Document:

Form 8-k

    Exhibit
      10.174

     

    FIRST
      AMENDMENT TO CREDIT AGREEMENT

    

    THIS
      FIRST AMENDMENT TO CREDIT AGREEMENT ("First Amendment") is made and entered
      into
      as of the 28th day of June, 2006, by and among CC TOLLGATE LLC, a Delaware
      limited liability company (hereinafter sometimes referred to as "Tollgate"
      and
      at other times hereinafter referred to as the "Borrower"), WELLS FARGO BANK,
      National Association, MARSHALL BANKFIRST CORP., a Minnesota corporation, and
      ORIX COMMERCIAL FINANCE, LLC, a Delaware limited liability company, formerly
      known as ORIX Financial Services, Inc., a New York corporation (each
      individually a "Lender" and collectively the "Lenders"), WELLS FARGO BANK,
      National Association, as the issuer of letters of credit (in such capacity,
      together with its successors and assigns, the "L/C Issuer") and WELLS FARGO
      BANK, National Association, as administrative and collateral agent for the
      Lenders and L/C Issuer (herein, in such capacity, called the "Agent Bank" and,
      together with the Lenders and L/C Issuer collectively referred to as the
      "Banks").

    

    R_E_C_I_T_A_L_S:

    

    WHEREAS:

     

    A.  Borrower
      and Banks entered into a Credit Agreement dated as of November 18, 2005
      (the "Existing Credit Agreement").

     

    B.  For
      the
      purpose of this First Amendment, all capitalized words and terms not otherwise
      defined herein shall have the respective meanings and be construed herein as
      provided in Section 1.01 of the Existing Credit Agreement and any reference
      to a provision of the Existing Credit Agreement shall be deemed to incorporate
      that provision as a part hereof, in the same manner and with the same effect
      as
      if the same were fully set forth herein.

     

    C.  Borrower
      and Century Casinos, Inc., a Delaware corporation ("CCI") desire to amend the
      Existing Credit Agreement for the following purposes: (i) deleting the Interest
      Rate Protection Provisions set forth in Section 5.23, (ii) on the Term
      Out Date, reducing the Agreed Rate by two percent (2.0%) per annum, and, in
      consideration of the foregoing, (iii) providing for CCI's full guaranty of
      the prompt payment and performance of the Bank Facilities and each of the Loan
      Documents, and (iv) providing for Borrower's agreement that in the event
      Bank Facilities Termination occurs prior to the first annual anniversary of
      the
      Term Out Date, Borrower shall pay Lenders a fee ("Exit Fee") in the amount
      of
      one percent (1.0%) of the sum of the Aggregate RLC Commitment plus the then
      outstanding balance of principal owing under the C/T Loan after giving effect
      only to the Scheduled Term Amortization Payments and Excess Cash Flow Payments
      due and payable prior to such date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    D.  Banks
      have agreed to amend the Existing Credit Agreement as set forth in the preceding
      recital paragraph subject to the terms, conditions and provisions set forth
      in
      this First Amendment.

     

    NOW,
      THEREFORE, in consideration of the foregoing and other good and valuable
      considerations, the receipt and sufficiency of which are hereby acknowledged,
      the parties hereto do agree to the amendments and modifications to the Existing
      Credit Agreement in each instance effective as of the First Amendment Effective
      Date, as specifically hereinafter provided as follows:

     

    1.  Definitions.
      Section 1.01 of the Existing Credit Agreement entitled "Definitions" shall
      be and is hereby amended to include the following definitions. Those terms
      which
      are currently defined by Section 1.01 of the Existing Credit Agreement and
      which are also defined below shall be superseded and restated by the applicable
      definition set forth below:

    "Agreed
      Rate" shall mean (a) at all times prior to the Term Out Date, the greater of
      (i) eight and one-half percent (8.5%) per annum, and (ii) the Prime
      Rate plus four percent (4.0%) per annum, and (b) on and after the Term Out
      Date, the greater of (i) six and one-half percent (6.5%) per annum, and
      (ii) the Prime Rate plus two percent (2.0%) per annum.

    

    "Continuing
      Guaranty" shall mean the General Continuing Guaranty Agreement to be executed
      by
      the Guarantor in favor of Lender on or before the First Amendment Effective
      Date, a copy of the form of which is marked "Exhibit Q", affixed to the
      First Amendment and by this reference incorporated herein and made a part
      hereof, as the same may be amended, modified, supplemented, replaced, renewed
      or
      restated from time to time.

    

    "Credit
      Agreement" shall mean the Existing Credit Agreement as amended by the First
      Amendment, together with all Schedules, Exhibits and other attachments thereto,
      as it may be further amended, modified, extended, renewed or restated from
      time
      to time.

    

    "Existing
      Credit Agreement" shall have the meaning set forth in Recital Paragraph A
      of the First Amendment.

    

    "Exit
      Fee" shall have the meaning ascribed to such term in Recital Paragraph C of
      the First Amendment.

    

    "First
      Amendment" shall mean this First Amendment.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    "First
      Amendment Effective Date" shall mean the date upon which each of the conditions
      precedent set forth in Paragraph 7 of the First Amendment have been fully
      satisfied.

     

    "Guarantor"
      shall mean CCI.

     

    2.  Modification
      of Agreed Rate.
      As of
      the First Amendment Effective Date, the definition of "Agreed Rate" shall be
      and
      is hereby modified as set forth in the definition of Agreed Rate contained
      in
      the First Amendment.

     

    3.  Addition
      of Continuing Guaranty.
      As of
      the First Amendment Effective Date, Section 2.17 entitled "Continuing Guaranty
      Agreement" shall be and is hereby added to the Credit Agreement as
      follows:

     

    "Section
      2.17. Continuing
      Guaranty Agreement.
      As
      additional security for the due and punctual payment and performance of the
      Revolving Credit Note, the C/T Note, all other obligations which may be owing
      at
      any time and from time to time by Borrower to Banks, and each of the terms,
      covenants, representations, warranties and provisions herein continued and
      contained in any of the Loan Documents, on or before the First Amendment
      Effective Date, the Guarantor shall execute the Continuing Guaranty, a copy
      of
      which is marked "Exhibit Q", affixed to the First Amendment and by this
      reference incorporated herein and made a part hereof."

     

    4.  Deletion
      of Interest Rate Protection.
      As of
      the First Amendment Effective Date, Section 5.23 of the Existing Credit
      Agreement entitled "Interest Rate Protection" shall be and is hereby deleted
      in
      its entirety and of no further force or effect.

     

    5.  Amendment
      of Subsection 7.01(t) and Addition of Subsection (u).
      As of
      the First Amendment Effective Date, Subsection 7.01(t) of the Existing
      Credit Agreement shall be and is hereby amended and subsection (u) is
      hereby added as follows:

     

    "t. The
      occurrence of any default under the Completion Guaranty or the revocation,
      termination or repudiation of the Completion Guaranty prior to the full payment
      of all costs and expenses of completing construction and development of the
      Construction Projects and the occurrence of the Completion Date;
      or

    u. The
      occurrence of any default under the Continuing Guaranty or the revocation,
      termination or repudiation of any of Guarantor's promises, obligations or
      covenants under the Continuing Guaranty."

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    6.  Exit
      Fee.
      As a
      further consideration for this First Amendment, in the event Bank Facilities
      Termination occurs prior to the first annual anniversary of the Term Out Date,
      Borrower agrees to pay the Exit Fee to Lenders, in proportion to their
      respective Pro Rata Shares in the Bank Facilities, in the amount of one percent
      (1.0%) of the sum of the Aggregate RLC Commitment, plus the then outstanding
      balance of principal owing under the C/T Loan after giving effect only to the
      Scheduled Term Amortization Payments and Excess Cash Flow Payments which became
      due and payable on or prior to the date of Bank Facilities
      Termination.

     

    7.  Conditions
      Precedent to First Amendment Effective Date.
      The
      occurrence of the First Amendment Effective Date is subject to Lender having
      received the following documents and payments, in each case in a form and
      substance reasonably satisfactory to Agent Bank, and the occurrence of each
      other condition precedent set forth below on or before June 29,
      2006:

    a.  due
      execution by Borrower and Banks of four (4) duplicate originals of this First
      Amendment;

    b.  delivery
      to Agent Bank of the original Continuing Guaranty duly executed by the
      Guarantor, together with a duly executed corporate resolution authorizing the
      execution and delivery of the Continuing Guaranty;

    c.  reimbursement
      to Agent Bank by Borrower for all reasonable fees and out-of-pocket expenses
      incurred by Agent Bank in connection with the First Amendment, including, but
      not limited to, reasonable attorneys' fees of Henderson & Morgan, LLC and
      all other like expenses remaining unpaid as of the First Amendment Effective
      Date; and

    d.  such
      other documents, instruments or conditions as may be reasonably required by
      Lenders.

     

    8.  Representations
      of Borrower.
      Borrower hereby represents to the Banks that:

     

    a.  the
      representations and warranties contained in Article IV of the Existing Credit
      Agreement and contained in each of the other Loan Documents (other than
      representations and warranties which expressly speak only as of a different
      date, which shall be true and correct in all material respects as of such date)
      are true and correct on and as of the First Amendment Effective Date in all
      material respects as though such representations and warranties had been made
      on
      and as of the First Amendment Effective Date, except to the extent that such
      representations and warranties are not true and correct as a result of a change
      which is permitted by the Credit Agreement or by any other Loan Document or
      which has been otherwise consented to by Lender;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    b.  since
      the
      date of the most recent financial statements referred to in Section 5.08 of
      the
      Existing Credit Agreement, no Material Adverse Change has occurred and no event
      or circumstance which could reasonably be expected to result in a Material
      Adverse Change has occurred;

     

    c.  after
      giving effect to the First Amendment, no event has occurred and is continuing
      which constitutes a Default or Event of Default under the terms of the Credit
      Agreement; and

     

    d.  the
      execution, delivery and performance of this First Amendment has been duly
      authorized by all necessary action of Borrower and this First Amendment
      constitutes a valid, binding and enforceable obligation of
      Borrower.

     

     
      9.  Incorporation
      by Reference.
      This
      First Amendment shall be and is hereby incorporated in and forms a part of
      the
      Existing Credit Agreement.

     

    10.  Governing
      Law.
      This
      First Amendment shall be governed by the internal laws of the State of Nevada
      without reference to conflicts of laws principles.

     

    11.  Counterparts.
      This
      First Amendment may be executed in any number of separate counterparts with
      the
      same effect as if the signatures hereto and hereby were upon the same
      instrument. All such counterparts shall together constitute one and the same
      document.

     

    12.  Continuance
      of Terms and Provisions.
      All of
      the terms and provisions of the Existing Credit Agreement shall remain unchanged
      except as specifically modified herein.

     

    13.  Additional
      Exhibit Attached.
      The
      following additional Exhibit is attached hereto and incorporated herein and
      made
      a part of the Credit Agreement as follows:

     

    Exhibit
      Q
      - Continuing
      Guaranty - Form

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, Borrower and Agent Bank (acting on behalf of the Lenders
      pursuant to Section 11.11 of the Credit Agreement) have executed this First
      Amendment as of the day and year first above written.

    

    
      	 	
              BORROWER:

               

              CC
                TOLLGATE LLC,

              a
                Delaware limited liability company

              By:    CENTURY
                CASINOS TOLLGATE,

              INC.,
                a Delaware corporation,

              its
                Managing Member

               

                            
                By _/s/ Larry Hannappel___ 

                      Larry
                Hannappel,

                   CEO
                and
                Secretary

               

            
	 	
              AGENT
                BANK:

               

              WELLS
                FARGO BANK,

              National
                Association,

              Agent
                Bank, on behalf of the 

              Lenders
                and L/C Issuer

               

              By
                /s/ Ryan Edde         
                

                Ryan
                Edde,

                Vice
                President
                

            

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Exhibit
      Q

    

      GENERAL
        CONTINUING GUARANTY

      

      

      THIS
        GENERAL CONTINUING GUARANTY ("Guaranty"), dated as of June 28th, 2006, is
        executed and delivered by CENTURY CASINOS, INC., a Delaware corporation
        (referred to as a "Guarantor"), in favor of the Beneficiaries, referred to
        below, and in light of the following:

      

      R_E_C_I_T_A_L_S:

      

      WHEREAS:

       

      A.  Reference
        is made to that certain Credit Agreement, dated as of November 18, 2005
        (the "Existing Credit Agreement") as amended by First Amendment to Credit
        Agreement dated concurrently herewith (the "First Amendment" and, together
        with
        the Existing Credit Agreement, collectively, as may be further amended,
        supplemented or otherwise modified from time to time, the "Credit Agreement"),
        by and among CC Tollgate LLC, a Delaware limited liability company (the
        "Borrower"), the Lenders therein named (each, together with their respective
        successors and assigns, individually being referred to as a "Lender" and
        collectively as the "Lenders"),
        Wells
        Fargo Bank, National Association, as the issuer of letters of credit thereunder
        (herein in such capacity, together with its successors and assigns, the "L/C
        Issuer") and Wells Fargo Bank, National Association, as administrative and
        collateral agent for the Lenders and L/C Issuer (herein, in such capacity,
        called the "Agent Bank" and, together with the Lenders and L/C Issuer,
        collectively referred to as the "Banks").

       

      B.  For
        the
        purpose of this Guaranty, all capitalized terms not otherwise specifically
        defined herein shall have the same meaning given them in Section 1.01 of
        the Credit Agreement as though fully restated verbatim.

       

      C.  In
        order
        to induce Beneficiaries to enter into the First Amendment and to continue
        to
        advance Borrowings, loans, advances and extend financial accommodations to
        Borrower pursuant to the Credit Agreement, and in consideration thereof,
        and in
        consideration of any Borrowings, loans, advances, or other financial
        accommodations heretofore or hereafter extended by Beneficiaries to Borrower,
        whether pursuant to the Credit Agreement or otherwise, Guarantor has agreed
        to
        guaranty the Guarantied Obligations.

       

      NOW,
        THEREFORE, in consideration of the foregoing, Guarantor hereby agrees, in
        favor
        of Beneficiaries, as follows:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      1.  Definitions
        and Construction.

       

      a.  Definitions.
        The
        following terms, as used in this Guaranty, shall have the following
        meanings:

       

      "Agent
        Bank"
        shall
        mean Wells Fargo Bank, National Association, as the administrative and
        collateral agent for each of the Lenders under the Credit
        Agreement.

      "Beneficiaries"
        shall
        mean a collective reference to Agent Bank and Banks.

       

      "Borrower"
        shall
        mean CC Tollgate LLC, a Delaware limited liability company.

      

      "Credit
        Agreement"
        shall
        have the meaning set forth by Recital A of this Guaranty.

      

      "Guarantied
        Obligations"
        shall
        mean: (a) the due and punctual payment of the principal of, and interest
        (including post petition interest and including any and all interest which,
        but
        for the application of the provisions of the Bankruptcy Code, would have
        accrued
        on such amounts) on, and premium, if any, on the C/T Note and/or the Revolving
        Credit Note; and (b) the due and punctual payment of all present or future
        Indebtedness owing by Borrower.

      

      "Guarantor"
        shall
        have the meaning set forth in the preamble to this Guaranty.

      

      "Guaranty"
        shall
        have the meaning set forth in the preamble to this document.

      

      "Indebtedness"
        shall
        mean any and all obligations, indebtedness, or liabilities of any kind or
        character owed to Beneficiaries, or any of them, and arising directly or
        indirectly out of or in connection with the Credit Agreement, the C/T Note,
        the
        Revolving Credit Note, L/C Exposure, the Environmental Certificate, or any
        of
        the other Loan Documents, including all such obligations, indebtedness, or
        liabilities, whether for principal, interest (including post petition interest
        and including any and all interest which, but for the application of the
        provisions of the Bankruptcy Code, would have accrued on such amounts), premium,
        reimbursement obligations, fees, costs, expenses (including attorneys' fees),
        or
        indemnity obligations, whether heretofore, now, or hereafter made, incurred,
        or
        created, whether voluntarily or involuntarily made, incurred, or created,
        whether secured or unsecured (and if secured, regardless of the nature or
        extent
        of the security), whether absolute or contingent, liquidated or unliquidated,
        or
        determined or indeterminate, whether Borrower is liable individually or jointly
        with others, and whether recovery is or hereafter becomes barred by any statute
        of limitations or otherwise becomes unenforceable for any reason whatsoever,
        including any act or failure to act by Beneficiaries.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      "Lenders"
        shall
        have the meaning set forth by Recital A of this Guaranty.

       

      b.  Construction.
        Unless
        the context of this Guaranty clearly requires otherwise, references to the
        plural include the singular, references to the singular include the plural,
        the
        part includes the whole, the term "including" is not limiting, and the term
        "or"
        has the inclusive meaning represented by the phrase "and/or." The words
        "hereof," "herein," "hereby," "hereunder," and other similar terms refer
        to this
        Guaranty as a whole and not to any particular provision of this Guaranty.
        Any
        reference in this Guaranty to any of the following documents includes any
        and
        all alterations, amendments, extensions, modifications, renewals, or supplements
        thereto or thereof, as applicable: the Loan Documents; the Credit Agreement;
        this Guaranty; the Environmental Certificate; the C/T Note; and the Revolving
        Credit Note. 

       

      2.  Guarantied
        Obligations.
        Guarantor hereby irrevocably and unconditionally guaranty to Beneficiaries,
        as
        and for its own debt, until final and indefeasible payment in full thereof
        has
        been made in cash or immediately available funds, (a) the due and punctual
        payment of the Guarantied Obligations, in each case when the same shall become
        due and payable, whether at maturity, pursuant to a mandatory payment
        requirement, by acceleration, or otherwise; it being the intent of Guarantor
        that the guaranty set forth herein shall be a guaranty of payment and not
        a
        guaranty of collection; and (b) the punctual and faithful performance, keeping,
        observance, and fulfillment by Borrower of all of the agreements, conditions,
        covenants, and obligations of Borrower contained in the Credit Agreement,
        the
        C/T Note, the Revolving Credit Note, the Environmental Certificate and under
        each of the other Loan Documents.

       

      3.  Continuing
        Guaranty.
        This
        Guaranty includes Guarantied Obligations arising under successive transactions
        continuing, compromising, extending, increasing, modifying, releasing, or
        renewing the Guarantied Obligations, changing the interest rate, payment
        terms,
        or other terms and conditions thereof, or creating new or additional Guarantied
        Obligations after prior Guarantied Obligations have been satisfied in whole
        or
        in part. To the maximum extent permitted by law, Guarantor hereby waives
        any
        right to revoke this Guaranty as to future Indebtedness. If such a revocation
        is
        effective notwithstanding the foregoing waiver, Guarantor acknowledges and
        agrees that (a) no such revocation shall be effective until written notice
        thereof has been received and acknowledged by Beneficiaries, (b) no such
        revocation shall apply to any Guarantied Obligations in existence on such
        date
        (including any subsequent continuation, extension, or renewal thereof, or
        change
        in the interest rate, payment terms, or other terms and conditions thereof
        to
        the extent permitted by law), (c) no such revocation shall apply to any
        Guarantied Obligations made or created after such date to the extent made
        or
        created pursuant to a legally binding commitment of Beneficiaries in existence
        on the date of such revocation, (d) no payment by Guarantor, Borrower, or
        from
        any other source, prior to the date of such revocation shall reduce the maximum
        obligation of Guarantor hereunder, and (e) any payment by Borrower or from
        any
        source other than Guarantor subsequent to the date of such revocation shall
        first be applied to that portion of the Guarantied Obligations as to which
        the
        revocation is effective and which is not, therefore, guarantied
        hereunder.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      4.  Performance
        under this Guaranty.
        In the
        event that Borrower fails to make any payment of any Guarantied Obligations
        on
        or before the due date thereof, or if Borrower shall fail to perform, keep,
        observe, or fulfill any other obligations referred to in clause (b) of Section
        2
        hereof in the manner provided in the Credit Agreement, the C/T Note, the
        Revolving Credit Note or the other Loan Documents, as applicable, Guarantor
        shall cause such payment to be made or each of such obligations to be performed,
        kept, observed, or fulfilled within five (5) Banking Business Days of
        Guarantor's receipt of written notice of such failure.

       

      5.  Primary
        Obligations.
        This
        Guaranty is a primary and original obligation of Guarantor, is not merely
        the
        creation of a surety relationship, and is an absolute, unconditional, and
        continuing guaranty of payment and performance which shall remain in full
        force
        and effect without respect to future changes in conditions, including any
        change
        of law or any invalidity or irregularity with respect to the issuance of
        the
        Notes. Guarantor agrees that it is directly, jointly and severally with any
        other guarantor of the Guarantied Obligations, liable to Beneficiaries, that
        the
        obligations of Guarantor hereunder are independent of the obligations of
        Borrower or any other guarantor, and that a separate action may be brought
        against Guarantor, whether such action is brought against Borrower or any
        other
        guarantor whether Borrower or any such other guarantor is joined in such
        action.
        Guarantor agrees that its liability hereunder shall be immediate and shall
        not
        be contingent upon the exercise or enforcement by Beneficiaries of whatever
        remedies they may have against Borrower or any other guarantor, or the
        enforcement of any lien or realization upon any security Beneficiaries may
        at
        any time possess. Guarantor agrees that any release which may be given by
        Beneficiaries to Borrower or any other guarantor shall not release Guarantor.
        Guarantor consents and agrees that Beneficiaries shall be under no obligation
        to
        marshal any property or assets of Borrower or any other guarantor in favor
        of
        Guarantor, or against or in payment of any or all of the Guarantied
        Obligations.

       

      6.  Waivers.

       

      a.  Except
        as
        otherwise expressly set forth herein, Guarantor hereby waives: (i) notice
        of
        acceptance hereof; (ii) notice of any Construction Disbursements, Borrowings,
        advances, loans or other financial accommodations made or extended under
        the
        Credit Agreement, or the creation or existence of any Guarantied Obligations;
        (iii) notice of the amount of the Guarantied Obligations, subject, however,
        to
        Guarantor's right to make inquiry of Agent Bank to ascertain the amount of
        the
        Guarantied Obligations at any reasonable time; (iv) notice of any adverse
        change
        in the financial condition of Borrower or of any other fact that might increase
        Guarantor's risk hereunder; (v) notice of presentment for payment, demand,
        protest, and notice thereof as to the C/T Note, the Revolving Credit Note
        or any
        other instrument; (vi) notice of any Default or Event of Default under the
        Credit Agreement; and (vii) all other notices (except if such notice is
        specifically required to be given to Guarantor under this Guaranty or any
        other
        Loan Document to which Guarantor is party) and demands to which Guarantor
        might
        otherwise be entitled.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      b.  To
        the
        fullest extent permitted by applicable law, Guarantor waives the right by
        statute or otherwise to require Beneficiaries to institute suit against Borrower
        or to exhaust any rights and remedies which Beneficiaries have or may have
        against Borrower. In this regard, Guarantor agrees that it is bound to the
        payment of each and all Guarantied Obligations, whether now existing or
        hereafter accruing, as fully as if such Guarantied Obligations were directly
        owing to Beneficiaries by Guarantor. Guarantor further waives any defense
        arising by reason of any disability or other defense (other than the defense
        that the Guarantied Obligations shall have been fully and finally performed
        and
        indefeasibly paid) of Borrower or by reason of the cessation from any cause
        whatsoever of the liability of Borrower in respect thereof.

       

      c.  To
        the
        maximum extent permitted by law, Guarantor hereby waives: (i) any rights
        to
        assert against Beneficiaries any defense (legal or equitable), set-off,
        counterclaim, or claim which Guarantor may now or at any time hereafter have
        against Borrower or any other party liable to Beneficiaries; (ii) any defense,
        set-off, counterclaim, or claim, of any kind or nature, arising directly
        or
        indirectly from the present or future lack of perfection, sufficiency, validity,
        or enforceability of the Guarantied Obligations or any security therefor;
        (iii)
        any defense arising by reason of any claim or defense based upon an election
        of
        remedies by Beneficiaries; (iv) the benefit of any statute of limitations
        affecting Guarantor's liability hereunder or the enforcement thereof, and
        any
        act which shall defer or delay the operation of any statute of limitations
        applicable to the Guarantied Obligations shall similarly operate to defer
        or
        delay the operation of such statute of limitations applicable to Guarantor's
        liability hereunder; and (v) any defense or benefit that may be derived from
        or
        afforded by law which limits the liability of or exonerates guaranties or
        sureties including, without limitation, the benefits of Nevada Revised Statutes
        §§40.430 - 40.459, 40.475 and 40.485 as permitted by Nevada Revised
        Statutes §40.495.

       

      d.  Guarantor
        agrees that if all or a portion of the Indebtedness or this Guaranty is at
        any
        time secured by a deed of trust or mortgage covering interests in real property,
        Beneficiaries, in their sole discretion, without notice or demand and without
        affecting the liability of Guarantor under this Guaranty, may foreclose
        (pursuant to the terms of the Credit Agreement or otherwise) the deed of
        trust
        or mortgage and the interests in real property secured thereby by non-judicial
        sale. Guarantor understands that the exercise of Beneficiaries of certain
        rights
        and remedies contained in the Credit Agreement and any such deed of trust
        or
        mortgage may affect or eliminate Guarantor's right of subrogation against
        Borrower and that Guarantor may therefore incur a partially or totally
        non-reimbursable liability hereunder. Nevertheless, Guarantor hereby authorizes
        and empowers Beneficiaries to exercise, in their sole discretion, any rights
        and
        remedies, or any combination thereof, which may then be available, since
        it is
        the intent and purpose of Guarantor that the obligations hereunder shall
        be
        absolute, independent and unconditional under any and all circumstances.
        Notwithstanding any foreclosure of the lien of any deed of trust or security
        agreement with respect to any or all of any real or personal property secured
        thereby, whether by the exercise of the power of sale contained therein,
        by an
        action for judicial foreclosure or by an acceptance of a deed in lieu of
        foreclosure, Guarantor shall remain bound under this Guaranty including its
        obligation to pay any deficiency following a non-judicial
        foreclosure.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      e.  Guarantor
        also hereby waives any claim, right or remedy which Guarantor may now have
        or
        hereafter acquire against the Borrower that arises hereunder and/or from
        the
        performance by Guarantor hereunder including, without limitation, any claim,
        remedy or right of subrogation, reimbursement, exoneration, contribution,
        indemnification, or participation in any claim, right or remedy of Beneficiaries
        against the Borrower or any security which Beneficiaries now have or hereafter
        acquire, whether or not such claim, right or remedy arises in equity, under
        contract, by statute, under common law or otherwise.

       

      7.  Releases.
        Guarantor consents and agrees that, without notice to or by Guarantor and
        without affecting or impairing the obligations of Guarantor hereunder,
        Beneficiaries may, by action or inaction, compromise or settle, extend the
        period of duration or the time for the payment, or discharge the performance
        of,
        or may refuse to, or otherwise not enforce, or may, by action or inaction,
        release all or any one or more parties to, any one or more of the Credit
        Agreement, the Notes, or any of the other Loan Documents or may grant other
        indulgences to Borrower in respect thereof, or may amend or modify in any
        manner
        and at any time (or from time to time) any one or more of the Credit Agreement,
        the Notes, or any of the other Loan Documents, or may, by action or inaction,
        release or substitute any other guarantor, if any, of the Guarantied
        Obligations, or may enforce, exchange, release, or waive, by action or inaction,
        any security for the Guarantied Obligations (including the Collateral) or
        any
        other guaranty of the Guarantied Obligations, or any portion
        thereof.

       

      8.  No
        Election.
        Beneficiaries shall have the right to seek recourse against Guarantor to
        the
        fullest extent provided for herein and no election by Beneficiaries to proceed
        in one form of action or proceeding, or against any party, or on any obligation,
        shall constitute a waiver of Beneficiaries' right to proceed in any other
        form
        of action or proceeding or against other parties unless Beneficiaries have
        expressly waived such right in writing. Specifically, but without limiting
        the
        generality of the foregoing, no action or proceeding by Beneficiaries under
        any
        document or instrument evidencing the Guarantied Obligations shall serve
        to
        diminish the liability of Guarantor under this Guaranty except to the extent
        that Beneficiaries finally and unconditionally shall have realized indefeasible
        payment by such action or proceeding.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      9.  Indefeasible
        Payment.
        The
        Guarantied Obligations shall not be considered indefeasibly paid for purposes
        of
        this Guaranty unless and until all payments to Beneficiaries are no longer
        subject to any right on the part of any person whomsoever, including Borrower,
        Borrower as a debtor in possession, or any trustee (whether appointed under
        the
        Bankruptcy Code or otherwise) of Borrower's assets to invalidate or set aside
        such payments or to seek to recoup the amount of such payments or any portion
        thereof, or to declare same to be fraudulent or preferential. In the event
        that,
        for any reason, all or any portion of such payments to Beneficiaries is set
        aside or restored, whether voluntarily or involuntarily, after the making
        thereof, the obligation or part thereof intended to be satisfied thereby
        shall
        be revived and continued in full force and effect as if said payment or payments
        had not been made and Guarantor shall be liable for the full amount
        Beneficiaries are required to repay plus any and all costs and expenses
        (including attorneys' fees) paid by Beneficiaries in connection
        therewith.

       

      10.  Financial
        Condition of Borrower and Guarantor.

       

      a.  Guarantor
        represents and warrants to Beneficiaries that it is currently informed of
        the
        financial condition of Borrower and of all other circumstances which a diligent
        inquiry would reveal and which bear upon the risk of nonpayment of the
        Guarantied Obligations. Guarantor further represents and warrant to
        Beneficiaries that it has read and understands the terms and conditions of
        the
        Credit Agreement, the Notes and the other Loan Documents. Guarantor hereby
        covenants that it will continue to keep itself informed of Borrower's financial
        condition, the financial condition of other guarantors, if any, and of all
        other
        circumstances which bear upon the risk of nonpayment or nonperformance of
        the
        Guarantied Obligations.

       

      b.  At
        all
        times until the occurrence of Bank Facilities Termination, Guarantor shall
        deliver to Agent Bank and each of the Lenders:

       

      (i)  Promptly
        after the same are available, copies of each annual report, proxy or financial
        statement or other report or communication that shall have been sent to the
        stockholders of Guarantor. Lenders can obtain copies of all annual, regular,
        periodic and special reports (including, without limitation, each 10Q and
        10K
        report) and registration statements which Guarantor shall have filed or be
        required to file with the Securities and Exchange Commission under
        Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, by
        accessing the EDGAR System of the Securities and Exchange Commission;
        and

       

      (ii)  Promptly,
        and in any event within ten (10) days of the filing thereof, a copy of any
        substantive filing, report or other document filed by Borrower or Guarantor
        with
        the Gaming Authorities. Promptly after the same are available, copies of
        any
        written communication to Borrower or Guarantor from the Gaming Authorities
        advising them, or either of them, of a material violation of or non-compliance
        with, any Gaming Law by Borrower or Guarantor.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      11.  Subordination.
        Any
        indebtedness of Borrower now or hereafter held by Guarantor is hereby
        subordinated to the indebtedness of Borrower to Beneficiaries; and from and
        after the occurrence of a Default or an Event of Default under the Credit
        Agreement and for so long as such a Default or Event of Default shall continue
        such indebtedness of Borrower to Guarantor shall be collected, enforced and
        received by Guarantor as trustee for Borrower and paid over to Beneficiaries
        on
        account of the indebtedness of Borrower to Beneficiaries but without reducing
        or
        affecting in any manner the liability of Guarantor under the other provisions
        of
        this Guaranty.

       

      12.  Payments;
        Application.
        All
        payments to be made hereunder by Guarantor shall be made in lawful money
        of the
        United States of America at the time of payment, shall be made in immediately
        available funds, and shall be made without deduction (whether for taxes or
        otherwise) or offset. All payments made by Guarantor hereunder shall be applied
        as follows: first, to all reasonable costs and expenses (including attorneys'
        fees) incurred by Beneficiaries in enforcing this Guaranty or in collecting
        the
        Guarantied Obligations; second, to all accrued and unpaid interest, premium,
        if
        any, and fees owing to Beneficiaries constituting Guarantied Obligations;
        and
        third, to the balance of the Guarantied Obligations.

       

      13.  Costs
        and Expenses.
        Guarantor agrees to pay Beneficiaries' reasonable out-of-pocket costs and
        expenses, including, but not limited to, legal fees and disbursements, incurred
        in any effort (which shall include those incurred in investigations of and
        advising on matters relating to the Beneficiaries' rights and remedies) to
        collect or enforce any of sums owing under this Guaranty whether or not any
        lawsuit is filed. Until paid to the Beneficiaries' such sums will bear interest
        at the Default Rate set forth in the Credit Agreement.

       

      14.  Costs
        to Prevailing Party.
        If any
        action or proceeding is brought by any party against any other party under
        this
        Guaranty, the prevailing party shall be entitled to recover such costs and
        attorney's fees as the court in such action or proceeding may adjudge
        reasonable.

       

      15.  Notices.
        Unless
        otherwise specifically provided herein, any notice or other communication
        herein
        required or permitted to be given shall be in writing and may be personally
        served, sent by telefacsimile, telexed, or sent by courier service or United
        States mail and shall be deemed to have been given when delivered in person
        or
        by courier service, upon receipt of a telefacsimile or telex or five (5)
        Banking
        Business Days after deposit in the United States mail (registered or certified,
        with postage prepaid and properly addressed). For the purposes hereof, the
        addresses of the parties hereto (until notice of a change thereof is delivered
        as provided in this Section 15) shall be as set forth below, or, as to each
        party, at such other address as may be designated by such party in a written
        notice to all of the other parties:

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      If
        to
        Guarantor:               Century
        Casinos, Inc. 
                                        1263
          Lake Plaza
          Drive

        Colorado
          Springs, CO 80906

        Attn:
          Larry Hannappel, Sr.V.P. 

      

      

      With
        a
        copy to:         Doug
        Wright, Esq.

      Faegre
        & Benson LLP

      1700
        Lincoln Street, Suite 3200

      Denver,
        CO 80203 

       

      If
        to
        Beneficiaries

      c/o
        Agent
        Bank:        Wells
        Fargo Bank, National Association

      Commercial
        Banking Division

      5340
        Kietzke Lane, Suite 201 

      Reno,
        NV
        89511

      Attn:
        Ryan Edde, V.P.

      

      With
        a
        copy to:         Timothy
        J. Henderson, Esq.

      Henderson
        & Morgan, LLC

      4600
        Kietzke Lane, Suite K228

      Reno,
        NV
        89502

       

      16.  Cumulative
        Remedies.
        No
        remedy under this Guaranty, under the Credit Agreement, the C/T Note, the
        Revolving Credit Note, or any Loan Document is intended to be exclusive of
        any
        other remedy, but each and every remedy shall be cumulative and in addition
        to
        any and every other remedy given under this Guaranty, under the Credit
        Agreement, the C/T Note, the Revolving Credit Note, or any other Loan Document,
        and those provided by law. No delay or omission by Beneficiaries to exercise
        any
        right under this Guaranty shall impair any such right nor be construed to
        be a
        waiver thereof. No failure on the part of Beneficiaries to exercise, and
        no
        delay in exercising, any right under this Guaranty shall operate as a waiver
        thereof; nor shall any single or partial exercise of any right under this
        Guaranty preclude any other or further exercise thereof or the exercise of
        any
        other right.

       

      17.  Severability
        of Provisions.
        Any
        provision of this Guaranty which is prohibited or unenforceable under applicable
        law, shall be ineffective to the extent of such prohibition or unenforceability
        without invalidating the remaining provisions hereof.

       

      18.  Entire
        Agreement; Amendments.
        This
        Guaranty, together with the Credit Agreement, constitutes the entire agreement
        between Guarantor and Beneficiaries pertaining to the subject matter contained
        herein. This Guaranty may not be altered, amended, or modified, nor may any
        provisions hereof be waived or noncompliance therewith consented to, except
        by
        means of a writing executed by Guarantor and Beneficiaries. Any such alteration,
        amendment, modification, waiver, or consent shall be effective only to the
        extent specified therein and for the specific purpose for which given. No
        course
        of dealing and no delay or waiver of any right or default under this Guaranty
        shall be deemed a waiver of any other, similar or dissimilar, right or default
        or otherwise prejudice the rights and remedies hereunder.

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      19.  Successors
        and Assigns.
        This
        Guaranty shall be binding upon Guarantor and its respective successors and
        assigns and shall inure to the benefit of the successors and assigns of
        Beneficiaries; provided,
        however,
        Guarantor shall not assign this Guaranty or delegate any of its duties hereunder
        without Beneficiaries' prior written consent and any unconsented to assignment
        shall be absolutely void. In the event of any assignment or other transfer
        of
        rights by Beneficiaries, the rights and benefits herein conferred upon
        Beneficiaries shall automatically extend to and be vested in such assignee
        or
        other transferee.

       

      20.  Choice
        of Law and Venue; Service of Process.
        THE
        VALIDITY OF THIS GUARANTY, ITS CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT,
        AND THE RIGHTS OF GUARANTOR AND BENEFICIARIES, SHALL BE DETERMINED UNDER,
        GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
        OF
        NEVADA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. ALL JUDICIAL
        PROCEEDINGS BROUGHT AGAINST GUARANTOR WITH RESPECT TO THIS GUARANTY MAY BE
        BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE
        OF
        NEVADA, AND BY EXECUTION AND DELIVERY OF THIS GUARANTY, GUARANTOR ACCEPTS,
        FOR
        ITSELF AND IN CONNECTION WITH ITS ASSETS, GENERALLY AND UNCONDITIONALLY,
        THE
        NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREE
        TO BE
        BOUND BY ANY FINAL JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS GUARANTY
        FROM WHICH NO APPEAL HAS BEEN TAKEN OR IS AVAILABLE.

       

      21.  Arbitration.
        

       

      a.  Upon
        the
        request of any party, whether made before or after the institution of any
        legal
        proceeding, any action, dispute, claim or controversy of any kind (e.g.,
        whether
        in contract or in tort, statutory or common law, legal or equitable) ("Dispute")
        now existing or hereafter arising between the parties in any way arising
        out of,
        pertaining to or in connection with the Credit Agreement, Loan Documents
        or any
        related agreements, documents, or instruments (collectively the "Documents"),
        may, by summary proceedings (e.g., a plea in abatement or motion to stay
        further
        proceedings), bring an action in court to compel arbitration of any
        Dispute.

       

      b.  All
        Disputes between the parties shall be resolved by binding arbitration governed
        by the Commercial Arbitration Rules of the American Arbitration Association.
        Judgment upon the award rendered by the arbitrators may be entered in any
        court
        having jurisdiction.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      c.  No
        provision of, nor the exercise of any rights under this arbitration clause
        shall
        limit the rights of any party, and the parties shall have the right during
        any
        Dispute, to seek, use and employ ancillary or preliminary remedies, judicial
        or
        otherwise, for the purposes of realizing upon, preserving, protecting or
        foreclosing upon any property, real or personal, which is involved in a Dispute,
        or which is subject to, or described in, the Documents, including, without
        limitation, rights and remedies relating to: (i) foreclosing against any
        real or personal property collateral or other security by the exercise of
        a
        power of sale under the Security Documentation or other security agreement
        or
        instrument, or applicable law, (ii) exercising self-help remedies (including
        setoff rights) or (iii) obtaining provisional or ancillary remedies such
        as
        injunctive relief, sequestration, attachment, garnishment or the appointment
        of
        a receiver from a court having jurisdiction before, during or after the pendency
        of any arbitration. The institution and maintenance of an action for judicial
        relief or pursuit of provisional or ancillary remedies or exercise of self-help
        remedies shall not constitute a waiver of the right of any party, including
        the
        plaintiff, to submit the Dispute to arbitration nor render inapplicable the
        compulsory arbitration provision hereof.

       

      22.  Waiver
        of Jury Trial.
        TO THE
        MAXIMUM EXTENT PERMITTED BY LAW, GUARANTOR AND EACH OF THE BENEFICIARIES
        EACH
        MUTUALLY HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY ACTION,
        CAUSE
        OF ACTION, CLAIM, DEMAND, OR PROCEEDING ARISING UNDER OR WITH RESPECT TO
        THIS
        GUARANTY, OR IN ANY WAY CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE
        DEALINGS OF GUARANTOR AND BENEFICIARIES WITH RESPECT TO THIS GUARANTY, OR
        THE
        TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
        ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE.
        TO THE MAXIMUM EXTENT PERMITTED BY LAW, GUARANTOR AND EACH OF THE BENEFICIARIES
        EACH MUTUALLY HEREBY AGREE THAT ANY SUCH ACTION, CAUSE OF ACTION, CLAIM,
        DEMAND,
        OR PROCEEDINGS SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT
        THE
        DEFENDING PARTY MAY FILE AN ORIGINAL COUNTERPART OF THIS SECTION WITH ANY
        COURT
        OR OTHER TRIBUNAL AS WRITTEN EVIDENCE OF THE CONSENT OF THE COMPLAINING PARTY
        TO
        THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the undersigned have executed and delivered this Guaranty
        as of
        the day and year first written above.

      

      
        	 	
                CENTURY
                  CASINOS, INC.,

                a
                  Delaware corporation

                 

                By
                  /s/ Larry Hannappel        

                Larry
                  Hannappel,

                Senior
                  Vice PresidentExhibit 10.1

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

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

                                   PURCHASER,

                    JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

                                     SELLER

                        MORTGAGE LOAN PURCHASE AGREEMENT

                            Dated as of June 20, 2006

                                $1,044,499,178.50

                            Fixed Rate Mortgage Loans

                               Series 2006-CIBC15

================================================================================
<PAGE>

              This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of June 20, 2006, is between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as purchaser (the "Purchaser"), and JPMorgan Chase Bank, National
Association, as seller ("JPMorgan" or 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 June 20, 2006 (the "Pooling and Servicing Agreement") among the Purchaser,
as depositor (the "Depositor"), Wells Fargo Bank, National Association, as
master servicer ("Master Servicer"), J.E. Robert Company, Inc., as special
servicer ("Special Servicer") and LaSalle Bank National Association as trustee
(in such capacity, the "Trustee") and as paying agent (in such capacity, the
"Paying Agent"), 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,
all of its right, title, and 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 June 12, 2006, between the Master Servicer and the
Seller) in and to the Mortgage Loans described in Exhibit A, 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-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J,
Class X-1, Class X-2, Class B, Class C and Class D Certificates (the "Offered
Certificates") to the underwriters specified in the underwriting agreement dated
June 12, 2006 (the "Underwriting Agreement") between the Depositor and J.P.
Morgan Securities Inc. ("JPMSI") for itself and as representative of CIBC World
Markets Corp. ("CIBCWMC") and Morgan Stanley & Co. Incorporated (together with
JPMSI, and CIBCWMC, the "Underwriters"), and the Depositor will sell the 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, as the
initial purchaser (together with the Underwriters, the "Dealers") specified in
the certificate purchase agreement, dated June 12, 2006 (the "Certificate
Purchase Agreement"), between the Depositor and JPMSI.

              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 $1,055,585,011.68 (which amount is inclusive of accrued
interest) in immediately available funds minus 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 Trustee. 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 the 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 (c)
of the Pooling and Servicing Agreement, and meeting all the requirements of such
Sections 2.01(b) and (c), and such other documents, instruments and agreements
as the Purchaser or the Trustee shall reasonably request and which are in the
Seller's possession or under the Seller's control. 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, privileged
or internal communications or credit underwriting or due diligence 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 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 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 Annex 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 Annex 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 Annex 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 delivered to a purchaser, be misleading or so that the Prospectus
Supplement, including Annex 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 June 12, 2006 among the Purchaser,
the Seller and the Dealers (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 national banking association duly organized,
      validly existing, and in good standing under the laws of the United States
      of America;

                   (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
      United States of America. 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 has 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, (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 will 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) 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;

                   (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 Companion Loan that is deposited into an Other
      Securitization, the depositor in such Other Securitization) and the Paying
      Agent with any Additional Form 10-D Disclosure and any Additional Form
      10-K Disclosure which the Purchaser is required to provide with respect to
      the Seller in its capacity as a "sponsor" pursuant to Exhibit Y and
      Exhibit Z 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 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;

                   (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 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 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 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 a
Mortgage Loan, 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, that, if such Breach or Defect is capable of being cured but
not 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 Trustee 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 not be required to repurchase such Mortgage Loan and the sole
remedy with respect to any Breach of such representation shall be to 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.

              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) 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 a Defect previously described in clauses (a)
through (f) above) shall be considered to materially and adversely affect the
value of the related Mortgage Loan, the related Mortgaged Property or the
interests of the Trustee or Certificateholders 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 a Custodian
on its behalf within 18 months from 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 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 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).

              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 to the Trust, 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
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 any
affected Mortgage Loan pursuant to Section 6(e) shall constitute the sole remedy
available to the Purchaser in connection with a Breach or Defect. It is
acknowledged and agreed that the representations and warranties are being made
for risk allocation purposes; 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 Assistant Secretary of the
      Seller;

                   (ii) a copy of a certificate of good standing 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 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 charter 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 any 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 share 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, any Free Writing Prospectus (as defined
in the Indemnification Agreement), 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, the Prospectus, the Memoranda and any Free Writing
Prospectus, and the reproduction and delivery of this Agreement and the
furnishing to the Underwriters of such copies of the Registration Statement, the
Prospectus, the Memoranda, any Free Writing Prospectus 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. 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. 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, Vice President, telecopy number (212) 834-6593, (ii) in the case
of the Seller, JPMorgan Chase Bank, National Association, 270 Park Avenue, 10th
Floor, New York, New York 10017, Attention: Dennis Schuh, Vice President,
telecopy number (212) 834-6593 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 parties.

              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.

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

                                          JPMORGAN CHASE BANK, NATIONAL
                                          ASSOCIATION

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

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

        JPMCC 2006-CIBC15
        Mortgage Loan Schedule (JPMCB)
<TABLE>
<CAPTION>

        Loan #   Mortgagor Name                                Property Address                           City               State
        ------   -------------------------------------------   ---------------------------------------    ----------------   -------
<S>     <C>      <C>                                           <C>                                        <C>                <C>
JPMCB        1   Warner Investments, L.P.                      1299 Pennsylvania Avenue, Northwest        Washington         DC
JPMCB        2   Greenway Office Center L.L.C.                 Various                                    Middleton          WI
JPMCB     2.01                                                 8401 Greenway Boulevard                    Middleton          WI
JPMCB     2.02                                                 1600 Aspen Commons                         Middleton          WI
JPMCB     2.03                                                 8551 Research Way                          Middleton          WI
JPMCB     2.04                                                 8383 Greenway Boulevard                    Middleton          WI
JPMCB     2.05                                                 8476 Greenway Boulevard                    Middleton          WI
JPMCB     2.06                                                 1350 Deming Way                            Middleton          WI
JPMCB     2.07                                                 8500 Research Way                          Middleton          WI
JPMCB     2.08                                                 8309-8313 Greenway Boulevard               Middleton          WI
JPMCB        3   Perkins Delaware, LLC                         Various                                    Various            Various
JPMCB     3.01                                                 5460 South 56th Street                     Lincoln            NE
JPMCB     3.02                                                 2001 West Main Street                      Rapid City         SD
JPMCB     3.03                                                 3405 L Street                              Omaha              NE
JPMCB     3.04                                                 2302 Frontage Road                         Scottsbluff        NE
JPMCB     3.05                                                 620 North 114th Street                     Omaha              NE
JPMCB     3.06                                                 1900 Center Drive                          Norfolk            NE
JPMCB     3.07                                                 2840 South 70th Street                     Lincoln            NE
JPMCB     3.08                                                 2601 Cornhusker Drive                      South Sioux City   NE
JPMCB     3.09                                                 2700 East 23rd Street                      Fremont            NE
JPMCB      3.1                                                 2410 Frontage Road                         Scottsbluff        NE
JPMCB     3.11                                                 4915 2nd Avenue                            Kearney            NE
JPMCB     3.12                                                 2660 East 23rd Avenue North                Fremont            NE
JPMCB     3.13                                                 4200 South 27th Street                     Lincoln            NE
JPMCB        9   Marina Waterside, LLC                         4700-4780 Admirality Way and               Marina Del Rey     CA
                                                               13345 Fiji Way
JPMCB     9.01   M.I.A. Brookhaven, LLC, M&A Edge O'Lake,      Various                                    Various            Various
                 LLC, M&A Palumbo, LLC, M&A Preston
                 Highway, LLC, Wellington Way, LLC
JPMCB       10   M.I.A. Brookhaven, LLC                        2400 Nicholasville Road                    Lexington          KY
JPMCB       11   Wellington Way, LLC                           1028 Wellington Way & 1056                 Lexington          KY
                                                               Wellington Way
JPMCB       12   M&A Palumbo, LLC                              3001 Blake James Drive                     Lexington          KY
JPMCB       13   M&A Edge O'Lake, LLC                          2401 Edge O Lake Drive                     Antioch            TN
JPMCB       14   M&A Preston Highway, LLC                      6013 Preston Highway                       Louisville         KY
JPMCB       15   Griffin Capital (St. Paul)                    101 5th Street East                        St. Paul           MN
                 Investors, LLC, et al
JPMCB       18   Vet Plaza, LLC                                1400 Veterans Blvd                         Redwood City       CA
JPMCB       19   Oklahoma Tower Realty Investors, LLC          210 Park Avenue                            Oklahoma City      OK
JPMCB       25   Lexington Dillon LLC                          224 Harbor Freight Road                    Dillon             SC
JPMCB       28   Shamrock of Sunrise LLC                       4001 North Pine Island Road                Sunrise            FL
JPMCB       34   Behringer Harvard 10777 Clay Road LP          10777 Clay Road                            Houston            TX
JPMCB       35   USA West Oaks, DST                            2600 Westhollow Drive                      Houston            TX
JPMCB       39   DMRC Properties, Inc.                         11420 and 11480 Brookshire Avenue          Downey             CA
JPMCB       40   Group Housing, LLC                            Various                                    Fairborn           OH
JPMCB    40.01                                                 2100 Zink Road                             Fairborn           OH
JPMCB    40.02                                                 2060, 2070, 2080, 2090 Zink Road           Fairborn           OH
JPMCB       44   Catalpa Capital, LLC                          5454 Beethoven Street                      Los Angeles        CA
JPMCB       47   SC Industrial III, LLC                        480 Quadrangle Drive and 270               Bolingbrook        IL
                                                               Remington Boulevard
JPMCB       48   Crossings Center Seven, LLC                   5200 Interchange Way                       Louisville         KY
JPMCB       55   Cornerstone Fountains, LP                     2401 East McKinney Street                  Denton             TX
JPMCB       57   SFC Enterprises, LTD                          857 Graham Road                            Cuyahoga Falls     OH
JPMCB       58   Lexington Livonia TI L.P.                     359 Gateway Drive                          Lavonia            GA
JPMCB       61   FGG Retail Portfolio II, LLC, et al           Various                                    Various            TX
JPMCB    61.01                                                 3841 State Highway 64                      Tyler              TX
JPMCB    61.02                                                 300 North Highway 175                      Seagoville         TX
JPMCB    61.03                                                 4720 State Highway 121                     Plano              TX
JPMCB       62   Intech Ventures of Novi Limited Partnership   39750-39830 Grand River Avenue             Novi               MI
JPMCB       64   36th Street Hotel Holdings, Inc.              5301 Northwest 36th Street                 Miami Springs      FL
JPMCB       66   Cambridge Street, L.P.                        1151-1161 North 3rd Street                 Philadelphia       PA
JPMCB       69   PDR Holdings, LLC                             10000 West Flagler Street                  Miami              FL
JPMCB       70   Catamount Peak Phase I LLC                    36 Peak Drive                              Cullowhee          NC
JPMCB       71   Deerfield Beach Hotel Holdings, Inc.          1050 and 1041 East Newport Center Drive    Deerfield Beach    FL
JPMCB       72   Parkway Plaza I, L.L.C.                       37165 South Groesbeck Highway              Clinton Township   MI
JPMCB       73   Mainscape Leasing, LLC                        4150 North Keystone Avenue                 Indianapolis       IN
JPMCB       74   Dutton Mill Center, LLC                       152 Pennell Road                           Aston              PA
JPMCB       75   110 Algonquin Parkway, LLC                    110 Algonquin Parkway                      Whippany           NJ
JPMCB       78   9550 Flair Drive LP                           9550 East Flair Drive                      El Monte           CA
JPMCB       82   188 Claremont LLC, Silver & Silver            601 Jones Ferry Road                       Carrboro           NC
                 Properties LLC
JPMCB       83   Naab Road Medical Center II, LLP              8260 Naab Road                             Indianapolis       IN
JPMCB       85   BW Copperfield, Ltd.                          6051 South Hulen Street                    Fort Worth         TX
JPMCB       87   Physicians Medical Plaza, LLC                 8550 Naab Road                             Indianapolis       IN
JPMCB       88   Rice Creek Townhouse Company                  1652 69th Avenue Northeast                 Fridley            MN
JPMCB       90   Noblesville Medical Arts Building             18051 River Avenue                         Noblesville        IN
                 Partnership, LLP
JPMCB       91   Linmark Oaks, LLC                             127 Plantation Drive West                  Lake Jackson       TX
JPMCB       93   3700 Building, LLC                            3702 Washington Street                     Hollywood          FL
JPMCB       94   VFII-LBC, LLC                                 14717-14725 Baltimore Ave                  Laurel             MD
JPMCB      101   Hamtramck Center, L.L.C.                      9101 - 9215 Joseph Campau                  Hamtramck          MI
JPMCB      102   The Jobs Company, L.L.C.                      2754 Gunter Park Drive West                Montgomery         AL
JPMCB      103   Southern Indiana Medical Office               2920 McIntyre Drive                        Bloomington        IN
                 Building Partnership, LLP
JPMCB      104   Mesa Center, LLC                              1000 North Midkiff Road                    Midland            TX
JPMCB      107   Hotel Holdings of Maine, Inc.                 90 Maine Mall Road                         Portland           ME
JPMCB      108   Hannover Springs Partners, Ltd.               100 and 200 Hannover Park Road             Atlanta            GA
JPMCB      112   Cooks Creek Apartments, LP                    2706 Cookscreek Place                      Farmers Branch     TX
JPMCB      114   Burling-Fremont L.L.C.                        6324 - 6336 South Cottage Grove Avenue     Chicago            IL
JPMCB      117   New Mexico Hotel Holdings, Inc.               2300 Yale Boulevard Southeast              Albuquerque        NM

<CAPTION>

                                                                                                                      Interest
        Loan #   Zip Code   County                 Property Name                              Size      Measure       Rate (%)
        ------   --------   --------------------   ----------------------------------------   -------   -----------   --------
<S>     <C>      <C>        <C>                    <C>                                        <C>       <C>           <C>
JPMCB        1      20004   District of Columbia   Warner Building                             602471   Square Feet    6.25750
JPMCB        2      53562   Dade                   Greenway Portfolio                          913105   Square Feet    6.00000
JPMCB     2.01      53562   Dane                   Wisconsin Trade Center                      260208   Square Feet    6.00000
JPMCB     2.02      53562   Dane                   Greenway Office Building                    222639   Square Feet    6.00000
JPMCB     2.03      53562   Dane                   Greenway Research Center                    190574   Square Feet    6.00000
JPMCB     2.04      53562   Dane                   Western Tower                                73920   Square Feet    6.00000
JPMCB     2.05      53562   Dane                   Oaks at Greenway                             49734   Square Feet    6.00000
JPMCB     2.06      53562   Dane                   Deming Building                              47043   Square Feet    6.00000
JPMCB     2.07      53562   Dane                   PPD Pharmaceutical                           43145   Square Feet    6.00000
JPMCB     2.08      53562   Dane                   Pond Buildings                               25842   Square Feet    6.00000
JPMCB        3   Various    Various                Midwest Retail Portfolio                   1457129   Square Feet    6.17350
JPMCB     3.01      68516   Lancaster              Edgewood Phase I                            179964   Square Feet    6.17350
JPMCB     3.02      57702   Pennington             Baken Park                                  195526   Square Feet    6.17350
JPMCB     3.03      68154   Douglas                Stockyards Plaza I                          129459   Square Feet    6.17350
JPMCB     3.04      69361   Scotts Bluff           Monument Mall                               204527   Square Feet    6.17350
JPMCB     3.05      68154   Douglas                Miracle Hills Park                           69606   Square Feet    6.17350
JPMCB     3.06      68701   Madison                Market Square                               159515   Square Feet    6.17350
JPMCB     3.07      68506   Lancaster              The Meadows                                  67840   Square Feet    6.17350
JPMCB     3.08      68766   Dakota                 Cornhusker Plaza                             84083   Square Feet    6.17350
JPMCB     3.09      68025   Dodge                  Eastville Plaza                              68546   Square Feet    6.17350
JPMCB      3.1      69361   Scotts Bluff           Wal-Mart - Monument Mall                    111401   Square Feet    6.17350
JPMCB     3.11      68847   Buffalo                Herbergers / SAKS                            87384   Square Feet    6.17350
JPMCB     3.12      68025   Dodge                  Menards - Fremont/Eastville                  64890   Square Feet    6.17350
JPMCB     3.13      68502   Lancaster              Bishop Heights                               34388   Square Feet    6.17350
JPMCB        9      90292   Los Angeles            Marina Waterside                            132652   Square Feet    6.24550
JPMCB     9.01   Various    Various                Pulliam Portfolio                           300850   Square Feet    5.94000
JPMCB       10      40503   Fayette                Brookhaven Shopping Center                   76007   Square Feet    5.94000
JPMCB       11      40513   Fayette                Wellington Gold's Gym                        65478   Square Feet    5.94000
JPMCB       12      40509   Fayette                Palumbo Drive - Gold's Gym                   61350   Square Feet    5.94000
JPMCB       13      37013   Davidson               Edge O Lake Shopping Center                  47615   Square Feet    5.94000
JPMCB       14      40219   Jefferson              Preston Highway - Gold's Gym                 50400   Square Feet    5.94000
JPMCB       15      55101   Ramsey                 US Bank Center - St. Paul                   362031   Square Feet    5.69300
JPMCB       18      94063   San Mateo              Kaiser Foundation Building                   62500   Square Feet    6.07000
JPMCB       19      73102   Oklahoma               Oklahoma Tower                              565414   Square Feet    5.90500
JPMCB       25      29536   Dillon                 Harbor Freight Tools USA, Inc.             1010859   Square Feet    5.97400
JPMCB       28      33351   Broward                4001 North Pine Island Road                    119   Units          6.17000
JPMCB       34      77043   Harris                 AMEC Paragon Buildings I & II               227486   Square Feet    5.84500
JPMCB       35      77082   Harris                 Wynhaven - West Oaks Apartments                323   Units          5.93000
JPMCB       39      90241   Los Angeles            Downey Regional Medical Plaza                86762   Square Feet    6.08000
JPMCB       40      45324   Greene                 Wright State University                        639   Beds           6.17000
JPMCB    40.01      45324   Greene                 Wright State - Honors Hall                     399   Beds           6.17000
JPMCB    40.02      45324   Greene                 Wright State - College Park                    240   Beds           6.17000
JPMCB       44      90066   Los Angeles            Deutsch, Inc.                                86940   Square Feet    6.22000
JPMCB       47      60440   Will                   Creekside Corporate Center                   98129   Square Feet    5.99000
JPMCB       48      40229   Jefferson              Crossings Center Seven                      300000   Square Feet    5.99000
JPMCB       55      76209   Denton                 Fountains of Denton Apartments                 170   Units          5.88000
JPMCB       57      44221   Summit                 Stow Falls Center                            91325   Square Feet    6.21000
JPMCB       58      30553   Hart                   TI Automotive                               133221   Square Feet    5.46000
JPMCB       61   Various    Various                North Texas Retail Portfolio                 61786   Square Feet    5.54250
JPMCB    61.01      75704   Smith                  Pine Corners Shopping Center                 32196   Square Feet    5.54250
JPMCB    61.02      75159   Dallas                 Seagoville Shopping Center                   19600   Square Feet    5.54250
JPMCB    61.03      75024   Collin                 Plano Shopping Center                         9990   Square Feet    5.54250
JPMCB       62      48375   Oakland                Intech Ventures of Novi                      92053   Square Feet    5.79750
JPMCB       64      33166   Miami-Dade             Comfort Inn & Suites Miami Airport             274   Rooms          5.88200
JPMCB       66      19123   Philadelphia           Becker Building                                 45   Units          5.50000
JPMCB       69      33174   Miami-Dade             Plaza Del Rey                                50146   Square Feet    5.94000
JPMCB       70      28723   Jackson                Catamount Peak                                 238   Beds           5.93500
JPMCB       71      33442   Broward                Comfort Suites & Best Western                  208   Rooms          5.88200
JPMCB       72      48036   Macomb                 Parkway Plaza                               150985   Square Feet    5.57300
JPMCB       73      46205   Marion                 4150 North Keystone Building                 95541   Square Feet    5.88000
JPMCB       74      19014   Delaware County        Dutton Mill Shopping Center                  76664   Square Feet    5.54500
JPMCB       75      07981   Morris                 110 Algonquin Parkway                       114265   Square Feet    5.98000
JPMCB       78      91731   Los Angeles            9550 Flaire Drive                            73775   Square Feet    5.86000
JPMCB       82      27510   Orange                 Sterling Brook Apartments                      170   Units          5.89100
JPMCB       83      46260   Marion                 Naab Road Medical Center II                  24133   Square Feet    5.89000
JPMCB       85      76132   Tarrant                Copperfield Apartments                         323   Units          5.92500
JPMCB       87      46260   Marion                 Physicians Medical Plaza                     40936   Square Feet    5.88250
JPMCB       88      55432   Anoka                  Rice Creek Apartments                          137   Units          6.13000
JPMCB       90      46062   Hamilton               Noblesville Medical Arts Building            38865   Square Feet    5.89000
JPMCB       91      77566   Brazoria               Oaks of Flagridge                              144   Units          5.92500
JPMCB       93      33021   Broward                Hollywood Medical Office II                  41824   Square Feet    6.33250
JPMCB       94      20707   Prince Georges         Laurel Business Center                       97861   Square Feet    5.53000
JPMCB      101      48212   Wayne                  Hamtramck Shopping Center                    38880   Square Feet    5.68500
JPMCB      102      36109   Montgomery             Jobs Company Warehouse                      126466   Square Feet    5.94000
JPMCB      103      47403   Monroe                 Southern Indiana Medical Office Building     43009   Square Feet    5.84250
JPMCB      104      79701   Midland                Town and Country Shopping Center             92387   Square Feet    6.20000
JPMCB      107      04106   Cumberland             Comfort Inn South Portland                     127   Rooms          5.88200
JPMCB      108      30350   Fulton                 Hannover Park Office Building                58954   Square Feet    5.82000
JPMCB      112      75234   Dallas                 Cookscreek Apartments                          255   Units          5.55500
JPMCB      114      60637   Cook                   6326 South Cottage Grove                     21400   Square Feet    5.95000
JPMCB      117      87106   Bernalillo             Comfort Inn Airport                            118   Rooms          5.88200

<CAPTION>
                 Net
                 Mortgage                                                                            Monthly
                 Interest  Original      Cutoff               Rem.   Maturity/   Amort.   Rem.       Debt        Servicing
        Loan #   Rate      Balance       Balance       Term   Term   ARD Date    Term     Amort.     Service     Fee Rate
        ------   -------   -----------   -----------   ----   ----   ---------   ------   --------   ---------   ---------
<S>     <C>      <C>       <C>           <C>           <C>    <C>    <C>         <C>      <C>        <C>         <C>
JPMCB        1   6.23650   292,700,000   292,700,000    120    119   05/07/16         0          0   1,547,507
JPMCB        2   5.97900   112,000,000   112,000,000    120    119   05/01/16         0          0     567,778
JPMCB     2.01              32,278,000    32,278,000    120    119   05/01/16         0          0     567,778
JPMCB     2.02              26,833,000    26,833,000    120    119   05/01/16         0          0     567,778
JPMCB     2.03              24,344,000    24,344,000    120    119   05/01/16         0          0     567,778
JPMCB     2.04               7,856,000     7,856,000    120    119   05/01/16         0          0     567,778
JPMCB     2.05               6,611,000     6,611,000    120    119   05/01/16         0          0     567,778
JPMCB     2.06               5,989,000     5,989,000    120    119   05/01/16         0          0     567,778
JPMCB     2.07               5,600,000     5,600,000    120    119   05/01/16         0          0     567,778
JPMCB     2.08               2,489,000     2,489,000    120    119   05/01/16         0          0     567,778
JPMCB        3   6.15250    81,730,000    81,730,000    120    119   05/01/16       360        360     499,166
JPMCB     3.01              15,920,000    15,920,000    120    119   05/01/16       360        360     499,166
JPMCB     3.02              11,180,000    11,180,000    120    119   05/01/16       360        360     499,166
JPMCB     3.03              10,400,000    10,400,000    120    119   05/01/16       360        360     499,166
JPMCB     3.04               8,720,000     8,720,000    120    119   05/01/16       360        360     499,166
JPMCB     3.05               6,400,000     6,400,000    120    119   05/01/16       360        360     499,166
JPMCB     3.06               5,440,000     5,440,000    120    119   05/01/16       360        360     499,166
JPMCB     3.07               5,040,000     5,040,000    120    119   05/01/16       360        360     499,166
JPMCB     3.08               4,440,000     4,440,000    120    119   05/01/16       360        360     499,166
JPMCB     3.09               4,400,000     4,400,000    120    119   05/01/16       360        360     499,166
JPMCB      3.1               4,160,000     4,160,000    120    119   05/01/16       360        360     499,166
JPMCB     3.11               3,130,000     3,130,000    120    119   05/01/16       360        360     499,166
JPMCB     3.12               1,840,000     1,840,000    120    119   05/01/16       360        360     499,166
JPMCB     3.13                 660,000       660,000    120    119   05/01/16       360        360     499,166
JPMCB        9   6.22450    43,000,000    43,000,000    120    120   06/01/16       360        360     264,633
JPMCB     9.01   5.89900    40,838,750    40,601,694    120    115   01/01/16    Various  Various      250,423
JPMCB       10   5.89900    11,720,000    11,662,329    120    115   01/01/16       360        355      69,816
JPMCB       11   5.89900     8,943,750     8,888,652    120    115   01/01/16       324        319      55,473
JPMCB       12   5.89900     7,200,000     7,155,645    120    115   01/01/16       324        319      44,658
JPMCB       13   5.89900     6,675,000     6,633,879    120    115   01/01/16       324        319      41,401
JPMCB       14   5.89900     6,300,000     6,261,189    120    115   01/01/16       324        319      39,075
JPMCB       15   5.67200    40,000,000    40,000,000    120    119   05/01/16       360        360     231,983
JPMCB       18   6.04900    36,000,000    35,935,163    147    145   07/01/18       360        358     217,461
JPMCB       19   5.88400    32,750,000    32,688,804    120    118   04/01/16       360        358     194,357
JPMCB       25   5.91300    23,750,000    23,611,229    192    188   02/01/22       300        296     152,644
JPMCB       28   6.14900    20,000,000    20,000,000    120    118   04/01/16       360        360     122,105
JPMCB       34   5.82400    16,300,000    16,300,000    120    118   04/01/16       360        360      96,108
JPMCB       35   5.90900    16,100,000    16,100,000    120    119   05/01/16       360        360      95,804
JPMCB       39   6.05900    15,875,000    15,846,473    120    118   04/01/16       360        358      95,997
JPMCB       40   6.14900    14,950,000    14,950,000    120    120   06/01/16       360        360      91,273
JPMCB    40.01               8,600,000     8,600,000    120    120   06/01/16       360        360      91,273
JPMCB    40.02               6,350,000     6,350,000    120    120   06/01/16       360        360      91,273
JPMCB       44   6.14746    13,000,000    13,000,000    120    119   05/01/16         0          0      68,319
JPMCB       47   5.96900    12,540,000    12,540,000    120    118   04/01/16       360        360      75,103
JPMCB       48   5.90900    12,480,000    12,480,000    120    118   04/01/16       360        360      74,744
JPMCB       55   5.85900    10,720,000    10,720,000    120    119   05/01/16       360        360      63,447
JPMCB       57   6.13900    10,650,000    10,641,654    120    119   05/01/16       360        359      65,297
JPMCB       58   5.43900    10,100,000    10,007,039    180    174   12/01/20       300        294      61,782
JPMCB       61   5.52150     9,650,000     9,650,000    120    118   04/01/16       360        360      55,049
JPMCB    61.01               3,875,000     3,875,000    120    118   04/01/16       360        360      55,049
JPMCB    61.02               3,600,000     3,600,000    120    118   04/01/16       360        360      55,049
JPMCB    61.03               2,175,000     2,175,000    120    118   04/01/16       360        360      55,049
JPMCB       62   5.77650     9,500,000     9,481,822    120    118   04/01/16       360        358      55,726
JPMCB       64   5.86100     9,200,000     9,145,488    120    116   02/01/16       300        296      58,614
JPMCB       66   5.42900     8,600,000     8,600,000    120    118   04/01/16       360        360      48,830
JPMCB       69   5.91900     8,200,000     8,200,000    120    118   04/01/16       360        360      48,847
JPMCB       70   5.91400     8,150,000     8,143,129    120    119   05/01/16       360        359      48,523
JPMCB       71   5.86100     8,160,000     8,111,650    120    116   02/01/16       300        296      51,988
JPMCB       72   5.55200     8,000,000     8,000,000    120    118   04/01/16         0          0      37,669
JPMCB       73   5.80900     7,840,000     7,818,497    120    117   03/01/16       360        357      46,402
JPMCB       74   5.52400     7,680,000     7,680,000    120    119   05/01/16       360        360      43,823
JPMCB       75   5.95900     7,500,000     7,500,000    120    120   06/01/16       360        360      44,870
JPMCB       78   5.83900     7,175,000     7,155,229    120    117   03/01/16       360        357      42,374
JPMCB       82   5.87000     6,850,000     6,850,000    120    119   05/01/16       360        360      40,590
JPMCB       83   5.81900     6,850,000     6,844,157    120    119   05/01/16       360        359      40,586
JPMCB       85   5.90400     6,400,000     6,400,000    115    115   01/01/16       360        360      38,063
JPMCB       87   5.81150     6,000,000     6,000,000    120    119   05/01/16       360        360      35,521
JPMCB       88   6.05900     6,000,000     5,995,196    120    119   05/01/16       360        359      36,476
JPMCB       90   5.81900     5,800,000     5,795,052    120    119   05/01/16       360        359      34,365
JPMCB       91   5.90400     5,750,000     5,750,000    120    118   04/01/16       360        360      34,197
JPMCB       93   6.31150     5,500,000     5,500,000    120    120   06/01/16       360        360      34,160
JPMCB       94   5.45900     5,500,000     5,500,000    120    118   04/01/16       360        360      31,332
JPMCB      101   5.66400     4,800,000     4,793,489    120    119   05/01/16       300        299      30,009
JPMCB      102   5.84900     4,650,000     4,650,000    120    119   05/01/16       360        360      27,700
JPMCB      103   5.77150     4,650,000     4,645,984    120    119   05/01/16       360        359      27,410
JPMCB      104   6.17900     4,190,000     4,186,707    120    119   05/01/16       360        359      25,662
JPMCB      107   5.86100     4,130,000     4,105,529    120    116   02/01/16       300        296      26,313
JPMCB      108   5.79900     4,042,500     4,031,257    120    117   03/01/16       360        357      23,771
JPMCB      112   5.53400     3,500,000     3,500,000    120    117   03/01/16         0          0      16,427
JPMCB      114   5.92900     3,100,000     3,079,047    180    178   04/01/21       180        178      26,076
JPMCB      117   5.86100     2,550,000     2,534,891    120    116   02/01/16       300        296      16,246

<CAPTION>

                 Accrual      ARD     ARD Step                       Crossed   Originator/
        Loan #   Type         (Y/N)   Up (%)     Title Type          Loan      Loan Seller    Guarantor
        ------   ----------   -----   --------   -----------------   -------   -----------    -----------------------------------
<S>     <C>      <C>          <C>     <C>        <C>                 <C>       <C>            <C>
JPMCB        1   Actual/360   No                 Fee and Leasehold             JPMCB          Vornado Realty, LP
JPMCB        2   Actual/360   No                 Fee                           JPMCB          Terrence R. Wall,
                                                                                              T. Wall Properties
                                                                                              Master Limited Partnership
JPMCB     2.01   Actual/360   No                 Fee                           JPMCB
JPMCB     2.02   Actual/360   No                 Fee                           JPMCB
JPMCB     2.03   Actual/360   No                 Fee                           JPMCB
JPMCB     2.04   Actual/360   No                 Fee                           JPMCB
JPMCB     2.05   Actual/360   No                 Fee                           JPMCB
JPMCB     2.06   Actual/360   No                 Fee                           JPMCB
JPMCB     2.07   Actual/360   No                 Fee                           JPMCB
JPMCB     2.08   Actual/360   No                 Fee                           JPMCB
JPMCB        3   Actual/360   No                 Fee                           JPMCB          Michael D. Perkins
JPMCB     3.01   Actual/360   No                 Fee                           JPMCB
JPMCB     3.02   Actual/360   No                 Fee                           JPMCB
JPMCB     3.03   Actual/360   No                 Fee                           JPMCB
JPMCB     3.04   Actual/360   No                 Fee                           JPMCB
JPMCB     3.05   Actual/360   No                 Fee                           JPMCB
JPMCB     3.06   Actual/360   No                 Fee                           JPMCB
JPMCB     3.07   Actual/360   No                 Fee                           JPMCB
JPMCB     3.08   Actual/360   No                 Fee                           JPMCB
JPMCB     3.09   Actual/360   No                 Fee                           JPMCB
JPMCB      3.1   Actual/360   No                 Fee                           JPMCB
JPMCB     3.11   Actual/360   No                 Fee                           JPMCB
JPMCB     3.12   Actual/360   No                 Fee                           JPMCB
JPMCB     3.13   Actual/360   No                 Fee                           JPMCB
JPMCB        9   Actual/360   No                 Leasehold                     JPMCB          USA Affiliated Holdings, LLC
JPMCB     9.01   Actual/360   No                 Fee                 A         JPMCB          Royce G. Pulliam
JPMCB       10   Actual/360   No                 Fee                 A         JPMCB          Royce G. Pulliam
JPMCB       11   Actual/360   No                 Fee                 A         JPMCB          Royce G. Pulliam
JPMCB       12   Actual/360   No                 Fee                 A         JPMCB          Royce G. Pulliam
JPMCB       13   Actual/360   No                 Fee                 A         JPMCB          Royce G. Pulliam
JPMCB       14   Actual/360   No                 Fee                 A         JPMCB          Royce G. Pulliam
JPMCB       15   Actual/360   No                 Fee                           JPMCB          Kevin A. Shields et al.
JPMCB       18   Actual/360   No                 Fee                           JPMCB          Derek K. Hunter, Jr.,
                                                                                              Edward D. Storm
JPMCB       19   Actual/360   No                 Fee                           JPMCB          Roy T. Oliver, Mark L. Beffort
JPMCB       25   Actual/360   No                 Fee                           JPMCB          Lexington Corporate Properties
                                                                                              Trust
JPMCB       28   Actual/360   No                 Fee                           JPMCB          Carlos Z. Chuman
JPMCB       34   Actual/360   No                 Fee                           JPMCB          Behringer Harvard REIT I, Inc.
JPMCB       35   Actual/360   No                 Fee                           JPMCB          CB Richard Ellis Investors/
                                                                                              U.S. Advisor, LLC
JPMCB       39   Actual/360   No                 Fee                           JPMCB          Downey Regional Medical
                                                                                              Center, Inc.
JPMCB       40   Actual/360   No                 Fee                           JPMCB          James R. Miller, Gregory Yates
JPMCB    40.01   Actual/360   No                 Fee                           JPMCB
JPMCB    40.02   Actual/360   No                 Fee                           JPMCB
JPMCB       44   Actual/360   No                 Fee                           JPMCB          Grafton P. Tanquaray, III
JPMCB       47   Actual/360   No                 Fee                           JPMCB          David M. Harvey, Peer Pedersen
JPMCB       48   Actual/360   No                 Fee                           JPMCB          Lawrence A. Shapin
JPMCB       55   Actual/360   No                 Fee                           JPMCB          Michael S. Marix
JPMCB       57   Actual/360   No                 Fee                           JPMCB          George Papaioannides,
                                                                                              Gus Diamantis
JPMCB       58   Actual/360   No                 Fee and Leasehold             JPMCB          Lexington Corporate
                                                                                              Properties Trust
JPMCB       61   Actual/360   No                 Fee                           JPMCB          Various
JPMCB    61.01   Actual/360   No                 Fee                           JPMCB
JPMCB    61.02   Actual/360   No                 Fee                           JPMCB
JPMCB    61.03   Actual/360   No                 Fee                           JPMCB
JPMCB       62   Actual/360   No                 Fee                           JPMCB          Mickey Shapiro, Spencer M. Partrich
JPMCB       64   Actual/360   No                 Fee                           JPMCB          Sunburst Hospitality Corporation
JPMCB       66   Actual/360   No                 Fee                           JPMCB          Michael Samschick
JPMCB       69   Actual/360   No                 Fee                           JPMCB          MMG Real Estate, Inc.,
                                                                                              S V S C Corporation, Martin Pico
JPMCB       70   Actual/360   No                 Fee                           JPMCB          Stephen F. Kenney,
                                                                                              Joseph E. Bostic
JPMCB       71   Actual/360   No                 Fee                           JPMCB          Sunburst Hospitality Corporation
JPMCB       72   Actual/360   No                 Fee                           JPMCB
JPMCB       73   Actual/360   No                 Fee                           JPMCB          David Mazanowski,
                                                                                              Zygmunt Mazanowski
JPMCB       74   Actual/360   No                 Fee                           JPMCB          Anthony G. Bariglio,
                                                                                              Todd W. Bariglio,
                                                                                              Cynthia Morgan, Oliter Holdings,
                                                                                              LLC
JPMCB       75   Actual/360   No                 Fee                           JPMCB          Hartz Financial Corp.
JPMCB       78   Actual/360   No                 Fee                           JPMCB          Rao R. Yalamanchili
JPMCB       82   Actual/360   No                 Fee                           JPMCB          Howard S. Rich
JPMCB       83   Actual/360   No                 Fee                           JPMCB          Robert N. Whitacre
JPMCB       85   Actual/360   No                 Fee                           JPMCB          Richard Michael Burch,
                                                                                              William Chandler Wonderly
JPMCB       87   Actual/360   No                 Fee and Leasehold             JPMCB          R. Thomas Schmidt
JPMCB       88   Actual/360   No                 Fee                           JPMCB          James E. Wiensch
JPMCB       90   Actual/360   No                 Fee                           JPMCB          Robert N. Whitacre
JPMCB       91   Actual/360   No                 Fee                           JPMCB          Marc A. Harvey
JPMCB       93   Actual/360   No                 Fee                           JPMCB          Ariel Soffer, M.D.
JPMCB       94   Actual/360   No                 Fee                           JPMCB          Lawrence D. Horowitz
JPMCB      101   Actual/360   No                 Fee                           JPMCB          Arkan F. Jonna
JPMCB      102   Actual/360   No                 Fee                           JPMCB          Nimrod T. Frazer
JPMCB      103   Actual/360   No                 Fee                           JPMCB          Robert N. Whitacre
JPMCB      104   Actual/360   No                 Fee                           JPMCB          Mark Engelman
JPMCB      107   Actual/360   No                 Fee and Leasehold             JPMCB          Sunburst Hospitality Corporation
JPMCB      108   Actual/360   No                 Fee                           JPMCB          Ryder, Stilwell Properties, Inc.
JPMCB      112   Actual/360   No                 Fee                           JPMCB
JPMCB      114   Actual/360   No                 Fee                           JPMCB          Elzie L. Higginbottom
JPMCB      117   Actual/360   No                 Fee                           JPMCB          Sunburst Hospitality Corporation

<CAPTION>
                                                                      UPFRONT ESCROW
                               --------------------------------------------------------------------------------------------
                               Upfront      Upfront      Upfront      Upfront        Upfront      Upfront      Upfront
                 Letter of     CapEx        Eng.         Envir.       TI/LC          RE Tax       Ins.         Other
        Loan #   Credit        Reserve      Reserve      Reserve      Reserve        Reserve      Reserve      Reserve
        ------   -----------   ----------   ----------   ----------   ------------   ----------   ----------   ------------
<S>     <C>      <C>           <C>          <C>          <C>          <C>            <C>          <C>          <C>
JPMCB        1   No                  0.00         0.00         0.00           0.00         0.00         0.00     250,000.00
JPMCB        2     178,866.0         0.00         0.00         0.00           0.00   766,381.68         0.00           0.00
JPMCB     2.01
JPMCB     2.02
JPMCB     2.03
JPMCB     2.04
JPMCB     2.05
JPMCB     2.06
JPMCB     2.07
JPMCB     2.08
JPMCB        3   No                  0.00   160,575.00   500,000.00           0.00   459,554.04    39,869.67           0.00
JPMCB     3.01
JPMCB     3.02
JPMCB     3.03
JPMCB     3.04
JPMCB     3.05
JPMCB     3.06
JPMCB     3.07
JPMCB     3.08
JPMCB     3.09
JPMCB      3.1
JPMCB     3.11
JPMCB     3.12
JPMCB     3.13
JPMCB        9   No                  0.00         0.00         0.00           0.00    61,174.16         0.00           0.00
JPMCB     9.01     224,995.0         0.00         0.00    12,500.00           0.00    60,882.86    78,449.91   1,500,000.00
JPMCB       10      70,203.0         0.00         0.00    12,500.00           0.00    25,446.38    38,658.00           0.00
JPMCB       11      43,558.0         0.00         0.00         0.00           0.00     5,110.43    12,191.67   1,500,000.00
JPMCB       12      42,533.0         0.00         0.00         0.00           0.00    16,614.96    10,674.58           0.00
JPMCB       13      33,255.0         0.00         0.00         0.00           0.00     6,189.39     9,604.83           0.00
JPMCB       14      35,446.0         0.00         0.00         0.00           0.00     7,521.70     7,320.83           0.00
JPMCB       15   1,300,000.0    62,500.00    62,500.00         0.00   1,000,000.00    69,150.99    47,184.75           0.00
JPMCB       18   No                  0.00         0.00         0.00           0.00    13,381.08    36,283.75           0.00
JPMCB       19     300,000.0         0.00         0.00         0.00           0.00   166,337.01   100,125.00           0.00
JPMCB       25   No                  0.00         0.00         0.00           0.00         0.00         0.00           0.00
JPMCB       28   No                  0.00         0.00         0.00           0.00    71,863.89    41,583.66           0.00
JPMCB       34   No                  0.00         0.00         0.00           0.00   278,270.98    10,272.00           0.00
JPMCB       35   No            200,000.00         0.00         0.00           0.00   292,409.46    59,533.25     100,000.00
JPMCB       39   No                  0.00         0.00         0.00           0.00    34,264.66    50,595.00           0.00
JPMCB       40     340,000.0         0.00         0.00         0.00           0.00    19,233.00    33,869.00           0.00
JPMCB    40.01
JPMCB    40.02
JPMCB       44   No                  0.00         0.00         0.00     700,000.00         0.00         0.00           0.00
JPMCB       47   No                  0.00         0.00         0.00           0.00   142,860.43       575.33           0.00
JPMCB       48   No                  0.00         0.00         0.00           0.00    31,561.04     1,916.67           0.00
JPMCB       55   No                  0.00         0.00         0.00           0.00   105,382.40    19,668.33           0.00
JPMCB       57   No             88,828.35         0.00         0.00     350,000.00    63,382.70       765.50           0.00
JPMCB       58   No                  0.00         0.00         0.00           0.00         0.00         0.00           0.00
JPMCB       61                       0.00         0.00         0.00     450,000.00    61,871.30    11,645.00
JPMCB    61.01
JPMCB    61.02
JPMCB    61.03
JPMCB       62   No                  0.00         0.00         0.00   2,300,000.00    66,718.88         0.00           0.00
JPMCB       64   No                  0.00         0.00         0.00           0.00         0.00         0.00           0.00
JPMCB       66   No                  0.00         0.00         0.00           0.00     4,125.39     2,000.00      50,000.00
JPMCB       69   No                  0.00    58,583.00         0.00           0.00    89,230.03         0.00           0.00
JPMCB       70   No                  0.00         0.00         0.00           0.00    33,986.52    19,060.50           0.00
JPMCB       71   No                  0.00    50,000.00         0.00           0.00         0.00         0.00           0.00
JPMCB       72   No                  0.00         0.00         0.00           0.00         0.00         0.00           0.00
JPMCB       73   No                  0.00     7,000.00         0.00           0.00    19,434.38    10,800.42           0.00
JPMCB       74   No                  0.00    32,188.00         0.00           0.00         0.00    15,341.67           0.00
JPMCB       75   No                  0.00         0.00         0.00           0.00    93,946.29         0.00           0.00
JPMCB       78   No                  0.00    25,750.00         0.00     300,000.00    11,653.17     1,639.66           0.00
JPMCB       82   No                  0.00         0.00         0.00           0.00   127,803.68    31,966.00      25,000.00
JPMCB       83   No                  0.00         0.00         0.00           0.00     2,992.23     1,737.25           0.00
JPMCB       85   No                  0.00         0.00         0.00           0.00         0.00    14,925.56           0.00
JPMCB       87   No                  0.00         0.00         0.00           0.00     6,170.26     2,316.50           0.00
JPMCB       88   No                  0.00    68,750.00         0.00           0.00    21,764.51    17,650.33           0.00
JPMCB       90   No                  0.00         0.00         0.00           0.00     7,538.12     1,889.00           0.00
JPMCB       91   No                  0.00    17,187.50         0.00           0.00         0.00         0.00           0.00
JPMCB       93   No                  0.00         0.00         0.00           0.00    80,538.67    10,879.05       8,541.50
JPMCB       94   No                  0.00         0.00         0.00           0.00    51,892.67     8,840.67           0.00
JPMCB      101   No                  0.00   143,397.50         0.00           0.00    46,305.05     8,214.50           0.00
JPMCB      102   No                  0.00         0.00         0.00           0.00    13,896.17     5,000.00           0.00
JPMCB      103   No                  0.00         0.00         0.00           0.00    12,848.79     2,769.00           0.00
JPMCB      104   No                  0.00    13,500.00         0.00      43,000.00    25,442.54     6,584.50           0.00
JPMCB      107   No                  0.00         0.00         0.00           0.00         0.00         0.00           0.00
JPMCB      108   No                  0.00         0.00         0.00           0.00    30,986.80     3,234.58     400,000.00
JPMCB      112   No                  0.00    27,375.00         0.00           0.00    50,979.56    36,617.06           0.00
JPMCB      114   No                  0.00         0.00     8,400.00           0.00    13,986.25     1,005.00           0.00
JPMCB      117   No                  0.00         0.00         0.00           0.00         0.00         0.00           0.00

<CAPTION>
                                        MONTHLY ESCROW
                 ---------------------------------------------------------------
                 Monthly    Monthly   Monthly     Monthly     Monthly    Monthly
                 Capex      Envir.    TI/LC       RE Tax      Ins.       Other      Grace    Lockbox    Property      Defeasance
        Loan #   Reserve    Reserve   Reserve     Reserve     Reserve    Reserve    Period   In-place   Type          Permitted
        ------   --------   -------   --------    ---------   --------   --------   ------   --------   -----------   ----------
<S>     <C>      <C>        <C>       <C>         <C>         <C>        <C>        <C>      <C>        <C>           <C>
JPMCB        1       0.00      0.00       0.00         0.00       0.00       0.00        0   Yes        Office        Yes
JPMCB        2   11414.36      0.00   76094.08    127730.28       0.00       0.00        0   Yes        Office        Yes
JPMCB     2.01                                                                           0              Office        Yes
JPMCB     2.02                                                                           0              Office        Yes
JPMCB     2.03                                                                           0              Office        Yes
JPMCB     2.04                                                                           0              Office        Yes
JPMCB     2.05                                                                           0              Office        Yes
JPMCB     2.06                                                                           0              Office        Yes
JPMCB     2.07                                                                           0              Office        Yes
JPMCB     2.08                                                                           0              Office        Yes
JPMCB        3   31820.34      0.00   66667.67    133739.92   19934.83   26367.70        7   Yes        Retail        Yes
JPMCB     3.01                                                                           7              Retail        Yes
JPMCB     3.02                                                                           7              Retail        Yes
JPMCB     3.03                                                                           7              Retail        Yes
JPMCB     3.04                                                                           7              Retail        Yes
JPMCB     3.05                                                                           7              Retail        Yes
JPMCB     3.06                                                                           7              Retail        Yes
JPMCB     3.07                                                                           7              Retail        Yes
JPMCB     3.08                                                                           7              Retail        Yes
JPMCB     3.09                                                                           7              Retail        Yes
JPMCB      3.1                                                                           7              Retail        Yes
JPMCB     3.11                                                                           7              Retail        Yes
JPMCB     3.12                                                                           7              Retail        Yes
JPMCB     3.13                                                                           7              Retail        Yes
JPMCB        9       0.00      0.00       0.00     30587.08       0.00       0.00        7   Yes        Retail        Yes
JPMCB     9.01       0.00      0.00       0.00     20489.56       0.00       0.00        5   No         Various       Yes
JPMCB       10       0.00      0.00       0.00      6361.59       0.00       0.00        5   No         Retail        Yes
JPMCB       11       0.00      0.00       0.00      1277.61       0.00       0.00        5   No         Mixed Use     Yes
JPMCB       12       0.00      0.00       0.00      4153.74       0.00       0.00        5   No         Retail        Yes
JPMCB       13       0.00      0.00       0.00      6189.39       0.00       0.00        5   No         Retail        Yes
JPMCB       14       0.00      0.00       0.00      2507.23       0.00       0.00        5   No         Retail        Yes
JPMCB       15    9000.00      0.00       0.00     69150.99    5242.75       0.00       10   No         Office        Yes
JPMCB       18     707.64      0.00       0.00     13381.08    6047.29       0.00        5   Yes        Office        Yes
JPMCB       19    7500.00      0.00       0.00     33267.40    8343.75       0.00        5   No         Office        Yes
JPMCB       25       0.00      0.00       0.00         0.00       0.00       0.00        7   Yes        Industrial    Yes
JPMCB       28    8704.58      0.00       0.00     23954.63   10395.63       0.00        7   No         Multifamily   Yes
JPMCB       34       0.00      0.00       0.00     55654.20    2568.00       0.00        0   Yes        Office        Yes
JPMCB       35    6729.17      0.00       0.00     48734.91    8504.75       0.00        7   No         Multifamily   Yes
JPMCB       39     709.74      0.00   10122.25     17132.33    5059.50       0.00        7   No         Office        Yes
JPMCB       40    4000.00      0.00       0.00     19233.00    5645.00       0.00        7   No         Multifamily   Yes
JPMCB    40.01                                                                           7              Multifamily   Yes
JPMCB    40.02                                                                           7              Multifamily   Yes
JPMCB       44       0.00      0.00       0.00         0.00       0.00       0.00        7   Yes        Office        Yes
JPMCB       47       0.00      0.00   13333.00     17857.55     575.33       0.00        7   No         Office        Yes
JPMCB       48     100.00      0.00    8333.33      6312.21    1916.67       0.00        7   No         Industrial    Yes
JPMCB       55    2833.33      0.00       0.00     21076.48    3933.67       0.00        7   No         Multifamily   Yes
JPMCB       57       0.00      0.00       0.00     12676.54     765.50       0.00        7   No         Retail        Yes
JPMCB       58       0.00      0.00       0.00         0.00       0.00       0.00        7   Yes        Industrial    Yes
JPMCB       61       0.00      0.00       0.00     17928.67    1164.50       0.00        7   No         Retail        Yes
JPMCB    61.01                                                                           7              Retail        Yes
JPMCB    61.02                                                                           7              Retail        Yes
JPMCB    61.03                                                                           7              Retail        Yes
JPMCB       62       0.00      0.00       0.00     13343.78       0.00       0.00       10   No         Office        Yes
JPMCB       64       0.00      0.00       0.00         0.00       0.00       0.00        7   Yes        Hotel         Yes
JPMCB       66     932.64      0.00       0.00      1031.35    2000.00       0.00        7   No         Multifamily   Yes
JPMCB       69       0.00      0.00       0.00     12747.15       0.00       0.00        7   No         Retail        Yes
JPMCB       70    1144.29      0.00       0.00      3089.68    2117.83       0.00       10   No         Multifamily   Yes
JPMCB       71       0.00      0.00       0.00         0.00       0.00       0.00        7   No         Hotel         Yes
JPMCB       72       0.00      0.00       0.00         0.00       0.00       0.00       10   No         Retail        Yes
JPMCB       73    1154.80      0.00    4208.33      3886.88    2160.88       0.00        7   Yes        Mixed Use     Yes
JPMCB       74     983.38      0.00    5000.00     11605.22    2191.67       0.00        7   Yes        Retail        Yes
JPMCB       75       0.00      0.00       0.00         0.00       0.00       0.00        7   Yes        Industrial    Yes
JPMCB       78    1531.77      0.00    5820.07     11653.17     819.83       0.00        7   No         Office        Yes
JPMCB       82    4512.08      0.00       0.00     12780.37    2906.00       0.00       10   No         Multifamily   Yes
JPMCB       83     153.90      0.00       0.00      2992.23       0.00       0.00        7   No         Office        No
JPMCB       85    6154.50      0.00       0.00     24771.19    4975.19       0.00        5   No         Multifamily   Yes
JPMCB       87     263.34      0.00    1916.67      6170.26       0.00       0.00        7   No         Office        No
JPMCB       88       0.00      0.00       0.00     10882.26    4412.58       0.00        7   No         Multifamily   Yes
JPMCB       90     341.08      0.00    4166.67      7538.12       0.00       0.00        7   No         Office        No
JPMCB       91    3000.00      0.00       0.00         0.00       0.00       0.00       10   No         Multifamily   Yes
JPMCB       93     565.51      0.00       0.00      8948.74    2719.76       0.00        7   No         Office        No
JPMCB       94     620.00      0.00       0.00      5765.85    1105.08       0.00        7   No         Industrial    Yes
JPMCB      101     828.00      0.00    6033.00      6615.01    1369.08       0.00        7   No         Retail        Yes
JPMCB      102     260.16      0.00       0.00      1985.17    1250.00       0.00        7   Yes        Industrial    Yes
JPMCB      103     665.45      0.00    2500.00      6424.40       0.00       0.00        7   No         Office        Yes
JPMCB      104    2136.91      0.00    5321.16      5639.86    3292.25       0.00        7   No         Retail        Yes
JPMCB      107       0.00      0.00       0.00         0.00       0.00       0.00        7   No         Hotel         Yes
JPMCB      108     996.53      0.00    4900.00      4426.69     646.92       0.00        7   No         Office        Yes
JPMCB      112    6375.00      0.00       0.00     12744.89    7323.41       0.00       10   No         Multifamily   Yes
JPMCB      114     568.00      0.00       0.00      6993.13     502.50       0.00        7   Yes        Office        Yes
JPMCB      117       0.00      0.00       0.00         0.00       0.00       0.00        7   No         Hotel         Yes

<CAPTION>
                                                  Remaining
                                                  Amortization
                  Interest             Final      Term for
                  Accrual      Loan    Maturity   Balloon
        Loan #    Period       Group   Date       Loans
        ------    ----------   -----   --------   ------------
<S>     <C>       <C>          <C>     <C>        <C>
JPMCB        1    Actual/360       1
JPMCB        2    Actual/360       1
JPMCB     2.01    Actual/360       1
JPMCB     2.02    Actual/360       1
JPMCB     2.03    Actual/360       1
JPMCB     2.04    Actual/360       1
JPMCB     2.05    Actual/360       1
JPMCB     2.06    Actual/360       1
JPMCB     2.07    Actual/360       1
JPMCB     2.08    Actual/360       1
JPMCB        3    Actual/360       1                      360
JPMCB     3.01    Actual/360       1                      360
JPMCB     3.02    Actual/360       1                      360
JPMCB     3.03    Actual/360       1                      360
JPMCB     3.04    Actual/360       1                      360
JPMCB     3.05    Actual/360       1                      360
JPMCB     3.06    Actual/360       1                      360
JPMCB     3.07    Actual/360       1                      360
JPMCB     3.08    Actual/360       1                      360
JPMCB     3.09    Actual/360       1                      360
JPMCB      3.1    Actual/360       1                      360
JPMCB     3.11    Actual/360       1                      360
JPMCB     3.12    Actual/360       1                      360
JPMCB     3.13    Actual/360       1                      360
JPMCB        9    Actual/360       1                      360
JPMCB     9.01    Actual/360                      Various
JPMCB       10    Actual/360       1                      360
JPMCB       11    Actual/360       1                      324
JPMCB       12    Actual/360       1                      324
JPMCB       13    Actual/360       1                      324
JPMCB       14    Actual/360       1                      324
JPMCB       15    Actual/360       1                      360
JPMCB       18    Actual/360       1                      360
JPMCB       19    Actual/360       1                      360
JPMCB       25    Actual/360       1                      300
JPMCB       28    Actual/360       2                      360
JPMCB       34    Actual/360       1                      360
JPMCB       35    Actual/360       2                      360
JPMCB       39    Actual/360       1                      360
JPMCB       40    Actual/360       2                      360
JPMCB    40.01    Actual/360       2                      360
JPMCB    40.02    Actual/360       2                      360
JPMCB       44    Actual/360       1
JPMCB       47    Actual/360       1                      360
JPMCB       48    Actual/360       1                      360
JPMCB       55    Actual/360       2                      360
JPMCB       57    Actual/360       1                      360
JPMCB       58    Actual/360       1                      300
JPMCB       61    Actual/360       1                      360
JPMCB    61.01    Actual/360       1                      360
JPMCB    61.02    Actual/360       1                      360
JPMCB    61.03    Actual/360       1                      360
JPMCB       62    Actual/360       1                      360
JPMCB       64    Actual/360       1                      300
JPMCB       66    Actual/360       2                      360
JPMCB       69    Actual/360       1                      360
JPMCB       70    Actual/360       2                      360
JPMCB       71    Actual/360       1                      300
JPMCB       72    Actual/360       1
JPMCB       73    Actual/360       1                      360
JPMCB       74    Actual/360       1                      360
JPMCB       75    Actual/360       1                      360
JPMCB       78    Actual/360       1                      360
JPMCB       82    Actual/360       2                      360
JPMCB       83    Actual/360       1                      360
JPMCB       85    Actual/360       2                      360
JPMCB       87    Actual/360       1                      360
JPMCB       88    Actual/360       2                      360
JPMCB       90    Actual/360       1                      360
JPMCB       91    Actual/360       2                      360
JPMCB       93    Actual/360       1                      360
JPMCB       94    Actual/360       1                      360
JPMCB      101    Actual/360       1                      300
JPMCB      102    Actual/360       1                      360
JPMCB      103    Actual/360       1                      360
JPMCB      104    Actual/360       1                      360
JPMCB      107    Actual/360       1                      300
JPMCB      108    Actual/360       1                      360
JPMCB      112    Actual/360       2
JPMCB      114    Actual/360       1                      180
JPMCB      117    Actual/360       1                      300
</TABLE>

<PAGE>

                                    EXHIBIT B

                  REPRESENTATIONS AND WARRANTIES OF THE SELLER

              (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) as of the Cut-off Date 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 June 12, 2006, 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 June 12, 2006, 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
Subordinate 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), except for Permitted Encumbrances. No Mortgaged Property
secures any mortgage loan not represented on the Mortgage Loan Schedule; no
Mortgage Loan is cross-collateralized or cross-defaulted with any other mortgage
loan other than one or more Mortgage Loans as shown on the Mortgage Loan
Schedule; no Mortgage Loan is secured by property which secures another mortgage
loan other than a Mortgage Loan as shown on the Mortgage Loan Schedule.
Notwithstanding the foregoing, no representation is made as to the perfection of
any security interest in rent, operating revenues or other personal property to
the extent that possession or control of such items or actions other than the
filing of UCC Financing Statements are required in order to effect such
perfection.

              (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 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 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 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, 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 material misrepresentation, (ii) the misapplication or misappropriation
of rents, insurance proceeds or condemnation awards, (iii) any act of actual
waste, 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 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 by
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, after
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, after 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 specified
therein (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 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, regulations and the Seller has complied with all material
requirements pertaining to the origination, funding and servicing 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, 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 material 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, 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 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) With respect to 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):

              (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 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 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 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 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 currently in existence 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 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 institutional
              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 (which may be the
              implementation of an operations and maintenance plan), 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, is
              non-cancelable by the insurer during such term and the premium for
              such policy has been paid in full. 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 or providing coverage for losses
(subject to customary deductibles) sustained by (A) 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 in an amount equal to the lesser of the full replacement cost
of such Mortgaged Property (in some cases exclusive of excavations, underground
utilities, foundations and footings) and the outstanding principal balance of
the related Mortgage Loan with an appropriate 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 (a) 12 months of operations or (b) 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-:VIII" from A.M. Best Company or "A-" (or the
equivalent) from Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., 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 450 or 475 year
return period, 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-:VIII" by
A.M. Best Company or "A-" (or the equivalent) from Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies, Inc., 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 prior 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) Each Mortgage Loan complied at origination, in all material
respects, with all of the terms, conditions and requirements of the Seller, or
if the Seller is not the originator, then, to the knowledge of the Seller, the
originator's or the Seller's, underwriting standards applicable to such Mortgage
Loan and since origination, the Mortgage Loan has been serviced in all material
respects in a legal manner in conformance with 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,
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 more than 5% of
the aggregate outstanding principal amount of all the mortgage loans included in
the Trust Fund has 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 or Mortgage Loan 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 (1) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (2) 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 (X) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (Y) 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 clauses (1) and (2) of this paragraph (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 (i) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (ii) satisfies the provisions of
either clause (A)(1) above (substituting the date of the last such modification
for the date the Mortgage Loan was originated) or clause (A)(2), 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) 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
Mortgagor 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). 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 (A) the replacement
collateral consist of U.S. "government securities," within the meaning of
Treasury Regulations Section 1.860G-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); (B) the loan may be assumed by a Single
Purpose Entity approved by the holder of the Mortgage Loan; (C) counsel provide
an opinion that the trustee has a perfected security interest in such collateral
prior to any other claim or interest; and (D) such other documents and
certifications as the mortgagee may reasonably require which may include,
without limitation, (i) 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 (ii) 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. In addition, if the related Mortgage Loan permits
defeasance, then the Mortgage Loan documents provide that the related Mortgagor
shall (a) pay all reasonable fees associated with the defeasance of the Mortgage
Loan and all other reasonable expenses associated with the defeasance, or (b)
provide all opinions required under the related Mortgage Loan documents, and in
the case of loans comprising at least 2% of the pool as measured by outstanding
principal balance as of the Cut-off Date, (1) a REMIC opinion and (2) 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 non-conformity with applicable zoning laws constitutes a
legal non-conforming use or structure (i) 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 (ii) 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) The related Mortgage or other Mortgage Loan documents provide
a grace period for delinquent Monthly Payments 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 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 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 of any servicer responsible for servicing the Mortgage Loan on
behalf of the Seller, believes that a given representation or warranty is not
true or 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>

                                   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 C

           EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

   ---------  ------------------------------------------------------------------
   Rep. No.                          Description of Exception
   ---------  ------------------------------------------------------------------

      1            The representation is true and accurate, except as follows:

                   4150 North Keystone Building (Loan No. 73) The April
                   2006 monthly payment in the amount of $3,976 was
                   received three business days beyond the applicable
                   grace period.

   ---------  ------------------------------------------------------------------
      6            The representation is true and accurate, except as follows:

                   Kaiser Foundation Building (Loan No. 18) Kaiser
                   Foundation, the sole tenant at the Mortgaged Property,
                   has a one-time option to purchase the Mortgaged
                   Property at the purchase price as set forth in the
                   related lease agreement, which purchase price includes
                   a prepayment penalty. The purchase option is
                   exercisable at any time beginning in July 2007 and
                   expiring in June 2008.

   ---------  ------------------------------------------------------------------
    10(a)          The representation is true and accurate, except as follows:

                   Warner Building (Loan No. 1) There is no individual or entity
                   other than the Mortgagor who is liable for the non-recourse
                   carveouts.

   ---------  ------------------------------------------------------------------
    10(a)          The representation is true and accurate, except as follows:

                   AMEC Paragon Building (Loan No. 34) There is no
                   individual or entity other than the Mortgagor who is
                   liable for the non-recourse carveouts.

   ---------  ------------------------------------------------------------------
    10(a)          The representation is true and accurate, except as follows:

                   Catamount Peak (Loan No. 70) The applicable
                   non-recourse carveouts are limited to "misapplication
                   or misappropriation of rents during the continuance of
                   an event of default" (instead of "misapplication or
                   misappropriation of rents") and "misapplication or
                   misappropriation of insurance proceeds or condemnation
                   awards during the continuance of an event of default"
                   (instead of "misapplication or misappropriation of
                   insurance proceeds or condemnation awards").

   ---------  ------------------------------------------------------------------
    10(a)          The representation is true and accurate, except as follows:

                   Parkway Plaza (Loan No. 72) There are no non-recourse
                   carveouts in the Mortgage Loan documents. The
                   mortgagee's recourse is limited to Mortgagor's interest
                   in the Mortgaged Property.

   ---------  ------------------------------------------------------------------
    10(a)          The representation is true and accurate, except as follows:

                   Jobs Company Warehouse (Loan No. 102) There is no
                   individual or entity other than the Mortgagor who is
                   liable for the environmental non-recourse carveout.

   ---------  ------------------------------------------------------------------
    10(a)          The representation is true and accurate, except as follows:

                   Cooks Creek Apartments (Loan No. 112) There is no individual
                   or entity other than the Mortgagor who is liable for the
                   non-recourse carveouts.

   ---------  ------------------------------------------------------------------
    10(d)          The representation is true and accurate, except as follows:

                   Wellington Gold's Gym (Loan No. 11) The terms of the
                   related Mortgage Loan documents will be modified after
                   the Cut-off Date to modify the portion of the release
                   criteria associated with the proposed Roeding Group
                   Companies space that was actually leased in sections to
                   Roeding Group Companies, Capstone Realty Advisors and
                   Global Fitness Holdings.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   Greenway Portfolio (Loan No. 2) Each Greenway Portfolio
                   property may be released from the lien of the Mortgage upon
                   defeasance in an amount equal to 115% of the Allocated Loan
                   Amount.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) Each Midwest Retail
                   Portfolio property may be released from the lien of the
                   Mortgage upon defeasance in an amount equal to 110% of the
                   Allocated Loan Amount.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   Brookhaven Shopping Center (Loan No. 10) The Mortgage
                   Loan may be released from cross-collateralization with
                   each of the Wellington Gold's Gym, Palumbo Drive Gold's
                   Gym, Edge O'Lake Shopping Center and Preston Highway
                   Gold's Gym Mortgage Loans upon defeasance of the
                   Mortgage Loan at 120% of the Allocated Loan Amount.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   Wellington Gold's Gym (Loan No. 11) The Mortgage Loan
                   may be released from cross-collateralization with each
                   of the Brookhaven Shopping Center, Palumbo Drive Gold's
                   Gym, Edge O'Lake Shopping Center and Preston Highway
                   Gold's Gym Mortgage Loans upon defeasance of the
                   Mortgage Loan at 120% of the Allocated Loan Amount.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   Palumbo Drive Gold's Gym (Loan No. 12) The Mortgage
                   Loan may be released from cross-collateralization with
                   each of the Brookhaven Shopping Center, Wellington
                   Gold's Gym, Edge O'Lake Shopping Center and Preston
                   Highway Gold's Gym Mortgage Loans upon defeasance of
                   the Mortgage Loan at 120% of the Allocated Loan Amount.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   Edge O'Lake Shopping Center (Loan No. 13) The Mortgage
                   Loan may be released from cross-collateralization with
                   each of the Brookhaven Shopping Center, Wellington
                   Gold's Gym, Palumbo Drive Gold's Gym and Preston
                   Highway Gold's Gym Mortgage Loans upon defeasance of
                   the Mortgage Loan at 120% of the Allocated Loan Amount.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   Preston Highway Gold's Gym (Loan No. 14) The Mortgage
                   Loan may be released from cross-collateralization with
                   each of the Brookhaven Shopping Center, Wellington
                   Gold's Gym, Palumbo Drive Gold's Gym and Edge O'Lake
                   Shopping Center Mortgage Loans upon defeasance of the
                   Mortgage Loan at 120% of the Allocated Loan Amount.

   ---------  ------------------------------------------------------------------
     12            The representation is true and accurate, except as follows:

                   TI Automotive (Loan No. 58) The Mortgage Loan documents
                   permit the release of an expansion parcel upon satisfaction
                   of certain criteria.

   ---------  ------------------------------------------------------------------
    14(a)          The representation is true and accurate, except as follows:

                   Brookhaven Shopping Center (Loan No. 10) The value of
                   the Mortgaged Property reflected in the most recent
                   appraisal is shown "as-stabilized" and assumes
                   occupancy of space that has not yet occurred. The
                   mortgagee established escrows at origination relating
                   to the lease-up of the Mortgaged Property.

   ---------  ------------------------------------------------------------------
    14(a)          The representation is true and accurate, except as follows:

                   Intech Ventures of Novi (Loan No. 62) The value of the
                   Mortgaged Property reflected in the most recent
                   appraisal is shown "as-stabilized" and assumes
                   occupancy of space that has not yet occurred. The
                   mortgagee established escrows at origination relating
                   to the lease-up of the Mortgaged Property.

   ---------  ------------------------------------------------------------------
    14(c)          The representation is true and accurate, except as follows:

                   Wynhaven - West Oaks Apartments (Loan No. 35) If the
                   Mortgage Loan is not repaid on or before the
                   Anticipated Repayment Date, the mortgagee (not the
                   Mortgagor) has the option, in its sole and absolute
                   discretion, to (i) call an event of default and declare
                   the debt immediately due and payable or (ii) extend the
                   Anticipated Repayment Date for a period to be specified
                   by the mortgagee, but no later than May 1, 2036.

   ---------  ------------------------------------------------------------------
     16            The representation is true and accurate, except as follows:

                   Greenway Portfolio (Loan No. 2) The PPD Pharmaceutical
                   Mortgaged Property is legally conforming subject to the
                   restripping of 5 parking spaces.

   ---------  ------------------------------------------------------------------
     16            The representation is true and accurate, except as follows:

                   Wynhaven - West Oaks Apartments (Loan No. 35) The
                   Mortgaged Property is nonconforming with respect to
                   parking requirements. The Mortgagor is required to
                   re-stripe the parking area to add the 15 parking spaces
                   necessary to comply with the parking requirements.

   ---------  ------------------------------------------------------------------
     16            The representation is true and accurate, except as follows:

                   Jobs Company Warehouse (Loan No. 102) The Mortgaged
                   Property violates the boundary setback line but (a)
                   there is affirmative title insurance for this
                   violation, and (b) the restrictive covenants have been
                   amended to put the Mortgaged Property in compliance.

   ---------  ------------------------------------------------------------------
     17            The representation is true and accurate, except as follows:

                   TI Automotive (Loan No. 58) The Mortgaged Property is
                   currently not on a separate tax parcel. The Mortgagor
                   is required to provide an endorsement to the title
                   policy that the Mortgaged Property is a separate tax
                   parcel no later than 180 days after origination.

   ---------  ------------------------------------------------------------------
     17            The representation is true and accurate, except as follows:

                   Catamount Peak (Loan No. 70) The Mortgaged Property was
                   subdivided immediately prior to origination of the
                   Mortgage Loan and it is currently taxed with other
                   property. Commencing with tax year 2007, the Mortgaged
                   Property will be assessed as a new separate tax parcel,
                   which tax parcel will include no property other than
                   the Mortgaged Property.

   ---------  ------------------------------------------------------------------
    19(a)          The representation is true and accurate, except as follows:

                   Greenway Portfolio (Loan No. 2) The mortgagee waived
                   escrows for immediate repairs in the amount of $5,000
                   recommended by the property condition report.

   ---------  ------------------------------------------------------------------
    19(a)          The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 30) The mortgagee
                   waived escrows for immediate repairs in the amount of
                   $9,950 recommended by the property condition report
                   ($4,000 for the Bishop Heights property, $1,950 for the
                   Market Square property and $4,000 for Meadows
                   property).

   ---------  ------------------------------------------------------------------
    19(a)          The representation is true and accurate, except as follows:

                   TI Automotive (Loan No. 58) The mortgagee waived
                   escrows for immediate repairs in the amount of $47,200
                   recommended by the property condition report.

   ---------  ------------------------------------------------------------------
    19(a)          The representation is true and accurate, except as follows:

                   Intech Ventures of Novi (Loan No. 62) The mortgagee
                   waived escrows for immediate repairs in the amount of
                   $19,250 recommended by the property condition report.

   ---------  ------------------------------------------------------------------
    19(a)          The representation is true and accurate, except as follows:

                   Parkway Plaza (Loan No. 72) The mortgagee waived
                   escrows for immediate repairs in the amount of $8,750
                   recommended by the property condition report.

   ---------  ------------------------------------------------------------------
    19(a)          The representation is true and accurate, except as follows:

                   AMEC Paragon Buildings I & II, Crossings Center Seven,
                   Brookhaven Shopping Center, Becker Building, Sterling
                   Brook Apartments, Rice Creek Apartments, Hollywood
                   Medical Office II, 110 Algonquin Parkway (Loan No. 34,
                   48, 10, 66, 82, 88, 93, 75) The mortgagee waived
                   escrows for immediate repairs in an amount of less than
                   $5,000 recommended by the property condition report.

   ---------  ------------------------------------------------------------------
    19(b)          The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) There is a
                   proceeding pending for the partial condemnation of the
                   Baken Park property. The affected part of the Mortgaged
                   Property was not included in the underwriting.

   ---------  ------------------------------------------------------------------
    20(c)          The representation is true and accurate, except as follows:

                   Physician's Medical Center (Loan No. 87) Upon an event
                   of default which the Ground Lessor elects not to cure,
                   the Ground Lessor (not the mortgagee) is entitled to
                   become the owner of the Mortgagor's interest in the
                   Ground Lease upon payment by the Ground Lessor to the
                   mortgagee of the amount set forth in the Mortgage Loan
                   documents.

   ---------  ------------------------------------------------------------------
    20(d)          The representation is true and accurate, except as follows:

                   Warner Building (Loan No. 1) The Ground Lease provides
                   that there shall be no cancellation, surrender,
                   acceptance of surrender or modification of the Ground
                   Lease without the prior written consent of the
                   leasehold mortgagee, but it does not provide that any
                   such action is not binding on the leasehold mortgagee
                   or its successors or assigns if taken without prior
                   written consent.

   ---------  ------------------------------------------------------------------
    20(g)          The representation is true and accurate, except as follows:

                   Warner Building (Loan No. 1) The Ground Lease expires
                   on January 31, 2032, which date is less than 20 years
                   following the stated maturity date of the Mortgage
                   Loan. However, Mortgagor has a purchase option under
                   the Ground Lease which it is required to exercise on or
                   before April 1, 2008.

   ---------  ------------------------------------------------------------------
    21(b)          The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) The Environmental
                   Site Assessment for the Baken Park property recommended
                   that a subsurface investigation be conducted due to the
                   previous operation of an on-site dry cleaner. The
                   mortgagee held back $500,000 which will be released
                   upon the Mortgagor obtaining a no further action letter
                   or obtaining environmental insurance .

   ---------  ------------------------------------------------------------------
    21(b)          The representation is true and accurate, except as follows:

                   Marina Waterside (Loan No. 9) The Environmental Site
                   Assessment indicated soil contamination due to effects
                   from a former on-site dry cleaner. Preliminary findings
                   indicate that the vapor testing results were low enough
                   to receive regulatory closure. The findings are
                   currently being reviewed and the mortgagee will require
                   a holdback or a letter of credit in the amount of 150%
                   of any estimated remediation costs.

   ---------  ------------------------------------------------------------------
    21(b)          The representation is true and accurate, except as follows:

                   Intech Venture at Novi (Loan No. 62) An asbestos
                   operations and maintenance plan was recommended in the
                   Environmental Site Assessment for the Mortgaged
                   Property. The mortgagee required the Mortgagor to test
                   the Mortgaged Property within 90 days of origination.
                   If asbestos is found at the Mortgaged Property, the
                   mortgagee will require an on-going operations and
                   maintenance agreement.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) Deductible for
                   all-risk Insurance Policy may not exceed $50,000. The
                   deductible with respect to the Hilltop property for
                   all-risk Insurance Policy may not exceed
                   $100,000.Deductible for terrorism Insurance Policy with
                   respect to the Walmart Monument Mall property shall not
                   exceed $1,000,000 so long as the Walmart tenant at such
                   property maintains its ratings.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Oklahoma Tower (Loan No. 19) Deductible for all-risk
                   Insurance Policy may not exceed $50,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Harbor Freight Tools USA, Inc. (Loan No. 25) The
                   Mortgagor is permitted to maintain its current
                   Insurance Policy with Factory Mutual Insurance Company
                   provided that in the event Factory Mutual Insurance
                   Company's claims-paying ratings is downgraded below
                   "BBB" by S&P, the Mortgagor is required to obtain a new
                   Insurance Policy from a Qualified Insurer.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Harbor Freight Tools USA, Inc. (Loan No. 25) Deductible for
                   all-risk insurance policy may not exceed $25,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Downey Regional Medical Plaza (Loan No. 39) Deductible for
                   comprehensive commercial general
                   liability policy may not exceed $25,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Creekside Corporate Center (Loan No. 47) The Mortgagor
                   is permitted to maintain its current Insurance Policy
                   with Citizens Insurance Company of America, with a
                   current claims-paying rating of "BBB" by S&P and
                   "A-:XII" by A.M. Best, provided that (i) in the event
                   Citizens Insurance Company of America's claims-paying
                   ratings is downgraded below "A-:XII" by A.M. Best, or
                   (ii) on March 31, 2007, the expiration date of such
                   Insurance Policy, the Mortgagor is required to obtain a
                   new Insurance Policy from a Qualified Insurer.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   TI Automotive (Loan No. 58) Deductible for all-risk Insurance
                   Policy may not exceed $50,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Comfort Inn & Suites Miami Airport (Loan No. 64)
                   Deductible for all-risk Insurance Policy shall not
                   exceed $50,000, provided, however, that such deductible
                   may be increased to not more than $250,000 so long as
                   Sunburst Hospitality Corporation remains liable as
                   guarantor under the guaranty agreement and there has
                   been no breach or violation of Section 8.3 of the
                   Mortgage Loan agreement.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Plaza Del Ray (Loan No. 69) Deductible for
                   comprehensive commercial general liability policy may
                   not exceed $50,000, provided the sponsorship of
                   Mortgagor remains the same.The Mortgagor is permitted
                   to maintain its current Insurance Policy with Ohio
                   Casualty provided that in the event Ohio Casualty's
                   claims-paying ratings is downgraded below "BBB+" by S&P
                   or "A-:XI" by A.M. Best, the Mortgagor is required to
                   obtain a new Insurance Policy from a Qualified Insurer.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Comfort Suites & Best Western (Loan No. 71) Deductible
                   for all-risk Insurance Policy shall not exceed $50,000,
                   provided, however, that such deductible may be
                   increased to not more than $250,000 so long as Sunburst
                   Hospitality Corporation remains liable as guarantor
                   under the guaranty agreement and there has been no
                   breach or violation of Section 8.3 of the Mortgage Loan
                   agreement.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Parkway Plaza (Loan No. 72) Deductible for each of the
                   all-risk Insurance Policy, the comprehensive commercial
                   general liability policy and the terrorism policy shall not
                   exceed $50,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   110 Algonquin Parkway (Loan No. 75) Deductible for
                   all-risk Insurance Policy shall not exceed $100,000 if
                   the Mortgaged Property is covered by a blanket
                   insurance policy; provided, however, if the Mortgaged
                   Property is covered by a separate policy the deductible
                   shall not exceed $25,000 or if the Mortgaged Property
                   is transferred pursuant to the Mortgage Loan documents
                   the deductible shall not exceed $10,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Sterling Brooks Apartments (Loan No. 82) The Mortgagor
                   is permitted to maintain its current Insurance Policy
                   with United States Fire Insurance Company provided that
                   in the event United States Fire Insurance Company's
                   claims-paying ratings is downgraded below "BBB" by S&P
                   or "A-:XIII" by A.M. Best, the Mortgagor is required to
                   obtain a new Insurance Policy from a Qualified
                   Insurer.The Mortgagor is permitted to procure
                   comprehensive commercial general liability insurance
                   with a deductible no greater than $25,000 provided the
                   Mortgagor has deposited with the mortgagee an insurance
                   reserve in the cash sum of $25,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Oaks of Flagridge (Loan No. 91) Deductible for comprehensive
                   commercial general liability policy may not exceed $5,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Oaks of Flagridge (Loan No. 91) Deductible for all-risk
                   insurance policy may not exceed $15,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Copperfield Apartments (Loan No. 85) Deductible for
                   comprehensive commercial general liability policy may not
                   exceed $2,500.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Hannover Park Office Building (Loan No. 108) Deductible for
                   comprehensive commercial general liability policy may not
                   exceed $10,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Hannover Park Office Building (Loan No. 108) Deductible for
                   all-risk insurance policy may not exceed $25,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Cooks Creek Apartments (Loan No. 112) Deductible for
                   comprehensive commercial general liability policy may not
                   exceed $1,000.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Comfort Inn South Portland (Loan No. 107) Deductible
                   for all-risk Insurance Policy shall not exceed $50,000,
                   provided, however, that such deductible may be
                   increased to not more than $250,000 so long as Sunburst
                   Hospitality Corporation remains liable as guarantor
                   under the guaranty agreement and there has been no
                   breach or violation of Section 8.3 of the Mortgage Loan
                   agreement.

   ---------  ------------------------------------------------------------------
     22            The representation is true and accurate, except as follows:

                   Comfort Inn Airport (Loan No. 117) Deductible for
                   all-risk Insurance Policy shall not exceed $50,000,
                   provided, however, that such deductible may be
                   increased to not more than $250,000 so long as Sunburst
                   Hospitality Corporation remains liable as guarantor
                   under the guaranty agreement and there has been no
                   breach or violation of Section 8.3 of the Mortgage Loan
                   agreement.

   ---------  ------------------------------------------------------------------
     24            The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) There is a proceeding
                   pending for the partial condemnation of the Baken Park
                   property. The affected part of the Mortgaged Property was not
                   included in the underwriting.
   ---------  ------------------------------------------------------------------
     24            The representation is true and accurate, except as follows:

                   Downey Regional Medical Plaza (Loan No. 39) Downey Regional
                   Medical Center, Inc., the 100% owner of the Mortgagor and the
                   operator of a hospital, is subject to numerous medical
                   malpractice and related claims. However, such claims are
                   covered by Downey Regional Medical Center, Inc.'s insurance
                   policies.
   ---------  ------------------------------------------------------------------
     24            The representation is true and accurate, except as follows:

                   Brookhaven Shopping Center (Loan No. 10) An architect
                   and its principal have brought suit in U.S. District
                   Court against the principals of the Mortgagor and the
                   operating company owned by the principals of the
                   Mortgagor seeking $195,000 in damages for breach of a
                   contract for design services. The principals of the
                   Mortgagor asserted a counterclaim against the
                   plaintiffs seeking unspecified damages for negligence
                   and breach of contract.

   ---------  ------------------------------------------------------------------
     24            The representation is true and accurate, except as follows:

                   Wellington Gold's Gym (Loan No. 11) An architect and
                   its principal have brought suit in U.S. District Court
                   against the principals of the Mortgagor and the
                   operating company owned by the principals of the
                   Mortgagor seeking $195,000 in damages for breach of a
                   contract for design services. The principals of the
                   Mortgagor asserted a counterclaim against the
                   plaintiffs seeking unspecified damages for negligence
                   and breach of contract.

   ---------  ------------------------------------------------------------------
     24            The representation is true and accurate, except as follows:

                   Palumbo Drive Gold's Gym (Loan No. 12) An architect and
                   its principal have brought suit in U.S. District Court
                   against the principals of the Mortgagor and the
                   operating company owned by the principals of the
                   Mortgagor seeking $195,000 in damages for breach of a
                   contract for design services. The principals of the
                   Mortgagor asserted a counterclaim against the
                   plaintiffs seeking unspecified damages for negligence
                   and breach of contract.

   ---------  ------------------------------------------------------------------
     24            The representation is true and accurate, except as follows:

                   Edge O'Lake Shopping Center (Loan No. 13) An architect
                   and its principal have brought suit in U.S. District
                   Court against the principals of the Mortgagor and the
                   operating company owned by the principals of the
                   Mortgagor seeking $195,000 in damages for breach of a
                   contract for design services. The principals of the
                   Mortgagor asserted a counterclaim against the
                   plaintiffs seeking unspecified damages for negligence
                   and breach of contract.

   ---------  ------------------------------------------------------------------
     24            The representation is true and accurate, except as follows:

                   Preston Highway Gold's Gym (Loan No. 14) An architect
                   and its principal have brought suit in U.S. District
                   Court against the principals of the Mortgagor and the
                   operating company owned by the principals of the
                   Mortgagor seeking $195,000 in damages for breach of a
                   contract for design services. The principals of the
                   Mortgagor asserted a counterclaim against the
                   plaintiffs seeking unspecified damages for negligence
                   and breach of contract.
   ---------  ------------------------------------------------------------------
     27            The representation is true and accurate, except as follows:

                   Comfort Inn & Suites Miami Airport (Loan No. 64) Annual
                   financial statements are limited to a balance sheet upon
                   request. Operating Statements are required to be furnished on
                   a regular basis.

   ---------  ------------------------------------------------------------------
     27            The representation is true and accurate, except as follows:

                   Comfort Suites & Best Western (Loan No. 71) Annual financial
                   statements are limited to a balance sheet upon request.
                   Operating Statements are required to be furnished on a
                   regular basis.

   ---------  ------------------------------------------------------------------
     27            The representation is true and accurate, except as follows:

                   Comfort Inn South Portland (Loan No. 107) Annual financial
                   statements are limited to a balance sheet upon request.
                   Operating Statements are required to be furnished on a
                   regular basis.

   ---------  ------------------------------------------------------------------
     27            The representation is true and accurate, except as follows:

                   Comfort Inn Airport (Loan No. 117) Annual financial
                   statements are limited to a balance sheet upon request.
                   Operating Statements are required to be furnished on a
                   regular basis.

   ---------  ------------------------------------------------------------------
     28            The representation is true and accurate, except as follows:

                   Wynhaven - West Oaks Apartments (Loan No. 35) The
                   Mortgage Loan was structured with a $200,000 escrow
                   that is being held by a title company (Chicago Title)
                   and is not in the possession or under the control of
                   the mortgagee.

   ---------  ------------------------------------------------------------------
     30            The representation is true and accurate, except as follows:

                   Wynhaven - West Oaks Apartments (Loan No. 35) The Mortgagor
                   is a Delaware Statutory Trust which is a Special Purpose
                   Entity.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   Greenway Portfolio (Loan No. 2) The sole member of the
                   Mortgagor has pledged its ownership interests in the
                   Mortgagor to secure a mezzanine loan held by JPMorgan
                   Chase Bank, N.A. If the sole member of the Mortgagor
                   defaults on the mezzanine loan, the controlling
                   interest in the Mortgaged Property will be transferred
                   from the sole member of the Mortgagor to JPMorgan Chase
                   Bank, N.A.Subject to the satisfaction of certain
                   criteria, the Mortgage Loan documents allow the owners
                   of the Mortgagor the right to pledge their respective
                   interests in the Mortgagor to secure a mezzanine loan.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) The sole member of the
                   Mortgagor has pledged its ownership interests in the
                   Mortgagor to secure a mezzanine loan held by RAIT
                   Partnership, L.P.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   US Bank Center - St. Paul (Loan No. 15) Subject to the
                   satisfaction of certain criteria, the Mortgage Loan documents
                   allow the owners of the Mortgagor the right to pledge their
                   respective interests in the Mortgagor to secure a mezzanine
                   loan.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   Harbor Freight Tools USA, Inc. (Loan No. 25) Subject to the
                   satisfaction of certain conditions, transfers to affiliates
                   and other entities are permitted without mortgagee's consent.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   AMEC Paragon Buildings I & II (Loan No. 34) Subject to
                   the satisfaction of certain criteria, the Mortgage Loan
                   documents allow the owners of the Mortgagor the right
                   to pledge their respective interests in the Mortgagor
                   to secure a mezzanine loan. Subject to the satisfaction
                   of certain conditions, transfers to affiliates are
                   permitted without mortgagee's consent.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   Plaza Del Rey (Loan No. 69) Subject to the satisfaction of
                   certain conditions, transfers to affiliates and other
                   entities are permitted without mortgagee's consent.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   110 Algonquin Parkway (Loan No. 75) Subject to the
                   satisfaction of certain conditions, transfers to affiliates
                   and other entities are permitted without mortgagee's consent.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   Sterling Brook Apartments (Loan No. 82) Subject to the
                   satisfaction of certain conditions, the Mortgage Loan
                   documents allow conversion of the Mortgagor into a limited
                   partnership or limited liability company.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   Wynhaven - West Oaks Apartments (Loan No. 35) Subject to the
                   satisfaction of certain conditions, transfers to affiliates
                   and other entities are permitted without mortgagee's consent.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   TI Automotive (Loan No. 58) Subject to the satisfaction
                   of certain criteria, the Mortgage Loan documents allow
                   the owners of the Mortgagor the right to pledge their
                   respective interests in the Mortgagor to secure a
                   mezzanine loan.Subject to the satisfaction of certain
                   conditions, transfers to affiliates and other entities
                   are permitted without mortgagee's consent.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   North Texas Retail Portfolio (Loan No. 61) Subject to the
                   satisfaction of certain conditions, transfers to affiliates
                   and other entities are permitted without mortgagee's consent.

   ---------  ------------------------------------------------------------------
     32            The representation is true and accurate, except as follows:

                   Town and Country Shopping Center (Loan No. 104) Subject
                   to the satisfaction of certain criteria, the Mortgage
                   Loan documents allow the owners of the Mortgagor the
                   right to pledge their respective interests in the
                   Mortgagor to secure a mezzanine loan.

   ---------  ------------------------------------------------------------------
     34            The representation is true and accurate, except as follows:

                   Deutsch, Inc. (Loan No. 44) The Mortgage Loan documents do
                   not require counsel to provide an opinion that the trustee
                   has a perfected security interest in the collateral prior to
                   any other claim or interest.

   ---------  ------------------------------------------------------------------
     35            The representation is true and accurate, except as follows:

                   Greenway Portfolio (Loan No. 2) Each Greenway Portfolio
                   property may be released from the lien of the Mortgage upon
                   defeasance in an amount equal to 115% of the Allocated Loan
                   Amount.

   ---------  ------------------------------------------------------------------
     35            The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) Each Midwest Retail
                   Portfolio property may be released from the lien of the
                   Mortgage upon defeasance in an amount equal to 110% of the
                   Allocated Loan Amount.

   ---------  ------------------------------------------------------------------
     35            The representation is true and accurate, except as follows:

                   Brookhaven Shopping Center (Loan No. 10) Pursuant to
                   the terms of the cross-collateralization agreement,
                   upon a defeasance of one loan, the
                   cross-collateralization may be severed upon compliance
                   with Section 3.1 thereof, which includes payment of an
                   additional 20% deposit that shall continue to secure
                   the remaining loans.

   ---------  ------------------------------------------------------------------
     35            The representation is true and accurate, except as follows:

                   Wellington Gold's Gym (Loan No. 11) Pursuant to the
                   terms of the cross-collateralization agreement, upon a
                   defeasance of one loan, the cross-collateralization may
                   be severed upon compliance with Section 3.1 thereof,
                   which includes payment of an additional 20% deposit
                   that shall continue to secure the remaining loans.

   ---------  ------------------------------------------------------------------
     35            The representation is true and accurate, except as follows:

                   Palumbo Drive Gold's Gym (Loan No. 12) Pursuant to the
                   terms of the cross-collateralization agreement, upon a
                   defeasance of one loan, the cross-collateralization may
                   be severed upon compliance with Section 3.1 thereof,
                   which includes payment of an additional 20% deposit
                   that shall continue to secure the remaining loans.

   ---------  ------------------------------------------------------------------
     35            The representation is true and accurate, except as follows:

                   Edge O'Lake Shopping Center (Loan No. 13) Pursuant to
                   the terms of the cross-collateralization agreement,
                   upon a defeasance of one loan, the
                   cross-collateralization may be severed upon compliance
                   with Section 3.1 thereof, which includes payment of an
                   additional 20% deposit that shall continue to secure
                   the remaining loans.

   ---------  ------------------------------------------------------------------
     35            The representation is true and accurate, except as follows:

                   Preston Highway Gold's Gym (Loan No. 14) Pursuant to
                   the terms of the cross-collateralization agreement,
                   upon a defeasance of one loan, the
                   cross-collateralization may be severed upon compliance
                   with Section 3.1 thereof, which includes payment of an
                   additional 20% deposit that shall continue to secure
                   the remaining loans.

   ---------  ------------------------------------------------------------------
     37            The representation is true and accurate, except as follows:

                   Greenway Portfolio (Loan No. 2) The PPD Pharmaceutical
                   Mortgaged Property is legally conforming subject to the
                   restripping of 5 parking spaces.

   ---------  ------------------------------------------------------------------
     37            The representation is true and accurate, except as follows:

                   Wynhaven - West Oaks Apartments (Loan No. 35) The
                   Mortgaged Property is nonconforming with respect to
                   parking requirements. The Mortgagor is required to
                   re-stripe the parking area to add the 15 parking spaces
                   necessary to comply with the parking requirements.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Midwest Retail Portfolio (Loan No. 3) Terrorism insurance
                   premiums are capped at twice the amount of the annual
                   all-risk and business interruption insurance premium in any
                   fiscal year.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   AMEC Paragon Buildings I & II (Loan No. 34) Terrorism
                   insurance premiums are capped at $25,000 per year,
                   subject to annual escalations based on the Consumer
                   Price Index.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Comfort Inn & Suites Miami Airport (Loan No. 64) Terrorism
                   insurance premiums are capped at $40,000 per year.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Comfort Suites & Best Western (Loan No. 71) Terrorism
                   insurance premiums are capped at $25,000 per year.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Parkway Plaza (Loan No. 72) Terrorism insurance premiums are
                   capped at $20,000 per year.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   110 Algonquin Parkway (Loan No. 75) Terrorism insurance
                   premiums are capped at $23,500 per year.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Copperfield Apartments (Loan No. 85) Terrorism insurance
                   premiums are capped at $10,000 per year, subject to annual
                   escalations based on the Consumer Price Index.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Hannover Park Office Building (Loan No. 108) Mortgagor is
                   allowed to maintain its current insurance policy despite the
                   fact that such coverage has an exclusion for terrorism. Upon
                   the expiration or earlier termination of its current
                   comprehensive general liability policy, Mortgagor is required
                   to obtain a general liability policy which specifically does
                   not contain an exclusion for terrorism or obtain a separate
                   terrorism policy.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Comfort Inn South Portland (Loan No. 107) Terrorism insurance
                   premiums are capped at $15,000 per year.

   ---------  ------------------------------------------------------------------
     42            The representation is true and accurate, except as follows:

                   Comfort Inn Airport (Loan No. 117) Terrorism insurance
                   premiums are capped at $15,000 per year.

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

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

1.    I have examined the Mortgage Loan Purchase Agreement, dated as of June 20,
      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 with the same force and
      effect as if made on and as of the date hereof.

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 each Free
      Writing Prospectus (as defined in the Indemnification Agreement), when
      read in conjunction with the other Time of Sale Information (as defined in
      the Indemnification Agreement), the Prospectus, dated May 26, 2006, as
      supplemented by the Prospectus Supplement, dated June 12, 2006
      (collectively, the "Prospectus"), relating to the offering of the Class
      A-1, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J,
      Class X-1, Class X-2, Class B, Class C and Class D Certificates, the
      Private Placement Memorandum, dated June 12, 2006 (the "Privately Offered
      Certificate Private Placement Memorandum"), relating to the offering of
      the 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 June 12, 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 any Free Writing Prospectus, including any diskette attached
      thereto, when read in conjunction with the other Time of Sale Information,
      as of the Time of Sale (as defined in the Indemnification Agreement) or as
      of the date hereof, 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 in the case of any Free Writing
      Prospectus, when read in conjunction with the other Time of Sale
      Information, 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 ______
2006.

                                       By:_____________________________
                                          Name:
                                          Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]