300     0.070000    1
      79                 5.544300     0.070000    1
     79.01                                        1
     79.02                                        1
      83                 5.529300     0.090000    1
      87                 5.561300     0.020000    1
      89                 5.609300     0.020000    1
      93                 5.529300     0.090000    1
      95                 5.509300     0.020000    2
      97                 5.502300     0.070000    1
      98                 5.889300     0.020000    1
      99                 5.649300     0.020000    1
      107                5.759300     0.020000    1
      116                5.799300     0.080000    1
      128                5.539300     0.020000    2
      152                5.484700     0.020000    2
      154                5.389300     0.020000    1
      156                5.430100     0.020000    2
      158                5.879300     0.110000    1
      160                5.380200     0.020000    2
</TABLE>

<PAGE>

                                    EXHIBIT B

                  MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

            (1) No Mortgage Loan is 30 days or more delinquent in payment of
principal and interest (without giving effect to any applicable grace period in
the related Mortgage Note) and no Mortgage Loan has been 30 days or more
(without giving effect to any applicable grace period in the related Mortgage
Note) past due.

            (2) Except with respect to the ARD Loans, which provide that the
rate at which interest accrues thereon increases after the Anticipated Repayment
Date, the Mortgage Loans (exclusive of any default interest, late charges or
prepayment premiums) are fixed rate mortgage loans with terms to maturity, at
origination or as of the most recent modification, as set forth in the Mortgage
Loan Schedule.

            (3) The information pertaining to each Mortgage Loan set forth on
the Mortgage Loan Schedule is true and correct in all material respects as of
the Cut-off Date.

            (4) At the time of the assignment of the Mortgage Loans to the
Purchaser, the Seller had good and marketable title to and was the sole owner
and holder of, each Mortgage Loan, free and clear of any pledge, lien,
encumbrance or security interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase
Agreement, dated as of the date hereof between Master Servicer and Seller) and
such assignment validly and effectively transfers and conveys all legal and
beneficial ownership of the Mortgage Loans to the Purchaser free and clear of
any pledge, lien, encumbrance or security interest (subject to certain
agreements regarding servicing as provided in the Pooling and Servicing
Agreement, subservicing agreements permitted thereunder and that certain
Servicing Rights Purchase Agreement, dated as of the Closing Date between Master
Servicer and Seller).

            (5) In respect of each Mortgage Loan, (A) in reliance on public
documents or certified copies of the incorporation or partnership or other
entity documents, as applicable, delivered in connection with the origination of
such Mortgage Loan, the related Mortgagor is an entity organized under the laws
of a state of the United States of America, the District of Columbia or the
Commonwealth of Puerto Rico and (B) as of the origination date, the Seller
(based on customary due diligence) had no knowledge, and since the origination
date, the Seller has no actual knowledge, that the related Mortgagor is a debtor
in any bankruptcy, receivership, conservatorship, reorganization, insolvency,
moratorium or similar proceeding.

            (6) Each Mortgage Loan is secured by the related Mortgage which
establishes and creates a valid and subsisting first priority lien on the
related Mortgaged Property, or leasehold interest therein, comprising real
estate, free and clear of any liens, claims, encumbrances, participation
interests, pledges, charges or security interests subject only to Permitted
Encumbrances. Such Mortgage, together with any separate security agreement, UCC
Financing Statement or similar agreement, if any, establishes and creates a
first priority security interest in favor of the Seller in all personal property
owned by the Mortgagor that is used in, and is reasonably necessary to, the
operation of the related Mortgaged Property and, to the extent a security
interest may be created therein and perfected by the filing of a UCC Financing
Statement under the Uniform Commercial Code as in effect in the relevant
jurisdiction, the proceeds arising from the Mortgaged Property and other
collateral securing such Mortgage Loan, subject only to Permitted Encumbrances.
There exists with respect to such Mortgaged Property an assignment of leases and
rents provision, either as part of the related Mortgage or as a separate
document or instrument, which establishes and creates a first priority security
interest in and to leases and rents arising in respect of the related Mortgaged
Property, subject only to Permitted Encumbrances. Except for the holder of the
Companion Loan with respect to the AB Mortgage Loans, to the Seller's knowledge,
no person other than the related Mortgagor and the mortgagee own any interest in
any payments due under the related leases. The related Mortgage or such
assignment of leases and rents provision provides for the appointment of a
receiver for rents or allows the holder of the related Mortgage to enter into
possession of the related Mortgaged Property to collect rent or provides for
rents to be paid directly to the holder of the related Mortgage in the event of
a default beyond applicable notice and grace periods, if any, under the related
Mortgage Loan documents. As of the origination date, there were, and, to the
Seller's actual knowledge as of the Closing Date, there are, no mechanics' or
other similar liens or claims which have been filed for work, labor or materials
affecting the related Mortgaged Property which are or may be prior or equal to
the lien of the Mortgage, except those that are bonded or escrowed for or which
are insured against pursuant to the applicable Title Insurance Policy (as
defined below) and except for Permitted Encumbrances. No (a) Mortgaged Property
secures any mortgage loan not represented on the Mortgage Loan Schedule other
than a Companion Loan, (b) Mortgage Loan is cross-collateralized or
cross-defaulted with any other mortgage loan, other than a Mortgage Loan listed
on the Mortgage Loan Schedule or a Companion Loan, or (c) Mortgage Loan is
secured by property that is not a Mortgaged Property.

            (7) The related Mortgagor under each Mortgage Loan has good and
indefeasible fee simple or, with respect to those Mortgage Loans described in
clause (20) hereof, leasehold title to the related Mortgaged Property comprising
real estate subject to any Permitted Encumbrances.

            (8) The Seller has received an American Land Title Association
(ALTA) lender's title insurance policy or a comparable form of lender's title
insurance policy (or escrow instructions binding on the Title Insurer (as
defined below) and irrevocably obligating the Title Insurer to issue such title
insurance policy or a title policy commitment or pro-forma "marked up" at the
closing of the related Mortgage Loan and countersigned or otherwise approved by
the Title Insurer or its authorized agent) as adopted in the applicable
jurisdiction (the "Title Insurance Policy"), which was issued by a nationally
recognized title insurance company (the "Title Insurer") qualified to do
business in the jurisdiction where the applicable Mortgaged Property is located
(unless such jurisdiction is the State of Iowa), covering the portion of each
Mortgaged Property comprised of real estate and insuring that the related
Mortgage is a valid first lien in the original principal amount of the related
Mortgage Loan on the Mortgagor's fee simple interest (or, if applicable,
leasehold interest) in such Mortgaged Property comprised of real estate, subject
only to Permitted Encumbrances. Such Title Insurance Policy was issued in
connection with the origination of the related Mortgage Loan. No claims have
been made under such Title Insurance Policy. Such Title Insurance Policy is in
full force and effect and all premiums thereon have been paid and will provide
that the insured includes the owner of the Mortgage Loan and its successors
and/or assigns. No holder of the related Mortgage has done, by act or omission,
anything that would, and the Seller has no actual knowledge of any other
circumstance that would, impair the coverage under such Title Insurance Policy.

            (9) The related Assignment of Mortgage and the related assignment of
the Assignment of Leases and Rents executed in connection with each Mortgage, if
any, have been recorded in the applicable jurisdiction (or, if not recorded,
have been submitted for recording or are in recordable form (but for the
insertion of the name and address of the assignee and any related recording
information which is not yet available to the Seller)) and constitute the legal,
valid and binding assignment of such Mortgage and the related Assignment of
Leases and Rents from the Seller to the Purchaser. The endorsement of the
related Mortgage Note by the Seller constitutes the legal, valid, binding and
enforceable (except as such enforcement may be limited by anti-deficiency laws
or bankruptcy, receivership, conservatorship, reorganization, insolvency,
moratorium or other similar laws affecting the enforcement of creditors' rights
generally, and by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law)) assignment of
such Mortgage Note, and together with such Assignment of Mortgage and the
related assignment of Assignment of Leases and Rents, legally and validly
conveys all right, title and interest in such Mortgage Loan and Mortgage Loan
documents to the Purchaser.

            (10) (a) The Mortgage Loan documents for each Mortgage Loan provide
that such Mortgage Loan is non-recourse to the related parties thereto except
that the related Mortgagor and at least one individual or entity shall be fully
liable for actual losses, liabilities, costs and damages arising from certain
acts of the related Mortgagor and/or its principals specified in the related
Mortgage Loan documents, which acts generally include the following: (i) fraud
or intentional misrepresentation, (ii) misapplication or misappropriation of
rents, insurance proceeds or condemnation awards, (iii) either (i) any act of
actual waste or (ii) damage or destruction to the Mortgaged Property caused by
the acts or omissions of the borrower, its agents, employees or contractors, and
(iv) any breach of the environmental covenants contained in the related Mortgage
Loan documents.

                  (b) The Mortgage Loan documents for each Mortgage Loan contain
            enforceable provisions such as to render the rights and remedies of
            the holder thereof adequate for the practical realization against
            the Mortgaged Property of the principal benefits of the security
            intended to be provided thereby, including realization by judicial
            or, if applicable, non judicial foreclosure, and there is no
            exemption available to the related Mortgagor which would interfere
            with such right of foreclosure except any statutory right of
            redemption or as may be limited by anti-deficiency or one form of
            action laws or by bankruptcy, receivership, conservatorship,
            reorganization, insolvency, moratorium or other similar laws
            affecting the enforcement of creditors' rights generally, and by
            general principles of equity (regardless of whether such enforcement
            is considered in a proceeding in equity or at law).

                  (c) Each of the related Mortgage Notes and Mortgages are the
            legal, valid and binding obligations of the related Mortgagor named
            on the Mortgage Loan Schedule and each of the other related Mortgage
            Loan documents is the legal, valid and binding obligation of the
            parties thereto (subject to any non recourse provisions therein),
            enforceable in accordance with its terms, except as such enforcement
            may be limited by anti-deficiency or one form of action laws or
            bankruptcy, receivership, conservatorship, reorganization,
            insolvency, moratorium or other similar laws affecting the
            enforcement of creditors' rights generally, and by general
            principles of equity (regardless of whether such enforcement is
            considered in a proceeding in equity or at law), and except that
            certain provisions of such Mortgage Loan documents are or may be
            unenforceable in whole or in part under applicable state or federal
            laws, but the inclusion of such provisions does not render any of
            the Mortgage Loan documents invalid as a whole, and such Mortgage
            Loan documents taken as a whole are enforceable to the extent
            necessary and customary for the practical realization of the
            principal rights and benefits afforded thereby.

                  (d) The terms of the Mortgage Loans or the related Mortgage
            Loan documents, have not been altered, impaired, modified or waived
            in any material respect, except prior to the Cut-off Date by written
            instrument duly submitted for recordation, to the extent required,
            and as specifically set forth in the related Mortgage File.

                  (e) With respect to each Mortgage which is a deed of trust, a
            trustee, duly qualified under applicable law to serve as such,
            currently so serves and is named in the deed of trust or has been
            substituted in accordance with applicable law, and no fees or
            expenses are or will become payable to the trustee under the deed of
            trust, except in connection with a trustee's sale after default by
            the Mortgagor other than de minimis fees paid in connection with the
            release of the related Mortgaged Property or related security for
            such Mortgage Loan following payment of such Mortgage Loan in full.

            (11) No Mortgage Loan has been satisfied, canceled, subordinated,
released or rescinded, in whole or in part, and the related Mortgagor has not
been released, in whole or in part, from its obligations under any related
Mortgage Loan document.

            (12) Except with respect to the enforceability of any provisions
requiring the payment of default interest, late fees, additional interest,
prepayment premiums or yield maintenance charges, neither the Mortgage Loan nor
any of the related Mortgage Loan documents is subject to any right of
rescission, set off, abatement, diminution, valid counterclaim or defense,
including the defense of usury, nor will the operation of any of the terms of
any such Mortgage Loan documents, or the exercise (in compliance with procedures
permitted under applicable law) of any right thereunder, render any Mortgage
Loan documents subject to any right of rescission, set off, abatement,
diminution, valid counterclaim or defense, including the defense of usury
(subject to anti-deficiency or one form of action laws and to bankruptcy,
receivership, conservatorship, reorganization, insolvency, moratorium or other
similar laws affecting the enforcement of creditor's rights generally and to
general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law)), and no such right of
rescission, set off, abatement, diminution, valid counterclaim or defense has
been asserted with respect thereto. None of the Mortgage Loan documents provides
for a release of a portion of the Mortgaged Property from the lien of the
Mortgage except upon payment or defeasance in full of all obligations under the
Mortgage, provided that, notwithstanding the foregoing, certain of the Mortgage
Loans may allow partial release (a) upon payment or defeasance of an Allocated
Loan Amount which may be formula based, but in no event less than 125% of the
Allocated Loan Amount, or (b) in the event the portion of the Mortgaged Property
being released was not given any material value in connection with the
underwriting or appraisal of the related Mortgage Loan.

            (13) As of the Closing Date, there is no payment default, giving
effect to any applicable notice and/or grace period, and, to the Seller's
knowledge, as of the Closing Date, there is no other material default under any
of the related Mortgage Loan documents, giving effect to any applicable notice
and/or grace period; no such material default or breach has been waived by the
Seller or on its behalf or, to the Seller's knowledge, by the Seller's
predecessors in interest with respect to the Mortgage Loans; and, to the
Seller's actual knowledge, no event has occurred which, with the passing of time
or giving of notice would constitute a material default or breach; provided,
however, that the representations and warranties set forth in this sentence do
not cover any default, breach, violation or event of acceleration that
specifically pertains to or arises out of any subject matter otherwise covered
by any other representation or warranty made by the Seller in this Exhibit B. No
Mortgage Loan has been accelerated and no foreclosure or power of sale
proceeding has been initiated in respect of the related Mortgage. The Seller has
not waived any material claims against the related Mortgagor under any
non-recourse exceptions contained in the Mortgage Note.

            (14) (a) The principal amount of the Mortgage Loan stated on the
Mortgage Loan Schedule has been fully disbursed as of the Closing Date (except
for certain amounts that were fully disbursed by the mortgagee, but were
escrowed pursuant to the terms of the related Mortgage Loan documents) and there
are no future advances required to be made by the mortgagee under any of the
related Mortgage Loan documents. Any requirements under the related Mortgage
Loan documents regarding the completion of any on-site or off-site improvements
and to disbursements of any escrow funds therefor have been or are being
complied with or such escrow funds are still being held. The value of the
Mortgaged Property relative to the value reflected in the most recent appraisal
thereof is not materially impaired by any improvements which have not been
completed. The Seller has not, nor, to the Seller's knowledge, have any of its
agents or predecessors in interest with respect to the Mortgage Loan, in respect
of payments due on the related Mortgage Note or Mortgage, directly or
indirectly, advanced funds or induced, solicited or knowingly received any
advance of funds by a party other than the Mortgagor other than (a) interest
accruing on such Mortgage Loan from the date of such disbursement of such
Mortgage Loan to the date which preceded by thirty (30) days the first payment
date under the related Mortgage Note and (b) application and commitment fees,
escrow funds, points and reimbursements for fees and expenses, incurred in
connection with the origination and funding of the Mortgage Loan.

                  (b) No Mortgage Loan has capitalized interest included in its
            principal balance, or provides for any shared appreciation rights or
            other equity participation therein and no contingent or additional
            interest contingent on cash flow or negative amortization (other
            than with respect to the deferment of payment with respect to ARD
            Loans) is due thereon.

                  (c) Each Mortgage Loan identified in the Mortgage Loan
            Schedule as an ARD Loan starts to amortize no later than the Due
            Date of the calendar month immediately after the calendar month in
            which such ARD Loan closed and substantially fully amortizes over
            its stated term, which term is at least 60 months after the related
            Anticipated Repayment Date. Each ARD Loan has an Anticipated
            Repayment Date not less than seven years following the origination
            of such Mortgage Loan. If the related Mortgagor elects not to prepay
            its ARD Loan in full on or prior to the Anticipated Repayment Date
            pursuant to the existing terms of the Mortgage Loan or a unilateral
            option (as defined in Treasury Regulations under Section 1001 of the
            Code) in the Mortgage Loan exercisable during the term of the
            Mortgage Loan, (i) the Mortgage Loan's interest rate will step up to
            an interest rate per annum as specified in the related Mortgage Loan
            documents; provided, however, that payment of such Excess Interest
            shall be deferred until the principal of such ARD Loan has been paid
            in full; (ii) all or a substantial portion of the Excess Cash Flow
            (which is net of certain costs associated with owning, managing and
            operating the related Mortgaged Property) collected after the
            Anticipated Repayment Date shall be applied towards the prepayment
            of such ARD Loan and once the principal balance of an ARD Loan has
            been reduced to zero all Excess Cash Flow will be applied to the
            payment of accrued Excess Interest; and (iii) if the property
            manager for the related Mortgaged Property can be removed by or at
            the direction of the mortgagee on the basis of a debt service
            coverage test, the subject debt service coverage ratio shall be
            calculated without taking account of any increase in the related
            Mortgage Interest Rate on such Mortgage Loan's Anticipated Repayment
            Date. No ARD Loan provides that the property manager for the related
            Mortgaged Property can be removed by or at the direction of the
            mortgagee solely because of the passage of the related Anticipated
            Repayment Date.

                  (d) Each Mortgage Loan identified in the Mortgage Loan
            Schedule as an ARD Loan with a hard lockbox requires that tenants at
            the related Mortgaged Property shall (and each Mortgage Loan
            identified in the Mortgage Loan Schedule as an ARD Loan with a
            springing lockbox requires that tenants at the related Mortgaged
            Property shall, upon the occurrence of a specified trigger event,
            including, but not limited to, the occurrence of the related
            Anticipated Repayment Date) make rent payments into a lockbox
            controlled by the holder of the Mortgage Loan and to which the
            holder of the Mortgage Loan has a first perfected security interest;
            provided, however, with respect to each ARD Loan which is secured by
            a multi-family property with a hard lockbox, or with respect to each
            ARD Loan which is secured by a multi-family property with a
            springing lockbox, upon the occurrence of a specified trigger event,
            including, but not limited to, the occurrence of the related
            Anticipated Repayment Date, tenants either pay rents to a lockbox
            controlled by the holder of the Mortgage Loan or deposit rents with
            the property manager who will then deposit the rents into a lockbox
            controlled by the holder of the Mortgage Loan.

            (15) The terms of the Mortgage Loan documents evidencing such
Mortgage Loan comply in all material respects with all applicable local, state
and federal laws and regulations, and the Seller has complied with all material
requirements pertaining to the origination of the Mortgage Loans, including but
not limited to, usury and any and all other material requirements of any
federal, state or local law to the extent non-compliance would have a material
adverse effect on the Mortgage Loan.

            (16) To the Seller's knowledge and subject to clause (37) hereof, as
of the date of origination of the Mortgage Loan, based on inquiry customary in
the industry, the related Mortgaged Property was, and to the Seller's actual
knowledge and subject to clause (37) hereof, as of the Closing Date, the related
Mortgaged Property is, in all material respects, in compliance with, and is used
and occupied in accordance with, all restrictive covenants of record applicable
to such Mortgaged Property and applicable zoning laws and all inspections,
licenses, permits and certificates of occupancy required by law, ordinance or
regulation to be made or issued with regard to the Mortgaged Property have been
obtained and are in full force and effect, except to the extent (a) any material
non-compliance with all restrictive covenants of record applicable to such
Mortgaged Property or applicable zoning laws is insured by an ALTA lender's
title insurance policy (or binding commitment therefor), or the equivalent as
adopted in the applicable jurisdiction, or a law and ordinance insurance policy,
or (b) the failure to obtain or maintain such inspections, licenses, permits or
certificates of occupancy does not materially impair or materially and adversely
affect the use and/or operation of the Mortgaged Property as it was used and
operated as of the date of origination of the Mortgage Loan or the rights of a
holder of the related Mortgage Loan.

            (17) All (a) taxes, water charges, sewer rents, assessments or other
similar outstanding governmental charges and governmental assessments which
became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property), and if left
unpaid, would be, or might become, a lien on such Mortgaged Property having
priority over the related Mortgage and (b) insurance premiums or ground rents
which became due and owing prior to the Closing Date in respect of the related
Mortgaged Property (excluding any related personal property), have been paid, or
if disputed, or if such amounts are not delinquent prior to the Closing Date, an
escrow of funds in an amount sufficient (together with escrow payments required
to be made prior to delinquency) to cover such taxes and assessments and any
late charges due in connection therewith has been established. As of the date of
origination, the related Mortgaged Property was one or more separate and
complete tax parcels. For purposes of this representation and warranty, the
items identified herein shall not be considered due and owing until the date on
which interest or penalties would be first payable thereon.

            (18) To the Seller's knowledge based on surveys or the Title
Insurance Policy, (i) none of the improvements that were included for the
purpose of determining the appraised value of the related Mortgaged Property at
the time of the origination of such Mortgage Loan lies outside the boundaries
and building restriction lines of such Mortgaged Property, except to the extent
they are legally nonconforming as contemplated by representation (37) below, and
(ii) no improvements on adjoining properties encroach upon such Mortgaged
Property, except in the case of either (i) or (ii) for (a) immaterial
encroachments which do not materially adversely affect the security intended to
be provided by the related Mortgage or the use, enjoyment, value or
marketability of such Mortgaged Property or (b) encroachments affirmatively
covered by the related Title Insurance Policy. With respect to each Mortgage
Loan, the property legally described in the survey, if any, obtained for the
related Mortgaged Property for purposes of the origination thereof is the same
as the property legally described in the Mortgage.

            (19) (a) As of the date of the applicable engineering report (which
was performed within 12 months prior to the Cut-off Date) related to the
Mortgaged Property and, to Seller's knowledge as of the Closing Date, the
related Mortgaged Property is either (i) in good repair, free and clear of any
damage that would materially adversely affect the value of such Mortgaged
Property as security for such Mortgage Loan or the use and operation of the
Mortgaged Property as it was being used or operated as of the origination date
or (ii) escrows in an amount consistent with the standard utilized by the Seller
with respect to similar loans it holds for its own account have been
established, which escrows will in all events be not less than 100% of the
estimated cost of the required repairs. Since the origination date, to the
Seller's actual knowledge, such Mortgaged Property has not been damaged by fire,
wind or other casualty or physical condition (including, without limitation, any
soil erosion or subsidence or geological condition), which damage has not been
fully repaired or fully insured, or for which escrows in an amount consistent
with the standard utilized by the Seller with respect to loans it holds for its
own account have not been established.

                  (b) As of the origination date of such Mortgage Loan and to
            the Seller's actual knowledge, as of the Closing Date, there are no
            proceedings pending or, to the Seller's actual knowledge,
            threatened, for the partial or total condemnation of the relevant
            Mortgaged Property.

            (20) The Mortgage Loans that are identified on Exhibit A as being
secured in whole or in part by a leasehold estate (a "Ground Lease") (except
with respect to any Mortgage Loan also secured by the related fee interest in
the Mortgaged Property) satisfy the following conditions:

                  (a) such Ground Lease or a memorandum thereof has been or will
            be duly recorded; such Ground Lease or other agreement received by
            the originator of the Mortgage Loan from the ground lessor, provides
            that the interest of the lessee thereunder may be encumbered by the
            related Mortgage and does not restrict the use of the related
            Mortgaged Property by such lessee, its successors or assigns, in a
            manner that would materially and adversely affect the security
            provided by the Mortgage; as of the date of origination of the
            Mortgage Loan, there was no material change of record in the terms
            of such Ground Lease or other agreement with the exception of
            written instruments which are part of the related Mortgage File and
            Seller has no knowledge of any material change in the terms of such
            Ground Lease since the recordation of the related Mortgage, with the
            exception of written instruments which are part of the related
            Mortgage File;

                  (b) such Ground Lease or other agreement is not subject to any
            liens or encumbrances superior to, or of equal priority with, the
            related Mortgage, other than the related fee interest and Permitted
            Encumbrances and such Ground Lease or other agreement is, and shall
            remain, prior to any mortgage or other lien upon the related fee
            interest (other than the Permitted Encumbrances) unless a
            nondisturbance agreement is obtained from the holder of any mortgage
            on the fee interest which is assignable to or for the benefit of the
            related lessee and the related mortgagee;

                  (c) such Ground Lease or other agreement provides that upon
            foreclosure of the related Mortgage or assignment of the Mortgagor's
            interest in such Ground Lease in lieu thereof, the mortgagee under
            such Mortgage is entitled to become the owner of such interest upon
            notice to, but without the consent of, the lessor thereunder and, in
            the event that such mortgagee (or any of its successors and assigns
            under the Mortgage) becomes the owner of such interest, such
            interest is further assignable by such mortgagee (or any of its
            successors and assigns under the Mortgage) upon notice to such
            lessor, but without a need to obtain the consent of such lessor;

                  (d) such Ground Lease is in full force and effect and no
            default of tenant or ground lessor was in existence at origination,
            or to the Seller's knowledge, is in existence as of the Closing
            Date, under such Ground Lease, nor at origination was, or to the
            Seller's knowledge, is there any condition which, but for the
            passage of time or the giving of notice, would result in a default
            under the terms of such Ground Lease; either such Ground Lease or a
            separate agreement contains the ground lessor's covenant that it
            shall not amend, modify, cancel or terminate such Ground Lease
            without the prior written consent of the mortgagee under such
            Mortgage and any amendment, modification, cancellation or
            termination of the Ground Lease without the prior written consent of
            the related mortgagee, or its successors or assigns is not binding
            on such mortgagee, or its successor or assigns;

                  (e) such Ground Lease or other agreement requires the lessor
            thereunder to give written notice of any material default by the
            lessee to the mortgagee under the related Mortgage, provided that
            such mortgagee has provided the lessor with notice of its lien in
            accordance with the provisions of such Ground Lease; and such Ground
            Lease or other agreement provides that no such notice of default and
            no termination of the Ground Lease in connection with such notice of
            default shall be effective against such mortgagee unless such notice
            of default has been given to such mortgagee and any related Ground
            Lease or other agreement contains the ground lessor's covenant that
            it will give to the related mortgagee, or its successors or assigns,
            any notices it sends to the Mortgagor;

                  (f) either (i) the related ground lessor has subordinated its
            interest in the related Mortgaged Property to the interest of the
            holder of the Mortgage Loan or (ii) such Ground Lease or other
            agreement provides that (A) the mortgagee under the related Mortgage
            is permitted a reasonable opportunity to cure any default under such
            Ground Lease which is curable, including reasonable time to gain
            possession of the interest of the lessee under the Ground Lease,
            after the receipt of notice of any such default before the lessor
            thereunder may terminate such Ground Lease; (B) in the case of any
            such default which is not curable by such mortgagee, or in the event
            of the bankruptcy or insolvency of the lessee under such Ground
            Lease, such mortgagee has the right, following termination of the
            existing Ground Lease or rejection thereof by a bankruptcy trustee
            or similar party, to enter into a new ground lease with the lessor
            on substantially the same terms as the existing Ground Lease; and
            (C) all rights of the Mortgagor under such Ground Lease (insofar as
            it relates to the Ground Lease) may be exercised by or on behalf of
            such mortgagee under the related Mortgage upon foreclosure or
            assignment in lieu of foreclosure;

                  (g) such Ground Lease has an original term (or an original
            term plus one or more optional renewal terms that under all
            circumstances may be exercised, and will be enforceable, by the
            mortgagee or its assignee) which extends not less than 20 years
            beyond the stated maturity date of the related Mortgage Loan;

                  (h) under the terms of such Ground Lease and the related
            Mortgage, taken together, any related insurance proceeds will be
            applied either to the repair or restoration of all or part of the
            related Mortgaged Property, with the mortgagee under such Mortgage
            or a financially responsible institution acting as trustee appointed
            by it, or consented to by it, or by the lessor having the right to
            hold and disburse such proceeds as the repair or restoration
            progresses (except in such cases where a provision entitling another
            party to hold and disburse such proceeds would not be viewed as
            commercially unreasonable by a prudent commercial mortgage lender),
            or to the payment in whole or in part of the outstanding principal
            balance of such Mortgage Loan together with any accrued and unpaid
            interest thereon; and

                  (i) such Ground Lease does not impose any restrictions on
            subletting which would be viewed as commercially unreasonable by the
            Seller; such Ground Lease contains a covenant (or applicable laws
            provide) that the lessor thereunder is not permitted, in the absence
            of an uncured default, to disturb the possession, interest or quiet
            enjoyment of any lessee in the relevant portion of such Mortgaged
            Property subject to such Ground Lease for any reason, or in any
            manner, which would materially adversely affect the security
            provided by the related Mortgage.

            (21) (a) Except for those Mortgage Loans set forth on Schedule I
hereto for which a lender's environmental insurance policy was obtained in lieu
of an Environmental Site Assessment, an Environmental Site Assessment relating
to each Mortgaged Property and prepared no earlier than 12 months prior to the
Closing Date was obtained and reviewed by the Seller in connection with the
origination of such Mortgage Loan and a copy is included in the Servicing File.

                  (b) Such Environmental Site Assessment does not identify, and
            the Seller has no actual knowledge of, any adverse circumstances or
            conditions with respect to or affecting the Mortgaged Property that
            would constitute or result in a material violation of any
            Environmental Laws, other than with respect to a Mortgaged Property
            (i) for which environmental insurance (as set forth on Schedule II
            hereto) is maintained, or (ii) which would require any expenditure
            greater than 5% of the outstanding principal balance of such
            Mortgage Loan to achieve or maintain compliance in all material
            respects with any Environmental Laws for which adequate sums, but in
            no event less than 125% of the estimated cost as set forth in the
            Environmental Site Assessment, were reserved in connection with the
            origination of the Mortgage Loan and for which the related Mortgagor
            has covenanted to perform, or (iii) as to which the related
            Mortgagor or one of its affiliates is currently taking or required
            to take such actions, if any, with respect to such conditions or
            circumstances as have been recommended by the Environmental Site
            Assessment or required by the applicable governmental authority, or
            (iv) as to which another responsible party not related to the
            Mortgagor with assets reasonably estimated by the Seller at the time
            of origination to be sufficient to effect all necessary or required
            remediation identified in a notice or other action from the
            applicable governmental authority is currently taking or required to
            take such actions, if any, with respect to such regulatory
            authority's order or directive, or (v) as to which such conditions
            or circumstances identified in the Environmental Site Assessment
            were investigated further and based upon such additional
            investigation, an environmental consultant recommended no further
            investigation or remediation, or (vi) as to which a party with
            financial resources reasonably estimated to be adequate to cure the
            condition or circumstance provided a guaranty or indemnity to the
            related Mortgagor or to the mortgagee to cover the costs of any
            required investigation, testing, monitoring or remediation, or (vii)
            as to which the related Mortgagor or other responsible party
            obtained a "No Further Action" letter or other evidence reasonably
            acceptable to a prudent commercial mortgage lender that applicable
            federal, state, or local governmental authorities had no current
            intention of taking any action, and are not requiring any action, in
            respect of such condition or circumstance, or (viii) which would not
            require substantial cleanup, remedial action or other extraordinary
            response under any Environmental Laws reasonably estimated to cost
            in excess of 5% of the outstanding principal balance of such
            Mortgage Loan.

                  (c) To the Seller's actual knowledge and in reliance upon the
            Environmental Site Assessment, except for any Hazardous Materials
            being handled in accordance with applicable Environmental Laws and
            except for any Hazardous Materials present at such Mortgaged
            Property for which, to the extent that an Environmental Site
            Assessment recommends remediation or other action, (A) there exists
            either (i) environmental insurance with respect to such Mortgaged
            Property (as set forth on Schedule II hereto) or (ii) an amount in
            an escrow account pledged as security for such Mortgage Loan under
            the relevant Mortgage Loan documents equal to no less than 125% of
            the amount estimated in such Environmental Site Assessment as
            sufficient to pay the cost of such remediation or other action in
            accordance with such Environmental Site Assessment or (B) one of the
            statements set forth in clause (b) above is true, (1) such Mortgaged
            Property is not being used for the treatment or disposal of
            Hazardous Materials; (2) no Hazardous Materials are being used or
            stored or generated for off-site disposal or otherwise present at
            such Mortgaged Property other than Hazardous Materials of such types
            and in such quantities as are customarily used or stored or
            generated for off-site disposal or otherwise present in or at
            properties of the relevant property type; and (3) such Mortgaged
            Property is not subject to any environmental hazard (including,
            without limitation, any situation involving Hazardous Materials)
            which under the Environmental Laws would have to be eliminated
            before the sale of, or which could otherwise reasonably be expected
            to adversely affect in more than a de minimis manner the value or
            marketability of, such Mortgaged Property.

                  (d) The related Mortgage or other Mortgage Loan documents
            contain covenants on the part of the related Mortgagor requiring its
            compliance with any present or future federal, state and local
            Environmental Laws and regulations in connection with the Mortgaged
            Property. The related Mortgagor (or an affiliate thereof) has agreed
            to indemnify, defend and hold the Seller, and its successors and
            assigns, harmless from and against any and all losses, liabilities,
            damages, penalties, fines, expenses and claims of whatever kind or
            nature (including attorneys' fees and costs) imposed upon or
            incurred by or asserted against any such party resulting from a
            breach of the environmental representations, warranties or covenants
            given by the related Mortgagor in connection with such Mortgage
            Loan.

                  (e) Each of the Mortgage Loans which is covered by a lender's
            environmental insurance policy obtained in lieu of an Environmental
            Site Assessment ("In Lieu of Policy") is identified on Schedule I,
            and each In Lieu of Policy is in an amount equal to 125% of the
            outstanding principal balance of the related Mortgage Loan and has a
            term ending no sooner than the date which is five years after the
            maturity date (or, in the case of an ARD Loan, the final maturity
            date) of the related Mortgage Loan. All environmental assessments or
            updates that were in the possession of the Seller and that relate to
            a Mortgaged Property identified on Schedule I as being insured by an
            In Lieu of Policy have been delivered to or disclosed to the In Lieu
            of Policy carrier issuing such policy prior to the issuance of such
            policy.

            (22) As of the date of origination of the related Mortgage Loan,
and, as of the Closing Date, the Mortgaged Property is covered by insurance
policies providing the coverage described below and the Mortgage Loan documents
permit the mortgagee to require the coverage described below. All premiums with
respect to the Insurance Policies insuring each Mortgaged Property have been
paid in a timely manner or escrowed to the extent required by the Mortgage Loan
documents, and the Seller has not received any notice of cancellation or
termination. The relevant Servicing File contains the Insurance Policy required
for such Mortgage Loan or a certificate of insurance for such Insurance Policy.
Each Mortgage requires that the related Mortgaged Property and all improvements
thereon are covered by Insurance Policies providing (a) coverage in the amount
of the lesser of full replacement cost of such Mortgaged Property and the
outstanding principal balance of the related Mortgage Loan (subject to customary
deductibles) for fire and extended perils included within the classification
"All Risk of Physical Loss" in an amount sufficient to prevent the Mortgagor
from being deemed a co-insurer and to provide coverage on a full replacement
cost basis of such Mortgaged Property (in some cases exclusive of foundations
and footings) with an agreed amount endorsement to avoid application of any
coinsurance provision; such policies contain a standard mortgage clause naming
mortgagee and its successor in interest as additional insureds or loss payee, as
applicable; (b) business interruption or rental loss insurance in an amount at
least equal to (i) 12 months of operations or (ii) in some cases all rents and
other amounts customarily insured under this type of insurance of the Mortgaged
Property; (c) flood insurance (if any portion of the improvements on the
Mortgaged Property is located in an area identified by the Federal Emergency
Management Agency ("FEMA"), with respect to certain Mortgage Loans and the
Secretary of Housing and Urban Development with respect to other Mortgage Loans,
as having special flood hazards) in an amount not to exceed amounts prescribed
by FEMA; (d) workers' compensation, if required by law; (e) comprehensive
general liability insurance in an amount consistent with the standard utilized
by the Seller with respect to loans it holds for its own account, but not less
than $1 million; all such Insurance Policies contain clauses providing they are
not terminable and may not be terminated without thirty (30) days prior written
notice to the mortgagee (except where applicable law requires a shorter period
or except for nonpayment of premiums, in which case not less than ten (10) days
prior written notice to the mortgagee is required). In addition, each Mortgage
permits the related mortgagee to make premium payments to prevent the
cancellation thereof and shall entitle such mortgagee to reimbursement therefor.
Any insurance proceeds in respect of a casualty loss or taking will be applied
either to the repair or restoration of all or part of the related Mortgaged
Property or the payment of the outstanding principal balance of the related
Mortgage Loan together with any accrued interest thereon. The related Mortgaged
Property is insured by an Insurance Policy, issued by an insurer meeting the
requirements of such Mortgage Loan and having a claims-paying or financial
strength rating of at least "A-:X" from A.M. Best Company or "A" (or the
equivalent) from Standard & Poor's Ratings Services, Fitch, Inc. or Moody's
Investors Service, Inc. An architectural or engineering consultant has performed
an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4
in order to evaluate the structural and seismic condition of such property, for
the sole purpose of assessing the probable maximum loss ("PML") for the
Mortgaged Property in the event of an earthquake. In such instance, the PML was
based on a return period of not less than 100 years, an exposure period of 50
years and a 10% probability of exceedence. If the resulting report concluded
that the PML would exceed 20% of the amount of the replacement costs of the
improvements, earthquake insurance on such Mortgaged Property was obtained by an
insurer rated at least "A-:X" by A.M. Best Company or "A" (or the equivalent)
from Standard & Poor's Ratings Services, Fitch, Inc. or Moody's Investors
Service, Inc. To the Seller's actual knowledge, the insurer issuing each of the
foregoing insurance policies is qualified to write insurance in the jurisdiction
where the related Mortgaged Property is located.

            (23) All amounts required to be deposited by each Mortgagor at
origination under the related Mortgage Loan documents have been deposited or
have been withheld from the related Mortgage Loan proceeds at origination and
there are no deficiencies with regard thereto.

            (24) Whether or not a Mortgage Loan was originated by the Seller, to
the Seller's knowledge, with respect to each Mortgage Loan originated by the
Seller and each Mortgage Loan originated by any Person other than the Seller, as
of the date of origination of the related Mortgage Loan, and, to the Seller's
actual knowledge, with respect to each Mortgage Loan originated by the Seller
and any subsequent holder of the Mortgage Loan, as of the Closing Date, there
are no actions, suits, arbitrations or governmental investigations or
proceedings by or before any court or other governmental authority or agency now
pending against or affecting the Mortgagor under any Mortgage Loan or any of the
Mortgaged Properties which, if determined against such Mortgagor or such
Mortgaged Property, would materially and adversely affect the value of such
Mortgaged Property, the security intended to be provided with respect to the
related Mortgage Loan, or the ability of such Mortgagor and/or the current use
of such Mortgaged Property to generate net cash flow to pay principal, interest
and other amounts due under the related Mortgage Loan; and to the Seller's
actual knowledge there are no such actions, suits or proceedings threatened
against such Mortgagor.

            (25) The origination practices used by the Seller or, to its
knowledge, any prior holder of the related Mortgage Note with respect to such
Mortgage Loan have been in all material respects legal and have met customary
industry standards and since origination, the Mortgage Loan has been serviced in
all material respects in a legal manner in conformance with the Seller's
servicing standards.

            (26) The originator of the Mortgage Loan or the Seller has inspected
or caused to be inspected each related Mortgaged Property within the 12 months
prior to the Closing Date.

            (27) The Mortgage Loan documents require the Mortgagor to provide
the holder of the Mortgage Loan with at least annual operating statements,
financial statements and except for Mortgage Loans for which the related
Mortgaged Property is leased to a single tenant, rent rolls.

            (28) All escrow deposits and payments required by the terms of each
Mortgage Loan are in the possession, or under the control of the Seller (except
to the extent they have been disbursed for their intended purposes), and all
amounts required to be deposited by the applicable Mortgagor under the related
Mortgage Loan documents have been deposited, and there are no deficiencies with
regard thereto (subject to any applicable notice and cure period). All of the
Seller's interest in such escrows and deposits will be conveyed by the Seller to
the Purchaser hereunder.

            (29) No two or more Mortgage Loans representing, in the aggregate,
more than 5% of the aggregate outstanding principal amount of all the mortgage
loans included in the Trust Fund have the same Mortgagor or, to the Seller's
knowledge, are to Mortgagors which are entities controlled by one another or
under common control.

            (30) Each Mortgagor with respect to a Mortgage Loan with a principal
balance as of the Cut-off Date in excess of $15,000,000 included in the Trust
Fund is an entity whose organizational documents or related Mortgage Loan
documents provide that it is, and at least so long as the Mortgage Loan is
outstanding will continue to be, a Single Purpose Entity. For this purpose,
"Single Purpose Entity" shall mean a Person, other than an individual, whose
organizational documents provide that it shall engage solely in the business of
owning and operating the Mortgaged Property and which does not engage in any
business unrelated to such property and the financing thereof, does not have any
assets other than those related to its interest in the Mortgaged Property or the
financing thereof or any indebtedness other than as permitted by the related
Mortgage or the other Mortgage Loan documents, and the organizational documents
of which require that it have its own separate books and records and its own
accounts, in each case which are separate and apart from the books and records
and accounts of any other Person.

            (31) The gross proceeds of each Mortgage Loan to the related
Mortgagor at origination did not exceed the non-contingent principal amount of
the Mortgage Loan and either: (a) such Mortgage Loan is secured by an interest
in real property having a fair market value (i) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (ii) at the Closing Date at least equal to 80% of the original
principal balance of the Mortgage Loan on such date; provided that for purposes
hereof, the fair market value of the real property interest must first be
reduced by (A) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (B) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in sub-clauses (a)(i) and (a)(ii) of this clause (31)
shall be made on a pro rata basis in accordance with the fair market values of
the Mortgaged Properties securing such cross-collateralized Mortgage Loan); or
(b) substantially all the proceeds of such Mortgage Loan were used to acquire,
improve or protect the real property which served as the only security for such
Mortgage Loan (other than a recourse feature or other third party credit
enhancement within the meaning of Treasury Regulations Section
1.860G-2(a)(1)(ii)). If the Mortgage Loan was "significantly modified" prior to
the Closing Date so as to result in a taxable exchange under Section 1001 of the
Code, it either (x) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (y) satisfies the provisions of
either sub-clause (a)(i) above (substituting the date of the last such
modification for the date the Mortgage Loan was originated) or sub-clause
(a)(ii), including the proviso thereto. The Mortgage Loan is a "qualified
mortgage" within the meaning of Section 860G(a)(3) of the Code (but without
regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats
certain defective mortgage loans as qualified mortgages). Any prepayment premium
and yield maintenance charges applicable to the Mortgage Loan constitute
"customary prepayment penalties" within the meaning of Treasury Regulations
Section 1.860G-1(b)(2).

            (32) Each of the Mortgage Loans contain a "due on sale" clause,
which provides for the acceleration of the payment of the unpaid principal
balance of the Mortgage Loan if, without the prior written consent of the holder
of the Mortgage Loan, the property subject to the Mortgage, or any controlling
interest therein, is directly or indirectly transferred or sold (except that it
may provide for transfers by devise, descent or operation of law upon the death
of a member, manager, general partner or shareholder of a Mortgagor and that it
may provide for assignments subject to the Mortgage Loan holder's approval of
transferee, transfers to affiliates, transfers to family members for estate
planning purposes, transfers among existing members, partners or shareholders in
Mortgagors or transfers of passive interests so long as the key principals or
general partner retains control). The Mortgage Loan documents contain a "due on
encumbrance" clause, which provides for the acceleration of the payment of the
unpaid principal balance of the Mortgage Loan if the property subject to the
Mortgage or any controlling interest in the Mortgagor is further pledged or
encumbered, unless the prior written consent of the holder of the Mortgage Loan
is obtained (except that it may provide for assignments subject to the Mortgage
Loan holder's approval of transferee, transfers to affiliates or transfers of
passive interests so long as the key principals or general partner retains
control). The Mortgage or Mortgage Note requires the Mortgagor to pay all
reasonable fees and expenses associated with securing the consent or approval of
the holder of the Mortgage for a waiver of a "due on sale" or "due on
encumbrance" clause or a defeasance provision. As of the Closing Date, the
Seller holds no preferred equity interest in any Mortgagor and the Seller holds
no mezzanine debt related to such Mortgaged Property.

            (33) Except with respect to the AB Mortgage Loans, each Mortgage
Loan is a whole loan and not a participation interest in a mortgage loan.

            (34) Each Mortgage Loan containing provisions for defeasance of
mortgage collateral provides that: defeasance may not occur any earlier than two
years after the Closing Date; and requires or provides (i) the replacement
collateral consist of U.S. "government securities," within the meaning of
Treasury Regulations Section 1.860 G-2(a)(8)(i), in an amount sufficient to make
all scheduled payments under the Mortgage Note when due (up to the maturity date
for the related Mortgage Loan, the Anticipated Repayment Date for ARD Loans or
the date on which the Mortgagor may prepay the related Mortgage Loan without
payment of any prepayment penalty); (ii) the loan may be assumed by a Single
Purpose Entity approved by the holder of the Mortgage Loan; (iii) counsel
provide an opinion that the trustee has a perfected security interest in such
collateral prior to any other claim or interest; and (iv) such other documents
and certifications as the mortgagee may reasonably require which may include,
without limitation, (A) a certification that the purpose of the defeasance is to
facilitate the disposition of the mortgaged real property or any other customary
commercial transaction and not to be part of an arrangement to collateralize a
REMIC offering with obligations that are not real estate mortgages and (B) a
certification from an independent certified public accountant that the
collateral is sufficient to make all scheduled payments under the Mortgage Note
when due. Each Mortgage Loan containing provisions for defeasance provides that,
in addition to any cost associated with defeasance, the related Mortgagor shall
pay, as of the date the mortgage collateral is defeased, all scheduled and
accrued interest and principal due as well as an amount sufficient to defease in
full the Mortgage Loan (except as contemplated in clause (35) hereof). In
addition, if the related Mortgage Loan permits defeasance, then the Mortgage
Loan documents provide that the related Mortgagor shall (x) pay all reasonable
fees associated with the defeasance of the Mortgage Loan and all other
reasonable expenses associated with the defeasance, or (y) provide all opinions
required under the related Mortgage Loan documents, and in the case of loans
with an outstanding principal balance as of the Cut-off Date of $40,000,000 or
greater, (a) a REMIC opinion and (b) rating agency letters confirming that no
downgrade or qualification shall occur as a result of the defeasance.

            (35) In the event that a Mortgage Loan is secured by more than one
Mortgaged Property, then, in connection with a release of less than all of such
Mortgaged Properties, a Mortgaged Property may not be released as collateral for
the related Mortgage Loan unless, in connection with such release, an amount
equal to not less than 125% of the Allocated Loan Amount for such Mortgaged
Property is prepaid or, in the case of a defeasance, an amount equal to 125% of
the Allocated Loan Amount is defeased through the deposit of replacement
collateral (as contemplated in clause (34) hereof) sufficient to make all
scheduled payments with respect to such defeased amount, or such release is
otherwise in accordance with the terms of the Mortgage Loan documents.

            (36) Each Mortgaged Property is owned by the related Mortgagor,
except for Mortgaged Properties which are secured in whole or in a part by a
Ground Lease and for out-parcels, and is used and occupied for commercial or
multifamily residential purposes in accordance with applicable law.

            (37) Any material non-conformity with applicable zoning laws
constitutes a legal non-conforming use or structure which, in the event of
casualty or destruction, may be restored or repaired to the full extent of the
use or structure at the time of such casualty, or for which law and ordinance
insurance coverage has been obtained in amounts consistent with the standards
utilized by the Seller.

            (38) Neither the Seller nor any affiliate thereof has any obligation
to make any capital contributions to the related Mortgagor under the Mortgage
Loan. The Mortgage Loan was not originated for the sole purpose of financing the
construction of incomplete improvements on the related Mortgaged Property.

            (39) No court of competent jurisdiction will determine in a final
decree that fraud, with respect to the Mortgage Loans has taken place on the
part of the Seller or, to the Seller's actual knowledge, on the part of any
originator, in connection with the origination of such Mortgage Loan.

            (40) If the related Mortgage or other Mortgage Loan documents
provide for a grace period for delinquent Monthly Payments, such grace period is
no longer than ten (10) days from the applicable payment date.

            (41) The following statements are true with respect to the related
Mortgaged Property: (a) the Mortgaged Property is located on or adjacent to a
dedicated road or has access to an irrevocable easement permitting ingress and
egress and (b) the Mortgaged Property is served by public or private utilities,
water and sewer (or septic facilities) and otherwise appropriate for the use in
which the Mortgaged Property is currently being utilized.

            (42) None of the Mortgage Loan documents contain any provision that
expressly excuses the related borrower from obtaining and maintaining insurance
coverage for acts of terrorism and, in circumstances where terrorism insurance
is not expressly required, the mortgagee is not prohibited from requesting that
the related borrower maintain such insurance, in each case, to the extent such
insurance coverage is generally available for like properties in such
jurisdictions at commercially reasonable rates. Each Mortgaged Property is
insured by an "all risk" casualty insurance policy that does not contain an
express exclusion for (or, alternatively, is covered by a separate policy that
insures against property damage resulting from) acts of terrorism.

            (43) An appraisal of the related Mortgaged Property was conducted in
connection with the origination of such Mortgage Loan, and such appraisal
satisfied the guidelines in Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage
Loan was originated.

            Defined Terms:

            The term "Allocated Loan Amount" shall mean, for each Mortgaged
Property, the portion of principal of the related Mortgage Loan allocated to
such Mortgaged Property for certain purposes (including determining the release
prices of properties, if permitted) under such Mortgage Loan as set forth in the
related loan documents. There can be no assurance, and it is unlikely, that the
Allocated Loan Amounts represent the current values of individual Mortgaged
Properties, the price at which an individual Mortgaged Property could be sold in
the future to a willing buyer or the replacement cost of the Mortgaged
Properties.

            The term "Anticipated Repayment Date" shall mean the date on which
all or substantially all of any Excess Cash Flow is required to be applied
toward prepayment of the related Mortgage Loan and on which any such Mortgage
Loan begins accruing Excess Interest.

            The term "ARD Loan" shall have the meaning assigned thereto in the
Pooling and Servicing Agreement.

            The term "Environmental Site Assessment" shall mean a Phase I
environmental report meeting the requirements of the American Society for
Testing and Materials, and, if in accordance with customary industry standards a
reasonable lender would require it, a Phase II environmental report, each
prepared by a licensed third party professional experienced in environmental
matters.

            The term "Excess Cash Flow" shall mean the cash flow from the
Mortgaged Property securing an ARD Loan after payments of interest (at the
Mortgage Interest Rate) and principal (based on the amortization schedule), and
(a) required payments for the tax and insurance fund and ground lease escrows
fund, (b) required payments for the monthly debt service escrows, if any, (c)
payments to any other required escrow funds and (d) payment of operating
expenses pursuant to the terms of an annual budget approved by the Master
Servicer and discretionary (lender approved) capital expenditures.

            The term "Excess Interest" shall mean any accrued and deferred
interest on an ARD Loan in accordance with the following terms. Commencing on
the respective Anticipated Repayment Date each ARD Loan (pursuant to its
existing terms or a unilateral option, as defined in Treasury Regulations under
Section 1001 of the Code, in the Mortgage Loans exercisable during the term of
the Mortgage Loan) generally will bear interest at a fixed rate (the "Revised
Rate") per annum equal to the Mortgage Interest Rate plus a percentage specified
in the related Mortgage Loan documents. Until the principal balance of each such
Mortgage Loan has been reduced to zero (pursuant to its existing terms or a
unilateral option, as defined in Treasury Regulations under Section 1001 of the
Code, in the Mortgage Loans exercisable during the term of the Mortgage Loan),
such Mortgage Loan will only be required to pay interest at the Mortgage
Interest Rate and the interest accrued at the excess of the related Revised Rate
over the related Mortgage Interest Rate will be deferred (such accrued and
deferred interest and interest thereon, if any, is "Excess Interest").

            The term "in reliance on" shall mean that:

                  (a) the Seller has examined and relied in whole or in part
            upon one or more of the specified documents or other information in
            connection with a given representation or warranty;

                  (b) that the information contained in such document or
            otherwise obtained by the Seller appears on its face to be
            consistent in all material respects with the substance of such
            representation or warranty;

                  (c) the Seller's reliance on such document or other
            information is consistent with the standard of care exercised by
            prudent lending institutions originating commercial mortgage loans;
            and

                  (d) although the Seller is under no obligation to verify
            independently the information contained in any document specified as
            being relied upon by it, the Seller believes the information
            contained therein to be true, accurate and complete in all material
            respects and has no actual knowledge of any facts or circumstances
            which would render reliance thereon unjustified without further
            inquiry.

            The term "Mortgage Interest Rate" shall mean the fixed rate of
interest per annum that each Mortgage Loan bears as of the Cut-off Date.

            The term "Permitted Encumbrances" shall mean:

                  (a) the lien of current real property taxes, water charges,
            sewer rents and assessments not yet delinquent or accruing interest
            or penalties;

                  (b) covenants, conditions and restrictions, rights of way,
            easements and other matters of public record acceptable to mortgage
            lending institutions generally and referred to in the related
            mortgagee's title insurance policy;

                  (c) other matters to which like properties are commonly
            subject, and

                  (d) the rights of tenants, as tenants only, whether under
            ground leases or space leases at the Mortgaged Property.

            which together do not materially and adversely affect the related
      Mortgagor's ability to timely make payments on the related Mortgage Loan,
      which do not materially interfere with the benefits of the security
      intended to be provided by the related Mortgage or the use, for the use
      currently being made, the operation as currently being operated,
      enjoyment, value or marketability of such Mortgaged Property, provided,
      however, that, for the avoidance of doubt, Permitted Encumbrances shall
      exclude all pari passu, second, junior and subordinated mortgages but
      shall not exclude mortgages that secure Mortgage Loans or Companion Loans
      that are cross-collateralized with other Mortgage Loans.

            Other. For purposes of these representations and warranties, the
term "to the Seller's knowledge" shall mean that no officer, employee or agent
of the Seller responsible for the underwriting, origination or sale of the
Mortgage Loans or any servicer that has serviced the Mortgage Loan on behalf of
the Seller, believes that a given representation or warranty is not true or is
inaccurate based upon the Seller's reasonable inquiry and during the course of
such inquiry, no such officer, employee or agent of the Seller has obtained any
actual knowledge of any facts or circumstances that would cause such person to
believe that such representation or warranty was inaccurate. Furthermore, all
information contained in documents which are part of or required to be part of a
Mortgage File shall be deemed to be within the Seller's knowledge. For purposes
of these representations and warranties, the term "to the Seller's actual
knowledge" shall mean that a director, officer, employee or agent of the Seller
responsible for the underwriting, origination and sale of the Mortgage Loans
does not actually know of any facts or circumstances that would cause such
person to believe that such representation or warranty was inaccurate.

<PAGE>

                                    EXHIBIT C

           EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

Exception to Representation 4

Loan Name and Number                  Exception
--------------------------------------------------------------------------------
154--Shops at Centerbrooke Village  ORIX is prohibited from being a party to a
                                    Secondary Market Transaction (as defined in
                                    the related loan agreement) on the Loan.

Exception to Representation 20

Loan Name and Number                  Exception
--------------------------------------------------------------------------------
99--Upper Chesapeake                (d) No cancellation or termination of the
                                    lease is valid against the related
                                    mortgagee, unless such cancellation or
                                    termination is because of an uncured
                                    default. The mortgagee is entitled to notice
                                    and cure periods for any default.

                                    (e) The lease does not expressly provide
                                    that notice of default is effective against
                                    the mortgagee only if such notice of default
                                    has been given to such mortgagee; however,
                                    the lease does provide that the Ground
                                    Lessor has no right to terminate if the
                                    Ground Lessor does not provide the mortgagee
                                    with notice of the default giving rise to
                                    the termination.

Exception to Representation 22

Loan Name and Number                  Exception
--------------------------------------------------------------------------------
11, 14, 20, 31, 46, 48, 52, 54,     The Mortgaged Property is required to be
71, 72, 73, 76, 79, 83, 89, 93,     insured by an insurer having a claims-paying
107--Panos/Smith Portfolio, The     or financial strength rating of at least
Benson Hotel, Paramount Hotel,      A:VII from A.M. Best Company.
Scher Portfolio 2, 1601
Belvedere, FL, Mountain Pointe
West, Winchester Square,            The agreement requires that the insurers
Patagonia Building, West Caramel    have a claims paying ability rated "A" or
Shoppes & Kokomo Mall Outlets,      better by S&P.
Chase Hill Apartments, Cannery
West, 55 Post Road West, Scher
Portfolio 1, Courtyard by
Marriott--State College, Beaver
Medical, Residence Inn--State
College, Durango Plaza,

Exception to Representation 37

Loan Name and Number                  Exception
--------------------------------------------------------------------------------
62--Jordan Gateway                  The Mortgaged Property is pre-existing and
                                    legally non-conforming as to use (office
                                    buildings now require a conditional use
                                    permit), and if it is destroyed by more than
                                    50% of its reasonable replacement value at
                                    the time of the damage, it must be restored
                                    in compliance with new and existing zoning
                                    regulations and for permitted uses.

                                    L&O coverage provides an extra source of
                                    funds to the lender or the insured party if
                                    the rebuilding of the destroyed property in
                                    accordance with then current zoning would
                                    cost more than the "replacement cost." If,
                                    however, the zoning non-conformity is "use,"
                                    the insurance would not cover any resulting
                                    loss.

97--Ocean Park                      The first floor of the building on the
                                    Mortgaged Property is legal non-conforming
                                    as to use, however, medical and dental
                                    office use is permitted through a
                                    conditional use permit. The property is also
                                    legally non-conforming as to parking (i.e.
                                    14 additional spaces required) and density
                                    (i.e. the Mortgaged Property exceeds its
                                    permitted floor area ratio). If less than
                                    50% of the Property is damaged or destroyed,
                                    the non-conforming use may be continued
                                    after restoration if construction commences
                                    within 1 year of the date of damage. If more
                                    than 50% is damaged or destroyed, the
                                    non-conforming use (medical and dental
                                    offices) cannot be continued unless a
                                    variance is obtained, and new tenants would
                                    need to be obtained that conform to the
                                    permitted uses.

                                    L&O insurance covers the loss of building
                                    value on a reduced actual loss sustained
                                    basis, but does not cover the loss of income
                                    resulting from the reduction to the space or
                                    from non-conformity relating to "use."

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

            I, [______], a duly appointed, qualified and acting [______] of
[___________], a [________] [______] (the "Company"), hereby certify on behalf
of the Company as follows:

            1. I have examined the Mortgage Loan Purchase Agreement, dated as of
March 1, 2006 (the "Agreement"), between the Company and J.P. Morgan Chase
Commercial Mortgage Securities Corp., and all of the representations and
warranties of the Company under the Agreement are true and correct in all
material respects on and as of the date hereof (or, in the case of any
particular representation or warranty set forth on Exhibit B to the Agreement,
as of such other date provided for in such representation or warranty) with the
same force and effect as if made on and as of the date hereof, subject to the
exceptions set forth in the Agreement.

            2. The Company has complied with all the covenants and satisfied all
the conditions on its part to be performed or satisfied under the Agreement on
or prior to the date hereof and no event has occurred which, with notice or the
passage of time or both, would constitute a default under the Agreement.

            3. I have examined the information regarding the Mortgage Loans in
the Prospectus, dated March 15, 2006, as supplemented by the Prospectus
Supplement, dated March 15, 2006 (collectively, the "Prospectus"), relating to
the offering of the Class A-1, Class A-2, Class A-3FL, Class A-3B, Class A-4,
Class A-SB, Class A-1A, Class A-J, Class X-2, Class B, Class C and Class D
Certificates, the Private Placement Memorandum, dated March 15, 2006 (the
"Privately Offered Certificate Private Placement Memorandum"), relating to the
offering of the Class X-1, Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class P and Class NR Certificates, and the Residual
Private Placement Memorandum, dated March 15, 2006 (together with the Privately
Offered Certificate Private Placement Memorandum, the "Private Placement
Memoranda"), relating to the offering of the Class R and Class LR Certificates,
and nothing has come to my attention that would lead me to believe that the
Prospectus, as of the date of the Prospectus Supplement or as of the date
hereof, or the Private Placement Memoranda, as of the date of the Private
Placement Memoranda or as of the date hereof, included or includes any untrue
statement of a material fact relating to the Mortgage Loans or omitted or omits
to state therein a material fact necessary in order to make the statements
therein relating to the Mortgage Loans, in light of the circumstances under
which they were made, not misleading.

            Capitalized terms used herein without definition have the meanings
given them in the Agreement.

<PAGE>

            IN WITNESS WHEREOF, I have signed my name this ___ day of March,
2006.

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

<PAGE>

                                   SCHEDULE I

  MORTGAGE LOANS FOR WHICH A LENDER'S ENVIRONMENTAL POLICY WAS OBTAINED IN LIEU
                       OF AN ENVIRONMENTAL SITE ASSESSMENT

                                     [None.]

<PAGE>

                                   SCHEDULE II

                          MORTGAGED PROPERTY FOR WHICH
                      ENVIRONMENTAL INSURANCE IS MAINTAINED

                                     [None.]

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