Document:

exv10w10

 

Exhibit 10.10

Defeasance Account Agreement

     THIS DEFEASANCE ACCOUNT AGREEMENT (this “Agreement”) is entered into as of
November 18, 2005 by and among CASA MUNRAS HOTEL PARTNERS, L.P., a California limited partnership
(“Pledgor”), WELLS FARGO BANK, N.A., as Securities Intermediary and Custodian
(“Intermediary”), U.S. BANK NATIONAL ASSOCIATION, successor-in-interest to State Street
Bank and Trust Company, as Trustee under the Pooling and Servicing Agreement, dated as of October
1, 1998 (the “Pooling and Servicing Agreement”), for the Registered Holders of Credit
Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 1998-PS2 and as secured party (together with its successors and assigns,
“Pledgee”), and GMAC COMMERCIAL MORTGAGE CORPORATION, successor-in-interest to AMRESCO
Services, L.P., as servicer, as servicer on behalf of said trustee under the Pooling and Servicing
Agreement (“Servicer”) upon the following terms and conditions:

Recitals

     A. On or about June 12, 1998, AMRESCO Capital, L.P., a Delaware limited partnership
(“Original Lender”) advanced to Pledgor the original principal amount of $7,000,000.00
(the “Loan”). The Loan is evidenced by that certain Fixed Rate Note [With Defeasance and
Lockbox Provisions] dated as of June 12, 1998 from Pledgor to Original Lender (the
“Note”). The Note and other documents evidencing the Loan shall be referred to herein as
“Loan Documents”).

     B. Pledgor, Pledgee and Intermediary have entered into that certain Defeasance Pledge and
Security Agreement of even date herewith (as from time to time amended, supplemented or modified,
the “Security Agreement”) with respect to the securities listed in Exhibit A
attached hereto (the “Securities”) and other assets that, together with the Securities,
constitute the Pledged Collateral (as defined in the Security Agreement).

     C. Pledgor desires that Intermediary hold the Pledged Collateral and perform certain services
as a “Securities Intermediary” and “Custodian” (both as defined in the Security Agreement).

     D. Intermediary is willing to hold the Pledged Collateral and to perform such services,
subject to the terms and conditions of this Agreement and the Security Agreement.

     E. The parties intend that immediately upon the execution of this Agreement, Pledgor, Pledgee
and NEWCSFBMSC 98-PS2, LLC, a Delaware liability company (“Successor Borrower”) will enter
into a Defeasance Assignment, Assumption and Release Agreement pursuant to which, among other
things, Pledgor will transfer its rights and obligations under the Note and the Security Agreement,
as well as the Pledged Collateral to Successor Borrower.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

 

     Section 1. Definitions.

     Each capitalized term used herein and not defined herein shall have the meaning assigned to
such term in the Security Agreement. In addition, the following terms shall have the following
meanings when used herein.

          “Accountant’s Letter” means that certain math verification report of even date from
Causey, Demgen & Moore, Inc. regarding the defeasance of the Loan, including all schedules thereto,
a copy of which is attached hereto as Exhibit B.

          “Business Day” means any day other than (i) a Saturday or a Sunday and (ii) a day on
which federally insured depository institutions in the State or the state in which Intermediary
maintains the Pledged Collateral Account are authorized or obligated by law, regulation,
governmental decree or executive order to be closed.

          “Certificates” means Credit Suisse First Boston Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 1998-PS2.

          “Collection Account” means the account maintained and designated by Servicer for
deposit of payments due under the Note, and shall be the account described in Exhibit F
attached hereto.

          “Default Permitted Investment” means the institutional shares of the Federated Prime
Obligations Fund #10 CUSIP 60934N203, or any money market fund, but only for so long as such fund
is rated not less than “AAAm” or “AAAm-G” by S&P and the equivalent by each other Rating Agency or
is otherwise acceptable to each Rating Agency, as confirmed in writing that such account would not,
in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings
assigned to the Certificates.

          “Eligible Account” means (i) a segregated account maintained with an Eligible
Institution, or (ii) an account otherwise acceptable to each Rating Agency, as confirmed in writing
that such account would not, in and of itself, result in a downgrade, qualification or withdrawal
of the then current ratings assigned to the Certificates.

          “Eligible Institution” means (i) a federal or state chartered depository institution
or trust company whose commercial paper, short-term debt obligations or other short-term deposits
are rated at least “A-1” by S&P, at least P1 by Moody’s and at least F-1+ by Fitch if the deposits
in the Pledged Collateral Account are to be held for thirty (30) days or less, or (ii) a federal or
state-chartered depository institution or trust company whose long-term unsecured debt obligations
are rated at least “A-” by S&P, at least Aa3 by Moody’s and at least AA by Fitch if the deposits in
the Pledged Collateral Account are to be held for more than thirty (30) days, or (iii) the trust
department of a federal or state chartered depository institution or trust company acting in its
fiduciary capacity which institution or trust company is subject to regulations regarding fiduciary
funds on deposit substantially similar to 12 C.F.R.§ 9.10(b), or (iv) an institution otherwise
acceptable to each Rating Agency, as confirmed in writing that the holding by such institution of
the Pledged Collateral Account would not, in and of itself, result in a downgrade, qualification or
withdrawal of the then current ratings assigned to the Certificates.

 

 

          “Fitch” means Fitch, Inc.

          “Moody’s” means Moody’s Investors Service, Inc.

          “Permitted Investment” shall have the meaning set forth in Exhibit C hereto.

          “Rating Agency” means each of S&P, Moody’s and/or Fitch which rates any or all of the
Certificates.

          “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill
Companies, Inc.

          “Scheduled Payment Date” means the first (1st) day of each calendar month,
or if such a day is not a Business Day, the next succeeding Business Day.

          “Servicer” means any duly authorized loan servicer acting as agent of Pledgee. As of
the date hereof, Servicer shall mean GMAC Commercial Mortgage Corporation, successor-in-interest to
AMRESCO Services, L.P., together with its successors and assigns under the Pooling and Servicing
Agreement.

     Section 2. Establishment and Custody of Pledged Collateral Account.

     Intermediary has established Account No. 33655700 titled “NEWCSFBMSC 98-PS2 LLC (Casa Munras
Hotel Partners) Defeasance” at Intermediary, which is, or is associated with, a Securities Account
maintained by Intermediary in the name of Pledgee (together, the “Pledged Collateral
Account”). Pledgor hereby authorizes, appoints and directs Intermediary to act as Securities
Intermediary with respect to the Pledged Collateral and as Custodian of the Pledged Collateral
Account, subject to the Security Agreement, and to hold the Pledged Collateral Account subject to
the sole dominion and control (as defined in Section 8-106 of the Code) of Pledgee. Intermediary
agrees to at all times maintain the Pledged Collateral Account and all of the Pledged Collateral at
its office currently located in Minneapolis, Minnesota, and to serve as Securities Intermediary
with respect to the Securities and the other Pledged Collateral and as Custodian with respect to
the Pledged Collateral Account, in accordance with this Agreement and the Security Agreement,
provided however, in the event the Intermediary intends to move the Pledged Collateral Account to
another location, it shall provide the Pledgee with thirty (30) days prior written notice and the
Intermediary shall cooperate with Pledgee in ensuring the Pledgee’s perfected security interest in
the Pledged Collateral Account as required under the Code, including without limitation, the
execution of any and all documents required to continue the Pledgee’s perfected security interest
in the Pledged Collateral Account. Notwithstanding anything to the contrary contained herein,
Pledgor and Intermediary agree that New York is the Intermediary’s jurisdiction for purposes of the
Code.

     Section 3. Title to Pledged Collateral.

     Title to the Pledged Collateral shall be held in accordance with the Security Agreement and
the Federal Book-Entry Regulations.

 

 

     Section 4. Intermediary’s Duties Regarding Pledged Collateral.

          (a) Administration. Intermediary shall have no responsibility for supervision or
management of the Pledged Collateral except as provided in this Agreement, the Security Agreement
or as otherwise provided by applicable law. The Pledged Collateral Account shall at all times be
maintained as a segregated Eligible Account. Each item of property at any time credited to the
Pledged Collateral Account shall be treated by Intermediary as a Financial Asset. Proceeds of the
Pledged Collateral, and interest and earnings thereon, shall be credited to and held in the Pledged
Collateral Account, and shall be re-invested only in accordance with this Agreement.
Intermediary’s responsibility with regard to the sale, purchase, exchange or other matters relating
to any assets at any time in the Pledged Collateral Account shall be limited to following,
immediately upon receipt thereof, all written orders, including Entitlement Orders (as defined in
the Security Agreement), of Servicer (acting on behalf of Pledgee), without the need for consent by
Pledgor or any other Person. Upon the assumption of this Agreement by Successor Borrower pursuant
to the Assignment and Assumption Agreement, the Pledged Collateral Account shall be assigned the
federal tax identification number of Successor Borrower which number is 42-1590559, and all taxable
income earned or gain realized with respect to the Pledged Collateral shall be taxable as income or
gain, as applicable, of Successor Borrower.

          (b) Eligible Institution. Intermediary shall at all times (subject to permitted
transfers as provided in the Security Agreement) serve as both Securities Intermediary and
Custodian hereunder. Intermediary is and shall at all times (subject to permitted transfers as
provided in the Security Agreement) continue to be, and the Pledged Collateral Account shall at all
times be maintained with, an Eligible Institution. Upon any downgrade, withdrawal, qualification
or suspension by any Rating Agency of the rating of Intermediary (or any successor to Intermediary
permitted or required under this Agreement) or any other circumstances resulting in a failure to
qualify as an Eligible Institution, (i) the Securities Account, the Pledged Collateral Account and
all of the Pledged Collateral, and all rights and obligations of Intermediary (or such successor to
Intermediary) under this Agreement, shall promptly, and in any case within thirty (30) calendar
days, be moved to an Eligible Institution that is a Securities Intermediary and maintains a
Participant’s Securities Account with the Federal Reserve Bank; (ii) such Eligible Institution
shall assume in writing all obligations of Intermediary (or such successor Intermediary) under this
Agreement; and (iii) Intermediary shall promptly reimburse Pledgee for all expenses incurred in
connection with the appointment of such Eligible Institution as successor Intermediary including
all future fees of such successor Intermediary in connection with the Pledged Collateral Account
and the services to be provided by such successor Intermediary (or such successor Intermediary).

          (c) Reinvestment of Proceeds; Permitted Investments. Provided no Event of Default has
occurred, upon the written request of Successor Borrower which request may be made once per month,
Servicer shall direct Intermediary to invest and reinvest any funds in the Pledged Collateral
Account from time to time in Permitted Investments as instructed by Successor Borrower;
provided, however, that if Successor Borrower fails to so instruct Servicer, or if
an Event of Default shall have occurred, Servicer may direct Intermediary to invest and reinvest
such funds in such Permitted Investments as Servicer shall determine in Servicer’s discretion;
provided, further, to the extent any funds in the Pledged Collateral Account will be

 

 

necessary to make payments to the Collection Account more than three (3) months after the
related Securities were converted to cash, such funds shall be invested only in obligations of, or
obligations guaranteed as to principal and interest by, the United States or an agency or
instrumentality thereof, backed by the full faith and credit of the United States. Intermediary
shall have no obligation to invest funds in the Pledged Collateral Account absent its receipt of
written instructions from Servicer in accordance herewith. Pledgor hereby instructs Servicer, and
Servicer hereby instructs Intermediary, to invest funds in the Pledged Collateral Account in the
Default Permitted Investment unless and until different instructions are received in accordance
with this subsection (c). To the extent that any funds in the Pledged Collateral Account are to be
paid out pursuant to Section 4(e), Permitted Investments shall be selected that will mature, unless
payable on demand, no later than one (1) Business Day before the date such funds are required to be
paid out pursuant to Section 4(e) If a requested investment is determined to be, in the
reasonable judgment of Servicer, an investment for which confirmation from one or more of the
Rating Agencies is required, Servicer shall, within three (3) Business Days of receipt of the
required confirmation from the Rating Agencies, provide instructions to Intermediary as provided
for herein; provided that Servicer shall not be required to request confirmation from any Rating
Agency without a written instruction to do so, and reasonable assurance of reimbursement for its
costs associated therewith from Pledgor. Pledgor shall be responsible for paying all costs
associated with obtaining such Rating Agency confirmation, including, but not limited to, Servicer
fees and Rating Agency fees. With respect to all investments made on instructions of Successor
Borrower, Successor Borrower shall be liable for (i) ordinary and customary transaction fees
associated with the investment of funds in the Pledged Collateral Account except as provided in
Section 9 and (ii) losses that result from such investment, and shall pay such fees or
reimburse Pledgee for such investment losses within five (5) days after receipt of written request
or invoice therefor Intermediary shall have three (3) Business Days following receipt of such
instructions to effectuate such investment direction. Intermediary may conclusively rely upon the
investment instructions received from Servicer. All Permitted Investments shall be under the sole
dominion and control of Pledgee. No Permitted Investment shall be made unless Pledgee holds a
first priority perfected lien in such Permitted Investment and all filings and other actions
necessary to ensure the validity, perfection, and priority of such lien have been taken. Servicer
shall only be required to follow the written investment instructions that were most recently
received by Servicer, and Successor Borrower shall be bound by such last received investment
instructions. Any request from Successor Borrower containing investment instructions shall
contain an officer’s certificate from Successor Borrower (which may be conclusively relied upon by
Servicer, Intermediary and their agents) that any such investments constitute Permitted
Investments. Intermediary hereby certifies that the Default Permitted Investment constitutes a
Permitted Investment. All such Permitted Investments shall be held to maturity unless payable on
demand in which case Intermediary shall demand payment as necessary to meet the payment
requirements of Section 4(e) All earnings and payments received with respect to Permitted
Investments shall be credited to and held in the Pledged Collateral Account in accordance with this
Agreement. In all actions taken, and all instructions given by Servicer pursuant to this

Section 4(c), Servicer shall be deemed to act on behalf of no person other than Pledgee.

          (d) Collection of Interest, Principal and Earnings. Intermediary shall collect all
interest and principal when due from any Obligor with respect to the Pledged Collateral, and shall
collect all amounts due with respect to Permitted Investments, and shall

 

 

deposit all amounts so collected to the Pledged Collateral Account, but shall be under no
responsibility or duty to undertake collection efforts or to instigate or participate in any legal
proceedings or to retain counsel in an effort to accomplish such collection. All revenues received
in any such collection action shall be deposited to the Pledged Collateral Account and disposed of
as set forth herein.

          (e) Distributions. Pledgee, acting by Servicer as herein provided, shall have the
sole right to control distributions from the Pledged Collateral Account. Except as otherwise
specifically provided in written instructions given by Servicer to Intermediary in accordance with
Section 5 below, Intermediary shall, to the extent of funds on deposit in the Pledged
Collateral Account, make payments to the Collection Account by wire or internal transfer in an
amount equal to $52,643.44 beginning on December 1, 2005 and continuing thereafter on each
Scheduled Payment Date until July 1, 2008 on which date Intermediary shall pay by wire or internal
transfer an amount equal to $5,662,474.51, all such amounts as provided for in the Note and shown
in the Accountant’s Letter. Pledgor (and following the contemplated assignment of this Agreement
by Pledgor, Successor Borrower) hereby directs Intermediary to make payments in accordance with the
foregoing instructions. Notwithstanding any contrary provisions in the Note, any amounts remaining
in the Pledged Collateral Account after payments are made to the Collection Account pursuant to the
preceding sentence shall be held in the Pledged Collateral Account until after the final payment of
all amounts required under the Note and other Defeasance Documents on account of the Secured
Obligations have been paid, whereupon, provided no Event of Default that would trigger personal
liability of Successor Borrower exists under any other Defeasance Transaction, any amounts
remaining in the Pledged Collateral Account shall be paid over to Successor Borrower within 5
Business Days.

          (f) Default. Pledgee shall have all of the rights and remedies afforded under the
Security Agreement or otherwise, at law or in equity, with respect to any default under this
Agreement. Without limiting the generality of the foregoing, if Intermediary fails to make any of
the foregoing payments when funds are available for such payment in the Pledged Collateral Account,
Intermediary shall reimburse Pledgor for late fees accruing under the Note, until the missed
payment is made.

     Section 5. Instructions; Signatures.

          (a) From Servicer. All instructions and directions from Servicer to Intermediary for
the Pledged Collateral Account must be in writing, signed by a person or persons duly authorized by
Servicer on behalf of Pledgee to sign, such instructions to be in such form as Intermediary may
reasonably require. Specimen signatures of all persons to whom authority has been delegated shall
be furnished. The employees of Servicer as identified on Exhibit D are authorized by
Servicer on behalf of Pledgee to deliver instructions to Intermediary hereunder.

               Servicer, acting on behalf of Pledgee shall have the right, from time to time, to change the
list of persons duly authorized to sign instructions on behalf of Pledgee. Any changes to the list
of authorized signatories shall be deemed effective upon delivery to Intermediary of written notice
regarding such changes.

 

 

          (b) From Successor Borrower. After the contemplated assignment by Pledgor to
Successor Borrower, all instructions and directions from Successor Borrower to Servicer for the
Pledged Collateral Account must be in writing, signed by a person or persons duly authorized by
Successor Borrower to sign, such instructions to be in such form as Servicer may reasonably
require. Specimen signatures of all persons to whom authority has been delegated shall be
furnished. The officers of the Manager of Successor Borrower as identified on Exhibit E
are authorized by Successor Borrower to deliver instructions to Servicer hereunder.

               Successor Borrower shall have the right, from time to time, to change the list of persons duly
authorized to sign instructions on behalf of Successor Borrower. Any changes to the list of
authorized signatories shall be deemed effective upon delivery to Servicer of written notice
regarding such changes.

     Section 6. Accounting.

     Intermediary shall (i) keep complete and accurate books of the Pledged Collateral Account and
all Permitted Investments showing all receipts, disbursements and transactions in the Pledged
Collateral Account; (ii) prepare and deliver to Successor Borrower and Servicer, on or before the
last day of each month, a monthly report summarizing all transactional activity in the Pledged
Collateral Account for the preceding calendar month; and (iii) advise Successor Borrower and
Servicer of receipt of any payment or of any non-payment by an Obligor of principal or interest on
account of the Pledged Collateral within two (2) Business Days of the related payment date.
Pledgor agrees that it retains, and Successor Borrower will assume, the obligation to prepare and
file all required state and federal tax reports and returns, and to pay any taxes related to its
ownership of the assets in the Pledged Collateral Account, and that all such taxes shall be paid
from sources other than the Pledged Collateral.

     Section 7. Termination.

     Pledgee may terminate this Agreement at any time after thirty (30) days’ prior written notice
to the other parties hereto without any cost to Pledgor; provided that upon doing so, Pledgee shall
enter into a new Account Agreement with Pledgor upon terms materially similar to this Agreement.
Pledgee may, without terminating this Agreement, replace or substitute an Eligible Institution for
Intermediary at any time after thirty (30) days’ prior written notice to the other parties hereto,
and, upon any material default by Intermediary in its obligations under the Defeasance Documents or
if any representation of Intermediary shall prove to have been inaccurate or incomplete in any
material respect when made, Pledgee may, if such default or failure of a representation shall not
have been cured within a reasonable time, terminate Intermediary’s rights under this Agreement
immediately upon written notice to Intermediary. Intermediary may resign from its obligations
under this Agreement at any time after thirty (30) days’ prior written notice to the other parties
hereto, but in no event shall Intermediary be released of its obligations as Intermediary or
Custodian hereunder unless and until a substitute Eligible Institution, satisfactory to Pledgee in
its sole and absolute discretion, has been designated and has assumed in writing the obligations of
Intermediary and Custodian hereunder at the sole cost and expense of the resigning Intermediary.
Pledgee shall designate a substitute Intermediary and Custodian, in its sole discretion, promptly
after receipt of notice of resignation by Intermediary and shall take all reasonable actions
necessary to cause such designated

 

 

successor promptly to assume the obligations of Intermediary and Custodian hereunder.
Expenses incurred in connection with (i) the transfer of Securities to a successor, (ii) the
assumption of the obligations of the Intermediary by the successor, and (iii) the portion of the
fee paid to the Intermediary that would have accrued from the date of appointment of such successor
until the Maturity Date, shall be borne by the Intermediary.

     Section 8. Authority.

     Any person executing this Agreement in a fiduciary or other representative capacity represents
that they have full power and authority to do so and that any applicable or required court,
partnership, corporate or other authority has been duly and properly given and continues as of the
date hereof.

     Section 9. Fees and Costs.

     Concurrently with the execution of this Agreement, Pledgor shall pay the sum of (a)
$17,500.00 to Servicer as a fee in connection with the Pledged Collateral Account and the services
provided hereunder by Servicer, and (b) $7,200.00 to Intermediary in full payment of all fees in
connection with the Pledged Collateral Account and the services provided hereunder by Intermediary
through the Maturity Date, provided that Successor Borrower shall be responsible for fees and costs
specified in Section 4(c) above, if applicable. Intermediary and Servicer hereby
acknowledge and confirm that any fees related to investments in the Default Permitted Investment
and wire transfers to the Collection Account or to the Successor Borrower are included in the fees
already paid to Intermediary and Servicer, respectively, pursuant to this Section 9. Such
fees have been fully earned by each of Servicer and Intermediary and are not refundable or subject
to reduction. If any additional reasonable costs or expenses are incurred by the Servicer or
Intermediary (i) in connection with the protection or preservation of Pledgee’s rights in the
Pledged Collateral or (ii) that are expressly required to be borne by the Pledgor under the terms
of the Defeasance Documents (including, without limitation, Section 4(c) hereof), Pledgor
agrees to pay all such costs and expenses within ten (10) Business Days following receipt of
written invoice therefor. Intermediary hereby acknowledges and confirms that as of the date
hereof, there are no fees charged in connection with investments in the Default Permitted
Investment. In the event Intermediary is notified that any such fees shall at any time hereafter
become payable in connection with the Default Permitted Investment, Intermediary shall promptly
give written notice to Successor Borrower, and prior to the imposition of any such fee, Successor
Borrower shall have the right, in accordance with the provisions of Section 4(c) hereof, to request
that Servicer direct Intermediary to invest and reinvest any funds in the Pledged Collateral
Account from time to time in another Permitted Investment.

     Section 10. Governing Law, Venue, Attorneys’ Fees.

     THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO AND THEIR SUCCESSORS AND
ASSIGNS SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE, INCLUDING THE UNIFORM COMMERCIAL CODE AS ADOPTED IN THE STATE BUT OTHERWISE
WITHOUT REGARD TO LAWS OF THE STATE CONCERNING CONFLICTS OF LAWS OR CHOICE OF FORUM. IN THE EVENT

 

 

OF ANY DISPUTE REGARDING THIS AGREEMENT, THE PARTIES AGREE THAT THE PREVAILING PARTY SHALL BE
ENTITLED TO SUCH COSTS AND ATTORNEYS’ FEES AS THE COURT MAY ADJUDGE REASONABLE.

     PLEDGOR, PLEDGEE, SERVICER AND INTERMEDIARY HEREBY IRREVOCABLY SUBMIT TO PERSONAL JURISDICTION
IN THE STATE AND TO THE NON EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING
IN THE CITY OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT. JURISDICTION AND VENUE OF ANY ACTION BROUGHT TO ENFORCE THIS AGREEMENT OR ANY OTHER
DEFEASANCE DOCUMENT OR ANY ACTION RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY OR THE
RELATIONSHIPS CREATED BY OR UNDER THE DEFEASANCE DOCUMENTS (“ACTION”) SHALL, AT THE ELECTION OF
PLEDGEE, BE IN (AND IF ANY ACTION IS ORIGINALLY BROUGHT IN ANOTHER VENUE, THE ACTION SHALL AT THE
ELECTION OF PLEDGEE BE TRANSFERRED TO) A STATE OR FEDERAL COURT OF APPROPRIATE JURISDICTION LOCATED
IN THE STATE. PLEDGOR, PLEDGEE, SERVICER AND INTERMEDIARY HEREBY CONSENT AND SUBMIT TO THE PERSONAL
JURISDICTION OF THE COURTS OF THE STATE AND OF FEDERAL COURTS LOCATED IN THE STATE IN CONNECTION
WITH ANY ACTION AND HEREBY WAIVE ANY AND ALL PERSONAL RIGHTS UNDER THE LAWS OF ANY OTHER STATE TO
OBJECT TO JURISDICTION WITHIN THE STATE FOR PURPOSES OF ANY ACTION. PLEDGOR, PLEDGEE, SERVICER AND
INTERMEDIARY HEREBY WAIVE AND AGREE NOT TO ASSERT, AS A DEFENSE TO ANY ACTION OR A MOTION TO
TRANSFER VENUE OF ANY ACTION, (I) ANY CLAIM THAT IT IS NOT SUBJECT TO SUCH JURISDICTION; (II) ANY
CLAIM THAT ANY ACTION MAY NOT BE BROUGHT AGAINST IT OR IS NOT MAINTAINABLE IN THOSE COURTS OR THAT
THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY THOSE COURTS, OR THAT IT IS EXEMPT OR IMMUNE FROM
EXECUTION; (III) THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM; OR (IV) THAT THE VENUE FOR
THE ACTION IS IN ANY WAY IMPROPER.

     Section 11. Severability of Provisions.

     Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

     Section 12. Headings.

     The section headings used in this Agreement are for convenience of reference only and shall
not affect the construction of this Agreement.

     Section 13. Indemnification.

     Pledgor agrees to indemnify Pledgee, Intermediary and Servicer and their respective successors
and assigns (collectively, the “Indemnitees”) and hold such Indemnitees harmless

 

 

from and against any and all liabilities, losses, damages, costs and expenses of any kind,
including, without limitation, the reasonable fees and disbursements of counsel, which may be
incurred by any Indemnitee in connection with its actions hereunder or in connection with any
investigative, administrative or judicial proceedings (whether or not such Indemnitee shall be
designated a party thereto) relating to or arising out of this Agreement or the Pledged Collateral
(including, without limitation, any such proceeding by Pledgor against any Indemnitee or by any
Indemnitee against Pledgor to the extent such party seeking indemnification is the prevailing party
in such proceeding); provided that no Indemnitee shall have the right to be indemnified
hereunder for its own gross negligence (and with respect to Intermediary only, its own negligence)
or willful misconduct as determined by a court of competent jurisdiction.

     Section 14. Execution in Counterparts.

     This Agreement and any amendments, waivers, consents or supplements hereto may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original, but all such counterparts shall
constitute one and the same Agreement.

     Section 15. Successors and Assigns.

     This Agreement shall be binding upon and, subject to the restrictions on assignment by Pledgor
set forth in the Security Agreement, shall inure to the benefit of the successors and assigns of
the parties hereto. Pledgee shall have the right to assign or transfer rights and obligations
under this Agreement without limitation. Any assignee or transferee shall be entitled to all the
benefits afforded Pledgee under this Agreement; provided, that such assignee or transferee
shall have delivered to the other parties hereto written confirmation that such assignee and
transferee agrees to be bound by the terms of this Agreement and is also the assignee or transferee
of the Defeasance Documents.

     Intermediary shall have the right to assign or transfer its rights and obligations hereunder
only in connection with a termination, as set forth in Section 7 or with the prior written
consent of Pledgee.

     Pledgor shall have the right to assign and transfer its rights and obligations hereunder only
as permitted under the Security Agreement.

     Section 16. Notices.

     All notices and other communications hereunder by any party to any other party shall be given
in accordance with Section 14 of the Security Agreement. Notices and other communications to
Servicer shall be sent to the following address:

	 	 	 
	 

	 	GMAC Commercial Mortgage Corporation
	 

	 	200 Witmer Road
	 

	 	Horsham, Pennsylvania 19044
	 

	 	Attention: CSFB Series 1998-PS2 Servicing

 

 

     Section 17. Modification in Writing.

     This Agreement, and any provisions hereof, may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by an act or failure to act on the part of any party
hereto, but only by an agreement in writing and signed by all of the parties hereto.

     Section 18. Waiver of Trial by Jury.

     PLEDGOR, PLEDGEE, SERVICER AND INTERMEDIARY EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF
ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT
ANY SUCH RIGHT SHALL NOW OR HEREAFTER MAY EXIST WITH REGARD TO THIS AGREEMENT OR ANY DOCUMENT
RELATED THERETO, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS
WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY PLEDGOR, PLEDGEE, SERVICER
AND INTERMEDIARY, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO
WHICH A RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE. PLEDGOR, PLEDGEE, SERVICER AND INTERMEDIARY
EACH IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE
OF THIS WAIVER BY EACH OTHER.

(Signatures continued on next page)

 

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 
	 	 	Pledgor:
	 
	 	 	 	 	 	 	 	 
	 	 	CASA MUNRAS HOTEL PARTNERS, L.P., 

a California limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Casa Munras GP, LLC, a California limited

liability company, its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ JOHN F. ROTHMAN	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	John F. Rothman	 	 
	 

	 	 	 	 	 	Managing Member	 	 

(Signatures continued on next page)

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Intermediary:
	 
	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ KENNETH HOFFMAN	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name: Kenneth Hoffman	 	 	 	 
	 

	 	 	 	Title: Vice President	 	 	 	 

(Signatures continued on next page)

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Pledgee:
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, successor-in-interest to State Street Bank and
Trust Company, as Trustee under the Pooling and Servicing Agreement, dated as
of October 1, 1998, for the Registered Holders of Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 1998-PS2
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	GMAC Commercial Mortgage Corporation,
successor-in-interest to AMRESCO
Services, L.P., as Servicer
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ JILLIAN M. BRITTIN	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Jillian M. Brittin	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Servicer:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GMAC COMMERCIAL MORTGAGE CORPORATION
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ JILLIAN B. BRITTIN	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Jillian M. Brittin	 	 
	 	 	 	 	Title: Vice President	 	 

 

 

EXHIBIT A

Securities

 

 

EXHIBIT B

Accountant’s Letter

 

 

EXHIBIT C

          Any one or more of the following obligations or securities payable in United States Dollars on
demand or on a scheduled maturity on or before the Business Day immediately preceding the date upon
which the funds in the Pledged Collateral Account are required to be drawn, and having at all times
the required ratings, if any, provided for in this definition, unless each Rating Agency shall have
confirmed in writing to Pledgee that a lower rating would not, in and of itself, result in a
downgrade, qualification or withdrawal of the then current ratings assigned to the Certificates:

     (i) obligations of, or obligations fully guaranteed as to payment of principal and
interest by, the United States or any agency or instrumentality thereof provided such
obligations are backed by the full faith and credit of the United States of America
including, without limitation, obligations of: the U.S. Treasury (all direct or fully
guaranteed obligations), the Farmers Home Administration (certificates of beneficial
ownership), the General Services Administration (participation certificates), the U.S.
Maritime Administration (guaranteed Title XI financing), the Small Business Administration
(guaranteed participation certificates and guaranteed pool certificates), the U.S.
Department of Housing and Urban Development (local authority bonds) and the Washington
Metropolitan Area Transit Authority (guaranteed transit bonds); provided,
however, that the investments described in this clause (A) must have a predetermined
fixed dollar amount of principal due at maturity that cannot vary or change, (B) if rated by
S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have
a variable rate of interest, such interest rate must be tied to a single interest rate index
plus a fixed spread (if any) and must move proportionately with that index, and (D) must not
be subject to liquidation prior to their maturity;

     (ii) Federal Housing Administration debentures;

     (iii) obligations of the following United States government sponsored agencies: FHLMC
(debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the
Federal Home Loan Banks (consolidated debt obligations), FNMA, the Student Loan Marketing
Association (debt obligations), the Financing Corp. (debt obligations), and the REFCO (debt
obligations); provided, however, that the investments described in this
clause (A) must have a predetermined fixed dollar amount of principal due at maturity that
cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to
their rating, (C) if such investments have a variable rate of interest, such interest rate
must be tied to a single interest rate index plus a fixed spread (if any) and must move
proportionately with that index, and (D) must not be subject to liquidation prior to their
maturity;

     (iv) federal funds, unsecured certificates of deposit, time deposits, bankers’
acceptances and repurchase agreements with maturities of not more than 365 days, of any
bank, the short term obligations of which are rated in the highest short term rating
category by each Rating Agency (or otherwise acceptable to each Rating Agency, as confirmed
in writing that such investment would not, in and of itself, result in a downgrade,
qualification or withdrawal of the then current ratings assigned to the

 

 

Certificates), provided, however, that the investments described in
this clause (A) must have a predetermined fixed dollar amount of principal due at maturity
that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to
their rating, (C) if such investments have a variable rate of interest, such interest rate
must be tied to a single interest rate index plus a fixed spread (if any) and must move
proportionately with that index, and (D) must not be subject to liquidation prior to their
maturity;

     (v) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or
certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company,
savings and loan association or savings bank, the short term obligations of which are rated
in the highest short term rating category by each Rating Agency (or otherwise acceptable to
each Rating Agency, as confirmed in writing that such investment would not, in and of
itself, result in a downgrade, qualification or withdrawal of the then current ratings
assigned to the Certificates), provided, however, that the investments
described in this clause (A) must have a predetermined fixed dollar amount of principal due
at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r”
highlighter affixed to their rating, (C) if such investments have a variable rate of
interest, such interest rate must be tied to a single interest rate index plus a fixed
spread (if any) and must move proportionately with that index, and (D) must not be subject
to liquidation prior to their maturity;

     (vi) debt obligations with maturities of not more than 365 days and rated “AA-” or
higher by S&P and by each Rating Agency (or otherwise acceptable to each Rating Agency, as
confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the then current ratings assigned to the
Certificates), in its highest long-term unsecured rating category; provided,
however, that the investments described in this clause (A) must have a predetermined
fixed dollar amount of principal due at maturity that cannot vary or change, (B) if rated by
S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have
a variable rate of interest, such interest rate must be tied to a single interest rate index
plus a fixed spread (if any) and must move proportionately with that index, and (D) must not
be subject to liquidation prior to their maturity;

     (vii) commercial paper (including both non-interest-bearing discount obligations and
interest-bearing obligations payable on demand or on a specified date not more than one year
after the date of issuance thereof) with maturities of not more than 365 days and that is
rated by each Rating Agency (or otherwise acceptable to each Rating Agency, as confirmed in
writing that such investment would not, in and of itself, result in a downgrade,
qualification or withdrawal of the then current ratings assigned to the Certificates), in
its highest short-term unsecured debt rating; provided, however, that the
investments described in this clause (A) must have a predetermined fixed dollar amount of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an
“r” highlighter affixed to their rating, (C) if such investments have a variable rate of
interest, such interest rate must be tied to a single interest rate index plus a fixed
spread (if any) and must move proportionately with that index, and (D) must not be subject
to liquidation prior to their maturity;

 

 

     (viii) the Federated Prime Obligations Fund #10 CUSIP 60934N203, or any money market
fund (the “Fund”) so long as the Fund is rated “AAAm” or “AAAm-G” by S&P (or
otherwise acceptable to each Rating Agency), as confirmed in writing that such investment
would not, in and of itself, result in a downgrade, qualification or withdrawal of the then
current ratings assigned to the Certificates;

     (ix) any other demand, money market or time deposit, demand obligation, or any other
obligation, security or investment, provided that each Rating Agency has confirmed in
writing to Lender, that such investment would not, in and of itself, result in a downgrade,
qualification or withdrawal of the then current ratings assigned to the Certificates; and

     (x) such other obligations as are included in the definition of “Permitted
Investments” in the Pooling and Servicing Agreement or are otherwise acceptable as Permitted
Investments to each Rating Agency, as confirmed in writing to Pledgee, that such obligations
would not, in and of itself, result in a downgrade, qualification or withdrawal of the then
current ratings assigned to the Certificates;

     provided, however, that, in the judgment of Pledgee, such instrument continues
to qualify as a “cash flow investment” pursuant to Section 860G(a)(6) of the United States Internal
Revenue Code earning a passive return in the nature of interest and provided
further that no instrument or security shall be a Permitted Investment if (i) such
instrument or security evidences a right to receive only interest payments, (ii) the right to
receive principal and interest payments derived from the underlying investment provides a yield to
maturity in excess of one hundred twenty percent (120%) of the yield to maturity at par of such
underlying investment or (iii) such investments have a maturity in excess of one year.

 

 

EXHIBIT D

     All instructions and directions from Servicer to Intermediary for the Pledged Collateral
Account must be in writing, signed by a person or persons duly authorized by Servicer on behalf of
Pledgee to sign, such instructions to be in such form as Intermediary may reasonably require.
Specimen signatures of all persons to whom authority has been delegated shall be furnished. The
following employees of Servicer are authorized by Servicer on behalf of Pledgee to deliver
instructions to Intermediary hereunder:

	 	 	 	 	 
	Name	 	Title	 	Signature
	Jillian M. Brittin

	 	Vice President
	 	/s/ JILLIAN M. BRITTIN
	 

	 	 
	 	 
	 

	 	 	 	Specimen Signature
	 
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	Specimen Signature

     Servicer, acting on behalf of Pledgee shall have the right, from time to time, to change the
list of persons duly authorized to sign instructions on behalf of Pledgee. Any changes to the list
of authorized signatories shall be deemed effective upon delivery to Intermediary of written notice
regarding such changes.

 

 

EXHIBIT E

     All instructions and directions from Successor Borrower to Servicer for the Pledged Collateral
Account must be in writing, signed by a person or persons duly authorized by Successor Borrower to
sign, such instructions to be in such form as Servicer may reasonably require. Specimen signatures
of all persons to whom authority has been delegated shall be furnished. The following officers of
the Manager of Successor Borrower are authorized by Successor Borrower to deliver instructions to
Servicer hereunder:

	 	 	 	 	 
	Name	 	Title	 	Signature
	 

	 	 	 	     /s/ D. CHEUNG
	 

	 	 
	 	 
	 

	 	 	 	Specimen Signature
	 
	 	 	 	 
	 

	 	 	 	     Z. ZORLY [sic]
	 

	 	 
	 	 
	 

	 	 	 	Specimen Signature
	 
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	Specimen Signature

     Successor Borrower shall have the right, from time to time, to change the list of persons duly
authorized to sign instructions on behalf of Successor Borrower. Any changes to the list of
authorized signatories shall be deemed effective upon delivery to Servicer of written notice
regarding such changes.

 

 

EXHIBIT F

(Collection Account)

Escrow Bank USA

6955 Union Park Center, Suite 300

Midvale, Utah 84047

ABA # 124-084-737

Credit To: GMAC Commercial Mortgage Corporation

Account # 18478043 [“A” Library Deals – Delete on “N” Library Deals]

Account # 18478057 [“N” Library Deals – Delete on “A” Library Deals]

Reference: Loan # 40-0029034 – (Casa Munras Hotel Partners, L.P.)exv10w11

 

Exhibit 10.11

Defeasance Assignment, Assumption And Release Agreement

     THIS DEFEASANCE ASSIGNMENT, ASSUMPTION AND RELEASE AGREEMENT, dated as of November 18,
2005 (this “Agreement”) made by and among CASA MUNRAS HOTEL PARTNERS, L.P., a California
limited partnership (“Pledgor”), NEWCSFBMSC 98-PS2 LLC, a Delaware limited liability
company (“Successor Borrower”), U.S. BANK NATIONAL ASSOCIATION, successor-in-interest to
State Street Bank and Trust Company, as Trustee under the Pooling and Servicing Agreement, dated as
of October 1, 1998 (the “Pooling and Servicing Agreement”), for the Registered Holders of
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 1998-PS2 and as secured party (“Pledgee”), GMAC COMMERCIAL MORTGAGE
CORPORATION, successor-in-interest to AMRESCO Services, L.P., as Servicer (“Servicer”)
under the Pooling and Servicing Agreement, and, for the sole purpose of acknowledging the
transactions effected by this Agreement, WELLS FARGO BANK, N.A., as Securities Intermediary and
Custodian (“Intermediary”).

Recitals:

     A. On or about June 12, 1998, AMRESCO Capital, L.P., a Delaware limited partnership
(“Original Lender”) advanced to Pledgor the original principal amount of $7,000,000.00
(the “Loan”).

     B. The Loan is evidenced by that certain Fixed Rate Note [With Defeasance and Lockbox
Provisions] dated as of June 12, 1998 from Pledgor to Original Lender (the “Note”).

     C. The Loan and Note are secured by that certain Deed of Trust, Assignment of Leases and
Rents, Security Agreement and Fixture Filing dated as of June 12, 1998, executed by Pledgor in
favor of Original Lender (the “Mortgage”) granting to Original Lender, among other things,
a lien on the real property described in said Mortgage (the “Real Property”). The Loan is
further evidenced or secured by various other documents executed by Pledgor and others in favor of
Original Lender (collectively, with the Note and the Mortgage, the “Loan Documents”).

     D. Original Lender assigned all of its right, title and interest in the Loan, and the Loan
Documents to Pledgee.

     E. Pursuant to the Loan Documents, Pledgor has directed Pledgee to release the lien of the
Mortgage on the Real Property upon Pledgor’s defeasance of the Loan.

     F. Pursuant to the Loan Documents, it is a condition precedent to Pledgee’s obligation to
release the lien of the Mortgage on the Real Property that Pledgor grant a security interest in the
Pledged Collateral (as defined in the Security Agreement) to Pledgee to secure the payment and
performance in full when due of all amounts payable under the Loan Documents.

     G. Pledgor is the legal and beneficial owner of the securities listed in Exhibit A
hereto (collectively, the “Securities”), and, pursuant to the Loan Documents, and as a
condition precedent to Pledgee’s obligation to release its lien of the Mortgage on the Real

 

 

Property, Pledgor has granted to Pledgee, pursuant to a certain Defeasance Pledge and Security
Agreement of even date herewith among Pledgor, Pledgee and Intermediary (the “Security
Agreement”), a security interest in the Securities and the proceeds thereof to secure the
payment and performance in full when due of all amounts payable under the Loan Documents.

     H. In connection with the Security Agreement, Pledgor, Pledgee, Intermediary and Servicer have
entered into a certain Defeasance Account Agreement of even date herewith (the “Account
Agreement”), pursuant to which Intermediary has established and will maintain an account to
hold the Pledgor’s interest in the Securities and other collateral.

     I. In connection with the release of the Real Property from the lien of the Mortgage pursuant
to the Loan Documents, Pledgor is required or permitted to transfer and assign all obligations,
rights and duties under and to the Note and the other Defeasance Documents (as defined in the
Security Agreement), together with its interest in the Pledged Collateral (as defined in the
Security Agreement), to a successor entity established or designated in accordance with the Loan
Documents.

     J. Successor Borrower has been established or designated to be the successor entity to assume
Pledgor’s rights and obligations under the Defeasance Documents, and the Servicer, acting on behalf
of the Pledgee, has approved Successor Borrower to be the successor entity to assume the Pledgor’s
rights and obligations under the Defeasance Documents.

     K. Pledgor desires to (i) obtain the release of the Real Property from the lien of the
Mortgage, (ii) transfer its rights and obligations under the Defeasance Documents to Successor
Borrower and (iii) obtain a release of its rights and obligations under the Defeasance Documents
and the other Loan Documents to the extent provided herein, and Successor Borrower desires to
assume Pledgor’s rights and obligations under the Defeasance Documents and acquire Pledgor’s
interest in the Pledged Collateral.

     NOW, THEREFORE, in consideration of the mutual covenants and promises of the parties hereto
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

     Section 1. Definitions.

     Each capitalized term used and not defined herein shall have the meaning assigned to such term
in the Security Agreement.

     Section 2. Assignment of Secured Obligations and Securities.

     Pledgor hereby sells, transfers and assigns to Successor Borrower, effective as of the date
hereof, (a) the Secured Obligations including all obligations, rights and duties in, to and under,
and subject to the terms of, the Defeasance Documents, and (b) all of Pledgor’s right, title and
interest in and to the Pledged Collateral, subject to the terms of the Defeasance Documents and to
the rights of the Pledgee and the obligations of the Intermediary pursuant to the Security
Agreement and the Account Agreement.

     Section 3. Assumption of Loan Obligations.

 

 

     Successor Borrower, for good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, hereby assumes, and agrees to be bound by and to perform each of the Secured
Obligations and all other covenants, agreements, representations and warranties of Pledgor under
the Note, the Security Agreement, the Account Agreement and the Modification, Waiver and Consent,
first arising or accruing on or after the date of the transfer of the Pledged Collateral to
Successor Borrower, provided however, Successor Borrower shall not assume any obligations
(i) under Section 4 of the Security Agreement (with respect to the Securities transferred to
Successor Borrower on the date hereof), (ii) under Section 6 of the Security Agreement to the
extent that such obligations are to have been fully performed by Pledgor or parties other than
Successor Borrower prior to transfer of the Securities to Successor Borrower, (iii) [Intentionally
Omitted], (iv) that may arise as a result of the Pledgor’s failure to effect the initial perfection
of Pledgee’s interest in the Pledged Collateral prior to the transfer of the Pledged Collateral to
Successor Borrower, (v) that may arise as a result of any misrepresentation or misstatement made by
Pledgor in any of the Defeasance Documents or otherwise made by Pledgor in connection with the
defeasance transaction contemplated under this Agreement or (vi) arising under the Note or other
Loan Documents (to the extent that such Loan Documents may be incorporated in the Note), which
relate to the use or operation of the Real Property or which are otherwise materially similar to or
which conflict with any express covenants or obligations assumed by the Successor Borrower under
the other Defeasance Documents; and further provided however that, except as otherwise
expressly provided herein, Successor Borrower shall be liable to Pledgee only to the extent of the
Pledged Collateral, and Pledgee shall have no recourse against, and Pledgee shall not enforce any
monetary judgment against, assets of Successor Borrower other than the Pledged Collateral, with
respect to the Secured Obligations, except that Successor Borrower shall be required to advance
funds to cover any shortfall if at any time the funds available in the Pledged Collateral Account
are insufficient to pay amounts then due with respect to the Secured Obligations and such shortfall
is a result of (i) any action or failure to act by Successor Borrower in violation of its
obligations under the Note, the Security Agreement or the Account Agreement or (ii) the delivery of
insufficient collateral by Pledgor that causes the funds available in the Pledged Collateral
Account to be insufficient to pay scheduled debt service under the Note. Except as specified
herein, nothing herein is intended to limit or restrict Pledgee’s rights or remedies with respect
to the Pledged Collateral. Notwithstanding the foregoing, Successor Borrower shall be personally
liable for all claims, demands, liabilities, deficiencies, losses, damages, judgments, costs, and
expenses, including without limitation reasonable attorneys fees and costs of collection incurred,
suffered or paid by Pledgee as a result of:

     (i) any representation, warranty or certification made by or on behalf of
Successor Borrower for the benefit of Pledgee in any Defeasance Document (or in any
modification or supplement thereto), or in any certificate, report, financial
statement or other item furnished to Pledgee in connection with this transaction
having been false or misleading in any material respect as of the time made or
furnished;

     (ii) the Pledged Collateral or any part thereof or interest therein becoming
subject to any security interest, pledge, covenant, lien, or other encumbrance
whether junior or senior to the interest of Pledgee as a result of actions of
Successor Borrower;

 

 

     (iii) the Pledged Collateral or any part thereof or interest therein being
sold, assigned, transferred, conveyed or otherwise disposed of, or becoming the
subject of any attempted sale, assignment, transfer or conveyance, by Successor
Borrower, subject to the setoff terms of Section 4(e) of the Account Agreement
following payment of the Loan;

     (iv) any of the Events of Default described in subsections (iv) through (xi) of
Section 9(a) of the Security Agreement shall occur as a result of actions of
Successor Borrower or circumstances relating to Successor Borrower;

     (v) Successor Borrower’s failure at any time to be a Single Purpose Entity in
good standing in the jurisdiction of its formation and primary place of business; or

     (vi) Successor Borrower’s failure to immediately deposit into the Pledged
Collateral Account an amount sufficient to pay any shortfall as required pursuant to
this Section 3.

     Successor Borrower’s assumption of the obligations of Pledgor as set forth above under the
Defeasance Documents is limited to those obligations arising on and after the date hereof, except
that Successor Borrower expressly assumes liability under the Note for interest accruing on the
Loan from the first day of the interest accrual period in which the defeasance contemplated herein
occurs, which shall be paid from Pledged Collateral deposited by the Pledgor into the Pledged
Collateral Account in accordance with the provisions of the Account Agreement. In addition to the
Pledgee’s rights under the Defeasance Documents, Successor Borrower hereby grants to Pledgee and
Servicer a power of attorney to file, at Successor Borrower’s cost, any franchise or other
administrative filings which may be required to maintain Successor Borrower’s good standing and
legal existence in the event Successor Borrower fails to do so and such failure continues for
thirty (30) days after written notice.

     In addition to any other remedies that the Pledgee may have under the Defeasance Documents, in
the event of the failure of the Successor Borrower to maintain its status as a Single Purpose
Entity in good standing, the Successor Borrower’s failure to file all required tax returns and pay
all taxes that it owes or the Successor Borrower’s failure to file all forms and documents required
to maintain its separate legal existence, in each case, which failure shall continue for thirty
(30) days after written notice, Successor Borrower hereby agrees to the assumption of the Loan by,
and the transfer of the Pledged Collateral to, a Single Purpose Entity designated by Pledgee and
hereby appoints Pledgee and Servicer as attorneys-in-fact with power of attorney to affect such
transfer and assumption.

     Notwithstanding anything to the contrary set forth in this Section 3, Pledgee agrees that it
shall have no recourse for any claims, demands, liabilities, deficiencies, losses, damages,
judgments, costs and expenses, including, without limitation, legal fees and expenses, under this
Section 3 or otherwise under the Defeasance Documents against any securities (other than the
Pledged Collateral) of the Successor Borrower that have been pledged to Pledgee pursuant to any
other Defeasance Transaction until the defeased promissory note related to such securities has been
repaid in full in accordance with its terms.

 

 

     Section 4. Acknowledgment of Pledgee.

     Subject to satisfaction, or written waiver, of all conditions to defeasance set forth in the
Loan Documents, Pledgee hereby recognizes the transfer of Pledgor’s rights in the Pledged
Collateral and rights and obligations under the Defeasance Documents to Successor Borrower and the
assumption in accordance with Section 3 above of Pledgor’s rights in the Pledged Collateral
and rights and obligations under the Defeasance Documents by Successor Borrower.

     Section 5. Release of Pledgor.

     Subject to satisfaction, or written waiver, of all conditions to defeasance set forth in the
Loan Documents and, if applicable, confirmation from each of the Rating Agencies that the
transactions contemplated by the Defeasance Documents will not result in a downgrade, qualification
or withdrawal of the current rating of any of the Certificates or satisfaction of the criteria for
defeasances established by each of the Rating Agencies, Pledgee shall promptly release the Real
Property from the lien of the Mortgage, and hereby releases and discharges Pledgor from all claims,
liabilities and obligations under the Loan Documents and the Defeasance Documents related to events
first occurring or arising after the transfer of the Pledged Collateral to Successor Borrower,
provided, however, Pledgor shall not be released from liability for any loss or
damages suffered, or expenses incurred, by Pledgee, Intermediary or Successor Borrower as a result
of or established pursuant to a claim, liability or obligation:

     (i) arising from Pledgor’s obligations under Sections 4, 5 or 6 of the Security
Agreement that have not been expressly assumed by Successor Borrower under this
Agreement;

     (ii) with respect to any representation, warranty or certification of Pledgor
under the Defeasance Documents or the Loan Documents or in any certificate, report,
financial statement or other item delivered by or on behalf of Pledgor in connection
therewith that proves to have been false or misleading in any material respect when
made or delivered;

     (iii) arising as a result of the transfer of, or creation and perfection of the
first priority lien on, the Pledged Collateral being deemed void or voidable for any
reason whatsoever or any other payment made by Pledgor in respect of amounts due
under the Loan Documents on or prior to the date hereof being recovered from the
Pledgee by Pledgor, its creditors, or any other person for any reason whatsoever;

     (iv) for any other failure to pledge the Pledged Collateral to Pledgee or take
any action necessary to effect the initial first priority perfection of Pledgee’s
security interest therein or to effectively transfer the Pledged Collateral to
Successor Borrower in accordance with the Defeasance Documents;

     (v) arising under the indemnity obligations (including any environmental
indemnity agreement) or any other obligations in the Defeasance Documents and the
Loan Documents that, by their terms, survive the release of the lien of the
Mortgage;

 

 

     (vi) Intentionally omitted; or

     (vii) arising as a result of an Event of Default under the Security Agreement
that results from circumstances relating to Pledgor, or actions of Pledgor, included
in subsections (iii) through (vi) and (xi) of Section 9(a) of the Security
Agreement.

Without limiting any other remedies Pledgee may have, upon any Event of Default arising under the
Defeasance Documents or the Loan Documents from any breach, act or omission of Pledgor prior to the
date hereof, Pledgee shall be entitled to enforce all of its remedies set forth in the Defeasance
Documents and the Loan Documents against Pledgor. Except as expressly set forth in this Agreement,
Pledgee hereby releases Pledgor from its obligations under the Loan Documents and the Defeasance
Documents. Pledgee hereby further authorizes and directs Pledgor to file a release or termination
of any UCC financing statement filed in connection with the Loan reflecting Pledgor as Debtor and
Pledgee or Original Lender as Secured Party. Pledgor agrees to file any such release or
termination.

     Section 6. Release of Pledgee and Servicer.

     Pledgor hereby covenants and agrees that: (i) from and after the date hereof, Pledgee and Servicer
may deal solely with Successor Borrower in all matters relating to the Loan; (ii) Pledgee and
Servicer have no further duty or obligation of any nature relating to the Loan or the Loan
Documents or the Defeasance Documents to Pledgor; and (iii) it hereby releases Pledgee and
Servicer, and each of their predecessors in interest, together with all officers, directors,
employees and agents of each of the foregoing, from all claims, causes of action and liabilities
relating directly or indirectly to the Loan, the Real Property, the Loan Documents and the closing
of the defeasance transaction contemplated by the Defeasance Documents, arising on or prior to the
date hereof, including any and all claims arising from or relating to negotiations, demands,
requests or exercise of remedies in connection with the Loan and the closing of the defeasance
transaction contemplated by the Defeasance Documents.

     Section 7. Representations and Warranties.

          (a) Pledgor represents and warrants to the other parties hereto that, as of the date hereof:

     (i) all principal, interest and other amounts due and payable on or before the
date hereof under the Note and the other Defeasance Documents and Loan Documents
have been paid;

     (ii) no non-monetary default has occurred and is continuing under any of the
Defeasance Documents or Loan Documents beyond any applicable grace or notice period;

     (iii) the fair market value of the Real Property is greater than the face
amount of the Securities;

 

 

     (iv) Pledgor has not incurred any indebtedness other than the Loan and any
other indebtedness permitted under the Loan Documents;

     (v) The pledge of the Securities to Pledgee and transfer of the Securities to
Successor Borrower are not done in contemplation of insolvency or bankruptcy or with
an intent to hinder, delay or defraud any of Pledgor’s creditors;

     (vi) Pledgor is not insolvent immediately before signing this Agreement and is
not being rendered insolvent by the pledge of the Securities to Pledgee and transfer
of the Securities to Successor Borrower;

     (vii) The assets owned by Pledgor immediately after giving effect to the pledge
of the Securities to Pledgee and transfer of the Securities to Successor Borrower
represent an amount of capital that is not unreasonably small for the business in
which Pledgor is engaged, and Pledgor does not intend to engage in any other
business for which such capital would be unreasonably small;

     (viii) At the time of the pledge of the Securities to Pledgee and transfer of
the Securities to Successor Borrower, Pledgor does not intend to, or believe that it
will, incur debts that would be beyond its ability to pay as such debts mature;

     (ix) The proceeds of the Securities (without regard to reinvestment income)
will be sufficient to make all payments required under the Defeasance Documents,
including all amounts required under Section 4(e) of the Account Agreement;

     (x) The Loan Documents do not contain provisions requiring Pledgor to make any
scheduled payments that by their terms would be payable on or after the date of the
defeasance transaction contemplated herein, other than scheduled payments of
principal and interest under the Note, including annual surveillance fees of rating
agencies or servicing or trustees fees with respect to securitization of the Loan,
except such payments as have been specifically identified by Pledgor and either (a)
expressly assumed by Successor Borrower under the Defeasance Documents, or (b) paid
in full in advance by Pledgor in connection with the closing of the defeasance
transaction contemplated herein.

(b) Successor Borrower represents and warrants to the other parties hereto, and hereby
covenants for the benefit of such parties, that:

     (i) Successor Borrower is a limited liability company, duly organized, validly
existing and in good standing under the laws of the State of Delaware. The
Successor Borrower has all requisite power and authority to carry on its business as
now conducted and as proposed to be conducted, and to enter into and perform its
obligations under this Agreement and the other Defeasance Documents;

 

 

     (ii) the execution and delivery of this Agreement, the assumption of the
Pledgor’s obligations under the Security Agreement and the Account Agreement, and
performance of all of Successor Borrower’s obligations thereunder have been duly
authorized by all necessary and appropriate action of Successor Borrower;

     (iii) no consent or approval of any person, entity, or governmental authority
is required with respect to the execution and delivery of this Agreement by
Successor Borrower or the consummation by Successor Borrower of the transactions
contemplated thereby or the performance by Successor Borrower of its obligations
under this Agreement and the other Defeasance Documents, except such consents or
approvals as have already been obtained;

     (iv) this Agreement, the Security Agreement and the Account Agreement are the
legal, valid and binding obligations of the Successor Borrower, enforceable against
the Successor Borrower in accordance with their respective terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other similar laws of general applicability affecting the enforcement of
creditors’ rights;

     (v) The principal place of business of Successor Borrower is located at 1801
California Street, Suite 3700, Denver, Colorado 80202, Attention: NEWCSFBMSC 98-PS2
LLC; telephone: 303-293-8500, facsimile: 303-291-5854 and Successor Borrower’s
taxpayer identification number is 42-1590559;

     (vi) the principal place of business of Successor Borrower has been located at
the above address and Successor Borrower has not changed its name for at least
twelve (12) months prior to the date hereof or, if it has been formed within such
12-month period, since its formation; Successor Borrower shall not establish a new
location for its principal place of business, change its name, or change its
jurisdiction of organization until (A) it has given Pledgee not less than 30 days’
prior written notice of its intention to do so, clearly describing the new location,
name or jurisdiction, and (B) it has provided Pledgee with any information regarding
the new location, name or jurisdiction of organization as Pledgee may request; if
Successor Borrower intends establish a new location for its principal place of
business, change its name or change its jurisdiction of organization, Successor
Borrower shall cooperate with Pledgee in taking all action required by Pledgee to
maintain perfection, priority and validity of the lien of Pledgee in the Pledged
Collateral granted by the Security Agreement;

     (vii) Successor Borrower has no notice or knowledge of any adverse claim, lien
or encumbrance with respect to the Pledged Collateral;

     (viii) Successor Borrower is, has been since the date of its formation, and
shall at all times continue to be, a Single Purpose Entity;

 

 

     (ix) Successor Borrower shall not transfer, pledge or encumber, or permit to be
transferred, pledged or encumbered any direct interest in Successor Borrower or more
than a 49% indirect interest in Successor Borrower (or any direct or indirect
interest in its manager or managing member) without rating agency approval;
provided, however, that in the case of a transfer of more than a 49%
indirect interest in Successor Borrower, if interests in such transferor are traded
on a nationally recognized public exchange, rating agency approval of such transfer
shall not be required in connection with an acquisition by or merger with a
transferee that also is traded on a nationally recognized public exchange;

     (x) Successor Borrower is not insolvent immediately before signing this
Agreement; and

     (xi) At the time of pledge of the Securities to the Pledgee and transfer of the
Securities to Successor Borrower, Successor Borrower does not intend to, or believe
that it will, incur debts that would be beyond its ability to pay as such debts
mature.

   (c) Intermediary hereby acknowledges and confirms that any fees and expenses related to
investments or wire transfers from the Pledged Collateral Account or the Successor Borrower
are included in the fees already paid to Intermediary.

     Section 8. Conditions to Defeasance.

     Subject to the Modification, Waiver and Consent of even date herewith between Pledgor and
Pledgee (the “Waiver”), Pledgor represents, warrants and covenants that it has satisfied
the conditions set forth in the defeasance provisions of the Loan Documents to effectuate the
release of the Real Property from the lien of the Mortgage and the defeasance of the Loan on the
date hereof, or such conditions have been waived in writing by Pledgee. Pledgor will deliver on
the date hereof a Certificate, and Pledgor acknowledges that Successor Borrower will rely on such
Certificate and on the representations set forth herein as a condition to entering into this
Agreement. Pledgor further acknowledges and agrees that all proceeds from the Pledged Collateral
in excess of amounts due under the Defeasance Documents will be used to pay the reasonable expenses
of the Successor Borrower in making the payments due under the Defeasance Documents and managing
its obligations under the Defeasance Documents and any balance will be the sole property of
Successor Borrower.

     Section 9. Modifications.

     This Agreement may not be amended, modified or otherwise changed in any manner, except by a
writing executed by all of the parties to this Agreement. Notwithstanding the foregoing, from and
after the date hereof, any new agreement pertaining to the Loan and any amendment, modification or
extension of the Defeasance Documents may be made solely by Successor Borrower and Pledgee and
shall not require the consent or execution of Pledgor. No such changes will increase Pledgor’s
obligations under the Loan Documents and the Defeasance Documents that continue after the date of
this Agreement as set forth in Section 5 above.

 

 

     Section 10. Approvals.

     Pledgor and Successor Borrower each hereby represents and warrants to Pledgee, with respect to
itself, that such entity has obtained any and all third-party approvals and consents required to be
obtained in connection with the execution and delivery of this Agreement and the performance of
such entity’s obligations hereunder.

     Section 11. Successors and Assigns.

     This Agreement applies to, inures to the benefit of, and binds all parties hereto, their
heirs, legatees, devisees, administrators, executors, and permitted successors and assigns.

     Section 12. GOVERNING LAW; VENUE.

     THIS AGREEMENT AND ALL RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS
BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE, INCLUDING THE
UNIFORM COMMERCIAL CODE AS ADOPTED IN THE STATE BUT OTHERWISE WITHOUT REGARD TO LAWS OF THE STATE
CONCERNING CONFLICTS OF LAWS OR CHOICE OF FORUM.

     PLEDGOR, PLEDGEE, SUCCESSOR BORROWER, SERVICER AND INTERMEDIARY HEREBY IRREVOCABLY SUBMIT TO
PERSONAL JURISDICTION IN THE STATE AND TO THE NON EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR
FEDERAL COURT SITTING IN THE CITY OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT. JURISDICTION AND VENUE OF ANY ACTION BROUGHT TO ENFORCE THIS AGREEMENT
OR ANY OTHER DEFEASANCE DOCUMENT OR ANY ACTION RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY OR
THE RELATIONSHIPS CREATED BY OR UNDER THE DEFEASANCE DOCUMENTS (“ACTION”) SHALL, AT THE ELECTION OF
PLEDGEE, BE IN (AND IF ANY ACTION IS ORIGINALLY BROUGHT IN ANOTHER VENUE, THE ACTION SHALL AT THE
ELECTION OF PLEDGEE BE TRANSFERRED TO) A STATE OR FEDERAL COURT OF APPROPRIATE JURISDICTION LOCATED
IN THE STATE. PLEDGOR, PLEDGEE, SUCCESSOR BORROWER, SERVICER AND INTERMEDIARY HEREBY CONSENT AND
SUBMIT TO THE PERSONAL JURISDICTION OF THE COURTS OF THE STATE AND OF FEDERAL COURTS LOCATED IN THE
STATE IN CONNECTION WITH ANY ACTION AND HEREBY WAIVE ANY AND ALL PERSONAL RIGHTS UNDER THE LAWS OF
ANY OTHER STATE TO OBJECT TO JURISDICTION WITHIN THE STATE FOR PURPOSES OF ANY ACTION. PLEDGOR,
PLEDGEE, SUCCESSOR BORROWER, SERVICER AND INTERMEDIARY HEREBY WAIVE AND AGREE NOT TO ASSERT, AS A
DEFENSE TO ANY ACTION OR A MOTION TO TRANSFER VENUE OF ANY ACTION, (I) ANY CLAIM THAT IT IS NOT
SUBJECT TO SUCH JURISDICTION; (II) ANY CLAIM THAT ANY ACTION MAY NOT BE BROUGHT AGAINST IT OR IS
NOT MAINTAINABLE IN THOSE COURTS OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY THOSE COURTS,
OR THAT IT IS EXEMPT OR IMMUNE FROM

 

 

EXECUTION; (III) THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM; OR (IV) THAT THE VENUE
FOR THE ACTION IS IN ANY WAY IMPROPER.

     Section 13. Entire Agreement.

     This Agreement and the other agreements referred to herein constitute all of the agreements
among the parties relating to the matters set forth herein and supersede all other prior or
concurrent oral or written letters, agreements or understandings with respect to the matters set
forth herein.

     Section 14. Full Force and Effect.

     Except as modified by this Agreement and the other Defeasance Documents, the Loan Documents
shall remain unchanged and in full force and effect.

     Section 15. Counterparts.

     This Agreement may be signed in any number of counterparts by the parties hereto, all of which
taken together shall constitute one and the same instrument.

     Section 16. WAIVER OF TRIAL BY JURY.

     PLEDGOR, PLEDGEE, SUCCESSOR BORROWER, SERVICER AND INTERMEDIARY EACH HEREBY AGREES NOT TO
ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY
FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER MAY EXIST WITH REGARD TO THIS
AGREEMENT OR ANY DOCUMENT RELATED THERETO, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN
CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY
PLEDGOR, PLEDGEE, SUCCESSOR BORROWER, SERVICER AND INTERMEDIARY AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH A RIGHT TO TRIAL BY JURY WOULD OTHERWISE
ACCRUE. PLEDGOR, PLEDGEE, SUCCESSOR BORROWER, SERVICER AND INTERMEDIARY EACH IS HEREBY AUTHORIZED
TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH
OTHER.

     Section 17. Notices.

     All notices or other communications hereunder shall be given in accordance with Section
14 of the Security Agreement, and shall be sent to Successor Borrower and Servicer at the
following addresses:

	 	 	 	 	 
	 

	 	Successor Borrower:
	 	NEWCSFBMSC 98-PS2 LLC
	 

	 	 	 	1801 California Street, Suite 3700,
	 

	 	 	 	Denver, Colorado 80202
	 
	 

	 	Servicer:
	 	GMAC Commercial Mortgage Corporation

 

 

	 	 	 	 	 
	 

	 	 	 	200 Witmer Road Horsham,
	 

	 	 	 	Pennsylvania 19044
	 

	 	 	 	Attention: CSFB Series 1998-PS2 Servicing

(Signatures On Following Page)

 

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 
	 	 	Pledgor:
	 
	 	 	 	 	 	 	 	 
	 	 	CASA MUNRAS HOTEL PARTNERS, L.P., 

a California limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Casa Munras GP, LLC, a California limited

liability company, its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ JOHN F. ROTHMAN	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	John F. Rothman	 	 
	 

	 	 	 	 	 	Managing Member	 	 

(Signatures Continue On Following Page)

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Successor
Borrower:
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	NEWCSFBMSC 98-PS2 LLC, a Delaware limited liability company
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Newman SB Holding Co. LLC, a Delaware limited
liability company, its Sole Member
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	GMAC Commercial Holding Capital Corp.,
a Colorado corporation,
its Sole Member
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ D. CHEUNG	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

(Signatures Continue On Following Page)

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Pledgee:
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, successor-in-interest to State Street Bank and
Trust Company, as Trustee under the Pooling and Servicing Agreement, dated as
of October 1, 1998, for the Registered Holders of Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 1998-PS2
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	GMAC Commercial Mortgage Corporation,
successor-in-interest to AMRESCO
Services, L.P., as Servicer
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ JILLIAN M. BRITTIN	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Jillian M. Brittin	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Servicer:
	 
	 	 	 	 	 	 	 	 
	 	 	GMAC COMMERCIAL MORTGAGE CORPORATION
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ JILLIAN M. BRITTIN	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Jillian M. Brittin	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 

(Signatures Continue On Following Page)

 

 

WELLS FARGO BANK, N.A., in its capacity as Securities Intermediary and Custodian (as defined in the
Security Agreement) with respect to the Pledged Collateral, hereby acknowledges the terms and
conditions of, and the transactions effected by, this Agreement, as of the date first above
written.

	 	 	 	 	 
	WELLS FARGO BANK, N.A.
	 
	 	 	 	 
	By:

	 	/s/ KENNETH HOFFMAN	 	 
	 

	 	 	 	 
	 

	 	Name: Kenneth Hoffman	 	 
	 

	 	Title: Assistant Vice President	 	 

 

 

EXHIBIT A

Securities Schedule

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