Document:

EXHIBIT 10.1

                              ASSIGNMENT AGREEMENT

                      DATED THIS 31ST DAY OF OCTOBER, 2000.

BETWEEN:

         AGGRESSIVE AMERICAN CAPITAL PARTNERS, INC. , a Nevada Corporation, with
business  offices  at 1475  Terminal  Way,  Suite  E,  Reno,  NV,  89502 - 3225.
("Assignor")

AND:

         IMMULABS CORPORATION, a Colorado Corporation,  with business offices at
15945 Quality Trail N., Scandia, MN 55073. ("Assignee")

WHEREAS:

a) Pursuant to an Option Agreement ("Option  Agreement"),  the Assignor has been
assigned all right,  title and  interest to acquire  Quest  Research  Group Inc.
("Quest") and the technologies produced by Quest (collectively, the "Rights").

b) Pursuant  to a Stock  Acquisition  Agreement,  the  Assignor  has  acquired a
significant majority interest in the ownership of the Assignee (the "Interest").

c) The Assignor wishes to assign,  and the Assignee  wishes to be assigned,  all
the Rights, for good and valuable consideration.

d) Given the Interest of the  Assignor,  the  Assignor  believes it to be in its
best interest to enter into this Assignment.

e) Given the commercial  potential of the Rights, the Assignee believes it to be
in its best interest to enter into this Assignment.

<PAGE>

NOW THEREFORE WITNESSETH:

That in consideration of the premises, covenants,  agreements,  representations,
warranties and payments herein  contained,  and the sum of $10.00 (ten dollars),
the receipt and sufficiency of which is hereby acknowledged,  the parties hereto
covenant and agree as follows:

1.       The Assignor hereby transfers and assigns all right, title and interest
         under the Option Agreement to the Assignee.

2.       This Assignment Agreement  constitutes the entire agreement between the
         parties and there are no  representations  or warranties,  expressed or
         implied,  statutory or otherwise,  other than those expressly set forth
         herein.

3.       This Assignment  Agreement shall enure to the benefit of and be binding
         upon the parties hereto and their respective successors and assigns.

4.       This Assignment  Agreement may be executed in several parts in the same
         form and such parts so executed  shall together shall form one original
         agreement, and such parts, if more than one, shall be read together and
         construed as if all the signing parties hereto had executed one copy of
         this Assignment Agreement.

5.       The  parties  hereto  agree  that in the event of any  disagreement  or
         dispute  between them they shall first attempt to remedy the dispute be
         mediation or arbitration. In the event that the parties cannot agree to
         the  appointment  of an  independent  mediator or  arbitrator  then the
         parties hereto will accept the  appointment of a mediator or arbitrator
         appointed  by the Court.  If the  dispute  cannot be  remedied  through
         mediation or arbitration  then the dispute shall be resolved by a Court
         of competent jurisdiction.

In witness  whereof,  the  parties  hereto  have  agreed to and have caused this
Assignment  Agreement  to be  executed  effective  as of the  date  first  above
written.

Authorized Signatures:

Aggressive American Capital Partners, Inc.
Per:

-------------------------------------    -----------------------------
Bruce Deildal, Authorized Signatory                  Witness

Immulabs Corporation
Per:

-------------------------------------    ----------------------------
Benjamin Traub, Authorized Signatory                 WitnessPNC MORTGAGE ACCEPTANCE CORP.,
                                    DEPOSITOR

                          MIDLAND LOAN SERVICES, INC.,
                      MASTER SERVICER AND SPECIAL SERVICER

                       LASALLE BANK NATIONAL ASSOCIATION,
                                     TRUSTEE

                                       and

                               ABN AMRO BANK N.V.,
                                  FISCAL AGENT

                         POOLING AND SERVICING AGREEMENT

                           Dated as of October 1, 2000

                  Commercial Mortgage Pass-Through Certificates

                                 Series 2000-C2

<PAGE>

                               TABLE OF CONTENTS

                                                                          PAGE
                                                                          ----

                                   ARTICLE I.

                                   DEFINITION

Section 1.1.   Defined Terms................................................5

Section 1.2.   Certain Calculations........................................49

Section 1.3.   Certain Constructions.......................................49

                                   ARTICLE II.

         CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.1.   Conveyance and Assignment of Mortgage Loans.................50

Section 2.2.   Acceptance by the Custodian and the Trustee.................55

Section 2.3.   Seller's Repurchase of Mortgage Loans for Document
               Defaults and Breaches of Representations and Warranties.....56

Section 2.4.   Representations and Warranties of the Depositor.............59

Section 2.5.   Representations, Warranties and Covenants of the Master
               Servicer and the Special Servicer...........................61

Section 2.6.   Execution and Delivery of Certificates; Issuance of REMIC
               I Regular Interests and REMIC II Regular Interests..........63

Section 2.7.   Documents Not Delivered to Custodian........................64

                                  ARTICLE III.

               ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

Section 3.1.   Master Servicer to Act as Master Servicer; Special
               Servicer to Act as Special Servicer; Administration
               of the Mortgage Loans.......................................64

Section 3.2.   Sub-Servicing...............................................66

Section 3.3.   Collection of Certain Mortgage Loan Payments................68

Section 3.4.   Collection of Taxes, Assessments and Similar Items..........68

Section 3.5.   Collection Account, Distribution Account, Grantor Trust
               Collection Account, Grantor Trust Distribution Account
               and Excess Liquidation Proceeds Account.....................70

                                       i

<PAGE>

Section 3.6.   Permitted Withdrawals from the Collection Account and
               Grantor Trust Collection Account............................71

Section 3.7.   Investment of Funds in Accounts.............................74

Section 3.8.   Maintenance of Insurance Policies and Errors and Omissions
               and Fidelity Coverage.......................................76

Section 3.9.   Enforcement of Due-On-Sale Clauses; Assumption Agreements...78

Section 3.10.  Realization Upon Mortgage Loans.............................80

Section 3.11.  Trustee to Cooperate; Release of Mortgage Files.............83

Section 3.12.  Servicing Compensation......................................83

Section 3.13.  Reports to the Trustee; Collection Account Statements.......86

Section 3.14.  Annual Statement as to Compliance...........................88

Section 3.15.  Annual Independent Public Accountants'Servicing Report......89

Section 3.16.  Access to Certain Documentation.............................89

Section 3.17.  Title and Management of REO Properties......................90

Section 3.18.  Sale of Specially Serviced Mortgage Loans and REO
               Properties..................................................93

Section 3.19.  Inspections.................................................95

Section 3.20.  Available Information and Notices...........................96

Section 3.21.  Reserve Accounts; Letters of Credit.........................98

Section 3.22.  Servicing Advances..........................................98

Section 3.23.  Appraisal Reductions.......................................100

Section 3.24.  Transfer of Servicing Between Master Servicer and Special
               Servicer; Record Keeping...................................101

Section 3.25.  Adjustment of Servicing Compensation in Respect of
               Prepayment Interest Shortfalls.............................103

Section 3.26.  Operating Adviser; Elections...............................103

Section 3.27.  Appointment of Special Servicer; Duties of Operating
               Adviser....................................................105

Section 3.28.  Modifications, Waivers, Amendments, Extensions and
               Consents, Defeasance.......................................108

Section 3.29.  Interest Reserve Account...................................112

                                  ARTICLE IV.

                      DISTRIBUTIONS TO CERTIFICATEHOLDERS

Section 4.1.   Distributions of REMIC I...................................112

Section 4.2.   Distributions of REMIC II..................................113

                                       ii

<PAGE>

Section 4.3.   Distributions of REMIC III.................................118

Section 4.4.   Statements to Rating Agencies and Certificateholders;
               Available Information......................................124

Section 4.5.   Remittances; P&I Advances..................................126

Section 4.6.   Allocation of Realized Losses and Expense Losses...........127

Section 4.7.   Distributions on the Grantor Trust.........................128

Section 4.8.   Distributions in General...................................128

Section 4.9.   Compliance with Withholding Requirements...................129

                                   ARTICLE V.

                                THE CERTIFICATES

Section 5.1.   The Certificates...........................................130

Section 5.2.   Registration, Transfer and Exchange of Certificates........131

Section 5.3.   Book-Entry Certificates....................................138

Section 5.4.   Mutilated, Destroyed, Lost or Stolen Certificates..........140

Section 5.5.   Appointment of Paying Agent................................140

Section 5.6.   Access to Certificateholders'Names and Addresses...........141

Section 5.7.   Actions of Certificateholders..............................141

Section 5.8.   Persons Deemed Owners......................................142

Section 5.9.   Certification by Certificate Owners........................142

                                   ARTICLE VI.

           THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER

Section 6.1.   Liability of the Depositor, the Master Servicer and the
               Special Servicer...........................................143

Section 6.2.   Merger or Consolidation of the Master Servicer and Special
               Servicer...................................................143

Section 6.3.   Limitation on Liability of the Depositor, the Master
               Servicer and Others........................................143

Section 6.4.   Resignation of Master Servicer or Special Servicer.........144

Section 6.5.   Assignment or Delegation of Duties by Master Servicer or
               the Special Servicer.......................................145

Section 6.6.   Rights of the Depositor, the Rating Agencies and the
               Trustee in Respect of the Master Servicer and the Special
               Servicer...................................................145

                                      iii

<PAGE>

                                  ARTICLE VII.

                                     DEFAULT

Section 7.1.   Events of Default..........................................146

Section 7.2.   Trustee to Act; Appointment of Successor...................148

Section 7.3.   Notification to Certificateholders.........................150

Section 7.4.   Other Remedies of Trustee..................................150

Section 7.5.   Waiver of Past Events of Default; Termination..............150

                                  ARTICLE VIII.

                             CONCERNING THE TRUSTEE

Section 8.1.   Duties of Trustee..........................................151

Section 8.2.   Certain Matters Affecting the Trustee......................152

Section 8.3.   Trustee Not Liable for Certificates or Mortgage Loans......154

Section 8.4.   Trustee May Own Certificates...............................155

Section 8.5.   Payment of Trustee Fees and Expenses; Indemnification......155

Section 8.6.   Eligibility Requirements for Trustee.......................157

Section 8.7.   Resignation and Removal of the Trustee.....................158

Section 8.8.   Successor Trustee..........................................159

Section 8.9.   Merger or Consolidation of Trustee.........................159

Section 8.10.  Appointment of Co-Trustee or Separate Trustee..............160

Section 8.11.  Authenticating Agent.......................................161

Section 8.12.  Appointment of Custodians..................................162

Section 8.13.  Fiscal Agent Appointed; Concerning the Fiscal Agent........163

Section 8.14.  Representations and Warranties of the Trustee and Fiscal
               Agent......................................................163

                                   ARTICLE IX.

                                   TERMINATION

Section 9.1.   Termination of Trust Fund..................................166

Section 9.2.   Procedure Upon Termination of Trust Fund...................167

Section 9.3.   Additional Trust Fund Termination Requirements.............168

                                       iv

<PAGE>

                                   ARTICLE X.

                       REMIC ADMINISTRATION; GRANTOR TRUST

Section 10.1.  REMIC Election.............................................169

Section 10.2.  REMIC Compliance...........................................169

Section 10.3.  Imposition of Tax on the Trust Fund........................171

Section 10.4.  Prohibited Transactions and Activities.....................172

Section 10.5.  Grantor Trust Provisions...................................172

                                   ARTICLE XI.

                            MISCELLANEOUS PROVISIONS

Section 11.1.  Counterparts...............................................173

Section 11.2.  Limitation on Rights of Certificateholders.................173

Section 11.3.  Governing Law..............................................174

Section 11.4.  Notices....................................................174

Section 11.5.  Severability of Provisions.................................176

Section 11.6.  Notice to the Depositor, the Operating Adviser and Each
               Rating Agency..............................................176

Section 11.7.  Amendment..................................................177

Section 11.8.  Confirmation of Intent.....................................179

                                    EXHIBITS

Exhibit A-1    Form of Class A-1 Certificate
Exhibit A-2    Form of Class A-2 Certificate
Exhibit A-3    Form of Class X Certificate
Exhibit A-4    Form of Class B Certificate
Exhibit A-5    Form of Class C Certificate
Exhibit A-6    Form of Class D Certificate
Exhibit A-7    Form of Class E Certificate
Exhibit A-8    Form of Class F Certificate
Exhibit A-9    Form of Class G Certificate
Exhibit A-10   Form of Class H Certificate
Exhibit A-11   Form of Class J Certificate
Exhibit A-12   Form of Class K Certificate
Exhibit A-13   Form of Class L Certificate
Exhibit A-14   Form of Class M Certificate
Exhibit A-15   Form of Class N Certificate

                                       v

<PAGE>

Exhibit A-16   Form of Class O Certificate
Exhibit A-17   Form of Class V Certificate
Exhibit A-18   Form of Class R-I Certificate
Exhibit A-19   Form of Class R-II Certificate
Exhibit A-20   Form of Class R-III Certificate
Exhibit B-1    Mortgage Loan Schedule
Exhibit B-2    Form of Initial Custodian Certification
Exhibit B-3    Form of Final Custodian Certification
Exhibit C-1    Form of Transferee Affidavit
Exhibit C-2    Form of Transferor Letter
Exhibit D      Form of Investment Representation Letter
Exhibit E      Form of Request for Release
Exhibit F      Form of Custodial Agreement
Exhibit G-1A   Form of Transferee Certificate in Connection With ERISA
               (Definitive Class X Certificates)
Exhibit G-1B   Form of Transferee Certificate in Connection With ERISA (Book-
               Entry Class B, C and D Certificates)
Exhibit G-2A   Form of Transferee Certificate in Connection With ERISA
               (Definitive Class B, C and D Certificates)
Exhibit G-2B   Form of Transferee Certificate in Connection With ERISA (Book-
               Entry Class B, C and D Certificates)
Exhibit G-3A   Form of Transferee Certificate in Connection With ERISA
               (Definitive Class E, F, G, H, J, K, L, M, N and O Certificates)
Exhibit G-3B   Form of Transferee Certificate in Connection With ERISA (Book-
               Entry Class E, F, G, H, J, K, L, M, N and O Certificates)
Exhibit H-1    Form of Monthly Distribution Statement
Exhibit H-2    Form of CMSA IRP
Exhibit I      Form of Certificate Owner Certification
Exhibit J      Form of Defeasance Certification

                                       vi

<PAGE>

     Pooling  and  Servicing  Agreement,  dated as of  October 1, 2000 among PNC
Mortgage Acceptance Corp., as Depositor,  Midland Loan Services, Inc., as Master
Servicer and Special Servicer,  LaSalle Bank National  Association,  as Trustee,
and ABN AMRO Bank N.V., as Fiscal Agent.

                             PRELIMINARY STATEMENT:

     Terms used but not  defined in this  Preliminary  Statement  shall have the
meanings specified in Article I.

     The  Depositor  intends  to sell  pass-through  certificates  to be  issued
hereunder in multiple  classes,  which in the aggregate will evidence the entire
beneficial  ownership  interest in the Trust Fund  consisting  primarily  of the
Mortgage  Loans. On the Closing Date, the Depositor will acquire (i) the REMIC I
Regular  Interests  and the  Class R-I  Certificates  as  consideration  for its
transfer  to the  Trust  Fund  of the  Mortgage  Loans  and the  other  property
constituting  the Trust Fund  (excluding  Deferred  Interest,  the Grantor Trust
Collection Account and the Grantor Trust Distribution  Account) described in the
definition of "REMIC I"; (ii) the REMIC II Regular  Interests and the Class R-II
Certificates as consideration  for its transfer of the REMIC I Regular Interests
to the Trust Fund;  (iii) the REMIC III  Certificates as  consideration  for its
transfer of the REMIC II Regular Interests to the Trust Fund; and (iv) the Class
V Certificates as consideration for its transfer of the Deferred Interest to the
Trust Fund. The Depositor has duly authorized the execution and delivery of this
Agreement to provide for (i) the  foregoing  and the issuance of (a) the REMIC I
Regular  Interests and the Class R-I Certificates  representing in the aggregate
the entire  beneficial  ownership of REMIC I, (b) the REMIC II Regular Interests
and the  Class  R-II  Certificates  representing  in the  aggregate  the  entire
beneficial ownership of REMIC II and (c) the REMIC III Certificates representing
in the  aggregate  the entire  beneficial  ownership  of REMIC III, and (ii) the
creation of the Grantor Trust and the issuance of the Class V Certificates.

                                    REMIC I

     As provided herein, the Trustee will make the election described in Section
10.1 hereof for the segregated  pool of assets  consisting of the Mortgage Loans
and certain  related  assets  (excluding  Deferred  Interest,  the Grantor Trust
Collection Account and the Grantor Trust Distribution Account) to be treated for
federal  income tax  purposes as a real estate  mortgage  investment  conduit (a
"REMIC" and, such particular  segregated pool of assets, "REMIC I"). The REMIC I
Regular  Interests will be designated as the "regular  interests" in REMIC I and
the Class R-I  Certificates  will be  designated  as the sole class of "residual
interests" in REMIC I.

     A separate  uncertificated  REMIC I Regular  Interest  will be issued  with
respect to each Mortgage Loan. Each REMIC I Regular  Interest will represent the
right to receive principal corresponding to the initial Stated Principal Balance
of a related  Mortgage Loan and interest thereon at a remittance rate calculated
as described in the  definition  of "REMIC I Remittance  Rate".  For purposes of
Treasury Regulation Section  1.860G-1(a)(4)(iii),  the "latest possible maturity
date" for each REMIC I Regular  Interest  shall be the Rated Final  Distribution
Date.  The  Class  R-I  Certificates  will  have no  principal  balances  and no
remittance rate, but will be

                                       1

<PAGE>

entitled to receive on each Distribution Date any portion of the Available Funds
for such  Distribution  Date not  otherwise  deemed  distributed  on the REMIC I
Regular Interests.

                                    REMIC II

     As provided herein, the Trustee will make the election described in Section
10.1 hereof for the segregated pool of assets  consisting of the REMIC I Regular
Interests  to be treated for  federal  income tax  purposes as a separate  REMIC
(such  particular  pool of assets,  "REMIC II"). The REMIC II Regular  Interests
will be designated as representing  the "regular  interests" in REMIC II and the
Class R-II  Certificates  will be designated as  representing  the sole class of
"residual interests" in REMIC II for purposes of the REMIC Provisions.

     Fifteen separate  uncertificated classes of REMIC II Regular Interests will
be issued  and are  designated  as the  "regular  interests"  in REMIC  II.  The
following   table   irrevocably   sets  forth  the   designation   and   initial
Uncertificated Principal Balance for each REMIC II Regular Interest.

                           REMIC II Regular Interests

                -----------------------------------------------
                                        Initial Uncertificated
                     Designation           Principal Balance
                -----------------------------------------------
                Class A-1-II Interest       $200,600,000
                -----------------------------------------------
                Class A-2-II Interest       $619,916,000
                -----------------------------------------------
                 Class B-II Interest         $43,044,000
                -----------------------------------------------
                 Class C-II Interest         $48,423,000
                -----------------------------------------------
                 Class D-II Interest         $13,452,000
                -----------------------------------------------
                 Class E-II Interest         $13,451,000
                -----------------------------------------------
                 Class F-II Interest         $18,831,000
                -----------------------------------------------
                 Class G-II Interest         $16,141,000
                -----------------------------------------------
                 Class H-II Interest         $18,832,000
                -----------------------------------------------
                 Class J-II Interest         $29,592,000
                -----------------------------------------------
                 Class K-II Interest         $ 8,071,000
                -----------------------------------------------
                 Class L-II Interest         $ 8,071,000
                -----------------------------------------------
                 Class M-II Interest         $10,761,000
                -----------------------------------------------
                 Class N-II Interest         $ 5,380,000
                -----------------------------------------------
                 Class O-II Interest         $21,522,272
                -----------------------------------------------

                                       2

<PAGE>

     For  purposes  of  Treasury  Regulation  Section  1.860G-1(a)(4)(iii),  the
"latest  possible  maturity date" of each REMIC II Regular Interest shall be the
Rated Final Distribution Date. The Class R-II Certificate will have no scheduled
principal  balance and no pass-through  rate, but will be entitled to receive on
each  Distribution Date any portion of the Available Funds for REMIC II for such
Distribution  Date not  otherwise  deemed  distributed  on the REMIC II  Regular
Interests.

                                   REMIC III

     As provided herein, the Trustee will make the election described in Section
10.1 for the segregated pool of assets hereof consisting of the REMIC II Regular
Interests  to be treated for  federal  income tax  purposes as a separate  REMIC
(such   particular  pool  of  assets,   "REMIC  III").  The  REMIC  III  Regular
Certificates will be designated as representing the "regular interests" in REMIC
III and the Class R-III Certificates will be designated as representing the sole
class of "residual interests" in REMIC III for purposes of the REMIC Provisions.

     Sixteen separate Classes of REMIC III Regular  Certificates will be issued.
The  following  table  irrevocably  sets  forth  the  designation,  the  initial
pass-through  rate and the initial  aggregate  certificate  principal balance or
notional amount for each Class of REMIC III Regular Certificates.

                                       3

<PAGE>

                         REMIC III Regular Certificates

                                                    Initial Aggregate
     Designation       Initial Pass-Through      Certificate Balance or
                              Rate(1)                Notional Amount

      Class A-1              7.05000%                 $200,600,000
      Class A-2              7.30000                  $619,916,000
       Class X               1.17133                  $1,076,087,272 (2)
       Class B               7.50000                  $43,044,000
       Class C               7.64000                  $48,423,000
       Class D               7.74000                  $13,452,000
       Class E               8.11348                  $13,451,000
       Class F               8.21348                  $18,831,000
       Class G               8.39348                  $16,141,000
       Class H               6.22000                  $18,832,000
       Class J               6.22000                  $29,592,000
       Class K               6.22000                  $8,071,000
       Class L               6.22000                  $8,071,000
       Class M               6.22000                  $10,761,000
       Class N               6.22000                  $5,380,000
       Class O               6.22000                  $21,522,272

     (1)  On each  Distribution  Date after the initial  Distribution  Date, the
Pass-Through  Rate for each  Class of REMIC  III  Regular  Certificates  will be
determined as described herein under the definition of "Pass-Through Rate."

     (2)  Notional Amount.

     For  purposes  of  Treasury  Regulation  Section  1.860G-1(a)(4)(iii),  the
"latest possible maturity date" of each Class of REMIC III Regular  Certificates
shall be the Rated Final  Distribution  Date. The Class R-III  Certificates will
have no principal  balances and no  pass-through  rate,  but will be entitled to
receive on each  Distribution  Date any portion of the Available Funds for REMIC
III for such Distribution Date not otherwise deemed distributed on the REMIC III
Regular Certificates.

     The  Certificate  Balance of any Class of  Certificates  outstanding at any
time represents the maximum amount which holders thereof are entitled to receive
as distributions allocable to principal from the cash flow on the Mortgage Loans
and the other assets in the Trust Fund.

     As of the  Cut-off  Date,  the  Mortgage  Loans  have an  aggregate  Stated
Principal Balance equal to approximately $1,076,087,272.

                                       4

<PAGE>

                                 GRANTOR TRUST

     The parties intend that the Deferred Interest, the Grantor Trust Collection
Account and the Grantor Trust Distribution  Account will be treated as a grantor
trust  under  Subpart  E of Part 1 of  Subchapter  J of the Code  (the  "Grantor
Trust"),  and that  the  Class V  Certificates  represent  undivided  beneficial
interests in  specified  portions of the Deferred  Interest,  the Grantor  Trust
Collection Account and the Grantor Trust Distribution Account. The assets of the
Grantor Trust are excluded from the REMICs.

     In consideration of the mutual agreements herein contained,  the Depositor,
the Master  Servicer,  the Special  Servicer,  the Trustee and the Fiscal  Agent
agree as follows:

                                   ARTICLE I.
                                   ----------

                                   DEFINITION

          Section 1.1.   Defined Terms.

     Whenever used in this Agreement,  the following  words and phrases,  unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

     "1933 Act":  The  Securities Act of 1933, as it may be amended from time to
time.

     "1934 Act": The Securities  Exchange Act of 1934, as it may be amended from
time to time.

     "Accrued  Certificate  Interest":  With  respect  to any Class of REMIC III
Regular  Certificates (other than the Class X Certificates) for any Distribution
Date, the amount of interest for the applicable  Interest Accrual Period accrued
at the applicable Pass-Through Rate on the aggregate Certificate Balance of such
Class of Certificates as of the close of business on the preceding  Distribution
Date (or, in the case of the first  Distribution  Date, as of the Closing Date).
Accrued  Certificate  Interest on the Class X Certificates for each Distribution
Date will equal the Class X Interest Amount. The Accrued Certificate Interest in
respect of each Class of REMIC III Regular  Certificates  for each  Distribution
Date shall accrue on the basis of a 360-day  year  consisting  of twelve  30-day
months.

     "Actual/360  Basis": The accrual of interest calculated on the basis of the
actual  number of days elapsed  during any  calendar  month in a year assumed to
consist of 360 days.

     "Additional  Trust Fund Expense":  Any of the following  items: (a) Special
Servicer Fees,  Disposition  Fees and Workout Fees; (b) Advance Interest Amounts
not paid out of Default  Interest or late payment charges or late fees as and to
the extent provided herein;  (c) amounts paid by the Trust Fund to indemnify the
Depositor,  the Master Servicer,  the Special Servicer,  the Trustee, the Fiscal
Agent or any other Person  pursuant to the terms of this  Agreement;  (d) to the
extent not covered by  indemnification by one of the parties hereto or paid by a
source other than the Trust Fund,  any federal,  state or local taxes imposed on
the  Trust  Fund or any of its  assets  or  transactions;  (e)  the  cost of all
Opinions of Counsel required or permitted hereunder to be obtained in connection
with the servicing of the Mortgage Loans and the administration of the

                                       5

<PAGE>

     Trust  Fund and not  otherwise  required  hereunder  to be paid by a source
other than the Trust Fund or  Advanced as a  Servicing  Advance;  and (f) to the
extent not  included in the  calculation  of a Realized  Loss and not covered by
indemnification   by  one  of  the  parties  hereto  or  otherwise,   any  other
unanticipated cost, liability, or expense of the Trust Fund which the Trust Fund
has not recovered,  and in the judgment of the Master  Servicer (or, in the case
of a Specially  Serviced  Mortgage Loan, the Special Servicer) will not recover,
from the related Borrower or Mortgaged Property or otherwise.

     "Adjusted  REMIC II  Remittance  Rate":  With  respect to the Class  A-1-II
Interest,  for any  Distributon  Date, a rate per annum equal to 7.05000%;  with
respect to the Class  A-2-II  Interest,  for any  Distribution  Date, a rate per
annum  equal to  7.30000%;  with  respect  to the Class E-II  Interest,  for any
Distribution  Date,  a rate per annum equal to the related  REMIC II  Remittance
Rate for such Distribution  Date minus 0.28000%;  with respect to the Class F-II
Interest, for any Distribution Date, a rate per annum equal to the related REMIC
II Remittance Rate for such  Distribution  Date minus 0.18000%;  with respect to
the Class G-II Interest,  for any  Distribution  Date, a rate per annum equal to
the related REMIC II Remittance Rate for such Distribution Date. With respect to
each of the remaining REMIC II Regular  Interests,  for any Distribution Date, a
rate per annum equal to the lesser of (i) the related REMIC II  Remittance  Rate
for such  Distribution  Date and (ii) the  related  "Fixed  Cap Rate"  specified
below:

       REMIC II Regular Interest               Fixed Cap Rate

          Class B-II Interests               7.50000% per annum
          Class C-II Interests               7.64000% per annum
          Class D-II Interests               7.74000% per annum
          Class H-II Interests               6.22000% per annum
          Class J-II Interests               6.22000% per annum
          Class K-II Interests               6.22000% per annum
          Class L-II Interests               6.22000% per annum
          Class M-II Interests               6.22000% per annum
          Class N-II Interests               6.22000% per annum
          Class O-II Interests               6.22000% per annum

     All  adjusted  REMIC II  Remittance  Rates shall be rounded to five decimal
places.

     "Advance": Any P&I Advance or Servicing Advance.

     "Advance Interest Amount":  The sum, for all Mortgage Loans as to which any
Advance remains unreimbursed, of all interest at the related Advance Rate on the
amount of each and every P&I Advance and Servicing  Advance for which the Master
Servicer,  the Special Servicer, the Trustee or the Fiscal Agent, as applicable,
has not been paid or  reimbursed  for the  number of days from the date on which
each such  Advance was made or, if  interest  has been  previously  paid on such
Advance,  from the date on which  interest  was last paid,  through  the date of
payment or  reimbursement  of the  related  Advance  (which in no event shall be
later  than  the  Determination  Date  following  the date on  which  funds  are
available to reimburse such Advance with interest  thereon at the Advance Rate);
provided, however, that neither the Master Servicer nor any other party shall be
entitled to interest  accrued on the amount of any P&I Advance  with  respect to
any Mortgage Loan, (1) for the period commencing on the date of such P&I Advance

                                       6

<PAGE>

and  ending on the day on which  the  grace  period  applicable  to the  related
Borrower's  obligation to make the related Monthly  Payment expires  pursuant to
the related  Mortgage Loan  Documents or (2) if the related  Monthly  Payment is
received by the Master Servicer on or prior to the Remittance  Date  immediately
following the Due Date for such Monthly Payment.

     "Advance  Rate":  A per annum rate equal to the Prime Rate (as published in
The Wall Street Journal,  or, if The Wall Street Journal is no longer published,
such other  publication  determined by the Trustee (with the  concurrence of the
Master Servicer) in its reasonable discretion from time to time).

     "Adverse  Grantor Trust Event":  Either (i) any impairment of the status of
the Grantor  Trust as a grantor  trust or (ii) the  imposition of a tax upon the
Grantor Trust or any of its assets or transactions.

     "Adverse REMIC Event": As defined in Section 10.2(d).

     "Affiliate":  With  respect  to any  specified  Person,  any  other  Person
controlling or controlled by or under common control with such specified Person.
For the  purposes of this  definition,  "control"  when used with respect to any
specified  Person means the power to direct the  management and policies of such
Person,  directly  or  indirectly,  whether  through  the  ownership  of  voting
securities,   by  contract  or  otherwise,   and  the  terms  "controlling"  and
"controlled" have meanings correlative to the foregoing.  The Trustee may obtain
and  rely on an  Officer's  Certificate  of the  Master  Servicer,  the  Special
Servicer or the  Depositor  to  determine  whether any Person is an Affiliate of
such party.

     "Agreement": This Pooling and Servicing Agreement and all amendments hereof
and supplements hereto.

     "Applicable Monthly Payment": As defined in Section 4.5(a).

     "Applicant": As defined in Section 5.6(a).

     "Appraisal  Reduction  Event":  With  respect to each  Mortgage  Loan,  the
occurrence of the earliest of the following dates: (i) the third  anniversary of
the date on which an extension of the maturity  date of a Mortgage  Loan becomes
effective as a result of a  modification  of such  Mortgage  Loan by the Special
Servicer,  which extension does not change the amount of Monthly Payments on the
Mortgage Loan, (ii) 90 days after an uncured  delinquency occurs in respect of a
Mortgage  Loan,  (iii) 30 days after a receiver has been  appointed or after the
commencement of an involuntary bankruptcy  proceeding,  (iv) immediately after a
borrower declares bankruptcy,  and (v) immediately after a Mortgage Loan becomes
an REO Mortgage Loan. The Special  Servicer shall notify the Master Servicer and
the Master Servicer shall notify the Special Servicer,  as applicable,  promptly
upon receiving notice of the occurrence of any of the foregoing events.

     "Appraisal  Reduction":  For any  Mortgage  Loan as to which any  Appraisal
Reduction  Event has  occurred,  an amount equal to (a) the  outstanding  Stated
Principal  Balance  of such  Mortgage  Loan as of the  last  day of the  related
Collection  Period less (b) the excess, if any, of (i) 90% of the sum of (x) the
appraised  or otherwise  estimated  value of the related  Mortgaged  Property or
Properties as  determined  in  accordance  with Section 3.23 (the costs of which
shall be

                                       7

<PAGE>

paid by the Master Servicer as an Advance),  plus (y) the amount of all reserves
and escrows that are pledged as  collateral  for the  Mortgage  Loan (other than
those for taxes and insurance), but only to the extent that such amounts are not
taken into account in determining the appraised or otherwise  estimated value of
the Mortgaged  Property,  over (ii) the sum of (A) to the extent not  previously
advanced by the Master  Servicer,  the Trustee or the Fiscal  Agent,  all unpaid
interest  on the  principal  balance of such  Mortgage  Loan at a per annum rate
equal to the Mortgage Rate, (B) all  unreimbursed  Advances and interest thereon
at the Advance Rate in respect of such Mortgage  Loan, (C) all currently due and
unpaid real estate taxes and  assessments  and insurance  premiums and all other
amounts,  including,  if  applicable,  ground  rents,  due and unpaid  under the
Mortgage Loan (which taxes, premiums and other amounts have not been escrowed or
the  subject of an  Advance)  and (D) unpaid  compensation  owed to the  Special
Servicer.  An Appraisal Reduction will be eliminated (i) upon payment in full or
liquidation  of any  Mortgage  Loan for which an  Appraisal  Reduction  has been
determined  or (ii) if the  Mortgage  Loan is no  longer  a  Specially  Serviced
Mortgage Loan.

     "Asset Status Report": As defined in Section 3.24(e).

     "Assignment  of Leases,  Rents and Profits":  With respect to any Mortgaged
Property,  any  assignment  of leases,  rents and  profits or similar  agreement
executed by the Borrower,  assigning to the  mortgagee all of the income,  rents
and profits derived from the ownership, operation, leasing or disposition of all
or a portion of such  Mortgaged  Property,  in the form which was duly executed,
acknowledged  and delivered by the Borrower,  as amended,  modified,  renewed or
extended through the date hereof and from time to time hereafter.

     "Assignment  of  Mortgage":  An assignment  of mortgage  without  recourse,
notice of  transfer or  equivalent  instrument,  in  recordable  form,  which is
sufficient  under the laws of the  jurisdiction  in which the related  Mortgaged
Property is located to reflect of record the sale of the related Mortgage, which
assignment,  notice of transfer or equivalent  instrument  may be in the form of
one  or  more  blanket  assignments  covering  Mortgages  encumbering  Mortgaged
Properties located in the same jurisdiction,  if permitted by law and acceptable
for recording;  provided,  however,  that none of the Trustee, the Fiscal Agent,
the Custodian,  the Special Servicer or the Master Servicer shall be responsible
for  determining  whether any assignment is legally  sufficient or in recordable
form.

     "Assumed  Monthly  Payment":  (a) With respect to any Balloon Mortgage Loan
(other than a Balloon Mortgage Loan that has become a REO Mortgage Loan) for its
Maturity Date  (provided  that such Mortgage Loan has not been paid in full, and
no other Liquidation Event has occurred in respect thereof, on or before the end
of the  Collection  Period  in which  such  Maturity  Date  occurs)  and for any
subsequent Due Date therefor as of which such Mortgage Loan remains  outstanding
and part of the Trust  Fund,  if no  Monthly  Payment  (other  than the  related
delinquent  Balloon  Payment) is otherwise due for such Due Date,  the scheduled
monthly payment of principal and/or interest deemed to be due in respect thereof
for  such Due  Date  equal  to the  Monthly  Payment  (other  than  any  related
delinquent Balloon Payment) that would have been due in respect of such Mortgage
Loan on such Due Date if it had been required to continue to accrue  interest in
accordance  with  its  terms,  and to  pay  principal  in  accordance  with  the
amortization  schedule  (if any),  in effect  immediately  prior to, and without
regard to the  occurrence of, its most recent  scheduled  Maturity Date; and (b)
with respect to any REO Mortgage Loan, for any Due Date therefor as of which the
related REO  Property  remains  part of the Trust Fund,  the  scheduled  monthly
payment of principal and/or interest deemed to be due in respect thereof on such
Due

                                       8

<PAGE>

Date equal to the Monthly  Payment (or, in the case of a Balloon  Mortgage  Loan
described in clause (a) of this  definition,  the Assumed Monthly  Payment) that
was due in respect of the subject  Mortgage  Loan for the last Due Date prior to
its becoming an REO Mortgage Loan.

     "Authenticating  Agent": Any authenticating  agent appointed by the Trustee
pursuant to Section 8.11.

     "Available  Funds":  Subject to Section 9.2(b), (x) with respect to REMIC I
and each Distribution Date, (a) the Master Servicer  Remittance Amount, plus (b)
if the  Distribution  Date occurs during March of any year, the Interest Reserve
Amounts in the  Interest  Reserve  Account;  less (c) if the  Distribution  Date
occurs during February of any year or January of any non-leap year, the Interest
Reserve  Amounts for the Interest  Reserve Loans to be deposited in the Interest
Reserve Account;

     (y)  with respect to REMIC II and any Distribution Date, all amounts deemed
distributed  on the REMIC I Regular  Interests  out of the  Available  Funds for
REMIC I for such Distribution Date; and

     (z) with respect to REMIC III and any Distribution Date, all amounts deemed
distributed  on the REMIC II Regular  Interests out of the  Available  Funds for
REMIC II for such Distribution Date.

     "Balloon  Loan":  A Mortgage  Loan which  provides for monthly  payments of
principal  based on an  amortization  schedule  longer than its remaining  term,
thereby leaving  substantial  principal  amounts due and payable on its Maturity
Date.

     "Balloon Payment": With respect to each Balloon Loan, the scheduled payment
of principal  and interest due on the Maturity  Date of such Balloon Loan which,
pursuant to the related Note, is equal to the entire remaining principal balance
of such Balloon Loan, plus accrued interest thereon.

     "Borrower":  With respect to each Mortgage Loan, any obligor on any related
Note.

     "Book-Entry  Certificate":  Any  Certificate  registered in the name of the
Securities Depository or its nominee.

     "Business  Day": Any day other than a Saturday,  a Sunday or a day on which
banking  institutions in New York,  Pennsylvania,  either of the cities in which
the primary  servicing  offices of the Master Servicer and the Special  Servicer
are located or the city in which the  Corporate  Trust  Office of the Trustee is
located, are authorized or obligated by law or executive order to remain closed.

     "Cash  Deposit":  An amount  equal to all cash  payments of  principal  and
interest  received by the applicable Seller in respect of the Mortgage Loans two
or more  Business Days prior to the Closing Date which are due after the Cut-off
Date  (excluding the $201,086  prepayment made on Loan Number 166 on October 13,
2000),  plus  (without  duplication)  with respect to Loan Numbers 107 and 57 an
amount equal to 31 days  interest on such Mortgage Loan computed on the basis of
such Mortgage  Loan's  Mortgage Rate and Cut-off Date principal  balance,  which
amount is to be deposited in the Collection Account by the Depositor pursuant to
Section 2.1.

                                       9

<PAGE>

     "Certificate":  Any Class A-1,  Class A-2, Class X, Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class
N, Class O, Class V, Class R-I,  Class R-II or Class R-III  Certificate  issued,
authenticated and delivered hereunder.

     "Certificate Balance":  With respect to: (i) all of the Certificates of any
Class of REMIC III Regular  Certificates  (other than the Class X  Certificates)
(a) on or prior to the first Distribution Date, an amount equal to the aggregate
initial  Certificate  Balance of such Class,  as  specified  in the  Preliminary
Statement  hereto,  and (b) as of any  date of  determination  after  the  first
Distribution Date, the Certificate  Balance of such Class of Certificates on the
Distribution  Date  immediately  prior  to  such  date of  determination,  after
application of the  distributions  of principal made thereon,  and allocation of
the Realized Losses and Expense Losses made thereto,  on such prior Distribution
Date; and (ii) any particular REMIC III Regular  Certificate (other than a Class
X Certificate),  (a) on or prior to the first Distribution Date, an amount equal
to the initial  Certificate  Balance  reflected on the face of such Certificate,
and (b) as of any date of determination  after the first  Distribution Date, the
Certificate  Balance of such  Certificate on the  Distribution  Date immediately
prior to such date of  determination,  after application of the distributions of
principal made thereon, and allocation of the Realized Losses and Expense Losses
made thereto,  on such prior Distribution Date. The Class X Certificates have no
Certificate Balance.

     "Certificate Owner": With respect to a Book-Entry  Certificate,  the Person
who is the beneficial owner of such Certificate as reflected on the books of the
Securities Depository or on the books of a Securities Depository  Participant or
on the books of an indirect participating  brokerage firm for which a Securities
Depository Participant acts as agent.

     "Certificate Register" and "Certificate Registrar": The register maintained
and the registrar appointed pursuant to Section 5.2(a).

     "Certificate Purchase Agreement":  means the Certificate Purchase Agreement
dated October 13, 2000 between Morgan Stanley & Co. Incorporated and PNC Capital
Markets, Inc., as the initial purchasers, the Depositor and Midland.

     "Certificateholder":  With respect to any Certificate,  the Person in whose
name such  Certificate  is registered  in the  Certificate  Register;  provided,
however, that, except to the extent provided in the next proviso, solely for the
purpose of giving any consent or taking any action  pursuant to this  Agreement,
any Certificate  beneficially owned by the Depositor,  the Master Servicer,  the
Special Servicer,  the Trustee, a Manager of a Mortgaged Property, a Borrower or
any Person known to a Responsible Officer of the Certificate  Registrar to be an
Affiliate  of the  Depositor,  the Trustee,  the Master  Servicer or the Special
Servicer shall be deemed not to be outstanding and the Voting Rights to which it
is entitled shall not be taken into account in determining whether the requisite
percentage  of Voting  Rights  necessary  to effect any such consent or take any
such  action has been  obtained;  provided,  however,  that (i) for  purposes of
obtaining  any  consent,  approval,  direction  or waiver of  Certificateholders
pursuant to this Agreement,  any Certificates  beneficially  owned by the Master
Servicer or the Special  Servicer or an Affiliate  thereof shall be deemed to be
outstanding,  provided, that, such consent,  approval,  direction or waiver does
not relate to  compensation  of the Master  Servicer or the Special  Servicer or
benefit the Master Servicer or the Special Servicer (in its capacity as such) or
any Affiliate  thereof (other than solely in its capacity as  Certificateholder)
in any material  respect,  in which case such Certificate shall be deemed not to
be outstanding; (ii) for purposes of obtaining

                                       10

<PAGE>

the  consent of  Certificateholders  to any action  proposed  to be taken by the
Special  Servicer  with  respect to a  Specially  Serviced  Mortgage  Loan,  any
Certificates  beneficially owned by the Master Servicer, the Special Servicer or
an Affiliate  thereof shall be deemed to be outstanding  notwithstanding  clause
(i)  above;  and  (iii)  for  any  election  of  the  Operating  Adviser  or the
appointment or removal of a Special Servicer  pursuant to Section  3.27(e),  any
Certificates  beneficially owned by the Master Servicer, the Special Servicer or
an  Affiliate  thereof  shall be  deemed  to be  outstanding.  For  purposes  of
obtaining  the consent of  Certificateholders  to any action  with  respect to a
particular  Mortgage Loan proposed to be taken by the Master Servicer or Special
Servicer,  any Certificates  beneficially owned by the Affiliates of the related
Borrower, the related Manager, or Affiliates of the related Manager shall not be
deemed to be outstanding.

     The  Certificate  Registrar  shall be entitled to request and  conclusively
rely upon a certificate  of the  Depositor,  the Master  Servicer or the Special
Servicer in determining  whether a Certificate is registered in the name of such
Person  or is  beneficially  owned by such  Person.  All  references  herein  to
"Certificateholders" or "Holders" shall reflect the rights of Certificate Owners
only insofar as they may indirectly  exercise such rights through the Securities
Depository  and the  Securities  Depository  Participants  (except as  otherwise
specified  herein),  it being  herein  acknowledged  and agreed that the parties
hereto shall be required to recognize as a "Certificateholder"  or "Holder" only
the  Person  in  whose  name a  Certificate  is  registered  in the  Certificate
Register.

     Notwithstanding  the  foregoing,   solely  for  purposes  of  providing  or
distributing any reports,  statements or other information required or permitted
to be provided  to a  Certificateholder  hereunder,  a  Certificateholder  shall
include any Certificate  Owner, or any Person  identified by a Certificate Owner
as a  prospective  transferee  of  a  Certificate  beneficially  owned  by  such
Certificate  Owner but only if the Trustee or another  party  hereto  furnishing
such  report,  statement  or  information  has been  provided  with the name and
address  of the  Certificate  Owner of the  related  Certificate  or the  Person
identified  as  a  prospective   transferee   thereof  by  the  Depositor  or  a
Certificateholder  or  Certificate  Owner.  For purposes of the  foregoing,  the
Depositor,  the Master Servicer,  the Special Servicer,  the Trustee, the Paying
Agent or other  such  Person  may rely,  without  limitation,  on a  participant
listing from the Securities  Depository or statements  that on their face appear
to be statements from a participant in the Securities  Depository to such Person
indicating that such Person beneficially owns Certificates.

     "CIBC": CIBC Inc., a Delaware corporation.

     "CIBC Loans":  The Mortgage Loans  transferred  and assigned by CIBC to the
Depositor pursuant to the CIBC Mortgage Loan Purchase Agreement.

     "CIBC  Mortgage  Loan Purchase  Agreement":  The Mortgage Loan Purchase and
Sale Agreement dated as of October 13, 2000, between the Depositor and CIBC.

     "Class": With respect to Certificates or REMIC II Regular Interests, all of
the Certificates or REMIC II Regular Interests bearing the same alphabetical and
numerical class designation.

     "Class  A   Certificates":   The  Class  A-1  Certificates  and  Class  A-2
Certificates, collectively.

                                       11

<PAGE>

     "Class  A-1  Certificate":  Any  one of the  Certificates  executed  by the
Trustee  and  authenticated  by the  Trustee  or  the  Authenticating  Agent  in
substantially the form set forth in Exhibit A-1 hereto.

     "Class  A-2  Certificate":  Any  one of the  Certificates  executed  by the
Trustee  and  authenticated  by the  Trustee  or  the  Authenticating  Agent  in
substantially the form set forth in Exhibit A-2 hereto.

     "Class B Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-4 hereto.

     "Class C Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-5 hereto.

     "Class D Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-6 hereto.

     "Class E Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-7 hereto.

     "Class F Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-8 hereto.

     "Class G Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-9 hereto.

     "Class H Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-10 hereto.

     "Class Interest Shortfall":  With respect to any Class of REMIC III Regular
Certificates and any Distribution  Date (except the initial  Distribution  Date,
with  respect  to which the Class  Interest  Shortfall  for each such Class will
equal zero), the excess, if any, of (i) all Distributable  Certificate  Interest
in  respect  of  such  Class  of  Certificates  for  the  immediately  preceding
Distribution  Date, over (ii) all  distributions  of  Distributable  Certificate
Interest  made with  respect to such Class of  Certificates  on the  immediately
preceding Distribution Date pursuant to Section 4.3.

     "Class J Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-11 hereto.

                                       12

<PAGE>

     "Class K Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-12 hereto.

     "Class L Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-13 hereto.

     "Class M Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-14 hereto.

     "Class N Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-15 hereto.

     "Class O Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-16 hereto.

     "Class R-I  Certificate":  Any  Certificate  executed  by the  Trustee  and
authenticated by the Trustee or the  Authenticating  Agent in substantially  the
form set forth in  Exhibit  A-18  hereto.  The Class  R-I  Certificates  have no
Pass-Through Rate, Certificate Balance or Notional Amount.

     "Class R-II Certificate": Any Certificate executed and authenticated by the
Trustee or the Authenticating  Agent on behalf of the Depositor in substantially
the form set forth in Exhibit A-19 hereto.  The Class R-II  Certificates have no
Pass-Through Rate, Certificate Balance or Notional Amount.

     "Class  R-III  Certificate":  Any  Certificate  executed by the Trustee and
authenticated by the Trustee or the  Authenticating  Agent in substantially  the
form set forth in Exhibit  A-20  hereto.  The Class R-III  Certificates  have no
Pass-Through Rate, Certificate Balance or Notional Amount.

     "Class V Certificates": Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or  Authenticating  Agent in substantially the
form set forth in Exhibit A-17 hereto and entitled to the distributions  payable
thereto  pursuant to Section 4.7. The Class V Certificates  have no Pass-Through
Rate, Certificate Balance or Notional Amount. The Class V Certificates represent
a beneficial ownership interest in the Grantor Trust Assets.

     "Class X Certificate":  Any one of the Certificates executed by the Trustee
and  authenticated by the Trustee or the  Authenticating  Agent in substantially
the form set forth in Exhibit A-3 hereto.

     "Class X Interest  Amount":  With respect to any Distribution  Date and the
related  Interest  Accrual  Period,   interest  equal  to  the  product  of  (i)
one-twelfth  of the  Pass-Through  Rate for the  Class X  Certificates  for such
Distribution  Date and (ii) the Class X Notional  Amount  for such  Distribution
Date.

                                       13

<PAGE>

     "Class X Portion":  When used with  respect to the  Uncertificated  Accrued
Interest in respect of any REMIC II Regular Interest for any Distribution  Date,
the portion of such Uncertificated Accrued Interest that is equal to the product
of (a) the entire amount of such Uncertificated Accrued Interest,  multiplied by
(b) a fraction (not less than zero or greater than one),  the numerator of which
is the excess,  if any, of the REMIC II Remittance Rate in respect of such REMIC
II Regular  Interest for such  Distribution  Date,  over the  Adjusted  REMIC II
Remittance  Rate  in  respect  of  such  REMIC  II  Regular  Interest  for  such
Distribution  Date, and the denominator of which is the REMIC II Remittance Rate
in  respect  of such  REMIC II  Regular  Interest  for such  Distribution  Date;
provided that if the  aggregate  Class X Portion of the  Uncertificated  Accrued
Interest in respect of all the REMIC II Regular  Interests for any  Distribution
Date, calculated without regard to this proviso, would exceed an amount equal to
the  aggregate  Accrued   Certificate   Interest  in  respect  of  the  Class  X
Certificates  for such  Distribution  Date,  then  the  Class X  Portion  of the
Uncertificated Accrued Interest in respect of each REMIC II Regular Interest for
such  Distribution  Date shall be  proportionately  reduced  until the aggregate
Class X Portion of the  Uncertificated  Accrued  Interest  in respect of all the
REMIC II Regular  Interests for such Distribution Date is equal to the aggregate
Accrued  Certificate  Interest in respect of the Class X  Certificates  for such
Distribution  Date. When used with respect to the  Uncertificated  Distributable
Interest in respect of any REMIC II Regular Interest for any Distribution  Date,
the portion of such Uncertificated  Distributable  Interest that is equal to (a)
the Class X Portion of the  Uncertificated  Accrued  Interest in respect of such
REMIC II Regular Interest for such Distribution  Date, reduced (to not less than
zero)  by  (b)  the   product  of  (i)  any   portion   of  the  Net   Aggregate
Prepayment/Balloon Payment Interest Shortfall for such Distribution Date that is
allocable to such REMIC II Regular Interest in accordance with the definition of
"Uncertificated  Distributable  Interest",  multiplied  by (ii) a fraction,  the
numerator of which is equal to the Class X Portion of the Uncertificated Accrued
Interest  in respect of such REMIC II  Regular  Interest  for such  Distribution
Date,  and the  denominator  of  which  is equal  to the  entire  amount  of the
Uncertificated Accrued Interest in respect of such REMIC II Regular Interest for
such  Distribution  Date,  and  increased  by (c)  the  Class X  Portion  of any
Uncertificated  Distributable  Interest  in  respect  of such  REMIC II  Regular
Interest for the  immediately  preceding  Distribution  Date that was not deemed
paid on the immediately preceding Distribution Date pursuant to Section 4.2.

     "Closing Date": October 23, 2000.

     "CMSA": The Commercial Mortgage Securities Association,  or any association
or organization that is a successor thereto. If neither such association nor any
successor  remains in  existence,  "CMSA" shall be deemed to refer to such other
association or organization as may exist whose principal  membership consists of
servicers,  trustees,  issuers,  placement  agents  and  underwriters  generally
involved in the commercial mortgage loan securitization  industry,  which is the
principal such  association  or  organization  in the  commercial  mortgage loan
securitization  industry and whose  principal  purpose is the  establishment  of
industry standards for reporting  transaction-specific  information  relating to
commercial  mortgage  pass-through  certificates and commercial  mortgage-backed
bonds and the commercial mortgage loans and foreclosed  properties underlying or
backing them to investors  holding or owning such certificates or bonds, and any
successor to such other  association  or  organization.  If an  organization  or
association  described in one of the preceding sentences of this definition does
not  exist,  "CMSA"  shall  be  deemed  to refer to such  other  association  or
organization as shall be selected by the Master

                                       14

<PAGE>

Servicer and reasonably  acceptable to the Trustee, the Special Servicer and the
Operating Adviser.

     "CMSA IRP":  The  collection of reports  specified by the CMSA from time to
time as the "CMSA Investor Reporting Package".  As of the Start-up Day, the CMSA
IRP  contains six  electronic  files ((1) Loan Set-up  File,  (2) Loan  Periodic
Update File, (3) Property File, (4) Bond Level File, (5) Collateral Summary File
and (6) Financial File) and eight surveillance reports ((1) Servicer Watch List,
(2)  Delinquent  Loan Status  Report,  (3) REO Status  Report,  (4)  Comparative
Financial Status Report, (5) Historical Loan Modification Report, (6) Historical
Liquidation  Report,  (7)  Operating  Statement  Analysis  Report  and  (8)  NOI
Adjustment Worksheet).  The CMSA IRP shall be in the form of Exhibit H-2 or such
other form for the  presentation of such information as may from time to time be
recommended  by  the  CMSA  for  commercial  mortgage  securities   transactions
generally  (but in any  event  containing  the  information  called  for in such
Exhibit H-2).  For the purposes of the production of the  Comparative  Financial
Status Report by the Master Servicer or the Special  Servicer of any such report
that is required to state  information for any period prior to the Cut-off Date,
the  Master  Servicer  or  the  Special  Servicer,  as  the  case  may  be,  may
conclusively rely (without independent verification),  absent manifest error, on
information  provided to it by the Seller or by the  related  Borrower or (x) in
the  case of such a report  produced  by the  Master  Servicer,  by the  Special
Servicer (if other than the Master Servicer or an Affiliate  thereof) and (y) in
the  case of such a report  produced  by the  Special  Servicer,  by the  Master
Servicer (if other than the Special Servicer or an Affiliate thereof).

     "Code":  The Internal  Revenue Code of 1986,  as amended from time to time,
any successor  statute  thereto,  and any temporary or final  regulations of the
United States Department of the Treasury promulgated pursuant thereto.

     "Collection  Account":  The  segregated  account or  accounts  created  and
maintained by the Master  Servicer  pursuant to Section  3.5(a),  which shall be
entitled  "[Insert  name of  Trustee],  as Trustee,  in trust for Holders of PNC
Mortgage Acceptance Corp., Commercial Mortgage Pass-Through Certificates, Series
2000-C2, Collection Account," and which shall be an Eligible Account.

     "Collection Period": With respect to any Distribution Date and any Mortgage
Loan, the period beginning on the first day following the Determination  Date in
the month preceding the month in which such Distribution Date occurs (or, in the
case of the  Distribution  Date occurring in November 2000, on the day after the
Cut-off Date) and ending on and including the Determination Date in the month in
which such Distribution Date occurs.

     "Commission":  The Securities and Exchange  Commission of the United States
of America.

     "Compensating  Interest  Payments":  With respect to any Distribution Date,
any payments required to be made by the Master Servicer pursuant to Section 3.25
to cover Prepayment/Balloon Payment Interest Shortfalls.

     "Controlling  Class":  The  most  subordinate  Class of  Principal  Balance
Certificates outstanding at any time of determination (or, if the then aggregate
Certificate  Balance  of such  Class  of  Certificates  is less  than 25% of the
initial aggregate Certificate Balance thereof and

                                       15

<PAGE>

there is a more senior Class of Principal Balance  Certificates then outstanding
with an  aggregate  Certificate  Balance  that is at  least  equal to 25% of the
initial aggregate  Certificate Balance thereof,  the next most subordinate Class
of  Principal   Balance   Certificates).   If  no  Class  of  Principal  Balance
Certificates has at least 25% of its initial aggregate  Certificate Balance then
outstanding,  the  Controlling  Class  will be the  most  subordinate  Class  of
Principal Balance  Certificates still  outstanding.  For purposes of determining
the Controlling  Class, the Class A-1 and Class A-2 Certificates will be treated
as a  single  Class  of  Certificates,  the  Subordinate  Certificates  will  be
subordinate  to the  Class A-1 and Class  A-2  Certificates,  and each  Class of
Subordinate  Certificates will be subordinate to each other Class of Subordinate
Certificates,  if any,  with an  earlier  alphabetical  Class  designation.  The
existence of an Appraisal Reduction shall have no effect on the determination of
the Controlling Class. As of the Closing Date, the Controlling Class will be the
Class O Certificates.

     "Corporate Trust Office":  With respect to the presentment and surrender of
Certificates for the final distribution thereon or the presentment and surrender
of Certificates for any other purpose,  the principal  corporate trust office of
the Trustee or the New York Presenting Office (if any). The principal  corporate
trust office of the Trustee is presently  located at 135 South  LaSalle  Street,
Suite 1625, Chicago,  Illinois 60603,  Attention:  Asset-Backed Securities Trust
Services Group - PNC Mortgage  Acceptance Corp. Series 2000-C2, or at such other
address  as the  Trustee  may  designate  from  time to time  by  notice  to the
Certificateholders, the Depositor, the Master Servicer and the Special Servicer.

     "Corrected Mortgage Loan": Any Mortgage Loan which is no longer a Specially
Serviced  Mortgage  Loan as a result of the curing of any event of default under
such Specially  Serviced Mortgage Loan through a modification,  restructuring or
workout negotiated by the Special Servicer and evidenced by a signed writing.

     "CPR":  An assumed  constant rate of prepayment each month (which is quoted
on a per annum basis) relative to the  then-outstanding  principal  balance of a
pool mortgage loans for the life of such mortgage loans.

     "Cross-Collateralized   Group":   A  group  of  Mortgage  Loans  which  are
cross-defaulted or  cross-collateralized  with one another, which are identified
as separate Mortgage Loans on the Mortgage Loan Schedule and treated as separate
Mortgage  Loans for  purposes  of this  Agreement  (except  with  respect to the
definition of "Review Threshold" contained herein).

     "Cross-Collateralized  Loan":  Each  Mortgage  Loan that is  included  in a
certain Cross-Collateralized Group.

     "Current Principal Distribution Amount": With respect to the Mortgage Loans
for any Distribution Date, an amount equal to the aggregate of:

          (a) the principal portions of all Monthly Payments (other than Balloon
Payments)  and any Assumed  Monthly  Payments due or deemed due, as the case may
be, in respect of the  Mortgage  Loans,  including  without  limitation  any REO
Mortgage  Loans,  for their  respective Due Dates  occurring  during the related
Collection Period; and

          (b)  that  portion  of  all  payments  (including  without  limitation
Principal  Prepayments  and  Balloon  Payments), Liquidation Proceeds, Insurance
Proceeds, any payments of Repurchase Price, payments of  Substitution  Shortfall
Amounts,  Net REO Proceeds and other

                                       16

<PAGE>

collections that were received on or in respect of the Mortgage Loans (including
without  limitation any REO Mortgage  Loans) or received on or in respect of any
related REO Properties, during the related Collection Period and were identified
and applied by the Master Servicer in accordance with Section 1.2 as payments or
other  recoveries  of  principal  of such  Mortgage  Loans  (including,  without
limitation,  any REO  Mortgage  Loans),  in each case net of any portion of such
amounts that represents (i) a payment or other recovery of the principal portion
of any Monthly  Payment (other than a Balloon  Payment) due, or of the principal
portion  of any  Assumed  Monthly  Payment  deemed  due,  in respect of any such
Mortgage Loan on a Due Date during or prior to the related Collection Period and
not  previously  paid or recovered or (ii) an early  payment  (other than in the
form of a Principal  Prepayment) of the principal portion of any Monthly Payment
due in respect of any such Mortgage Loan on a Due Date  subsequent to the end of
the related Collection Period.  "Custodial Agreement":  The Custodial Agreement,
if any, in effect from time to time between the  Custodian  named  therein,  the
Master Servicer and the Trustee,  substantially in the form of Exhibit F hereto,
as the same may be amended or modified from time to time in accordance  with the
terms thereof.

     "Custodian":  Any Custodian  appointed pursuant to Section 8.12 and, unless
the  Trustee is  Custodian,  named  pursuant  to any  Custodial  Agreement.  The
Custodian  may (but need  not) be the  Trustee  or the  Master  Servicer  or any
Affiliate of the Trustee or the Master Servicer, but may not be the Depositor.

     "Cut-off  Date":  October  1,  2000,  except  that for Loan  Number 107 the
Cut-off  Date is  October  3, 2000 and for Loan  Number 57 the  Cut-off  Date is
October 10, 2000.

     "Default Interest":  With respect to any Mortgage Loan, interest accrued on
such Mortgage Loan at the excess of the Default Rate over the Mortgage  Rate, in
each case excluding any portion thereof that represents Deferred Interest.

     "Default  Rate":  With respect to each  Mortgage  Loan,  the annual rate at
which  interest  accrues on such Mortgage Loan following any event of default on
such Mortgage Loan, including a default in the payment of a Monthly Payment or a
Balloon Payment.

     "Deferred Interest": With respect to each Hyper-Amortization Loan, interest
accrued on such Hyper-Amortization Loan at the related Excess Rate plus interest
thereon  to the  extent  permitted  by  applicable  law at the  related  Revised
Interest Rate.

     "Definitive Certificate": As defined in Section 5.3(a).

     "Deleted  Mortgage  Loan":  A Mortgage Loan replaced or to be replaced by a
Qualified Substitute Mortgage Loan.

     "Depositor":  PNC Mortgage Acceptance Corp., a Missouri corporation and its
successors and assigns.

     "Determination  Date":  With respect to each  Distribution  Date, the fifth
Business Day prior to such Distribution Date.

                                       17

<PAGE>

     "Directly  Operate":  With respect to any REO Property,  the  furnishing or
rendering of services to the tenants thereof that are not  customarily  provided
to tenants in connection  with the rental of space for occupancy only within the
meaning of Treasury  Regulations  Section  1.512(h)-1(c)(5),  the  management or
operation of such REO Property,  the holding of such REO Property  primarily for
sale to  customers  or any use of  such  REO  Property  in a trade  or  business
conducted  by the Trust  Fund  other than  through  an  Independent  Contractor;
provided, however, that the Special Servicer, on behalf of the Trust Fund, shall
not be considered to Directly Operate an REO Property solely because the Special
Servicer,  on  behalf of the  Trust  Fund,  establishes  rental  terms,  chooses
tenants,  enters into or renews leases, deals with taxes and insurance, or makes
decisions  as to  repairs  or  capital  expenditures  with  respect  to such REO
Property.

     "Discount Rate": The rate which, when compounded  monthly, is equivalent to
the Treasury Rate when  compounded  semi  annually.  The "Treasury  Rate" is the
yield  calculated  by the linear  interpolation  of the  yields,  as reported in
Federal  Reserve  Statistical  Release H.15  Selected  Interest  Rates under the
heading "U.S. government  securities/Treasury  constant maturities" for the week
ending prior to the date of the relevant Principal Prepayment,  of U.S. Treasury
constant  maturities  with a maturity  date (one  longer and one  shorter)  most
nearly  approximating  the maturity  date (or the  Hyper-Amortization  Date,  if
applicable)  of  the  Mortgage  Loan  prepaid.  If  Release  H.15  is no  longer
published,  the Trustee shall select a comparable  publication  to determine the
Treasury Rate.

     "Disposition  Fee": With respect to any Specially Serviced Mortgage Loan or
REO Property  which is sold or transferred  or otherwise  liquidated  (except in
connection with (i) a repurchase  under Section 2.3, (ii) the termination of the
Trust Fund  pursuant to Section  9.1(b) or (iii) the purchase of a Mortgage Loan
by the Operating  Adviser,  the  Depositor,  the Master  Servicer or the Special
Servicer  pursuant to Section 3.18),  including by reason of condemnation of the
related Mortgaged  Property or REO Property,  as applicable,  an amount equal to
the product of (I) the excess,  if any of (a) the  Liquidation  Proceeds of such
Specially  Serviced  Mortgage  Loan  or  REO  Property  over  (b)  any  broker's
commission and related brokerage referral fees, and (II) 1%.

     "Disqualified Non-U.S.  Person": With respect to a Class R-I, Class R-II or
Class R-III Certificate,  any Non-U.S.  Person or agent thereof other than (i) a
Non-U.S.  Person that holds the Class R-I, Class R-II or Class R-III Certificate
in connection  with the conduct of a trade or business  within the United States
and has furnished the transferor and the Certificate Registrar with an effective
IRS Form 4224 or a successor form.

     "Disqualified  Organization":  Either (a) the United States, a State or any
political  subdivision  thereof,  any  possession of the United  States,  or any
agency or instrumentality of any of the foregoing (other than an instrumentality
that is a corporation if all of its activities are subject to tax and a majority
of its board of directors is not selected by any such governmental  unit), (b) a
foreign government,  International Organization or any agency or instrumentality
of either of the foregoing,  (c) an organization that is exempt from tax imposed
by  Chapter 1 of the Code  (including  the tax  imposed by Code  Section  511 on
unrelated  business taxable income) on any excess inclusions (as defined in Code
Section  860E(c)(1))  with  respect to the Class R-I,  Class R-II or Class R-III
Certificates  (except certain  farmers'  cooperatives  described in Code Section
521),  (d) rural electric and telephone  cooperatives  described in Code Section
1381(a)(2),  or (e) any other Person so designated by the Certificate  Registrar
based upon an Opinion of Counsel to the effect that any  Transfer to such Person
may result in an Adverse REMIC Event.

                                       18

<PAGE>

The terms "United States," "State" and "International  Organization"  shall have
the meanings set forth in Code Section 7701 or successor provisions.

     "Distributable  Certificate  Interest":  With respect to any Class of REMIC
III Regular  Certificates for each  Distribution  Date, the Accrued  Certificate
Interest in respect of such Class of Certificates  for such  Distribution  Date,
reduced (to not less than zero) by that  portion,  if any, of the Net  Aggregate
Prepayment/Balloon  Payment Interest  Shortfall,  if any, for such  Distribution
Date allocated to such Class of Certificates  as set forth below,  and increased
by any Class  Interest  Shortfall in respect of such Class of  Certificates  for
such Distribution  Date. The Net Aggregate  Prepayment/Balloon  Payment Interest
Shortfall,  if any,  for  each  Distribution  Date  shall be  allocated  on such
Distribution   Date  among  the   respective   Classes  of  REMIC  III   Regular
Certificates,  pro rata, in the ratio that the Accrued Certificate Interest with
respect to any such Class of Certificates  for such  Distribution  Date bears to
the total Accrued Certificate  Interest with respect to all Classes of REMIC III
Regular Certificates for such Distribution Date.

     "Distribution  Account":  The  segregated  account or accounts  created and
maintained as a separate  trust  account or accounts by the Trustee  pursuant to
Section 3.5(b),  which shall be entitled "[Insert name of Trustee],  as Trustee,
in trust for  Holders  of PNC  Mortgage  Acceptance  Corp.  Commercial  Mortgage
Pass-Through Certificates, Series 2000-C2, Distribution Account" and which shall
be an Eligible Account.

     "Distribution  Date": The 12th day of any month, or if such 12th day is not
a Business Day, the Business Day immediately following such 12th day, commencing
in November 2000.

     "Due Date":  With respect to any  Collection  Period and any Mortgage Loan,
the date on which  scheduled  Monthly  Payments  are due on such  Mortgage  Loan
(without  regard to grace  periods),  such date being for all Mortgage Loans the
first day of each month.

     "Eligible Account": Either (a) for funds that will be held for more than 30
days, an account or accounts  maintained with a depository  institution or trust
company the long-term  unsecured  debt  obligations  of which are rated "Aa3" or
better by Moody's (or, if not so rated by Moody's,  then  otherwise  approved by
Moody's),  and "A" or better by S&P (or, if not so rated by S&P, then  otherwise
approved  by S&P);  (b) for  funds  that  will be held  for 30 days or less,  an
account or accounts  maintained with a depository  institution or trust company,
the short-term  unsecured debt  obligations of which are rated "P1" or better by
Moody's (or, if not so rated by Moody's,  then  otherwise  approved by Moody's),
and "A-1" or better by S&P (or, if not so rated by S&P, then otherwise  approved
by S&P); (c) a segregated  trust account or accounts  maintained with a federal-
or  state-chartered  depository  institution  or  trust  company  acting  in its
fiduciary  capacity:  (i)  having a  combined  capital  and  surplus of at least
$50,000,000,  (ii) subject to  supervision  or examination by a federal or state
authority,  and (iii) for state-chartered  institutions,  subject to regulations
regarding  fiduciary funds on deposit  substantially  similar to 12 CFR 9.10(b);
(d) an  account  or  accounts  maintained  with PNC Bank,  National  Association
("PNC") so long as (1) PNC's long term  unsecured  debt rating shall be at least
"A1" from Moody's and (2) PNC has the rating from S&P specified in clause (a) or
(b)  above  as  appropriate;  or  (e)  otherwise  subject  to  a  Rating  Agency
Confirmation.  Eligible Accounts may bear interest. In the event that an account
ceases to be an Eligible Account,  the Master Servicer,  the Special Servicer or
the  Trustee,  as  applicable,  shall move such  account to an Eligible  Account
within  30 days;  provided,  however,  that the  Master  Servicer,  the  Special
Servicer or the

                                       19

<PAGE>

Trustee, as applicable, may keep the former account open for a reasonable period
of time to collect  payments from  Borrowers  who continue to remit  payments to
such account.

     "Eligible Investor": (i) A Person, reasonably believed by the transferor to
be  a  Qualified  Institutional  Buyer,  that  is  purchasing  Privately  Placed
Certificates for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the offer,  sale or transfer is being made in
reliance  on Rule 144A  promulgated  under the 1933 Act or (ii) with  respect to
Privately  Placed  Certificates  (other  than the Class V  Certificates  and the
Residual Certificates), an Institutional Accredited Investor.

     "Emergency  Advance":  Any  Servicing  Advance  (whether  or  not  it  is a
Servicing  Advance that,  pursuant  hereto,  the Special Servicer is required to
request the Master Servicer to make) that must be made within five Business Days
of the Special Servicer's  becoming aware that it must be made in order to avoid
any material  penalty,  any material  harm to a Mortgaged  Property or any other
material adverse consequence to the Trust Fund.

     "Environmental Report": With respect to each Mortgaged Property, the report
or reports of the  environmental  site  assessment or  assessments  performed in
connection with the origination of the related Mortgage Loan.

     "ERISA":  The Employee Retirement Income Security Act of 1974, as it may be
amended from time to time.

     "Escrow Account": As defined in Section 3.4(b).

     "Escrow  Payment":  Any payment made by any Borrower to the Master Servicer
for the account of such  Borrower for  application  toward the payment of taxes,
insurance  premiums,  assessments  and  similar  items in respect of the related
Mortgaged Property.

     "Event of Default": As defined in Section 7.1.

     "Excess  Liquidation  Proceeds":  The  excess  of (i) the  Net  Liquidation
Proceeds  from  the  sale or  liquidation  of a  Mortgage  Loan or  related  REO
Property,  net of (x)  interest  on any  related  Advances  and (y) any  related
Servicing  Advances  over (ii) the amount needed to pay off the Mortgage Loan in
full.

     "Excess Liquidation  Proceeds Account":  The segregated account or accounts
created and maintained by the Trustee pursuant to Section 3.5(f), which shall be
entitled  "[Insert  name of  Trustee],  as Trustee,  in trust for Holders of PNC
Mortgage Acceptance Corp., Commercial Mortgage Pass-Through Certificates, Series
2000-C2,  Excess  Liquidation  Proceeds Account," and which shall be an Eligible
Account.

     "Excess Rate": With respect to each Hyper-Amortization  Loan, the excess of
the related Revised Interest Rate over the related Mortgage Rate.

     "Exemption-Favored  Party": Any of (i) Morgan Stanley & Co. Incorporated or
PNC Capital Markets,  Inc., (ii) any Person directly or indirectly,  through one
or more intermediaries,  controlling, controlled by or under common control with
Morgan Stanley & Co.  Incorporated  or PNC Capital  Markets,  Inc. and (iii) any
member of the syndicate or selling group of which

                                       20

<PAGE>

Morgan  Stanley & Co.  Incorporated  or PNC  Capital  Markets,  Inc. or a person
described  in  clause  (ii) is a  manager  or  co-manager  with  respect  to the
Certificates.

     "Expense  Loss":  A loss  realized  upon  payment  by the Trust  Fund of an
Additional Trust Fund Expense.

     "FDIC":  The  Federal  Deposit  Insurance  Corporation,  or  any  successor
thereto.

     "FHA": The Federal Housing Administration.

     "FHLMC":  The Federal  Home Loan  Mortgage  Corporation,  or any  successor
thereto.

     "Final Purchaser": As defined in Section 9.1(b).

     "Final  Recovery  Determination":  With respect to any REO  Mortgage  Loan,
Specially  Serviced  Mortgage Loan or Mortgage Loan subject to repurchase by the
related  Seller as  contemplated  by Section 2.3, the recovery of all  Insurance
Proceeds,  Liquidation Proceeds, the related Repurchase Price and other payments
or recoveries (including proceeds of the final sale of any related REO Property)
which the  Special  Servicer,  in its  reasonable  judgment  as  evidenced  by a
certificate of a Servicing Officer  delivered to the Trustee,  the Custodian and
the Operating Adviser,  expects to be finally  recoverable.  The Master Servicer
shall maintain records,  prepared by a Servicing Officer, of each Final Recovery
Determination  until the  earlier  of (i) its  termination  as  Master  Servicer
hereunder and the transfer of such records to a successor servicer and (ii) five
years following the termination of the Trust Fund.

     "Fiscal  Agent":  ABN AMRO Bank N.V. in its capacity as fiscal agent of the
Trustee,  or its successor in interest,  or any successor fiscal agent appointed
as herein provided.

     "FNMA":  The  Federal  National  Mortgage  Association,  or  any  successor
thereto.

     "Grantor Trust": As defined in Preliminary Statement.

     "Grantor Trust Assets": As defined in Section 10.5.

     "Grantor Trust  Collection  Account":  The  segregated  account or accounts
created and  maintained  as a separate  trust  account or accounts by the Master
Servicer  pursuant to Section 3.5(c),  which shall be entitled  "[Insert name of
Trustee],  as Trustee,  in trust for Holders of PNC  Mortgage  Acceptance  Corp.
Commercial Mortgage  Pass-Through  Certificates,  Series 2000-C2,  Grantor Trust
Collection  Account" and which shall be an Eligible  Account.  The Grantor Trust
Collection  Account  shall  not be an asset of  REMIC I,  REMIC II or REMIC  III
formed hereunder.

     "Grantor Trust  Distribution  Account":  The segregated account or accounts
created and  maintained  as a separate  trust account or accounts by the Trustee
pursuant to Section 3.5(d),  which shall be entitled  "[Insert name of Trustee],
as Trustee,  in trust for Holders of PNC Mortgage  Acceptance  Corp.  Commercial
Mortgage Pass-Through  Certificates,  Series 2000-C2, Grantor Trust Distribution
Account" and which shall be an Eligible Account.  The Grantor Trust Distribution
Account  shall  not be an  asset  of REMIC  I,  REMIC  II or  REMIC  III  formed
hereunder.

                                       21

<PAGE>

 "Hazardous  Materials":  Any  dangerous,  toxic  or  hazardous  pollutants,
chemicals,  wastes,  or  substances,  including,  without  limitation,  those so
identified pursuant to the Comprehensive  Environmental  Response,  Compensation
and Liability  Act, 42 U.S.C.  Section 9601 et seq., or any other  environmental
laws now existing, and specifically including, without limitation,  asbestos and
asbestos-containing  materials,  polychlorinated biphenyls, radon gas, petroleum
and petroleum products, urea formaldehyde and any substances classified as being
"in inventory",  "usable work in process" or similar classification which would,
if classified as unusable, be included in the foregoing definition.

     "Holder":  With  respect  to any  Certificate,  a  Certificateholder;  with
respect  to any REMIC I  Regular  Interest  or REMIC II  Regular  Interest,  the
Trustee.

     "Hyper-Amortization Date": With respect to any Hyper-Amortization Loan, the
date specified on the related Mortgage Note, as of which Deferred Interest shall
begin to  accrue  on such  Mortgage  Loan,  which  date is  prior to the  Stated
Maturity Date for such Mortgage Loan.

     "Hyper-Amortization Loan": A Mortgage Loan that provides for the accrual of
Deferred  Interest thereon if such Mortgage Loan is not paid in full on or prior
to its Hyper-Amortization Date.

     "Indemnified Party": As defined in Section 8.5(c).

     "Independent":  When used with respect to any specified  Person,  any other
Person  who (i) does not have any direct  financial  interest,  or any  material
indirect financial interest,  in any of the Manager,  the Depositor,  the Master
Servicer, the Special Servicer,  Trustee, any Borrower or any Affiliate thereof,
and  (ii) is not  connected  with  any  such  specified  Person  as an  officer,
employee, promoter, underwriter, trustee, partner, director or Person performing
similar functions.

     "Independent   Contractor":   Either  (i)  any  Person  that  would  be  an
"independent  contractor"  with  respect to the Trust Fund within the meaning of
Section  856(d)(3)  of the Code if the Trust Fund were a real estate  investment
trust  (except  that the  ownership  tests  set forth in that  section  shall be
considered  to be met by any Person that owns,  directly or  indirectly,  35% or
more of any  Class  or 35% or more of the  aggregate  value  of all  Classes  of
Certificates),  provided  that the Trust  Fund does not  receive  or derive  any
income from such Person and the  relationship  between such Person and the Trust
Fund is at arm's length, all within the meaning of Treasury  Regulations Section
1.856-4(b)(5) (except that the Special Servicer shall not be considered to be an
Independent Contractor under the definition in this clause (i) unless an Opinion
of Counsel  (obtained at the expense of the Special  Servicer)  addressed to the
Special Servicer and the Trustee has been delivered to the Trustee to the effect
that the Special Servicer meets the requirements of such definition) or (ii) any
other Person (including the Special Servicer) if the Special Servicer, on behalf
of itself and the Trustee,  has received an Opinion of Counsel  (obtained at the
expense of the party  seeking  to be deemed an  Independent  Contractor)  to the
effect  that the taking of any action in  respect  of any REO  Property  by such
Person,  subject to any conditions therein  specified,  that is otherwise herein
contemplated  to be taken by an Independent  Contractor  will not cause such REO
Property  to cease to qualify as  "foreclosure  property"  within the meaning of
Section  860G(a)(8)  of the Code  (determined  without  regard to the  exception
applicable  for  purposes  of  Section  860D(a) of the Code) or cause any income
realized with

                                       22

<PAGE>

respect of such REO  Property  to fail to  qualify  as Rents from Real  Property
(provided that such income would otherwise so qualify).

     "Initial Sub-Servicer":  With respect to each Mortgage Loan that is subject
to a  sub-servicing  agreement with the Master  Servicer as of the Closing Date,
the sub-servicer under any such sub-servicing agreement.

     "Institutional  Accredited Investor": An entity meeting the requirements of
Rule 501(a)(1),  (2), (3) or (7) of Regulation D promulgated  under the 1933 Act
(and any entity in which all the equity owners meet such requirements) and which
is not otherwise a Qualified Institutional Buyer.

     "Insurance  Proceeds":  Proceeds of any fire and hazard  insurance  policy,
title policy or other  insurance  policy  relating to a Mortgage Loan and/or the
Mortgaged Property securing any Mortgage Loan (including any amounts paid by the
Master Servicer or the Special Servicer  pursuant to Section 3.8), to the extent
such proceeds are not to be applied to the restoration of the related  Mortgaged
Property or released to the Borrower in accordance with the express requirements
of the  related  Mortgage  or Note or other  documents  included  in the related
Mortgage File or in accordance with the Servicing Standard.

     "Interest  Accrual  Period":  With respect to any  Distribution  Date,  the
calendar month preceding the month in which such Distribution Date occurs.

     "Interest Reserve Account":  The segregated account or accounts created and
maintained as a separate  trust  account or accounts by the Trustee  pursuant to
Section 3.29, which shall be entitled "[Insert name of Trustee],  as Trustee, in
trust  for  Holders  of  PNC  Mortgage  Acceptance  Corp.   Commercial  Mortgage
Pass-Through  Certificates,  Series 2000-C2, Interest Reserve Account" and which
shall be an Eligible Account.

     "Interest Reserve Amount": As defined in Section 3.29(a).

     "Interest Reserve Loan": A Mortgage Loan that bears interest computed on an
Actual/360 Basis.

     "Interested  Person": As of any date of determination,  the Depositor,  the
Master Servicer, the Special Servicer, the Trustee, any Borrower, any Manager of
a Mortgaged Property, any Independent Contractor engaged by the Special Servicer
pursuant to Section 3.17,  or any Person known to a  Responsible  Officer of the
Trustee to be an Affiliate of any of them.

     "Investment Account": As defined in Section 3.7(a).

     "Investment Representation Letter": As defined in Section 5.2(e)(i).

     "IRS": The Internal Revenue Service.

     "Liquidation  Event":  With respect to any Mortgage Loan (other than an REO
Mortgage Loan), any of the following  events:  (i) such Mortgage Loan is paid in
full; (ii) a Final Recovery  Determination is made with respect to such Mortgage
Loan;  (iii) such Mortgage Loan is repurchased or replaced by a Seller  pursuant
to the  related  Mortgage  Loan  Purchase  Agreement  and  Section  2.3 of  this
Agreement; (iv) such Mortgage Loan is sold pursuant to Section 3.18; or

                                       23

<PAGE>

(v) such Mortgage Loan is purchased by any Person entitled to effect an optional
termination  of the Trust Fund pursuant to Section  9.1(b).  With respect to any
REO Property (and the related REO Mortgage Loan),  any of the following  events:
(i) a Final  Recovery  Determination  is made with respect to such REO Property;
(ii) such REO  Property  is sold  pursuant  to Section  3.18;  or (iii) such REO
Property is purchased by any Person  entitled to effect an optional  termination
of the Trust Fund pursuant to Section 9.1(b).

     "Liquidation  Expenses":  Expenses incurred by the Special Servicer and the
Trustee in connection  with the liquidation of any Specially  Serviced  Mortgage
Loan or property  acquired in respect thereof  (including,  without  limitation,
legal  fees and  expenses,  committee  or  referee  fees,  and,  if  applicable,
brokerage commissions, conveyance taxes and Disposition Fees).

     "Liquidation  Proceeds":  All cash amounts (other than Insurance  Proceeds)
including all partial and/or unscheduled collections received in connection with
(i) the  taking of a  Mortgaged  Property  by  exercise  of the power of eminent
domain or  condemnation,  (ii) the full or partial  liquidation  of a  Mortgaged
Property or other collateral that constituted  security for a Specially Serviced
Mortgage Loan through a trustee's sale, foreclosure sale or otherwise, (iii) the
sale of a Specially Serviced Mortgage Loan or an REO Property in accordance with
Section 3.18,  (iv) the sale of all of the Mortgage Loans and any REO Properties
in  accordance  with  Section  9.1 or (v) the  realization  upon any  deficiency
judgment obtained against a Borrower or guarantor of any Mortgage Loan.

     "Loan Agreement": With respect to any Mortgage Loan, the loan agreement, if
any,  between the Originator  and the Borrower,  pursuant to which such Mortgage
Loan was made.

     "Loan Number":  With respect to any Mortgage Loan, the loan number by which
such Mortgage Loan was identified on Appendix II to the Prospectus Supplement.

     "Loan Service  Transaction  Fees":  With respect to any Mortgage  Loan, any
fees  payable  by or on behalf of a  Borrower  other  than (i) fees  payable  in
connection  with or related to an  assumption,  modification  or  extension or a
consent to any of the foregoing or (ii) any fees  received in connection  with a
default.

     "Loan-to-Value Ratio": With respect to any Mortgage Loan, as of any date of
determination,  the fraction,  expressed as a percentage, the numerator of which
is the  then-unpaid  principal  balance of such  Mortgage Loan (or, if part of a
Cross-Collateralized  Group, of such group), and the denominator of which is the
appraised  value  of the  related  Mortgaged  Property  (or,  in the  case  of a
Cross-Collateralized Group, of all the Mortgaged Properties securing such group)
as determined by an Updated Appraisal thereof.

     "MAI": Member of the Appraisal Institute.

     "Majority  Certificateholder":  With  respect  to any  particular  Class or
Classes of  Certificates,  any  Certificateholder  entitled to a majority of the
Voting Rights allocated to such Class or Classes, as the case may be.

     "Management  Agreement":  With respect to any Mortgage Loan, the Management
Agreement,  if any, by and between the Manager and the related Borrower,  or any
successor Management Agreement between such parties.

                                       24

<PAGE>

     "Manager":  With respect to any Mortgage Loan, any property manager for the
related Mortgaged Property.

     "Master  Servicer":  Midland or any successor master servicer  appointed as
herein provided.

     "Master  Servicer  Fee":  With  respect to each  Mortgage  Loan and for any
Distribution  Date, an amount per calendar month equal to the product of (i) the
related Master Servicer Fee Rate and (ii) the Stated  Principal  Balance of such
Mortgage  Loan as of the Due Date in the calendar  month  preceding the calendar
month in which such  Distribution  Date  occurs  (or, in the case of the initial
Distribution Date, as of the Cut-off Date).

     "Master  Servicer Fee Rate":  With respect to each Mortgage  Loan,  the per
annum rate set forth in the Mortgage Loan Schedule as the  "Administrative  Cost
Rate" less the Trustee Fee Rate and the Standby Special  Servicer Fee Rate, such
rate to be  calculated  on the same basis as the  related  Mortgage  Rate (e.g.,
"Actual/360" or "30/360").

     "Master  Servicer  Mortgage  File":  With respect to any Mortgage Loan, all
documents related to such Mortgage Loan that are not required to be delivered to
the Trustee  pursuant to Section 2.1 or to be  maintained as part of the Trustee
Mortgage File, including, without limitation:

          (a)  a copy of the Management  Agreement,  if  any,  for  the  related
Mortgaged Property;

          (b)  a copy of any cash management or lock box agreement;

          (c)  a copy of any intercreditor agreement;

          (d)  any  and  all  amendments,  modifications and supplements to, and
waivers related to, any of the foregoing;

          (e) copies of the related appraisals, surveys, environmental insurance
agreements, environmental reports and other similar documents; and

          (f)  any other written agreements related to such Mortgage Loan.

together  with copies of all  documents  that are required to be maintained as a
part of the Trustee  Mortgage File. The Master Servicer  Mortgage File shall not
be deemed to contain any  confidential  or proprietary  information or memoranda
prepared by the Master Servicer for its internal use.

     "Master Servicer  Remittance  Amount":  For each Distribution Date, (a) all
amounts on deposit in the Collection  Account as of the close of business on the
related Determination Date, exclusive of any portion thereof that represents one
or more of the following:

          (i)  Monthly Payments collected, but due on a Due Date occurring  in a
Collection Period subsequent to the related Collection Period;

          (ii) Prepayment Premiums;

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<PAGE>

          (iii)  amounts that are payable or reimbursable to  any  Person  other
than a Certificateholder pursuant to clauses (ii) through (ix) of Section 3.6(a)
(including  amounts payable to the Master Servicer,  the Special  Servicer,  the
Trustee or the Fiscal Agent as compensation or in  reimbursement  of outstanding
Advances and amounts payable in respect of Additional Trust Fund Expenses);

          (iv)  Deferred Interest;

          (v)  Excess Liquidation Proceeds; and

          (vi) amounts deposited in the Collection Account in error,

plus (b) to the extent not already  included in clause (a), any P&I Advances and
Compensating Interest Payments made with respect to such Distribution Date;

     "Maturity  Date":  With  respect  to any  Mortgage  Loan as of any  date of
determination, the date on which the last payment of principal is then scheduled
to be due and payable under the related Mortgage Note.

     "Midland":  Midland Loan  Services,  Inc., a Delaware  corporation,  or its
successor in interest.

     "Midland Loans": means the MLS Loans and the Owner Trust Loans.

     "Midland Mortgage Loan Purchase Agreement":  The Mortgage Loan Purchase and
Sale Agreement, dated as of October 13, 2000, between Depositor and Midland.

     "Midland Owner Trusts":  The Midland Owner Trust V created pursuant to that
certain Trust Agreement relating to the Midland Commercial  Mortgage Owner Trust
V, dated as of March 24, 2000 and the Midland Owner Trust VI created pursuant to
that certain Trust Agreement relating to the Midland  Commercial  Mortgage Owner
Trust VI,  dated as of March 24, 2000,  and the Midland  Owner Trust VII created
pursuant to that  certain  Trust  Agreement  relating to the Midland  Commercial
Mortgage  Owner Trust VII,  dated as of August 30, 2000,  each of which is among
Midland, as depositor,  Wilmington Trust Company, as owner trustee, LaSalle Bank
National Association, as custodian, and Midland, as paying agent.

     "Midland  Owner  Trust  Certificate  Purchase  Agreement":  The Owner Trust
Certificate  Purchase  Agreement,  dated as of October 13, 2000,  among  MSDWMC,
Midland and the owners of the certificates representing interests in the Midland
Owner Trusts.

     "Minimum Master Servicer Fee Rate": A rate of 0.02% per annum.

     "MLS Loans":  The Mortgage Loans  transferred and assigned to the Depositor
pursuant to the Midland Mortgage Loan Purchase Agreement.

     "Money  Term":  With  respect to any  Mortgage  Loan,  the  Maturity  Date,
Mortgage Rate, principal balance, amortization term or payment frequency thereof
(and shall not include  provisions  relating to late fees,  Deferred Interest or
Default Interest).

                                       26

<PAGE>

     "Monthly  Payment":  With respect to any Mortgage  Loan (other than any REO
Mortgage  Loan) and any Due Date,  the  scheduled  monthly  payment of principal
and/or interest,  excluding any Balloon  Payment,  Default Interest and Deferred
Interest on such Mortgage Loan which is payable by the related  Borrower on such
Due Date under the related Note (taking into account any waiver, modification or
amendment of the terms of such Mortgage  Loan,  whether  agreed to by the Master
Servicer  or Special  Servicer or in  connection  with a  bankruptcy  or similar
proceeding involving the related Borrower).

     "Moody's": Moody's Investors Service, Inc. and its successors in interest.

     "Mortgage":  The  mortgage,  deed of trust or other  instrument  creating a
first lien on a Mortgaged Property securing the related Note.

     "Mortgage  File":  With respect to any Mortgage Loan, the Trustee  Mortgage
File and the Master Servicer Mortgage File.

     "Mortgage Loan": Each of the mortgage loans transferred and assigned to the
Trustee  pursuant  to Section  2.1 and from time to time held in the Trust Fund,
such  mortgage  loans  originally  so  transferred,   assigned  and  held  being
identified on the Mortgage Loan Schedule as of the Cut-off Date. Such term shall
include  any REO  Mortgage  Loan,  any  Qualified  Substitute  Mortgage  Loan or
defeased Mortgage Loan.

     "Mortgage Loan Documents":  Any and all documents  contained in the Trustee
Mortgage File and the Master Servicer Mortgage File.

     "Mortgage  Loan  Purchase  Agreement":  With respect to the MLS Loans,  the
Midland Mortgage Loan Purchase Agreement. With respect to the Owner Trust Loans,
the Midland  Owner Trust  Certificate  Purchase  Agreement.  With respect to the
MSDWMC Loans, the MSDWMC Mortgage Loan Purchase  Agreement.  With respect to the
CIBC Loans, the CIBC Mortgage Loan Purchase  Agreement.  The term "Mortgage Loan
Purchase Agreements" shall mean all of such agreements.

     "Mortgage  Loan  Schedule":  As of any  date,  the list of  Mortgage  Loans
included in the Trust Fund on such date,  such list as of the Closing Date being
attached hereto as Exhibit B-1.

     "Mortgage Pool": Collectively, all of the Mortgage Loans (including without
limitation  REO Mortgage  Loans and Qualified  Substitute  Mortgage  Loans,  but
excluding Deleted Mortgage Loans).

     "Mortgage  Rate":  With respect to each Mortgage  Loan,  the annual rate at
which  interest  accrues on such  Mortgage Loan (in the absence of a default and
without  giving  effect  to any  Revised  Interest  Rate)  from  time to time in
accordance with the terms of the related  Mortgage Note (as such may be modified
at any time  following  the Closing Date) and  applicable  law,  which  Mortgage
Rates, as of the Closing Date, are as set forth in the Mortgage Loan Schedule.

     "Mortgaged  Property":  The underlying  property  securing a Mortgage Loan,
including any REO Property,  consisting of a fee simple or leasehold estate in a
parcel of land improved by a commercial or multifamily  property,  together with
any personal property,  fixtures, leases and other property or rights pertaining
thereto.

                                       27

<PAGE>

     "MSDWMC":  Morgan  Stanley Dean Witter  Mortgage  Capital  Inc., a New York
corporation.

     "MSDWMC  Loans":  The  Mortgage  Loans  (other than the Owner Trust  Loans)
transferred  and  assigned  by MSDWMC to the  Depositor  pursuant  to the MSDWMC
Mortgage Loan Purchase Agreement.

     "MSDWMC Mortgage Loan Purchase  Agreement":  The Mortgage Loan Purchase and
Sale Agreement dated as of October 13, 2000 between the Depositor and MSDWMC.

     "Net Aggregate Prepayment/Balloon Payment Interest Shortfall": With respect
to any Distribution  Date, the amount, if any, by which (a) the aggregate of all
Prepayment/Balloon  Payment Interest  Shortfalls incurred in connection with the
receipt of  Principal  Prepayments  or Balloon  Payments on the  Mortgage  Loans
during the related Collection  Period,  exceeds (b) the sum of (i) the aggregate
of all Prepayment/Balloon  Payment Interest Excesses realized in connection with
the receipt of Principal  Prepayments or Balloon  Payments on the Mortgage Loans
during the related Collection Period, and (ii) the Compensating Interest Payment
deposited  by  the  Master  Servicer  in  the  Distribution   Account  for  such
Distribution   Date   pursuant  to  Section   3.25  in   connection   with  such
Prepayment/Balloon Payment Interest Shortfalls.

     "Net  Collections":  With respect to any Corrected Mortgage Loan, an amount
equal to all payments on account of interest and principal on such Mortgage Loan
and all Prepayment Premiums.

     "Net Liquidation  Proceeds":  The excess of Liquidation  Proceeds  received
with  respect  to any  Mortgage  Loan over the  amount of  Liquidation  Expenses
incurred with respect thereto.

     "Net Mortgage  Rate":  With respect to any Mortgage Loan, the Mortgage Rate
for such Mortgage Loan minus the Master  Servicer Fee Rate, the Standby  Special
Servicer Fee Rate and the Trustee Fee Rate.

     "Net REO  Proceeds":  With respect to each REO Property,  REO Proceeds with
respect to such REO Property net of any insurance premiums,  taxes,  assessments
and other costs and expenses  permitted to be paid therefrom pursuant to Section
3.17(b).

     "New Lease":  Any lease of REO Property entered into on behalf of the Trust
Fund, including any lease renewed or extended on behalf of the Trust Fund if the
Trust Fund has the right to renegotiate the terms of such lease.

     "New York Presenting Office":  Any office of an agent of the Trustee or the
Certificate  Registrar,  located in New York,  New York,  as the  Trustee or the
Certificate  Registrar,  as the case may be, may designate  from time to time by
written notice to the Depositor and the Certificateholders.

     "Noneconomic  Residual  Interest":  means  a  Residual  Interest  that is a
"noneconomic  residual  interest"  within  the  meaning of  Treasury  Regulation
Section 1.860E-1(c).

     "Nonrecoverable  Advance": Any portion of an Advance proposed to be made or
previously  made  which  has  not  been  previously  reimbursed  to the  Special
Servicer, the Master

                                       28

<PAGE>

Servicer, the Trustee or the Fiscal Agent, as applicable,  and which the Special
Servicer,  the Master  Servicer,  the Trustee or the Fiscal Agent has determined
(based on, among other things, an Updated  Appraisal) in its good faith business
judgment  will  not or,  in the  case  of a  proposed  Advance,  would  not,  be
ultimately recoverable by the Special Servicer, the Master Servicer, the Trustee
or the Fiscal Agent,  as  applicable,  from late payments,  Insurance  Proceeds,
Liquidation  Proceeds  and other  collections  on or in respect  of the  related
Mortgage  Loan or  Mortgaged  Property.  To the extent that any  Borrower is not
obligated  under the related  Mortgage  Loan  Documents to pay or reimburse  any
portion  of any  Advances  that are  outstanding  with  respect  to the  related
Mortgage Loan as a result of a modification of such Mortgage Loan by the Special
Servicer  which  forgives  unpaid  Monthly  Payments or other  amounts which the
Special  Servicer,  the Master  Servicer,  the  Trustee or the Fiscal  Agent had
previously advanced,  and the Special Servicer, the Master Servicer, the Trustee
or the Fiscal Agent  determines that no other source of payment or reimbursement
for such  advances  is  available  to it,  such  Advances  shall be deemed to be
nonrecoverable;  provided,  however,  that in connection  with the foregoing the
Special Servicer,  the Master Servicer,  the Trustee or the Fiscal Agent,  shall
provide an Officer's  Certificate as described below.  The  determination by the
Special  Servicer,  the Master  Servicer,  the Trustee or the Fiscal  Agent,  as
applicable,  that it has made a  Nonrecoverable  Advance  or that  any  proposed
Advance,  if made, would constitute a Nonrecoverable  Advance shall be evidenced
by a certificate of a Servicing Officer,  Responsible  Officer or Vice President
or equivalent or senior officer of the Special  Servicer,  the Master  Servicer,
Trustee or Fiscal Agent, as appropriate,  delivered to the Master Servicer,  the
Trustee,  the Fiscal Agent, the Special Servicer,  the Operating Adviser and the
Depositor setting forth such determination and the procedures and considerations
of the Special Servicer,  the Master Servicer,  the Trustee or the Fiscal Agent,
as applicable,  forming the basis of such  determination,  which shall include a
copy of the Updated  Appraisal and any other  information or reports obtained by
the Special Servicer, the Master Servicer, the Trustee or the Fiscal Agent, such
as property operating  statements,  rent rolls,  property inspection reports and
engineering reports, which may support such determinations.  Notwithstanding the
above,  the  Trustee  and the Fiscal  Agent  shall be  entitled to rely upon any
determination  by the Master  Servicer  that any  Advance  previously  made is a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance and the Master  Servicer  shall be entitled to rely upon
any determination by the Special Servicer that any Emergency Advance  previously
made is a  Nonrecoverable  Advance or that any proposed  Emergency  Advance,  if
made, would constitute a Nonrecoverable Advance.

     "Non-U.S.  Person":  A person  that is not (i) a citizen or resident of the
United  States;  (ii) a  corporation,  partnership,  or other entity  created or
organized in or under the laws of the United States or any political subdivision
thereof; (iii) an estate whose income is subject to United States federal income
tax regardless of its sources; or (iv) a trust whose income is subject to United
States  federal  income tax  regardless  of its  sources and as to which a court
within the  United  States is able to  exercise  primary  jurisdiction  over the
administration  of the trust and one or more U.S.  Persons have the authority to
control all substantial decisions of the trust.

     "Note":  With respect to any Mortgage Loan as of any date of determination,
the note or other  evidence of  indebtedness  and/or  agreements  evidencing the
indebtedness  of the related  Borrower or obligor under such  Mortgage  Loan, in
each  case,  including  any  amendments  or  modifications,  or any  renewal  or
substitution notes, as of such date.

                                       29

<PAGE>

     "Notional Amount": With respect to: (i) all of the Class X Certificates (a)
on or prior to the first  Distribution  Date,  an amount equal to the  aggregate
initial Uncertificated  Principal Balance of the REMIC II Regular Interests,  as
specified  in the  Preliminary  Statement  hereto,  and  (b) as of any  date  of
determination  after the first Distribution  Date, the aggregate  Uncertificated
Principal  Balance of the REMIC II Regular  Interests on the  Distribution  Date
immediately  prior  to such  date of  determination,  after  application  of the
distributions  deemed made thereon,  and  allocation of the Realized  Losses and
Expense Losses deemed made thereto, on such prior Distribution Date and (ii) any
Class X Certificate,  the product of the Percentage  Interest  evidenced by such
Certificate  and the Notional  Amount for all of the Class X Certificates  as of
such date of determination.

     "Officer's Certificate": A certificate signed by the Chairman of the Board,
the Vice Chairman of the Board, the Chief Executive  Officer,  the President,  a
Vice President (however denominated),  the Treasurer,  the Secretary, one of the
Assistant Treasurers or Assistant Secretaries or any other officer of the Master
Servicer or Special Servicer  customarily  performing functions similar to those
performed  by any of the above  designated  officers  and also with respect to a
particular  matter, any other officer to whom such matter is referred because of
such officer's  knowledge of and familiarity  with the particular  subject,  and
delivered  to the  Depositor,  the Trustee,  the Special  Servicer or the Master
Servicer, as the case may be.

     "Operating Adviser": As defined in Section 3.26.

     "Opinion  of  Counsel":  A written  opinion of  counsel,  who may,  without
limitation,  be counsel for the  Depositor,  the Special  Servicer or the Master
Servicer, as the case may be, acceptable to the Trustee, except that any opinion
of counsel relating to (a)  qualification of REMIC I, REMIC II or REMIC III as a
REMIC or the  imposition  of tax  under the REMIC  Provisions  on any  income or
property  of any REMIC,  (b)  compliance  with the REMIC  Provisions  (including
application of the definition of "Independent Contractor"), (c) qualification of
the  Grantor  Trust as a  grantor  trust,  or (d) a  resignation  of the  Master
Servicer or the Special Servicer  pursuant to Section 6.4, must be an opinion of
counsel who is Independent of the Depositor, the Special Servicer and the Master
Servicer.

     "Optional  Termination  Notice  Date":  Any date as of which the  aggregate
Stated Principal Balance of the Mortgage Loans (including,  without  limitation,
any REO  Mortgage  Loans)  is less  than 1% of the  aggregate  Stated  Principal
Balance of the Mortgage Loans as of the Cut-off Date.

     "Originator":  With  respect to a Mortgage  Loan,  the  originator  of such
Mortgage Loan.

     "Ownership  Interest":  As to any  Certificate,  any  ownership or security
interest  in such  Certificate  as the  Holder  thereof  and any other  interest
therein,  whether  direct  or  indirect,  legal  or  beneficial,  as owner or as
pledgee.

     "Owner Trust Loans":  The Mortgage Loans transferred and assigned to MSDWMC
pursuant  to the Midland  Owner  Trust  Certificate  Purchase  Agreement,  which
Mortgage Loans were  subsequently  transferred  and assigned to the Depositor by
MSDWMC on the Closing  Date  pursuant to the  Mortgage  Loan  Purchase  and Sale
Agreement  dated October 13, 2000 between  MSDWMC and the Depositor  relating to
such Mortgage Loans.

                                       30

<PAGE>

     "P&I  Advance":  As to any  Mortgage  Loan,  any advance made by the Master
Servicer,  the Trustee,  or the Fiscal Agent pursuant to Section  4.5(b)(iii) or
4.5(d).

     "Pass-Through   Rate"  or  "Pass-Through   Rates":   With  respect  to  any
Distribution  Date and any of the Class A-1,  Class A-2, Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class
N and Class O  Certificates,  a per annum  rate equal to the  Adjusted  REMIC II
Remittance Rate for the related REMIC II Regular  Interest.  With respect to the
Class X Certificates and any Distribution  Date, the excess,  if any, of (i) the
weighted   average  of  the  respective  REMIC  II  Remittance  Rates  for  such
Distribution Date in respect of all of the REMIC II Regular Interests, over (ii)
the weighted  average of the respective  Adjusted REMIC II Remittance  Rates for
such  Distribution Date in respect of all of the REMIC II Regular Interests (for
purposes  of the  foregoing,  the  relevant  weighting  shall  be  based  on the
Uncertificated  Principal Balance of each REMIC II Regular Interest  immediately
prior to the  subject  Distribution  Date).  The  Class V  Certificates  and the
Residual Certificates do not have Pass-Through Rates.

     "Paying Agent": The paying agent appointed pursuant to Section 5.5.

     "Percentage   Interest":   (i)  With  respect  to  any  REMIC  III  Regular
Certificate,  the portion of the relevant Class  evidenced by such  Certificate,
expressed as a percentage,  the numerator of which is the Certificate Balance or
the Notional  Amount,  as the case may be, of such Certificate as of the Closing
Date,  as specified on the face  thereof,  and the  denominator  of which is the
initial aggregate  Certificate Balance or the initial aggregate Notional Amount,
as the case may be, of the relevant  Class as of the Closing Date; and (ii) with
respect  to  the  Class  V  Certificates  and  the  Residual  Certificates,  the
percentage  interest in  distributions  to be made with  respect to the relevant
Class, as stated on the face of such Certificate.

     "Permitted  Investments":  Any one or more of the following  obligations or
securities  payable on demand or having a  scheduled  maturity  on or before the
Business  Day  preceding  the date on which such funds are required to be drawn,
regardless of whether issued by the Depositor,  the Master Servicer, the Special
Servicer, the Trustee or any of their respective  Affiliates,  and having at all
times the required ratings,  if any,  provided for in this definition  (provided
that no Permitted Investment,  if downgraded,  shall be required to be sold at a
loss,  except if the remaining term to maturity at the time of such  downgrading
is  greater  than 30  days),  unless  Rating  Agency  Confirmation  (the cost of
obtaining any such Rating Agency Confirmation shall be paid by the party seeking
such confirmation) is received with respect to a lower rating:

               (i)  direct obligations of, or obligations guaranteed as to  full
and timely payment of principal and interest by, the United States or any agency
or  instrumentality  thereof , provided that such  obligations are backed by the
full  faith and  credit of the  United  States of  America,  including,  without
limitation, U.S. Treasury Obligations,  Farmers Home Administration certificates
of  beneficial   interest,   General   Services   Administration   participation
certificates  and  Small  Business   Administration   guaranteed   participation
certificates or guaranteed pool certificates;

               (ii) direct obligations of FHLMC (debt  obligations  only),  FNMA
(debt obligations only), the Federal Farm Credit System (consolidated systemwide
bonds  and  notes  only),  the  Federal  Home  Loan  Banks   (consolidated  debt
obligations only), the Student Loan

                                       31

<PAGE>

Marketing Association (debt obligations only), the Financing Corp. (consolidated
debt  obligations  only),  and the Resolution  Funding Corp.  (debt  obligations
only);

               (iii)  Federal funds, time deposits in, or unsecured certificates
of deposit of, or bankers' acceptances,  or repurchase  obligations,  all having
maturities  of not more than 365 days,  issued  by,  any bank or trust  company,
savings and loan  association or savings bank,  depository  institution or trust
company  having a short  term  debt  obligation  rating  that is in the  highest
short-term unsecured rating category of each Rating Agency;

               (iv) commercial paper having a  maturity  of  365  days  or  less
(including   (A)   both    non-interest-bearing    discount    obligations   and
interest-bearing  obligations  payable on demand or on a specified date not more
than one year  after the date of  issuance  thereof  and (B)  demand  notes that
constitute  vehicles for  investment in commercial  paper) that is rated by each
Rating Agency in its highest short-term unsecured rating category;

               (v)  shares of taxable money market funds or  mutual  funds  that
seek to  maintain  a  constant  net asset  value and have been  rated  "AAAm" or
"AAAm-G" by S&P or "Aaa" by Moody's; and

               (vi)   such   other   obligations   for  which  a  Rating  Agency
Confirmation has been obtained;

provided,  however,  that (a) except with respect to units of money market funds
pursuant to clause (v) above,  each such  obligation  or  security  shall have a
fixed dollar  amount of principal  due at maturity  which cannot vary or change;
(b) except with respect to units of money  market  funds  pursuant to clause (v)
above,  if any such  obligation  or  security  provides  for a variable  rate of
interest,  interest shall be tied to a single  interest rate index plus a single
fixed spread (if any) and move  proportionately  with that index;  (c) each such
instrument  must  qualify as a "cash flow  investment"  pursuant to Code Section
860G(a)(6)  earning a  passive  return in the  nature  of  interest;  and (d) no
instrument or security shall be a Permitted Investment if (i) such instrument or
security  evidences a right to receive only interest  payments or (ii) the right
to  receive   principal  and  interest  payments  derived  from  the  underlying
investment  provides  a yield to  maturity  in  excess  of 120% of the  yield to
maturity at par of such underlying investment as of the date of its acquisition;
(e) no investment  described  hereunder may be purchased at a price greater than
par if such  investment  may be  prepaid  or  called  at a price  less  than its
purchase  price  prior  to  stated  maturity;  and (f) no  investment  described
hereunder  may have a  remaining  term to  maturity in excess of 365 days at the
time of its acquisition.

     "Permitted  Transferee":  With respect to a Class R-I,  Class R-II or Class
R-III Certificate, any Person or agent thereof that is a Qualified Institutional
Buyer  other  than (a) a  Disqualified  Organization  or (b) a Person  that is a
Disqualified Non-U.S. Person.

     "Person":   Any  individual,   corporation,   limited  liability   company,
partnership,  joint venture,  association,  joint-stock company,  trust, estate,
unincorporated organization or government or any agency or political subdivision
thereof.

     "Phase I Environmental Assessment": A "Phase I environmental assessment" as
described  in and  meeting  the  criteria  of the  American  Society  of Testing
Materials  Standard E 1527-94 or any successor thereto published by the American
Society of Testing Materials.

                                       32

<PAGE>

     "Placement Agents": Morgan Stanley & Co. Incorporated, PNC Capital Markets,
Inc., CIBC World Markets Corp. and Deutsche Bank Securities Inc. or any of their
successors in interest.

     "Plan": As defined in Section 5.2(f).

     "Prepayment  Assumption":  A CPR of 0% (except that each Hyper-Amortization
Loan is assumed to pay on its Hyper-Amortization Date), applied to each Mortgage
Loan during any period that the related  Borrower is permitted to make voluntary
Principal  Prepayments  without a Prepayment  Premium,  used for determining the
accrual of original issue discount,  market discount and premium, if any, on the
REMIC I Regular  Interests,  the  REMIC II  Regular  Interests  or the REMIC III
Regular Certificates for federal income tax purposes.

     "Prepayment/Balloon   Payment  Interest   Excess":   With  respect  to  any
Distribution  Date and any Mortgage  Loan as to which a Principal  Prepayment or
Balloon Payment was made by the related  Borrower during the related  Collection
Period but following the Due Date occurring in such  Collection  Period in which
the related Principal Prepayment or Balloon Payment had been made, the amount of
interest  accrued  and  received  from the  related  Borrower  (less the  Master
Servicer Fee) for the period following such Due Date.

     "Prepayment/Balloon  Payment  Interest  Shortfall":  With  respect  to  any
Distribution  Date and any Mortgage  Loan as to which a Principal  Prepayment or
Balloon Payment was made by the related  Borrower during the related  Collection
Period but prior to the Due Date occurring in such Collection Period, the amount
by which (i) one month's  interest  (other than  Default  Interest  and Deferred
Interest and net of the Master Servicer Fee) on the Stated Principal  Balance of
such Mortgage Loan outstanding  immediately  following the Distribution  Date in
such  Collection  Period  exceeds (ii) the amount of interest (net of the Master
Servicer  Fee)  received  from the related  Borrower in respect of such Mortgage
Loan during such Collection  Period  (without regard to any Prepayment  Premium,
Default Interest or Deferred Interest that may have been collected).

     "Prepayment Premium": Payments received on a Mortgage Loan as the result of
a  Principal  Prepayment  thereon,  not  otherwise  due  thereon  in  respect of
principal or interest, which are intended to be a disincentive to prepayment.

     "Primary  Servicing  Fees":  The monthly fee payable by the Master Servicer
from the Master  Servicer Fee to each Initial  Sub-Servicer,  which  monthly fee
accrues at the rate per annum specified as such in the  sub-servicing  agreement
with such Initial Sub-Servicer.

     "Principal   Balance   Certificates":   All  of  the  REMIC   III   Regular
Certificates, excluding the Class X Certificates.

     "Principal  Distribution  Amount": For any Distribution Date, the aggregate
of (i) the Current Principal Distribution Amount for such Distribution Date, and
(ii) if such Distribution Date is subsequent to the initial  Distribution  Date,
the  excess,  if any, of the  Principal  Distribution  Amount for the  preceding
Distribution  Date,  over the aggregate  distributions  of principal made on the
Principal Balance Certificates in respect of such Principal  Distribution Amount
on the preceding Distribution Date.

                                       33

<PAGE>

     "Principal  Prepayment":  With respect to any Mortgage Loan, any payment of
principal  made by the  related  Borrower  which is  received  in advance of its
scheduled  Due Date and  which  is not  accompanied  by an  amount  of  interest
representing  the full amount of scheduled  interest due on any date or dates in
any month or months subsequent to the month of prepayment.

     "Privately  Placed  Certificates":  The Class X  Certificates,  the Class E
Certificates,  the Class F Certificates,  the Class G Certificates,  the Class H
Certificates,  the Class J Certificates,  the Class K Certificates,  the Class L
Certificates,  the Class M Certificates,  the Class N Certificates,  the Class O
Certificates,  the Class V Certificates,  the Class R-I Certificates,  the Class
R-II Certificates and the Class R-III Certificates.

     "Prospectus Supplement":  The Prospectus Supplement dated October 13, 2000,
relating to the Publicly Offered Certificates.

     "Publicly Offered Certificates":  The Class A-1 Certificates, the Class A-2
Certificates, the Class B Certificates, the Class C Certificates and the Class D
Certificates.

     "Qualified Institutional Buyer": A qualified institutional buyer within the
meaning of Rule 144A.

     "Qualified  Insurer":  An insurance  company or security or bonding company
qualified to write the related  insurance  policy in the relevant  jurisdiction,
which shall have a claims paying ability rating (or, in the case of Moody's,  an
insurance financial strength rating) (or the obligations of which are guaranteed
or backed by a company  having such claims  paying  ability  rating or insurance
financial  strength  rating,  as applicable) of "A" or better by S&P and "A2" or
better by Moody's,  unless in the case where such insurance  company or security
or  bonding  company  is not so  rated  by such  Rating  Agency,  Rating  Agency
Confirmation has been obtained from such Rating Agency with respect to the lower
claims paying ability rating or insurance financial strength rating.

     "Qualified Mortgage": A Mortgage Loan that is a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in
Treasury Regulation Section 1.860G-2(f)(2) that treats a defective obligation as
a qualified mortgage), or any substantially similar successor provision.

     "Qualified Environmental Consultant":  An Independent Person, with at least
five years of relevant experience,  who regularly conducts  environmental audits
for purchasers of commercial  properties located in the same general area as the
Mortgaged Property.

     "Qualified  Substitute  Mortgage  Loan": A mortgage loan  substituted for a
Deleted Mortgage Loan pursuant to the terms of this Agreement which must, on the
date of such  substitution:  (i) have an outstanding  principal  balance,  after
application  of all  scheduled  payments of principal and interest due during or
prior to the  month of  substitution,  not in  excess  of the  Stated  Principal
Balance of the Deleted  Mortgage  Loan as of the Due Date in the calendar  month
during which the  substitution  occurs;  (ii) have a Mortgage Rate not less than
the Mortgage Rate of the Deleted  Mortgage Loan; (iii) have the same Due Date as
the Deleted Mortgage Loan; (iv) accrue interest on the same basis as the Deleted
Mortgage Loan (for example,  on the basis of a 360-day year consisting of twelve
30-day  months);  (v) have a remaining term to stated maturity not greater than,
and not more than two years less than, the

                                       34

<PAGE>

remaining term to stated  maturity of the Deleted  Mortgage  Loan;  (vi) have an
original  Loan-to-Value  Ratio not higher than that of the Deleted Mortgage Loan
and a current Loan-to-Value Ratio not higher than the then-current Loan-to-Value
Ratio of the Deleted  Mortgage Loan; (vii) comply as of the date of substitution
with all of the  representations  and  warranties  set  forth in the  applicable
Mortgage Loan Purchase Agreement, (viii) have a Phase I Environmental Assessment
from a Qualified  Environmental  Consultant  relating  to the related  Mortgaged
Property  in its Master  Servicer  Mortgage  File;  (ix) have an  original  debt
service  coverage ratio not lower than the original debt service  coverage ratio
of the Deleted  Mortgage Loan and have a current debt service coverage ratio not
lower than the then-current  debt service coverage ratio of the Deleted Mortgage
Loan;  and (x) be  determined  by an Opinion of Counsel  (at the  expense of the
applicable Seller) to be a "qualified  replacement  mortgage" within the meaning
of Section 860G(a)(4) of the Code;  provided that no such mortgage loan may have
a maturity date after the date three years prior to the Rated Final Distribution
Date; and provided, further, that no such mortgage loan shall be substituted for
a  Deleted   Mortgage  Loan  unless  the  Trustee  has  received  Rating  Agency
Confirmation (the cost, if any, of obtaining such confirmation to be paid by the
applicable Seller) with respect to such substitution; and provided, further that
no such mortgage  loan shall be  substituted  for a Deleted  Mortgage Loan if it
would result in an Adverse REMIC Event in respect of REMIC I, REMIC II, or REMIC
III or an Adverse  Grantor  Trust  Event;  and  provided,  further  that no such
mortgage  loan  shall be  substituted  for a Deleted  Mortgage  Loan  unless the
Operating  Adviser shall have approved of such  substitution  based upon,  among
other  considerations,  an  engineering  report  and  the  Environmental  Report
obtained  with  respect to such  Mortgage  Loan  (provided,  however,  that such
approval  of  the  Operating  Adviser  may  not  be  unreasonably  withheld,  as
determined  by the  Special  Servicer).  In the event that one or more  mortgage
loans are substituted for one or more Deleted  Mortgage Loans,  then the amounts
described in clause (i) shall be determined on the basis of aggregate  principal
balances and the rates  described in clause (ii) above and the remaining term to
stated  maturity  referred  to in clause  (v)  above  shall be  determined  on a
weighted  average  basis.  Whenever  a  Qualified  Substitute  Mortgage  Loan is
substituted for a Deleted  Mortgage Loan pursuant to this Agreement,  the Seller
effecting such  substitution  shall certify that such Mortgage Loan meets all of
the  requirements  of this definition and shall send such  certification  to the
Trustee.

     "Rated Final Distribution Date": The Distribution Date in October 2033.

     "Rating Agency": Each of Moody's and S&P.

     "Rating Agency  Confirmation":  With respect to any matter,  where required
under this Agreement,  a written  confirmation from the applicable Rating Agency
that a proposed action, failure to act, or other event specified herein will not
in and of itself  result  in such  Rating  Agency's  withdrawal,  downgrade,  or
qualification of the  then-current  rating assigned to any Class of Certificates
then rated by such Rating  Agency  (the  placing of a Class of  Certificates  on
"negative  credit  watch"  status  shall be  considered a  "qualification"  of a
rating).

     "Real  Property":  Land or improvements  thereon such as buildings or other
inherently permanent structures  (including items that are structural components
of such  buildings or  structures),  in each such case as such terms are used in
the REMIC Provisions.

     "Realized  Loss":  (x) With respect to each  defaulted  Mortgage Loan as to
which a Final Recovery  Determination  has been made, or with respect to any REO
Mortgage Loan as to which a Final Recovery Determination has been made as to the
related REO Property, an amount (not

                                       35

<PAGE>

less than zero) equal to (i) the unpaid principal  balance of such Mortgage Loan
(or, in the case of an REO  Property,  the related REO Mortgage  Loan) as of the
commencement of the Collection Period in which the Final Recovery  Determination
was made,  plus (ii) all accrued but unpaid  interest on such Mortgage Loan (or,
in the case of an REO  Property,  the related REO Mortgage  Loan) at the related
Mortgage  Rate to but not  including  the Due Date in the  Collection  Period in
which the Final Recovery Determination was made, in any event determined without
taking into account the amounts  described in subclause  (iv) of this  sentence,
plus (iii) any related unreimbursed Servicing Advances as of the commencement of
the  Collection  Period  in which  the Final  Recovery  Determination  was made,
together with any new related  Servicing  Advances  made during such  Collection
Period,  minus  (iv)  all  related  Liquidation  Proceeds  (net  of any  related
Liquidation  Expenses paid therefrom);  (y) with respect to any Mortgage Loan as
to which any  portion of the  outstanding  principal  or accrued  interest  owed
thereunder  was forgiven in connection  with a bankruptcy or similar  proceeding
involving the related  Borrower or a  modification,  waiver or amendment of such
Mortgage  Loan granted or agreed to by the Master  Servicer or Special  Servicer
pursuant to Section 3.28, the amount of such  principal or interest  (other than
Default Interest or Deferred Interest) so forgiven;  and (z) with respect to any
Mortgage Loan as to which the Mortgage Rate thereon has been permanently reduced
for any period in connection with a bankruptcy or similar  proceeding  involving
the related  Borrower or a  modification,  waiver or amendment of such  Mortgage
Loan granted or agreed to by the Master Servicer or Special Servicer pursuant to
Section 3.28, the amount of the consequent  reduction in the interest portion of
each successive Monthly Payment due thereon  (provided,  that each such Realized
Loss  shall be deemed to have been  incurred  on the Due Date for each  affected
Monthly Payment).

     "Record Date":  With respect to each  Distribution  Date, the last Business
Day of the month preceding the month in which such Distribution Date occurs.

     "Regulation D": Regulation D under the 1933 Act.

     "Related Class of  Certificates"  and "Related REMIC II Regular  Interest":
For any Class of REMIC II Regular  Interest,  the related Class of  Certificates
set forth below and for any Class of Certificates (other than the Class V, Class
X, Class R-I,  Class R-II or Class R-III  Certificates),  the  related  Class of
REMIC II Regular Interests set forth below:

                                       36

<PAGE>

                                             Related REMIC II
       Related Class of Certificates         Regular Interest

                 Class A-1                  Class A-1-II Interest
                 Class A-2                  Class A-2-II Interest
                 Class B                    Class B-II Interest
                 Class C                    Class C-II Interest
                 Class D                    Class D-II Interest
                 Class E                    Class E-II Interest
                 Class F                    Class F-II Interest
                 Class G                    Class G-II Interest
                 Class H                    Class H-II Interest
                 Class J                    Class J-II Interest
                 Class K                    Class K-II Interest
                 Class L                    Class L-II Interest
                 Class M                    Class M-II Interest
                 Class N                    Class N-II Interest
                 Class O                    Class O-II Interest

     "REMIC": A "real estate mortgage  investment conduit" within the meaning of
Section 860D of the Code.

     "REMIC I": The segregated pool of assets included in the Trust Fund created
hereby and to be  administered  hereunder,  consisting of the Mortgage Loans, as
from time to time are subject to this  Agreement,  the Mortgage  Files  relating
thereto,  all  proceeds of and payments  under such  Mortgage  Loans  (excluding
Deferred  Interest)  received  after the Cut-off  Date  (except for the $201,086
prepayment made on Loan Number 166 on October 13, 2000), such amounts in respect
thereof  as  shall  from  time to time be held in the  Collection  Account,  the
Distribution  Account,  the Interest  Reserve  Account,  the Excess  Liquidation
Proceeds Account and the REO Account, and any REO Properties acquired in respect
of any  Mortgage  Loan,  for which a REMIC  election  is to be made  pursuant to
Section 10.1 hereof. Pursuant to Treasury Regulation Section 1.860D-1(b)(2)(ii),
the Transferable Servicing Interest is not an interest in REMIC I.

     "REMIC I Interests":  Collectively,  the REMIC I Regular  Interests and the
Class R-I Certificates.

     "REMIC I Regular Interest":  With respect to each Mortgage Loan (including,
without  limitation,   each  REO  Mortgage  Loan,  but  excluding  any  Deferred
Interest),  the separate uncertificated interest in REMIC I issued in respect of
such Mortgage Loan hereunder and designated as a "regular  interest" in REMIC I.
Each REMIC I Regular Interest shall represent a right to receive interest at the
related REMIC I Remittance Rate and  distributions of principal,  subject to the
terms  and  conditions  hereof,  in an  aggregate  amount  equal to its  initial
Uncertificated Principal Balance (which shall equal the initial Stated Principal
Balance of the related  Mortgage Loan as of the Cut-off Date).  The  designation
for each  REMIC I Regular  Interest  shall be the Loan  Number  for the  related
Mortgage Loan. If a Qualified  Substitute Mortgage Loan or Loans are substituted
for any Deleted  Mortgage Loan, the REMIC I Regular Interest that related to the
Deleted  Mortgage  Loan shall  thereafter  relate to such  Qualified  Substitute
Mortgage Loan(s).

                                       37

<PAGE>

     "REMIC I Remittance Rate": With respect to any REMIC I Regular Interest for
any  Distribution  Date, a rate per annum equal to the Net Mortgage Rate for the
related  Mortgage Loan  (including  without  limitation  an REO Mortgage  Loan);
provided,  that for purposes of calculating  the REMIC I Remittance Rate for any
REMIC I Regular  Interest,  the Net Mortgage Rate for the related  Mortgage Loan
will be determined without regard to any post-Closing Date modification,  waiver
or amendment of the terms of such Mortgage Loan; and provided further,  that for
purposes of  calculating  the REMIC I Remittance  Rate, if the related  Mortgage
Loan is an Interest Reserve Loan, the Net Mortgage Rate of such Interest Reserve
Loan will be adjusted to an annual  rate equal to: a  fraction,  expressed  as a
percentage, the numerator of which is, subject to adjustment as described below,
12 times the  amount  of  interest  that  accrued  (or,  in the  absence  of any
applicable voluntary or involuntary prepayment, would have accrued) with respect
to such Interest Reserve Loan on an Actual/360 Basis during the related Interest
Accrual Period, based on its Stated Principal Balance immediately preceding such
Distribution  Date and its Net Mortgage  Rate as in effect on the Cut-off  Date,
and the  denominator  of which is the Stated  Principal  Balance of the Interest
Reserve Loan immediately prior to such Distribution  Date.  Notwithstanding  the
foregoing, if such Distribution Date occurs during January (except during a leap
year) or February,  then, in the case of any particular  Interest  Reserve Loan,
the numerator of the fraction described in clause (a) above will be decreased by
any Interest  Reserve Amount with respect to that Interest  Reserve Loan that is
transferred  from the Collection  Account to the Interest Reserve Account during
that month. Furthermore, if such Distribution Date occurs during March, then, in
the case of any particular  Interest Reserve Loan, the numerator of the fraction
described in clause (a) above will be increased by any Interest  Reserve Amounts
with  respect  to such  Interest  Reserve  Loan  that are  transferred  from the
Interest Reserve Account to the  Distribution  Account during that month. If any
Mortgage Loan included in the Trust Fund as of the Closing Date is replaced by a
Qualified Substitute Mortgage Loan or Loans, the REMIC I Remittance Rate for the
related REMIC I Regular  Interest  shall still be calculated in accordance  with
the preceding  sentence based on the Net Mortgage Rate for the Deleted  Mortgage
Loan.

     "REMIC II": The segregated pool of assets consisting of the REMIC I Regular
Interests and all distributions  thereon conveyed to the Trustee for the benefit
of REMIC II and for which a separate  REMIC  election is to be made  pursuant to
Section 10.1 hereof.

     "REMIC II Interests":  Collectively, the REMIC II Regular Interests and the
Class R-II Certificates.

     "REMIC II Regular Interest": Any of the uncertificated beneficial interests
in REMIC II issued hereunder and designated as a "regular interest" in REMIC II.
Each REMIC II Regular  Interest shall  represent a right to receive  interest at
the related  REMIC II  Remittance  Rate in effect from time to time and shall be
entitled to  distributions  of  principal,  subject to the terms and  conditions
hereof,  in an aggregate  amount equal to its initial  Uncertificated  Principal
Balance as set forth in the Preliminary  Statement hereto.  The designations for
the  respective  REMIC II  Regular  Interests  are set forth in the  Preliminary
Statement hereto.

     "REMIC II Remittance Rate": With respect to each REMIC II Regular Interest,
a rate per annum equal to the Weighted Average REMIC I Remittance Rate.

     "REMIC III Certificate":  Any Certificate,  other than a Class R-I or Class
R-II Certificate.

                                       38

<PAGE>

     "REMIC III Regular  Certificate":  Any REMIC III Certificate,  other than a
Class R-III Certificate.

     "REMIC Pool":  Each of the three segregated pools of assets designated as a
REMIC pursuant to Section 10.1 hereof.

     "REMIC  Provisions":  Provisions of the federal  income tax law relating to
real estate mortgage investment  conduits,  which appear at Section 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
regulations  (including  any  proposed  regulations  that,  by  virtue  of their
proposed effective date could apply to the REMIC Pools) and rulings  promulgated
thereunder, as the foregoing may be in effect from time to time.

     "Remittance Date": The Business Day preceding each Distribution Date.

     "Rents from Real Property":  With respect to any REO Property, gross income
of the character described in Section 856(d) of the Code, which income,  subject
to the terms and  conditions  of that  Section of the Code in its present  form,
does not include:

          (a)  except as provided in Section 856(d)(4) or (6) of the  Code,  any
amount  received or accrued,  directly or  indirectly,  with respect to such REO
Property, if the determination of such amount depends in whole or in part on the
income of profits  derived by any Person from such property  (unless such amount
is a fixed  percentage  or  percentages  of  receipts  or  sales  and  otherwise
constitutes Rents from Real Property);

          (b) any amount received or accrued, directly or indirectly,  from  any
Person if the Trust Fund owns directly or indirectly  (including by attribution)
a 10% or greater interest in such Person  determined in accordance with Sections
856(d)(2)(B) and (d)(5) of the Code;

          (c) any amount received  or  accrued,  directly  or  indirectly,  with
respect to such REO Property if any Person Directly Operates such REO Property;

          (d) any amount charged for services that are not customarily furnished
in  connection  with the rental of property to tenants in buildings of a similar
class in the same  geographic  market as such REO Property within the meaning of
Treasury  Regulation  Section  1.856-4(b)(1)  (whether  or not such  charges are
separately stated); and

          (e) rent  attributable  to  personal  property  unless  such  personal
property is leased under, or in connection  with, the lease of such REO Property
and, for any taxable year of the Trust Fund, such rent is no greater than 15% of
the total rent received or accrued under, or in connection with, the lease.

     "REO Account": As defined in Section 3.17(b).

     "REO Grace Period": As defined in Section 3.17(a).

     "REO Mortgage  Loan":  Any Mortgage Loan as to which the related  Mortgaged
Property has become an REO Property.

     "REO Proceeds":  With respect to any REO Property, all revenues received by
the Special  Servicer with respect to such REO Property  that do not  constitute
Liquidation Proceeds.

                                       39

<PAGE>

     "REO  Property":  A Mortgaged  Property title to which has been acquired by
the Master  Servicer on behalf of the Trust Fund  through  foreclosure,  deed in
lieu of foreclosure or otherwise.

     "Repurchase Price": With respect to any Mortgage Loan to be repurchased, or
any Deleted  Mortgage  Loan to be replaced  by the  substitution  of one or more
Qualified  Substitute  Mortgage Loans,  pursuant to Section 2.3 or any Specially
Serviced  Mortgage  Loan, or the REO Mortgage Loan relating to any REO Property,
to be sold or repurchased pursuant to Section 3.18, an amount, calculated by the
Master Servicer equal to:

          (a)  the unpaid principal balance of such Mortgage Loan  (or,  in  the
case of any REO Property,  the related REO Mortgage Loan) (after  application of
all principal  payments  (including  prepayments)  collected and other principal
amounts  recovered  on such  Mortgage  Loan)  as of the date of  receipt  of the
Repurchase  Price or the date of  substitution,  as the case may be,  hereunder;
plus

          (b)  unpaid interest accrued on such Mortgage  Loan  or  REO  Mortgage
Loan, as  applicable,  at the related  Mortgage Rate (after  application  of all
interest payments  collected and other amounts recovered (and applied to accrued
interest)  on such  Mortgage  Loan) to, but not  including,  the Due Date in the
Collection Period during which the applicable  purchase or substitution  occurs,
excluding any Deferred Interest accrued on such Mortgage Loan; plus

          (c) any  unreimbursed  Servicing  Advances,  all  accrued  and  unpaid
interest on Advances  (including  P&I Advances) at the Advance Rate,  any unpaid
Servicing  Compensation (other than Master Servicer Fees and the Standby Special
Servicer  Fee),  and any  unpaid or  unreimbursed  expenses  of the  Trust  Fund
allocable to such Mortgage Loan or REO Mortgage Loan, as  applicable,  as of the
date of receipt of the Repurchase Price or the date of substitution, as the case
may be, hereunder; plus

          (d)  in the event that such Mortgage Loan or  REO  Mortgage  Loan,  as
applicable,  is required to be repurchased or replaced  pursuant to Section 2.3,
expenses  reasonably  incurred  or to be incurred  by the Master  Servicer,  the
Special  Servicer or the Trustee in respect of the breach or defect  giving rise
to the repurchase or replacement obligation,  including any expenses arising out
of the enforcement of the repurchase or replacement obligation.

     "Request for Release": A request for release signed by a Servicing Officer,
substantially in the form of Exhibit E hereto.

     "Required  Appraisal Loan": Any Mortgage Loan (including without limitation
any REO Mortgage Loan) as to which an Appraisal Reduction Event has occurred and
is continuing.

     "Reserve  Accounts":  With respect to any Mortgage Loan,  reserve or escrow
accounts,  if any,  established  pursuant to the related Mortgage Loan Documents
and any Escrow Account. Each Reserve Account shall be an Eligible Account except
to the  extent  precluded  by  applicable  law and  the  related  Mortgage  Loan
Documents.  Any Reserve Account shall be  beneficially  owned for federal income
tax purposes by the Person who is entitled to receive the reinvestment income or
gain thereon in accordance with the related  Mortgage Loan Documents and Section
3.7.

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<PAGE>

     "Residual Certificate": A Class R-I, Class R-II or Class R-III Certificate.

     "Responsible  Officer":  Any officer of the  Asset-Backed  Securities Trust
Services  Group of the  Trustee  (and,  in the  event  that the  Trustee  is the
Certificate  Registrar  or the  Paying  Agent,  an  officer  of the  Certificate
Registrar or the Paying Agent,  as applicable)  assigned to the Corporate  Trust
Office with direct  responsibility  for the administration of this Agreement and
also,  with respect to a particular  matter,  any other  officer or any employee
with  responsibilities  similar  to  those  of an  officer  of the  Asset-Backed
Securities  Trust  Services Group of the Trustee to whom such matter is referred
because of such officer's or employee's  knowledge of and  familiarity  with the
particular subject, and, in the case of any certification  required to be signed
by a Responsible  Officer,  such an officer or employee  whose name and specimen
signature appears on a list of corporate trust officers and employees  furnished
to the Master  Servicer  by the  Trustee,  as such list may from time to time be
amended.

     "Review  Threshold":  A Mortgage  Loan  having one of the then ten  largest
current  outstanding  principal  balances of all Mortgage  Loans in the Mortgage
Pool. For this purpose, all  Cross-Collateralized  Loans in a Cross-Collaterized
Group and groups of Mortgage Loans with the same or affiliated Borrowers will be
aggregated and treated as one.

     "Revised   Interest   Rate":   Any   increased   Mortgage   Rate   after  a
Hyper-Amortization Date.

     "Rule 144A": Rule 144A, under the 1933 Act.

     "S&P":  Standard & Poor's Ratings  Services,  a division of The McGraw-Hill
Companies, Inc.

     "Scheduled  Final  Distribution   Date":  With  respect  to  any  Class  of
Certificates,  the Distribution Date on which the aggregate  Certificate Balance
or aggregate  Notional Amount, as the case may be, of such Class of Certificates
would be reduced to zero based on the Prepayment  Assumption.  Such Distribution
Date shall in each case be as follows:

                                       41

<PAGE>

                                            Scheduled
          Class Designation          Final Distribution Date
               Class A-1                  September 2008
               Class A-2                  September 2010
               Class X                    September 2020
               Class B                    September 2010
               Class C                    September 2010
               Class D                     October 2010
               Class E                     October 2010
               Class F                     October 2010
               Class G                     October 2010
               Class H                     October 2010
               Class J                    December 2010
               Class K                     October 2011
               Class L                    February 2014
               Class M                       May 2015
               Class N                      June 2015
               Class O                    September 2020

The Class V, Class R-I,  Class R-II and Class R-III  Certificates  do not have a
Scheduled Final Distribution Date.

     "Securities  Depository":  The Depository  Trust Company,  or any successor
Securities  Depository  hereafter named.  The nominee of the initial  Securities
Depository,  for  purposes  of  registering  those  Certificates  that are to be
Book-Entry  Certificates,  is Cede & Co. The Securities  Depository shall at all
times be a "clearing  corporation" as defined in Section 8-102(3) of the Uniform
Commercial  Code of the  State of New York and a  "clearing  agency"  registered
pursuant to the provisions of Section 17A of the 1934 Act.

     "Securities  Depository  Participant":  A  broker,  dealer,  bank or  other
financial  institution or other Person for whom from time to time the Securities
Depository effects book-entry transfers and pledges of securities deposited with
the Securities Depository.

     "Seller":  With respect to the Midland Loans,  Midland; with respect to the
MSDWMC Loans, MSDWMC; and with respect to the CIBC Loans, CIBC.

     "Senior Certificates": The Class A-1, Class A-2 and Class X Certificates.

     "Servicer  Remittance  Report":  A monthly  report  prepared  by the Master
Servicer  in such media and in CMSA IRP format  (but  excluding  the Loan Set-up
File, which is only delivered once pursuant to Section 3.13(a),  and any reports
or files which are  designated by the CMSA to be prepared by the Trustee,  which
as of the  Start-up Day include the Bond Level File and the  Collateral  Summary
File) as may be agreed upon by the Master  Servicer  and the Trustee  containing
such  information  regarding  the  Mortgage  Loans as will permit the Trustee to
calculate the amounts to be  distributed  pursuant to Section 4.3 and to furnish
statements to  Certificateholders  pursuant to Section 4.4 and  containing  such
additional  information as the Master  Servicer and the Trustee may from time to
time agree.

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<PAGE>

     "Servicing  Advance":  As to any  Mortgage  Loan,  any advance  made by the
Master  Servicer,  the  Trustee  or the  Fiscal  Agent in  respect  of costs and
expenses incurred pursuant to Section 3.9, Section 3.10,  Section 3.17,  Section
3.23 and Section  3.28 or any  expenses  incurred to protect  and  preserve  the
security for such Mortgage Loan or taxes and assessments or insurance  premiums,
pursuant to Section 3.4,  Section 3.8 or Section  3.22,  as  applicable,  or any
other item designated as such hereunder.

     "Servicing  Compensation":  With respect to each Mortgage  Loan, the Master
Servicer  Fee, the Standby  Special  Servicer  Fee and the Special  Servicer Fee
which  shall  be due  to the  Master  Servicer  and  the  Special  Servicer,  as
applicable,  and such other  compensation  of the Master  Servicer  and  Special
Servicer specified in Section 3.12 (including,  without limitation,  Disposition
Fees and Workout Fees), as adjusted pursuant to Section 3.25.

     "Servicing Officer":  Any officer or employee of the Master Servicer or the
Special  Servicer  involved  in, or  responsible  for,  the  administration  and
servicing of the Mortgage  Loans or this  Agreement and also,  with respect to a
particular  matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject, and, in
the case of any certification required to be signed by a Servicing Officer, such
an officer  whose name and  specimen  signature  appears on a list of  servicing
officers  furnished  to  the  Trustee  by the  Master  Servicer  or the  Special
Servicer, as applicable, as such list may from time to time be amended.

     "Servicing Standard":  The standards for the conduct of the Master Servicer
and the Special  Servicer in the  performance  of their  respective  obligations
under this Agreement as set forth in Section 3.1(a).

     "Single  Purpose  Entity":  Any  Person,  other than an  individual,  whose
organizational  documents provide that: (1) such Person is formed solely for the
purpose of owning and holding  United States  Treasury  obligations  required or
permitted to be pledged in lieu of prepayment in accordance  with the defeasance
provisions of one or more Mortgage Loan as provided in Section 3.28(f); (2) such
Person (a) does not engage in any business  unrelated  to such  property and the
financing thereof;  (b) does not have any assets other than those related to its
interest  in the  United  States  Treasury  obligations  pledged  as  defeasance
collateral;  (c)  maintains its own books,  records and  accounts,  in each case
which are separate  and apart from the books,  records and accounts of any other
person;  (d)  conducts  business in its own name and uses  separate  stationary,
invoices and checks;  (e) does not guarantee or assume the debts or  obligations
of any other  person;  (f) does not  commingle its assets or funds with those of
any other  person;  (g) transacts  business  with  affiliates on an arm's length
basis pursuant to written agreements;  and (h) holds itself out as being a legal
entity,  separate and apart from any other Person; (3) such documents may not be
amended with respect to the Single  Purpose Entity  requirements  while it holds
any of the  defeasance  collateral;  and (4) any  dissolution  or  winding up or
insolvency filing for such entity requires the unanimous consent of all partners
or members, as applicable.

     "Special Servicer": Midland, or its successor in interest, or any successor
special servicer appointed as herein provided.

     "Special  Servicer Fee":  With respect to any Specially  Serviced  Mortgage
Loan or REO Mortgage Loan and for any Distribution  Date, an amount per calendar
month  equal to the product of (i) the  Special  Servicer  Fee Rate and (ii) the
Stated Principal Balance of such

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<PAGE>

Specially Serviced Mortgage Loan or REO Mortgage Loan, as applicable,  as of the
Due Date in the  month  preceding  the  month in which  such  Distribution  Date
occurs.

     "Special  Servicer Fee Rate": A rate equal to .25% per annum,  such rate to
be calculated on the same basis as the related Mortgage Rate (e.g.  "Actual/360"
or "30/360").

     "Specially  Serviced Mortgage Loan":  Subject to Section 3.24, any Mortgage
Loan with respect to which:

          (a) the related Borrower is 60 or more days delinquent (without giving
effect to any grace period  permitted  by the related  Note) in the payment of a
Monthly Payment or other obligation  (regardless of whether, in respect thereof,
P&I Advances have been reimbursed);

          (b) such Borrower has expressed to the Master Servicer an inability to
pay or a hardship in paying such Mortgage Loan in accordance with its terms;

          (c)  the Master Servicer or the Special Servicer has  received  notice
that such  Borrower  has become the  subject of any  bankruptcy,  insolvency  or
similar  proceeding,  admitted in writing the inability to pay its debts as they
come due or made an assignment for the benefit of creditors;

          (d)  the Master Servicer has  received  notice  of  a  foreclosure  or
threatened foreclosure of any lien on the related Mortgaged Property;

          (e)  a default, of which the Master Servicer or the  Special  Servicer
has notice  (other than a failure by such Borrower to pay principal or interest)
and which in the sole judgment of the Master  Servicer or the Special  Servicer,
as  applicable,   materially   and  adversely   affects  the  interests  of  the
Certificateholders,  has  occurred and remained  unremedied  for the  applicable
grace  period  specified  in such  Mortgage  Loan  (or,  if no grace  period  is
specified,  60 days);  provided,  however,  that a default requiring a Servicing
Advance shall be deemed to materially and adversely  affect the interests of the
Certificateholders for purposes of this definition;

          (f) such Borrower has failed to make a Balloon Payment as and when due
(except where either (i) the Master  Servicer and the Special  Servicer agree in
writing  that such  Mortgage  Loan is  likely to be paid in full  within 30 days
after such default or (ii) on or before the date of such default,  such Borrower
has delivered to the Master  Servicer a firm commitment to refinance the related
Mortgage Loan within sixty days of such default); or

          (g)  the Master Servicer proposes to  commence  foreclosure  or  other
workout arrangements.

          A Mortgage Loan will cease to be a Specially Serviced Mortgage Loan:

               (i) with respect to the circumstances described in clause (a) and
(f) above,  when the related  Borrower  has brought such  Mortgage  Loan current
(with  respect to the  circumstances  described  in clause (f),  pursuant to any
workout   implemented  by  the  Special  Servicer)  and  thereafter  made  three
consecutive full and timely Monthly Payments;

                                       44

<PAGE>

               (ii)  with respect to the circumstances described in clauses  (b)
and (d)  above,  when such  circumstances  cease to exist in the good  faith and
reasonable   judgment  of  the  Special  Servicer,   and  with  respect  to  the
circumstances described in clauses (c) and (g), when such circumstances cease to
exist; or

               (iii) with respect to the circumstances described in  clause  (e)
above, when such default is cured;

provided,  however, in each case that at the time no circumstance  identified in
clauses  (a) through (g) above  exists  that would  cause the  Mortgage  Loan to
continue to be characterized as a Specially Serviced Mortgage Loan.

     "Standby  Special Servicer Fee": With respect to each Mortgage Loan and for
any Distribution  Date, an amount per calendar month equal to the product of (i)
the Standby Special Servicer Fee Rate and (ii) the Stated  Principal  Balance of
such  Mortgage  Loan as of the Due  Date in the  calendar  month  preceding  the
calendar  month in which such  Distribution  Date occurs (or, in the case of the
initial Distribution Date, as of the Cut-off Date).

     "Standby Special Servicer Fee Rate": A rate equal to 0.005% per annum, such
rate to be  calculated  on the same basis as the  related  Mortgage  Rate (e.g.,
"Actual/360" or "30/360").

     "Start-up Day": The day designated as such pursuant to Section 10.1(c).

     "Stated Maturity Date":  With respect to any Mortgage Loan, the Due Date on
which the last payment of  principal  is due and payable  under the terms of the
related  Mortgage Note as in effect on the Closing Date,  without  regard to any
change in or  modification  of such terms in  connection  with a  bankruptcy  or
similar proceeding  involving the related Borrower or a modification,  waiver or
amendment of such Mortgage  Loan granted or agreed to by the Master  Servicer or
Special Servicer pursuant to Section 3.28.

     "Stated Principal Balance":  As of any date of determination,  with respect
to any Mortgage Loan  (including  without  limitation any REO Mortgage Loan), an
amount equal to (a) the unpaid principal balance of such Mortgage Loan as of the
Cut-off Date (or, in the case of a Qualified Substitute Mortgage Loan, as of the
related  date of  substitution),  after  application  of all  payments due on or
before such date, whether or not received,  reduced on a permanent basis on each
subsequent  Distribution  Date (to not less than zero) by (b) the sum of (i) all
payments  (or P&I  Advances  in lieu  thereof)  of,  and all  other  collections
allocated  as provided in Section 1.2 to,  principal  of or with respect to such
Mortgage Loan that are (or, if they had not been applied to cover any Additional
Trust Fund Expense,  would have been) distributed to  Certificateholders on such
Distribution  Date, and (ii) the principal portion of any Realized Loss incurred
in respect of such Mortgage Loan during the related Collection Period;  provided
that, notwithstanding the foregoing, if a Liquidation Event occurs in respect of
such Mortgage  Loan (or any related REO  Property),  then the "Stated  Principal
Balance" of such Mortgage Loan shall be zero  commencing as of the  Distribution
Date in the Collection Period next following the Collection Period in which such
Liquidation Event occurred. For all purposes of this Agreement, the Cut-off Date
Stated  Principal  Balance of Loan Number 166 has been  reduced by the  $201,086
prepayment  made on October 13,  2000 and such  payment is not part of the Trust
Fund.

     "Subordinate Certificates":  Any one or more of the Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class
N and Class O Certificates.

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<PAGE>

     "Sub-Servicer":  Any person  with which the Master  Servicer or the Special
Servicer has entered into a  Sub-Servicing  Agreement,  which shall  include any
Initial Sub-Servicer.

     "Sub-Servicing Agreement": The written contract between the Master Servicer
or  the  Special  Servicer  and  any  Sub-Servicer  relating  to  servicing  and
administration of Mortgage Loans as provided in Section 3.2, which shall include
any sub-servicing agreement with an Initial Sub-Servicer.

     "Substitution Shortfall Amount": In connection with the substitution of one
or more Qualified  Substitute  Mortgage  Loans for one or more Deleted  Mortgage
Loans, the amount, if any, by which the Repurchase Price or aggregate Repurchase
Price, as the case may be, for such Deleted  Mortgage  Loan(s) as of the date of
substitution  exceeds the Stated Principal Balance or aggregate Stated Principal
Balance, as the case may be, of such Qualified Substitute Mortgage Loan(s) as of
the date of substitution.

     "Tax Returns":  The federal  income tax return on IRS Form 1066,  U.S. Real
Estate  Mortgage  Investment  Conduit  Income Tax Return,  including  Schedule Q
thereto,  Quarterly Notice to Residual  Interest Holders of REMIC Taxable Income
or Net Loss Allocation, or any successor forms, to be filed on behalf of each of
REMIC I, REMIC II and REMIC III under the REMIC  Provisions,  together  with any
and all  other  information,  reports  or  returns  that may be  required  to be
furnished  to the  Certificateholders  or  filed  with  the  IRS  or  any  other
governmental taxing authority under any applicable provisions of federal,  state
or local tax laws.

     "Termination  Date":  The  Distribution  Date on which  the  Trust  Fund is
terminated pursuant to Section 9.1.

     "Termination Price": As defined in Section 9.1(b).

     "Transfer":  Any direct or indirect transfer or other form of assignment of
any Ownership Interest in a Class R-I, Class R-II or Class R-III Certificate.

     "Transferable  Servicing  Interest":  Subject to  reduction  by the Trustee
pursuant  to  Section  3.12(a),  the amount by which the  Master  Servicer  Fees
otherwise  payable to the Master  Servicer  hereunder  exceed the sum of (i) the
Primary  Servicing  Fees  and (ii)  the  amount  of such  Master  Servicer  Fees
calculated using the Minimum Master Servicer Fee Rate.

     "Transferee Affidavit": As defined in Section 5.2(g)(ii).

     "Transferor Letter": As defined in Section 5.2(g)(ii).

     "Trust Fund": The corpus of the trust created hereby and to be administered
hereunder,  consisting  of:  (i) such  Mortgage  Loans as from  time to time are
subject to this  Agreement,  together with the Mortgage Files relating  thereto;
(ii) all payments on or  collections in respect of such Mortgage Loans due after
the Cut-off Date  (excluding the $201,086  prepayment made on Loan Number 166 on
October 13, 2000) or, in the case of a Qualified Substitute Mortgage Loan, after
the date of substitution;  (iii) any REO Property; (iv) all revenues received in
respect of REO Property;  (v) the Master Servicer's,  the Special Servicer's and
the Trustee's rights under the insurance  policies with respect to such Mortgage
Loans  required to be  maintained  pursuant to this  Agreement  and any proceeds
thereof; (vi) the Trustee's right, title and interest in and to the

                                       46

<PAGE>

Reserve Accounts,  the Collection Account, the Grantor Trust Collection Account,
the Distribution  Account, the Grantor Trust Distribution  Account, the Interest
Reserve Account,  the Excess  Liquidation  Proceeds Account and the REO Account;
(vii) the rights and remedies of Depositor  under each  Mortgage  Loan  Purchase
Agreement  (other than the right to  recovery or payment of certain  transaction
expenses,  including certain estimated expenses,  to the extent provided in each
such Mortgage Loan Purchase  Agreement and the right to receive  indemnification
payments under the Indemnification Certificate required of the applicable Seller
under each such Mortgage Loan Purchase Agreement); (viii) the Cash Deposit; (ix)
the REMIC I Regular  Interests and the REMIC II Regular  Interests;  and (x) the
proceeds of any of the foregoing  (other than any interest earned on deposits in
any  Reserve  Account,  to the  extent  such  interest  belongs  to the  related
Borrower).

     "Trustee":  LaSalle Bank National Association,  in its capacity as trustee,
or its  successor  in interest,  or any  successor  trustee  appointed as herein
provided.

     "Trustee Fee": With respect to each Mortgage Loan and for any  Distribution
Date,  an amount per calendar  month equal to the product of (i) the Trustee Fee
Rate and (ii) the Stated  Principal  Balance of such Mortgage Loan as of the Due
Date  in  the  calendar  month  preceding  the  calendar  month  in  which  such
Distribution Date occurs (or, in the case of the initial  Distribution  Date, as
of the  Cut-off  Date).  The  Trustee  Fee  shall be paid out of the  Collection
Account by the Master Servicer on or before each Remittance Date.

     "Trustee  Fee Rate":  A rate  equal to 0.002%  per  annum,  such rate to be
calculated on the same basis as the related Mortgage Rate (e.g., "Actual/360" or
"30/360").

     "Trustee  Mortgage File":  With respect to any Mortgage Loan, the documents
listed in Section  2.1(i)  through (xvi)  pertaining to such Mortgage  Loan, the
documents  listed in the  third  paragraph  of  Section  2.1 and any  additional
documents  required to be  deposited  with the  Trustee  pursuant to the express
provisions of this Agreement.

     "Uncertificated   Accrued   Interest":   With   respect  to  any  class  of
uncertificated  REMIC I Regular  Interests or REMIC II Regular Interests for any
Distribution Date, the product of the  Uncertificated  Principal Balance of such
class as of the close of the preceding Distribution Date (or, in the case of the
first  Distribution  Date,  as of the Closing Date) and the  applicable  REMIC I
Remittance Rate or REMIC II Remittance Rate. The Uncertificated Accrued Interest
in  respect  of each  class of REMIC I Regular  Interests  and REMIC II  Regular
Interests  shall  accrue  on the basis of a 360-day  year  consisting  of twelve
30-day months.

     "Uncertificated  Distributable  Interest":  With  respect  to any  REMIC  I
Regular  Interest or REMIC II Regular  Interest for any  Distribution  Date,  an
amount  equal to: (a) the  Uncertificated  Accrued  Interest  in respect of such
REMIC I Regular Interest or REMIC II Regular  Interest,  as the case may be, for
such  Distribution  Date;  reduced (to not less than zero) by (b) the portion of
any  Net  Aggregate  Prepayment/Balloon  Payment  Interest  Shortfall  for  such
Distribution Date allocated to such REMIC I Regular Interest or REMIC II Regular
Interest,  as the case may be,  as set forth  below;  and  increased  by (c) any
Uncertificated  Distributable  Interest  in  respect  of such  REMIC  I  Regular
Interest or REMIC II Regular  Interest,  as the case may be, for the immediately
preceding  Distribution  Date  that  was  not  deemed  paid  on the  immediately
preceding  Distribution Date pursuant to Section 4.1 or 4.2, as applicable.  The
Net Aggregate Prepayment/Balloon Payment Interest Shortfall for any Distribution
Date shall be allocated: (i) among the respective

                                       47

<PAGE>

REMIC I Regular Interests, pro rata in accordance with the respective amounts of
Uncertificated Accrued Interest with respect thereto for such Distribution Date;
and (ii) among the respective REMIC II Regular Interests, pro rata in accordance
with the  respective  amounts of  Uncertificated  Accrued  Interest with respect
thereto for such Distribution Date.

     "Uncertificated  Principal  Balance":  The principal  amount of any REMIC I
Regular  Interest  or REMIC II Regular  Interest  outstanding  as of any date of
determination.  As of the Closing Date, the Uncertificated  Principal Balance of
each REMIC I Regular Interest shall equal the initial Stated  Principal  Balance
of the related  Mortgage Loan. On each  Distribution  Date,  the  Uncertificated
Principal  Balance  of each  REMIC I Regular  Interest  shall be  reduced by all
distributions of principal deemed to have been made thereon on such Distribution
Date  pursuant to Section 4.1 and,  if and to the extent  appropriate,  shall be
further reduced on such  Distribution Date as provided in Section 4.6. As of the
Closing  Date,  the  Uncertificated  Principal  Balance of each REMIC II Regular
Interest shall equal the amount set forth in the Preliminary Statement hereto as
its initial  Uncertificated  Principal  Balance.  On each Distribution Date, the
Uncertificated  Principal  Balance of each REMIC II  Regular  Interest  shall be
reduced by all  distributions  of principal  deemed to have been made thereon on
such  Distribution  Date  pursuant  to  Section  4.2 and,  if and to the  extent
appropriate,  shall be further reduced on such  Distribution Date as provided in
Section 4.6.

     "Underwriting Agreement": The Underwriting Agreement dated October 13, 2000
among the Depositor, Midland and Morgan Stanley & Co. Incorporated,  PNC Capital
Markets,  Inc., CIBC World Markets Corp. and Deutsche Bank  Securities  Inc., as
underwriters.

     "Unscheduled  Payments":  With respect to a Mortgage  Loan and a Collection
Period,  all  Liquidation  Proceeds and  Insurance  Proceeds  payable under such
Mortgage Loan,  the Repurchase  Price of such Mortgage Loan if it is repurchased
pursuant to Section 2.3 and the price  specified in Section 9.1 if such Mortgage
Loan is purchased  pursuant thereto,  draws on any letters of credit issued with
respect to such  Mortgage Loan and any other  payments  under or with respect to
such  Mortgage Loan not scheduled to be made,  including  Principal  Prepayments
(but excluding Prepayment Premiums) received during such Collection Period.

     "Updated  Appraisal":  With  respect  to any  Mortgage  Loan as to which an
appraisal  is  required  to be  obtained  hereunder,  (i) a  fair  market  value
appraisal of the related Mortgaged  Property or REO Property from an independent
appraiser who is a member of the Appraisal  Institute,  which appraisal shall be
conducted in accordance with MAI standards by an appraiser with at least 5 years
experience  in the  related  property  type and in the  jurisdiction  where  the
property  is  located  or  (ii)  if the  Mortgage  Loan  has a then  outstanding
principal  balance equal to or less than $1,000,000,  at the Special  Servicer's
option,  an internal  property  valuation  performed by the Special  Servicer in
accordance with the servicing  standard set forth herein, in each case conducted
subsequent to any appraisal performed on or prior to the Cut-off Date.

     "Voting  Rights":  The voting  rights to which the  Certificateholders  are
entitled hereunder.  At all times during the term of this Agreement,  98% of the
Voting  Rights shall be allocated  among the Holders of the various  outstanding
Classes of  Principal  Balance  Certificates  in  proportion  to the  respective
aggregate Certificate Balances of their Certificates and 2% of the Voting Rights
shall be allocated  to the Holders of the Class X  Certificates.  Voting  Rights
allocated  to a Class  of  Certificateholders  shall  be  allocated  among  such
Certificateholders  in  proportion  to the  Percentage  Interests  in such Class
evidenced by their respective Certificates.

48

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     "Weighted   Average  REMIC  I  Remittance   Rate":  With  respect  to  each
Distribution  Date, the weighted average of the REMIC I Remittance Rates for the
REMIC  I  Regular   Interests,   weighted   on  the  basis  of  the   respective
Uncertificated  Principal  Balances of the REMIC I Regular  Interests  as of the
close of business  on the  preceding  Distribution  Date (or, in the case of the
first Distribution Date, as of the Closing Date).

     "Workout Fee": As defined in Section 3.12(b).

          Section 1.2.   Certain Calculations.

     Unless otherwise specified herein, the following provisions shall apply:

          (a) All calculations of interest (excluding interest on  the  Mortgage
Loans,  which  shall  be  calculated  pursuant  to  the  related  Mortgage  Loan
Documents)  provided  for  herein  shall be made on the basis of a 360-day  year
consisting of twelve 30-day months.

          (b) The portion  of  any  Insurance  Proceeds,  Liquidation  Proceeds,
Repurchase Price,  Substitution Shortfall Amounts or Net REO Proceeds in respect
of a Mortgage Loan  allocable to principal and  Prepayment  Premiums shall equal
the total amount of such proceeds minus (a) first,  any portion  thereof payable
to the Master Servicer as Master Servicer Fees, the Special  Servicer as Standby
Special Servicer Fees or the Trustee as Trustee Fees; to the Trustee, the Fiscal
Agent,  Master  Servicer  or Special  Servicer  as  reimbursement  of  Servicing
Advances;  and to the Trustee,  the Master  Servicer or the Special  Servicer as
reimbursement  of  Liquidation  Expenses  pursuant  to the  provisions  of  this
Agreement  and (b) second,  any portion  thereof equal to interest on the unpaid
principal  balance of such  Mortgage  Loan at the related Net Mortgage Rate from
the Due Date as to which  interest  was last paid by the related  Borrower up to
but not including the Due Date in the  Collection  Period in which such proceeds
are received. Allocation of such amount between principal and Prepayment Premium
shall be made first to principal and second to Prepayment Premium.

          (c)  Any Mortgage Loan payment is deemed to be received  on  the  date
such  payment  is  actually  received  by the  Master  Servicer  or the  Special
Servicer;  provided,  however, that for purposes of calculating distributions on
the  Certificates,  partial  Principal  Prepayments with respect to any Mortgage
Loan are deemed to be received on the date they are applied in  accordance  with
Section 3.1(b) to reduce the outstanding principal balance of such Mortgage Loan
on which interest accrues.

          Section 1.3.   Certain Constructions.

          (a)  As used herein and in any certificate or other  document  made or
delivered  pursuant hereto or thereto,  accounting  terms not defined in Section
1.1  shall  have the  respective  meanings  given to them  under  United  States
generally accepted accounting principles or regulatory accounting principles, as
applicable.

          (b) The words "hereof," "herein" and "hereunder," and words of similar
import when used in this Agreement, shall refer to this agreement as a whole and
not to any particular  provision of this Agreement,  and references to Sections,
Schedules and Exhibits  contained in this  Agreement are references to Sections,
Schedules and Exhibits in or to this Agreement unless otherwise specified.

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<PAGE>

          (c) Whenever a term is defined herein, the definition ascribed to such
term shall be equally  applicable  to both the singular and plural forms of such
term and to masculine, feminine and neuter genders of such term.

          (d)  This Agreement is the result of arm's-length negotiations between
the parties and has been  reviewed by each party  hereto and its  counsel.  Each
party  agrees that any  ambiguity  in this  Agreement  shall not be  interpreted
against the party drafting the particular  clause which is in question solely by
reason of their having drafted such provision.

                                  ARTICLE II.
                                  -----------

                         CONVEYANCE OF MORTGAGE LOANS;
                       ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.1.   Conveyance and Assignment of Mortgage Loans.

     The Depositor,  concurrently  with the execution and delivery hereof,  does
hereby establish a trust,  appoint the Trustee to serve as trustee of such trust
and sell, transfer, assign, set over and otherwise convey to the Trustee without
recourse  (except  to the  extent  herein  provided)  all the  right,  title and
interest of the Depositor in and to the Mortgage Loans,  including all rights to
payments  in  respect  thereof,  except as set  forth  below,  and any  security
interest  thereunder  (whether in real or personal property and whether tangible
or intangible) in favor of the Depositor, and all Reserve Accounts and all other
assets  included  or to be  included  in the Trust  Fund for the  benefit of the
Certificateholders. Such transfer and assignment includes all scheduled payments
of interest and  principal  due after the Cut-off Date (whether or not received)
and all  payments of interest  and  principal  received by the  Depositor or the
Master Servicer on or with respect to the Mortgage Loans after the Cut-off Date,
other than any such payments of interest or principal which were due on or prior
to the Cut-off  Date. In  connection  with such  transfer and  assignment of all
interest and principal due with respect to the Mortgage  Loans after the Cut-off
Date, the Depositor  shall make a cash deposit to the Collection  Account on the
Closing Date in an amount equal to the Cash Deposit. The Depositor, concurrently
with the execution and delivery hereof, does also hereby sell, transfer, assign,
set over and otherwise  convey to the Trustee  without  recourse  (except to the
extent provided  herein) all the right,  title and interest of the Depositor in,
to and under the  Mortgage  Loan  Purchase  Agreements  (other than the right to
recovery or payment of certain transaction expenses, including certain estimated
expenses,  to the extent provided in each such Mortgage Loan Purchase  Agreement
and  the  right  to  receive   certain   indemnification   payments   under  the
indemnification  certificate  required of the applicable  Seller under each such
Mortgage  Loan  Purchase  Agreement).  The  Depositor  shall  cause the  Reserve
Accounts  to be  transferred  to and held in the name of the Master  Servicer on
behalf of the Trustee.

     In  connection  with the transfer and  assignment  of its right,  title and
interest in the  Mortgage  Loans,  the  Depositor  does  hereby  deliver to, and
deposit with, the Custodian on behalf of the Trustee,  with a copy to the Master
Servicer,  the  following  documents  or  instruments  with respect to each such
Mortgage Loan:

               (i) the original of the related Note,  endorsed by the applicable
Seller in blank in the following  form:  "Pay to the order of  ________________,
without  recourse"  which the Trustee or its designee is  authorized to complete
and which Note and all endorsements

                                       50

<PAGE>

thereof shall show a complete  chain of  endorsement  from the Originator to the
applicable  Seller,  or in the case of a missing Note, a lost note affidavit and
indemnity in favor of the Depositor, the Trustee and its successors and assigns;

               (ii)  (A)  the related  original  recorded  Mortgage,  or a  copy
thereof reflecting recordation, or a copy thereof certified by the related title
insurance company, public recording office, closing agent or Seller to be in the
form in which  submitted  for  recording,  together  with each related  original
recorded  Assignment of Mortgage which,  together with other such Assignments of
Mortgage,  shows a complete chain of assignment of the related Mortgage from the
applicable  Originator to the applicable  Seller,  or a copy thereof  reflecting
recordation, or a copy thereof certified by the related title insurance company,
public  recording  office,  closing  agent or  Seller to be in the form in which
submitted  for  recording  and (B) the related  original  Assignment of Mortgage
executed by the applicable  Seller in blank which the Trustee or its designee is
authorized  to complete  (and but for the  insertion of the name of the assignee
and  any  related  recording  information  which  is not  yet  available  to the
applicable  Seller,  is in suitable form for recordation in the  jurisdiction in
which the related Mortgaged Property is located);

               (iii)  if the related security agreement  is  separate  from  the
Mortgage,  the original security agreement or a counterpart  thereof, and if the
security  agreement is not assigned under the Assignments of Mortgage  described
in clause (ii) above, the related original assignment of such security agreement
to the applicable Seller or a counterpart  thereof and an original assignment of
such security  agreement  executed by the  applicable  Seller in blank which the
Trustee or its designee is authorized to complete;

               (iv) (A)  the  acknowledgement  copy of each Form UCC-1 financing
statement  (file  stamped  to  show  the  filing  or  recording  thereof  in the
applicable  public filing or recording  office),  if any, filed or recorded with
respect to  personal  property or  fixtures  constituting  a part of the related
Mortgaged  Property,  or a copy  thereof  in the form  submitted  for  filing or
recording,  together  with a copy of each Form UCC-2 or UCC-3  assignment  (file
stamped to show the filing or recording  thereof in the applicable public filing
or recording  office),  if any, filed or recorded with respect to such financing
statement which, together with other such assignments, shows a complete chain of
assignment of such financing  statement  from the  applicable  Originator to the
applicable  Seller,  or a copy  thereof  in the form  submitted  for  filing  or
recording,  and (B) each Form UCC-2 or UCC-3  assignment  of any such  financing
statement  executed by the  applicable  Seller in blank which the Trustee or its
designee is authorized to complete (and but for the insertion of the name of the
assignee  and any  related  filing  or  recording  information  which is not yet
available to the applicable  Seller, is in suitable form for filing or recording
in the filing or recording office in which such financing statement was filed or
recorded);

               (v) the related original of the Loan Agreement, if any,  relating
to such Mortgage Loan or a counterpart thereof;

               (vi) the related original lender's title insurance policy (or the
original pro forma or specimen title insurance policy or a marked-up  commitment
for lender's title insurance policy, together with a lender's instruction letter
to, and written  acceptance  thereof by, the related  title  insurance  company,
pertaining  to the related  Mortgage and used for the purpose of closing),  or a
copy thereof,  together with any endorsements or riders thereto that were issued
with or subsequent to the issuance of such policy;

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<PAGE>

               (vii)  if any related Assignment of Leases, Rents and Profits  is
separate  from the  Mortgage,  (A) the original  recorded  Assignment of Leases,
Rents and Profits, or a copy thereof reflecting  recordation,  or a copy thereof
certified by the related  title  insurance  company,  public  recording  office,
closing  agent or Seller  to be in the form in which  submitted  for  recording,
together with each related original recorded reassignment of such instrument, if
any, which,  together with other such  reassignments,  shows a complete chain of
assignment of such instrument  from the applicable  Originator to the applicable
Seller, or a copy thereof reflecting recordation, or a copy thereof certified by
the related title insurance company,  public recording office,  closing agent or
Seller to be in the form in which  submitted  for  recording and (B) the related
original  reassignment of such instrument  executed by the applicable  Seller in
blank which the Trustee or its designee is  authorized  to complete (and but for
the insertion of the name of the assignee and any related recording  information
which is not yet  available to the  applicable  Seller,  is in suitable form for
recordation  in the  jurisdiction  in which the  related  Mortgaged  Property is
located)  (any of which  reassignments,  however,  may be  included in a related
Assignment of Mortgage and need not be a separate instrument);

               (viii) the original or a copy of each  environmental  warranty or
indemnity agreement and/or environmental  insurance policy, if any, with respect
to such Mortgage Loan;

               (ix) if any related  assignment of contracts is separate from the
Mortgage,  the original  assignment of contracts or a copy  thereof,  and if the
assignment  of  contracts  is not  assigned  under the  Assignments  of Mortgage
described in clause (ii) above, the original  reassignment of such instrument to
the  applicable  Seller or a copy thereof and an original  reassignment  of such
instrument  executed by the applicable  Seller in blank which the Trustee or its
designee is authorized to complete;

               (x)  with respect to the related Reserve  Accounts,  if any,  the
original of any  separate  agreement  with respect  thereto  between the related
Borrower and the  Originator  or a copy  thereof,  and if such  agreement is not
assigned under the Assignments of Mortgage  described in clause (ii) above,  the
original assignment of such agreement to the applicable Seller or a copy thereof
and an original  assignment of such agreement  executed by the applicable Seller
in blank which the Trustee or its designee is authorized to complete;

               (xi) the original of any other written  agreement,  instrument or
document securing such Mortgage Loan, including,  without limitation,  originals
of any guaranties  with respect to such Mortgage Loan or the original  letter of
credit,  if any,  with respect  thereto,  together  with any and all  amendments
thereto,  including,  without limitation, an amendment which entitles the Master
Servicer  to draw upon such  letter of credit on behalf of the  Trustee  for the
benefit of the Certificateholders,  and the original of each instrument or other
item of personal  property  given as security for a Mortgage Loan  possession of
which by a secured  party is necessary to a secured  party's  valid,  perfected,
first  priority  security  interest  therein,  together with all  assignments or
endorsements  thereof  necessary  to entitle  the Master  Servicer  to enforce a
valid,  perfected,  first priority  security  interest  therein on behalf of the
Trustee for the benefit of the Certificateholders;

               (xii)  with respect to the related Reserve Accounts, if any, (A)
the acknowledgement copy of each Form UCC-1 financing statement (file stamped to
show the filing thereof in the applicable  public filing office),  if any, filed
with  respect to the  security  interest of the  applicable  Originator  in such
Reserve Accounts and all funds contained therein, or

                                       52

<PAGE>

a copy thereof in the form  submitted  for filing,  together with a copy of each
Form UCC-2 or UCC-3  assignment  (file stamped to show the filing thereof in the
applicable  public filing office),  if any, filed with respect to such financing
statement, which assignment,  together with all other such assignments,  shows a
complete  chain of assignment of such  financing  statement  from the applicable
Originator to the applicable Seller, or a copy thereof in the form submitted for
filing,  and (B)  each  Form  UCC-2 or UCC-3  assignment  of any such  financing
statement  executed by the  applicable  Seller in blank which the Trustee or its
designee is authorized to complete (and but for the insertion of the name of the
assignee and any related  filing  information  which is not yet available to the
applicable  Seller is in suitable  form for filing in the filing office in which
such  financing  statement  was  filed);  (xiii) the  original or a copy of each
assumption,  consolidation or substitution  agreement,  if any, with evidence of
recording thereon, where appropriate (or a copy thereof certified by the related
title insurance company,  public recording office, closing agent or Seller to be
in the form in which executed or submitted for recording);

               (xiv)  a copy of each ground lease, as amended, if any, of all or
any portion of the related Mortgaged Property;

               (xv)  if any document or instrument described above is signed  by
an  attorney  in fact or  similar  agent on behalf of the  related  Borrower  or
another  party,  the  original  of the  applicable  power of  attorney or a copy
thereof; and

               (xvi)   originals   or   copies   of   any  and  all  amendments,
modifications and supplements to, and waivers related to, any of the foregoing;

provided, however, that if there exists with respect to any Cross-Collateralized
Group only one original of any document described in clauses (i) - (xvi) of this
paragraph   which   pertains   to  all   of   the   Mortgage   Loans   in   such
Cross-Collateralized  Group,  the  inclusion of the original of such document in
the Trustee  Mortgage File for any of such Mortgage Loans and the inclusion of a
copy of such  original  in each of the  Trustee  Mortgage  Files  for the  other
Mortgage Loans in such Cross-Collateralized  Group shall be deemed the inclusion
of such original in the Trustee Mortgage File for each such Mortgage Loan.

     On or promptly  following the Closing Date, the Master  Servicer  shall, at
the expense of the applicable  Seller, to the extent possession thereof has been
delivered to it, complete any Assignment of Mortgage delivered in blank pursuant
to clause (ii)(B) above, any assignment of security agreement delivered in blank
pursuant to clause (iii) above, any Form UCC-2 or UCC-3 assignment  delivered in
blank  pursuant  to clause  (iv)(B)  or  (xii)(B)  above,  any  reassignment  of
Assignment of Leases,  Rents and Profits  delivered in blank  pursuant to clause
(vii)(B) above, any  reassignment of assignment of contracts  delivered in blank
pursuant to clause (ix) above and any assignment of an agreement with respect to
a Reserve Account delivered in blank pursuant to clause (x) above, in each case,
by inserting "[Insert name of Trustee], as trustee for the Certificateholders of
PNC Mortgage Acceptance Corp.,  Commercial Mortgage  Pass-Through  Certificates,
Series 2000-C2" as assignee and shall, at the expense of the applicable  Seller,
to the extent  possession  thereof  has been  delivered  to it,  deliver (1) for
recordation, (a) each Assignment of Mortgage referred to in clause (ii)(B) above
which has not yet been submitted for  recordation  and (b) each  reassignment of
Assignment of Leases, Rents and Profits referred to in clause (vii)(B) above (if
not otherwise included in the related Assignment of Mortgage) which

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<PAGE>

has not yet been submitted for  recordation;  and (2) for filing or recordation,
each Form UCC-2 or UCC-3 financing  statement  assignment  referred to in clause
(iv)(B)  or  (xii)(B)  above  which  has not yet been  submitted  for  filing or
recordation.  On or promptly  following  the Closing  Date (but in no event more
than 60 days after the Closing Date),  the Trustee or Custodian,  as applicable,
shall, to the extent  possession  thereof has been delivered to it, complete the
endorsement of each Note by inserting "[Insert name of Trustee],  as trustee for
the  Certificateholders  of PNC Mortgage  Acceptance Corp.,  Commercial Mortgage
Pass-Through  Certificates,  Series  2000-C2" as endorsee.  The Master  Servicer
shall,  upon  receipt,  promptly  submit (or cause a third party  contractor  to
promptly submit) for recording or filing, as the case may be, in the appropriate
public  recording or filing  office,  each such document  (other than the Notes)
delivered  to the  Master  Servicer  for  such  purpose  at the  expense  of the
applicable  Seller.  In the event that any such document which is required to be
recorded or filed is not delivered by or on behalf of the  applicable  Seller in
proper form for  recording  or filing in the  appropriate  public  recording  or
filing office or is lost or returned  unrecorded or unfiled because of an actual
or purported  defect therein,  the Master Servicer shall use its best efforts to
promptly  prepare (or cause the  applicable  Seller or a  qualified  third party
contractor  to promptly  prepare) a  substitute  document  for  signature by the
Depositor or the applicable  Seller,  as  applicable,  and thereafter the Master
Servicer  (or such  third  party)  shall  cause  each such  document  to be duly
recorded or filed at the expense of the applicable  Seller.  The Master Servicer
shall,  promptly  upon  receipt of the  original of each such  recorded or filed
document,  deliver such original to the Custodian.  Notwithstanding  anything to
the contrary  contained in this Section 2.1, in those instances where the public
recording office retains the original  Assignment of Mortgage or reassignment of
Assignment of Leases, Rents and Profits, if applicable,  after any such document
has been recorded, the obligations hereunder of the Depositor shall be deemed to
have been satisfied upon delivery to the Custodian of a copy of such  Assignment
of Mortgage or reassignment of Assignment of Leases, Rents and Profits certified
by the public  recording  office to be a true and complete  copy of the recorded
original  thereof.  If any Seller  cannot  deliver on the Closing Date either an
original  of any  recorded  document,  or an  acknowledgement  copy of any filed
document,  described in clause (ii)(A),  (iv)A, (vii)(A),  (xii)(A) or (xiii) of
the second paragraph of this Section 2.1 or a copy of any such recorded or filed
document showing that such document has been file stamped or otherwise marked as
having been duly  recorded or filed with the  appropriate  public  recording  or
filing office,  in any case by reason of the fact that the original  document or
acknowledgement  copy has not been  returned  by the  appropriate  recording  or
filing office, such Seller shall (to the extent that such Seller is so obligated
under the terms of the applicable  Mortgage Loan Purchase  Agreement) notify the
Depositor,  the Trustee,  the  Custodian,  the Special  Servicer,  the Operating
Adviser  and the  Master  Servicer  in  writing  of such fact and  deliver  such
document to the  Custodian  (with a copy to the Master  Servicer)  promptly upon
such Seller's receipt thereof. If a pro forma or specimen title insurance policy
or a marked-up  commitment for lender's title insurance policy,  together with a
lender's  instruction letter to, and written acceptance there of by, the related
title  insurance  company,  pertaining to the related  Mortgage and used for the
purpose of closing,  has been  delivered to the Custodian in lieu of an original
title  insurance  policy as provided in clause (vi) of the second  paragraph  of
this Section 2.1, the applicable Seller shall (to the extent that such Seller is
so obligated under the terms of the applicable Mortgage Loan Purchase Agreement)
deliver to the Custodian (with a copy to the Master Servicer) the original title
insurance  policy,  together with any  endorsements  or riders  thereto that are
issued with or  subsequent  to the issuance of such policy,  promptly  upon such
Seller's receipt thereof.

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<PAGE>

     All  original  documents  relating  to the  Mortgage  Loans  to the  extent
delivered to the Master Servicer by the applicable Seller or the Depositor which
are not delivered to the Trustee or Custodian on its behalf shall be held by the
Master Servicer in trust,  upon the conditions herein set forth, for the benefit
of the  Certificateholders.  In the event that any such  original  document or a
copy thereof is required pursuant to the terms of this Section to be a part of a
Trustee  Mortgage  File,  such  document  shall  be  delivered  promptly  to the
Custodian.

          Section 2.2.   Acceptance by the Custodian and the Trustee.

     By its  execution  and  delivery  of this  Agreement,  subject to the other
provisions of this Section 2.2, the Trustee acknowledges the assignment to it of
the Mortgage  Loans in good faith without  notice of adverse claims and declares
that it, either directly or through the Custodian, on its behalf, holds and will
hold such  documents  and all others  delivered to it  constituting  the Trustee
Mortgage File (to the extent the  documents  constituting  the Trustee  Mortgage
File are  actually  delivered  to it or the  Custodian)  for any  Mortgage  Loan
assigned to the  Trustee  hereunder  in trust,  upon the  conditions  herein set
forth,  for the use and benefit of all  present  and future  Certificateholders.
Subject to Section 3.21,  the Trustee or the Custodian  shall hold any letter of
credit  included in the Mortgage  Files in a custodial  capacity  only and shall
have no obligation to maintain,  extend the term of, enforce or otherwise pursue
any rights  under such letter of credit.  Upon  execution  and  delivery of this
Agreement, the Trustee or the Custodian shall examine the Trustee Mortgage Files
in the  possession of either of them,  and shall deliver to the  Depositor,  the
Master Servicer,  the Special Servicer,  the Operating  Adviser,  the applicable
Seller and the Placement  Agents a  certification  in the form of Exhibit B-2 to
the  effect  that:  (A) all  documents  pursuant  to  clause  (i) of the  second
paragraph of Section 2.1 are in the  possession of one of them for each Mortgage
Loan listed on the Mortgage Loan Schedule, (B) such documents have been reviewed
by it and  have  not  been  materially  mutilated,  damaged,  defaced,  torn  or
otherwise  physically  altered,  and such documents relate to such Mortgage Loan
(including whether the original principal balance for each Note conforms to that
listed on the Mortgage Loan  Schedule for the related  Mortgage  Loan),  and (C)
each Note has been endorsed as provided in clause (i) of the second paragraph of
Section 2.1, which certification shall be subject to any exceptions noted on any
exception  report prepared by the Trustee or the Custodian,  as applicable,  and
included with such certification. The Trustee or the Custodian shall review each
Trustee Mortgage File within 60 days after the later of (a) the Trustee's or the
Custodian's  receipt of such Trustee Mortgage File or (b) execution and delivery
of this Agreement,  to ascertain that all documents  referred to in clauses (i),
(ii),  (iv), (vi) and (vii),  and, to the extent such items are delivered to the
Trustee or the Custodian, clauses (viii), (xi) and (xiv) of the second paragraph
of Section 2.1 above to be included in a Trustee  Mortgage File  (including such
documents as are to be recorded or filed in a public  recording or filing office
as provided  in the third  paragraph  of Section 2.1 above) have been  received,
have been  executed,  have been  endorsed or  assigned  to the extent  required,
appear on their face to be what they  purport to be,  purport to be  recorded or
filed (as  applicable) and have not been torn,  mutilated or otherwise  defaced,
and that such documents  relate to the Mortgage Loans identified in the Mortgage
Loan  Schedule.  In so doing,  the  Trustee  and the  Custodian  may rely on the
purported  due  execution  and  genuineness  of  any  such  document  and on the
purported  genuineness of any signature  thereon.  If, at the conclusion of such
review, any document or documents constituting a part of a Trustee Mortgage File
have not been  executed or received,  have not been  endorsed or assigned to the
extent required, have not been recorded or filed (if applicable),  are unrelated
to the Mortgage Loans identified in the Mortgage Loan Schedule,  appear on their
face not to be

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<PAGE>

what they purport to be or have been torn,  mutilated or otherwise defaced,  the
Trustee or the Custodian, as applicable, shall promptly so notify the Depositor,
the Operating  Adviser,  the Placement Agents and the applicable  Seller (with a
copy to the Master  Servicer  and the Special  Servicer)  by providing a written
report, substantially in the form of Exhibit B-3 attached hereto, setting forth,
for each  affected  Mortgage  Loan,  in  sufficient  detail,  the  nature of the
defective or missing document.  If any exceptions are noted on such report or if
the filing or recording has not been completed,  every 90 days thereafter  until
the earliest of (i) the date on which such  exceptions  are  eliminated and such
recording and filing has been completed, (ii) the date on which all the affected
Mortgage Loans are removed from the Trust and (iii) the second  anniversary date
of the Start-up Day, the Trustee or the Custodian, as applicable,  shall provide
an updated  written  report,  substantially  in the form of Exhibit B-3 attached
hereto, to the Depositor,  the Operating  Adviser,  the Placement Agents and the
applicable Seller (with a copy to the Master Servicer and the Special Servicer);
provided,  however, that after the second anniversary of the Start-up Day any of
such Persons (or any  Certificateholder)  may request an updated report. Neither
the Trustee nor the Custodian shall be responsible for any loss, cost, damage or
expense to the Trust Fund  resulting  from any failure to receive  any  document
constituting  a  portion  of a  Trustee  Mortgage  File  noted on such a report.
Neither the Master  Servicer nor the Special  Servicer shall be responsible  for
any loss,  cost,  damage or expense to the Trust Fund resulting from any failure
to receive  any  document  constituting  a portion of a Trustee  Mortgage  File,
subject to their respective obligations under Section 2.3(e) below.

     In reviewing any Trustee Mortgage File pursuant to the preceding  paragraph
or Section 2.1, the Trustee and the  Custodian  will have no  responsibility  to
determine whether any document or opinion is legal, valid,  effective,  genuine,
binding or enforceable or sufficient or appropriate for the intended  purpose or
that they are other than what they purport to be on their face, whether the text
of any  assignment or endorsement  is in proper or recordable  form (except,  if
applicable,  to  determine  whether  the Trustee is the  assignee or  endorsee),
whether any document has been recorded in accordance  with the  requirements  of
any applicable  jurisdiction,  whether a blanket  assignment is permitted in any
applicable  jurisdiction,  or  whether  any Person  executing  any  document  or
rendering any opinion is authorized to do so or whether any signature thereon is
genuine.

     The  Trustee  shall hold that  portion of the Trust Fund  delivered  to the
Trustee consisting of "instruments" (as such term is defined in Section 9-105 of
the Uniform  Commercial  Code as in effect in  Illinois  on the date  hereof) in
Illinois and,  except (i) as set forth in Section 3.11,  (ii) for the purpose of
performing  its  obligations  pursuant  to Section  2.1,  or (iii) as  otherwise
specifically provided in this Agreement,  shall not remove such instruments from
Illinois unless it receives an Opinion of Counsel (obtained and delivered at the
expense of the Person  requesting the removal of such instruments from Illinois)
that in the event the  transfer of the  Mortgage  Loans to the Trustee is deemed
not to be a sale, after such removal,  the Trustee will possess a first priority
perfected security interest in such instruments.

          Section 2.3.   Seller's Repurchase  of  Mortgage  Loans  for  Document
Defaults and Breaches of Representations and Warranties.

          (a)  Upon discovery  by  the  Depositor,  the  Custodian,  the  Master
Servicer,  the Special Servicer or the Trustee of a breach of any representation
or warranty of Midland under the Midland Mortgage Loan Purchase Agreement or the
Midland Owner Trust Certificate

                                       56

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Purchase Agreement,  MSDWMC under the MSDWMC Mortgage Loan Purchase Agreement or
CIBC  under the CIBC  Mortgage  Loan  Purchase  Agreement  with  respect  to any
Mortgage  Loan or that any  document  required  to be  included  in the  Trustee
Mortgage  File with respect to a Mortgage  Loan is missing,  does not conform to
the  requirements  of the second  paragraph of Section 2.1, or appears not to be
what it purports to be or has been torn,  mutilated or otherwise defaced, and if
such breach or defect materially and adversely affects the value of the Mortgage
Loan or the  interests  of the  Trustee or the  Certificateholders,  such Person
shall  give  prompt  notice  thereof to the  applicable  Seller,  the  Operating
Adviser, the Master Servicer,  the Special Servicer,  the Trustee, the Placement
Agents and the Rating Agencies, and such Seller shall (to the extent such Seller
is so  obligated  under  the  terms of the  applicable  Mortgage  Loan  Purchase
Agreement)  either (i) cure such breach or defect,  (ii)  substitute a Qualified
Substitute  Mortgage Loan for such Mortgage Loan and deposit a cash amount equal
to the applicable  Substitution  Shortfall  Amount into the Collection  Account,
subject to the terms of the applicable Mortgage Loan Purchase Agreement and this
Agreement,  or (iii)  repurchase such Mortgage Loan at the Repurchase  Price, in
any event, within 90 days (or, if such breach or defect would cause the Mortgage
Loan to be other than a Qualified Mortgage, 60 days) after the discovery of such
breach  or defect  (or after  notice  thereof  is  received  by the  Seller,  if
permitted by the terms of the applicable Mortgage Loan Purchase  Agreement),  as
the same may be extended,  all pursuant to and as more particularly described in
the  applicable  Mortgage Loan Purchase  Agreement;  provided,  that none of the
Depositor,  the Custodian,  the Master  Servicer,  the Special  Servicer and the
Trustee has an  obligation  to conduct any  investigation  with  respect to such
matters  (except,  in the case of the  Trustee  Mortgage  Files,  to the  extent
provided  in  Sections  2.1 and 2.2).  Each  Mortgage  Loan  Purchase  Agreement
provides  that the absence of certain  Mortgage  Loan  Documents  from a Trustee
Mortgage File as described  therein is  conclusively  presumed to materially and
adversely affect the interests of the Trustee and the  Certificateholders in the
related  Mortgage  Loan.  If a Seller  is  unable  to cure a breach  of any such
representation  or warranty or document  defect and is,  therefore,  required to
either   repurchase  the  affected  Mortgage  Loan  or  substitute  a  Qualified
Substitute  Mortgage Loan or Loans for such Mortgage Loan under the terms of the
applicable  Mortgage  Loan  Purchase  Agreement,  and  such  Mortgage  Loan is a
Cross-Collateralized  Loan,  then for purposes of this Section 2.3,  such Seller
shall repurchase,  or substitute a Qualified  Substitute  Mortgage Loan or Loans
for, all of the Cross-Collateralized  Loans in the related  Cross-Collateralized
Group to the extent required to do so under the terms of the applicable Mortgage
Loan  Purchase  Agreement.

          (b)  Upon receipt by the Master Servicer from the applicable Seller of
the Repurchase Price for a repurchased  Mortgage Loan, the Master Servicer shall
deposit such amount in the  Collection  Account,  and the  Trustee,  pursuant to
Section  3.11,  shall,  upon  receipt of a  certificate  of a Servicing  Officer
certifying as to the receipt by the Master Servicer of the Repurchase  Price and
the deposit of the Repurchase Price into the Collection Account pursuant to this
Section 2.3(b):  (i) notify each Rating Agency and the Operating Adviser of such
repurchase,  (ii) release or cause to be released to the  applicable  Seller the
related Mortgage File (provided that each of the Custodian,  the Master Servicer
and the Special  Servicer shall be responsible for releasing any portion of such
Mortgage  File in its  possession)  and (iii) at the  expense of the  applicable
Seller, execute and deliver such instruments of transfer or assignment,  in each
case without recourse,  representation  or warranty,  as shall be provided to it
and as shall  be  necessary  to vest in the  applicable  Seller  the  legal  and
beneficial  ownership of any Mortgage Loan  released  pursuant  hereto,  and the
Trustee, the Custodian,  the Special Servicer and the Master Servicer shall have
no further  responsibility  with  regard to such  Mortgage  File or the  related
Mortgage Loan.

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<PAGE>

          (c)  In connection  with any  substitution  by a Seller of one or more
Qualified  Substitute  Mortgage  Loans for one or more  Deleted  Mortgage  Loans
pursuant  to  Section  2.3(a)(ii),   the  Master  Servicer  will  determine  the
applicable  Substitution  Shortfall Amount.  Upon receipt by the Master Servicer
from the applicable Seller of the Mortgage File(s) (including a Trustee Mortgage
File  or  Files  which  comply  with  Section  2.1)  for the  related  Qualified
Substitute  Mortgage Loan(s) and an amount equal to the applicable  Substitution
Shortfall  Amount,  the Master  Servicer  shall  deliver such  Trustee  Mortgage
File(s) to the Custodian and deposit such amount in the Collection Account,  and
the Trustee, pursuant to Section 3.11, shall, upon receipt of a certificate of a
Servicing  Officer  certifying as to the receipt of the applicable  Substitution
Shortfall Amount, the delivery of such Trustee Mortgage File(s) to the Custodian
and the deposit of the Substitution Shortfall Amount into the Collection Account
pursuant to this Section 2.3(c): (i) notify each Rating Agency and the Operating
Adviser  of such  substitution,  (ii)  release  or cause to be  released  to the
applicable   Seller  the  Mortgage  File(s)  of  the  Deleted  Mortgage  Loan(s)
(provided,  that each of the  Custodian,  the Master  Servicer  and the  Special
Servicer shall be responsible for releasing any portion of such Mortgage File(s)
in its  possession) and (iii) at the expense of the applicable  Seller,  execute
and deliver such  instruments  of transfer or  assignment,  in each case without
recourse, representation or warranty, as shall be provided to it and as shall be
necessary to vest in the applicable Seller the legal and beneficial ownership of
each Deleted  Mortgage  Loan  released  pursuant  hereto,  and the Trustee,  the
Custodian,  the Special  Servicer and the Master  Servicer shall have no further
responsibility  with regard to such  Deleted  Mortgage  Loan(s) or the  Mortgage
File(s) related thereto. No substitution may be made in any calendar month after
the  Determination  Date for such month.  Monthly  Payments  due with respect to
Qualified Substitute Mortgage Loans after the related date of substitution shall
be part of the Trust  Fund.  Monthly  Payments  due with  respect  to  Qualified
Substitute  Mortgage Loans on or prior to the related date of substitution shall
not be part of the Trust Fund and will be remitted by the Master Servicer to the
applicable Seller promptly following receipt.

          (d)  In  the  event  that  the  applicable  Seller  incurs any expense
in connection with curing a breach of a representation  or warranty  pursuant to
Section 2.3(a) which also constitutes a default under the related Mortgage Loan,
the applicable  Seller shall have a right,  and the  applicable  Seller shall be
subrogated  to the rights of the  Trustee,  as successor  to the  mortgagee,  to
recover  the  amount  of such  expenses  from the  related  Borrower;  provided,
however,  that the  Seller's  rights  pursuant to this  Section  2.3(d) shall be
junior,  subject  and  subordinate  to the  rights of the Trust  Fund to recover
amounts  owed by the related  Borrower  under the terms of such  Mortgage  Loan,
including,  without  limitation,  the rights to recover  unreimbursed  Advances,
accrued  and unpaid  interest  on  Advances  at the  Advance  Rate and unpaid or
unreimbursed  expenses of the Trust Fund  allocable to such Mortgage  Loan.  The
Master Servicer or Special Servicer, as applicable, shall use reasonable efforts
in  recovering,  or assisting the  applicable  Seller in  recovering,  from such
Borrower the amount of any such expenses.

          (e)  The Master Servicer or the Special Servicer, as applicable, shall
use its best efforts,  consistent  with the Servicing  Standard,  to enforce the
obligations  of each Seller to cure,  substitute  for or repurchase any Mortgage
Loan which is  discovered  to be a  "Defective  Mortgage  Loan" (as such term is
defined in the applicable  Mortgage Loan Purchase  Agreement) under the terms of
the applicable Mortgage Loan Purchase Agreement and to otherwise  administer the
applicable  Mortgage Loan Purchase  Agreement in accordance  with its respective
terms.

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<PAGE>

          Section 2.4.   Representations and Warranties of the Depositor.

          (a)  The Depositor hereby represents and warrants as of the Closing
Date that:

               (i)  The  Depositor  is  a  corporation  duly  organized  validly
existing and in good standing under the laws of the State of Missouri;

               (ii)  The Depositor has taken all necessary action  to  authorize
the  execution,  delivery and  performance  of this Agreement by it, and has the
power and authority to execute,  deliver and perform this  Agreement and all the
transactions  contemplated hereby,  including, but not limited to, the power and
authority  to sell,  assign and  transfer  its right,  title and interest in the
Mortgage Loans in accordance with this Agreement;

               (iii)  This Agreement  has  been  duly  and  validly  authorized,
executed and  delivered  by the  Depositor  and assuming the due  authorization,
execution  and  delivery  of this  Agreement  by each other party  hereto,  this
Agreement and all of the  obligations of the Depositor  hereunder are the legal,
valid and binding  obligations of the Depositor,  enforceable in accordance with
the  terms of this  Agreement,  except as such  enforcement  may be  limited  by
bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or
other laws relating to or affecting  creditors' rights generally,  or by general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law);

               (iv)  The execution  and  delivery  of  this  Agreement  and  the
performance of its obligations hereunder by the Depositor will not conflict with
any  provision  of its  articles  of  incorporation  or  bylaws,  or any  law or
regulation  to which the  Depositor is subject,  or conflict  with,  result in a
breach of or constitute a default under (or an event which, with notice or lapse
of time or both, would constitute a default under) any of the terms,  conditions
or  provisions  of any agreement or instrument to which the Depositor is a party
or by which it is bound, or any state or federal statute, or any order or decree
applicable to the Depositor, or result in the creation or imposition of any lien
on any of the Depositor's  assets or property which,  with respect to any of the
above events, would materially and adversely affect the ability of the Depositor
to carry out its  obligations  under this  Agreement.  The  Depositor  is not in
default in any  material  respect  with  respect to any  agreement  to which the
Depositor is a party.

               (v)   No   consent,  approval,  authorization  or  order  of,  or
registration  or filing with, or notice to any court or  governmental  agency or
body is required for the  execution,  delivery and  performance by the Depositor
of, or compliance by the Depositor with,  this  Agreement,  except (A) for those
consents,  approvals,  authorizations,  orders,  registrations  or filings  that
previously  have been  obtained,  (B) such as may be required under the blue sky
laws of any  jurisdiction  in  connection  with  the  purchase  and  sale of the
Certificates by the Placement Agents, and (C) any recordation of the assignments
of Mortgage Loan Documents to the Trustee  pursuant to Article II, which has not
yet been completed;

               (vi) The articles of incorporation of the Depositor provides that
the Depositor is permitted to engage in only the following activities:

                    (A)  To acquire, own, hold, sell, transfer, assign,  pledge,
finance,  refinance  and  otherwise  deal with (i) loans secured by (x) first or
second mortgages,  deeds of trust or similar liens on multi-family  residential,
commercial or mixed commercial and multi-family residential properties,  and (y)
related assets, and (ii) any participation interest in, security

                                       59

<PAGE>

(in  bond or  pass-through  form) or  funding  agreement  based  on,  backed  or
collateralized  by, directly or indirectly,  any of the foregoing (the loans and
related  assets  described  in clause  (A)(i) and the  participation  interests,
securities and funding  agreements  described in clause  (A)(ii),  collectively,
"Mortgage Loan Assets");

                    (B)  To establish  and fund one or more trusts (the  "Series
Trusts")  and to  authorize  such Series  Trusts to engage in one or more of the
activities   described  in  immediately   preceding  clause  (A)  and  to  issue
certificates  (the  "Securities") in one or more classes pursuant to pooling and
servicing agreements with each class having the characteristics specified in the
related pooling and servicing agreement, representing ownership interests in the
Mortgage Loan Assets;

                    (C) To acquire, own, hold, invest in, offer, sell, transfer,
assign,  pledge,  finance and deal in and with any Securities issued by a Series
Trust established by the Depositor pursuant to immediately preceding clause (B);
and

                    (D)  To engage in any  other  acts  and  activities  and  to
exercise  any powers  permitted to  corporations  under the laws of the State of
Missouri  which  are  incidental  to,  or  connected  with  the  foregoing,  and
necessary, suitable or convenient to accomplish any of the foregoing; and

               (vii)  There is no action, suit or proceeding pending or, to  the
best knowledge of the Depositor,  threatened  against the Depositor in any court
or by or before any other  governmental  agency or  instrumentality  which would
materially  and  adversely  affect the ability of the Depositor to carry out its
obligations under this Agreement.

          (b)  The Depositor hereby represents and warrants with respect to each
Mortgage Loan as of the Closing Date that:

               (i)  Immediately  prior to the transfer  and  assignment  to  the
Trustee,  the  related  Note and the  related  Mortgage  were not  subject to an
assignment or pledge created by it or  attributable  to its  ownership;  and the
Depositor  had full right to transfer and sell its right,  title and interest in
such  Mortgage  Loan to the  Trustee  free and clear of any  encumbrance,  lien,
pledge,  charge,  claim or security  interest  encumbering  such  Mortgage  Loan
created by it or attributable to its ownership;

               (ii)  Each related Assignment of Mortgage  constitutes the legal,
valid and binding  assignment of the related Mortgage from the related Seller to
the Trustee,  and each related  reassignment of Assignment of Leases,  Rents and
Profits  in favor of the  Trustee  constitutes  the  legal,  valid  and  binding
assignment  of the related  Assignment  of Leases,  Rents and  Profits  from the
related Seller to the Trustee; and

               (iii) No claims have been made by the Depositor under the related
lender's  title  insurance  policy,  and the  Depositor  has not done, by act or
omission,  anything  which  would  impair the  coverage of such  lender's  title
insurance policy.

          (c)   It  is  understood  and  agreed  that  the  representations  and
warranties  set  forth  in  this  Section  2.4  shall  survive  delivery  of the
respective  Trustee  Mortgage Files to the Trustee until the termination of this
Agreement,  and  shall  inure  to the  benefit  of the  Certificateholders,  the
Trustee, the Master Servicer and the Special Servicer.

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<PAGE>

          (d)  In the event that any litigation is commenced which alleges facts
which, in the judgment of the Depositor, could constitute a breach of any of the
Depositor's  representations  and warranties relating to the Mortgage Loans, the
Depositor hereby reserves the right to conduct the defense of such litigation at
its expense,  except to the extent such action would  materially  and  adversely
affect the interests of the Certificateholders.

          Section 2.5.   Representations, Warranties and Covenants of the Master
Servicer and the Special Servicer.

          (a) The Master Servicer hereby represents, warrants and covenants that
as of the Closing Date:

               (i) The Master Servicer is a corporation, duly organized, validly
existing  and in good  standing  under the laws of the State of Delaware and has
all licenses  necessary to carry on its business as now being conducted,  and is
in  compliance  with the laws of each state in which any  Mortgaged  Property is
located,  to the extent necessary to ensure the  enforceability of each Mortgage
Loan in accordance with the terms of this Agreement;

               (ii)  The Master Servicer has the full corporate power, authority
and legal  right to  execute  and  deliver  this  Agreement  and to  perform  in
accordance herewith;  the execution and delivery of this Agreement by the Master
Servicer and its  performance and compliance with the terms of this Agreement do
not violate the Master  Servicer's  certificate of  incorporation  or by-laws or
constitute a default (or an event which,  with notice or lapse of time, or both,
would  constitute a default)  under,  or result in the breach of, any  contract,
agreement or other  instrument to which the Master  Servicer is a party or which
may be applicable to the Master Servicer or any of its assets,  which default or
breach would have  consequences  that would  materially and adversely affect the
financial condition or operations of the Master Servicer or its properties taken
as a whole or impair the  ability  of the Trust Fund to realize on the  Mortgage
Loans;

               (iii)  This Agreement  has  been  duly  and  validly  authorized,
executed and delivered by the Master Servicer and,  assuming due  authorization,
execution and delivery by the other parties hereto,  constitutes a legal,  valid
and  binding  obligation  of the  Master  Servicer,  enforceable  against  it in
accordance with the terms of this Agreement,  except as such  enforcement may be
limited by bankruptcy, insolvency,  reorganization,  liquidation,  receivership,
moratorium or other laws relating to or affecting  creditors'  rights generally,
or by general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law);

               (iv)  The Master  Servicer  is  not  in  violation  of,  and  the
execution  and  delivery  of  this  Agreement  by the  Master  Servicer  and its
performance  and compliance with the terms of this Agreement will not constitute
a violation with respect to, any state or federal  statute,  any order or decree
of any court or any order or  regulation  of any  federal,  state,  municipal or
governmental agency having jurisdiction, or result in the creation or imposition
of any  lien,  charge  or  encumbrance  which,  in any such  event,  would  have
consequences that would materially and adversely affect the financial  condition
or  operations  of the Master  Servicer  or its  properties  taken as a whole or
impair the ability of the Trust Fund to realize on the Mortgage Loans;

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<PAGE>

               (v) There are no actions, suits or proceedings pending or, to the
knowledge of the Master Servicer, threatened, against the Master Servicer which,
either in any one  instance or in the  aggregate,  would  result in any material
adverse change in the business,  operations or financial condition of the Master
Servicer  or would  materially  impair the  ability of the  Master  Servicer  to
perform under the terms of this  Agreement or draw into question the validity of
this  Agreement or the  Mortgage  Loans or of any action taken or to be taken in
connection with the obligations of the Master Servicer contemplated herein;

               (vi)   No  consent,  approval,  authorization  or  order  of,  or
registration  or filing with, or notice to any court or  governmental  agency or
body is required  for the  execution,  delivery  and  performance  by the Master
Servicer of, or compliance by the Master  Servicer  with,  this Agreement or, if
required,  such approval has been obtained prior to the Closing Date,  except to
the extent that the failure of the Master  Servicer to be qualified as a foreign
corporation  or  licensed  in one  or  more  states  is not  necessary  for  the
enforcement of the Mortgage Loans;

               (vii)   The  Master  Servicer  has  examined  each  Sub-Servicing
Agreement, will examine each future Sub-Servicing Agreement and will be familiar
with the terms  thereof.  Any  Sub-Servicing  Agreements  will  comply  with the
provisions of Section 3.2; and

               (viii)  Each officer or employee of the Master Servicer that  has
responsibilities  concerning the servicing and  administration of Mortgage Loans
is  covered  by errors  and  omissions  insurance  in the  amounts  and with the
coverage  required  by Section  3.8.  The Master  Servicer  has a fidelity  bond
meeting the requirements of Section 3.8.

          (b)  The Special Servicer hereby represents,  warrants  and  covenants
that as of the Closing Date:

               (i)  The Special Servicer is duly organized, validly existing and
in good standing as a corporation  under the laws of the State of Delaware,  and
the Special  Servicer is in compliance  with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations
under this Agreement;

               (ii)  The execution and delivery of this Agreement by the Special
Servicer, and the performance and compliance with the terms of this Agreement by
the Special  Servicer,  will not violate the Special  Servicer's  organizational
documents or  constitute  a default (or an event which,  with notice or lapse of
time, or both,  would  constitute a default)  under, or result in the breach of,
any material  agreement or other  instrument  to which it is a party or which is
applicable to it or any of its assets,  which default, in the Special Servicer's
good faith and reasonable judgment, is likely to materially and adversely affect
either the ability of the Special Servicer to perform its obligations under this
Agreement or the financial condition of the Special Servicer;

               (iii)  The Special  Servicer has the full power and  authority to
enter into and consummate all transactions  contemplated by this Agreement,  has
duly authorized the execution,  delivery and performance of this Agreement,  and
has duly executed and delivered this Agreement;

               (iv)  This Agreement, assuming due authorization,  execution  and
delivery by each of the other parties  hereto,  constitutes  a valid,  legal and
binding  obligation  of the Special  Servicer,  enforceable  against the Special
Servicer in accordance with the terms

                                       62

<PAGE>

hereof,  subject  to  (A)  applicable  bankruptcy,  insolvency,  reorganization,
moratorium  and other  laws  affecting  the  enforcement  of  creditors'  rights
generally,  and (B) general  principles  of equity,  regardless  of whether such
enforcement  is  considered in a proceeding in equity or at law;

               (v)  The Special  Servicer  is  not  in  violation  of,  and  its
execution and delivery of this Agreement and its performance and compliance with
the terms of this  Agreement  will not  constitute a violation  of, any law, any
order or decree of any court or arbiter,  or any order,  regulation or demand of
any  federal,  state  or  local  governmental  or  regulatory  authority,  which
violation,  in the Special  Servicer's good faith and reasonable  judgement,  is
likely to affect  materially  and  adversely  either the  ability of the Special
Servicer  to perform  its  obligations  under this  Agreement  or the  financial
condition of the Special Servicer;

               (vi)  No litigation  is pending or, to the best  of  the  Special
Servicer's  knowledge,  threatened  against the Special  Servicer the outcome of
which,  in the Special  Servicer's  good faith and  reasonable  judgment,  could
reasonably be expected to prohibit the Special  Servicer from entering into this
Agreement or materially and adversely affect the ability of the Special Servicer
to perform its obligations under this Agreement.

               (vii)   No consent,  approval,  authorization  or  order  of,  or
registration  or filing with, or notice to any court or  governmental  agency or
body is required  for the  execution,  delivery and  performance  by the Special
Servicer of, or compliance by the Special  Servicer with,  this Agreement or, if
required,  such approval has been obtained prior to the Closing Date,  except to
the extent that the failure of the Special Servicer to be qualified as a foreign
corporation  or  licensed  in one  or  more  states  is not  necessary  for  the
enforcement of the Specially Serviced Mortgage Loans; and

               (viii)  Each officer or employee of the Special Servicer that has
or will have  responsibilities  concerning the servicing and  administration  of
Mortgage  Loans is covered by errors and omissions  insurance in the amounts and
with the coverage  required by Section 3.8. The Special  Servicer has a fidelity
bond meeting the requirements of Section 3.8.

          (c)   It  is  understood  and  agreed  that  the  representations  and
warranties  set forth in this  Section  shall  survive  delivery  of the Trustee
Mortgage  Files to the Trustee or the  Custodian on behalf of the Trustee  until
the  termination  of this  Agreement,  and  shall  inure to the  benefit  of the
Certificateholders,  the  Trustee  and  the  Depositor.  Upon  discovery  by the
Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of
the Trustee (or upon written  notice  thereof from any  Certificateholder)  of a
breach of any of the  representations  and  warranties set forth in this Section
which materially and adversely affects the interests of the  Certificateholders,
the Master Servicer,  the Special Servicer or the Trustee, the party discovering
such breach shall give prompt  written notice to the other parties hereto and to
the Rating Agencies.

          Section 2.6.   Execution and Delivery of Certificates; Issuance of
REMIC I Regular Interests and REMIC II Regular Interests.

     The Trustee acknowledges the assignment to it of the Mortgage Loans and the
delivery to it, or a Custodian  appointed by it, of the Trustee  Mortgage Files,
subject to the provisions of Section 2.1 and Section 2.2 and,  concurrently with
such  delivery,  (i)  acknowledges  the issuance of and hereby  declares that it
holds the REMIC I Regular Interests on behalf of REMIC II and

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the Holders of the Class R-II  Certificates;  (ii)  acknowledges the issuance of
and hereby  declares  that it holds the REMIC II Regular  Interests on behalf of
REMIC III and the  Holders of the REMIC III Regular  Certificates  and the Class
R-III Certificates;  (iii) acknowledges the issuance of the Class V Certificates
and hereby  declares  that it holds the  Grantor  Trust  Assets on behalf of the
holders  of the Class V  Certificates;  and (iv) has caused to be  executed  and
caused to be authenticated  and delivered to or upon the order of the Depositor,
or as directed by the terms of this  Agreement,  Class A-1,  Class A-2, Class X,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M,  Class N,  Class O,  Class V, Class R-I,  Class R-II and Class
R-III Certificates in authorized  denominations,  in each case registered in the
names  set  forth  in such  order of the  Depositor  or as so  directed  in this
Agreement and duly authenticated by the Authenticating Agent, which Certificates
(described in the preceding clause (iv)) evidence  ownership of the entire Trust
Fund  and the  Depositor  acknowledges  receipt  of the  Certificates  from  the
Trustee.

          Section 2.7.   Documents Not Delivered to Custodian.

     All original documents relating to the Mortgage Loans which are part of the
Master Servicer  Mortgage File are and shall be held by the Master Servicer,  in
trust for the  benefit of the Trustee on behalf of the  Certificateholders.  The
legal  ownership of all records and documents with respect to each Mortgage Loan
prepared  by or which  come into the  possession  of the Master  Servicer  shall
immediately   vest  in  the   Trustee,   in  trust  for  the   benefit   of  the
Certificateholders.

                                  ARTICLE III.
                                  ------------

                          ADMINISTRATION AND SERVICING
                             OF THE MORTGAGE LOANS

          Section 3.1.   Master Servicer to  Act  as  Master  Servicer;  Special
Servicer to Act as Special Servicer; Administration of the Mortgage Loans.

          (a)  The  Master  Servicer  and  the  Special  Servicer,  each  as  an
independent contractor,  shall service and administer the Mortgage Loans (or, in
the case of the Special Servicer,  the Specially Serviced Mortgage Loans and the
REO Mortgage Loans) on behalf of the Trust Fund solely in the best interests of,
and for the  benefit  of,  all of the  Certificateholders  and the  Trustee  (as
trustee for the Certificateholders) (as determined by the Master Servicer or the
Special  Servicer,  as the  case  may  be,  in its  good  faith  and  reasonable
judgement) in accordance  with  applicable  law, the terms of this Agreement and
the terms of the respective Mortgage Loans. In furtherance of, and to the extent
consistent  with,  the  foregoing,  and except to the extent that this Agreement
provides for a contrary  specific course of action,  each of the Master Servicer
and the Special  Servicer shall service and administer each Mortgage Loan (x) in
the same manner in which, and with the same care, skill,  prudence and diligence
with  which,  it  services  and  administers  similar  mortgage  loans for other
third-party  portfolios,   giving  due  consideration  to  customary  and  usual
standards  of  practice  of  prudent  institutional   commercial  mortgage  loan
servicers used with respect to loans comparable to the Mortgage Loans, or (y) in
the same manner in which, and with the same care, skill,  prudence and diligence
with which,  it services and administers  similar  mortgage loans which it owns,
whichever  standard  of care is  higher,  and  taking  into  account  its  other
obligations hereunder, but without regard to:

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               (i)  any other relationship  that  the  Master  Servicer  or  the
Special  Servicer  or their  affiliates,  as the case may be,  may have with the
related Borrower;

               (ii)  the ownership of any Certificate by the Master Servicer  or
the Special Servicer, as the case may be, or any Affiliate thereof;

               (iii)  the Master Servicer's, the Trustee's or the Fiscal Agent's
obligation to make P&I Advances or the Master  Servicer's,  the Trustee's or the
Fiscal Agent's  obligation to make Servicing Advances (or the Special Servicer's
obligation  to make  Emergency  Advances) or to incur  servicing  expenses  with
respect to such Mortgage Loan;

               (iv)  the Master Servicer's or the  Special  Servicer's  right to
receive  compensation  for  its  services  hereunder  or  with  respect  to  any
particular transaction;

               (v)  the ownership or servicing or  management  for others by the
Master Servicer, the Special Servicer or any Sub-Servicer, of any other mortgage
loans or property; or

               (vi)  the obligation, if any, of the Master Servicer, the Special
Servicer,  any Sub-Servicer or any Affiliate of the Master Servicer, the Special
Servicer  or any  Sub-Servicer  to  repurchase  or replace a Mortgage  Loan as a
Seller if required by a Mortgage Loan Purchase Agreement.

     To the extent  consistent  with the  foregoing  and  subject to any express
limitations  set forth in this  Agreement,  the Master  Servicer and the Special
Servicer shall use reasonable efforts to seek to maximize the timely recovery of
principal  and interest on a net present  value basis on the  Mortgage  Loans or
Specially  Serviced Mortgage Loans, as applicable,  and in the best interests of
the Trust and the  Certificateholders  (as a collective whole), as determined by
the  Master  Servicer  or the  Special  Servicer,  as the  case  may be,  in its
reasonable judgment,  provided,  however, that nothing herein contained shall be
construed  as an express  or implied  guarantee  by the Master  Servicer  or the
Special Servicer of the collectability of the Mortgage Loans.

     The  standards  set forth  above with  respect to the conduct of the Master
Servicer  and the  Special  Servicer  in the  performance  of  their  respective
obligations  under  this  Agreement  is  herein  referred  to as the  "Servicing
Standard."

     The Master Servicer's or the Special  Servicer's  liability for actions and
omissions in its capacity as Master  Servicer or Special  Servicer,  as the case
may be, hereunder is limited as provided herein (including,  without limitation,
pursuant to Section 6.3). Subject only to the above-described Servicing Standard
and the terms of this Agreement and of the respective Mortgage Loans, the Master
Servicer and the Special  Servicer shall have full power and  authority,  acting
alone or through  Sub-Servicers  (subject to Section  3.2), to do or cause to be
done any and all things in connection  with such  servicing  and  administration
which they may deem necessary or desirable.  Without  limiting the generality of
the foregoing,  the Master Servicer and the Special  Servicer shall, and each is
hereby authorized and empowered by the Trustee to, with respect to each Mortgage
Loan and the related Mortgaged Property, prepare, execute and deliver, on behalf
of the  Certificateholders and the Trustee or any of them, any and all financing
statements, continuation statements and other documents or instruments necessary
to maintain the lien on the related Mortgaged  Property and related  collateral;
subject to Section 3.9 and Section 3.28, any modifications, waivers, consents or
amendments to or with respect to

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<PAGE>

any Mortgage Loan or any documents  contained in the related  Mortgage File; and
any and all instruments of satisfaction or  cancellation,  or of partial or full
release or discharge, and all other comparable instruments.  The Master Servicer
and the Special  Servicer  shall service and  administer  the Mortgage  Loans in
accordance  with  applicable  state and  federal  law and shall  provide  to the
Borrowers  any  reports  required to be  provided  to them  thereby.  Subject to
Section  3.11,  the Trustee  shall,  upon the receipt of a written  request of a
Servicing  Officer,  execute and deliver to the Master  Servicer and the Special
Servicer  any powers of  attorney  and other  documents  prepared  by the Master
Servicer or the Special  Servicer and necessary or appropriate  (as certified in
such written  request) to enable the Master Servicer and the Special Servicer to
carry  out  their  servicing  and  administrative  duties  hereunder;  provided,
however,  that the  Trustee  shall not be liable  for any  actions of the Master
Servicer or Special Servicer under any such powers of attorney.  Notwithstanding
anything  contained herein to the contrary,  neither the Master Servicer nor the
Special Servicer shall without the Trustee's  written consent:  (i) initiate any
action,  suit or proceeding  solely under the Trustee's name without  indicating
the Master  Servicer's  or Special  Servicer's,  as  applicable,  representative
capacity  or (ii) take any action with the intent to cause,  and which  actually
does cause, the Trustee to be registered to do business in any state.

          (b)  Unless otherwise provided in the related Note, the Maste Servicer
shall apply any partial  Principal  Prepayment  received on a Mortgage Loan on a
date other than a Due Date to the principal  balance of such Mortgage Loan as of
the Due Date immediately following the date of receipt of such partial Principal
Prepayment.

          Section 3.2.   Sub-Servicing.

          (a)  The Master Servicer or the Special Servicer may enter  into  Sub-
Servicing  Agreements  with third parties with respect to any of its  respective
obligations hereunder,  provided that (1) any such agreement shall be consistent
with the  provisions of this Agreement and (2) no  Sub-Servicer  retained by the
Master Servicer or the Special Servicer shall grant any modification,  waiver or
amendment  to any Mortgage  Loan without the approval of the Master  Servicer or
the Special Servicer, as applicable. Any such Sub-Servicing Agreement may permit
the Sub-Servicer to delegate its duties to agents or  subcontractors  so long as
the related  agreements or arrangements with such agents or  subcontractors  are
consistent with the provisions of this Section 3.2(a).

     Any  Sub-Servicing  Agreement  entered  into by the Master  Servicer or the
Special  Servicer,  shall  provide that it may be assumed or  terminated  by the
Trustee or  successor  Master  Servicer or Special  Servicer if the Trustee or a
successor  Master  Servicer  or Special  Servicer  has assumed the duties of the
Master  Servicer  or the  Special  Servicer,  as  applicable,  without  cost  or
obligation  to the  assuming or  terminating  party or the Trust Fund,  upon the
assumption by the Trustee or a successor  Master Servicer or Special Servicer of
the obligations of the Master Servicer or the Special  Servicer,  as applicable,
pursuant to Section 7.2; provided, however, that the Trustee or successor Master
Servicer  may not  terminate  any  Sub-Servicing  Agreement  entered into by the
Master Servicer as of the Closing Date with respect to any of the Mortgage Loans
unless the related Initial  Sub-Servicer is in default under such  Sub-Servicing
Agreement,  which  Sub-Servicing  Agreement  must  provide  that (i) the Initial
Sub-Servicer  is in default if an Event of  Default  with  respect to the Master
Servicer occurs hereunder as a result of the failure of the Initial Sub-Servicer
to perform any obligation required of it under such Sub-Servicing

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<PAGE>

Agreement and (ii) the related  Initial  Sub-Servicer is required to perform its
servicing obligations in a manner consistent with the Servicing Standard.

     Any  Sub-Servicing  Agreement,  and  any  other  transactions  or  services
relating to the Mortgage Loans involving a  Sub-Servicer,  shall be deemed to be
between the Master  Servicer or the Special  Servicer,  as applicable,  and such
Sub-Servicer  alone,  and the  Trustee and the  Certificateholders  shall not be
deemed parties thereto and shall have no claims, rights, obligations,  duties or
liabilities with respect to the Sub-Servicer,  including the Depositor acting in
such capacity, except as set forth in Section 3.2(c).

          (b)  The Master Servicer and the Special Servicer shall each  pay  the
respective fees (including any applicable  termination fees or penalties) of any
Sub-Servicer retained by it thereunder from its own funds in accordance with the
applicable Sub-Servicing Agreement.

          (c)  If the Trustee  or  any  successor  Master  Servicer  or  Special
Servicer assumes the obligations of the Master Servicer or the Special Servicer,
as  applicable,  in accordance  with Section 7.2, the Trustee or such  successor
Master  Servicer  or Special  Servicer,  to the extent  necessary  to permit the
Trustee or such successor  Master Servicer or Special  Servicer to carry out the
provisions of Section 7.2, shall, without act or deed on the part of the Trustee
or such successor  Master  Servicer or Special  Servicer,  succeed to all of the
rights and  obligations  of the Master  Servicer or Special  Servicer  under any
Sub-Servicing  Agreement entered into by the Master Servicer or Special Servicer
pursuant to Section 3.2(a),  subject to the right of termination by the Trustee,
if any,  set  forth in  Section  3.2(a).  In such  event,  the  Trustee  or such
successor  Master  Servicer or Special  Servicer shall be deemed to have assumed
all of the Master Servicer's or Special Servicer's interest therein (but not any
liabilities  or  obligations  in  respect  of acts or  omissions  of the  Master
Servicer  or  Special  Servicer  prior to such  deemed  assumption)  and to have
replaced the Master Servicer or the Special Servicer, as applicable,  as a party
to such  Sub-Servicing  Agreement  to the same  extent as if such  Sub-Servicing
Agreement had been assigned to the Trustee or such  successor  Master  Servicer,
except that the Master  Servicer or the  Special  Servicer  shall not thereby be
relieved of any liability or obligations under such Sub-Servicing Agreement that
accrued  prior to the  assumption  of duties  hereunder  by the  Trustee or such
successor Master Servicer or Special Servicer.

     In the event that the Trustee or any successor  Master  Servicer or Special
Servicer assumes the servicing obligations of the Master Servicer or the Special
Servicer,  as the case may be,  upon  request of the  Trustee or such  successor
Master Servicer or Special Servicer,  as the case may be, the Master Servicer or
Special  Servicer  shall,  at its own  expense,  deliver to the  Trustee or such
successor Master Servicer or Special Servicer (as the case may be) all documents
and records relating to any Sub-Servicing  Agreement and the Mortgage Loans then
being serviced thereunder and an accounting of amounts collected and held by it,
if any, and the Master  Servicer  will  otherwise use its best efforts to effect
the orderly and efficient transfer of any Sub-Servicing Agreement to the Trustee
or such successor Master Servicer.

          (d) Notwithstanding any Sub-Servicing Agreement, any of the provisions
of this  Agreement  relating to  agreements or  arrangements  between the Master
Servicer  or Special  Servicer  and any Person  acting as  Sub-Servicer  (or its
agents or  subcontractors)  or any reference to actions taken through any Person
acting  as  Sub-Servicer  or  otherwise,  the  Master  Servicer  or the  Special
Servicer,  as applicable,  shall remain  obligated and liable to the Trustee and
Certificateholders  for the servicing and administering of the Mortgage Loans in
accordance  with the  provisions of this  Agreement  without  diminution of such
obligation or liability by virtue of

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<PAGE>

such  Sub-Servicing  Agreements or arrangements or by virtue of  indemnification
from the  Depositor  or any  Person  acting as  Sub-Servicer  (or its  agents or
subcontractors) to the same extent and under the same terms and conditions as if
the Master  Servicer or Special  Servicer,  as  applicable,  were  servicing and
administering  the  Mortgage  Loans  alone.  The Master  Servicer or the Special
Servicer,  as applicable,  shall be entitled to enter into an agreement with any
Sub-Servicer providing for indemnification of the Master Servicer or the Special
Servicer,  as applicable,  by such  Sub-Servicer,  and nothing contained in this
Agreement shall be deemed to limit or modify such  indemnification,  but no such
agreement for indemnification shall be deemed to limit or modify this Agreement.

          Section 3.3.   Collection of Certain Mortgage Loan Payments.

     The Master  Servicer  (or the Special  Servicer  with  respect to Specially
Serviced  Mortgage Loans) shall make reasonable  efforts to collect all payments
called for under the terms and  provisions  of the Mortgage  Loans when the same
shall be due and payable,  and shall follow such  collection  procedures  as are
consistent with the Servicing  Standard,  including using its reasonable efforts
in accordance with the Servicing  Standard to collect income statements and rent
rolls from the  related  Borrowers  as required  by the  related  Mortgage  Loan
Documents  and providing (in the case of the Master  Servicer  only)  reasonable
advance  notice to such  Borrowers of Balloon  Payments due with respect to such
Mortgage  Loans.  Consistent  with the  foregoing,  the Master  Servicer  or the
Special  Servicer,  as applicable,  may in its discretion waive any late payment
charge,  Default  Interest or penalty  fees in  connection  with any  delinquent
Monthly Payment or Balloon Payment with respect to any Mortgage Loan.

          Section 3.4.   Collection of Taxes, Assessments and Similar Items.

          (a)  With respect to each  Mortgage  Loan  (other  than  REO  Mortgage
Loans), the Master Servicer shall maintain accurate records with respect to each
related Mortgaged Property reflecting the status of taxes, assessments and other
similar items that are or may become a lien on such related Mortgaged  Property,
the status of insurance premiums payable with respect thereto and the amounts of
Escrow Payments,  if any,  required in respect  thereof.  From time to time, the
Master  Servicer  shall  (i)  obtain  all bills for the  payment  of such  items
(including  renewal  premiums),  and (ii) effect  payment of all such bills with
respect  to each such  Mortgaged  Property  prior to the  applicable  penalty or
termination  date, in each case  employing for such purpose  Escrow  Payments as
allowed under the terms of such Mortgage  Loan. If a Borrower  fails to make any
such Escrow  Payment on a timely  basis or  collections  from such  Borrower are
insufficient  to pay any such item before the applicable  penalty or termination
date, the Master  Servicer shall (in accordance with Section 3.8 with respect to
the  payment of  insurance  premiums)  advance  the amount  necessary  to effect
payment of any such item, unless the Master Servicer, in its good faith business
judgment,  determines that such Advance would be a Nonrecoverable  Advance. With
respect to any Mortgage Loan as to which the related Borrower is not required to
make Escrow Payments, if such Borrower fails to effect payment of any such bill,
then, the Master  Servicer shall (in accordance with Section 3.8 with respect to
the  payment of  insurance  premiums)  advance  the amount  necessary  to effect
payment of any such bill on or before  the  applicable  penalty  or  termination
date; provided, that, with respect to the payment of taxes and assessments,  the
Master  Servicer  shall make such advance  within five  Business  Days after the
Master Servicer has received  confirmation that such item has not been paid. The
Master Servicer shall be entitled to reimbursement of Servicing Advances that it
makes pursuant to the

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preceding two sentences, with interest thereon at the Advance Rate, from amounts
received on or in respect of the Mortgage Loan  respecting  which such Servicing
Advance  was made or if such  Servicing  Advance  has  become  a  Nonrecoverable
Advance,  to the extent  permitted  by Section 3.6 of this  Agreement.  No costs
incurred  by  the  Master  Servicer  in  effecting  the  payment  of  taxes  and
assessments on the Mortgaged  Properties  shall,  for the purpose of calculating
distributions  to  Certificateholders,  be added to the amount  owing  under the
related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so
permit.

          (b)  The Master Servicer shall segregate and hold all funds  collected
and received pursuant to any Mortgage Loan constituting Escrow Payments separate
and apart from any of its own funds and general  assets and shall  establish and
maintain one or more segregated  custodial  accounts which are Eligible Accounts
(each,  an "Escrow  Account") into which all Escrow  Payments shall be deposited
within two Business Days after receipt.  The Master  Servicer shall also deposit
into  each  Escrow  Account  any  amounts   representing   losses  on  Permitted
Investments  in which  amounts  on  deposit  in such  Escrow  Account  have been
invested  pursuant to Section  3.7(b) and any Insurance  Proceeds,  Condemnation
Proceeds  or  Liquidation  Proceeds  which are  required  to be  applied  to the
restoration or repair of the related Mortgaged  Property pursuant to the related
Mortgage  Loan.  Escrow  Accounts  shall be  entitled,  "[Insert  name of Master
Servicer],  as Master Servicer, in trust for [Insert name of Trustee] as Trustee
in trust for  Holders  of PNC  Mortgage  Acceptance  Corp.  Commercial  Mortgage
Pass-Through  Certificates,  Series 2000-C2, and Various Borrowers." Withdrawals
from an Escrow Account may be made by the Master Servicer only:

               (i)  to effect timely payments of items  with  respect  to  which
Escrow Payments are required pursuant to the related Mortgage;

               (ii) to transfer funds to the Collection Account to reimburse the
Master Servicer, the Trustee or the Fiscal Agent, as applicable, for any Advance
relating to Escrow Payments,  but only from amounts received with respect to the
related  Mortgage  Loan which  represent  late  collections  of Escrow  Payments
thereunder;

               (iii) for application to the restoration or repair of the related
Mortgaged  Property  in  accordance  with  the  related  Mortgage  Loan  and the
Servicing Standard;

               (iv)  to  clear  and  terminate  such  Escrow  Account  upon  the
termination of this Agreement;

               (v)  to pay from time to time to the Master Servicer any interest
or investment  income earned on funds deposited in such Escrow Account  pursuant
to Section  3.7(b) to the extent (a) permitted by law and (b) not required to be
paid to the related  Borrower under the terms of the related Mortgage Loan or by
law, or to pay such interest or income to the related Borrower if such income is
required  to be paid to the  related  Borrower  under law or by the terms of the
related Mortgage Loan; and

               (vi)  to remove any funds deposited in such Escrow  Account  that
were not required to be deposited therein.

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          Section 3.5.   Collection Account, Distribution Account, Grantor Trust
Collection Account,  Grantor Trust Distribution Account and  Excess  Liquidation
Proceeds Account.

          (a)  The Master Servicer shall establish and maintain  the  Collection
Account in the Trustee's  name, for the benefit of the  Certificateholders.  The
Collection  Account shall be established and maintained as an Eligible  Account.
The Master  Servicer  shall  deposit or cause to be deposited in the  Collection
Account  within two Business Days following  receipt the following  payments and
collections received or made by it on or with respect to the Mortgage Loans:

               (i) all payments on account of principal on the  Mortgage  Loans,
including the principal component of Unscheduled Payments on the Mortgage Loans;

               (ii)  all payments on account of interest and Default Interest on
the Mortgage Loans (excluding  Deferred  Interest),  the interest portion of all
Unscheduled  Payments,  all  Prepayment  Premiums and all payments on account of
late payment charges on the Mortgage Loans;

               (iii)  any amounts  required to be deposited  pursuant to Section
3.7(b) in connection with losses realized on Permitted  Investments with respect
to  funds  held in the  Collection  Account  and  pursuant  to  Section  3.25 in
connection with Prepayment/Balloon Payment Interest Shortfalls;

               (iv)  (x) all Net REO Proceeds  transferred  from an REO  Account
pursuant to Section  3.17(b) and (y) all Insurance  Proceeds and Net Liquidation
Proceeds not required to be applied to the  restoration or repair of the related
Mortgaged Property;

               (v)   any   amounts   received  from  Borrowers  which  represent
recoveries of Servicing Advances; and

               (vi)  any other  amounts  required  by  the  provisions  of  this
Agreement to be deposited into the Collection  Account by the Master Servicer or
the Special Servicer, including, without limitation, proceeds of any purchase or
repurchase of a Mortgage  Loan pursuant to Section 2.3,  Section 3.18 or Section
9.1.

     In the event that the Master  Servicer  deposits in the Collection  Account
any amount not required to be deposited therein,  the Master Servicer may at any
time withdraw such amount from the Collection  Account,  any provision herein to
the contrary notwithstanding.

          (b)  The Trustee shall establish and maintain the Distribution Account
in the name of the Trustee, in trust for the benefit of the  Certificateholders.
The  Distribution  Account shall be  established  and  maintained as an Eligible
Account.  The  Trustee  will  notify  each  Rating  Agency of any  change in the
location of the Distribution Account.

          (c)  Prior to the Remittance Date relating to the  Collection  Period,
if any, in which any Deferred  Interest is received,  the Master  Servicer shall
establish and maintain the Grantor Trust  Collection  Account in the name of the
Trustee, in trust for the benefit of the Class V Certificateholders as set forth
in Section 10.5. The Grantor Trust  Collection  Account shall be established and
maintained as an Eligible Account. The Master Servicer shall transfer to the

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Grantor Trust Collection  Account any Deferred Interest within two Business Days
after such amounts are  deposited in the  Collection  Account.

          (d)  Prior to the Remittance Date relating to the  Collection  Period,
if any, in which Deferred Interest is received,  the Trustee shall establish and
maintain the Grantor Trust Distribution  Account in the name of the Trustee,  in
trust for the benefit of the Class V Certificateholders  as set forth in Section
10.05.  The  Grantor  Trust  Distribution   Account  shall  be  established  and
maintained as an Eligible  Account.  On or before the Remittance Date related to
the applicable Distribution Date, the Master Servicer shall remit to the Trustee
for deposit in the Grantor  Trust  Distribution  Account an amount  equal to the
Deferred Interest received during the related Collection Period.

          (e)  Following the distribution of Deferred Interest  to  Certificate-
holders  on the first  Distribution  Date  after  which  there are no longer any
Mortgage  Loans  outstanding  which  pursuant to their terms could pay  Deferred
Interest, the Master Servicer and the Trustee, respectively, shall terminate the
Grantor Trust Collection Account and the Grantor Trust Distribution Account.

          (f) If any Excess Liquidation Proceeds are received, the Trustee shall
establish and maintain the Excess  Liquidation  Proceeds  Account in the name of
the Trustee,  in trust for the benefit of the  Certificateholders.  On or before
the  Remittance  Date related to the  applicable  Distribution  Date, the Master
Servicer shall remit to the Trustee from the Collection  Account and for deposit
into the  Excess  Liquidation  Proceeds  Account  an amount  equal to the Excess
Liquidation  Proceeds received during the related  Collection Period. The Excess
Liquidation  Proceeds Account shall be established and maintained as an Eligible
Account.

          (g)  Funds in the Collection Account, the  Distribution  Account,  the
Grantor Trust Collection Account and the Grantor Trust Distribution  Account may
be invested in  Permitted  Investments  in  accordance  with the  provisions  of
Section 3.7. The Master Servicer shall give written notice to the Trustee of the
location  and account  number of the  Collection  Account and the Grantor  Trust
Collection  Account  and shall  notify the  Trustee  and each  Rating  Agency in
writing prior to any subsequent change thereof.

          Section 3.6.   Permitted  Withdrawals from the  Collection Account and
Grantor Trust Collection Account.

          (a)  The Master Servicer may  make  withdrawals  from  the  Collection
Account  (and the Grantor  Trust  Collection  Account,  with respect to Deferred
Interest) only as described below (the order set forth below not constituting an
order of priority for such withdrawals):

               (i)  to remit the applicable amounts to the Trustee, for  deposit
in the  Distribution  Account,  the Grantor Trust  Distribution  Account and the
Excess Liquidation  Proceeds Account pursuant to Section 4.5, Section 3.5(d) and
Section 3.5(f), respectively;

               (ii)  to pay or reimburse the  Fiscal  Agent,  the  Trustee,  the
Master Servicer or the Special Servicer, in that order of priority for Advances;
provided,  however, the right of the Master Servicer,  the Special Servicer, the
Trustee or the Fiscal Agent to reimbursement  pursuant to this clause (ii) being
limited  to  either  (x) any  collections  on or in  respect  of the  particular
Mortgage  Loan or REO Property  respecting  which each such Advance was made, or
(y) any other amounts in the Collection Account in the event that such Advances

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have  been  deemed  to be  Nonrecoverable  Advances  or are not  recovered  from
recoveries in respect of the related Mortgage Loan or REO Property after a Final
Recovery  Determination;

               (iii)  to pay to  the  Fiscal  Agent,  the  Trustee,  the  Master
Servicer  or  the  Special  Servicer,  in  that  order  of  priority,  any  then
outstanding Advance Interest Amount first out of Default Interest,  late payment
charges  and late fees  actually  collected  during  such  Collection  Period in
respect of the  related  Mortgage  Loan and,  to the  extent  such  amounts  are
insufficient,  in connection with or at any time following the  reimbursement of
such Advance from any other amounts in the Collection Account;

               (iv)  to pay on or  before  each  Remittance  Date to the  Master
Servicer,  Special Servicer and Trustee,  as applicable,  as  compensation,  the
unpaid Master Servicer Fee,  Special  Servicer Fee, Standby Special Servicer Fee
and Trustee Fee, respectively (in the case of the Master Servicer, reduced up to
the amount of any Prepayment/Balloon Payment Interest Shortfalls with respect to
such  Distribution  Date, in accordance  with Section 3.25),  to be paid, in the
case of the Master Servicer Fee, from interest  received on the related Mortgage
Loans, and to pay to the Master Servicer or the Special Servicer, as applicable,
any other amounts constituting Servicing Compensation;

               (v)  to pay on or before each Distribution Date to the Depositor,
the applicable  Seller or the purchaser of any Specially  Serviced Mortgage Loan
or REO Property, as the case may be, with respect to each Mortgage Loan, Deleted
Mortgage Loan or REO Property that has previously been repurchased,  replaced or
purchased  by it pursuant  to Section  2.3,  Section  3.18 or Section  9.1,  all
amounts received thereon during the related  Collection Period and subsequent to
the effective date of such purchase or repurchase.

               (vi) to the extent reimbursement or payment is not  provided  for
pursuant to any other  clause of this  Section  3.6(a),  to reimburse or pay the
Master Servicer,  the Special  Servicer,  the Trustee,  the Depositor and/or the
Fiscal Agent for unpaid items  incurred by or on behalf of such Person  pursuant
to, as applicable,  Section 3.7(c),  Section 6.3, Section 7.4, Section 8.5(d) or
Section 11.7, or any other  provision of this  Agreement  pursuant to which such
Person is entitled to reimbursement or payment from the Trust Fund, in each case
only to the extent  reimbursable under such Section,  it being acknowledged that
this  clause  (vi)  shall  not be deemed to  modify  the  substance  of any such
Section,  including the  provisions of such Section that set forth the extent to
which  one  of the  foregoing  Persons  is or is  not  entitled  to  payment  or
reimbursement;

               (vii)  to deposit in one or more separate,  non-interest  bearing
accounts any amount reasonably  determined by the Trustee to be necessary to pay
any  applicable  federal,  state or local taxes imposed on REMIC I, REMIC II and
REMIC  III or the  Grantor  Trust  under  the  circumstances  and to the  extent
described in Section 10.3 and Section 10.5, respectively;

               (viii)  to withdraw any  amount  deposited  into  the  Collection
Account and the Grantor  Trust  Collection  Account  that was not required to be
deposited therein; and

               (ix)  to clear and  terminate  the  Collection  Account  and  the
Grantor Trust Collection Account pursuant to Section 9.1.

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     The Master  Servicer  shall keep and  maintain  separate  accounting,  on a
Mortgage  Loan-by-Mortgage  Loan  basis,  for  the  purpose  of  justifying  any
withdrawal  from the  Collection  Account or Grantor  Trust  Collection  Account
pursuant to subclauses (ii) - (viii) above.

          (b)  The Master Servicer shall pay to the Trustee, the Fiscal Agent or
the Special  Servicer from the  Collection  Account (to the extent  permitted by
clauses  (i)-(viii)  above)  amounts  permitted to be paid to the  Trustee,  the
Fiscal  Agent or the Special  Servicer  therefrom,  promptly  upon  receipt of a
certificate  of a Responsible  Officer of the Trustee,  an officer of the Fiscal
Agent or a Servicing Officer of the Special Servicer, as applicable,  describing
the item and  amount to which  the  Trustee,  the  Fiscal  Agent or the  Special
Servicer is entitled.  The  foregoing  sentence does not apply to the payment of
the  Trustee  Fee.  The  Master  Servicer  may  rely  conclusively  on any  such
certificate and shall have no duty to recalculate the amounts stated therein.

          (c)  The Trustee shall, from time to time, make withdrawals  from  the
Distribution  Account for each of the  following  purposes  (the order set forth
below not constituting an order of priority for such withdrawals):

               (i)   to   make   distributions  to  Certificateholders  on  each
Distribution Date pursuant to Article IV;

               (ii) to transfer Interest Reserve Amounts to the Interest Reserve
Account pursuant to Section 3.29;

               (iii)  to pay itself or any of its directors, officers, employees
and agents,  as the case may be, any amounts payable or reimbursable to any such
Person pursuant to Section 3.6(a),  including the Trustee's Fee, but only to the
extent not previously paid by the Master Servicer pursuant to Section 3.6(b);

               (iv)  to withdraw any  amount  deposited  into  the  Distribution
Account that was not required to be deposited therein; and

               (v)  to clear and  terminate  the  Distribution  Account  at  the
termination of this Agreement pursuant to Section 9.1.

          (d) The Trustee, the Fiscal Agent, the Special Servicer and the Master
Servicer shall in all cases have a right prior to the  Certificateholders to any
funds  on  deposit  in  the  Collection  Account  from  time  to  time  for  the
reimbursement  or  payment of unpaid or  unreimbursed  Trustee  Fees,  Servicing
Compensation  (subject to the  limitation  set forth in Section  3.6(a)(iv)  for
Master Servicer Fees),  Advances (subject to the limitation set forth in Section
3.6(a)(ii)) and their respective  expenses  (including Advance Interest Amounts)
hereunder to the extent such expenses, fees, compensation and Advances are to be
reimbursed or paid from amounts on deposit in the Collection Account pursuant to
this Agreement.

          (e)  The Trustee shall, upon  receipt,  deposit  in  the  Distribution
Account,  the  Grantor  Trust  Distribution  Account or the  Excess  Liquidation
Proceeds Account, as applicable,  any and all amounts received by the Trustee in
accordance with Section  3.6(a)(i).  If, as of 3:00 p.m., New York City time, on
any Remittance  Date or on such other date as any amount  referred to in Section
3.6(a)(i) is required to be delivered  hereunder,  the Master Servicer shall not
have  delivered  to the  Trustee for deposit in the  Distribution  Account,  the
Grantor Trust Distribution  Account or the Excess  Liquidation  Proceeds Account
all amounts reflected on the Servicer

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Remittance  Report as  required  to be  deposited  therein  pursuant  to Section
3.6(a)(i),  then the Trustee shall provide  notice of such failure to the Master
Servicer by facsimile  transmission sent to telecopy no. (816) 435-2326 (or such
alternative  number  provided by the Master  Servicer to the Trustee in writing)
and by telephone at telephone  no. (816)  435-5000 (or such  alternative  number
provided by the Master  Servicer to the Trustee in writing) as soon as possible,
but in any event before 5:00 p.m., New York City time, on such day.

          Section 3.7.   Investment of Funds in Accounts.

          (a)  The Master Servicer with respect to the Collection  Account,  the
Grantor Trust Collection Account and any Reserve Accounts,  the Special Servicer
with respect to any REO Account and the Trustee with respect to the Distribution
Account, the Excess Liquidation Proceeds Account, the Grantor Trust Distribution
Account and the Interest  Reserve Account may direct any depository  institution
maintaining  such  account  (subject,  in  the  case  of  Reserve  Accounts,  to
applicable laws and the related Mortgage Loan Documents)  (each, for purposes of
this  Section  3.7,  an  "Investment  Account")  to  invest  the  funds  in such
Investment  Account in one or more Permitted  Investments  that bear interest or
are sold at a discount, and that mature, unless payable on demand, no later than
the  Business  Day  preceding  the date on which such funds are  required  to be
withdrawn from such Investment  Account  pursuant to this  Agreement;  provided,
however,  that all investments in the Distribution Account and the Grantor Trust
Distribution  Account,  shall be payable on demand or shall mature no later than
the  Business  Day prior to the next  Distribution  Date.  Any  direction by the
Master Servicer,  the Special Servicer or the Trustee, as applicable,  to invest
funds on deposit in an Investment  Account shall be in writing and shall certify
that the  requested  investment  is a Permitted  Investment  which matures at or
prior to the time  required  hereby or is payable on demand.  In the case of any
Reserve  Account,  the Master Servicer shall act upon the written request of the
related  Borrower or Manager to the extent the Master Servicer is required to do
so under the terms of the related Mortgage Loan, provided that in the absence of
appropriate  written  instructions  from such  Borrower  or Manager  meeting the
requirements  of this Section 3.7, the Master  Servicer shall have no obligation
to, but will be entitled  to,  direct the  investment  of funds in such  Reserve
Accounts.  All such  Permitted  Investments  shall be held to  maturity,  unless
payable on demand.  Any  investment of funds in an  Investment  Account shall be
made in the name of the  Trustee  (in its  capacity as such) or in the name of a
nominee of the Trustee. The Trustee shall have sole control (except with respect
to  investment  direction  which  shall be in the  sole  control  of the  Person
specified above (subject,  in the case of Reserve Accounts, to the rights of the
related  Borrower or Manager under the related  Mortgage  Loan  Documents) as an
independent  contractor  to the Trust  Fund) over each such  investment  and any
certificate  or  other  instrument  evidencing  any  such  investment  shall  be
delivered  directly to the Trustee or its nominee (which shall  initially be the
Master Servicer),  together with any document of transfer,  if any, necessary to
transfer  title to such  investment  to the Trustee or its nominee.  The Trustee
shall  have no  responsibility  or  liability  with  respect  to the  investment
directions  of  the  Master  Servicer  or the  Special  Servicer  or any  losses
resulting  therefrom,  whether from Permitted  Investments or otherwise.  In the
event amounts on deposit in an Investment  Account are at any time invested in a
Permitted  Investment payable on demand, the Trustee, the Master Servicer or the
Special Servicer, as applicable, shall:

               (i)  consistent with any notice required to be given  thereunder,
demand that payment  thereon be made on the last day such  Permitted  Investment
may  otherwise  mature  hereunder  in an amount  equal to the  lesser of (1) all
amounts then payable  thereunder and (2) the amount  required to be withdrawn on
such date; and

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               (ii)  demand payment of all amounts due thereunder promptly  upon
determination by the Trustee,  the Master Servicer or the Special  Servicer,  as
applicable,  that such  Permitted  Investment  would not  constitute a Permitted
Investment in respect of funds  thereafter on deposit in the related  Investment
Account.

          (b) All income and gain (net of losses as contemplated below) realized
from  investment of funds deposited in (i) the Collection  Account,  the Grantor
Trust  Collection  Account  and any  Reserve  Account  as to which  the  related
Borrower is not  entitled to interest  thereon,  shall be for the benefit of the
Master Servicer,  (ii) the Distribution Account, the Excess Liquidation Proceeds
Account, the Grantor Trust Distribution Account and the Interest Reserve Account
shall be for the benefit of the  Trustee and (iii) any REO Account  shall be for
the  benefit of the  Special  Servicer.  Such  income and gain (net of losses as
contemplated  below) may be  withdrawn  by Trustee,  the Master  Servicer or the
Special Servicer, as applicable, from time to time. The amount of any net losses
incurred in respect of any such  investments  in the  Collection  Account or the
Grantor Trust Collection Account shall be for the account of the Master Servicer
which shall  deposit the amount of such loss (to the extent not offset by income
from other  investments) in the Collection  Account or Grantor Trust  Collection
Account, as applicable, out of its own funds before the related Remittance Date.
The amount of any net losses incurred in respect of any such  investments in the
Distribution Account, the Excess Liquidation Proceeds Account, the Grantor Trust
Distribution  Account and the Interest  Reserve Account shall be for the account
of the Trustee  which  shall  deposit the amount of such loss (to the extent not
offset by income from other investments) in the Distribution Account, the Excess
Liquidation  Proceeds  Account,  the Grantor Trust  Distribution  Account or the
Interest Reserve Account, as applicable, out of its own funds before the related
Distribution  Date. The amount of any net losses incurred in respect of any such
investments in the REO Account shall be for the account of the Special  Servicer
which shall  deposit the amount of such loss (to the extent not offset by income
from  other  investments)  in the REO  Account  out of its own funds  before the
related  Determination  Date.  The Master  Servicer shall also deposit into each
Reserve Account any amounts representing net losses on Permitted  Investments in
which such Reserve  Accounts  have been  invested  before the date on which such
funds are required to be withdrawn from such account,  except to the extent that
amounts are invested for the benefit of the Borrower under applicable law or the
terms of the related Mortgage Loan. The income and gain realized from investment
of funds deposited in any Reserve Account shall be paid from time to time to the
related  Borrower to the extent  required  under the Mortgage Loan or applicable
law.

          (c)  Except as otherwise expressly provided in this Agreement,  if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default  occurs  in any  other  performance  required  under any  Permitted
Investment,  the Trustee  may,  and upon the request of Holders of  Certificates
representing a majority of the aggregate Voting Rights of any Class shall,  take
such  action as may be  appropriate  to enforce  such  payment  or  performance,
including the  institution and  prosecution of appropriate  proceedings.  In the
event the Trustee  takes any such action,  the Trust Fund shall pay or reimburse
the  Trustee  for  all  reasonable  out-of-pocket  expenses,  disbursements  and
advances incurred or made by the Trustee in connection  therewith.  In the event
that the Trustee  does not take any such  action,  the Master  Servicer may take
such action at its own cost and expense.

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          Section 3.8.    Maintenance  of  Insurance  Policies  and  Errors  and
Omissions and Fidelity Coverage.

          (a)  The Master Servicer on behalf of the Trustee, as mortgagee, shall
use its reasonable  efforts in accordance  with the Servicing  Standard to cause
the related  Borrower to  maintain,  to the extent  required or  permitted to be
required  by each  Mortgage  Loan (other than REO  Mortgage  Loans),  and if the
Borrower does not so maintain,  shall itself maintain (subject to the provisions
of this Agreement concerning  Nonrecoverable Advances) to the extent the Trustee
as  mortgagee  has  an  insurable  interest  and  to  the  extent  available  at
commercially  reasonable  rates,  (A) fire and hazard insurance from a Qualified
Insurer with extended  coverage on the related  Mortgaged  Property in an amount
which is at least equal to the lesser of (i) 100% of the then "full  replacement
cost" of the improvements  and equipment  (excluding  foundations,  footings and
excavation  costs),  without deduction for physical  depreciation,  and (ii) the
outstanding  principal balance of the related Mortgage Loan or such other amount
as is  necessary  to  prevent  any  reduction  in such  policy  by reason of the
application of co-insurance  and to prevent the Trustee as mortgagee  thereunder
from  being  deemed to be a  co-insurer,  in each case with a  replacement  cost
rider,  (B) insurance from a Qualified  Insurer  providing  coverage  against 18
months of rent  interruptions and (C) such other insurance as provided under the
subject Mortgage Loan (including  public  liability  insurance) from a Qualified
Insurer.  The Special Servicer shall cause to be maintained with respect to each
REO Property (to the extent available at commercially reasonable rates) fire and
hazard insurance from a Qualified  Insurer,  with no less insurance  coverage on
such REO Property than is consistent  with the Servicing  Standard.  Any amounts
collected by the Master Servicer or the Special Servicer,  as applicable,  under
any such policies (other than amounts to be applied to the restoration or repair
of the related  Mortgaged  Property or amounts to be released to the Borrower in
accordance  with the terms of the related  Mortgage) shall be deposited into the
Collection  Account pursuant to Section 3.5,  subject to withdrawal  pursuant to
Section 3.6. Any cost incurred by the Master  Servicer in  maintaining  any such
insurance   shall  not,  for  the  purpose  of  calculating   distributions   to
Certificateholders,  be added to the unpaid  principal  balance  of the  related
Mortgage Loan,  notwithstanding  that the terms of such Mortgage Loan so permit.
It is understood  and agreed that no earthquake  or other  additional  insurance
other than flood insurance is to be required of any Borrower or to be maintained
by the Master Servicer or the Special  Servicer other than pursuant to the terms
of the related  Mortgage Loan Documents and pursuant to such applicable laws and
regulations  as  shall  at any  time  be in  force  and as  shall  require  such
additional  insurance.  If the  Mortgaged  Property  is located  in a  federally
designated  special  flood  hazard  area,  the Master  Servicer  (or the Special
Servicer  in the  case of REO  Property)  will  use its  reasonable  efforts  in
accordance  with  the  Servicing  Standard  to cause  the  related  Borrower  to
maintain,  or will itself obtain (the cost of which will be a Servicing Advance,
subject to the provisions of this Agreement concerning Nonrecoverable Advances),
flood  insurance  in respect  thereof to the extent  available  at  commercially
reasonable  rates,  to the  extent  required  under the  related  Mortgage  Loan
Documents. Such flood insurance shall be in an amount equal to the lesser of (i)
the unpaid  principal  balance of the related Mortgage Loan and (ii) the maximum
amount of such insurance required by the terms of the related Mortgage and as is
available for the related  property under the national flood  insurance  program
(assuming  that the area in which such property is located is  participating  in
such program).  Costs to the Master Servicer of maintaining  insurance  policies
pursuant to this Section 3.8 shall be paid by the Master Servicer as a Servicing
Advance and shall be reimbursable to the Master Servicer with interest at the

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Advance  Rate,  and  costs to the  Special  Servicer  of  maintaining  insurance
policies pursuant to this Section 3.8 shall be paid and reimbursed in accordance
with Section 3.17(b).  The Master Servicer,  with respect to Mortgage Loans, and
the  Special  Servicer,  with  respect to REO  Properties,  agree to prepare and
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under each related insurance policy, including without limitation, environmental
insurance  policies,  maintained  pursuant  to this  Section  3.8(a) in a timely
fashion in accordance  with the terms of such policy and to take such reasonable
steps as are necessary to receive payment or to permit recovery thereunder.

     The Master  Servicer  (or with  respect to any REO  Property,  the  Special
Servicer)  shall require that all insurance  policies  required  hereunder shall
name the Trustee or the Master  Servicer (or with  respect to any REO  Property,
the Special Servicer),  on behalf of the Trustee as the mortgagee, as loss payee
and that all such  insurance  policies  require that 30 days' notice be given to
the Master  Servicer  before  termination to the extent  required by the related
Mortgage Loan Documents.

          (b)  (i)  If the Master Servicer or Special Servicer,  as  applicable,
obtains and maintains a blanket insurance policy with a Qualified Insurer at its
own expense insuring against fire and hazard losses, 18-month rent interruptions
or other  required  insurance on all of the Mortgage  Loans and provides no less
coverage in scope and amount for such  Mortgaged  Property or REO Property  than
the insurance  required to be maintained  pursuant to Section  3.8(a),  it shall
conclusively  be  deemed  to  have  satisfied  its  obligations  concerning  the
maintenance of such  insurance  coverage set forth in Section  3.8(a),  it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master Servicer or Special Servicer, as applicable, shall, in the event
that (x)  there  shall not have been  maintained  on one or more of the  related
Mortgaged Properties a policy otherwise complying with the provisions of Section
3.8(a),  and (y) there shall have been one or more losses  which would have been
covered by such a policy had it been  maintained,  immediately  deposit into the
Collection Account from its own funds the amount not otherwise payable under the
blanket  policy  because of such  deductible  clause to the extent that any such
deductible  exceeds the  deductible  limitation  that  pertained  to the related
Mortgage Loan, or, in the absence of such deductible limitation,  the deductible
limitation  for an  individual  policy which is  consistent  with the  Servicing
Standard.  In  connection  with its  activities  as Master  Servicer  or Special
Servicer hereunder, as applicable,  the Master Servicer and the Special Servicer
each  agrees to prepare  and  present,  on behalf of  itself,  the  Trustee  and
Certificateholders, claims under any such blanket policy which it maintains in a
timely  fashion  in  accordance  with the terms of such  policy and to take such
reasonable  steps  as are  necessary  to  receive  payment  or  permit  recovery
thereunder.

               (ii)   If  the  Master  Servicer  or  the  Special  Servicer,  as
applicable,  causes any  Mortgaged  Property or REO  Property to be covered by a
master  force  placed  insurance  policy,  which policy is issued by a Qualified
Insurer  and  provides no less  coverage in scope and amount for such  Mortgaged
Property or REO Property than the insurance  required to be maintained  pursuant
to Section 3.8(a), the Master Servicer or Special Servicer shall conclusively be
deemed to have  satisfied  its  obligations  to maintain  insurance  pursuant to
Section 3.8(a).  Such policy may contain a deductible  clause, in which case the
Master Servicer or Special Servicer, as applicable, shall, in the event that (x)
there shall not have been  maintained on the related  Mortgaged  Property or REO
Property a policy otherwise complying with the provisions of Section 3.8(a), and
(y) there shall have been one or more losses which would have been covered

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by such a policy had it been maintained, immediately deposit into the Collection
Account from its own funds the amount not  otherwise  payable  under such policy
because of such  deductible to the extent that any such  deductible  exceeds the
deductible  limitation  that pertained to the related  Mortgage Loan, or, in the
absence of any such  deductible  limitation,  the  deductible  limitation for an
individual policy which is consistent with the Servicing Standard.

          (c)  Each of the Master Servicer and the Special Servicer shall obtain
and maintain at its own expense and keep in full force and effect throughout the
term of this  Agreement  a blanket  fidelity  bond and an errors  and  omissions
insurance  policy  covering its officers and  employees in  connection  with its
activities under this Agreement.  The amount of coverage shall be at least equal
to the coverage  that would be required by FNMA or FHLMC,  whichever is greater,
with respect to the Master Servicer or Special Servicer,  as the case may be, if
the Master Servicer or Special Servicer,  as the case may be, were servicing and
administering  the  Mortgage  Loans  and/or  REO  Properties  for  which  it  is
responsible  hereunder for FNMA or FHLMC. Coverage of the Master Servicer or the
Special Servicer as an additional  insured under a policy or bond obtained by an
Affiliate of such Person shall satisfy the  requirements of this Section 3.8(c).
All fidelity bonds and policies of errors and omissions insurance obtained under
this Section 3.8(c) shall be issued by a Qualified Insurer.  Notwithstanding the
foregoing,  so long as the long-term  unsecured  debt  obligations of the Master
Servicer or Special Servicer, as applicable,  or its respective corporate parent
have been rated "A" or better by S&P or "A2" or better by Moody's (or such lower
rating for which  Rating  Agency  Confirmation  has been  obtained),  the Master
Servicer  or Special  Servicer,  as  applicable,  shall be  entitled  to provide
self-insurance   or  obtain  from  its  respective   corporate  parent  adequate
insurance, as applicable, with respect to its obligation hereunder to maintain a
fidelity bond or an errors and omissions insurance policy.

          Section 3.9.   Enforcement of Due-On-Sale Clauses; Assumption
Agreements.

          (a)  If  any  Mortgage  Loan  contains a  provision in the nature of a
"due-on-sale" clause, which, by its terms:

               (i) provides that such Mortgage Loan shall (or may at the related
mortgagee's option) become due and payable upon the sale or other transfer of an
interest in the related Mortgaged Property, or

               (ii)  provides that such Mortgage Loan may not be assumed without
the consent of the related  mortgagee in connection  with any such sale or other
transfer,

then,  for so long as such  Mortgage  Loan is included  in the Trust  Fund,  the
Master  Servicer (or the Special  Servicer  with  respect to Specially  Serviced
Mortgage Loans) on behalf of the Trust Fund,  shall exercise (or waive its right
to  exercise)  (subject  to  Sections  3.27 and  3.28) the  trustee's  rights as
mortgagee  under such  provision  in  accordance  with the  Servicing  Standard.
Notwithstanding the foregoing, the Master Servicer (or the Special Servicer with
respect to Specially  Serviced  Mortgage Loans) shall have first obtained Rating
Agency  Confirmation from each Rating Agency, with respect to any Mortgage Loan,
group of  cross-collateralized  Mortgage  Loans or group of Mortgage  Loans with
affiliated  Borrowers that has a then outstanding Stated Principal Balance equal
to or greater  than the  lesser of  $20,000,000  and 2% of the then  outstanding
Stated  Principal  Balance of all of the Mortgage Loans. The Master Servicer (or
the Special  Servicer with respect to Specially  Serviced  Mortgage Loans) shall
not consent to such

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sale,  transfer or assumption without (A) requiring the Borrower to pay the cost
of obtaining any required Rating Agency Confirmation or (B) satisfying the costs
of obtaining such Rating Agency  Confirmation  by other means but, in any event,
at no cost to the Trust  Fund;  provided,  however,  that in no event  shall the
proposed  "other means" result in any liability to the Trust Fund,  including an
indemnification  of the Master Servicer or the Special Servicer which may result
in legal  expenses to the Trust Fund.  The Master  Servicer shall not consent to
any sale,  transfer or assumption  without obtaining the approval of the Special
Servicer. Subject to the foregoing, the Master Servicer (or the Special Servicer
with respect to Specially  Serviced  Mortgage  Loans) is  authorized  to take or
enter  into an  assumption  agreement  from  or with  the  Person  to whom  such
Mortgaged  Property  has been or is  about to be  conveyed,  or to  release  the
original  related Borrower from liability upon such Mortgage Loan and substitute
the new Borrower as obligor thereon.  To the extent permitted by law, the Master
Servicer (or the Special  Servicer with respect to Specially  Serviced  Mortgage
Loans) shall enter into an  assumption  or  substitution  agreement  only if the
credit  status of the  prospective  new Borrower is in  compliance  with (x) the
Master Servicer's (or the Special  Servicer's with respect to Specially Serviced
Mortgage Loans) regular commercial  mortgage  origination or servicing standards
and criteria,  (y) the terms of the related  Mortgage Loan and (z) the Servicing
Standard. The Master Servicer (or the Special Servicer with respect to Specially
Serviced  Mortgage  Loans) shall notify the Trustee that any such  assumption or
substitution  agreement  has been  completed  by  forwarding  to the Trustee the
original  of such  agreement,  which  document  shall be  added  to the  related
Mortgage File and shall, for all purposes, be considered a part of such Mortgage
File to the same extent as all other  documents and  instruments  constituting a
part thereof and the Trustee shall notify the Operating  Adviser and each Rating
Agency  of  each   assumption.   In  connection  with  any  such  assumption  or
substitution  agreement,  the Mortgage Rate, principal amount and other material
payment  terms   (including  any   cross-collateralization   and   cross-default
provisions)  of such  Mortgage  Loan  pursuant to the related  Note and Mortgage
shall not be  changed,  other than in  connection  with a default or  reasonably
foreseeable default with respect to the Mortgage Loan. Assumption fees collected
by the Master  Servicer or the Special  Servicer for entering into an assumption
or  substitution  agreement will be retained by the Master  Servicer  and/or the
Special Servicer as additional servicing  compensation to the extent provided in
Section 3.12. Notwithstanding the foregoing, the Special Servicer may consent to
the assumption of a Mortgage Loan by a prospective  new Borrower in a bankruptcy
proceeding involving the related Mortgaged Property.

          (b)  If  any  Mortgage  Loan  contains a  provision in the nature of a
"due-on-encumbrance" clause, which, by its terms:

               (i) provides that such Mortgage Loan shall (or may at the related
mortgagee's  option)  become due and  payable  upon the  creation of any lien or
other encumbrance on such Mortgaged Property, or

               (ii)  requires the  consent  of  the  related  mortgagee  to  the
creation of any such lien or other encumbrance on such Mortgaged Property,

then,  for so long as such  Mortgage  Loan is included  in the Trust  Fund,  the
Master  Servicer (or the Special  Servicer  with  respect to Specially  Serviced
Mortgage Loans), on behalf of the Trust Fund, shall exercise (or waive its right
to exercise) (subject to Sections 3.27 and 3.28) the Trustee's rights under such
provision  to (x)  accelerate  the payments due on such  Mortgage  Loan,  or (y)
withhold its consent to the creation of any such lien or other  encumbrance,  as
applicable,

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<PAGE>

except,  in each case,  to the extent that the Master  Servicer  (or the Special
Servicer with respect to Specially Serviced Mortgage Loans) acting in accordance
with the Servicing  Standard,  determines that such enforcement  would not be in
the best interests of the Trust Fund; provided that, the Master Servicer (or the
Special  Servicer with respect to Specially  Serviced  Mortgage  Loans) will not
consent to the  creation  of any such lien or  encumbrance  unless it shall have
first obtained  Rating Agency  Confirmation  (the Master Servicer or the Special
Servicer,  as applicable,  shall use its reasonable efforts to have the cost, if
any, of obtaining such  confirmation  paid by the Borrower;  if such cost is not
paid by the  Borrower,  the  Master  Servicer  shall  advance  such  amount as a
Servicing Advance,  unless such Advance would be a Nonrecoverable  Advance). The
Master  Servicer  shall not consent to the  creation of any lien or  encumbrance
without  obtaining  the approval of the Special  Servicer.  Notwithstanding  the
foregoing,    the   Special    Servicer   may   forbear   from   enforcing   any
due-on-encumbrance provision in connection with any junior or senior lien on the
Mortgaged  Property  imposed  in  connection  with  any  bankruptcy   proceeding
involving the Mortgaged Property.

          (c)  Nothing in this Section 3.9 shall  constitute  a  waiver  of  the
Trustee's right, as the mortgagee of record, to receive notice of any assumption
of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property
or the creation of any lien or other  encumbrance with respect to such Mortgaged
Property.

          (d)  With respect to a request to the Special Servicer from the Master
Servicer  for  approval  for the  assumption  or waiver of a  due-on-encumbrance
clause of a Mortgage  Loan that would not  require  Rating  Agency  review,  the
Special  Servicer shall notify the Master  Servicer of its decision  within five
Business Days of receiving notice (and all supporting  documentation  reasonably
required by the Special  Servicer for its analysis) from the Master  Servicer of
the  Master  Servicer's  decision  to  approve  the  assumption  or  waiver of a
due-on-encumbrance  clause of a Mortgage Loan; which approval shall be deemed to
have been given if the Special  Servicer does not notify the Master  Servicer of
its decision during such five Business Day period.

          (e) With respect to Loan Number 1, neither the Master Servicer nor the
Special  Servicer  shall approve any Mezzanine  Loan (as defined in the Mortgage
for Loan Number 1) without first having obtained Rating Agency Confirmation from
S&P with respect to (i) each holder of the Mezzanine Loan and (ii) the terms and
conditions  of the  intercreditor  agreement  with each holder of the  Mezzanine
Loan.

          Section 3.10.  Realization Upon Mortgage Loans.

          (a)  With respect to any Specially Serviced Mortgage Loan, the Special
Servicer shall determine, in accordance with the Servicing Standard,  whether to
grant a  modification,  waiver  or  amendment  of the  terms  of such  Specially
Serviced Mortgage Loan,  (subject to the limitations  contained in Section 3.28)
commence  foreclosure  proceedings  or attempt to sell such  Specially  Serviced
Mortgage Loan with  reference to which course of action is reasonably  likely to
produce a greater  recovery  on a net present  value basis with  respect to such
Specially Serviced Mortgage Loan.

          (b)  In connection with any  foreclosure  or  other  acquisition,  the
Master Servicer shall, at the direction of the Special  Servicer,  pay the costs
and expenses in any such proceedings as an Advance.

               If the Special Servicer elects to  proceed  with  a  non-judicial
foreclosure in accordance with the laws of the state where the related Mortgaged
Property is located, the

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<PAGE>

Special  Servicer shall not be required to pursue a deficiency  judgment against
the related  Borrower or any other liable party if the laws of such state do not
permit such a deficiency  judgment  after a  non-judicial  foreclosure or if the
Special  Servicer  determines,  in its  reasonable  judgment,  that  the  likely
recovery if a deficiency  judgment is obtained will not be sufficient to warrant
the cost, time, expense and/or exposure of pursuing such a deficiency judgment.

               In the event that title to any Mortgaged Property is acquired  in
foreclosure or by deed in lieu of  foreclosure,  the deed or certificate of sale
shall be issued to the Trustee,  or to its nominee  (which shall not include the
Master Servicer or the Special  Servicer) or a separate trustee or co-trustee on
behalf of the  Trustee,  as the holder of the REMIC I Regular  Interests  and as
Trustee for the  Certificateholders.  Notwithstanding  any such  acquisition  of
title and  cancellation  of the related  Mortgage Loan, such Mortgage Loan shall
(except for purposes of Section 9.1) be considered to be a Mortgage Loan held in
the Trust Fund until such time as the related REO Property  shall be sold by the
Trust Fund and the Stated  Principal  Balance of each REO Mortgage Loan shall be
reduced by any Net REO Proceeds  allocated  to  principal.  Consistent  with the
foregoing,  for purposes of all calculations hereunder, so long as such Mortgage
Loan shall be considered to be an outstanding Mortgage Loan:

               (i)   it   shall  be   assumed  that,  notwithstanding  that  the
indebtedness evidenced by the related Note shall have been discharged, such Note
and, for purposes of  determining  the Stated  Principal  Balance  thereof,  the
related  amortization  schedule in effect at the time of any such acquisition of
title, remain in effect; and

               (ii) Net REO Proceeds received in any month shall be deemed to be
treated: first, as a recovery of any related and unreimbursed Servicing Advances
and,  if  applicable,  unpaid  Liquidation  Expenses;  second,  as a recovery of
accrued  and  unpaid  interest  on the  related  REO  Mortgage  Loan to, but not
including, the Due Date in the Collection Period of receipt, exclusive, however,
of any portion of such  accrued and unpaid  interest  that  constitutes  Default
Interest  or,  in  the  case  of  an  REO  Mortgage   Loan  that  relates  to  a
Hyper-Amortization  Loan after its  Hyper-Amortization  Date,  that  constitutes
Deferred Interest; third, as a recovery of principal of the related REO Mortgage
Loan to the extent of its entire unpaid principal balance; fourth, as a recovery
of any  Prepayment  Premium deemed to be due and owing in respect of the related
REO Mortgage  Loan;  fifth,  as a recovery of any other amounts deemed to be due
and owing in respect of the related REO Mortgage  Loan (other than,  in the case
of an REO  Mortgage  Loan that  relates to a  Hyper-Amortization  Loan after its
Hyper-Amortization  Date, accrued and unpaid Deferred  Interest);  and sixth, in
the case of an REO Mortgage Loan that relates to a Hyper-Amortization Loan after
its Hyper-Amortization Date, any accrued and unpaid Deferred Interest.

          (c)  Notwithstanding  any  provision  to  the  contrary,  the  Special
Servicer  shall not  acquire  for the  benefit  of the Trust  Fund any  personal
property pursuant to this Section 3.10 unless either:

               (i)  such personal property is incident to real property  (within
the  meaning  of  Section  856(e)(1)  of the Code) so  acquired  by the  Special
Servicer for the benefit of the Trust Fund; or

               (ii)  the Special  Servicer  shall have requested and received an
Opinion of Counsel  (the cost of such  opinion  shall be advanced as a Servicing
Advance,  unless such Advance would be a  Nonrecoverable  Advance) to the effect
that the holding of such personal

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<PAGE>

property by REMIC I will not cause the  imposition of a tax on REMIC I, REMIC II
or REMIC III under the REMIC  Provisions or cause REMIC I, REMIC II or REMIC III
to fail to qualify as a REMIC at any time that any Certificate is outstanding.

          (d)  Notwithstanding  any provision to the contrary in this Agreement,
the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any
direct or indirect partnership interest or other equity interest in any Borrower
pledged  pursuant to any pledge agreement unless the Special Servicer shall have
requested  and received an Opinion of Counsel (the cost of such opinion shall be
advanced as a Servicing  Advance,  unless such Advance would be a Nonrecoverable
Advance)  to the effect  that the holding of such  partnership  or other  equity
interest  by the Trust Fund will not cause the  imposition  of a tax on REMIC I,
REMIC II or REMIC III under the REMIC  Provisions  or cause REMIC I, REMIC II or
REMIC  III to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.

          (e)  Notwithstanding any provision to the contrary contained  in  this
Agreement,  the Special Servicer shall not, on behalf of the Trust Fund,  obtain
title to a  Mortgaged  Property  as a  result  of or in lieu of  foreclosure  or
otherwise obtain title to any direct or indirect  partnership  interest or other
equity  interest in any  Borrower  pledged  pursuant to a pledge  agreement  and
thereby be the beneficial owner of a Mortgaged Property, and shall not otherwise
acquire  possession  of, or take any other action with respect to, any Mortgaged
Property if, as a result of any such action, the Trustee,  for the Trust Fund or
the  Certificateholders,  would  be  considered  to  hold  title  to,  to  be  a
"mortgagee-in-possession"  of,  or  to be  an  "owner"  or  "operator"  of  such
Mortgaged  Property  within  the  meaning  of  the  Comprehensive  Environmental
Response,  Compensation and Liability Act of 1980, as amended from time to time,
or any comparable law, unless the Special Servicer has previously  determined in
accordance   with  the  Servicing   Standard,   based  on  an  updated  Phase  I
Environmental  Assessment  report prepared (not more than 12 months prior to the
taking of such action) by a Qualified Environmental Consultant, that:

               (i)  such Mortgaged Property is  in  compliance  with  applicable
environmental laws or, if not, after consultation with a Qualified Environmental
Consultant,  that it would be in the best economic interest of the Trust Fund to
take  such  actions  as are  necessary  to  bring  such  Mortgaged  Property  in
compliance therewith, and

               (ii)  there  are  no  circumstances  present  at  such  Mortgaged
Property relating to the use,  management or disposal of any Hazardous Materials
for  which  investigation,   testing,  monitoring,   containment,   clean-up  or
remediation could be required under any currently  effective  federal,  state or
local law or regulation,  or that, if any such  Hazardous  Materials are present
for which such action could be  required,  after  consultation  with a Qualified
Environmental Consultant, it would be in the best economic interest of the Trust
Fund to take such actions with respect to such Mortgaged Property.

     In the event that the Phase I  Environmental  Assessment  first obtained or
updated by the Special Servicer with respect to a Mortgaged  Property  indicates
that  such  Mortgaged   Property  may  not  be  in  compliance  with  applicable
environmental  laws or that  Hazardous  Materials  may be  present  but does not
definitively  establish such fact, the Special Servicer shall cause such further
environmental  tests as the Special  Servicer  shall deem prudent to protect the
interests of  Certificateholders  to be  conducted by a Qualified  Environmental
Consultant.  Any such tests  shall be deemed  part of the Phase I  Environmental
Assessment  obtained by the Special  Servicer for purposes of this Section 3.10.
The Master  Servicer shall at the direction of the Special  Servicer pay for the
cost of preparation of such Phase I Environmental Assessments as well as

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the cost of any remedial,  corrective or other further  action  contemplated  by
clauses (i) and/or (ii) of this Section 3.10(e) as a Servicing  Advance,  unless
such Advance would be a Nonrecoverable Advance.

          (f)  The Special Servicer shall report to the IRS and to  the  related
Borrower,  in the manner required by applicable law, the information required to
be reported  regarding any Mortgaged  Property which is abandoned or foreclosed.
The Special Servicer shall deliver a copy of any such report to the Trustee.

          Section 3.11.  Trustee to Cooperate; Release of Mortgage Files.

     Upon the payment in full of any Mortgage Loan, or the receipt by the Master
Servicer of a  notification  that payment in full has been  escrowed in a manner
customary for such purposes,  the Master Servicer shall  immediately  notify the
Trustee and the Custodian by a certification  (which certification shall include
a  statement  to the effect  that all  amounts  received  or to be  received  in
connection  with  such  payment  which  are  required  to be  deposited  in  the
Collection Account pursuant to Section 3.5(a) have been or will be so deposited)
of a Servicing Officer and shall request delivery to it of the Mortgage File. No
expenses  incurred in connection  with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Trust Fund.

     From  time to time upon  request  of the  Master  Servicer  or the  Special
Servicer,  and  delivery  to the  Trustee  and the  Custodian  of a Request  for
Release,  the Trustee shall promptly cause the Custodian to release the Mortgage
File (or any  portion  thereof)  designated  in such  Request for Release to the
Master Servicer or the Special Servicer, as applicable. Upon receipt of (a) such
Mortgage File (or portion  thereof) by the Custodian from the Master Servicer or
the Special  Servicer,  as  applicable,  or (b) in the event of a liquidation or
conversion of the related Mortgage Loan into an REO Property, a certificate of a
Servicing  Officer  stating that such Mortgage Loan was  liquidated and that all
amounts received or to be received in connection with such liquidation which are
required to be deposited into the  Collection  Account or  Distribution  Account
have been so  deposited,  or that such Mortgage Loan has become an REO Property,
the Custodian shall return the Request for Release to the Master Servicer or the
Special Servicer, as applicable.

     Upon  written  certification  of a Servicing  Officer,  the  Trustee  shall
execute and deliver to the Special  Servicer any court  pleadings,  requests for
trustee's sale or other documents  prepared by the Special Servicer,  its agents
or attorneys,  necessary to the  foreclosure or trustee's sale in respect of the
Mortgaged Property or to any legal action brought to obtain judgment against any
Borrower on the related Note or Mortgage or to obtain a deficiency judgment,  or
to enforce  any other  remedies  or rights  provided by such Note or Mortgage or
otherwise available at law or in equity. Each such certification shall include a
request  that such  pleadings  or  documents  be  executed  by the Trustee and a
statement as to the reason such documents or pleadings are required and that the
execution and delivery  thereof by the Trustee will not  invalidate or otherwise
affect the lien of the related  Mortgage,  except for the  termination of such a
lien upon completion of the foreclosure or trustee's sale.

          Section 3.12.  Servicing Compensation.

          (a)  As compensation for its activities hereunder, the Master Servicer
shall be entitled to the Master Servicer Fee, which shall be payable solely from
receipts on the related

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Mortgage  Loans,  and may be withheld from payments on account of interest prior
to deposit in the Collection  Account,  or may be withdrawn from certain amounts
on deposit in the  Collection  Account as and to the extent set forth in Section
3.6(a)(iv).  The Master  Servicer's rights to the Master Servicer Fee may not be
transferred in whole or in part except in connection with the transfer of all of
the Master Servicer's  responsibilities and obligations under this Agreement. In
addition,  the Master  Servicer  shall be  entitled to  receive,  as  additional
servicing compensation,  (i) any Prepayment/Balloon  Payment Interest Excess (to
the extent not otherwise allocable to offset Prepayment/Balloon Payment Interest
Shortfalls in accordance  with Section  3.25),  (ii) to the extent  permitted by
applicable law and the related Notes and Mortgages,  any late payment charges or
late fees or Default Interest (to the extent not used to offset Advance Interest
Amounts as  provided  herein),  NSF check  charges  (including  with  respect to
Specially Serviced Mortgage Loans),  demand fees, Loan Service Transaction Fees,
beneficiary   statement  charges,  or  similar  items  (but  not  including  any
Prepayment  Premiums),  in each case to the extent  received with respect to any
Mortgage  Loan that is not a Specially  Serviced  Mortgage Loan and (iii) 75% of
any  extension  fees,  modification  fees,  consent  fees  and  assumption  fees
collected on any Mortgage Loan that is not a Specially  Serviced  Mortgage Loan.
The  Master  Servicer  shall  also be  entitled  pursuant  to, and to the extent
provided in,  Section  3.7(b) to withdraw  from the  Collection  Account and the
Grantor Trust  Collection  Account and to receive from the Reserve  Accounts (to
the extent not  required  to be paid to the  related  Borrower  pursuant  to the
related  Mortgage Loan Documents or applicable law) any interest or other income
earned on deposits  therein.

               Notwithstanding anything herein to the contrary,  Midland  may at
its  option  assign  or  pledge to any third  party or  retain  for  itself  the
Transferable  Servicing Interest;  provided,  however,  that in the event of any
resignation  or termination  of the Master  Servicer,  all or any portion of the
Transferable  Servicing  Interest  may be reduced  by the  Trustee to the extent
reasonably  necessary (in the sole discretion of the Trustee) for the Trustee to
obtain a qualified  successor  Master Servicer (which  successor may include the
Trustee) that meets the  requirements  of Section 6.4(b) and who requires market
rate  servicing  compensation  that accrues at a per annum rate in excess of the
Minimum Master Servicer Fee Rate. The Master Servicer shall pay the Transferable
Servicing  Interest to the holder of the Transferable  Servicing Interest (i.e.,
Midland  or any such  third  party) at such time and to the  extent  the  Master
Servicer is entitled to receive  payment of its Master  Servicer Fees hereunder,
notwithstanding  any resignation or termination of Midland hereunder (subject to
reduction pursuant to the preceding sentence).

               Except as otherwise provided herein, the  Master  Servicer  shall
pay all expenses  incurred by it in  connection  with its  servicing  activities
hereunder.

          (b) As compensation for its activities hereunder, the Special Servicer
shall be entitled  to the  Standby  Special  Servicer  Fee with  respect to each
Mortgage  Loan and the  Special  Servicer  Fee with  respect  to each  Specially
Serviced  Mortgage  Loan,  which shall be payable from amounts on deposit in the
Collection  Account as set forth in Section  3.6(a)(iv).  The Special Servicer's
rights to the Standby Special  Servicer Fee and the Special Servicer Fee may not
be transferred in whole or in part except in connection with the transfer of all
of the Special Servicer's responsibilities and obligations under this Agreement.
The  Special  Servicer  shall also be  entitled  pursuant  to, and to the extent
provided  in,  Section  3.7(b) to withdraw  from any REO Account any interest or
other income earned on deposits  therein.  Notwithstanding  the  foregoing,  the
Standby Special Servicer Fee payable to the Special Servicer each month pursuant
to Section 3.6(a)(iv) shall be reduced, but not below zero, by the amount of any
Special Servicer Fee,

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Workout  Fee or  Disposition  Fee paid to the  Special  Servicer  in such  month
pursuant to Section  3.6(a)(iv).

               In addition, the Special Servicer shall be entitled  to  receive,
as additional Servicing Compensation,  to the extent permitted by applicable law
and the related Notes and  Mortgages,  any late payment  charges or late fees or
Default  Interest (to the extent not used to offset Advance  Interest Amounts as
provided  herein),   demand  fees,  assumption  fees,  loan  modification  fees,
extension  fees,  consent  fees,  Loan  Service  Transaction  Fees,  beneficiary
statement charges, or similar items (but not including any Prepayment Premiums),
in each case to the  extent  received  with  respect to any  Specially  Serviced
Mortgage  Loan.  The Special  Servicer  shall also be  entitled  to receive,  as
additional Servicing Compensation, to the extent permitted by applicable law and
the related Notes and Mortgages,  25% of any extension fees,  modification fees,
consent fees and assumption fees to the extent  collected on Mortgage Loans that
are not Specially Serviced Mortgage Loans.

               Furthermore, the Special Servicer shall be entitled  to  receive,
as additional Servicing Compensation, a workout fee (the "Workout Fee") equal to
the  product of 1.0% and the amount of Net  Collections  received  by the Master
Servicer or the Special  Servicer with respect to each Corrected  Mortgage Loan.
If any Corrected Mortgage Loan again becomes a Specially Serviced Mortgage Loan,
any right to the  Workout  Fee with  respect  to such  Mortgage  Loan  earned in
connection with the initial modification, restructuring or workout thereof shall
terminate,  and the Special  Servicer shall be entitled to a new Workout Fee for
such Mortgage Loan upon resolution or workout of the subsequent event of default
under such Mortgage  Loan. If the Special  Servicer is terminated for any reason
hereunder  it shall  retain the right to receive  any  Workout  Fees  payable in
respect of any (i) Mortgage Loans which became  Corrected  Mortgage Loans during
the period that it acted as Special Servicer or (ii) Specially Serviced Mortgage
Loan for which the Special  Servicer  has cured the event of default  under such
Specially  Serviced  Mortgage  Loan  through a  modification,  restructuring  or
workout  negotiated by the Special  Servicer and evidenced by a signed  writing,
but which had not as of the time the Special  Servicer was  terminated  become a
Corrected  Mortgage  Loan  solely  because  the  Borrower  had  not  made  three
consecutive timely monthly payments and which  subsequently  becomes a Corrected
Mortgage Loan as a result of the Borrower making such three  consecutive  timely
monthly  payments (and the successor  Special  Servicer shall not be entitled to
any portion of such Workout  Fees),  in each case until the Workout Fees for any
such Mortgage Loan ceases to be payable in accordance with this paragraph.

               The parties acknowledge that the Special Servicer may be required
pursuant to the terms of this Agreement to perform  certain actions with respect
to  Mortgage  Loans  that  are not  Specially  Serviced  Mortgage  Loans  (e.g.,
consenting to amendments,  assumptions,  releases of  collateral,  etc.) and the
performing of such actions with respect to such non-Specially  Serviced Mortgage
Loans  shall not in and of itself  cause such  Mortgage  Loans to be  considered
Specially  Serviced Mortgage Loans or cause a Special Servicer Fee to be payable
with respect to such Mortgage Loans.

               Except as otherwise provided herein, the Special  Servicer  shall
pay all expenses  incurred by it in  connection  with its  servicing  activities
hereunder.

          (c)  In addition to other Special Servicer compensation  provided  for
in this  Agreement,  and not in lieu  thereof,  the  Special  Servicer  shall be
entitled to the  Disposition  Fee payable  out of certain  Liquidation  Proceeds
prior to the deposit of the related Net  Liquidation  Proceeds in the Collection
Account. If the Special Servicer is terminated for any reason

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hereunder  and a  Disposition  Fee is  subsequently  payable  with  respect to a
Specially  Serviced  Mortgage  Loan or  related  REO  Property  that  was  being
administered  by the  Special  Servicer  at the  time of  termination,  then the
terminated  Special Servicer and the successor  Special Servicer shall apportion
the  Disposition  Fee between  themselves in a manner that reflects the relative
contribution of each such servicer in obtaining the Liquidation Proceeds.

          (d)  If the Master Servicer,  the  Special  Servicer  or  the  Trustee
receives a request or inquiry  from a  Borrower,  any  Certificateholder  or any
other Person the response to which would, in the Master Servicer's,  the Special
Servicer's or the Trustee's good faith business judgment, require the assistance
of Independent  legal counsel or other  consultant to the Master  Servicer,  the
Special  Servicer or the  Trustee,  the cost of which would not be an expense of
the Trust Fund hereunder,  then the Master Servicer, the Special Servicer or the
Trustee,  as the case may be,  shall  not be  required  to take  any  action  in
response   to  such   request  or  inquiry   unless   such   Borrower   or  such
Certificateholder  or such other Person, as applicable,  makes  arrangements for
the  payment of the Master  Servicer's,  the  Special  Servicer's  or  Trustee's
expenses  associated with such counsel or other consultant  (including,  without
limitation,  posting an advance  payment for such expenses)  satisfactory to the
Master Servicer, the Special Servicer or the Trustee, as the case may be, in its
sole discretion.  Unless such  arrangements have been made, the Master Servicer,
the Special Servicer or the Trustee, as the case may be, shall have no liability
to any Person for the failure to respond to such request or inquiry.

          Section 3.13.  Reports to the Trustee; Collection Account Statements.

          (a)  The Master  Servicer  shall  deliver  to  the  Paying  Agent  (in
electronic, downloadable format reasonably acceptable to the Master Servicer and
the Paying Agent), with a copy to the Trustee,  the Fiscal Agent and each Rating
Agency,  (i) no later than 3:00 p.m. (New York City time) on the third  Business
Day preceding the related  Distribution Date (A) the Servicer  Remittance Report
with  respect  to  such  Determination   Date  (which  shall  include,   without
limitation,  the amount of the Master Servicer Remittance Amount for the related
Distribution  Date) and (B) a written statement of required P&I Advances for the
related  Determination  Date together  with the  certificate  and  documentation
required  by  the   definition  of   Nonrecoverable   Advance   related  to  any
determination  that any such  P&I  Advance  would  constitute  a  Nonrecoverable
Advance made as of such  Determination  Date. The Master  Servicer shall deliver
the CMSA Loan  Set-up  File to the  Trustee on or before the third  Distribution
Date after the Start-up Day; provided,  however,  that the Master Servicer shall
promptly  after the  Start-up Day deliver to the Trustee  those  portions of the
CMSA Loan  Set-up  File  required  by the  Trustee  for  purposes  of making the
calculations  and  reports  referred  to in  Article  IV and  otherwise  in this
Agreement.  The Master Servicer shall not be required to prepare and deliver any
of the CMSA IRP reports and files that it is required to deliver (other than the
Loan Periodic Update File) before the third Distribution Date after the Start-up
Day. Such reports and any written information supplemental thereto shall include
such information with respect to the Mortgage Loans that is reasonably  required
by the Trustee for purposes of making the  calculations  and reports referred to
in Article IV and otherwise in this Agreement. Such information may be delivered
by the Master Servicer to the Trustee in such electronic or other form as may be
reasonably acceptable to the Trustee and the Master Servicer.

          (b)  Not later than 9:00 a.m.  (New  York  City  time)  on  the  first
Business Day following  each  Determination  Date,  the Special  Servicer  shall
prepare  and  deliver  or cause  to be  delivered  to the  Master  Servicer  the
following reports (or data files relating to reports of the

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Master Servicer) with respect to the Specially  Serviced  Mortgage Loans and any
REO Properties, providing the information required of the Special Servicer in an
electronic  format  reasonably  acceptable  to the  Master  Servicer  as of such
Determination Date: (i) a Property File; (ii) a Loan Periodic Update File; (iii)
a Delinquent Loan Status Report; (iv) a Comparative Financial Status Report; (v)
a Historical Liquidation Report; (vi) a Historical Loan Modification Report; and
(vii) a REO Status Report. The Special Servicer shall not be required to prepare
any of the foregoing  reports (other than the Loan Periodic  Update File) before
the third  Distribution  Date after the Start-up  Day. In addition,  the Special
Servicer  shall  from  time  to time  provide  the  Master  Servicer  with  such
information  in  the  Special  Servicer's  possession  regarding  the  Specially
Serviced  Mortgage  Loans and REO  Properties  as may be requested by the Master
Servicer and reasonably necessary for the Master Servicer to prepare each report
and any supplemental  information required to be provided by the Master Servicer
to the Trustee.

          (c) Each month the Master Servicer shall update the information in the
Operating  Statement  Analysis  Report  for  each  Mortgage  Loan  that is not a
Specially  Serviced  Mortgage  Loan  for  which  the  Master  Servicer  received
quarterly  or annual  operating  statements  or rent rolls  with  respect to the
related Mortgaged  Property at least 45 days prior to the related  Determination
Date.  Each month the  Special  Servicer  shall  update the  information  in the
Operating Statement Analysis Report for each Specially Serviced Mortgage Loan or
REO  Property  for which  the  Special  Servicer  received  quarterly  or annual
operating  statements  or rent  rolls  with  respect  to the  related  Mortgaged
Property or REO  Property  at least 30 days prior to the  related  Determination
Date.  On each  Determination  Date,  the  Special  Servicer  shall  remit  each
Operating Statement Analysis Report prepared by it, together with the underlying
operating  statements  and  rent  rolls,  to the  Master  Servicer  in a  format
reasonably acceptable to the Master Servicer.

          (d) Each month the Master Servicer shall update the information in the
NOI Adjustment Worksheet for each Mortgage Loan that is not a Specially Serviced
Mortgage Loan for which the Master Servicer received annual operating statements
with  respect to the  related  Mortgaged  Property at least 45 days prior to the
related  Determination  Date.  Each month the Special  Servicer shall update the
information in the NOI Adjustment Worksheet for each Specially Serviced Mortgage
Loan or REO Property for which the Special  Servicer  received annual  operating
statements  with  respect to the related  Mortgaged  Property or REO Property at
least 30 days prior to the related  Determination  Date.  On each  Determination
Date, the Special Servicer shall remit each NOI Adjustment Worksheet prepared by
it, together with the underlying operating statements, to the Master Servicer in
a format reasonably acceptable to the Master Servicer.

          (e)  The Master Servicer may, but is not required to,  make any of the
reports or files comprising the CMSA IRP (other than any files that are prepared
by the Trustee) available each month on the Master Servicer's  Internet website.
In connection with providing access to the Master  Servicer's  Internet website,
the Master Servicer may require  registration and the acceptance of a disclaimer
and  otherwise  adopt  reasonable  rules  and  procedures   (which  may  provide
indemnification  to the Master  Servicer  for any  liability  or damage that may
arise therefrom).

          (f)  For so long as  the  Master  Servicer  makes  deposits  into  and
withdrawals from the Collection Account,  not later than fifteen days after each
Distribution  Date, the Master Servicer shall forward to the Trustee a statement
prepared  by the Master  Servicer  setting  forth the  status of the  Collection
Account as of the close of business on the last Business Day of the

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related  Collection  Period  showing the  aggregate  amount of deposits into and
withdrawals from the Collection  Account for each category of deposit  specified
in Section 3.5 and each category of withdrawal specified in Section 3.6 for such
Collection  Period.

          (g)  The Master Servicer may conclusively rely  on  and  shall  not be
responsible  for the  content or  accuracy  of the reports to be provided by the
Special  Servicer.  The  Trustee  may  conclusively  rely  on and  shall  not be
responsible  for the  content or  accuracy  of the reports to be provided by the
Master Servicer or Special Servicer. In the case of information or reports to be
furnished  by the  Master  Servicer  to the  Trustee,  to the  extent  that such
information  or reports  are,  in turn,  based on  information  or reports to be
prepared and delivered by the Special  Servicer,  the Master Servicer shall have
no obligation to provide such information or reports to the Trustee until it has
received the requisite information or reports from the Special Servicer, and the
Master  Servicer  shall not be in default  hereunder due to a delay in providing
any reports  that it is required to provide to the Trustee that is caused by the
Special  Servicer's failure to timely provide any information or report required
under this Agreement.

          (h)  Notwithstanding the foregoing, however, the failure of the Master
Servicer or Special Servicer to disclose any information  otherwise  required to
be disclosed by this Section 3.13 shall not  constitute a breach of this Section
3.13 to the extent the Master Servicer or Special Servicer so fails because such
disclosure,  in the  reasonable  belief of the Master  Servicer  or the  Special
Servicer as the case may be, would violate any  applicable  law or any provision
of a Mortgage Loan document  prohibiting  disclosure of information with respect
to the  Mortgage  Loans or  Mortgaged  Properties.  The Master  Servicer  or the
Special  Servicer may affix to any information  provided by it any disclaimer it
deems appropriate in its reasonable  discretion (without suggesting liability on
the part of any other party hereto).

          (i)  If the Master Servicer or the Special  Servicer  is  required  to
deliver  any  statement,  report  or  information  under any  provision  of this
Agreement,  the Master Servicer or the Special Servicer, as the case may be, may
satisfied  such  obligation  by (x)  physically  delivering a paper copy of such
statement,  report or  information,  (y) delivering  such  statement,  report or
information in a commonly used  electronic  format or (z) making such statement,
report or information available on the Master Servicer's Internet website or the
Trustee's  Internet  website,  unless this  Agreement  specifically  specifies a
particular method of delivery.  Notwithstanding  the foregoing,  the Trustee may
request  delivery  in paper  format  of any  statement,  report  or  information
required  to be  delivered  to the Trustee and clause (z) shall not apply to the
delivery of any  information  required to be delivered to the Trustee unless the
Trustee consents to such delivery.

          Section 3.14.  Annual Statement as to Compliance.

     The Master Servicer and the Special  Servicer shall deliver to the Trustee,
the Rating Agencies,  the Depositor and, upon request,  the Operating Adviser on
or before March 15 of each year,  beginning  with March 15,  2001,  an Officer's
Certificate  stating,  as to each  signatory  thereof,  (i) that a review of the
activities of the Master Servicer or the Special Servicer, as applicable, during
the preceding calendar year (or such shorter period from the Closing Date to the
end of the related  calendar year) and of its  performance  under this Agreement
has been made under such officer's  supervision,  (ii) that, to the best of such
officer's  knowledge,  based on such  review,  it has  fulfilled in all material
respects all of its  obligations  under this Agreement  throughout such year (or
such shorter period),  or, if there has been a default in the fulfillment of any
such obligation,  specifying each such default known to such officer, the nature
and status

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thereof and what action it proposes to take with respect thereto, (iii) that, to
the best of such  officer's  knowledge,  each  Sub-Servicer  has  fulfilled  its
obligations under its Sub-Servicing  Agreement in all material respects,  or, if
there  has been a  material  default  in the  fulfillment  of such  obligations,
specifying  each such  default  known to such  officer and the nature and status
thereof, and (iv) whether it has received any notice regarding qualification, or
challenging  the  status,  of REMIC I, REMIC II or REMIC III as a REMIC from the
IRS or any other governmental agency or body; provided,  that each of the Master
Servicer and the Special Servicer shall not be required to cause the delivery of
such  Officer's  Certificate  until April 15 in any given year so long as it has
received written  confirmation  from the Depositor that a Report on Form 10-K is
not required to be filed in respect of the Trust Fund for the preceding calendar
year.

          Section 3.15. Annual Independent Public Accountants' Servicing Report.

     On or before  March 15 of each  calendar  year,  beginning  with 2001,  the
Master  Servicer  and the  Special  Servicer  at  their  expense  shall  cause a
nationally  recognized  firm of  Independent  public  accountants  (who may also
render  other  services  to the Master  Servicer  or the  Special  Servicer,  as
applicable)  to furnish to the Trustee,  the Depositor (in  electronic  format),
each Rating  Agency and, upon request,  the Operating  Adviser a report  stating
that (i) it has obtained from the Master  Servicer or the Special  Servicer,  as
the case may be, a letter of  representation  regarding certain matters from the
management of the Master Servicer or the Special  Servicer,  as the case may be,
which includes an assertion that the Master Servicer or the Special Servicer, as
the case may be, has  maintained  an  effective  internal  control  system  with
respect to the  servicing  of the Mortgage  Loans and has complied  with certain
minimum  mortgage loan  servicing  standards  identified  in the Uniform  Single
Attestation  Program for Mortgage  Bankers  established by the Mortgage  Bankers
Association  of America,  with respect to the Master  Servicer's  or the Special
Servicer's, as the case may be, servicing of commercial and multifamily mortgage
loans during the most recently  completed calendar year and (ii) on the basis of
an examination  conducted by such firm in accordance with standards  established
by the American  Institute of Certified  Public  Accountants,  such assertion is
fairly stated in all material  respects,  subject to such  exceptions  and other
qualifications  that, in the opinion of such firm, such standards  require it to
report.  The Master  Servicer and the Special  Servicer shall not be required to
cause the delivery of such report until April 15 in any given year so long as it
has received written  confirmation from the Depositor that a Report on Form 10-K
is not required to be filed with the Commission in respect of the Trust Fund for
the preceding calendar year.

          Section 3.16.  Access to Certain Documentation.

          (a)  The Master Servicer and the Special Servicer shall provide to any
Certificateholders  that  are  federally  insured  financial  institutions,  the
Federal  Reserve  Board,  the FDIC and the OTS and the  supervisory  agents  and
examiners of such boards and such  corporations,  and any other  governmental or
regulatory body to the jurisdiction of which any  Certificateholder  is subject,
access to the documentation  regarding the Mortgage Loans required by applicable
regulations of the Federal Reserve Board,  FDIC, OTS or any such governmental or
regulatory  body,  such access being afforded only upon  reasonable  request and
during  normal  business  hours at the  offices  of the Master  Servicer  or the
Special Servicer, as applicable.

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          (b)  Nothing in this Section 3.16 shall detract from the obligation of
the Master Servicer or the Special Servicer to observe any applicable law or any
provisions of the Mortgage Loan Documents prohibiting  disclosure of information
with  respect to the  Borrowers or the  Mortgage  Loans,  and the failure of the
Master  Servicer or the Special  Servicer,  as applicable,  to provide access as
provided  in  this  Section  3.16  as a  result  of such  obligation  shall  not
constitute a breach of this Section 3.16.

          Section 3.17.  Title and Management of REO Properties.

          (a)  In the event that title to any Mortgaged Property is acquired for
the  benefit  of  Certificateholders  in  foreclosure  or by  deed  in  lieu  of
foreclosure,  the deed or  certificate of sale shall be taken in the name of the
Trustee,  or its nominee  (which  shall not  include the Master  Servicer or the
Special Servicer),  or a separate trustee or co-trustee,  on behalf of the Trust
Fund. The Special Servicer shall maintain  accurate records with respect to each
related  REO  Property  reflecting  the status of taxes,  assessments  and other
similar  items that are or may become a lien on such REO Property and the status
of insurance  premiums payable with respect thereto.  The Special  Servicer,  on
behalf of the Trust Fund, shall dispose of any REO Property within three taxable
years  after the close of the  taxable  year in which  the Trust  Fund  acquires
ownership of such REO Property (the "REO Grace  Period") for purposes of Section
860G(a)(8) of the Code, unless (i) the Special  Servicer,  on behalf of REMIC I,
has timely  applied  for and  received  an  extension  of such REO Grace  Period
pursuant to Sections  856(e)(3) and 860G(a)(8)(A) of the Code, in which case the
Special  Servicer  shall  sell such REO  Property  by the end of the  applicable
extension period or (ii) the Special Servicer seeks and subsequently receives an
Opinion of Counsel  (the cost of such  opinion  shall be advanced as a Servicing
Advance, unless it would be a Nonrecoverable Advance),  addressed to the Special
Servicer  and the  Trustee,  to the effect that the holding by the Trust Fund of
such REO Property  for an  additional  specified  period will not cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8)  of the Code  (determined  without  regard to the  exception
applicable  for  purposes  of Section  860D(a) of the Code) at any time that any
Certificate is outstanding,  in which case the Special  Servicer shall sell such
REO Property by the end of such additional period, subject to any conditions set
forth in such Opinion of Counsel.  The Special Servicer,  on behalf of the Trust
Fund, shall dispose of any REO Property held by the Trust Fund prior to the last
day of the  period  (taking  into  account  extensions)  within  which  such REO
Property  is required  to be  disposed  of  pursuant  to the  provisions  of the
immediately  preceding  sentence in a manner  provided  under Section 3.18.  The
Special Servicer shall manage,  conserve,  protect and operate each REO Property
for the Certificateholders solely for the purpose of its disposition and sale in
a  manner  which  does  not  cause  such  REO  Property  to fail to  qualify  as
"foreclosure  property"  within the  meaning of Section  860G(a)(8)  of the Code
(determined  without regard to the exception  applicable for purposes of Section
860D(a)) of the Code or, except as  contemplated by Section  3.17(d),  result in
the  receipt by REMIC I of any "income  from  non-permitted  assets"  within the
meaning of Section  860F(a)(2)(B)  of the Code,  in an  Adverse  REMIC  Event in
respect of any of the REMICs or in an Adverse Grantor Trust Event.

          (b)  The Special Servicer shall have full power and authority, subject
only to the specific requirements and prohibitions of this Agreement,  to do any
and all  things in  connection  with any REO  Property  as are  consistent  with
Servicing  Standard,  all on such  terms  and for  such  period  as the  Special
Servicer  deems to be in the  best  interests  of  Certificateholders,  and,  in
connection  therewith,  the  Special  Servicer  shall  agree to the  payment  of
management fees that are consistent with general market  standards.  The Special
Servicer shall segregate and hold all

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revenues received by it with respect to any REO Property separate and apart from
its own funds and general  assets and shall  establish and maintain with respect
to any REO Property a segregated  custodial  account (each,  an "REO  Account"),
each of which shall be an Eligible  Account and shall be entitled  "[Insert name
of Trustee],  as Trustee, in trust for Holders of PNC Mortgage Acceptance Corp.,
Commercial Mortgage Pass-Through Certificates, Series 2000-C2, REO Account." The
Special  Servicer shall be entitled to any interest or investment  income earned
on funds  deposited in an REO Account to the extent  provided in Section 3.7(b).
The Special  Servicer  shall deposit or cause to be deposited in the related REO
Account  within two Business Days after receipt all REO Proceeds  received by it
with respect to any REO Property,  and shall withdraw  therefrom funds necessary
for the proper  operation,  management  and  maintenance  of such REO  Property,
including:

               (i)  all  insurance  premiums and ground  rents,  if any, due and
payable in respect of such REO Property;

               (ii) all real estate taxes and assessments in respect of such REO
Property and such other  Mortgaged  Properties that may result in the imposition
of a lien thereon; and

               (iii)  all costs and expenses  necessary  to  protect,  maintain,
manage, operate, repair and restore such REO Property.

     To the extent that such REO Proceeds are  insufficient for the purposes set
forth in clauses (i) through  (iii)  above,  the Master  Servicer  shall make an
Advance  equal to the  amount  of such  shortfall  unless  the  Master  Servicer
determines,   in  its  good  faith  judgment,  that  such  Advance  would  be  a
Nonrecoverable  Advance.  The Master Servicer shall be entitled to reimbursement
of such  Advances  (with  interest  at the  Advance  Rate) made  pursuant to the
preceding sentence, to the extent permitted pursuant to Section 3.6. The Special
Servicer shall remit to the Master Servicer from each REO Account for deposit in
the Collection  Account on a monthly basis prior to the related  Remittance Date
the Net REO Proceeds received or collected from the related REO Property, except
that in determining  the amount of such Net REO Proceeds,  the Special  Servicer
may retain in such REO Account reasonable reserves for repairs, replacements and
necessary capital improvements and other related expenses.

     Notwithstanding the foregoing, the Special Servicer shall not:

               (i)  permit the Trust Fund to enter into, renew or extend any New
Lease if the New Lease, by its terms, will give rise to any income that does not
constitute Rents from Real Property;

               (ii)  permit any amount to be received or accrued under  any  New
Lease other than amounts that will constitute Rents from Real Property;

               (iii)  authorize,  perform or permit any  construction on any REO
Property,  other than the repair or  maintenance  thereof or the completion of a
building  or other  improvement  thereon,  and then only if more than 10% of the
construction of such building or other  improvement was completed before default
on the related Mortgage Loan became imminent,  all within the meaning of Section
856(e)(4)(B) of the Code; or

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               (iv)  Directly  Operate  or  allow  any  Person  (other  than  an
Independent  Contractor) to Directly  Operate any REO Property on, any date more
than 90 days after its date of acquisition by the Trust Fund;

unless,  in any such case,  the Special  Servicer has  requested and received an
Opinion of Counsel  addressed to the Special  Servicer and the Trustee (the cost
of such  opinion  shall be advanced as a Servicing  Advance  unless such Advance
would be a Nonrecoverable Advance) to the effect that such action will not cause
such REO  Property  to fail to  qualify  as  "foreclosure  property"  within the
meaning of Section  860G(a)(8)  of the Code  (determined  without  regard to the
exception  applicable  for purposes of Section  860D(a) of the Code) at any time
that it is held by the Trust Fund,  in which case the Special  Servicer may take
such actions as are specified in such Opinion of Counsel.

     The Special  Servicer  shall be required  to contract  with an  Independent
Contractor for the operation and  management of any REO Property  within 90 days
of the Trust Fund's acquisition  thereof (unless the Special Servicer shall have
provided  the  Trustee  with an  Opinion  of  Counsel  that  the  operation  and
management  of such REO Property  other than through an  Independent  Contractor
shall not cause such REO Property to fail to qualify as  "foreclosure  property"
within the meaning of Code Section  860G(a)(8))  (the cost of such opinion shall
be advanced as a Servicing Advance unless such Advance would be a Nonrecoverable
Advance), provided that:

               (i)  the terms and conditions of any such contract shall  not  be
inconsistent herewith and shall reflect an arm's length agreement;

               (ii)  the fees of such Independent Contractor  (which shall be an
expense of the Trust Fund) shall be  reasonable  and  customary  in light of the
nature  and  locality  of the REO  Property,  the  services  rendered  and other
relevant factors;

               (iii) any such contract shall require, or shall  be  administered
to  require,  that the  Independent  Contractor  (A) pay all costs and  expenses
incurred in connection  with the operation and  management of such REO Property,
and (B) remit all related revenues collected (net of its fees and such costs and
expenses) to the Special Servicer upon receipt;

               (iv)  none  of the provisions of this Section 3.17(b) relating to
any such contract or to actions taken  through any such  Independent  Contractor
shall be deemed  to  relieve  the  Special  Servicer  of any of its  duties  and
obligations to the Trust Fund or the Trustee on behalf of the Certificateholders
with respect to the operation and management of any such REO Property; and

               (v)  the Special Servicer shall be obligated with respect thereto
to the same extent as if it alone were  performing all duties and obligations in
connection with the operation and management of such REO Property.

     The Special Servicer shall be entitled to enter into any agreement with any
Independent  Contractor  performing  services  for it  related to its duties and
obligations  hereunder  for  indemnification  of the  Special  Servicer  by such
Independent  Contractor,  and nothing in this Agreement shall be deemed to limit
or modify such indemnification.

          (c)  When and as necessary, the Special Servicer  shall  send  to  the
Trustee a statement prepared by the Special Servicer setting forth the amount of
net income or net loss, as

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determined  for federal  income tax purposes,  resulting  from the operation and
management  of a  trade  or  business  on,  the  furnishing  or  rendering  of a
non-customary  service to the tenants of, or the receipt of any other amount not
constituting  Rents from Real  Property  in  respect  of,  any REO  Property  in
accordance with Section 3.17(b).

          (d)  Promptly following any acquisition by the Trust Fund  of  an  REO
Property,  the  Special  Servicer  shall  obtain (i) an update of any  appraisal
performed  pursuant to Section 3.23 which is more than 12 months old, or (ii) to
the extent that an appraisal has not been obtained pursuant to such Section,  an
appraisal of such REO Property by an  Independent  appraiser  familiar  with the
area in which such REO Property is located in order to determine the fair market
value of such REO Property and shall notify the Depositor and the Trustee of the
results of such  appraisal.  Any such appraisal shall be conducted in accordance
with MAI  standards  by an  appraiser  with at least 5 years  experience  in the
relevant  property type and in the jurisdiction in which the Mortgaged  Property
is located and the cost thereof shall be reimbursable as a Servicing Advance.

          Section 3.18.  Sale of Specially Serviced Mortgage Loans and REO
Properties.

          (a)  With respect to any  Specially  Serviced  Mortgage  Loan  or  REO
Property which the Special  Servicer has  determined to sell in accordance  with
Section 3.10 or otherwise, the Special Servicer shall deliver to the Trustee and
the Operating  Adviser an Officer's  Certificate  to the effect that the Special
Servicer has  determined to sell such  Specially  Serviced  Mortgage Loan or REO
Property in accordance  with this Section 3.18.  The Special  Servicer will give
the Trustee  and the  Operating  Adviser  not less than 10 Business  Days' prior
written notice of its intention to sell any Specially  Serviced Mortgage Loan or
REO Property.  The Operating Adviser may, at its option, within 10 Business Days
after  receipt of such notice,  purchase (or designate an Affiliate to purchase)
any such Specially  Serviced Mortgage Loan or REO Property out of the Trust Fund
at a cash price equal to the applicable  Repurchase  Price. The Repurchase Price
for any Specially  Serviced  Mortgage Loan or REO Property  purchased under this
Section 3.18(a) shall be deposited into the Collection Account, and the Trustee,
upon receipt of an Officer's  Certificate from the Master Servicer to the effect
that such  deposit has been made,  shall  release or cause to be released to the
Operating  Adviser (or the designated  Affiliate  thereof) the related  Mortgage
File, and shall execute and deliver such  instruments of transfer or assignment,
in each case without  recourse,  representation or warranty as shall be provided
to it and are  reasonably  necessary to vest in the  ownership of such  Mortgage
Loan or REO Property. In connection with any such purchase, the Special Servicer
shall deliver the related servicing file to the Certificateholder effecting such
purchase.

          (b)  If the Operating Adviser (or a designated Affiliate  thereof) has
not purchased any Specially  Serviced Mortgage Loan or REO Property described in
the first  sentence of Section  3.18(a)  within 10  Business  Days of its having
received  notice in respect  thereof  pursuant to Section  3.18(a)  above or has
specifically  waived in writing its right to purchase  such  Specially  Serviced
Mortgage  Loan or REO  Property,  then either the Special  Servicer,  the Master
Servicer or the applicable Seller, in that order, may, at its option,  within 10
Business Days after the earlier of the expiration of such 10 Business Day period
or receipt of the Operating Adviser's written waiver of such right, purchase (or
designate an Affiliate  thereof to purchase)  such Mortgage Loan or REO Property
out of the  Trust  Fund at a cash  price  equal  to the  Repurchase  Price.  The
Repurchase Price for any such Mortgage Loan or REO Property purchased under this
Section 3.18(b) shall be deposited into the Collection Account, and the Trustee,
upon receipt of an

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Officer's  Certificate  from the Master Servicer to the effect that such deposit
has been made, shall release or cause to be released to the Master Servicer, the
Special Servicer or Seller (or the designated Affiliate thereof), as applicable,
the related  Mortgage  File,  and shall execute and deliver such  instruments of
transfer  or  assignments,  in each case  without  recourse,  representation  or
warranty as shall be provided to it and are reasonably  necessary to vest in the
Master  Servicer,  the Special  Servicer or Seller (or the designated  Affiliate
thereof), as applicable, the ownership of such Mortgage Loan or REO Property. In
connection  with any such  purchase  by the Master  Servicer  or the  applicable
Seller,  the Special  Servicer  shall deliver the related  servicing file to the
Master Servicer or Seller, as applicable.

          (c)  The Special Servicer may offer to sell to any  Person  (including
the  Depositor,  the Master  Servicer,  the Special  Servicer and the  Operating
Adviser) any  Specially  Serviced  Mortgage  Loan or REO Property not  otherwise
purchased  pursuant  to  Section  3.18(a)  or  3.18(b)  if and when the  Special
Servicer  determines,  consistent with the Servicing Standard,  that such a sale
would  be in  the  best  economic  interests  of  the  Certificateholders  (as a
collective  whole).  The Special Servicer shall notify the Operating  Adviser at
least 10 Business Days before offering to sell any Specially  Serviced  Mortgage
Loan or REO Property pursuant to this Section 3.18(c).  Such offer shall be made
in a commercially  reasonable  manner (which,  for purposes hereof,  includes an
offer to sell without representation or warranty other than customary warranties
of title and  condition,  if liability for breach thereof is limited to recourse
against  the  Trust  Fund),  but  shall,  in any  event,  so offer to sell  such
Specially  Serviced  Mortgage  Loan or REO  Property  no  later  than  the  time
determined  by the Special  Servicer to be  sufficient  to result in the sale of
such  Specially  Serviced  Mortgage  Loan  or REO  Property  within  the  period
specified in Section  3.17(a).  The Special  Servicer shall give the Trustee not
less than ten Business Days prior  written  notice of its intention to sell such
Specially  Serviced  Mortgage  Loan or REO  Property,  in which case the Special
Servicer  shall accept any offer  received from any Person that is determined by
the Special  Servicer to be a fair cash price,  as determined in accordance with
Section 3.18(b),  for such Specially  Serviced  Mortgage Loan or REO Property if
the offeror is a Person other than the Special Servicer or an Affiliate thereof,
or is determined to be such a price by the Trustee if the offeror is the Special
Servicer  or an  Affiliate  thereof;  provided,  however,  that any  offer by an
Interested  Person in the amount of the Repurchase Price shall be deemed to be a
fair cash price.  Notwithstanding  anything to the contrary herein,  neither the
Trustee in its individual capacity nor any of its Affiliates,  may make an offer
to purchase or purchase any Specially Serviced Mortgage Loan or any REO Property
pursuant hereto.

     In addition,  in the event that the Special Servicer receives more than one
fair offer with respect to any Specially Serviced Mortgage Loan or REO Property,
the Special Servicer may accept an offer that is not the highest fair cash offer
if it determines,  in accordance with the Servicing Standard, that acceptance of
such  offer  would  be in the  best  interests  of the  Certificateholders  (for
example,  if the prospective buyer making the lower cash offer is more likely to
perform its  obligations,  or the terms offered by the prospective  buyer making
the lower cash offer are more favorable). In the event that the Special Servicer
determines  with  respect to any REO  Property  that the offers  being made with
respect thereto are not in the best interests of the Certificateholders and that
the end of the REO Grace Period  referred to in Section  3.17(a) with respect to
such REO Property is approaching,  the Special  Servicer shall seek an extension
of such REO Grace Period in the manner described in Section  3.17(a);  provided,
however, that the Special Servicer shall use its best efforts in accordance with
the Servicing Standard,  to sell any REO Property no later than the day prior to
the Determination Date immediately prior to the Rated Final Distribution Date.

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          (d)  In determining whether any offer received represents a fair price
for any  Specially  Serviced  Mortgage  Loan or any REO  Property,  the  Special
Servicer or the Trustee shall be entitled to engage and may conclusively rely on
the opinion of an  Independent  appraiser or other expert in real estate matters
retained by the  Special  Servicer  or the  Trustee,  the cost of which shall be
advanced  as a  Servicing  Advance,  unless such  Servicing  Advance  would be a
Nonrecoverable  Advance.  In  determining  whether any offer  constitutes a fair
price for any Specially Serviced Mortgage Loan or any REO Property,  the Special
Servicer or the Trustee  (or, if  applicable,  such  appraiser)  shall take into
account,  and any  appraiser  or other  expert in real estate  matters  shall be
instructed to take into account, the appraisal obtained pursuant to Section 3.23
and,  as  applicable,  among  other  factors,  the  period  and  amount  of  any
delinquency on such Specially  Serviced  Mortgage Loan, the physical  (including
environmental) condition of the related Mortgaged Property or such REO Property,
the state of the local economy and the Trust Fund's obligation to dispose of any
REO Property within the time period specified in Section 3.17(a).

          (e)  Subject to the provisions of Section 3.17,  the Special  Servicer
shall act on behalf of the Trust Fund in negotiating and taking any other action
necessary or appropriate in connection  with the sale of any Specially  Serviced
Mortgage Loan or REO Property,  including the collection of all amounts  payable
in connection  therewith.  Any sale of a Specially Serviced Mortgage Loan or any
REO Property shall be without recourse to, or representation or warranty by, the
Trustee, the Depositor,  the Master Servicer,  the Special Servicer or the Trust
Fund (except that any contract of sale and assignment  and conveyance  documents
may contain  customary  warranties of title and  condition,  so long as the only
recourse  for  breach  thereof  is to the  Trust  Fund),  and,  if such  sale is
consummated in accordance  with the duties of the Special  Servicer,  the Master
Servicer, the Depositor and the Trustee pursuant to the terms of this Agreement,
no such Person who so  performed  shall have any  liability to the Trust Fund or
any  Certificateholder  with respect to the purchase price therefor  accepted by
the Special Servicer or the Trustee.

          (f)  Net  Liquidation  Proceeds  related  to  any  such  sale shall be
promptly,  and in any event within one Business Day following  receipt  thereof,
deposited in the Collection Account in accordance with Section 3.5(a)(iv).

          Section 3.19.  Inspections.

     Commencing  in 2001,  the Master  Servicer  (or,  with respect to Specially
Serviced Mortgage Loans and REO Properties,  the Special Servicer) shall inspect
or cause to be inspected each Mortgaged  Property at least once every two years;
provided,  however if the related Mortgage Loan (i) has a then current principal
balance of at least $2,000,000,  (ii) has a then current principal balance of at
least 2% of the then outstanding  principal balance of all Mortgage Loans in the
Trust Fund or (iii) is a Specially  Serviced  Mortgage  Loan,  then in each such
case the related Mortgaged  Property will be inspected at least once every year.
Promptly after a Mortgage Loan becomes a Specially  Serviced  Mortgage Loan (and
in any event within 60 days thereafter),  the Special Servicer shall inspect the
related Mortgaged  Property.  The annual inspections will be done at the expense
of the servicer  performing the  inspection.  The inspection  done at the time a
Mortgage Loan becomes a Specially  Serviced  Mortgage Loan will be an expense of
the Trust Fund. The Master Servicer and the Special  Servicer shall each prepare
or cause to be prepared as soon as reasonably  possible a written report of each
such  inspection  and  shall  deliver  a copy of such  report  (which  may be in
electronic format) to the Trustee, each

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Rating Agency and the  Operating  Adviser  within 15 days after the  preparation
thereof; provided, however, that the Master Servicer is only required to deliver
such reports to the Operating Adviser upon request.

          Section 3.20.  Available Information and Notices.

     The Master Servicer shall promptly  furnish to each Rating Agency and, upon
request,  the Operating Adviser (in written or electronic  format) quarterly and
annual  reports of each Borrower  with respect to the net  operating  income and
occupancy  rates  required to be delivered by the related  Borrower and actually
received by the Master Servicer with respect to non-Specially  Serviced Mortgage
Loans,  to the extent that delivery of such items is consistent  with applicable
law and the related Mortgage Loan Documents.  Upon request,  the Master Servicer
shall  promptly  furnish to each  Rating  Agency and the  Operating  Adviser (in
written or  electronic  format) all rent rolls and sales reports with respect to
non-Specially  Serviced  Mortgage Loans, to the extent they are delivered by the
related  Borrower to the Master Servicer and to the extent that delivery of such
items is consistent with applicable law and the related Mortgage Loan Documents.
The Master  Servicer shall promptly  notify each Rating Agency and the Operating
Adviser of any material uninsured damage to a Mortgaged Property that relates to
a non-Specially Serviced Mortgage Loan.

     The Special  Servicer shall promptly  furnish to each Rating Agency and the
Operating Adviser (in written or electronic format) quarterly and annual reports
of each Borrower with respect to the net  operating  income and occupancy  rates
required to be  delivered by the related  Borrower and actually  received by the
Special  Servicer  with respect to Specially  Serviced  Mortgage  Loans,  to the
extent that delivery of such items is  consistent  with  applicable  law and the
related  Mortgage Loan  Documents.  Upon  request,  the Special  Servicer  shall
promptly furnish to each Rating Agency and the Operating  Adviser (in written or
electronic  format) all rent rolls and sales  reports  with respect to Specially
Serviced  Mortgage  Loans,  to the  extent  they are  delivered  by the  related
Borrower to the Special  Servicer and to the extent that  delivery of such items
is consistent with applicable law and the related  Mortgage Loan Documents.  The
Special  Servicer  shall  promptly  notify each Rating  Agency and the Operating
Adviser of any material uninsured damage to a Mortgaged Property that relates to
a Specially Serviced Mortgage Loan.

     The Master Servicer and the Special Servicer shall promptly furnish to each
Rating Agency and the Operating Adviser any Officers'  Certificates delivered by
the Master  Servicer or the Special  Servicer,  as  applicable,  to the Trustee;
provided,  however,  that  the  Master  Servicer  shall  furnish  its  Officers'
Certificates to the Operating Adviser only upon request.

     None of the Trustee,  the Fiscal Agent, the Master Servicer and the Special
Servicer  shall  be  responsible   for  the  accuracy  or  completeness  of  any
information  supplied to it by a Borrower or a third party for  inclusion in any
such notice or in any other report or  information  furnished or provided by the
Master Servicer,  the Special Servicer or the Trustee hereunder,  and the Master
Servicer,  the  Special  Servicer,  the Fiscal  Agent and the  Trustee  shall be
indemnified  and held harmless by the Trust Fund against any loss,  liability or
expense  incurred in connection  with any legal action relating to any statement
or omission or alleged  statement or omission  therein,  including any liability
related to the inclusion of such information in any report filed with the

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Commission. Such indemnification shall survive the resignation or termination of
the foregoing parties and the termination of this Agreement.

     In  addition  to the other  reports  and  information  made  available  and
distributed  to the Depositor,  the Placement  Agents,  the Trustee,  the Rating
Agencies,  the  Operating  Adviser or the  Certificateholders  pursuant to other
provisions  of this  Agreement,  the Master  Servicer  and the Special  Servicer
shall, in accordance  with such reasonable  rules and procedures as it may adopt
(which may include the requirement that an agreement governing the availability,
use and disclosure of such  information,  and which may provide  indemnification
(at the expense of the requesting  party) to the Master  Servicer or the Special
Servicer as applicable, for any liability or damage that may arise therefrom, be
executed  to the  extent  the  Master  Servicer  or  the  Special  Servicer,  as
applicable,  deems  such  action  to be  necessary  or  appropriate),  also make
available  any  information  relating  to  the  Mortgage  Loans,  the  Mortgaged
Properties or the Borrowers for review by the  Depositor,  the Rating  Agencies,
the Placement Agents, the Trustee and the Operating Adviser. The Master Servicer
and the Special  Servicer,  as the case may be, will also make such  information
available  to any Person that the Trustee at the request of the Master  Servicer
or Special Servicer  certifies is a  Certificateholder  or Certificate  Owner or
potential  Certificateholder  or  Certificate  Owner.  The  Trustee may base the
certification on any information from the Certificateholder or Certificate Owner
or the potential  Certificateholder  or  Certificate  Owner that the Trustee may
require in its sole discretion.  The Trustee may require such  Certificateholder
or Certificate Owner or potential  Certificateholder or Certificate Owner to pay
any expenses incurred by the Trustee in making such certification.

     The Trustee shall also make available at its offices primarily  responsible
for  administration  of the Trust Fund, during normal business hours, for review
by  the   Depositor,   the  Rating   Agencies,   the  Operating   Adviser,   any
Certificateholder, the Placement Agents, any Person identified to the Trustee by
a  Certificateholder  or a Certificate  Owner as a  prospective  transferee of a
Certificate or a beneficial  interest  therein and any other Persons to whom the
Trustee  believes such disclosure is appropriate,  the following items: (i) this
Agreement, (ii) all monthly statements to Certificateholders delivered since the
Closing  Date  pursuant to Section  4.4(a),  (iii) all annual  statements  as to
compliance  delivered to the Trustee and the Depositor pursuant to Section 3.14,
(iv) all annual  Independent  accountants'  reports delivered to the Trustee and
the Depositor  pursuant to Section 3.15, (v) the reports prepared by the Trustee
pursuant  to Section  2.2 and (vi) any  reports or  information  relating to the
Mortgage Loans, the Mortgaged  Properties or the Borrowers which the Trustee has
received  from the Master  Servicer or the Special  Servicer.  The Trustee shall
make available at its offices during normal  business  hours,  for review by the
Depositor,  the Placement Agents, the Master Servicer, the Special Servicer, the
Rating Agencies,  the Operating Adviser,  any  Certificateholder  or Certificate
Owner,  any  Person  identified  to  the  Trustee  by  a  Certificateholder   or
Certificate  Owner as a prospective  transferee of a Certificate or a beneficial
interest  therein  and any  other  Persons  to whom the  Trustee  believes  such
disclosure is  appropriate,  the following  items:  (i) the  inspection  reports
prepared  by or on behalf of the Master  Servicer or the  Special  Servicer,  as
applicable,  in connection with the property inspections conducted by the Master
Servicer or the Special Servicer, as applicable,  pursuant to Section 3.19, (ii)
any and all  modifications,  waivers and  amendments  of the terms of a Mortgage
Loan entered into by the Master  Servicer or the Special  Servicer and (iii) any
and all Officer's  Certificates and other evidence  delivered to the Trustee and
the Depositor to support the Master  Servicer's  determination  that any Advance
was, or if made would be, a Nonrecoverable  Advance,  in each case except to the
extent doing so is

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prohibited by applicable  laws or by any documents  related to a Mortgage  Loan.
Copies of any and all of the foregoing  items shall be available from the Master
Servicer,  the Special  Servicer or the  Trustee,  as  applicable,  upon request
(subject to the exception in the preceding sentence).  The Master Servicer,  the
Special  Servicer and the Trustee shall be permitted to require  payment  (other
than from any Rating Agency) of a sum  sufficient to cover the reasonable  costs
and expenses  incurred by it in providing copies of or access to any information
requested in accordance with the previous sentence.

     The Master Servicer shall, on behalf of the Trust Fund,  prepare,  sign and
file  with  the  Commission  any and all  reports,  statements  and  information
respecting the Trust Fund which the Master Servicer or the Depositor  determines
(i) are required to be filed with the  Commission  pursuant to Sections 13(a) or
15(d) of the 1934 Act or (ii) the filing of which is otherwise  desirable,  each
such report,  statement and  information to be filed on or prior to the required
filing date for such  report,  statement  or  information.  Notwithstanding  the
foregoing, the Depositor shall file with the Commission,  within fifteen days of
the Closing Date, a Current Report on Form 8-K together with this Agreement.

          Section 3.21.  Reserve Accounts; Letters of Credit.

     The Master  Servicer shall  administer  each Reserve  Account in accordance
with the related Mortgage Loan Documents.

     The Master  Servicer shall  maintain,  administer and enforce any letter of
credit included in the Mortgage Files in accordance with its terms and the terms
of the other related Mortgage Loan Documents.  The Master Servicer shall monitor
the  dates on which  any  letter of credit  included  in the  Mortgage  Files is
required to be renewed and shall notify the Special  Servicer and the  Operating
Adviser of such dates.  The Trustee shall  cooperate with the Master Servicer in
connection with such administration of any letter of credit.

          Section 3.22.  Servicing Advances.

          (a)  The Master Servicer  (or,  to  the  extent  provided  in  Section
3.22(e),  the Special  Servicer,  or, to the extent provided in Section 3.22(b),
the Trustee or the Fiscal Agent) shall make any Servicing Advances as and to the
extent  otherwise  required  pursuant  to  the  terms  hereof.  For  purpose  of
calculating  distributions to the  Certificateholders,  Servicing Advances shall
not be  considered  to increase  the  principal  balance of any  Mortgage  Loan,
notwithstanding that the terms of such Mortgage Loan so provide.

          (b)  The Master Servicer shall notify the Trustee,  the  Fiscal  Agent
and the Rating  Agencies in writing  promptly  upon, and in any event within one
Business Day after,  becoming aware that it will be  financially  unable to make
any Servicing  Advance required to be made pursuant to the terms hereof,  and in
connection  therewith,  shall  set  forth  in such  notice  the  amount  of such
Servicing  Advance,  the Person to whom it should be paid, and the circumstances
and purpose of such Servicing Advance,  and shall set forth therein  information
and  instructions  for the payment of such Servicing  Advance,  and, on the date
specified in such notice for the payment of such  Servicing  Advance,  or, if no
such date is  specified  or such date has  already  occurred,  then  within  one
Business Day  following  such notice,  the Trustee  shall pay the amount of such
Servicing Advance in accordance with such information and  instructions.  If the
Trustee  fails to make any  Servicing  Advance  required  to be made  under this
Section 3.22, the Fiscal

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Agent shall make such  Advance on the same day the Trustee was  required to make
such Servicing Advance and,  thereby,  the Trustee shall not be in default under
this Agreement.

          (c)  Notwithstanding anything herein to  the  contrary,  none  of  the
Master Servicer, the Special Servicer (which only makes Emergency Advances), the
Trustee or the Fiscal Agent shall be obligated to make a Servicing Advance as to
any  Mortgage  Loan or REO Property if the Master  Servicer,  the Trustee or the
Fiscal  Agent as  applicable,  determines  that such  Servicing  Advance (or the
Special Servicer  determines that such Emergency  Advance),  if made, would be a
Nonrecoverable   Advance.  The  Master  Servicer  shall  be  entitled  to  rely,
conclusively,  on any  determination  by the Special  Servicer that an Emergency
Advance, if made, would be a Nonrecoverable  Advance. The Trustee and the Fiscal
Agent shall be  entitled  to rely,  conclusively,  on any  determination  by the
Master  Servicer  that a Servicing  Advance (or by the Special  Servicer that an
Emergency Advance), if made, would be a Nonrecoverable  Advance. The Trustee and
the Fiscal Agent, in determining  whether or not a Servicing Advance  previously
made is, or a proposed  Servicing  Advance,  if made, would be, a Nonrecoverable
Advance shall make such determination in their good faith judgment.

          (d)  The Master Servicer, the Special Servicer, the Trustee and/or the
Fiscal  Agent,  as  applicable,  shall be entitled  to, and the Master  Servicer
hereby  covenants and agrees to promptly seek and effect,  the  reimbursement of
Servicing  Advances to the extent  permitted  pursuant to Section  3.6(a)(ii) of
this Agreement,  together with any related Advance Interest Amount in respect of
such Servicing Advances (pursuant to Section 3.6(a)(iii)).

          (e)  No more frequently than once  per  calendar  month,  the  Special
Servicer  may  require the Master  Servicer,  and the Master  Servicer  shall be
obligated,  to reimburse the Special Servicer for any Emergency Advances made by
the Special Servicer, but not previously reimbursed (whether pursuant to Section
3.6(a),  this Section 3.22(e) or otherwise) to the Special Servicer,  and to pay
the Special Servicer interest thereon at the Advance Rate from the date made to,
but  not  including,  the  date of  reimbursement.  Such  reimbursement  and any
accompanying  payment of  interest  shall be made within ten days of the request
therefore  by  wire  transfer  of  immediately  available  funds  to an  account
designated by the Special Servicer. Upon the Master Servicer's  reimbursement to
the  Special  Servicer  of any  Emergency  Advance  and  payment to the  Special
Servicer of interest thereon,  all in accordance with this Section 3.22(e),  the
Master  Servicer shall for all purposes of this Agreement be deemed to have made
such Emergency Advance at the same time as the Special Servicer  originally made
such  Advance,  and  accordingly,  the  Master  Servicer  shall be  entitled  to
reimbursement  for such  Advance,  together  with  interest at the Advance  Rate
thereon,  at the same time,  in the same  manner  and to the same  extent as the
Master  Servicer would otherwise have been entitled if it had actually made such
Emergency Advance.

     Notwithstanding  anything to the contrary  contained in this Agreement,  if
the Special Servicer (i) is required under any other provision of this Agreement
to direct the Master  Servicer to make a Servicing  Advance or (ii) is otherwise
aware a  reasonable  period in advance  that it is  reasonably  likely  that the
Special  Servicer  will  incur a cost  or  expense  that  will,  when  incurred,
constitute  a  Servicing  Advance,  the Special  Servicer  shall (in the case of
clause  (i)  preceding),  and shall use  reasonable  efforts  to (in the case of
clause (ii)  preceding),  request that the Master  Servicer make such  Servicing
Advance, such request to be made in writing and in a timely manner that does not
materially  and adversely  affect the interest of any  Certificateholder  and at
least  five  Business  Days  prior  to the date on which  failure  to make  such
Servicing Advance would (with notice from the Trustee regardless of whether such
notice is actually received)

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constitute an Event of Default pursuant to Section 7.1(xi);  provided,  however,
that the  Special  Servicer  shall  have an  obligation  to make  any  Emergency
Advance.  The  Master  Servicer  shall  have  the  obligation  to make  any such
Servicing  Advance that it is  requested by the Special  Servicer to make within
five  Business  Days of the Master  Servicer's  receipt of such request and such
information and documents as are reasonably necessary for the Master Servicer to
make  such  Servicing  Advance.   The  Master  Servicer  shall  be  entitled  to
reimbursement  for any  Servicing  Advance  made by it at the  direction  of the
Special  Servicer,  together with  interest at the Advance Rate thereon,  at the
same time,  in the same manner and to the same extent as the Master  Servicer is
entitled with respect to any other Servicing Advance made thereby.

      Notwithstanding  the foregoing  provisions of this Section  3.22(e) or any
other provision of this Agreement to the contrary, the Master Servicer shall not
be  required  to  reimburse  the  Special  Servicer  for, or make at the Special
Servicer's direction, any Servicing Advance if the Master Servicer determines in
its reasonable, good faith judgment that the Servicing Advance which the Special
Servicer is directing  the Master  Servicer to  reimburse  it for or  hereunder,
although not characterized by the Special Servicer as a Nonrecoverable  Advance,
is or would be, if made, a  Nonrecoverable  Advance.  The Master  Servicer shall
notify the Special  Servicer  and the Trustee in writing of such  determination.
Such  notice  shall not  obligate  the Special  Servicer to make such  Servicing
Advance.

          Section 3.23.  Appraisal Reductions.

          (a)  Within 60 days (or such longer period as the Special  Servicer is
(as certified  thereby to the Trustee in writing)  diligently  and in good faith
proceeding to obtain such Updated Appraisal) after the Special Servicer receives
notice or is  otherwise  aware of an  Appraisal  Reduction  Event,  the  Special
Servicer  shall be  required  to  obtain an  Updated  Appraisal  of the  related
Mortgaged  Property or REO Property;  provided that if the Special  Servicer had
completed or obtained an Updated  Appraisal within the immediately  preceding 12
months,  the Special Servicer may rely on such Updated  Appraisal and shall have
no duty to prepare a new Updated Appraisal, unless such reliance would not be in
accordance with the Servicing  Standard.  The cost of any such Updated Appraisal
if not an internal valuation  performed by the Special Servicer shall be paid by
the Master  Servicer as a Servicing  Advance,  unless  such  Advance  would be a
Nonrecoverable Advance.

          (b)  If no Updated Appraisal has been obtained within 12 months  prior
to the first  Distribution  Date on or after an  Appraisal  Reduction  Event has
occurred,  the Special  Servicer  will be required to estimate  the value of the
related Mortgaged  Property or REO Property (the "Special  Servicer's  Appraisal
Reduction  Estimate") and such estimate will be used for purposes of determining
the Appraisal Reduction.

          (c)  If the Updated  Appraisal has not been  obtained  within 120 days
after the Appraisal  Reduction Event (which for purposes of this Section 3.23(c)
shall be determined without giving effect to the 90 and 30 day periods specified
in clauses (ii) and (iii),  respectively,  of such  definition),  the  Appraisal
Reduction  shall be an amount equal to 25% of the outstanding  Stated  Principal
Balance of such  Mortgage  Loan as of such date,  until such time as the Special
Servicer obtains the Updated Appraisal.

          (d)  The Special Servicer, based on the Updated Appraisal  or  Special
Servicer's   Appraisal  Reduction   Estimate,   shall  calculate  any  Appraisal
Reduction.  If the  Appraisal  Reduction  is  calculated  (i) using the  Special
Servicer's Appraisal Reduction Estimate or (ii) 120

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days after the  Appraisal  Reduction  Event (as  computed  in Section  3.23(c)),
assuming a 25% Appraisal  Reduction  because the Updated  Appraisal has not been
received,  then on the first  Distribution  Date occurring after the delivery of
the  Updated  Appraisal,  the  Special  Servicer  will be required to adjust the
Appraisal  Reduction to take into account the Updated  Appraisal  (regardless of
whether the  Updated  Appraisal  is higher or lower than the Special  Servicer's
Appraisal Reduction Estimate or the assumed 25% Appraisal Reduction, as the case
may be).  The Master  Servicer  will  verify the  accuracy  of the  mathematical
computation  of the  Appraisal  Reduction  by the Special  Servicer and that the
amounts used therein are consistent with the Master Servicer's records.

          (e)  Annual updates of such Updated Appraisal will be obtained  during
the continuance of an Appraisal Reduction Event. The cost of such annual updates
shall  be  paid  as  a  Servicing  Advance,  unless  such  Advance  would  be  a
Nonrecoverable  Advance.  In  addition,  the  Operating  Adviser may at any time
request the Special  Servicer to obtain an Updated  Appraisal  at the  Operating
Adviser's  expense.  Each time an Updated  Appraisal is obtained,  the Appraisal
Reduction  will be  adjusted  by the  Special  Servicer  based  on such  Updated
Appraisal.  Any Updated  Appraisal  obtained by the Special Servicer pursuant to
this section shall be delivered by the Special  Servicer to the Master Servicer,
the Trustee and the Operating  Adviser  within 15 days of receipt by the Special
Servicer of such Updated  Appraisal.  An appraisal  reduction will be eliminated
(i) upon  payment  in full or  liquidation  of any  Mortgage  Loan for  which an
Appraisal  Reduction  has been  determined  or (ii) if the  Mortgage  Loan is no
longer a Specially Serviced Mortgage Loan.

          Section 3.24.  Transfer  of  Servicing  Between  Master  Servicer  and
Special Servicer; Record Keeping.

          (a)  Upon determining that any Mortgage Loan has  become  a  Specially
Serviced  Mortgage  Loan,  the Master  Servicer  shall  immediately  give notice
thereof,  together  with a copy of the  related  Mortgage  File,  to the Special
Servicer  (with a copy of the notice and,  upon its  written  request and at its
expense,  a copy of the related  Mortgage  File, to the  Operating  Adviser) and
shall use its best efforts to provide the Special Servicer with all information,
documents (but excluding the original documents constituting such Mortgage File)
and records (including records stored electronically on computer tapes, magnetic
discs and the like) relating to such Mortgage Loan and  reasonably  requested by
the Special  Servicer to enable it to assume its duties  hereunder  with respect
thereto without acting through a Sub-Servicer. The Master Servicer shall use its
best efforts to comply with the preceding  sentence within five Business Days of
the date such Mortgage Loan became a Specially Serviced Mortgage Loan and in any
event  shall  continue  to act as  Master  Servicer  and  administrator  of such
Mortgage  Loan until the Special  Servicer has  commenced  the servicing of such
Mortgage Loan, which shall occur upon the receipt by the Special Servicer of the
information,  documents and records referred to in the preceding sentence.  With
respect to each Mortgage Loan that becomes a Specially  Serviced  Mortgage Loan,
the Master Servicer shall instruct the related Borrower to continue to remit all
payments in respect of such Mortgage Loan to the Master Servicer.

     Upon  determining  that a Mortgage  Loan is no longer a Specially  Serviced
Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer and upon giving such notice, the Special  Servicer's  obligation
to service such Mortgage Loan shall  terminate and the obligations of the Master
Servicer to service and administer such Mortgage Loan as a Mortgage Loan that is
not a Specially Serviced Mortgage Loan shall resume.

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          (b)  In servicing any Specially Serviced Mortgage  Loan,  the  Special
Servicer shall provide to the Trustee originals of documents included within the
definition of "Mortgage File" for inclusion in the related Mortgage File (to the
extent such documents are in the possession of the Special  Servicer) and copies
of any additional  related Mortgage Loan information,  including  correspondence
with the related Borrower,  and the Special Servicer shall provide copies of the
foregoing to the Master Servicer, including, without limitation, electronic data
and/or files in CMSA IRP format.

          (c)  Not later than the Business Day preceding each date on which  the
Master  Servicer  is  required  to furnish a report  under  Section  3.13 to the
Trustee,  the Special  Servicer  shall deliver to the Master  Servicer a written
statement describing,  on a Mortgage  Loan-by-Mortgage Loan basis, the amount of
all payments on account of interest received on each Specially Serviced Mortgage
Loan;  the amount of all payments on account of principal,  including  Principal
Prepayments and Balloon Payments,  on each Specially Serviced Mortgage Loan; the
amount of Insurance  Proceeds and Liquidation  Proceeds received with respect to
each Specially Serviced Mortgage Loan; and the amount of net income or net loss,
as determined  for  management  of a trade or business on, or the  furnishing or
rendering of a  non-customary  service to the tenants of, each REO Property that
previously  secured  a  Specially  Serviced  Mortgage  Loan,  in  each  case  in
accordance with Section 3.17.

          (d)  Notwithstanding the provisions of the preceding  subsection  (c),
the Master Servicer shall maintain  ongoing payment records with respect to each
of the Specially  Serviced Mortgage Loans and shall provide the Special Servicer
with any information  reasonably required by the Special Servicer to perform its
duties  under this  Agreement.  The Special  Servicer  shall  provide the Master
Servicer  with any  information  reasonably  required by the Master  Servicer to
perform its duties under this Agreement.

          (e)  No later than 30 days after a transfer of servicing described  in
the first paragraph of Section 3.24(a) for a Mortgage Loan, the Special Servicer
shall  deliver to each  Rating  Agency and the  Operating  Adviser a report (the
"Asset  Status  Report")  with  respect to such  Mortgage  Loan and the  related
Mortgaged  Property.  Such Asset  Status  Report  shall set forth the  following
information to the extent reasonably determinable:

               (i)  summary of the status of such  Specially  Serviced  Mortgage
Loan and any negotiations with the related Borrower;

               (ii)  a discussion of the legal and environmental  considerations
reasonably  known  to  the  Special  Servicer,  consistent  with  the  Servicing
Standard,  that are  applicable  to the exercise of remedies as aforesaid and to
the  enforcement of any related  guaranties or other  collateral for the related
Mortgage Loan and whether outside legal counsel has been retained;

               (iii)  the  most  current  rent  roll  and  income  or  operating
statement available for the related Mortgaged Property;

               (iv) the Special Servicer's recommendations on how such Specially
Serviced  Mortgage Loan might be returned to  performing  status and returned to
the Master Servicer for regular servicing or otherwise realized upon;

               (v)  the appraised value of the Mortgaged Property together  with
the assumptions used in the calculation thereof; and

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               (vi)  such  other  information  as  the  Special  Servicer  deems
relevant in light of the Servicing Standard.

          (f)  With respect to Loan Number  13,  the  Master  Servicer  and  the
Special  Servicer  acknowledge  that the related  Borrower  has entered  into an
Undertaking  and Agreement  dated as of October 18, 2000 (the  "Undertaking  and
Agreement") with respect to a mechanic's lien on the related Mortgaged  Property
(the "Mechanic's  Lien"). The existence of the Mechanic's Lien or the Action (as
defined in the Undertaking  and Agreement)  shall not cause Loan Number 13 to be
deemed a  Specially  Serviced  Mortgage  Loan for the  first 30 days  after  the
Start-up  Day  and  thereafter  for so  long  as the  claim  giving  rise to the
Mechanic's  Lien is fully bonded over or there is cash collateral in the lockbox
account  established  pursuant to the  Undertaking  and  Agreement  equal to the
amount of the claim  (the  "Special  Servicing  Suspension  Period").  If,  upon
termination of the Special  Servicing  Suspension  Period,  the Master  Servicer
determines in accordance  with the  definition of "Specially  Serviced  Mortgage
Loan" that Loan Number 13 has become a Specially  Serviced  Mortgage Loan due to
the existence of the  Mechanic's  Lien or the Action,  then the Master  Servicer
shall transfer  servicing of the Mortgage Loan to the Special Servicer  pursuant
to Section  3.24(a).  The Special  Servicer shall use its reasonable  efforts to
collect the Special  Servicer Fee from the related Borrower as and to the extent
provided  in  Section 6 of the  Undertaking  and  Agreement.  If Loan  Number 13
becomes a Specially  Serviced Mortgage Loan solely as a result of the Mechanic's
Lien or the Action and thereafter  becomes a Corrected  Mortgage Loan within 120
days after the  Start-up  Day, the Special  Servicer  shall not be entitled to a
Work-out Fee with respect to Loan Number 13.

          Section 3.25.  Adjustment of  Servicing  Compensation  in  Respect  of
Prepayment Interest Shortfalls.

     The  Master  Servicer  shall  deliver  to the  Trustee  for  deposit in the
Distribution Account on each Remittance Date, without any right of reimbursement
therefor,  an amount  equal to the  lesser  of (i) the  excess,  if any,  of all
Prepayment/Balloon  Payment  Interest  Shortfalls  over  all  Prepayment/Balloon
Payment Interest Excesses, in each case resulting from Principal Prepayments and
Balloon  Payments  received  in respect  of the  Mortgage  Pool  during the most
recently  ended  Collection  Period,  and (ii) an amount equal to the  aggregate
Stated Principal Balance of the Mortgage Loans for which the Master Servicer has
received its Master  Servicer Fee for such  Distribution  Date multiplied by the
Minimum Master Servicer Fee Rate.

          Section 3.26.  Operating Adviser; Elections.

          (a)  The Holders (or, in the  case  of  Book-Entry  Certificates,  the
Certificate Owners) of Certificates  representing more than 50% of the aggregate
Certificate Balance of the Controlling Class shall be entitled to (i) appoint an
operating adviser (the "Operating Adviser") with the powers set forth in Section
3.27, (ii) remove the then current Operating Adviser and (iii) appoint successor
Operating  Advisers,  all in accordance  with the  procedures  specified in this
Section 3.26. If the Holders (or, in the case of  Book-Entry  Certificates,  the
Certificate Owners) of Certificates  representing more than 50% of the aggregate
Certificate  Balance of the Controlling Class cannot agree on the appointment of
the Operating Adviser, then Midland shall be appointed the Operating Adviser.

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          (b)  Upon (i) the receipt by the Trustee of written  requests  for the
selection  of an  Operating  Adviser  from  the  Holders  (or,  in the  case  of
Book-Entry  Certificates,  the Certificate Owners) of Certificates  representing
more than 50% of the aggregate  Certificate  Balance of the  Controlling  Class,
(ii) the  resignation  or removal of the Person  acting as Operating  Adviser or
(iii) a determination by the Trustee that the Controlling Class has changed, the
Trustee  shall  promptly  notify the  Holders  (and,  in the case of  Book-Entry
Certificates,  to the  extent  actually  known to a  Responsible  Officer of the
Trustee or identified  thereto by the  Securities  Depository or the  Securities
Depository  Participants,  the Certificate Owners) of the Controlling Class that
they may select an  Operating  Adviser.  If the Trustee is aware that there is a
Certificateholder  (or, in the case of  Book-Entry  Certificates,  to the extent
actually known to a Responsible  Officer of the Trustee or identified thereto by
the Securities Depository or the Securities  Depository  Participants) that owns
more than 50% of the aggregate Certificate Balance of the Controlling Class, the
notice  shall  state  that  such  Certificateholder  (or  Certificate  Owner) is
entitled to designate  the  Operating  Adviser by  delivering  a signed  written
notice specifying the person appointed the Operating Adviser.  If the Trustee is
not aware  that  there is a  Certificateholder  (or,  in the case of  Book-Entry
Certificates,  a  Certificate  Owner)  that owns more than 50% of the  aggregate
Certificate  Balance of the Controlling  Class, then the notice shall state that
the Trustee is calling a meeting of the Holders of the Controlling Class for the
purpose of electing an Operating Adviser.  Notice of the meeting shall be mailed
or delivered by the Trustee to each Holder of Certificates  (and, in the case of
Book-Entry  Certificates,  to the extent actually known to a Responsible Officer
of the  Trustee  or  identified  thereto  by the  Securities  Depository  or the
Securities Depository  Participants,  the Certificate Owners) of the Controlling
Class not less than 10 nor more than 60 days  prior to the  meeting.  The notice
shall  state  the  place  and the  time  of the  meeting,  which  may be held by
telephone.  Holders of Certificates  representing more than 50% of the aggregate
Certificate  Balance of the Controlling Class,  present in person or represented
by proxy,  shall constitute a quorum for the nomination of an Operating Adviser.
At the  meeting,  each  Holder  (or,  in the  case of  Book-Entry  Certificates,
Certificate  Owner)  shall be  entitled  to  nominate  one  Person to act as the
Operating Adviser. The Trustee shall cause the election of the Operating Adviser
to be held as soon thereafter as is reasonably practicable.  Each Holder (or, in
the case of Book-Entry  Certificates,  Certificate Owner) of Certificates of the
Controlling  Class shall be entitled to vote in each  election of the  Operating
Adviser.  The  voting in each  election  of the  Operating  Adviser  shall be in
writing mailed,  telecopied,  delivered or sent by courier and actually received
by the  Trustee  on or  prior  to the date of such  election.  Immediately  upon
receipt by the Trustee of votes (which have not been rescinded) from the Holders
(or, in the case of Book Entry Certificates, Certificate Owners) of Certificates
representing  more  than  50%  of  the  aggregate  Certificate  Balance  of  the
Controlling Class which are cast for a single Person, such Person shall be, upon
such Person's acceptance,  the Operating Adviser. The Trustee shall act as judge
of each election and, absent manifest error, the determination of the results of
any  election  by the Trustee  shall be  conclusive.  Notwithstanding  any other
provisions  of  this  Section  3.26,  the  Trustee  may  make  such   reasonable
regulations  as it may deem  advisable for any election.  No  appointment of any
Person as an Operating Adviser shall be effective until such Person provides the
Trustee with written  confirmation  of its  acceptance of such  appointment  and
provides the Trustee and the other parties to this Agreement with an address and
telecopy number for the delivery of notices and other  correspondence and a list
of officers or employees of such Person with whom the parties to this  Agreement
may deal (including their names, titles, work addresses and telecopy numbers).

          (c)  Within ten Business Days (or as soon thereafter as practicable if
the  Controlling  Class  consists of  Book-Entry  Certificates)  of  receiving a
request therefor from the

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Master Servicer or Special Servicer, the Trustee shall deliver to the requesting
party the  identity of the  Operating  Adviser and a list of each Holder (or, in
the  case  of  Book-Entry  Certificates,  to  the  extent  actually  known  to a
Responsible  Officer of the  Trustee  or  identified  thereto by the  Securities
Depository or the Securities Depository Participants, each Certificate Owner) of
the Controlling  Class. With respect to such  information,  the Trustee shall be
entitled to conclusively rely on information  provided to it by the Holders (or,
in  the  case  of  Book-Entry  Certificates,  subject  to  Section  5.9,  by the
Securities  Depository or the Certificate Owners) of such Certificates,  and the
Master Servicer and the Special Servicer shall be entitled to conclusively  rely
on such  information  provided by the Trustee with respect to any  obligation or
right  hereunder that the Master  Servicer and the Special  Servicer may have to
deliver  information or otherwise  communicate with the Operating Adviser or any
of the Holders (or, if applicable, Certificate Owners) of the Controlling Class.
In  addition  to the  foregoing,  within five  Business  Days of the  selection,
resignation  or removal of an Operating  Adviser,  the Trustee  shall notify the
other  parties to this  Agreement of such event.  The  expenses  incurred by the
Trustee in connection with obtaining  information from the Securities Depository
or Securities Depository Participants with respect to any Book-Entry Certificate
shall be expenses of the Trust payable out of the Collection Account pursuant to
Section  3.6(a).

          (d)  An Operating Adviser may at any time resign  as  such  by  giving
written  notice to the Trustee and to each Holder (or, in the case of Book-Entry
Certificates,  Certificate  Owner) of the Controlling Class. The Holders (or, in
the case of Book-Entry  Certificates,  the  Certificate  Owners) of Certificates
representing  more  than  50%  of  the  aggregate  Certificate  Balance  of  the
Controlling Class shall be entitled to remove any existing  Operating Adviser by
giving written notice to the Trustee and to such existing Operating Adviser.

          (e)  Once an Operating Adviser has  been  selected  pursuant  to  this
Section 3.27,  each of the parties to this Agreement and each  Certificateholder
(or  Certificate  Owner,  if  applicable)  shall  be  entitled  to  rely on such
selection  unless a  majority  of the  Holders  (or,  in the case of  Book-Entry
Certificates,  the Certificate  Owners) of the  Controlling  Class, by aggregate
Certificate  Balance,  or such  Operating  Adviser,  as  applicable,  shall have
notified the Trustee and each other party to this Agreement and each Holder (or,
in the case of Book-Entry  Certificates,  Certificate  Owner) of the Controlling
Class, in writing, of the resignation or removal of such Operating Adviser.

          (f)  For purposes  of  electing  or  removing  an  Operating  Adviser,
Certificates of the Controlling Class held by the Depositor, the Master Servicer
or the Special  Servicer or by any  Affiliate of any of them shall be taken into
account  with the same  force  and  effect  as if any  other  Person  held  such
Certificates.

          Section 3.27.  Appointment of Special Servicer;  Duties  of  Operating
Adviser.

          (a)  Midland is hereby  appointed  as  the  initial  Special  Servicer
hereunder.

          (b)  The Operating Adviser shall be entitled  to  advise  the  Special
Servicer  with respect to the  following  actions of the Special  Servicer,  and
subject to  Section  3.27(c),  the  Operating  Adviser  may object to any of the
following  actions in writing  within 10 Business  Days of having been  notified
thereof and having been provided with all reasonably requested  information with
respect thereto  (provided that if such written  objection has not been received
by the Special  Servicer within such 10 Business Day period,  then the Operating
Adviser's approval shall be deemed to have been given):

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               (i)  any foreclosure upon or  comparable  conversion  (which  may
include acquisitions of an REO Property) of the ownership of properties securing
such of the  Specially  Serviced  Mortgage  Loans as come into and  continue  in
default;

               (ii)  any amendment, waiver or modification of a  Money  Term  or
any other material non-monetary term of a Specially Serviced Mortgage Loan;

               (iii)  any proposed sale of a  defaulted  Mortgage  Loan  or  REO
Property  (other  than in  connection  with the  termination  of the Trust  Fund
pursuant to Section 9.1) for less than the Repurchase Price;

               (iv)  any acceptance of a discounted payoff;

               (v)  any determination to bring an REO Property  into  compliance
with applicable  environmental laws or to otherwise address hazardous  materials
located at an REO Property;

               (vi)  any release of collateral (other than in accordance with
the terms of, or upon satisfaction of, a Mortgage Loan);

               (vii)  any acceptance of  substitute or additional collateral for
a Mortgage Loan;

               (viii)  any waiver of a "due-on-sale" or "due-on-encumbrance"
clause;

               (ix)  any acceptance  of  an  assumption  agreement  releasing  a
Borrower from liability under a Mortgage Loan; and

               (x)  Any release of a letter of credit or debt service reserve;

provided,  that  with  respect  to items  (viii)  and (ix)  that do not  involve
Specially  Serviced  Mortgage Loans, the 10 Business Day period referenced above
shall be five  Business  Days if the  Mortgage  Loan is not  within  the  Review
Threshold;  provided  further  that,  in the  event  that the  Special  Servicer
determines  that  immediate  action is  necessary to protect the interest of the
Certificateholders  (as a collective  whole),  the Special Servicer may take any
such action without waiting for the Operating Adviser's response.

     In addition,  subject to Section 3.27(c),  the Operating Adviser may advise
the Special  Servicer to take, or to refrain from taking,  such other actions as
Operating Adviser may deem advisable.

          (c)  Notwithstanding anything  herein  to  the  contrary,  no  advice,
direction or approval rights from or by the Operating  Adviser,  as contemplated
by Section 3.27(b),  may (and the Special Servicer and the Master Servicer shall
ignore and act without regard to any such advice,  direction or approval  rights
that the Special Servicer or the Master Servicer, as applicable, has determined,
in its reasonable,  good faith judgment, would) (A) require or cause the Special
Servicer or the Master Servicer,  as applicable,  to violate applicable law, the
terms of any  Mortgage  Loan,  any  provision  of this  Agreement  or the  REMIC
Provisions,  including, without limitation, the Special Servicer's or the Master
Servicer's,  as applicable,  obligation to act in accordance  with the Servicing
Standard, (B) result in an Adverse REMIC Event with respect

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to any REMIC Pool or an Adverse  Grantor Trust Event with respect to the Grantor
Trust,  (C) expose the Trust  Fund,  the  Depositor,  the Master  Servicer,  the
Special  Servicer,  the  Trustee  or  the  Fiscal  Agent,  or  their  respective
Affiliates,  officers, directors, employees, agents or partners, to any material
claim,  suit or  liability,  or (D)  materially  expand  the scope of the Master
Servicer's  or  Special  Servicer's   responsibilities   under  this  Agreement.
Furthermore,  the Special Servicer shall not be obligated to obtain the approval
of the  Operating  Adviser for any  actions to be taken by the Special  Servicer
with respect to any particular Mortgage Loan if (i) the Special Servicer has, in
accordance with Section  3.27(b),  notified the Operating  Adviser in writing of
the various actions that the Special  Servicer  proposes to take with respect to
the work-out or liquidation of such Mortgage Loan and (ii) for 60 days following
the first such  notice,  the  Operating  Adviser  has  objected  to all of those
proposed  actions and has failed to suggest  any  alternative  actions  that the
Special Servicer considers to be consistent with the Servicing Standard.

          (d)  The Operating Adviser and its officers, directors, employees  and
owners shall have no liability to the  Certificateholders  for any action taken,
or for  refraining  from  the  taking  of  any  action.  Each  Certificateholder
acknowledges  and agrees,  by its  acceptance  of its  Certificates,  that,  the
Operating  Adviser may have special  relationships  and interests  that conflict
with those of holders of one or more Classes of Certificates, that the Operating
Adviser may act solely in the interests of the holders of the Controlling Class,
that the Operating  Adviser does not have any duties to the holders of any Class
of Certificates other than the Controlling Class, that the Operating Adviser may
take actions that favor the  interests of the holders of the  Controlling  Class
over  the  interests  of the  holders  of one or more  other  Classes,  that the
Operating Adviser shall not be deemed to have been negligent or reckless,  or to
have acted in bad faith or engaged in willful misconduct by reason of its having
acted solely in the interests of the Controlling  Class,  and that the Operating
Adviser  shall  have  no  liability  whatsoever  for  having  so  acted,  and no
Certificateholder  may take any action whatsoever  against the Operating Adviser
for having so acted.

          (e)  The Operating Adviser, if any, may direct the Trustee  to  remove
the Special  Servicer at any time  effective  upon the  appointment  and written
acceptance of such appointment by a successor to the Special Servicer  appointed
by the Operating Adviser.  The existing Special Servicer shall be deemed to have
resigned  simultaneously  with such  designated  successor  becoming the Special
Servicer hereunder;  provided,  however, that (i) the resigning Special Servicer
shall  continue to be  entitled  to receive  all amounts  accrued or owing to it
under this  Agreement  on or prior to the  effective  date of such  resignation,
whether in respect of Servicing  Compensation or otherwise,  including,  without
limitation,  Workout Fees and Disposition  Fees as and to the extent provided in
Section 3.12(b) and Section  3.12(c),  and (ii) it and its directors,  officers,
employees  and agents shall  continue to be entitled to the benefits of Sections
6.1 and  6.3,  notwithstanding  any such  resignation.  Such  resigning  Special
Servicer shall cooperate with the Trustee and the replacement  Special  Servicer
in   effecting   the   termination   of   the   resigning   Special   Servicer's
responsibilities  and  rights  hereunder,  including,  without  limitation,  the
transfer  within two  Business  Days to the  replacement  Special  Servicer  for
administration  by it of all cash  amounts  that  shall at the time be or should
have been  deposited in any REO Account or delivered by the Special  Servicer to
the Master  Servicer or that are  thereafter  received with respect to Specially
Serviced Mortgage Loans and REO Properties.  The reasonable  out-of-pocket costs
and  expenses of any such  transfer  shall be paid as an  Additional  Trust Fund
Expense,  unless  such costs and  expenses  are paid by the  terminated  Special
Servicer pursuant to Section 7.1.

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          (f) Notwithstanding the foregoing, the removal of the Special Servicer
and the appointment of a successor Special Servicer shall not be effective until
(i)  the  successor   Special  Servicer  has  assumed  in  writing  all  of  the
responsibilities,  duties and  liabilities  of the  Special  Servicer  hereunder
pursuant to an agreement  satisfactory  to the Trustee,  and (ii) Rating  Agency
Confirmation is obtained with respect to such  appointment (the cost, if any, of
obtaining  such  confirmation  to be paid as an  Additional  Trust Fund Expense,
unless  such costs and  expenses  are paid by the  terminated  Special  Servicer
pursuant to section 7.2).

          Section 3.28.   Modifications,  Waivers,  Amendments,  Extensions  and
Consents, Defeasance.

          (a) The Master Servicer, in accordance with the Servicing Standard and
subject to the terms of this Agreement, shall have the following powers:

               (i)  Other than stated herein, the Master Servicer, in accordance
with  the  Servicing  Standard,  may  (A)  agree  to any  modification,  waiver,
amendment  or consent of or relating to any  non-Money  Term of a Mortgage  Loan
that is not a Specially Serviced Mortgage Loan; provided,  however,  without the
consent of the Special  Servicer,  the Master Servicer may not modify,  waive or
amend  (x)  any  event  of  default  provision  of any  Mortgage  Loan,  (y) any
obligation of the Borrower  under the Mortgage Loan to pay any  assumption  fee,
modification fee or any other fees or expenses, all or part of which the Special
Servicer  may be  entitled  to as  Servicing  Compensation  or (z) any term of a
Mortgage Loan  regarding the release or  substitution  of the related  Mortgaged
Property or any other  collateral  (which  consent  shall be deemed to have been
given if not denied in writing  within 5 days of Master  Servicer's  delivery of
its request for such  consent) or (B) modify or amend the terms of any  Mortgage
Loan in order to (I) cure any  ambiguity  therein or (II) correct or  supplement
any  provisions  therein  which may be  inconsistent  with any other  provisions
therein or correct any error,  provided that in the case of either clause (A) or
(B) such  modification  or amendment  would not cause an Adverse  REMIC Event or
Adverse  Grantor  Trust  Event to occur.  Other than as set forth  above in this
Section  3.28(a)(i),  the Master Servicer shall not agree to any modification or
amendment of a Mortgage Loan or any waiver or consent.

               (ii)  The Master  Servicer shall notify the Trustee,  the Special
Servicer,  the Operating  Adviser and the Rating  Agencies of any  modification,
waiver or amendment of any term of any Mortgage Loan  permitted by it under this
Section and the date  thereof,  and shall  deliver to the Trustee for deposit in
the related Mortgage File, an original  counterpart of the agreement relating to
such modification, waiver or amendment, promptly following the execution thereof
except to the  extent  such  documents  have been  submitted  to the  applicable
recording  office,  in which event the Master  Servicer shall  promptly  deliver
copies of such documents to the Trustee.

          (b)  The Special Servicer, in accordance  with the Servicing  Standard
and subject to the terms of this Agreement, shall have the following powers:

               (i)  The Special Servicer may enter into a  modification,  waiver
or amendment  (including,  without  limitation,  the  substitution or release of
collateral or the pledge of additional  collateral)  of the terms of a Specially
Serviced Mortgage Loan,  including any modification,  waiver or amendment to (A)
reduce the amounts owing under any Specially Serviced Mortgage Loan by forgiving
principal,  accrued interest or any Prepayment Premium, (B) reduce the amount of
the Monthly Payment on any Specially Serviced Mortgage Loan,

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including by way of a reduction in the related  Mortgage  Rate,  (C) forebear in
the  enforcement  of any right granted under any Note or Mortgage  relating to a
Specially  Serviced Mortgage Loan, (D) extend the Maturity Date of any Specially
Serviced Mortgage Loan and/or (E) accept a principal prepayment on any Specially
Serviced  Mortgage  Loan  during any period  during  which  voluntary  Principal
Prepayments are prohibited, provided that (1) the related Borrower is in default
with respect to the Specially  Serviced Mortgage Loan or, in the judgment of the
Special  Servicer,  such  default  is  reasonably  foreseeable  and  (2)  in the
reasonable judgment of the Special Servicer such modification would increase the
recovery on the Mortgage Loan to Certificateholders on a net present value basis
(the   relevant   discounting   of  amounts  that  will  be   distributable   to
Certificateholders to be performed at the related Net Mortgage Rate).

     In no event shall the Special  Servicer (x) extend the  Maturity  Date of a
Specially  Serviced Mortgage Loan beyond the date that is two years prior to the
Rated Final Distribution Date; or (y) if the Specially Serviced Mortgage Loan is
secured by a ground lease,  extend the Maturity Date of such Specially  Serviced
Mortgage Loan beyond a date which is less than 20 years prior to the  expiration
of the term of such ground lease,  unless the Special  Servicer  determines that
making such an extension is in accordance with the Servicing Standard.

     The determination of the Special Servicer contemplated by clause (2) of the
proviso to the first paragraph of this Section  3.28(b)(i) shall be evidenced by
an Officer's  Certificate to such effect delivered to the Trustee and the Master
Servicer  and  describing  in  reasonable  detail  the  basis  for  the  Special
Servicer's  determination.  The Special  Servicer shall append to such Officer's
Certificate  any  information,  including  but not limited to income and expense
statements, rent rolls, property inspection reports and appraisals, that support
such determination.

               (ii)  In the event the Special Servicer  intends  to  permit,  or
consent to the Master Servicer permitting,  a Borrower to substitute  collateral
for all or any portion of a Mortgaged Property pursuant to Section 3.28(a)(i) or
Section  3.28(b)(i)  or  pledge  additional  collateral  for the  Mortgage  Loan
pursuant to Section  3.28(b)(i),  if the security  interest of the Trust Fund in
such collateral would be perfected by possession, or if such collateral requires
special  care or  protection,  then prior to  agreeing to such  substitution  or
addition of collateral,  the Special  Servicer shall make  arrangements for such
possession,  care or protection,  and prior to agreeing to such  substitution or
addition of collateral (or such arrangement for possession,  care or protection)
shall  obtain the prior  written  consent of the Trustee  with  respect  thereto
(which  consent shall not be  unreasonably  withheld,  delayed or  conditioned);
provided,  however,  that any such  substitution or addition of collateral shall
require Rating Agency  Confirmation  (unless it meets the  requirements  of this
Section 3.28 with respect to defeasance);  provided further,  however,  that the
Trustee  shall  not  be  required  (but  has  the  option)  to  consent  to  any
substitution or addition of collateral or to hold any such collateral which will
require the Trustee to undertake any  additional  duties or obligations or incur
any additional expense.

               (iii)  The Special  Servicer will promptly  deliver to the Master
Servicer,  the Operating Adviser,  the Rating Agencies and the Trustee a notice,
specifying  any  such   modifications,   waivers  or  amendments,   such  notice
identifying the affected Specially Serviced Mortgage Loan. Such notice shall set
forth the reasons for such waiver,  modification,  or amendment (including,  but
not limited to, information such as related income and expense statements,  rent
rolls,  occupancy  status,  property  inspections,  and an  internal or external
appraisal  performed in accordance with MAI standards and methodologies (and, if
done externally,  the cost of such appraisal shall be recoverable as a Servicing
Advance subject to the

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provisions of Section 3.22 hereof)).  The Special Servicer shall also deliver to
the Trustee,  for deposit in the related Mortgage File, an original  counterpart
of the agreement  relating to such  modification,  waiver or amendment  promptly
following the execution thereof.

          (c)  The Master Servicer and the Special Servicer, as applicable,  may
require, in its discretion, as a condition to granting any request by a Borrower
for any consent,  modification,  waiver or amendment,  that such Borrower pay to
the Master  Servicer or the Special  Servicer,  as applicable,  a reasonable and
customary  modification  fee to the extent permitted by law. The Master Servicer
and the Special Servicer,  as applicable,  may charge the Borrower for any costs
and expenses (including  attorneys' fees) incurred by the Master Servicer or the
Special  Servicer,  as  applicable,   in  connection  with  any  request  for  a
modification,  waiver or  amendment.  No fee  described in this Section shall be
collected by the Master Servicer or the Special  Servicer,  as applicable,  from
the Borrower (or on behalf of the Borrower) in  conjunction  with any consent or
any  modification,  waiver or  amendment  of the  related  Mortgage  Loan if the
collection  of such fee  would  cause  such  consent,  modification,  waiver  or
amendment  to be a  "significant  modification"  of the related  Note within the
meaning of Treasury  Regulation Section  1.860G-2(b).  Subject to the foregoing,
the Master  Servicer  or the Special  Servicer,  as  appropriate,  shall use its
reasonable  efforts,  to  collect  any  modification  fees  and  other  expenses
(including the cost of obtaining any Rating Agency Confirmation)  connected with
a  permitted  modification,  waiver or  amendment  of a  Mortgage  Loan from the
Borrower  and if such amount is not paid by the  Borrower,  such amount shall be
Advanced as a Servicing  Advance,  unless such Advance would be a Nonrecoverable
Advance.  The  inability  of the  Borrower  to pay any costs and  expenses  of a
proposed  modification,  waiver or  amendment  shall not impair the right of the
Special  Servicer,  the Master  Servicer or the Trustee to be  reimbursed by the
Trust Fund for such expenses.

          (d) Notwithstanding any other provision hereof to the contrary, if the
terms of a Mortgage Loan require the related  Borrower to obtain the Mortgagee's
consent before changing any franchise with respect to any hotel or motel located
on the related  Mortgaged  Property and the  Mortgage  Loan is within the Review
Threshold,  the Master Servicer or Special  Servicer,  as applicable,  shall not
consent to any such change  unless it shall have first  obtained  Rating  Agency
Confirmation  (the Master Servicer or the Special  Servicer as applicable  shall
use its  reasonable  efforts to cause the Borrower to pay the costs of obtaining
such Rating Agency Confirmation; if such costs are not paid by the Borrower, the
Master  Servicer  shall advance such costs as a Servicing  Advance,  unless such
Advance  would be a  Nonrecoverable  Advance)  and,  in the  case of the  Master
Servicer, consent of the Special Servicer. The Special Servicer shall notify the
Operating Adviser of any change in a franchisor.

          (e)  Each of the following actions, to the extent the  consent  of the
Mortgagee  under the related  Mortgage  Loan is required or  permitted,  will be
subject to a Rating Agency Confirmation:

               (i)  a transfer of a direct or indirect  ownership  interest in a
Borrower (except (i) transfers of less than a controlling interest or 49% in the
aggregate and (ii) transfers solely for estate planning  purposes) and transfers
with respect to a Mortgage Loan within the Review Threshold;

               (ii)  an assumption of a Mortgage Loan that is within the  Review
Threshold;

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               (iii)  the  incurrence  of any  additional  debt  secured  by the
Mortgaged Property;

               (iv)  any  material  amendment to  the  Mortgage  Loan  documents
(including,  without limitation, any material release of collateral), grant of a
material easement or encumbrance,  or change in franchise  affiliation,  in each
case with respect to a Mortgage Loan within the Review Threshold; and

               (v)  any change in property  manager  for  a  Mortgaged  Property
secured by a Mortgage Loan representing 5% or more of the then current aggregate
outstanding principal balance of all Mortgage Loans in the pool.

In connection with any of the foregoing  requests,  the Special Servicer (or the
Master Servicer with respect to sales,  transfers or assumptions or the creation
of liens or encumbrances involving  non-Specially Serviced Mortgage Loans) shall
prepare and deliver to each Rating Agency and,  upon  request,  to the Operating
Adviser a memorandum  outlining  its analysis and  recommendation  in accordance
with the Servicing Standard, together with copies of all relevant documentation.
The Special Servicer and the Master Servicer, as applicable,  shall also prepare
and provide each Rating Agency with such  memorandum and  documentation  for all
consents granted by the Special Servicer or the Master Servicer,  as applicable,
for transfers,  assumptions,  additional debt,  material  amendments,  grants of
material easement or encumbrances,  franchise  affiliation  changes and property
manager changes  concerning  Mortgage Loans below the Review Threshold,  but for
which the Special Servicer's or the Master Servicer's,  as applicable,  decision
in accordance with the Servicing Standard will be sufficient and a Rating Agency
Confirmation will not be required.

          (f)  With respect to each Mortgage Loan that provides for  defeasance,
the Master  Servicer  shall not execute a  defeasance  unless it has  obtained a
Rating  Agency  Confirmation  from  each  Rating  Agency  with  respect  to such
defeasance;  provided, however, that with respect to Mortgage Loans that have an
outstanding  principal  balance  at the time of such  defeasance  that  does not
exceed the lesser of $5,000,000 and 1% of the then outstanding  Stated Principal
Balance of the  Mortgage  Pool,  the Master  Servicer may in lieu of obtaining a
Rating  Agency   Confirmation   deliver  to  each  Rating  Agency  a  Defeasance
Certification substantially in the form of Exhibit J attached hereto. The Master
Servicer  shall  notify the  Operating  Adviser of any  Mortgage  Loans that are
defeased.  The Master  Servicer  shall not execute a  defeasance  unless (i) the
Mortgage  Loan  requires the Borrower to pay all Rating  Agency fees  associated
with  defeasance (if Rating Agency  approval is a specific  condition  precedent
thereto)  and  all  other  reasonable   expenses   associated  with  defeasance,
including,  but not limited to, accountants' fees and opinions of counsel,  (ii)
the Borrower is required to provide all opinions of counsel,  including opinions
of counsel that the  defeasance  will not cause an Adverse  REMIC Event and that
the Mortgage Loan Documents are fully enforceable in accordance with their terms
(subject to bankruptcy,  insolvency and similar  standard  exceptions),  and any
applicable Rating Agency Confirmations,  or (iii) other arrangements for payment
of such costs are made at no expense to the Trust Fund; provided,  however, that
in no event shall the proposed  "other  arrangements"  in clause (iii) result in
any  liability  to the Trust Fund  including  an  indemnification  of the Master
Servicer or the Special Servicer which may result in legal expenses to the Trust
Fund.

          (g)  Notwithstanding  anything  to  the  contrary  contained  in  this
Agreement,  neither the Master  Servicer nor the Special  Servicer  shall amend,
modify or waive any provision of a Mortgage Loan in a manner that would reduce a
Borrower's obligation to pay the costs

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associated  with obtaining a Rating Agency  Confirmation,  unless it shall first
have received the consent of the other servicer.

          Section 3.29.  Interest Reserve Account.

          (a)  On each Distribution Date relating to any Interest Accrual Period
ending in any February  and on any  Distribution  Date  relating to any Interest
Accrual  Period ending in any January which occurs in a year which is not a leap
year,  the Trustee shall deposit from the amount  remitted to the Trustee by the
Master  Servicer  pursuant  to Section  3.6(a)(i),  in  respect of the  Interest
Reserve Loans,  into the Interest Reserve Account,  an amount equal to one day's
interest on the Stated Principal Balance of the Interest Reserve Loans as of the
Due Date  occurring in the month in which such  Distribution  Date occurs at the
related Net Mortgage  Rate, to the extent a full Monthly  Payment or P&I Advance
is made and  received  in  respect  thereof  (all  amounts so  deposited  in any
consecutive January and February, "Interest Reserve Amounts").

          (b)  On each Distribution Date occurring in March, the  Trustee  shall
withdraw  from the  Interest  Reserve  Account an amount  equal to the  Interest
Reserve  Amounts from the preceding  January and  February,  if any, and deposit
such amount into the Distribution Account.

                                  ARTICLE IV.
                                  -----------

                       DISTRIBUTIONS TO CERTIFICATEHOLDERS

          Section 4.1.   Distributions of REMIC I.

          (a)  On each Distribution Date,  the Trustee  shall be deemed to apply
the Available  Funds as is  attributable to each Mortgage Loan for such date for
the following purposes and in the following order of priority:

               (i)  to pay interest to  REMIC II  in  respect  of  each  REMIC I
Regular Interest, up to an amount equal to, and pro rata in accordance with, all
Uncertificated Distributable Interest for each such REMIC I Regular Interest for
such Distribution Date;

               (ii)  to pay principal to REMIC II in  respect  of  each  REMIC I
Regular Interest, up to an amount equal to, and pro rata in accordance with, the
excess, if any, of the Uncertificated  Principal Balance of such REMIC I Regular
Interest  outstanding  immediately  prior to such  Distribution  Date,  over the
Stated  Principal  Balance  of the  related  Mortgage  Loan  (including  without
limitation  an REO  Mortgage  Loan or, if  applicable,  a  Qualified  Substitute
Mortgage Loan) that will be outstanding  immediately following such Distribution
Date;

               (iii)  to reimburse REMIC II for any Realized  Losses and Expense
Losses previously deemed allocated to the various REMIC I Regular Interests,  up
to an amount equal to, and pro rata in accordance  with, the Realized Losses and
Expense Losses, if any,  previously  allocated to such REMIC I Regular Interests
and for which no reimbursement has previously been paid; and

               (iv)  to the Holders of the Class R-I Certificates that  portion,
if any, of the Available  Funds for such date that has not otherwise been deemed
paid to REMIC II in respect of the REMIC I Regular  Interests  pursuant  to this
Section 4.1(a).

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          (b)  On each  Distribution  Date, the Trustee shall be deemed to apply
each Prepayment Premium then on deposit in the Distribution Account and received
during or prior to the related Collection Period, to pay additional  interest to
REMIC II in respect of the REMIC I Regular Interest that relates to the Mortgage
Loan  (including  without  limitation an REO Mortgage Loan or, if applicable,  a
Qualified  Substitute  Mortgage  Loan) as to which such  Prepayment  Premium was
received.

          (c) On each Distribution Date, after the deemed distributions pursuant
to Section 4.1(b) on that date,  the Trustee shall apply any Excess  Liquidation
Proceeds  received with respect to a Mortgage Loan then on deposit in the Excess
Liquidation  Proceeds Account,  first, as a deemed  reimbursement of the REMIC I
Regular Interests for, and to the extent of, any unreimbursed Realized Losses or
Expense  Losses  previously  allocated  to them;  second,  to pay any  Servicing
Advances,  Advance  Interest or other  amounts  that could  constitute  Realized
Losses or Expense  Losses in the  future;  and third upon the  reduction  of the
aggregate  Uncertificated Principal Balances of the REMIC I Regular Interests to
zero,  to pay any amounts  remaining  on deposit in such  account to the Special
Servicer as additional Special Servicer compensation.

          Section 4.2.   Distributions of REMIC II.

          (a)  On each Distribution Date, the Trustee shall, subject to  Section
4.2(b),  be deemed to distribute the Available  Funds for REMIC II to holders of
the REMIC II Regular Interests,  for the following purposes and in the following
order of priority:

               (i)  an amount equal to the  Distributable  Certificate  Interest
for the Class A-1 Certificates,  Class A-2 Certificates and Class X Certificates
to Class A-1-II Interest, Class A-2-II Interest, Class B-II Interest, Class C-II
Interest,  Class D-II Interest,  Class E-II Interest, Class F-II Interest, Class
G-II Interest,  Class H-II Interest,  Class J-II Interest,  Class K-II Interest,
Class L-II  Interest,  Class M-II  Interest,  Class N-II Interest and Class O-II
Interest,  divided among such REMIC II Regular Interests in proportion to (A) in
the case of the Class A-1-II  Interest and Class  A-2-II  Interest,  the related
Uncertificated  Distributable Interest for such Distribution Date and (B) in the
case of each of the  Class  B-II  Interest,  Class  C-II  Interest,  Class  D-II
Interest,  Class E-II Interest,  Class F-II Interest, Class G-II Interest, Class
H-II Interest,  Class J-II Interest,  Class K-II Interest,  Class L-II Interest,
Class M-II Interest,  Class N-II Interest and Class O-II  Interest,  the related
Class X Portion of the related  Uncertificated  Distributable  Interest for such
Distribution Date;

               (ii)  to the Class A-1-II Interest,  the  Principal  Distribution
Amount for such Distribution Date, until the Uncertificated Principal Balance of
the Class A-1-II Interest has been reduced to zero;

               (iii)  upon payment  in  full  of  the  Uncertificated  Principal
Balance  of the  Class  A-1-II  Interest,  to the  Class  A-2-II  Interest,  the
Principal   Distribution   Amount  for  such   Distribution   Date,   until  the
Uncertificated  Principal  Balance of the Class A-2-II Interest has been reduced
to zero; the Principal Distribution Amount herein will be reduced by any portion
thereof distributed to the holders of the Class A-1-II Interest;

               (iv)  to Class A-1-II Interest and Class A-2-II Interest pro rata
on the basis of their respective entitlements to reimbursement described in this
clause (iv), to reimburse any  unreimbursed  Realized  Losses and Expense Losses
previously allocated to Class A-1-II

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Interest and Class  A-2-II  Interest as a result of the  allocation  of Realized
Losses and Expense  Losses to the Class A-1 and Class A-2  Certificates;

               (v)   to   the   Class   B-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (vi)  upon  payment  in  full  of  the  Uncertificated  Principal
Balances of the Class  A-1-II  Interest and the Class  A-2-II  Interest,  to the
Class B-II Interest,  the Principal  Distribution  Amount for such  Distribution
Date, until the Uncertificated  Principal Balance of the Class B-II Interest has
been reduced to zero; the Principal  Distribution  Amount herein will be reduced
by any portion  thereof  distributed to the holders of the Class A-1-II Interest
and Class A-2-II Interest;

               (vii)  to the Class B-II Interest, to reimburse any  unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (viii)   to  the  Class  C-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (ix) upon payment in full of the Uncertificated Principal Balance
of  the  Class  B-II  Interest,  to  the  Class  C-II  Interest,  the  Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class C-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II  Interest,  Class A-2-II Interest
and Class B-II Interest;

               (x)  to the Class C-II Interest,  to reimburse  any  unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xi)   to   the   Class  D-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xii)  upon payment  in  full  of  the  Uncertificated  Principal
Balance of the Class C-II Interest,  to the Class D-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class D-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II Interest and Class C-II Interest;

               (xiii)  to the Class D-II Interest, to reimburse any unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xiv)   to   the  Class  E-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xv) upon payment in full of the Uncertificated Principal Balance
of  the  Class  D-II  Interest,  to  the  Class  E-II  Interest,  the  Principal
Distribution Amount for such

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Distribution Date, until the Uncertificated  Principal Balance of the Class E-II
Interest has been reduced to zero; the Principal Distribution Amount herein will
be  reduced  by any  portion  thereof  distributed  to the  holders of the Class
A-1-II,  Class A-2-II  Interest,  Class B-II  Interest,  Class C-II Interest and
Class D-II Interest;

               (xvi)  to the Class E-II Interest, to reimburse any  unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xvii)   to  the  Class  F-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xviii)  upon payment in full  of  the  Uncertificated  Principal
Balance of the Class E-II Interest,  to the Class F-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class F-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class D-II Interest and Class E-II
Interest;

               (xix)  to the Class F-II Interest, to reimburse any  unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xx)   to   the   Class  G-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xxi)  upon payment  in  full  of  the  Uncertificated  Principal
Balance of the Class F-II Interest,  to the Class G-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class G-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest and Class F-II Interest;

               (xxii)  to the Class G-II Interest, to reimburse any unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xxiii)  to  the  Class  H-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xxiv)  upon payment in  full  of  the  Uncertificated  Principal
Balance of the Class G-II Interest,  to the Class H-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class H-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest, Class F-II Interest and Class G-II Interest;

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               (xxv)  to the Class H-II Interest, to reimburse any  unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xxvi)   to  the  Class  J-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xxvii)  upon payment in full  of  the  Uncertificated  Principal
Balance of the Class H-II Interest,  to the Class J-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class J-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest, Class F-II Interest, Class G-II Interest and Class H-II Interest;

               (xxviii)   to   the   Class   J-II  Interest,  to  reimburse  any
unreimbursed Realized Losses and Expense Losses previously allocated thereto;

               (xxix)   to  the  Class  K-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xxx)  upon payment  in  full  of  the  Uncertificated  Principal
Balance of the Class J-II Interest,  to the Class K-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class K-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest,  Class F-II  Interest,  Class G-II  Interest,  Class H-II Interest and
Class J-II Interest;

               (xxxi)  to the Class K-II Interest, to reimburse any unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xxxii)  to  the  Class  L-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xxxiii)  upon payment in full of  the  Uncertificated  Principal
Balance of the Class K-II Interest,  to the Class L-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class L-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest,  Class F-II Interest,  Class G-II Interest, Class H-II Interest, Class
J-II Interest and Class K-II Interest;

               (xxxiv) to the Class L-II Interest, to reimburse any unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

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<PAGE>

               (xxxv)   to  the  Class  M-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xxxvi)  upon payment in full  of  the  Uncertificated  Principal
Balance of the Class L-II Interest,  to the Class M-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class M-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest,  Class F-II Interest,  Class G-II Interest, Class H-II Interest, Class
J-II Interest, Class K-II Interest and Class L-II Interest;

               (xxxvii)   to   the   Class   M-II  Interest,  to  reimburse  any
unreimbursed Realized Losses and Expense Losses previously allocated thereto;

               (xxxviii)  to the  Class N-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xxxix)  upon payment in full  of  the  Uncertificated  Principal
Balance of the Class M-II Interest,  to the Class N-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class N-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest,  Class F-II Interest,  Class G-II Interest, Class H-II Interest, Class
J-II Interest, Class K-II Interest, Class L-II Interest and Class M-II Interest;

               (xl)  to the Class N-II Interest, to reimburse  any  unreimbursed
Realized Losses and Expense Losses previously allocated thereto;

               (xli)   to   the  Class  O-II  Interest,  the  remainder  of  the
Uncertificated  Distributable  Interest  for such REMIC II Regular  Interest for
such  Distribution  Date to the extent not  distributed  pursuant  to clause (i)
above;

               (xlii)  upon payment in  full  of  the  Uncertificated  Principal
Balance of the Class N-II Interest,  to the Class O-II  Interest,  the Principal
Distribution  Amount  for  such  Distribution  Date,  until  the  Uncertificated
Principal  Balance  of the Class O-II  Interest  has been  reduced to zero;  the
Principal  Distribution  Amount  herein will be reduced by any  portion  thereof
distributed to the holders of the Class A-1-II Interest,  Class A-2-II Interest,
Class B-II  Interest,  Class C-II  Interest,  Class  D-II  Interest,  Class E-II
Interest,  Class F-II Interest,  Class G-II Interest, Class H-II Interest, Class
J-II Interest, Class K-II Interest, Class L-II Interest, Class M-II Interest and
Class N-II Interest;

               (xliii) to the Class O-II Interest, to reimburse any unreimbursed
Realized Losses and Expense Losses previously allocated thereto; and

               (xliv)  thereafter, to the Class R-II Certificateholders.

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          (b)  On each Distribution  Date  after  the  aggregate  Uncertificated
Principal  Balance of each REMIC II Regular Interest other than the Class A-1-II
Interest  and the Class A-2-II  Interest  has been  reduced to zero,  and in any
event on the final  Distribution  Date in connection  with a termination  of the
Trust Fund described in Article IX hereof,  the payments of principal to be made
pursuant to Section  4.2(a)(ii) and (iii) above with respect to the Class A-1-II
Interest and the Class A-2-II Interest, will be so made to such REMIC II Regular
Interests,  up to an amount  equal to,  and pro rata as  between  such  REMIC II
Regular Interests in accordance with, the respective  then-outstanding aggregate
Uncertificated Principal Balances of such REMIC II Regular Interests.

          (c)  On the final  Distribution Date in connection with a  termination
of the Trust Fund described in Article IX hereof, the distributions of principal
to be made pursuant to clauses (vi), (ix), (xii), (xv), (xviii),  (xxi), (xxiv),
(xxvii), (xxx), (xxxiii),  (xxxvi),  (xxxix) and (xlii) of Section 4.2(a) shall,
in each such case,  subject to the then remaining portion of the Available Funds
for REMIC II for such  date,  be made to the  Holders of the  relevant  Class of
REMIC II Regular  Interests  otherwise  entitled to  distributions  of principal
pursuant to such clause up to an amount  equal to the  aggregate  Uncertificated
Principal  Balance  of such  Class  of REMIC II  Regular  Interests  outstanding
immediately prior to such Distribution Date.

          (d)  On each  Distribution  Date,  the  Trustee  shall  be  deemed  to
distribute any  Prepayment  Premiums  deemed  distributed to the REMIC I Regular
Interests,  to the REMIC II Regular  Interest then entitled to  distributions of
principal from the Principal  Distribution Amount (or, if more than one Class of
such REMIC II Regular  Interests is entitled to  distributions of principal from
the Principal  Distribution  Amount, such Prepayment Premiums shall be deemed to
be  allocated  among such  Classes on a pro rata  basis in  accordance  with the
relative amounts of such deemed distributions of principal).

          (e)  On each Distribution Date, any  Excess  Liquidation  Proceeds  on
deposit in the Excess  Liquidation  Proceeds  Account deemed  distributed on the
REMIC I Regular  Interests on such date,  will in turn be deemed  distributed to
reimburse  the  REMIC II  Regular  Interests  (in  order of  alphabetical  Class
designation)  for,  and to the extent of, any  unreimbursed  Realized  Losses or
Expense Losses previously  allocated to them.  Distributions will be deemed made
to the holders of the Class A-1-II  Regular  Interests and Class A-2-II  Regular
Interests pro rata as between such Classes in accordance  with their  respective
then-outstanding aggregate Uncertificated Principal Balances.

          Section 4.3.   Distributions of REMIC III.

          (a)  On each Distribution Date, the Trustee shall  withdraw  from  the
Distribution  Account  the  Available  Funds in  respect  of REMIC  III for such
Distribution Date and shall apply such amount for the following  purposes and in
the following order of priority:

               (i)  to pay interest to the Holders of the respective  Classes of
Senior  Certificates,  up to an  amount  equal  to,  and pro rata as among  such
Classes in accordance with, all Distributable Certificate Interest in respect of
each such Class of Certificates for such Distribution Date,

               (ii)  to pay principal from the Principal Distribution Amount for
such  Distribution  Date, first to the Holders of the Class A-1 Certificates and
second to the  Holders  of the Class A-2  Certificates  in each  case,  up to an
amount equal to the lesser of (1) the then-

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outstanding  aggregate Certificate Balance of such Class of Certificates and (2)
the remaining portion, if any, of such Principal  Distribution  Amount;

               (iii)  to reimburse the  Holders of  the  respective  Classes  of
Class A  Certificates,  up to an  amount  equal to,  and pro rata as among  such
Classes in  accordance  with,  the  respective  amounts of  Realized  Losses and
Expense Losses, if any, previously allocated to such Classes of Certificates and
for which no reimbursement has previously been paid; and

               (iv) to make payments on the Subordinate Certificates as provided
below;

provided that, on each Distribution Date after the aggregate Certificate Balance
of the  Subordinate  Certificates  has been reduced to zero, and in any event on
the final  Distribution  Date in connection with a termination of the Trust Fund
described in Article IX hereof, the payments of principal to be made pursuant to
clause (ii) above with respect to the Class A  Certificates,  will be so made to
the Holders of the respective  Classes of Class A Certificates,  up to an amount
equal to, and pro rata as among such Classes in accordance  with, the respective
then-outstanding aggregate Certificate Balances of such Certificates;

          (b)  On each Distribution Date, following the foregoing  distributions
on the Senior  Certificates,  the Trustee shall apply the remaining portion,  if
any,  of the  Available  Funds in  respect  of REMIC  III for such  date for the
following purposes and in the following order of priority:

               (i)  to pay interest to the Holders of the Class B  Certificates,
up to an amount equal to all  Distributable  Certificate  Interest in respect of
such Class of Certificates for such Distribution Date;

               (ii)  if  the  aggregate  Certificate  Balances  of  the  Class A
Certificates  have been reduced to zero,  to pay principal to the Holders of the
Class  B  Certificates,  up  to an  amount  equal  to  the  lesser  of  (A)  the
then-outstanding aggregate Certificate Balance of such Class of Certificates and
(B) the remaining Principal Distribution Amount for such Distribution Date;

               (iii)  to reimburse the Holders of the Class B Certificates up to
an amount equal to all Realized  Losses and Expense Losses,  if any,  previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (iv)  to pay interest to the Holders of the Class C Certificates,
up to an amount equal to all  Distributable  Certificate  Interest in respect of
such Class of Certificates for such Distribution Date;

               (v)  if the aggregate Certificate Balances  of  the  Class A  and
Class B Certificates  have been reduced to zero, to pay principal to the Holders
of the  Class C  Certificates,  up to an amount  equal to the  lesser of (A) the
then-outstanding aggregate Certificate Balance of such Class of Certificates and
(B) the remaining Principal Distribution Amount for such Distribution Date;

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<PAGE>

               (vi)  to reimburse the Holders of the Class C  Certificates up to
an amount equal to all Realized  Losses and Expense Losses,  if any,  previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (vii) to pay interest to the Holders of the Class D Certificates,
up to an amount equal to all  Distributable  Certificate  Interest in respect of
such Class of Certificates for such Distribution Date;

               (viii)  if the  aggregate  Certificate  Balances of the  Class A,
Class B and Class C Certificates  have been reduced to zero, to pay principal to
the Holders of the Class D Certificates,  up to an amount equal to the lesser of
(A)  the  then-outstanding  aggregate  Certificate  Balance  of  such  Class  of
Certificates  and (B) the  remaining  Principal  Distribution  Amount  for  such
Distribution Date;

               (ix)  to reimburse the Holders of the Class D Certificates  up to
an amount equal to all Realized  Losses and Expense Losses,  if any,  previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (x)  to pay interest to the Holders of the Class E  Certificates,
up to an amount equal to all  Distributable  Certificate  Interest in respect of
such Class of Certificates for such Distribution Date;

               (xi)  if the  aggregate  Certificate  Balances  of  the  Class A,
Class B, Class C and Class D  Certificates  have been  reduced  to zero,  to pay
principal to the Holders of the Class E  Certificates,  up to an amount equal to
the lesser of (A) the  then-outstanding  aggregate  Certificate  Balance of such
Class of Certificates and (B) the remaining  Principal  Distribution  Amount for
such Distribution Date;

               (xii)  to reimburse the Holders of the Class E Certificates up to
an amount equal to all Realized  Losses and Expense Losses,  if any,  previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (xiii)   to   pay   interest   to  the  Holders  of  the  Class F
Certificates, up to an amount equal to all Distributable Certificate Interest in
respect of such Class of Certificates for such Distribution Date;

               (xiv)  if the aggregate  Certificate  Balances  of  the  Class A,
Class B, Class C, Class D and Class E Certificates have been reduced to zero, to
pay principal to the Holders of the Class F Certificates,  up to an amount equal
to the lesser of (A) the then-outstanding  aggregate Certificate Balance of such
Class of Certificates and (B) the remaining  Principal  Distribution  Amount for
such Distribution Date;

               (xv)  to reimburse the Holders of the Class F Certificates  up to
an amount equal to all Realized  Losses and Expense Losses,  if any,  previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (xvi) to pay interest to the Holders of the Class G Certificates,
up to an amount equal to all  Distributable  Certificate  Interest in respect of
such Class of Certificates for such Distribution Date;

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<PAGE>

               (xvii)  if the aggregate Certificate  Balances  of  the  Class A,
Class B, Class C, Class D, Class E and Class F Certificates have been reduced to
zero,  to pay  principal  to the Holders of the Class G  Certificates,  up to an
amount  equal to the lesser of (A) the  then-outstanding  aggregate  Certificate
Balance  of  such  Class  of  Certificates  and  (B)  the  remaining   Principal
Distribution Amount for such Distribution Date;

               (xviii)  to reimburse the Holders of the Class G Certificates  up
to an amount equal to all Realized Losses and Expense Losses, if any, previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (xix) to pay interest to the Holders of the Class H Certificates,
up to an amount equal to all  Distributable  Certificate  Interest in respect of
such Class of Certificates for such Distribution Date;

               (xx)  if the  aggregate  Certificate  Balances  of  the  Class A,
Class B, Class C, Class D, Class E, Class F and Class G  Certificates  have been
reduced to zero, to pay principal to the Holders of the Class H Certificates, up
to an  amount  equal  to  the  lesser  of  (A)  the  then-outstanding  aggregate
Certificate  Balance  of such  Class  of  Certificates  and  (B)  the  remaining
Principal Distribution Amount for such Distribution Date;

               (xxi)  to reimburse the Holders of the Class H Certificates up to
an amount equal to all Realized  Losses and Expense Losses,  if any,  previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (xxii)   to   pay   interest   to  the  Holders  of  the  Class J
Certificates, up to an amount equal to all Distributable Certificate Interest in
respect of such Class of Certificates for such Distribution Date;

               (xxiii) if the  aggregate  Certificate  Balances  of the Class A,
Class B, Class C,  Class D,  Class E, Class F, Class G and Class H  Certificates
have been  reduced  to zero,  to pay  principal  to the  Holders  of the Class J
Certificates,  up to an amount  equal to the lesser of (A) the  then-outstanding
aggregate  Certificate  Balance  of  such  Class  of  Certificates  and  (B) the
remaining Principal Distribution Amount for such Distribution Date;

               (xxiv)  to reimburse the Holders of the Class J  Certificates  up
to an amount equal to all Realized Losses and Expense Losses, if any, previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (xxv) to pay interest to the Holders of the Class K Certificates,
up to an amount equal to all  Distributable  Certificate  Interest in respect of
such Class of Certificates for such Distribution Date;

               (xxvi)  if the aggregate Certificate  Balances  of  the  Class A,
Class B,  Class C,  Class D,  Class E,  Class F,  Class G,  Class H and  Class J
Certificates  have been reduced to zero,  to pay principal to the Holders of the
Class  K  Certificates,  up  to an  amount  equal  to  the  lesser  of  (A)  the
then-outstanding aggregate Certificate Balance of such Class of Certificates and
(B) the remaining Principal Distribution Amount for such Distribution Date;

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<PAGE>

               (xxvii)  to  reimburse  the  Holders of the Class K  Certificates
up to an  amount  equal to all  Realized  Losses  and  Expense  Losses,  if any,
previously   allocated  to  such  Class  of   Certificates   and  for  which  no
reimbursement has previously been paid;

               (xxviii)   to   pay  interest  to  the  Holders  of  the  Class L
Certificates, up to an amount equal to all Distributable Certificate Interest in
respect of such Class of Certificates for such Distribution Date;

               (xxix)  if the aggregate Certificate  Balances  of  the  Class A,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class
K Certificates have been reduced to zero, to pay principal to the Holders of the
Class  L  Certificates,  up  to an  amount  equal  to  the  lesser  of  (A)  the
then-outstanding aggregate Certificate Balance of such Class of Certificates and
(B) the remaining Principal Distribution Amount for such Distribution Date;

               (xxx)  to reimburse the Holders of the Class L Certificates up to
an amount equal to all Realized  Losses and Expense Losses,  if any,  previously
allocated  to such  Class of  Certificates  and for which no  reimbursement  has
previously been paid;

               (xxxi)   to   pay   interest   to  the  Holders  of  the  Class M
Certificates, up to an amount equal to all Distributable Certificate Interest in
respect of such Class of Certificates for such Distribution Date;

               (xxxii)  if the aggregate  Certificate  Balances  of the Class A,
Class B,  Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K
and Class L  Certificates  have been  reduced to zero,  to pay  principal to the
Holders of the Class M Certificates,  up to an amount equal to the lesser of (A)
the then-outstanding aggregate Certificate Balance of such Class of Certificates
and (B) the remaining Principal Distribution Amount for such Distribution Date;

               (xxxiii)  to  reimburse  the Holders of the Class M  Certificates
up to an  amount  equal to all  Realized  Losses  and  Expense  Losses,  if any,
previously   allocated  to  such  Class  of   Certificates   and  for  which  no
reimbursement has previously been paid;

               (xxxiv)   to   pay   interest  to  the  Holders  of  the  Class N
Certificates, up to an amount equal to all Distributable Certificate Interest in
respect of such Class of Certificates for such Distribution Date;

               (xxxv)  if the aggregate Certificate  Balances  of  the  Class A,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K,
Class L and Class M Certificates  have been reduced to zero, to pay principal to
the Holders of the Class N Certificates,  up to an amount equal to the lesser of
(A)  the  then-outstanding  aggregate  Certificate  Balance  of  such  Class  of
Certificates  and (B) the  remaining  Principal  Distribution  Amount  for  such
Distribution Date;

               (xxxvi)  to  reimburse  the  Holders of the Class N  Certificates
up to an  amount  equal to all  Realized  Losses  and  Expense  Losses,  if any,
previously   allocated  to  such  Class  of   Certificates   and  for  which  no
reimbursement has previously been paid;

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<PAGE>

               (xxxvii)   to   pay  interest  to  the  Holders  of  the  Class O
Certificates, up to an amount equal to all Distributable Certificate Interest in
respect of such Class of Certificates for such Distribution Date;

               (xxxviii)  if the aggregate Certificate  Balances of the Class A,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M and Class N  Certificates  have been  reduced  to zero,  to pay
principal to the Holders of the Class O  Certificates,  up to an amount equal to
the lesser of (A) the  then-outstanding  aggregate  Certificate  Balance of such
Class of Certificates and (B) the remaining  Principal  Distribution  Amount for
such Distribution Date;

               (xxxix)  to  reimburse  the  Holders of the Class O  Certificates
up to an  amount  equal to all  Realized  Losses  and  Expense  Losses,  if any,
previously   allocated  to  such  Class  of   Certificates   and  for  which  no
reimbursement has previously been paid; and

               (xl)  to pay to the Holders of the Class R-III  Certificates  the
balance,  if any,  of the  Available  Funds in  respect  of  REMIC  III for such
Distribution  Date;  provided that, on the final Distribution Date in connection
with a  termination  of the Trust Fund  described  in  Article  IX  hereof,  the
distributions  of principal to be made  pursuant to clauses (ii),  (v),  (viii),
(xi),  (xiv),  (xvii),  (xx),  (xxiii),  (xxvi),  (xxix),  (xxxii),  (xxxv)  and
(xxxviii) of this Section 4.3(b) shall,  in each such case,  subject to the then
remaining  portion of the Available Funds in respect of REMIC III for such date,
be made to the Holders of the relevant Class of Principal  Balance  Certificates
otherwise  entitled to distributions of principal  pursuant to such clause up to
an  amount  equal  to  the  aggregate  Certificate  Balance  of  such  Class  of
Certificates outstanding immediately prior to such Distribution Date.

          (c)  Any Prepayment Premium collected with respect to a Mortgage  Loan
during any  particular  Collection  Period will be  distributed on the following
Distribution  Date as  follows:  The  holders  of the Class A, Class B, Class C,
Class  D,  Class  E,  Class  F  and  Class  G  Certificates   then  entitled  to
distributions  of  principal  on such  Distribution  Date will be entitled to an
aggregate amount,  allocable among such Classes,  if more than one, as described
below,  equal  to the  lesser  of (a)  such  Prepayment  Premium  and  (b)  such
Prepayment Premium multiplied by a fraction,  the numerator of which is equal to
the excess,  if any, of the  Pass-Through  Rate applicable to the most senior of
such Classes of Principal Balance Certificates then outstanding (or, in the case
of the two  Classes  of  Class A  Certificates,  first,  the  Pass-Through  Rate
applicable  to the Class A-1  Certificates  and second,  the  Pass-Through  Rate
applicable to the Class A-2  Certificates)  over the relevant Discount Rate, and
the denominator of which is equal to the excess, if any, of the Mortgage Rate of
the Mortgage Loan that  prepaid,  over the relevant  Discount  Rate. If there is
more  than  one  such  Class  of  Principal  Balance  Certificates  entitled  to
distributions  of principal on such  Distribution  Date,  the  aggregate  amount
described in the preceding  sentence  will be allocated  among such Classes on a
pro rata basis in accordance  with the relative  amounts of  entitlement to such
distributions of principal.

     Any portion of any Prepayment  Premium  remaining after any such payment to
the holders of such Principal  Balance  Certificates  as described above will be
distributed to the holders of the Class X Certificates.

          (d)  On each Distribution Date,  amounts  on  deposit  in  the  Excess
Liquidation  Proceeds  Account  deemed  distributed  on  the  REMIC  II  Regular
Interests on such date, will in

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turn be used to reimburse the holders of the Principal Balance  Certificates (in
order  of  alphabetical   Class  designation  )  for,  and  to  the  extent  of,
unreimbursed  Realized  Losses or Expense Losses  previously  allocated to them.
Distributions  will  be made to the  holders  of the  Class  A-1 and  Class  A-2
Certificates  pro rata as between such Classes in accordance with the respective
then-outstanding aggregate Certificate Balances of such Certificates.

          (e)   All   of  the  foregoing  distributions  to  be  made  from  the
Distribution  Account  on any  Distribution  Date with  respect to the REMIC III
Regular Certificates shall be deemed made from the payments deemed made to REMIC
III in respect  of the REMIC II  Regular  Interests  on such  Distribution  Date
pursuant to Section 4.2.

          Section 4.4.   Statements to Rating Agencies  and  Certificateholders;
Available Information.

          (a)  Based solely on information provided to the Trustee by the Master
Servicer and the Special  Servicer  pursuant to Section 3.13,  the Trustee shall
prepare (or cause to be prepared)  and, on each  Distribution  Date,  provide or
make  available  electronically  (or, upon request,  by first class mail) to the
Depositor,  the Placement Agents, the Sellers, each Rating Agency, the Operating
Adviser,  each  Certificateholder  and,  to the extent  that the  Trustee has in
accordance with Section 5.9 confirmed the Ownership Interest in the Certificates
held thereby, each Certificate Owner:

               (i)  a statement substantially in the form of, and containing the
information set forth in, Exhibit H-1 hereto (the "Trustee Report"), and

               (ii)  each file and report comprising the CMSA IRP (excluding the
Loan Set-Up File),  to the extent  received or prepared by the Trustee since the
prior Distribution Date (or, in the case of the initial Distribution Date, since
the Closing Date);

provided,  however,  that  (A) the  Trustee  has no  affirmative  obligation  to
discover the  identities  of  Certificate  Owners and need only react to Persons
claiming to be  Certificate  Owners in accordance  with such Section 5.9 and (B)
the Trustee need not deliver to the Depositor,  the Master Servicer, the Special
Servicer, the Seller, the Placement Agents, the Rating Agencies or the Operating
Adviser  any such report or  information  that has been made  available  via the
Trustee's Internet website as provided below.

     With  respect  to any  information  in a  Trustee  Report  pertaining  to a
specific  Mortgage  Loan,  such Mortgage Loan shall be identified by the related
Loan Number and property name, if any, set forth on the Mortgage Loan Schedule.

     Within a reasonable period of time after the end of each calendar year, the
Trustee  shall  furnish to each Person who at any time during the calendar  year
was a Holder of a Certificate (including holders of the Class R-I, Class R-II or
Class R-III  Certificates) and to each Rating Agency a statement  containing (i)
the  aggregate  principal and interest  distributions  for such calendar year or
applicable portion thereof during which such person was a Certificateholder; and
(ii)  such  other  customary  information  as the  Trustee  deems  necessary  or
desirable  for  Certificateholders  to prepare  their  federal,  state and local
income tax returns,  including the amount of original issue discount  accrued on
the Certificates,  if applicable. Such obligation of the Trustee shall be deemed
to have been satisfied to the extent that it provided  substantially  comparable
information  pursuant  to any  requirements  of the Code as from time to time in
force.

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     In  addition  to the  reports  required  to be  delivered  pursuant to this
Section  4.4(a),  the Trustee shall make  available upon request to each Holder,
Certificate Owner and proposed  transferee of a Privately Placed  Certificate or
interest therein such additional  information,  if any, required to be delivered
under  Rule  144A(d)(4)  and in its  possession  so as to  permit  the  proposed
transfer to be effected pursuant to Rule 144A.

     Bond  factor  information  may be  obtained  from the  Trustee  by  calling
800-246-5761.  If the Depositor so directs the Trustee,  and on terms acceptable
to the Trustee,  the Trustee will make available through its electronic bulletin
board  system,  on a  confidential  basis,  certain  information  related to the
Mortgage Loans. The bulletin board is located at (714) 282-3990.  Investors that
have an account on the bulletin  board may retrieve the loan level data file for
each  transaction in the directory.  An account number may be obtained by typing
"new" upon logging into the bulletin  board.  A directory has been set up on the
bulletin board in which an electronic file is stored containing monthly servicer
data. All files are compressed before being put into the directory.  The Trustee
shall make available each month via the Trustee's  Internet  website all Trustee
Reports and each file or report  comprising the CMSA IRP and with the consent of
or at the  direction of the  Depositor,  such other  information  regarding  the
Certificates  and/or  the  Mortgage  Loans  as  the  Trustee  may  have  in  its
possession.  The Trustee's Internet Website shall be located at "www.lnbabs.com"
or at such other  address as shall be specified by the Trustee from time to time
in the Trustee Report and in one or more written notices  delivered to the other
parties hereto, the Operating Adviser (if any), the  Certificateholders  and the
Rating Agencies.  In connection with providing access to the Trustee's  Internet
Website,   the  Trustee  may  require  registration  and  the  acceptance  of  a
disclaimer. The Trustee shall not be liable for the dissemination of information
in accordance with this Agreement.

          (b)  On or within two Business Days following each Distribution  Date,
the Trustee shall prepare and furnish to the Placement Agents,  using the format
and media  mutually  agreed upon by the Trustee and the  Placement  Agents,  the
following  information  regarding  each Mortgage Loan and any other  information
reasonably requested by the Placement Agents and available to the Trustee:

               (i)  the Loan Number and the related property name, if  any,  set
forth in the Mortgage Loan Schedule;

               (ii)  the Mortgage Rate; and

               (iii)  the principal balance as of such Distribution Date.

          (c)  The Trustee shall only be obligated to  deliver  the  statements,
reports and information  contemplated by Section 4.4(a) and 4.4(b) to the extent
it receives the necessary underlying  information from the Master Servicer,  the
Special Servicer and the Rating Agencies, as applicable, and shall not be liable
for any  failure to deliver  any  thereof on the  prescribed  due dates,  to the
extent such failure is caused by the Master Servicer's or the Special Servicer's
failure  to deliver  such  underlying  information  in a timely  manner.  Absent
manifest error,  the Trustee (i) may  conclusively  rely on any such information
forwarded  to it by the Master  Servicer,  the Special  Servicer  and the Rating
Agencies,  and (ii) shall have no obligation to verify the same.  Nothing herein
shall  obligate  the  Trustee,  the Master  Servicer or the Special  Servicer to
violate (in the reasonable judgment of the Master Servicer, the Special Servicer
or the Trustee,  as appropriate) any applicable law or provision of any Mortgage
Loan document prohibiting

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disclosure  of  information  with respect to any Borrower and the failure of the
Trustee, the Master Servicer or the Special Servicer to disseminate  information
for such reason shall not be a breach  hereof.

          Section 4.5.   Remittances; P&I Advances.

          (a)  For purposes of this Section 4.5,  "Applicable  Monthly  Payment"
shall  mean,  for any  Mortgage  Loan with  respect  to any  month,  (A) if such
Mortgage  Loan is  delinquent as to its Balloon  Payment or  constitutes  an REO
Mortgage Loan, the related Assumed Monthly Payment and (B) if such Mortgage Loan
is not described by the preceding clause, the Monthly Payment.

          (b)  On the Remittance Date immediately  preceding each  Distribution
Date, the Master Servicer shall:

               (i)  remit to the Trustee  from  the  Collection  Account (A) for
deposit in the Distribution  Account an amount equal to the Prepayment  Premiums
and (B) for deposit in the Excess  Liquidation  Proceeds Account an amount equal
to the  Excess  Liquidation  Proceeds,  to the  extent  received  by the  Master
Servicer in the Collection Period preceding such Remittance Date;

               (ii) remit to the Trustee from the Collection Account for deposit
in the  Distribution  Account an amount equal to the Master Servicer  Remittance
Amount for such  Distribution  Date  (excluding  P&I Advances which are remitted
pursuant to Section  4.5(b)(iii) and  Compensating  Interest  Payments which are
remitted pursuant to Section 3.25);

               (iii)  subject to Section  4.5(c),  make an advance (each, a "P&I
Advance"),  by deposit into the Collection Account, and remit such amount to the
Distribution  Account,  in an amount equal to the Applicable Monthly Payment for
each Mortgage Loan (net of the Master  Servicer  Fee), to the extent such amount
was not  received  on such  Mortgage  Loan as of the  close of  business  on the
related  Determination Date;  provided,  however,  that, in the event the Master
Servicer shall fail to remit a P&I Advance  required to be made hereunder on the
Remittance  Date, the Master  Servicer shall pay to the Trustee  interest at the
Advance Rate on the amount of such P&I Advance from and including the Remittance
Date to but not including the day such remittance is actually made; and

               (iv)  remit to the Trustee  from  the  Grantor  Trust  Collection
Account for deposit in the Grantor Trust Distribution Account an amount equal to
the Deferred  Interest  received by the Master Servicer in the Collection Period
preceding such Remittance Date.

          (c)  Notwithstanding Section 4.5(b)(iii), upon  determination  of  the
Appraisal  Reduction with respect to any Required  Appraisal Loan, the amount of
any  delinquent  interest  required to be advanced with respect to such Required
Appraisal  Loan shall be an amount equal to the product of (A) the amount of the
delinquent  interest  that would be  required  to be advanced in respect of such
Mortgage Loan without regard to the application of this sentence,  multiplied by
(B) a fraction,  the numerator of which is equal to the Stated Principal Balance
of such Mortgage Loan as of the immediately  preceding  Determination  Date less
the Appraisal  Reduction and the  denominator of which is such Stated  Principal
Balance.

          (d)  If, as of 3:00 p.m., New York City time, on any  Remittance  Date
the Master  Servicer  shall not (i) have made the P&I  Advance  required to have
been made on such date

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pursuant  to  Section   4.5(b)(iii)  or  (ii)  delivered  the   certificate  and
documentation related to a determination of nonrecoverability, the Trustee shall
immediately  notify the Fiscal Agent by telephone promptly confirmed in writing,
and the  Trustee  shall no later than 10:00  a.m.,  New York City time,  on such
Distribution Date deposit into the Distribution Account in immediately available
funds an amount equal to the P&I Advances  otherwise  required to have been made
by the Master Servicer. If the Trustee fails to make any P&I Advance required to
be made under this Section 4.5, the Fiscal Agent shall make such P&I Advance not
later  than  12:00  p.m.,  New York City time,  on such  Distribution  Date and,
thereby, the Trustee shall not be in default under this Agreement.

          (e)  Anything to the contrary in this Agreement notwithstanding,  none
of the Master  Servicer,  the Trustee or the Fiscal  Agent shall be obligated to
make a P&I Advance on any date on which a P&I Advance is  otherwise  required to
be made by this  Section 4.5 if the Master  Servicer,  the Trustee or the Fiscal
Agent,  as  applicable,  determines  that such Advance will be a  Nonrecoverable
Advance.   The  Trustee  and  the  Fiscal  Agent  shall  be  entitled  to  rely,
conclusively, on any determination by the Master Servicer that a P&I Advance, if
made,  would be a Nonrecoverable  Advance.  The Trustee and the Fiscal Agent, in
determining  whether or not a P&I Advance  previously made is, or a proposed P&I
Advance,   if  made,  would  be,  a  Nonrecoverable   Advance  shall  make  such
determination in their good faith judgment.

          (f)  The  Master  Servicer,  the  Trustee  or  the  Fiscal  Agent,  as
applicable,  shall be entitled to, and the Master Servicer hereby  covenants and
agrees to promptly seek and effect,  the  reimbursement  of P&I Advances made to
the extent permitted  pursuant to Section  3.6(a)(ii) of this Agreement together
with any related Advance  Interest Amount in respect of such P&I Advances to the
extent permitted pursuant to Section 3.6(a)(iii).

          Section 4.6.   Allocation of Realized Losses and Expense Losses.

          (a)  On each Distribution Date, following the deemed  distributions to
be made in respect of the REMIC I Regular Interests pursuant to Section 4.1, the
Uncertificated  Principal Balance of each REMIC I Regular Interest (after taking
account  of such  deemed  distributions)  shall be  reduced  to equal the Stated
Principal Balance of the related Mortgage Loan (including  without limitation an
REO Mortgage Loan or, if applicable,  a Qualified Substitute Mortgage Loan) that
will  be  outstanding   immediately   following  such  Distribution  Date.  Such
reductions  shall be deemed to be an allocation  of Realized  Losses and Expense
Losses.

          (b)  On each Distribution Date, Realized  Losses  and  Expense  Losses
that are  applied  to each  Class of REMIC  III  Regular  Certificates  shall be
allocated to reduce the Uncertificated Principal Balance of the Related REMIC II
Regular Interest.

          (c)  On each Distribution Date, following the distributions to be made
to the  Certificateholders  on such date  pursuant to Section  4.3,  the Trustee
shall determine the amount, if any, by which (i) the then-aggregate  Certificate
Balance of the Principal Balance Certificates, exceeds (ii) the aggregate Stated
Principal  Balance of the  Mortgage  Pool that will be  outstanding  immediately
following such Distribution Date. If such excess does exist, then the respective
aggregate  Certificate Balances of the Class O, Class N, Class M, Class L, Class
K,  Class J,  Class H,  Class G,  Class F, Class E, Class D, Class C and Class B
Certificates shall be reduced  sequentially,  in that order, in each case, until
the first to occur of such excess being reduced to zero or the related aggregate
Certificate Balance of such Class being reduced to zero. If, after the foregoing
reductions,  the amount described in clause (i) of the second preceding sentence
still  exceeds  the amount  described  in clause  (ii) of the  second  preceding
sentence, then the

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respective  aggregate  Certificate  Balances  of the  Class  A-1 and  Class  A-2
Certificates shall be reduced, pro rata in accordance with the relative sizes of
the  then-outstanding   aggregate   Certificate  Balances  of  such  Classes  of
Certificates,  until the first to occur of such excess being  reduced to zero or
each such aggregate  Certificate  Balance being reduced to zero. Such reductions
in the aggregate  Certificate  Balances of the  respective  Classes of Principal
Balance  Certificates  shall be deemed to be allocations of Realized  Losses and
Expense Losses among the  Certificates of each such Class in proportion to their
respective  Percentage Interests in such Class.

          Section 4.7.   Distributions on the Grantor Trust.

     On each  Distribution  Date,  the Trustee shall  withdraw the amount of any
Deferred  Interest  received in the related  Collection  Period from the Grantor
Trust Distribution Account and shall distribute such funds to the holders of the
Class V Certificates.

          Section 4.8.   Distributions in General.

          (a)  All amounts distributable to a Class of Certificates  pursuant to
this Article IV on each  Distribution Date shall be allocated pro rata among the
outstanding Certificates in each such Class based on their respective Percentage
Interests.  Such  distributions  shall be made on each  Distribution Date (other
than the final  distribution on any  Certificate) to each  Certificateholder  of
record on the  related  Record  Date by check  mailed by first class mail to the
address set forth therefor in the  Certificate  Register or,  provided that such
Certificateholder shall have provided the Paying Agent with wire instructions in
writing on or before the  related  Record  Date (or upon  standing  instructions
given to the Trustee or the Paying Agent on the Closing Date or on or before any
Record  Date,  which  instructions  may be revoked at any time  thereafter  upon
written  notice to the  Trustee  or the Paying  Agent on or before  the  related
Record Date), by wire transfer of immediately  available funds to the account of
such  Certificateholder  at a bank or other entity  located in the United States
and having  appropriate  facilities  therefor.  The final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously  allocated to such Certificate)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the Corporate Trust Office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

          (b)  Except as otherwise provided in Section 9.1, the  Trustee  shall,
no later than the 15th day of the month in the month preceding the  Distribution
Date on which the final  distribution  with respect to any Class of Certificates
is expected to be made or such later day as the Trustee  becomes  aware that the
final  distribution  with respect to any Class of Certificates is expected to be
made on the succeeding  Distribution  Date, mail to each Holder of such Class of
Certificates  and to the  Rating  Agencies,  on such day a notice to the  effect
that:

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               (i)  the  Trustee  reasonably  expects,  based  upon  information
previously  provided to it,  that the final  distribution  with  respect to such
Class of  Certificates  will be made on such  Distribution  Date,  but only upon
presentation  and  surrender of such  Certificates  at the office of the Trustee
therein specified; and

               (ii)  if such  final  distribution  is  made on such Distribution
Date,  no  interest  shall  accrue  on such  Certificates  from and  after  such
Distribution Date;

provided,  however,  that the Class R-I, Class R-II and Class R-III Certificates
shall remain outstanding until there is no other Class of Certificates,  REMIC I
Regular Interests or REMIC II Regular Interests outstanding.

Any funds not distributed to any Holder or Holders of Certificates of such Class
on such  Distribution  Date  because of the failure of such Holder or Holders to
tender their  Certificates  shall, on such  Distribution  Date, be set aside and
held in  trust  for the  benefit  of the  appropriate  non-tendering  Holder  or
Holders.  If any Certificates as to which notice has been given pursuant to this
Section  4.8(b)  shall not have been  surrendered  for  cancellation  within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation  in order to receive  from such  funds held the final  distribution
with respect thereto.  If, within one year after the second notice,  any of such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of  maintaining  such funds in trust and of  contacting  such
Certificateholders  shall be paid out of such funds.  If, within two years after
the second notice,  any such  Certificates  shall not have been  surrendered for
cancellation,  the Paying Agent shall pay to the Class R-III  Certificateholders
all amounts otherwise  distributable to such non-tendering  Holders. No interest
shall accrue or be payable to any  Certificateholder on any amount held in trust
hereunder or by the Trustee as a result of such  Certificateholder's  failure to
surrender its  Certificate(s)  for final payment thereof in accordance with this
Section 4.8(b).  Any such amounts  transferred to the Trustee may be invested in
Permitted  Investments  and all income and gain realized from investment of such
funds  shall be for the  benefit  of the  Trustee.  In the event the  Trustee is
permitted or required to invest any amounts in Permitted  Investments under this
Agreement,  whether in its capacity as Trustee or in the event of its assumption
of the  duties  of, or  becoming  the  successor  to,  the  Master  Servicer  in
accordance with the terms of this Agreement, it shall invest such amounts in the
following Permitted  Investments and priority,  in each case only for so long as
any such investment shall continue to be a Permitted  Investment:  (1) Permitted
Investments under clause (v) of the definition of Permitted Investments, and (2)
if (1) above is not  available,  Permitted  Investments  under clause (i) of the
definition  of  Permitted  Investments.  The  Trustee  shall  deposit  into  the
applicable  account  funds in the amount of any loss  incurred in respect of any
such Permitted Investment immediately upon realization of such loss.

          Section 4.9.   Compliance with Withholding Requirements.

     Notwithstanding  any other  provision of this  Agreement,  the Paying Agent
shall comply with all federal withholding  requirements with respect to payments
to  Certificateholders  of interest or original  issue  discount that the Paying
Agent  reasonably  believes  are  applicable  under the  Code.  The  consent  of
Certificateholders shall not be required for any such withholding. The

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Paying  Agent  agrees  that it will not  withhold  with  respect to  payments of
interest or original issue discount in the case of a Certificateholder that is a
non-U.S.  Person that has  furnished or caused to be furnished  (i) an effective
Form W-8 or Form W-9 or an acceptable  substitute  form or a successor  form and
who  has  informed  the  Trustee  in  writing  that  it  is  not  a  "10-percent
shareholder"  within the meaning of Code Section  871(h)(3)(B)  or a "controlled
foreign corporation"  described in Code Section 881(c)(3)(C) with respect to the
Trust Fund or the  Depositor,  or (ii) an effective  Form 4224 or an  acceptable
substitute  form or a successor form. In the event the Paying Agent or its agent
withholds  any amount  from  interest  or original  issue  discount  payments or
advances  thereof  to any  Certificateholder  pursuant  to  federal  withholding
requirements,  the Paying  Agent  shall  indicate  the amount  withheld  to such
Certificateholder.  Any  amount so  withheld  shall be  treated  as having  been
distributed to such Certificateholder for all purposes of this Agreement.

                                   ARTICLE V.
                                   ----------

                                THE CERTIFICATES

          Section 5.1.   The Certificates.

     The  Certificates  consist  of the  Class A-1  Certificates,  the Class A-2
Certificates,  the Class X Certificates,  the Class B Certificates,  the Class C
Certificates,  the Class D Certificates,  the Class E Certificates,  the Class F
Certificates,  the Class G Certificates,  the Class H Certificates,  the Class J
Certificates,  the Class K Certificates,  the Class L Certificates,  the Class M
Certificates,  the Class N Certificates,  the Class O Certificates,  the Class V
Certificates,  the Class R-I  Certificates,  the Class R-II Certificates and the
Class R-III Certificates.

     The Class  A-1,  Class  A-2,  Class X,  Class B, Class C, Class D, Class E,
Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O,
Class  V,  Class  R-I,  Class  R-II  and  Class  R-III   Certificates   will  be
substantially  in the forms annexed  hereto as Exhibits A-1, A-2, A-3, A-4, A-5,
A-6, A-7, A-8, A-9, A-10,  A-11,  A-12, A-13, A-14, A-15, A-16, A-17, A-18, A-19
and A-20,  respectively.  The  Certificates  of each Class will be  issuable  in
definitive  physical form only,  registered in the name of the holders  thereof;
provided,  however,  that in accordance  with Section 5.3  beneficial  ownership
interests in the REMIC III Regular  Certificates  shall initially be represented
by  Book-Entry   Certificates  held  and  transferred   through  the  book-entry
facilities of the Securities  Depository.  The Class A Certificates  shall be in
minimum  denominations  of $25,000 and  multiples of $1 in excess  thereof.  The
Class B, Class C and Class D Certificates  shall be in minimum  denominations of
$50,000 and  multiples of $1 in excess  thereof.  The Class E, Class F, Class G,
Class H, Class J,  Class K,  Class L, Class M, Class N and Class O  Certificates
shall be in minimum  denominations  of $100,000  and  multiples  of $1 in excess
thereof.  The  Class  X  Certificates  shall  be  in  minimum  denominations  of
$1,000,000 and multiples of $1 in excess thereof.  The Class V, Class R-I, Class
R-II and  Class  R-III  Certificates  shall be in  minimum  denominations  of 5%
Percentage  Interests and integral multiples of 1% Percentage Interest in excess
thereof and together  aggregating  the entire 100%  Percentage  Interest in each
such Class.

     Any  of  the  Certificates  may  be  issued  with  appropriate  insertions,
omissions,  substitutions  and  variations,  and may have imprinted or otherwise
reproduced thereon such legend or legends,  not inconsistent with the provisions
of this Agreement, as may be required to

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comply with any law or with rules or regulations  pursuant thereto,  or with the
rules of any  securities  market  in which  the  Certificates  are  admitted  to
trading, or to conform to general usage.

     Each Certificate may be printed or in typewritten or similar form, and each
Certificate  shall,  upon  original  issue,  be  executed  by  the  Trustee  and
authenticated  by the Trustee or the  Authenticating  Agent and delivered to (or
upon the order of) the Depositor.  All Certificates  shall be executed by manual
or  facsimile  signature  on behalf of the Trustee by an  authorized  officer or
signatory.  Certificates  bearing the signature of an individual  who was at any
time the proper  officer or  signatory  of the Trustee  shall bind the  Trustee,
notwithstanding  that such individual has ceased to hold such office or position
prior to the  delivery  of such  Certificates  or did not hold  such  office  or
position at the date of such  Certificates.  No Certificate shall be entitled to
any benefit  under this  Agreement,  or be valid for any  purpose,  unless there
appears on such  Certificate a  certificate  of  authentication  in the form set
forth in Exhibits A-1 through A-20 executed by the Trustee or the Authenticating
Agent by manual  signature,  and such  certificate  of  authentication  upon any
Certificate  shall be  conclusive  evidence,  and the only  evidence,  that such
Certificate  has  been  duly   authenticated   and  delivered   hereunder.   All
Certificates shall be dated the date of their authentication.

          Section 5.2.   Registration, Transfer and Exchange of Certificates.

          (a)  At all times during the term of this Agreement,  there  shall  be
maintained at the office of the Certificate  Registrar a Certificate Register in
which, subject to such reasonable  regulations as the Certificate  Registrar may
prescribe,  the  Certificate  Registrar  shall provide for the  registration  of
Certificates  and of transfers and exchanges of Certificates as herein provided.
The  Trustee  is  hereby  initially  appointed  (and  hereby  agrees  to  act in
accordance  with the terms hereof) as  Certificate  Registrar for the purpose of
registering  Certificates  and transfers and exchanges of Certificates as herein
provided.  The Trustee may  appoint,  by a written  instrument  delivered to the
other  parties  hereto,  any other bank or trust  company to act as  Certificate
Registrar under such conditions as the Trustee may prescribe,  provided that the
Trustee shall not be relieved of any of its duties or responsibilities hereunder
as Certificate  Registrar by reason of such appointment.  If the Trustee resigns
or is removed in accordance with the terms hereof,  the successor  trustee shall
immediately succeed to its predecessor's  duties as Certificate  Registrar.  The
Depositor,  the Master  Servicer,  the Special  Servicer and any agent of any of
them shall have the right to inspect  the  Certificate  Register  or to obtain a
copy  thereof  at  all  reasonable  times,  and  to  rely  conclusively  upon  a
certificate of the Certificate  Registrar as to the information set forth in the
Certificate Register.  The names and addresses of all Certificateholders and the
names and addresses of the transferees of any  Certificates  shall be registered
in the  Certificate  Register.  A  Definitive  Certificate  is  transferable  or
exchangeable  only upon the  surrender of such  Certificate  to the  Certificate
Registrar at the Corporate Trust Office together with an assignment and transfer
(executed  by the  Holder  or his  duly  authorized  attorney),  subject  to the
requirements  of this Section 5.2. Upon request of the Trustee,  the Certificate
Registrar  shall provide the Trustee with the names,  addresses  and  Percentage
Interests of the Holders.

          (b)  Upon surrender for registration of  transfer  of  any  Definitive
Certificate,  subject to the requirements of this Section 5.2, the Trustee shall
execute and the Trustee or the  Authenticating  Agent shall duly authenticate in
the  name  of  the  designated  transferee  or  transferees,  one  or  more  new
Certificates  in  authorized  denominations  of  a  like  aggregate  Certificate
Balance, Notional Amount or Percentage Interest. Such Certificates shall be

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delivered by the Certificate Registrar in accordance with this Section 5.2. Each
Certificate  surrendered  for  registration  of transfer  or  exchange  shall be
cancelled  and  the  Certificate   Registrar  shall  dispose  of  the  cancelled
Certificates  in accordance with its standard  procedures.  Each new Certificate
issued  pursuant  to this  Section  5.2 shall be  registered  in the name of any
Person as the transferring Holder may request, subject to the provisions of this
Section 5.2.

          (c)  Subject to the restrictions on transfer and exchange set forth in
this  Section  5.2,  the  Holder of one or more  Certificates  may  transfer  or
exchange  the same in whole or in part  (with a  Certificate  Balance,  Notional
Amount  or  Percentage  Interest  equal  to  any  authorized   denomination)  by
surrendering  such Certificate at the Corporate Trust Office or at the office of
any transfer agent appointed as provided under this Agreement,  together with an
instrument  of  assignment  and  transfer  (executed  by the  Holder or its duly
authorized  attorney),  in the  case of  transfer,  and a  written  request  for
exchange in the case of exchange.  Subject to the  restrictions  on transfer set
forth in this Section 5.2,  following a proper request for transfer or exchange,
the  Certificate  Registrar  shall,  within a reasonable  time period after such
request,  execute and deliver at the Corporate  Trust Office or at the office of
such  transfer  agent,  as the case may be,  to the  transferee  (in the case of
transfer)  or the Holder (in the case of  exchange)  or send by first class mail
(at the risk of the transferee in the case of transfer or the Holder in the case
of exchange) to such address as the transferee or the Holder, as applicable, may
request, a Definitive Certificate or Certificates,  as the case may require, for
a like aggregate Certificate Balance, Notional Amount or Percentage Interest and
in such  authorized  denomination  or  denominations  as may be  requested.  The
presentation for transfer or exchange of any Definitive Certificate shall not be
valid unless made at the  Corporate  Trust Office or at the office of a transfer
agent  by  the   registered   Holder  in  person,   or  by  a  duly   authorized
attorney-in-fact.  The  Certificate  Registrar may decline to accept any request
for an exchange or registration of transfer of any Certificate during the period
of 15 days preceding any Distribution Date.

          (d)  No fee or service charge shall  be  imposed  by  the  Certificate
Registrar  for its  services  in  respect of any  registration  of  transfer  or
exchange  referred to in this Section 5.2 other than for  transfers of Privately
Placed Certificates to Institutional  Accredited Investors,  as provided herein.
In  connection  with  any  transfer  of  Privately  Placed  Certificates  to  an
Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any  costs  (including  the cost of the  Certificate  Registrar's  counsel's
review of the documents and any legal  opinions  submitted by the  transferor or
transferee  to the  Certificate  Registrar as provided  herein)  incurred by the
Certificate  Registrar  in  connection  with  such  transfer.   The  Certificate
Registrar may require  payment by each  transferor of a sum  sufficient to cover
any tax,  expense or other  governmental  charge payable in connection  with any
such transfer.

          (e)  The exchange, transfer and registration of transfer of Definitive
Certificates that are Privately Placed Certificates may only be made to Eligible
Investors and shall be subject to the  restrictions set forth below (in addition
to the other provisions of this Section 5.2):

               (i)  The  Certificate  Registrar shall register the transfer of a
Definitive  Certificate that is a Privately Placed  Certificate if the requested
transfer  is  being  made to a  transferee  who  has  provided  the  Certificate
Registrar with an Investment  Representation Letter substantially in the form of
Exhibit D hereto (an "Investment Representation Letter"), to the effect that the
transfer is being made to a Qualified  Institutional  Buyer in  accordance  with
Rule 144A; or

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               (ii)  The Certificate  Registrar shall register the transfer of a
Definitive  Certificate that is a Privately Placed  Certificate  (other than the
Class V Certificates and the Residual  Certificates),  if prior to the transfer,
the  transferee  furnishes  to  the  Certificate  Registrar  (1)  an  Investment
Representation  Letter  to the  effect  that the  transfer  is being  made to an
Institutional  Accredited  Investor in accordance  with an applicable  exemption
under the 1933 Act,  (2) an  Opinion of Counsel  acceptable  to the  Certificate
Registrar  that such  transfer  is in  compliance  with the 1933 Act,  and (3) a
written  undertaking by the transferor to reimburse the Trust Fund for any costs
incurred by it in connection with the proposed transfer.

     In the event the  Certificate  Registrar  shall determine that a Definitive
Certificate,  or  beneficial  interest in a  Book-Entry  Certificate,  that is a
Privately  Placed  Certificate  (other than the Residual  Certificates) is being
held by or for the benefit of a Person who is not an Eligible Investor,  or that
such  holding is unlawful  under the laws of a relevant  jurisdiction,  then the
Certificate  Registrar  shall  void  such  transfer  or,  if such  action is not
permitted under applicable law,  require,  to the extent permitted by applicable
law, the non-Eligible Investor to sell such Definitive Certificate or beneficial
interest in such Book-Entry  Certificate to an Eligible  Investor within 14 days
after notice of such  determination and each Certificate Owner by its acceptance
of a Certificate  authorizes the  Certificate  Registrar to take such action and
agrees to  reimburse  the  Trustee  for any costs and  expenses  incurred by the
Trustee in enforcing this provision.  In the event that the Trustee is unable to
recover its costs and expenses from such  Certificate  Owner, the Trustee may be
reimbursed for such expenses from the Trust Fund. At the request of the Trustee,
the  Depositor  shall  assist  the  Trustee  in  requiring  any such  sale.  The
Certificate Registrar shall be under no duty to investigate to determine if such
transferee is an Eligible Investor.

     Neither the  Depositor,  the Master  Servicer,  the Special  Servicer,  the
Trustee nor the  Certificate  Registrar  is obligated to register or qualify any
Class  of  Privately  Placed  Certificates  under  the  1933  Act or  any  other
securities law or to take any action not otherwise required under this Agreement
to  permit  the  transfer  of  such   Certificates   without   registration   or
qualification. Any Certificateholder desiring to effect such transfer shall, and
does hereby agree to, indemnify the Depositor,  the Master Servicer, the Special
Servicer, the Trustee, the Fiscal Agent and the Certificate  Registrar,  against
any loss,  liability  or expense  that may result if the  transfer is not exempt
from the registration  requirements of the 1933 Act or is not made in accordance
with such federal and state laws or is not made in accordance  with this Section
5.2.

          (f) No transfer of a Certificate or any interest therein shall be made
(A) to any employee  benefit  plan or other  retirement  arrangement,  including
individual  retirement  accounts  and  annuities,  Keogh  plans  and  collective
investment  funds  and  separate  accounts  in which  such  plans,  accounts  or
arrangements are invested, including insurance company general accounts, that is
subject to Section 406 of ERISA or Section  4975 the Code (each,  a "Plan"),  or
(B) to any Person who is directly or indirectly  purchasing such  Certificate or
interest  therein on behalf of, as named  fiduciary  of, as trustee  of, or with
assets of a Plan,  if the purchase and holding of such  Certificate  or interest
therein by the prospective Transferee would result in a violation of Section 406
of ERISA or Section  4975 of the Code or would  result in the  imposition  of an
excise  tax  under  Section  4975  of  the  Code.  No  interest  in  any  of the
Certificates may be purchased by a Plan that is sponsored (within the meaning of
Section 3(16)(B) of ERISA) by the Trustee, the Depositor,  the Fiscal Agent, the
Sellers, any Exemption-Favored Party, the Master Servicer, the Special Servicer,
any Sub-Servicer or any Borrower with respect to Mortgage Loans constituting

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more than 5% of the  aggregate  unamortized  principal  balance of the  Mortgage
Loans  determined  on  the  Closing  Date,  or by  any  Affiliate  of any of the
foregoing Persons.  Any transfer of a Certificate that would violate,  or result
in a prohibited  transaction  under,  ERISA or Section 4975 of the Code shall be
deemed absolutely null and void ab initio.

     Except in connection with the initial  issuance of the Class X Certificates
or any transfer of a Class X Certificate to a successor Securities Depository as
contemplated by Section 5.3, the Certificate  Registrar shall refuse to register
the transfer of a Class X Certificate that constitutes a Definitive  Certificate
unless it has received  from the  prospective  Transferee,  and any  Certificate
Owner  transferring  an interest in a Class X  Book-Entry  Certificate  shall be
required to obtain from its prospective  Transferee,  either (i) a certification
to the effect that such prospective Transferee is not a Plan and is not directly
or indirectly  purchasing such  Certificate or interest therein on behalf of, as
named  fiduciary  of,  as  trustee  of,  or with  assets  of a  Plan;  or (ii) a
certification  to the effect that the  purchase  and  continued  holding of such
Certificate or interest  therein by such  prospective  Transferee is exempt from
the prohibited  transaction  provisions of Section 406 of ERISA and Section 4975
of the Code under Sections I and III of Prohibited  Transaction  Class Exemption
95-60; or (iii) if the Class X Certificate or interest therein is being acquired
by or on behalf of a Plan in reliance on Prohibited  Transaction Exemption 90-24
and/or 90-08, a certification  to the effect that such Plan (X) is an accredited
investor as defined in Rule 501(a) of  Regulation  D of the 1933 Act, (Y) is not
sponsored (within the meaning of Section 3(16)(B) of ERISA) by the Trustee,  the
Fiscal  Agent,  the  Depositor,  any Seller,  the Master  Servicer,  the Special
Servicer,  any  Sub-Servicer  or any  Borrower  with  respect to Mortgage  Loans
constituting 5% of the aggregate  amortized  principal of all the Mortgage Loans
determined as of the Closing  Date, or by any Affiliate of such Person,  and (Z)
agrees that it will obtain from each of its Transferees a written representation
that such Transferee,  if a Plan,  satisfies the requirements of the immediately
preceding clauses (iii)(X) and (iii)(Y),  together with a written agreement that
such  Transferee  will  obtain  from  each of its  Transferees  that are Plans a
similar written representation regarding satisfaction of the requirements of the
immediately  preceding clauses (iii)(X) and (iii)(Y); or (iv) a certification of
facts and an  Opinion  of Counsel  (which  Opinion  of  Counsel  shall not be an
expense of the Trustee, the Certificate  Registrar or the Trust) which otherwise
establish to the reasonable  satisfaction of the Certificate Registrar that such
transfer  will not result in a violation of Section 406 of ERISA or Section 4975
of the Code or result in the  imposition  of an excise tax under Section 4975 of
the Code. It is hereby  acknowledged  that the forms of  certification  attached
hereto as Exhibit G-1A (in the case of Definitive Certificates) and Exhibit G-1B
(in the case of ownership  interests in Book-Entry  Certificates) are acceptable
for purposes of the preceding sentence.

     Except in connection with the initial  issuance of the Class B, Class C and
Class  D  Certificates  or any  transfer  of a  Class  B,  Class  C or  Class  D
Certificate to a successor Securities Depository in accordance with Section 5.3,
the Certificate  Registrar shall refuse to register the transfer of a Definitive
Certificate  unless it has received  from the  prospective  Transferee,  and any
Certificate Owner transferring an interest in a Book-Entry  Certificate shall be
required to obtain from its prospective  Transferee,  either (i) a certification
to the effect that such prospective  Transferee is neither a Plan nor any Person
who is directly or indirectly purchasing such Certificate or interest therein on
behalf of, as named  fiduciary  of, as trustee of, or with assets of a Plan;  or
(ii) a  certification  to the  effect  that the  purchase  and  holding  of such
Certificate or interest  therein by such  prospective  Transferee is exempt from
the prohibited  transaction  provisions of Section 406 of ERISA and Section 4975
of the Code under Sections I and III of Prohibited  Transaction  Class Exemption
95-60; or (iii) a certification of facts and an Opinion of

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Counsel which otherwise establish to the reasonable  satisfaction of the Trustee
or such  Certificate  Owner,  as the case may be,  that such  transfer  will not
result in a  violation  of Section  406 of ERISA or Section  4975 of the Code or
result in the  imposition of an excise tax under Section 4975 of the Code. It is
hereby  acknowledged that the forms of certification  attached hereto as Exhibit
G-2A (in the case of Definitive  Certificates)  and Exhibit G-2B (in the case of
ownership  interests in Book-Entry  Certificates) are acceptable for purposes of
the preceding sentence. If after the Start-up Day the Depositor certifies to the
Trustee  that  Prohibited  Transaction  Exemption  90-24  and/or 98-08 have been
amended to permit a Class B, Class C and/or Class D  Certificate  to be acquired
by a Plan or a Person who is directly or indirectly  purchasing such Certificate
or interest  therein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan, the Trustee may waive the  requirements of this paragraph with
respect to such Classes of Certificates.

          Except in  connection  with  the  initial  issuance  of  the  Class E,
Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class
O Certificates or any transfer of a Class E, Class F, Class G, Class H, Class J,
Class  K,  Class L,  Class M,  Class N or  Class O  Certificate  to a  successor
Securities  Depository in accordance with Section 5.3, the Certificate Registrar
shall refuse to register the transfer of a Definitive  Certificate unless it has
received from the prospective Transferee, and any Certificate Owner transferring
an interest  in a  Book-Entry  Certificate  shall be required to obtain from its
prospective  Transferee,  either (i) a  certification  to the  effect  that such
prospective  Transferee  is  neither a Plan nor any Person  who is  directly  or
indirectly  purchasing  such  Certificate  or interest  therein on behalf of, as
named  fiduciary  of,  as  trustee  of,  or with  assets  of a  Plan;  or (ii) a
certification to the effect that the purchase and holding of such Certificate or
interest  therein by such  prospective  Transferee is exempt from the prohibited
transaction  provisions  of Section  406 of ERISA and  Section  4975 of the Code
under Sections I and III of Prohibited  Transaction  Class  Exemption  95-60; or
(iii) if the  Depositor  certifies  to the Trustee that  Prohibited  Transaction
Exemption  90-24  and/or  98-08 have been  amended to permit a Class E, Class F,
Class G, Class H,  Class J,  Class K,  Class L, Class M, Class N and/or  Class O
Certificate  to be acquired by a Plan or a Person who is directly or  indirectly
purchasing such Certificate or interest therein on behalf of, as named fiduciary
of, as trustee of, or with assets of a Plan, a certification  to the effect that
such  Plan  (X) is an  accredited  investor  as  defined  in Rule  501(a)(1)  of
Regulation  D of the 1933 Act,  (Y) is not  sponsored  (within  the  meaning  of
Section 3(16)(B) of ERISA) by the Trustee, the Depositor,  the Fiscal Agent, any
Seller, any Exemption-Favored  Party, the Master Servicer, the Special Servicer,
any  Sub-Servicer  or any Borrower with respect to Mortgage  Loans  constituting
more than 5% of the  aggregate  unamortized  principal  balance of the  Mortgage
Loans  determined  on  the  Closing  Date,  or by  any  Affiliate  of any of the
foregoing  Persons,  and  (Z)  agrees  that  it  will  obtain  from  each of its
Transferees a written representation that such Transferee,  if a Plan, satisfies
the  requirements of the immediately  preceding  clauses  (iii)(X) and (iii)(Y),
together with a written  agreement that such Transferee will obtain from each of
its  Transferees  that are  Plans a  similar  written  representation  regarding
satisfaction of the requirements of the immediately  preceding  clauses (iii)(X)
and (iii)(Y);  or (iv) a certification  of facts and an Opinion of Counsel which
otherwise  establish  to the  reasonable  satisfaction  of the  Trustee  or such
Certificate  Owner,  as the case may be, that such transfer will not result in a
violation  of Section 406 of ERISA or Section  4975 of the Code or result in the
imposition  of an  excise  tax  under  Section  4975 of the  Code.  It is hereby
acknowledged that the forms of certification attached hereto as Exhibit G-3A (in
the case of Definitive Certificates) and Exhibit G-3B (in the case of

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ownership  interests in Book-Entry  Certificates) are acceptable for purposes of
the preceding sentence.

          (g)  Each Person who has or  acquires  any  Ownership  Interest  in  a
Class  R-I,  Class  R-II or a Class  R-III  Certificate  shall be  deemed by the
acceptance or acquisition of such Ownership  Interest to have agreed to be bound
by the following  provisions,  and to have  irrevocably  authorized  the Trustee
under clause (iii) below to deliver  payments to a Person other than such Person
and to have  irrevocably  authorized  the Trustee  under  clause  (iii) below to
negotiate the terms of any mandatory  disposition and to execute all instruments
of Transfer and to do all other things  necessary  in  connection  with any such
disposition.  The rights of each Person  acquiring any  Ownership  Interest in a
Class R-I Certificate,  Class R-II Certificate or a Class R-III  Certificate are
expressly subject to the following provisions:

               (i)  Each Person acquiring or holding any Ownership Interest in a
Class R-I Certificate,  Class R-II Certificate or Class R-III  Certificate shall
be a Permitted  Transferee and shall not acquire or hold such Ownership Interest
as agent  (including as a broker,  nominee or other  middleman) on behalf of any
Person that is not a Permitted Transferee. Any such Person shall promptly notify
the  Certificate  Registrar of any change or impending  change in its status (or
the status of the beneficial  owner of such  Ownership  Interest) as a Permitted
Transferee.  Any  acquisition  described  in the first  sentence of this Section
5.2(g)(i)  by a Person who is not a Permitted  Transferee  or by a Person who is
acting as an agent of a Person who is not a Permitted  Transferee  shall be void
and of no  effect,  and the  immediately  preceding  owner  who was a  Permitted
Transferee  shall be restored to  registered  and  beneficial  ownership  of the
Ownership Interest as fully as possible.

               (ii)  No  Ownership  Interest  in  a  Class R-I,  Class R-II or a
Class  R-III  Certificate  may be  transferred,  and no such  Transfer  shall be
registered in the Certificate  Register,  without the consent of the Certificate
Registrar,  and  the  Certificate  Registrar  shall  not  recognize  a  proposed
Transfer,  and such  proposed  Transfer  shall not be  effective,  without  such
consent with respect  thereto.  In connection with any proposed  Transfer of any
Ownership Interest in a Class R-I, Class R-II or a Class R-III Certificate,  the
Certificate  Registrar  shall,  as a  condition  to such  consent,  (x)  require
delivery  to it in form  and  substance  satisfactory  to it,  and the  proposed
transferee  shall  deliver  to the  Certificate  Registrar  and to the  proposed
transferor,  an affidavit in  substantially  the form attached as Exhibit C-1 (a
"Transferee  Affidavit")  (A)  that  such  proposed  transferee  is a  Permitted
Transferee  and (B) stating that (I) the proposed  transferee  historically  has
paid its debts as they have come due and  intends to do so in the  future,  (II)
the proposed transferee understands that, as the holder of an Ownership Interest
in a Class R-I, Class R-II or a Class R-III Certificate,  as applicable,  it may
incur  liabilities in excess of cash flows  generated by the residual  interest,
(III) the proposed  transferee  intends to pay taxes associated with holding the
Ownership  Interest as they become due,  (IV) the proposed  transferee  will not
transfer the Ownership Interest to any Person that does not provide a Transferee
Affidavit or as to which the proposed  transferee has actual knowledge that such
Person is not a Permitted  Transferee  or is acting as an agent  (including as a
broker,  nominee  or  other  middleman)  for a  Person  that is not a  Permitted
Transferee,  and (V) the proposed transferee expressly agrees to be bound by and
to  abide  by the  provisions  of this  Section  5.2(g)  and (y)  other  than in
connection  with the  initial  issuance  of the Class R-I,  Class R-II and Class
R-III   Certificates,   require  a  statement   from  the  proposed   transferor
substantially  in the form  attached as Exhibit C-2 (the  "Transferor  Letter"),
that  the  proposed  transferor  has  no  actual  knowledge  that  the  proposed
transferee is not a Permitted  Transferee and has no actual  knowledge or reason
to know that the

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proposed transferee's statements in the preceding clauses (x)(B)(I) or (III) are
false.  Furthermore,  no transfer  of any  Ownership  Interest in a  Noneconomic
Residual  Interest shall be made unless either (1) (A) the transferor  conducts,
at the  time  of the  transfer,  a  reasonable  investigation  of the  financial
condition of the proposed transferee and, as a result of the investigation,  the
transferor  determines that the proposed  transferee had  historically  paid its
debts as they  came due and  found no  significant  evidence  that the  proposed
transferee will not continue to pay its debts as they come due in the future and
(B) the  transferor  determines  that the present value of the  anticipated  tax
liabilities  associated with holding the Noneconomic  Residual Interest does not
exceed  the sum of (x) the  present  value  of any  consideration  given  to the
proposed  transferee  to acquire  the  Noneconomic  Residual  Interest,  (y) the
present value of the expected future  distributions on the Noneconomic  Residual
Interest and (z) the present  value of the  anticipated  tax savings  associated
with  holding  the  Noneconomic  Residual  Interest  as the  REMIC to which  the
Ownership  Interest  relates  generates  losses or (2) the  proposed  transferee
provides the transferor with a certification  of facts and an Opinion of Counsel
which  establishes to the satisfaction of the transferor that such transfer will
not be disregarded for tax purposes.  Notwithstanding the foregoing, if Proposed
Treasury  Regulation  Section  1.860E-1(c)(4)  is  superceded  by changes in the
federal  income tax law, the foregoing  conditions  shall be deemed  modified in
accordance with such changes in the federal income tax law.

               (iii)  If any purported  Transferee  shall  become a Holder  of a
Residual  Certificate  in violation of the  provisions of this Section 5.2, then
the last preceding  Holder of such Residual  Certificate  that was in compliance
with the  provisions  of this  Section  5.2  shall be  restored,  to the  extent
permitted  by law, to all rights as Holder  thereof  retroactive  to the date of
registration  of  such  Transfer  of  such  Residual  Certificate.  None  of the
Depositor,  the  Trustee  or the  Certificate  Registrar,  shall  be  under  any
liability  to  any  Person  for  any  registration  of  Transfer  of a  Residual
Certificate  that is in fact not permitted by this Section 5.2 or for making any
payments due on such  Certificate  to the Holder thereof or for taking any other
action with respect to such Holder under the provisions of this Agreement.

               (iv)  Upon notice to the  Certificate  Registrar  that  there has
occurred a Transfer  to any Person  that is a  Disqualified  Organization  or an
agent thereof  (including a broker,  nominee,  or middleman) in contravention of
the  foregoing  restrictions,  and in any event not later  than 60 days  after a
request for  information  from the  transferor of such  Ownership  Interest in a
Class R-I, Class R-II or a Class R-III Certificate,  or such agent thereof,  the
Certificate  Registrar  and the  Trustee  agree  to  furnish  to the IRS and the
transferor of such  Ownership  Interest or such agent  thereof such  information
necessary to the  application of Section  860E(e) of the Code as may be required
by the Code,  including,  but not  limited  to, the  present  value of the total
anticipated  excess  inclusions  with  respect to such Class R-I,  Class R-II or
Class R-III Certificate (or portion thereof) for periods after such Transfer. At
the  election of the  Certificate  Registrar  and the Trustee,  the  Certificate
Registrar  and the  Trustee  may  charge  a  reasonable  fee for  computing  and
furnishing such  information to the transferor or to such agent thereof referred
to above; provided, however, that such Persons shall in no event be excused from
furnishing such information.

               (v)  The provisions of this Section 5.2(g)  set  forth  prior  to
this clause (v) may be modified,  added to or  eliminated,  provided  that there
shall have been delivered to the Trustee the following:

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<PAGE>

                    (A)  Rating Agency Confirmation  shall  have  been  obtained
from each Rating  Agency with  respect to the  modification  of,  addition to or
elimination of such provisions; and

                    (B)   an   Opinion   of   Counsel,  in  form  and  substance
satisfactory  to the Trustee,  obtained at the expense of the party seeking such
modification  of, addition to or elimination of such provisions (but in no event
at the  expense of the Trustee or the Trust  Fund),  to the effect that doing so
will not (1) cause any REMIC  Pool to cease to  qualify as a REMIC or be subject
to an entity-level  tax caused by the Transfer of any Residual  Certificate to a
Person which is not a Permitted  Transferee or (2) cause a Person other than the
prospective  Transferee  to be  subject  to a  REMIC-related  tax  caused by the
Transfer  of a  Residual  Certificate  to a  Person  that  is  not  a  Permitted
Transferee.

          (h)  The Trust has not been registered as an investment  company under
the Investment Company Act of 1940, as amended.  Accordingly, no transfer of any
Class H, Class J, Class K, Class L, Class M, Class N or Class O  Certificate  or
interest  therein  shall  be  made to any  Person  other  than an  Institutional
Accredited Investor or a Qualified  Institutional  Buyer, and no transfer of any
Class V Certificate or Class R-I, Class R-II or Class R-III Certificate shall be
made to any Person other than a Qualified  Institutional Buyer. The restrictions
on transfer in Section  5.2(e)  have been  imposed in part to assure  compliance
with the foregoing.

          (i)  If a  Person  is  acquiring  any  Privately  Placed  Certificate,
Subordinated Certificate or Residual Certificate as a fiduciary or agent for one
or more  accounts,  such Person shall be required to deliver to the  Certificate
Registrar a certification, upon which the Certificate Register may rely (subject
to the  requirements  of Section  8.1(b)),  to the  effect  that it has (i) sole
investment  discretion  with respect to each such account and (ii) full power to
make the  applicable  foregoing  acknowledgments,  representations,  warranties,
certifications  and/or agreements with respect to each such account as set forth
in this Section 5.2.

          Section 5.3.   Book-Entry Certificates.

          (a)  Each Class of REMIC III Regular  Certificates shall  initially be
issued  as one or more  Book-Entry  Certificates  registered  in the name of the
Securities  Depository or its nominee and,  except as provided in subsection (c)
below,  transfer of such  Certificates  may not be registered by the Certificate
Registrar  unless such  transfer is to a successor  Securities  Depository  that
agrees to hold such  Certificates  for the  respective  Certificate  Owners with
Ownership  Interests  therein.  Such Certificate  Owners shall hold and transfer
their  respective  Ownership  Interest in and to such  Certificates  through the
book-entry  facilities of the Securities  Depository  and, except as provided in
subsection  (c) below,  shall not be entitled to  definitive,  fully  registered
Certificates ("Definitive Certificates") in respect of such Ownership Interests.
Unless  the  Certificate  Registrar  determines  otherwise  in  accordance  with
applicable law and the rules and procedures of, or applicable to, the Securities
Depository (the  "Depository  Rules"),  transfers of a beneficial  interest in a
Book-Entry   Certificate   representing  an  interest  in  a  Privately   Placed
Certificate to (i) an Institutional Accredited Investor will require delivery in
the  form of a  Definitive  Certificate  and  the  Certificate  Registrar  shall
register  such transfer only upon  compliance  with the foregoing  provisions of
Section 5.2 or (ii) a Qualified  Institutional  Buyer may only be effectuated by
means of an "SRO Rule 144A System"  approved for such purpose by the Commission.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the

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Securities  Depository  Participant  or brokerage  firm  representing  each such
Certificate  Owner. Each Securities  Depository  Participant shall only transfer
the Ownership Interests in the Book-Entry  Certificates of Certificate Owners it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Securities Depository's normal procedures. Neither the Certificate Registrar
nor the  Trustee  shall  have any  responsibility  to monitor  or  restrict  the
transfer  of  Ownership  Interests  in  Book-Entry   Certificates   through  the
book-entry facilities of the Securities Depository.

          (b) The Trustee, the Master Servicer, the Special Servicer, the Fiscal
Agent and the Certificate  Registrar may for all purposes,  including the making
of  payments  due on the  Book-Entry  Certificates,  deal  with  the  Securities
Depository  as the  authorized  representative  of the  Certificate  Owners with
respect  to such  Certificates  for the  purposes  of  exercising  the rights of
Certificateholders  hereunder.  The rights of Certificate Owners with respect to
the  Book-Entry  Certificates  shall be limited to those  established by law and
agreements  between  such  Certificate  Owners  and  the  Securities  Depository
Participants and brokerage firms representing such Certificate Owners.  Multiple
requests and directions from, and votes of, the Securities  Depository as Holder
of the Book-Entry  Certificates  with respect to any particular matter shall not
be deemed  inconsistent  if they are made with respect to different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Securities Depository of such record date.

          (c)  If (i)(A) the Depositor advises the Trustee  and the  Certificate
Registrar in writing that the Securities Depository is no longer willing or able
to properly  discharge  its  responsibilities  with  respect to any Class of the
Book-Entry  Certificates,  and (B) the Depositor is unable to locate a qualified
successor,  or (ii) the  Depositor  at its option  advises  the  Trustee and the
Certificate  Registrar  in writing that it elects to  terminate  the  book-entry
system  through  the  Securities  Depository  with  respect  to any Class of the
Book-Entry  Certificates,  the  Certificate  Registrar shall notify all affected
Certificate Owners, through the Securities Depository,  of the occurrence of any
such  event  and  of  the  availability  of  Definitive   Certificates  to  such
Certificate  Owners  requesting  the same.  Upon  surrender  to the  Certificate
Registrar  of  any  Class  of the  Book-Entry  Certificates  by  the  Securities
Depository,   accompanied  by  registration  instructions  from  the  Securities
Depository for  registration  of transfer,  the Trustee shall  execute,  and the
Certificate   Registrar   shall   authenticate   and  deliver,   the  Definitive
Certificates to the Certificate Owners identified in such instructions.  None of
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal  Agent or the  Certificate  Registrar  shall be  liable  for any delay in
delivery  of such  instructions  and may  conclusively  rely  on,  and  shall be
protected  in relying on, such  instructions.  Upon the  issuance of  Definitive
Certificates for purposes of evidencing  ownership of any Class of the REMIC III
Regular  Certificates,  the registered  holders of such Definitive  Certificates
shall be recognized as Certificateholders  hereunder and, accordingly,  shall be
entitled directly to receive payments on, to exercise Voting Rights with respect
to, and to transfer and exchange such Definitive Certificates.

          (d)  Upon acceptance for exchange or transfer of a beneficial interest
in a Book-Entry  Certificate for a Definitive  Certificate,  as provided herein,
the  Certificate  Registrar  shall endorse on a schedule  affixed to the related
Book-Entry  Certificate (or on a continuation  of such schedule  affixed to such
Book-Entry  Certificate  and  made  a  part  thereof)  an  appropriate  notation
evidencing  the  date  of  such  exchange  or  transfer  and a  decrease  in the
Denomination of such Book-Entry  Certificate  equal to the  Denomination of such
Definitive Certificate issued in exchange therefor or upon transfer thereof.

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<PAGE>

          (e)  If a Holder of a Definitive  Certificate  wishes  at  any time to
transfer such Certificate to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Book-Entry  Certificate,  such transfer may
be effected only in accordance  with the rules of the Securities  Depository and
this Section 5.3(e). Upon receipt by the Certificate  Registrar at the Registrar
Office of (i) the Definitive  Certificate  to be transferred  with an assignment
and transfer pursuant to this Section 5.3(e), (ii) written instructions given in
accordance with the rules of the Securities Depository directing the Certificate
Registrar  to credit or cause to be  credited  to another  account a  beneficial
interest  in the  related  Book-Entry  Certificate,  in an  amount  equal to the
denomination of the Definitive Certificate to be so transferred, (iii) a written
order given in accordance with the rules of the Securities Depository containing
information  regarding the account to be credited with such beneficial  interest
and (iv) if the  affected  Certificate  is a  Privately  Placed  Certificate  an
Investment  Representation  Letter from the  transferee  to the effect that such
transferee is a Qualified  Institutional Buyer, the Certificate  Registrar shall
cancel  such  Definitive  Certificate,  execute  and  deliver  a new  Definitive
Certificate  for  the   denomination  of  the  Definitive   Certificate  not  so
transferred, registered in the name of the Holder or the Holder's transferee (as
instructed by the Holder),  and the  Certificate  Registrar  shall  instruct the
Securities  Depository or the custodian  holding such Book-Entry  Certificate on
behalf of the Securities  Depository to increase the denomination of the related
Book-Entry  Certificate by the denomination of the Definitive  Certificate to be
so  transferred,  and to credit or cause to be  credited  to the  account of the
Person  specified in such  instructions  a  corresponding  denomination  of such
Book-Entry Certificate.

          Section 5.4.   Mutilated, Destroyed, Lost or Stolen Certificates.

     If  (i)  any  mutilated  Certificate  is  surrendered  to  the  Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction,  loss or theft of any Certificate,  and (ii) there is delivered
to the Certificate Registrar such security or indemnity as may be required by it
to save it, the Trustee,  the Fiscal Agent,  the Special Servicer and the Master
Servicer  harmless,  then,  in the absence of actual  knowledge by a Responsible
Officer of the Certificate  Registrar that such Certificate has been acquired by
a bona  fide  purchaser,  the  Trustee  shall  execute  and the  Trustee  or the
Authenticating  Agent shall  authenticate  and the  Certificate  Registrar shall
deliver,  in exchange for or in lieu of any such mutilated,  destroyed,  lost or
stolen  Certificate,  a new  Certificate of the same Class and of like tenor and
Percentage Interest. Upon the issuance of any new Certificate under this Section
5.4, the  Certificate  Registrar may require the payment of a sum  sufficient to
cover any tax or other  governmental  charge  that may be  imposed  in  relation
thereto  and  any  other  expenses  (including  the  fees  and  expenses  of the
Certificate Registrar) connected therewith.  Any replacement  Certificate issued
pursuant to this Section 5.4 shall constitute complete and indefeasible evidence
of ownership of the  corresponding  interest in the Trust Fund, as if originally
issued,  whether or not the lost, stolen or destroyed Certificate shall be found
at any time.

          Section 5.5.   Appointment of Paying Agent.

     The  Trustee  may  appoint  a  Paying  Agent  for  the  purpose  of  making
distributions  to  Certificateholders  pursuant to Article IV. The Trustee shall
cause such Paying Agent,  if other than the Trustee or the Master  Servicer,  to
execute and deliver to the Master  Servicer  and the  Trustee an  instrument  in
which such Paying  Agent shall  agree with the Master  Servicer  and the Trustee
that  such  Paying  Agent  will  hold  all  sums  held  by  it  for  payment  to
Certificateholders in

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<PAGE>

trust for the benefit of the Certificateholders entitled thereto until such sums
have been paid to such  Certificateholders  or disposed of as otherwise provided
herein. The initial Paying Agent shall be the Trustee. The Paying Agent shall at
all times be an entity  having a long-term  senior  unsecured  debt rating of at
least "Baa2" by Moody's,  unless and to the extent Rating Agency Confirmation is
obtained (the cost,  if any, of obtaining  such  confirmation  to be paid by the
Trustee;  provided  that such  appointment  is made by the  Trustee  in its sole
discretion  and  otherwise by the Trust Fund).  The Trustee shall pay the Paying
Agent  reasonable  compensation  from its own funds and the Trustee shall remain
liable for all  actions of any Paying  Agent and shall not be relieved of any of
its obligations hereunder.

          Section 5.6.   Access to Certificateholders' Names and Addresses.

          (a)  If any Certificateholder or the Operating Adviser  (for  purposes
of this  Section  5.6,  an  "Applicant")  applies in writing to the  Certificate
Registrar, and such application states that the Applicant desires to communicate
with other  Certificateholders with respect to their rights under this Agreement
or under the  Certificates  and is  accompanied  by a copy of the  communication
which such Applicant proposes to transmit, then the Certificate Registrar shall,
at the expense of such Applicant,  within ten Business Days after the receipt of
such application,  transmit such communication to the  Certificateholders  as of
the most recent Record Date; provided, however, if such communication relates to
performance by the Master  Servicer,  the Special Servicer or the Trustee of its
duties  hereunder,  the  Certificate  Registrar  shall  furnish  or  cause to be
furnished  to  such  Applicant  a  list  of  the  names  and  addresses  of  the
Certificateholders as of the most recent Record Date.

          (b) Every Certificateholder, by receiving and holding its Certificate,
agrees with the Trustee that the Trustee and the Certificate Registrar shall not
be held accountable in any way by reason of the disclosure of any information as
to the names and addresses of the  Certificateholders  hereunder,  regardless of
the source from which such information was derived.

          Section 5.7.   Actions of Certificateholders.

          (a)  Any request, demand, authorization,  direction, notice,  consent,
waiver  or  other  action  provided  by this  Agreement  to be given or taken by
Certificateholders  may be embodied in and evidenced by one or more  instruments
of substantially similar tenor signed by such Certificateholders in person or by
an agent duly  appointed in writing;  and except as herein  otherwise  expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, when required,  to the Depositor,  the Special
Servicer or the Master Servicer. Proof of execution of any such instrument or of
a writing  appointing any such agent shall be sufficient for any purpose of this
Agreement and  conclusive in favor of the Trustee,  the  Depositor,  the Special
Servicer  and  the  Master  Servicer,  if made in the  manner  provided  in this
Section.

          (b)  The fact and date of the execution  by  any  Certificateholder of
any such instrument or writing may be proved in any reasonable  manner which the
Trustee deems sufficient.

          (c)  Any request, demand, authorization, direction,  notice,  consent,
waiver or other act by a  Certificateholder  shall  bind  every  Holder of every
Certificate  issued upon the  registration  of  transfer  thereof or in exchange
therefor or in lieu thereof, in respect of anything done, or omitted to be done,
by the Trustee, the Depositor, the Special Servicer or the Master

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Servicer in  reliance  thereon,  whether or not  notation of such action is made
upon such Certificate.

          (d)  The Trustee or Certificate  Registrar may require such additional
proof of any matter referred to in this Section 5.7 as it shall deem necessary.

          Section 5.8.   Persons Deemed Owners.

     Prior to due presentment for registration of transfer,  the Depositor,  the
Master  Servicer,  the Special  Servicer,  the Trustee,  the Fiscal  Agent,  the
Certificate Registrar and any agent of any of them may treat the person in whose
name any  Certificate  is  registered as the owner of such  Certificate  for the
purpose  of  receiving  distributions  pursuant  to Article IV and for all other
purposes whatsoever, and none of the Depositor, the Master Servicer, the Special
Servicer,  the Trustee, any Fiscal Agent, the Certificate Registrar or any agent
of any of them shall be affected by notice to the contrary.

          Section 5.9.   Certification by Certificate Owners.

          (a)  Each  Certificate  Owner  is  hereby  deemed  by  virtue  of  its
acquisition of an Ownership Interest in the Book-Entry  Certificates to agree to
comply with the transfer requirements of Section 5.2.

          (b)  To the extent that under the  terms  of  this  Agreement,  it  is
necessary to determine  whether any Person is a Certificate  Owner,  the Trustee
shall make such  determination  based on (i) a certificate  of such Person which
shall be  substantially  in the form of paragraph 1 of Exhibit I hereto (or such
other form as shall be  reasonably  acceptable to the Trustee) and shall specify
the Class and Certificate Balance or Notional Amount, as the case may be, of the
Book-Entry Certificate beneficially owned and (ii) evidence of ownership of such
Book-Entry  Certificate through the Securities  Depository;  provided,  however,
that the Trustee  shall not  knowingly  recognize  such Person as a  Certificate
Owner if such Person, to the knowledge of a Responsible  Officer of the Trustee,
acquired  its  Ownership  Interest in a Book-Entry  Certificate  in violation of
Section 5.2, or if such Person's certification that it is a Certificate Owner is
in direct conflict with information  obtained by the Trustee from the Securities
Depository,  Securities  Depository  Participants and/or indirect  participating
brokerage firms for which Securities Depository Participants act as agents, with
respect to the identity of a Certificate  Owner.  The Trustee shall exercise its
reasonable  discretion in making any determination under this Section 5.9(b) and
shall afford any Person  providing  information  with respect to its  beneficial
ownership  of  any   Book-Entry   Certificate  an  opportunity  to  resolve  any
discrepancies  between  the  information  provided  and  any  other  information
available to the Trustee.

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<PAGE>

                                  ARTICLE VI.
                                  -----------

           THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER

          Section 6.1.   Liability of the Depositor, the Master Servicer and the
Special Servicer.

     The Depositor,  the Master Servicer and the Special  Servicer each shall be
liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement.

          Section 6.2.   Merger or Consolidation  of  the  Master  Servicer  and
Special Servicer.

     Subject to the third  paragraph of this  Section  6.2, the Master  Servicer
will  keep  in  full  effect  its  existence,  rights  and  good  standing  as a
corporation  under the laws of the State of Delaware and will not jeopardize its
ability  to do  business  in  each  jurisdiction  in  which  one or  more of the
Mortgaged  Properties are located or to protect the validity and  enforceability
of this Agreement,  the Certificates or any of the Mortgage Loans and to perform
its respective duties under this Agreement.

     Subject to the following paragraph,  the Special Servicer will keep in full
effect its existence,  rights and good standing as a corporation  under the laws
of the state of its  incorporation  and will not  jeopardize  its  ability to do
business in each  jurisdiction in which one or more of the Mortgaged  Properties
are located or to protect the validity and enforceability of this Agreement, the
Certificates or any of the Specially  Serviced Mortgage Loans and to perform its
respective duties under this Agreement.

     Each of the  Master  Servicer  and the  Special  Servicer  may be merged or
consolidated  with or into any Person,  or transfer all or substantially  all of
its assets to any Person,  in which case any Person resulting from any merger or
consolidation  to which it shall be a party,  or any  Person  succeeding  to its
business, shall be the successor of the Master Servicer or the Special Servicer,
as  applicable  hereunder,  and  shall  be  deemed  to have  assumed  all of the
liabilities  of the Master  Servicer  or the  Special  Servicer,  as  applicable
hereunder,  if Rating Agency Confirmation has been obtained with respect to such
merger, consolidation or transfer and succession (the cost, if any, of obtaining
such  confirmation  to be paid by the Master  Servicer or Special  Servicer,  as
applicable).

          Section 6.3.   Limitation on Liability of the  Depositor,  the  Master
Servicer and Others.

     Neither the Depositor,  the Master Servicer,  the Special Servicer, nor any
of the  owners,  directors,  managers,  officers,  employees  or  agents  of the
Depositor,  the  Master  Servicer  or the  Special  Servicer  shall be under any
liability to the Trust Fund or the  Certificateholders  for any action taken, or
for  refraining  from the taking of any action,  in good faith  pursuant to this
Agreement,  or for errors in judgment;  provided,  however,  that this provision
shall not protect the Depositor,  the Master  Servicer,  the Special Servicer or
any such Person against any breach of warranties or representations made herein,
or against any liability which would otherwise be

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<PAGE>

imposed by reason of its respective willful misfeasance, bad faith or negligence
in the  performance  of its duties or by reason of  negligent  disregard  of its
respective obligations or duties hereunder.  The Depositor, the Master Servicer,
the Special  Servicer and any owner,  director,  manager,  officer,  employee or
agent of the Depositor,  the Master Servicer or the Special Servicer may rely in
good faith on any document of any kind which,  prima facie, is properly executed
and  submitted by any  appropriate  Person with  respect to any matters  arising
hereunder.  The Depositor,  the Master  Servicer,  the Special  Servicer and any
owner,  director,  officer,  employee  or agent  of the  Depositor,  the  Master
Servicer or the Special  Servicer shall be indemnified  and held harmless by the
Trust Fund against any loss,  liability or expense  incurred in connection  with
any legal action relating to this Agreement or the Certificates,  other than any
loss,  liability  or  expense  incurred  by  reason  of its  respective  willful
misfeasance, bad faith or negligence in the performance of its respective duties
or by reason of negligent  disregard  of its  respective  obligations  or duties
hereunder.  Neither  the  Depositor  nor the  Master  Servicer  nor the  Special
Servicer  shall be under any  obligation  to appear in,  prosecute or defend any
legal action unless such action is related to its  respective  duties under this
Agreement  and in its opinion  does not expose it to any  expense or  liability;
provided,  however,  that the  Depositor,  the Master  Servicer  or the  Special
Servicer may in its discretion  undertake any action related to its  obligations
hereunder  which  it may  deem  necessary  or  desirable  with  respect  to this
Agreement  and the rights and duties of the parties  hereto and the interests of
the Certificateholders hereunder. In such event, the legal expenses and costs of
such action and any liability resulting  therefrom shall be expenses,  costs and
liabilities of the Trust Fund, and the  Depositor,  the Master  Servicer and the
Special Servicer shall be entitled to be reimbursed therefor from the Collection
Account as provided in Section 3.6(a)(vi) of this Agreement.

          Section 6.4.   Resignation of Master Servicer or Special Servicer.

          (a)  Except as otherwise provided in Section 6.2,  Section 6.4(b)  and
Section 6.5 hereof,  neither the Master Servicer nor the Special  Servicer shall
resign from the  obligations  and duties hereby imposed on it, unless there is a
determination  that  its  duties  hereunder  are  no  longer  permissible  under
applicable law or are in material  conflict by reason of applicable law with any
other activities carried on by it (the other activities so causing such conflict
being of a type and nature carried on by it at the date of this Agreement).  Any
such  determination  permitting the  resignation  of the Master  Servicer or the
Special  Servicer  shall be  evidenced  by an Opinion of Counsel to such  effect
delivered to the Trustee.  No such  resignation  shall become  effective until a
successor servicer designated by the Trustee, with the consent of the Depositor,
shall have assumed the  responsibilities  and obligations of the Master Servicer
or the Special  Servicer,  as the case may be, under this  Agreement  and Rating
Agency  Confirmation  shall have been  obtained  with respect to such  servicing
transfer.  Notice of such  resignation  shall be given  promptly  by the  Master
Servicer or the Special Servicer, as the case may be, to the Trustee.

          (b)  The Master Servicer and the Special Servicer may each resign from
the  obligations  and duties  imposed on it, upon 30 days notice to the Trustee,
provided that (i) a successor  servicer (x) is  available,  (y) has assets of at
least   $15,000,000   and   (z)  is   willing   to   assume   the   obligations,
responsibilities, and covenants to be performed hereunder by the resigning party
on substantially the same terms and conditions, and for not more than equivalent
compensation,  to that herein provided; (ii) the resigning party bears all costs
associated with its resignation and the transfer of servicing;  and (iii) Rating
Agency Confirmation is obtained with

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<PAGE>

respect to such servicing  transfer,  as evidenced by a letter  delivered to the
Trustee by each Rating Agency.

          Section 6.5.   Assignment or Delegation of Duties by Master Servicer
or the Special Servicer.

     In addition to actions permitted under Section 6.2, the Master Servicer and
the Special Servicer shall each have the right without the prior written consent
of the Trustee to assign and  delegate  all of its duties  hereunder;  provided,
however,  that (i) the Master Servicer or the Special Servicer,  as the case may
be,  gives  the  Depositor  and  the  Trustee  notice  of  such  assignment  and
delegation;  (ii) such  purchaser or transferee  accepting  such  assignment and
delegation  executes and delivers to the  Depositor and the Trustee an agreement
accepting  such  assignment,  which contains an assumption by such Person of the
rights,  powers,  duties,  responsibilities,  obligations and liabilities of the
Master Servicer or the Special Servicer, as the case may be, with like effect as
if  originally  named  as a party  to this  Agreement;  (iii)  a  Rating  Agency
Confirmation  shall  have been  obtained  with  respect to such  assignment  and
delegation; and (iv) the assignment and delegation is reasonably satisfactory to
the Trustee and the Depositor. In the case of any such assignment and delegation
in accordance with the requirements of this Section,  the Master Servicer or the
Special  Servicer,  as the case may be, shall be released  from its  obligations
under this Agreement,  except that the Master Servicer or the Special  Servicer,
as the case may be,  shall remain  liable for all  liabilities  and  obligations
incurred by it as the Master Servicer or the Special  Servicer,  as the case may
be, hereunder prior to the satisfaction of the conditions to such assignment set
forth in the preceding  sentence.  Notwithstanding the above, each of the Master
Servicer and the Special  Servicer may appoint  Sub-Servicers in accordance with
Section 3.2 hereof  (provided that the Master  Servicer or the Special  Servicer
remains fully liable for their  actions),  or agents or independent  contractors
appointed or retained to perform select duties thereof.

          Section 6.6.   Rights of the Depositor, the Rating  Agencies  and  the
Trustee in Respect of the Master Servicer and the Special Servicer.

     Each of the Master  Servicer  and the  Special  Servicer  shall  afford the
Depositor,  the Rating Agencies and the Trustee,  upon reasonable notice, during
normal  business hours access to all records  maintained by it in respect of its
rights and obligations hereunder and access to its officers responsible for such
obligations.  Upon  reasonable  request,  each of the  Master  Servicer  and the
Special  Servicer  shall furnish to the Depositor,  the Rating  Agencies and the
Trustee its or its  parent's  most recent  financial  statements  and such other
information in its  possession  (which it is not prohibited by applicable law or
contract  from  disclosing)  regarding  its  business,   affairs,  property  and
condition,  financial or otherwise, as the party requesting such information, in
its  reasonable  judgment,  determines to be relevant to the  performance of the
obligations  hereunder of the Master Servicer or the Special  Servicer.  Neither
the Depositor nor the Trustee shall have any responsibility or liability for any
action or failure to act by the Master  Servicer  or the  Special  Servicer  and
neither  such Person is obligated to  supervise  the  performance  of the Master
Servicer or the Special Servicer under this Agreement or otherwise.

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                                  ARTICLE VII.
                                  ------------

                                     DEFAULT

          Section 7.1.   Events of Default.

     "Event of  Default,"  wherever  used  herein,  with  respect  to the Master
Servicer and the Special  Servicer,  as applicable  (except with respect to item
(ix) in the case of the Special  Servicer and item (x) in the case of the Master
Servicer) means any one of the following events:

               (i)  any failure by the Master Servicer or the Special  Servicer,
as applicable, to remit to the Collection Account which continues unremedied for
a period of one Business Day  following the date on which such deposit was first
required to be made,  any  failure by the  Special  Servicer to remit to the REO
Account which  continues  unremedied  for a period of one Business Day following
the date on which such  deposit was first  required to be made or any failure by
the Master  Servicer to remit to the Trustee for deposit  into the  Distribution
Account any amount  required  to be so  remitted  by the Master  Servicer or the
Special Servicer, as applicable, pursuant to and in accordance with the terms of
this Agreement; or

               (ii)  any failure on the part of the Master Servicer  or  Special
Servicer, as applicable,  duly to observe or perform in any material respect any
other of the covenants or agreements,  or the breach of any  representations  or
warranties  provided  herein on the part of the Master  Servicer  or the Special
Servicer, which, in either event, materially and adversely affects the interests
of the  Certificateholders,  the Master  Servicer,  the Special  Servicer or the
Trustee with respect to any Mortgage Loan and which, in either event,  continues
unremedied  for a period of 30 days  after the date on which  written  notice of
such failure or breach, requiring the same to be remedied, shall have been given
to the Master Servicer or Special  Servicer by the Depositor or the Trustee,  or
to the Master Servicer or Special Servicer, the Depositor and the Trustee by the
Holders of Certificates  entitled to at least 25% of the aggregate Voting Rights
of any Class affected thereby; provided,  however, that if such breach, covenant
or  agreement  is capable  of being  cured and the  Master  Servicer  or Special
Servicer,  as applicable,  is diligently  pursuing such cure, such 30 day period
shall be extended, once only, for an additional 30 days; or

               (iii)  a  decree  or order of a court or  agency  or  supervisory
authority  having  jurisdiction in the premises in an involuntary case under any
present or future federal or state bankruptcy, insolvency or similar law for the
appointment  of a  conservator  or receiver  or  liquidator  in any  insolvency,
readjustment  of  debt,   marshalling  of  assets  and  liabilities  or  similar
proceedings,  or for the winding-up or  liquidation  of its affairs,  shall have
been entered against the Master Servicer or Special Servicer, as applicable, and
such decree or order shall have remained in force, undischarged or unstayed, for
a period of 60 days; or

               (iv)  the Master Servicer or  Special  Servicer,  as  applicable,
shall consent to the  appointment  of a conservator or receiver or liquidator in
any insolvency,  readjustment of debt,  marshalling of assets and liabilities or
similar  proceedings  of  or  relating  to  it  or of  or  relating  to  all  or
substantially all of its property; or

               (v) the Master Servicer or Special Servicer, as applicable, shall
admit in writing its  inability  to pay its debts  generally as they become due,
file a petition to take

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advantage  of any  applicable  insolvency  or  reorganization  statute,  make an
assignment for the benefit of its creditors,  or voluntarily  suspend payment of
its obligations; or

               (vi) the Trustee shall have received written notice from Moody's,
or shall have  actual  knowledge  that  Moody's  has  publicly  disseminated  in
writing, that the continuation of the Master Servicer or the Special Servicer in
such capacity would result in the downgrade,  qualification or withdrawal of any
rating then assigned by Moody's to any Class of Certificates (including, without
limitation, such ratings being placed on "negative credit watch"); or

               (vii) one or more ratings assigned by either Rating Agency to the
Certificates  shall have been  downgraded or withdrawn as a result of the Master
Servicer or Special Servicer, as the case may be, acting in such capacity; or

               (viii)  one or more ratings assigned by S&P to  the  Certificates
shall have been  downgraded  or withdrawn as a result of the Master  Servicer or
Special  Servicer,  as the case may be, no longer  being on the list of approved
servicers  maintained by S&P for pools of mortgage loans similar to the Mortgage
Loans; or

               (ix)  the Master Servicer shall fail to make any Advance required
to be made by the Master Servicer  hereunder  (whether or not the Trustee or the
Fiscal Agent makes such Advance), which continues unremedied for a period of one
Business Day following  the date on which such Advance was first  required to be
made; or

               (x) the Special Servicer shall fail to make any Emergency Advance
(or timely direct the Master Servicer to make any Servicing Advance) required to
be made by it or the Master Servicer at its discretion hereunder (whether or not
the  Master  Servicer,  the  Trustee or the Fiscal  Agent  makes such  Emergency
Advance or Servicing  Advance),  which continues  unremedied for a period of one
Business Day following  the date on which such Advance was first  required to be
made;

then,  and in each and every such case, so long as an Event of Default shall not
have been remedied, the Trustee may, and at the written direction of the Holders
of 25% of the aggregate Voting Rights of all Certificates, the Trustee shall, by
notice in writing to the Master  Servicer or the Special  Servicer,  as the case
may be,  terminate  (subject to Section  7.2) all of its  respective  rights and
obligations  under  this  Agreement  and in and to the  Mortgage  Loans  and the
proceeds   thereof,   other  than  any  rights  it  may  have   hereunder  as  a
Certificateholder  and any rights or obligations  that accrued prior to the date
of such termination (including the right to receive all amounts accrued or owing
to it under this  Agreement,  plus  interest at the Advance Rate on such amounts
until  received to the extent  such  amounts  bear  interest as provided in this
Agreement,  with respect to periods prior to the date of such  termination,  and
the right to the benefits of Section 6.3  notwithstanding any such termination);
provided,  however,  that in the  event  the  Master  Servicer  and the  Special
Servicer are the same Person,  the Trustee may, and at the written  direction of
the  Holders of 25% of the  aggregate  Voting  Rights of all  Certificates,  the
Trustee  shall  require  that  any  termination  of the  Master  Servicer  shall
constitute a termination of the Special Servicer and vice versa. On or after the
receipt by the Master Servicer or the Special  Servicer,  as the case may be, of
such  written  notice,  all of its  authority  and power  under this  Agreement,
whether with respect to the  Certificates  or the Mortgage  Loans or  otherwise,
shall pass to and be vested in the Trustee  pursuant  to and under this  Section
(notwithstanding any

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failure of the Trustee to satisfy the  criterion  set forth in Section 6.4) and,
without  limitation,  the Trustee is hereby  authorized and empowered to execute
and deliver,  on behalf of and at the expense of the defaulting  Master Servicer
or Special Servicer,  as the case may be, as attorney-in-fact or otherwise,  any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the  Mortgage  Loans and related  documents,  or  otherwise.  Each of the Master
Servicer and the Special Servicer,  on behalf of itself,  agrees in the event it
is  terminated  pursuant to this Section 7.1 promptly (and in any event no later
than ten  Business  Days  subsequent  to such  notice)  to  provide,  at its own
expense,  the Trustee or the successor  Master Servicer or Special  Servicer (if
other than the Trustee) with all documents and records  requested by the Trustee
or the successor Master Servicer or Special Servicer (if other than the Trustee)
to enable the Trustee or the successor  Master Servicer or Special  Servicer (if
other than the Trustee) to assume its functions hereunder, and to cooperate with
the Trustee and the successor to its responsibilities hereunder in effecting the
termination of its  responsibilities  and rights hereunder,  including,  without
limitation, the transfer to the successor Master Servicer or Special Servicer or
the Trustee,  as applicable,  for administration by it of all cash amounts which
shall at the time be or should have been credited by the Master  Servicer or the
Special Servicer to the Collection Account, the Grantor Trust Collection Account
and any REO Account or Reserve  Account or  thereafter  shall be  received  with
respect to the Mortgage  Loans,  and shall promptly  provide the Trustee or such
successor  Master Servicer or Special  Servicer (which may include the Trustee),
as  applicable,  all  documents  and records  reasonably  requested  by it, such
documents  and  records  to be  provided  in such  form as the  Trustee  or such
successor  Master  Servicer  or  Special   Servicer  shall  reasonably   request
(including  electromagnetic  form), to enable it to assume the Master Servicer's
or Special Servicer's function  hereunder.  All reasonable costs and expenses of
the  successor  Master  Servicer  or  successor  Special  Servicer  incurred  in
connection with transferring the Mortgage Files to the successor Master Servicer
(or copies of the Mortgage Files relating to Specially  Serviced  Mortgage Loans
to the successor  Special  Servicer) and amending this Agreement to reflect such
succession as Master  Servicer or successor  Special  Servicer  pursuant to this
Section 7.1 shall be paid by the predecessor Master Servicer or Special Servicer
upon  presentation  of  reasonable  documentation  of such  costs and  expenses;
provided,  however,  that if any such costs and  expenses  remain  unpaid by the
predecessor  Master Servicer or Special  Servicer within a reasonable time after
presentation of such documentation, the Trustee or the successor Master Servicer
or Special  Servicer  (if other than the  Trustee)  may be  reimbursed  from the
Collection Account for such unpaid costs and expenses,  which shall be deemed to
be expenses of the Trust Fund.

          Section 7.2.   Trustee to Act; Appointment of Successor.

     On and after the time the Master Servicer or the Special Servicer  receives
a notice of  termination  pursuant  to Section  7.1,  the  Trustee  shall be its
successor  in  such  capacity  in all  respects  under  this  Agreement  and the
transactions  set forth or provided for herein and,  except as provided  herein,
shall be subject to all the responsibilities,  duties,  limitations on liability
and liabilities  relating  thereto and arising  thereafter  placed on the Master
Servicer  or Special  Servicer  by the terms and  provisions  hereof;  provided,
however,   that  (i)  the  Trustee  shall  have  no  responsibilities,   duties,
liabilities  or  obligations  with  respect to any act or omission of the Master
Servicer or of the Special Servicer and (ii) any failure to perform, or delay in
performing,  such duties or  responsibilities  caused by the terminated  party's
failure to provide, or delay in

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providing,  records, tapes, disks, information or monies shall not be considered
a default by any successor  hereunder.  The  appointment  of a successor  Master
Servicer or Special  Servicer shall not affect any liability of the  predecessor
Master Servicer or Special Servicer, as applicable,  which may have arisen prior
to its termination as Master Servicer or Special Servicer. The Trustee shall not
be liable for any of the  representations  and warranties of the Master Servicer
or of the Special Servicer herein or in any related  document or agreement,  for
any acts or omissions of the predecessor Master Servicer or Special Servicer, as
applicable, or for any losses incurred in respect of any Permitted Investment by
the Master Servicer or the Special Servicer, as applicable,  pursuant to Section
3.7  hereunder  nor shall the Trustee be required to purchase any Mortgage  Loan
hereunder. As compensation therefor, the Trustee as successor Master Servicer or
Special Servicer shall be entitled to all Servicing Compensation relating to the
Mortgage  Loans that accrue after the date of the Trustee's  succession to which
the Master  Servicer or Special  Servicer would have been entitled if the Master
Servicer or Special  Servicer,  as  applicable,  had  continued to act hereunder
(other than Workout Fees and Disposition Fees payable to the terminated  Special
Servicer  pursuant to Section  3.12(b)  and  Section  3.12(c) and payment of the
Transferable  Servicing  Interest  as and  to the  extent  provided  in  Section
3.12(a)).  Unless  otherwise agreed to in writing by the Master Servicer and the
Trustee, in the event any Advances made by the Master Servicer, the Fiscal Agent
or the  Trustee  shall at any time be  outstanding,  or any  amounts of interest
thereon shall be accrued and unpaid, all amounts available to repay Advances and
interest hereunder shall be applied entirely to the Advances made by the Trustee
and the Fiscal Agent (and the accrued and unpaid interest  thereon),  until such
Advances  made by the  Trustee  and the  Fiscal  Agent (and  accrued  and unpaid
interest  thereon) shall have been repaid in full. In addition to the foregoing,
any successor Master Servicer (which,  for the purposes of this sentence,  shall
not include the Trustee) shall be required to allocate  funds  available for the
payment of unreimbursed  Advances (with interest thereon at the Advance Rate) on
a first in,  first out  basis,  which  results in the  payment  of  unreimbursed
Advances  (with interest  thereon at the Advance Rate) first to the  predecessor
Master  Servicer.  Notwithstanding  the above,  the Trustee  may, if it shall be
unwilling  to so act, or shall,  if it is unable to so act, or if the Holders of
Certificates entitled to a majority of the aggregate Voting Rights so request in
writing  to the  Trustee,  or if neither  the  Trustee  nor the Fiscal  Agent is
approved  as a  master  servicer  or  special  servicer  by each  of the  Rating
Agencies,  promptly  appoint,  or petition a court of competent  jurisdiction to
appoint, any established mortgage loan servicing institution, the appointment of
which is the  subject of a Rating  Agency  Confirmation  (the cost,  if any,  of
obtaining  such  confirmation  to be paid by the terminated  Master  Servicer or
Special  Servicer,  as  applicable),  as the successor to the Master Servicer or
Special  Servicer  hereunder  in  the  assumption  of all  or  any  part  of the
responsibilities,  duties or  liabilities  of the  Master  Servicer  or  Special
Servicer  hereunder.  No  appointment  of a successor to the Master  Servicer or
Special  Servicer  hereunder  shall be effective  until the  assumption  by such
successor of all the Master Servicer's or Special  Servicer's  responsibilities,
duties and liabilities  hereunder.  If the resigning or terminated  party is the
initial  Master  Servicer,  and if on or  before  the  effective  date  of  such
resignation or  termination  the initial  Master  Servicer  procures a qualified
Person that is willing to act as the successor Master Servicer, then the Trustee
shall appoint such Person to act as the  successor  Master  Servicer;  provided,
however,  that (i) such Person is reasonably  acceptable to the Trustee,  (ii) a
Rating Agency  Confirmation is obtained with respect to such appointment,  (iii)
the initial Master  Servicer pays all costs and expenses in connection with such
transfer,  and (iv) such  Person  accepts  such  appointment  on or prior to the
effective date of such  resignation  or  termination.  Pending  appointment of a
successor  to the Master  Servicer  or Special  Servicer  hereunder,  unless the
Trustee shall be prohibited by law from so acting, the Trustee

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shall act in such capacity as herein above  provided.  In  connection  with such
appointment  and  assumption   described  herein,  the  Trustee  may  make  such
arrangements  for the compensation of such successor out of payments on Mortgage
Loans as it and such  successor  shall agree;  provided,  however,  that no such
compensation  shall  be  in  excess  of  that  permitted  the  terminated  party
hereunder.  The Depositor,  the Trustee, the Master Servicer or Special Servicer
and such successor shall take such action,  consistent  with this Agreement,  as
shall be necessary to effectuate any such succession.

          Section 7.3.   Notification to Certificateholders.

          (a)  Upon any termination pursuant to Section 7.1 above or appointment
of a successor to the Master Servicer or the Special Servicer, the Trustee shall
give prompt  written notice thereof to  Certificateholders  at their  respective
addresses appearing in the Certificate Register and to each Rating Agency.

          (b)  Within 5 days after the  occurrence  of  any  Event of Default of
which a  Responsible  Officer of the Trustee has actual  knowledge,  the Trustee
shall transmit by mail to all Holders of Certificates  and to each Rating Agency
notice of such Event of Default,  unless  such Event of Default  shall have been
cured or waived.

          Section 7.4.   Other Remedies of Trustee.

     During the  continuance  of any Event of Default,  so long as such Event of
Default  shall not have been  remedied,  the Trustee,  in addition to the rights
specified in Section 7.1, shall have the right, in its own name as trustee of an
express trust,  to take all actions now or hereafter  existing at law, in equity
or by statute to enforce its rights and remedies  and to protect the  interests,
and enforce the rights and remedies,  of the  Certificateholders  (including the
institution   and  prosecution  of  all  judicial,   administrative   and  other
proceedings and the filing of proofs of claim and debt in connection therewith).
In such  event,  the  legal  fees,  expenses  and costs of such  action  and any
liability  resulting  therefrom shall be expenses,  costs and liabilities of the
Trust Fund, and the Trustee shall be entitled to be reimbursed therefor from the
Collection  Account as  provided  in  Section  3.6(a)(vi).  Except as  otherwise
expressly  provided in this Agreement,  no remedy provided for by this Agreement
shall be  exclusive  of any other  remedy,  and each and every  remedy  shall be
cumulative  and in  addition  to any other  remedy and no delay or  omission  to
exercise  any right or remedy  shall impair any such right or remedy or shall be
deemed to be a waiver of any Event of Default.

          Section 7.5.   Waiver of Past Events of Default; Termination.

     The  Holders  of  Certificates  evidencing  not less  than  66-2/3%  of the
aggregate  Voting  Rights of the  Certificates  may, on behalf of all Holders of
Certificates,  waive any default by the Master  Servicer or Special  Servicer in
the  performance of its  obligations  hereunder and its  consequences,  except a
default in making any required  deposits to (including P&I Advances) or payments
from the  Collection  Account,  the  Distribution  Account or REO  Account or in
remitting payments as received,  in each case in accordance with this Agreement.
Upon any such  waiver of a past  default,  and  payment  to the  Trustee  of all
reasonable  costs and expenses  incurred by the Trustee in connection  with such
default  and  prior to its  waivers  (which  costs  shall  be paid by the  party
requesting  such  waiver) such  default  shall cease to exist,  and any Event of
Default arising

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therefrom  shall be deemed  to have been  remedied  for  every  purpose  of this
Agreement.  No such waiver shall extend to any  subsequent  or other  default or
impair any right consequent thereon.

                                 ARTICLE VIII.
                                 -------------

                             CONCERNING THE TRUSTEE

          Section 8.1.   Duties of Trustee.

          (a)  The Trustee,  prior  to  the occurrence of an Event of Default of
which a  Responsible  Officer of the Trustee has actual  knowledge and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement and no  permissive  right of the Trustee shall be construed as a duty.
During the continuance of an Event of Default of which a Responsible  Officer of
the Trustee has actual knowledge,  the Trustee shall exercise such of the rights
and powers vested in it by this  Agreement,  and use the same degree of care and
skill in their  exercise,  as a prudent  person would  exercise or use under the
circumstances in the conduct of such person's own affairs.

          (b)  The Trustee,  upon  receipt  of  any  resolutions,  certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform on their face to the requirements of this Agreement;  provided, however,
that,  the Trustee shall not be  responsible  for the accuracy or content of any
such resolution,  certificate,  statement,  opinion,  report, document, order or
other instrument  provided to it hereunder by the Master  Servicer,  the Special
Servicer, the Depositor or the Paying Agent. If any such instrument is found not
to  conform  on its face to the  requirements  of this  Agreement  in a material
manner,  the Trustee  shall  report  such  finding to the  presenting  party and
request a correction of such instrument.

          (c)  No provision of this Agreement shall be construed to relieve  the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful  misconduct;  provided,  however,  that the  foregoing
shall be subject to Section 8.2; and provided, further, that:

               (i)  Prior to the  occurrence  of an  Event of Default of which a
Responsible Officer of the Trustee has actual knowledge, and after the curing or
waiver of all such  Events of Default  which may have  occurred,  the duties and
obligations of the Trustee shall be determined solely by the express  provisions
of this Agreement, the Trustee shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this Agreement,  no
implied  covenants or obligations  shall be read into this Agreement against the
Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
may conclusively  rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any resolutions,  certificates, statements,
reports,  opinions,  documents,  orders or other  instruments  furnished  to the
Trustee that conform on their face to the requirements of this Agreement without
responsibility for investigating the contents thereof;

               (ii) The Trustee shall not be  personally or otherwise liable for
an error of judgment made in good faith by a Responsible  Officer or Responsible
Officers,  unless  it  shall  be  proven  that  the  Trustee  was  negligent  in
ascertaining the pertinent facts;

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               (iii)  The Trustee shall not be personally  or  otherwise  liable
with respect to any action taken,  suffered or omitted to be taken by it in good
faith in accordance with the direction of Holders of Certificates  entitled to a
majority  of the  aggregate  Voting  Rights  (or  such  other  percentage  as is
specified  herein) of each affected Class, or of the aggregate  Voting Rights of
the  Certificates,  relating  to the time,  method and place of  conducting  any
proceeding for any remedy available to the Trustee, or exercising or omitting to
exercise any trust or power conferred upon the Trustee, under this Agreement;

               (iv)  Except as provided in the succeeding sentence,  the Trustee
shall not be charged with  knowledge  of any failure by the  Depositor to comply
with the  obligations  of the  Depositor  hereunder or any failure of the Master
Servicer or the Special  Servicer to comply with the  obligations  of the Master
Servicer or the Special Servicer referred to in clause (i), (ii), (ix) or (x) of
Section 7.1, or of any breach or occurrence  referred to in clause (iii) through
(viii) of Section 7.1, as the case may be, unless a  Responsible  Officer of the
Trustee  obtains actual  knowledge of such failure,  breach or  occurrence.  The
Trustee  shall be deemed  to have  actual  knowledge  of the  Master  Servicer's
failure to comply with its obligations listed in clause (i) (except with respect
to remittances  to the Collection  Account) and (ix) of Section 7.1 (except with
respect to Servicing Advances) or to provide scheduled reports, certificates and
statements when and as required to be delivered to the Trustee  pursuant to this
Agreement; and

               (v)  The Trustee and the Fiscal Agent  shall  not  be  under  any
obligation  to  appear in  prosecute  or defend  any legal  action  which is not
incidental to their respective  duties as Trustee and Fiscal Agent in accordance
with this  Agreement  (and, if either does, all legal expenses and costs of such
action  shall be expenses  and costs of the Trust Fund,  and the Trustee and the
Fiscal Agent shall be entitled to be  reimbursed  therefor  from the  Collection
Account,  unless such legal action arises out of the  negligence or bad faith of
the  Trustee  or the  Fiscal  Agent,  as the case  may be,  or any  breach  of a
representation,  warranty or covenant of the Trustee or the Fiscal Agent, as the
case may be, contained herein).

     The Trustee, in its capacity as Trustee, shall not be required to expend or
risk its own funds or otherwise incur financial  liability in the performance of
any of its duties hereunder,  or in the exercise of any of its rights or powers,
if in the Trustee's  opinion the  repayment of such funds or adequate  indemnity
against such risk or liability is not reasonably  assured to it, and none of the
provisions contained in this Agreement shall in any event require the Trustee to
perform,  or be  responsible  for  the  manner  of  performance  of,  any of the
obligations of the Master Servicer,  the Special Servicer or the Depositor under
this  Agreement  or  during  such  time,  if any,  as the  Trustee  shall be the
successor to, and be vested with the rights,  duties,  powers and privileges of,
the Master  Servicer,  the Special  Servicer or the Depositor in accordance with
the terms of this  Agreement.  The  Trustee  shall not be  required  to post any
surety or bond of any kind in connection with its performance of its obligations
under this Agreement.

          Section 8.2.   Certain Matters Affecting the Trustee.

          (a)  Except as otherwise provided in Section 8.1:

               (i)  The Trustee may  request  and/or  rely  upon  and  shall  be
protected in acting or  refraining  from acting upon any  resolution,  Officer's
Certificate,  certificate  of  auditors  or any  other  certificate,  statement,
instrument, opinion, report, notice, request, consent, order, appraisal, bond or
other paper or document reasonably believed by it to be genuine and to have

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been signed or presented  by the proper  party or parties and the Trustee  shall
have no responsibility to ascertain or confirm the genuineness of any such party
or parties;

               (ii)  The Trustee may consult with counsel and any  memorandum or
Opinion of Counsel shall be full and complete  authorization  and  protection in
respect of any action taken or suffered or omitted by it hereunder in good faith
and in accordance with such memorandum or Opinion of Counsel;

               (iii) (A) The Trustee shall be under no obligation to  institute,
conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Certificateholders,  pursuant to the provisions
of this  Agreement,  unless such  Certificateholders  shall have  offered to the
Trustee  reasonable  security  or  indemnity  against  the costs,  expenses  and
liabilities  which may be  incurred  therein  or  thereby;  (B) the right of the
Trustee to perform any  discretionary act enumerated in this Agreement shall not
be construed as a duty,  and the Trustee shall not be answerable  for other than
its  negligence  or  willful  misconduct  in the  performance  of any such  act;
provided,  however,  that subject to the foregoing clause (A), nothing contained
herein shall relieve the Trustee of the  obligations,  upon the occurrence of an
Event of Default  (which  has not been  cured or waived) of which a  Responsible
Officer of the Trustee has actual knowledge,  to exercise such of the rights and
powers  vested in it by this  Agreement;  and to use the same degree of care and
skill in their  exercise,  as a prudent  person would  exercise or use under the
circumstances in the conduct of such person's own affairs.

               (iv)  The Trustee shall not be personally or otherwise liable for
any  action  taken,  suffered  or  omitted  by it in good  faith and  reasonably
believed by it to be  authorized  or within the  discretion  or rights or powers
conferred upon it by this Agreement;

               (v)  The Trustee shall not be bound  to  make  any  investigation
into the facts or  matters  stated in any  resolution,  certificate,  statement,
instrument,  opinion, report, notice, request,  consent, order, approval bond or
other  paper or  document,  unless  requested  in writing to do so by Holders of
Certificates  entitled to a majority (or such other  percentage  as is specified
herein) of the aggregate Voting Rights of any affected Class; provided, however,
that if the  payment  within a  reasonable  time to the  Trustee  of the  costs,
expenses  or  liabilities  likely  to be  incurred  by it in the  making of such
investigation is, in the opinion of the Trustee,  not reasonably  assured to the
Trustee  by the  security  afforded  to it by the terms of this  Agreement,  the
Trustee may require reasonable  indemnity against such expense or liability as a
condition  to taking  any such  action.  The  reasonable  expense  of every such
investigation shall be paid by the Master Servicer or the Special Servicer if an
Event of Default shall have  occurred and be  continuing  relating to the Master
Servicer  or  the  Special   Servicer,   respectively,   and  otherwise  by  the
Certificateholders requesting the investigation; and

               (vi)  The Trustee  may  execute  any  of  the  trusts  or  powers
hereunder  or perform  any duties  hereunder  either  directly  or by or through
agents or  attorneys,  provided that the Trustee shall not otherwise be relieved
of its duties and obligations hereunder.

          (b)  All rights of action under this Agreement or  under  any  of  the
Certificates,  enforceable  by the  Trustee,  may be  enforced by it without the
possession of any of the Certificates, or the production thereof at the trial or
other proceeding relating thereto, and any

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such suit,  action or  proceeding  instituted by the Trustee shall be brought in
its name for the benefit of all the Holders of such Certificates, subject to the
provisions of this Agreement.

     The Trustee shall have no duty to conduct any affirmative  investigation as
to the occurrence of any condition requiring the repurchase of any Mortgage Loan
by the Depositor  pursuant to this Agreement or the  eligibility of any Mortgage
Loan for purposes of this Agreement.

          Section 8.3.   Trustee  Not Liable for  Certificates  or Mortgage
Loans.

     The recitals contained herein and in the Certificates shall not be taken as
the  statements  of the Trustee,  the Fiscal Agent,  the Master  Servicer or the
Special Servicer and the Trustee, the Fiscal Agent, the Special Servicer and the
Master Servicer assume no responsibility for their correctness. The Trustee, the
Fiscal   Agent,   the  Master   Servicer  and  the  Special   Servicer  make  no
representations  or  warranties  as to  the  validity  or  sufficiency  of  this
Agreement,  of  the  Certificates,   or  any  private  placement  memorandum  or
prospectus   used  to  offer  the   Certificates   for  sale  or  the  validity,
enforceability  or  sufficiency  of any Mortgage Loan or related  document.  The
Trustee  and the  Fiscal  Agent  shall  at no time  have any  responsibility  or
liability for or with respect to the legality,  validity and  enforceability  of
any  Mortgage  or any  Mortgage  Loan,  or the  perfection  and  priority of any
Mortgage or the maintenance of any such perfection and priority,  or for or with
respect to the  sufficiency  of the Trust Fund or its  ability to  generate  the
payments to be distributed to Certificateholders  under this Agreement.  Without
limiting the foregoing, neither the Trustee nor the Fiscal Agent shall be liable
or  responsible  for: the  existence,  condition  and ownership of any Mortgaged
Property;  the existence of any hazard or other  insurance  thereon (other than,
with respect to the Trustee  only, if the Trustee shall assume the duties of the
Master  Servicer  pursuant to Section 7.2) or the  enforceability  thereof;  the
existence of any Mortgage  Loan or the contents of the related  Mortgage File on
any computer or other record  thereof  (other than,  with respect to the Trustee
only,  if the  Trustee  shall  assume the duties of the Master  Servicer  or the
Special Servicer pursuant to Section 7.2); the validity of the assignment of any
Mortgage  Loan  to  the  Trust  Fund  or  of  any  intervening  assignment;  the
completeness  of any  Mortgage  File;  the  performance  or  enforcement  of any
Mortgage  Loan (other  than,  with respect to the Trustee  only,  if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer  pursuant
to Section 7.2);  the compliance by the  Depositor,  the Master  Servicer or the
Special Servicer with any warranty or  representation  made under this Agreement
or  in  any  related   document  or  the  accuracy  of  any  such   warranty  or
representation  prior to the Trustee's  receipt of notice or other  discovery of
any non-compliance  therewith or any breach thereof; any investment of monies by
or at the direction of the Master  Servicer or the Special  Servicer or any loss
resulting  therefrom  (other  than,  with  respect to the Trustee  only,  if the
Trustee shall assume the duties of the Master  Servicer or the Special  Servicer
pursuant to Section 7.2), it being understood that the Trustee only shall remain
responsible  for any  Trust  Fund  property  that it may hold in its  individual
capacity; the acts or omissions of any of the Depositor,  the Master Servicer or
the Special  Servicer  (other  than,  with respect to the Trustee  only,  if the
Trustee shall assume the duties of the Master  Servicer or the Special  Servicer
pursuant to Section 7.2) or any Sub-Servicer or any Borrower;  any action of the
Master Servicer or the Special Servicer (other than, with respect to the Trustee
only,  if the  Trustee  shall  assume the duties of the Master  Servicer  or the
Special Servicer pursuant to Section 7.2) or any Sub-Servicer  taken in the name
of the Trustee, except with respect to the Trustee, to the extent such action is
taken at the express written direction of the Trustee; the failure of the Master
Servicer or the Special Servicer (other

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than in each case, with respect to the Trustee only, if the Trustee shall assume
the duties of the Master  Servicer or the Special  Servicer  pursuant to Section
7.2) or any  Sub-Servicer  to act or perform any duties required of it on behalf
of the Trust Fund or the Trustee hereunder;  or any action by or omission of the
Trustee taken at the instruction of the Master Servicer or the Special  Servicer
(other than in each case, with respect to the Trustee only, if the Trustee shall
assume the duties of the Master  Servicer  or the Special  Servicer  pursuant to
Section  7.2) unless the taking of such action is not  permitted  by the express
terms of this Agreement; provided, however, that the foregoing shall not relieve
the  Trustee  or the Fiscal  Agent of its  obligation  to perform  its duties as
specifically set forth in this Agreement. The Trustee and the Fiscal Agent shall
not be  accountable  for the use or  application  by the  Depositor,  the Master
Servicer or the Special  Servicer of any of the  Certificates or of the proceeds
of such  Certificates,  or for the use or  application  of any funds paid to the
Depositor,  the  Master  Servicer  or the  Special  Servicer  in  respect of the
Mortgage Loans or deposited in or withdrawn from the Collection  Account, or the
Distribution  Account by the  Depositor,  the  Master  Servicer  or the  Special
Servicer,  other than in each case,  with respect to the Trustee only, any funds
held by the  Trustee.  The Trustee  (unless  the  Trustee  shall have become the
successor Master Servicer) or the Fiscal Agent shall have no responsibility  for
(A) filing any financing or  continuation  statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security interest
or lien granted to it hereunder or to record this  Agreement,  (B) seeing to any
insurance,  (C) seeing to the payment or  discharge of any tax,  assessment,  or
other  governmental  charge or any lien or  encumbrance  of any kind  owing with
respect  to,  assessed  or levied  against  any part of the Trust  Fund,  or (D)
confirming  or  verifying  the  contents of any reports or  certificates  of the
Master Servicer  delivered to the Trustee pursuant to this Agreement believed by
the  Trustee to be genuine and to have been  signed or  presented  by the proper
party or  parties.  In making any  calculation  hereunder  which  includes  as a
component thereof the payment or distribution of interest for a stated period at
a stated rate "to the extent  permitted by  applicable  law," the Trustee  shall
assume that such payment is so  permitted  unless a  Responsible  Officer of the
Trustee has actual knowledge,  or receives an Opinion of Counsel (at the expense
of the Person asserting the  impermissibility)  to the effect, that such payment
is not permitted by applicable law.

          Section 8.4.   Trustee May Own Certificates.

     The  Trustee and the Fiscal  Agent in their  individual  capacities  or any
other  capacity  may become the owner or pledgee of  Certificates,  and may deal
with the  Depositor,  the Master  Servicer  and the Special  Servicer in banking
transactions,  with the same  rights  each would have if it were not  Trustee or
Fiscal Agent.

          Section 8.5.   Payment of Trustee Fees and Expenses; Indemnification.

          (a)  The Master Servicer shall pay from the Collection Account  to the
Trustee  or any  successor  Trustee  from time to time,  and the  Trustee or any
successor  Trustee shall be entitled to receive from the  Collection  Account on
each  Remittance  Date the  Trustee  Fee  (which  shall  not be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by the Trustee in the  execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee. The Trustee shall pay the routine fees and expenses of
the   Certificate   Registrar,   the  Paying   Agent,   the  Custodian  and  the
Authenticating Agent. The Trustee's rights to the Trustee Fee may

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not be transferred in whole or in part except in connection with the transfer of
all of the Trustee's responsibilities and obligations under this Agreement.

          (b)  Except as otherwise provided herein, the Trustee  shall  pay  all
expenses incurred by it in connection with its activities hereunder.  The Master
Servicer and the Special  Servicer  covenant  and agree to pay or reimburse  the
Trustee for the reasonable expenses, disbursements and advances incurred or made
by the Trustee in connection with any transfer of the servicing responsibilities
of the  Master  Servicer  or the  Special  Servicer,  as  applicable  hereunder,
pursuant to or otherwise  arising from the  resignation or removal of the Master
Servicer or the Special Servicer,  as applicable,  in accordance with any of the
provisions of this Agreement (and including the reasonable fees and expenses and
disbursements of its counsel and all other persons not regularly in its employ),
except  any  such  expense,  disbursement  or  advance  as may  arise  from  the
negligence or bad faith of the Trustee.

          (c)  Each of the  Master  Servicer  and  the  Special  Servicer  shall
indemnify the Trustee and the Fiscal Agent and their  respective  Affiliates and
each of the directors, officers, employees and agents of the Trustee, the Fiscal
Agent and their respective  Affiliates (each, an "Indemnified  Party"), and hold
each of them harmless against, any and all claims, losses,  damages,  penalties,
fines, forfeitures,  reasonable legal fees and related costs, judgments, and any
other  costs,  fees and  expenses  that the  Indemnified  Party may  sustain  in
connection with this Agreement (including without limitation any liability, cost
or expense arising from the Master Servicer's or Special Servicer's negligent or
intentional  misuse of any power of attorney granted pursuant to Section 3.1(a))
related to each such party's respective willful  misconduct,  bad faith,  and/or
negligence in the performance of its respective duties hereunder or by reason of
negligent   disregard  of  its  respective   obligations  and  duties  hereunder
(including in the case of the Master Servicer or the Special Servicer, any agent
of the Master Servicer or the Special Servicer).

          (d)  The Trust Fund shall indemnify each Indemnified Party  from,  and
hold it harmless against, any and all losses,  liabilities,  damages,  claims or
expenses  (including  reasonable  attorneys'  fees)  arising  in respect of this
Agreement  or the  Certificates,  in each  case to the  extent,  and only to the
extent, such payments are "unanticipated  expenses incurred by the REMIC" within
the meaning of Treasury  Regulation Section  1.860G-1(b)(3)(ii),  other than (i)
those  resulting  from the  negligence,  bad faith or willful  misconduct of the
Trustee,  (ii) those  specifically  required to be borne thereby pursuant to the
terms hereof,  including,  without  limitation,  pursuant to Section 10.3(c) and
Section  10.5 and (iii) those as to which such  Indemnified  Party has  received
indemnification  payments  pursuant to Section  8.5(c)  within 30 days after the
request therefor.  The term  "unanticipated  expenses incurred by a REMIC" shall
include  any  fees,  expenses  and  disbursements  of any  separate  trustee  or
co-trustee  appointed  hereunder,  only to the extent  such fees,  expenses  and
disbursements  were not  reasonably  anticipated  as of the Closing Date and the
losses,   liabilities,   damages,   claims  or  expenses  (including  reasonable
attorneys' fees) incurred or advanced by an Indemnified Party in connection with
any litigation  arising out of this Agreement,  including,  without  limitation,
under  Section 2.3,  Section 7.1,  Section 8.11 and Section  10.3.  The right of
reimbursement  of the  Indemnified  Parties  under this Section  8.5(d) shall be
senior  to the  rights of all  Certificateholders.  The  foregoing  shall not be
deemed to preclude an Indemnified Party from being reimbursed for any such loss,
liability or expense otherwise reimbursable pursuant to this Agreement.

          (e)  Notwithstanding anything herein to the contrary, this Section 8.5
shall survive the  termination or maturity of this Agreement or the  resignation
or removal of the Trustee and

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the Fiscal Agent as regards rights accrued prior to such  resignation or removal
and (with respect to any acts or omissions during their respective  tenures) the
resignation,  removal or  termination  of the  Master  Servicer  or the  Special
Servicer.

          (f)  This Section 8.5 shall be expressly construed to include, but not
be  limited  to,  such  indemnities,   compensation,   expenses,  disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to
any environmental law or environmental matter.

          Section 8.6.   Eligibility Requirements for Trustee.

          (a) The Trustee hereunder shall at all times be a bank, trust company,
corporation  or  association  organized and doing business under the laws of the
United  States of  America,  any state  thereof,  or the  District  of  Columbia
authorized under such laws to exercise  corporate trust powers and to accept the
trust conferred under this Agreement,  having a combined  capital and surplus of
at least  $100,000,000 and a rating on its unsecured senior long-term debt of at
least "AA" by S&P or "Aa2" by Moody's  (unless a Fiscal Agent is  appointed  and
acting  hereunder that has a long-term  senior  unsecured debt rating that is at
least "AA"  (without  regard to any plus or minus) by S&P or "Aa2" by  Moody's),
unless a Rating Agency  Confirmation  is obtained with respect to a lower rating
(the cost, if any, of obtaining such confirmation to be paid by the Trustee) and
subject to  supervision  or  examination  by federal  or state  authority.  If a
corporation or  association  publishes  reports of condition at least  annually,
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for purposes of this Section the combined capital and surplus of
such  corporation  shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published.

          (b)  The Trustee shall not be an Affiliate of any Placement Agent, the
Depositor,  any Person that is the  Borrower  for more than 5% of the  aggregate
principal  balance of the  Mortgage  Loans as of the  Cut-off  Date,  the Master
Servicer or the Special  Servicer (except during any period when the Trustee has
assumed  the  duties  of  the  Master  Servicer  or  the  Special  Servicer,  as
applicable, pursuant to Section 7.2).

          (c)  The Trustee shall at all times  meet  the  requirements  of  Rule
3a-7(a)(4)(i) promulgated under the Investment Company Act of 1940, as amended.

          (d)  The Trustee shall obtain and maintain at its own expense and keep
in full force and effect  throughout  the term of this  Agreement  an errors and
omissions  insurance  policy  covering its officers and  employees in connection
with  its  activities  under  this  Agreement.  Coverage  of the  Trustee  as an
additional  insured  under a policy  or bond  obtained  by an  Affiliate  of the
Trustee shall satisfy the  requirements of this Section  8.6(d).  So long as the
long term rating of the Trustee  (or the parent  company of the  Trustee) is not
less than two rating  categories  (ignoring  pluses and minuses)  lower than the
highest  rating of the  Certificates,  the Trustee (or the parent company of the
Trustee)  may self insure  with  respect to any errors and  omissions  insurance
policy.

          (e)  In the event that the place of business from  which  the  Trustee
administers the Trust Fund is a state or local  jurisdiction  that imposes a tax
on the Trust Fund or the net income of a REMIC  (other than a tax  corresponding
to a tax imposed under the REMIC  Provisions)  the Trustee  shall elect,  at its
sole  discretion,  either to (i) resign  immediately  in the manner and with the
effect  specified in Section  8.7,  (ii) pay such tax and continue as Trustee or
(iii)  administer the Trust Fund from a state and local  jurisdiction  that does
not impose such a tax.

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          (f)  In case at any time the Trustee shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.7.

          Section 8.7.   Resignation and Removal of the Trustee.

     The Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Depositor,  the Master Servicer,
the Special Servicer,  the Operating  Adviser and each Rating Agency.  Upon such
notice of resignation, the Fiscal Agent shall also be automatically removed and,
accordingly,  the Master  Servicer shall promptly  appoint a successor  Trustee,
which  appointment  of  successor  Trustee  shall be subject to a Rating  Agency
Confirmation,  and a successor Fiscal Agent,  which, if the successor Trustee is
not rated by each Rating  Agency in one of its two highest  long-term  unsecured
debt rating categories,  the successor Fiscal Agent shall be subject to a Rating
Agency  Confirmation.  The appointment shall be by a written instrument executed
in triplicate,  which  instrument  shall be delivered to the resigning  Trustee,
with a copy to the removed Fiscal Agent and the successor  Trustee and successor
Fiscal Agent. The cost, if any, of obtaining the foregoing  confirmations  shall
be paid by the resigning  Trustee and the removed Fiscal Agent.  Notwithstanding
the  foregoing,  if no  successor  Trustee  and Fiscal  Agent shall have been so
appointed and have accepted  appointment within 30 days after the giving of such
notice of  resignation,  the resigning  Trustee and  departing  Fiscal Agent may
petition any court of competent  jurisdiction for the appointment of a successor
Trustee and successor Fiscal Agent.

     If at any time the Trustee  shall cease to be eligible in  accordance  with
the  provisions  of Section 8.6 and shall fail to resign after  written  request
therefor by the Depositor or Master  Servicer,  or if at any time the Trustee or
the Fiscal Agent shall become incapable of acting, or shall be adjudged bankrupt
or  insolvent,  or a  receiver  of the  Trustee  or the  Fiscal  Agent or of its
property shall be appointed,  or any public officer shall take charge or control
of the Trustee or the Fiscal Agent or of its property or affairs for the purpose
of  rehabilitation,  conservation or liquidation or the Master Servicer receives
notice  from  Fitch  that the  Trustee  is no  longer  eligible  and may cause a
downgrade or withdrawal  of the current  ratings  assigned to the  Certificates,
then the  Depositor  or the Master  Servicer  shall  remove the  Trustee and the
Fiscal Agent and shall promptly appoint a successor Trustee and successor Fiscal
Agent by written  instrument,  which shall be  delivered  to the Trustee and the
Fiscal Agent so removed and to the successor Trustee and successor Fiscal Agent.

     The Holders of Certificates entitled to a majority of the Voting Rights may
at any time  remove the  Trustee  and the Fiscal  Agent (and any  removal of the
Trustee shall cause the Fiscal Agent to be automatically  removed) and appoint a
successor  Trustee and successor  Fiscal Agent (each meeting the requirements of
Section 8.8) by written instrument or instruments, in seven originals, signed by
such Holders or their  attorneys-in-fact  duly  authorized,  one complete set of
which instruments  shall be delivered to the Depositor,  one complete set to the
Master Servicer,  one complete set to the Special Servicer,  one complete set to
the Trustee so  removed,  one  complete  set to the removed  Fiscal  Agent,  one
complete set to the  successor  Trustee so appointed and one complete set to the
successor  Fiscal Agent so appointed.  Such removal of the Trustee and/or Fiscal
Agent, if without cause,  shall be effective upon the payment to the Trustee and
the  Fiscal  Agent of all  reasonable  costs and  expenses  incurred  by them in
connection  with such removal (which costs shall be paid as an Additional  Trust
Fund Expense).

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     In the event of the resignation or removal of the Trustee, the Fiscal Agent
shall be entitled to resign,  it being  understood that the initial Fiscal Agent
shall  not be  obligated  to act in such  capacity  hereunder  at any time  that
LaSalle Bank National Association is not the Trustee.

     Any  resignation or removal of the Trustee and Fiscal Agent and appointment
of a successor  Trustee and, if such trustee is not rated by each Rating  Agency
in one of  its  two  highest  long-term  unsecured  debt  rating  categories,  a
successor  Fiscal Agent  pursuant to any of the  provisions  of this Section 8.7
shall not become  effective  until  acceptance of  appointment  by the successor
Trustee and, if necessary, Fiscal Agent as provided in Section 8.8.

          Section 8.8.   Successor Trustee.

     Any successor  Trustee and any successor Fiscal Agent appointed as provided
in Section 8.7 shall  execute,  acknowledge  and deliver to the Depositor and to
the  predecessor  Trustee  and  predecessor  Fiscal  Agent,  as the case may be,
instruments accepting their appointment hereunder, and thereupon the resignation
or removal of the predecessor  Trustee and predecessor Fiscal Agent shall become
effective and such  successor  Trustee and successor  Fiscal Agent,  without any
further act, deed or conveyance,  shall become fully vested with all the rights,
powers,  duties and  obligations  of its  predecessor  hereunder,  with the like
effect as if originally  named as Trustee herein,  provided that a Rating Agency
Confirmation has been obtained with respect to the appointment of such successor
Trustee  and  successor  Fiscal  Agent.  The cost,  if any,  of  obtaining  such
confirmation  shall be paid by the Trustee that resigned or was removed,  unless
the Trustee was removed without cause by the Holders of Certificates entitled to
a majority of the Voting Rights, in which case such costs shall be an Additional
Trust Fund  Expense.  The  predecessor  Trustee  shall  deliver to the successor
Trustee all  Mortgage  Files and related  documents  and  statements  held by it
hereunder  (at the  expense  of the Trust  Fund if  removal  of the  predecessor
Trustee was without  cause),  and the  Depositor,  the  predecessor  Trustee and
predecessor  Fiscal Agent shall execute and deliver such instruments and do such
other things as may reasonably be required for more fully and certainly  vesting
and  confirming  in the successor  Trustee and  successor  Fiscal Agent all such
rights, powers, duties and obligations. No successor Trustee or successor Fiscal
Agent shall  accept  appointment  as provided in this  Section 8.8 unless at the
time of such acceptance such successor  Trustee or successor  Fiscal Agent shall
be eligible under the provisions of Section 8.6.

     Upon acceptance of appointment by a successor  Trustee or successor  Fiscal
Agent as provided in this Section 8.8, the  successor  Trustee shall mail notice
of the  succession of such Trustee and Fiscal Agent  hereunder to all Holders of
Certificates at their addresses as shown in the Certificate Register.

          Section 8.9.   Merger or Consolidation of Trustee.

     Any  corporation  into which the Trustee may be merged or converted or with
which it may be  consolidated  or any  corporation  resulting  from any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation  succeeding  to all or  substantially  all  of the  corporate  trust
business  of the  Trustee,  shall be the  successor  of the  Trustee  hereunder,
provided that such corporation shall be eligible under the provisions of Section
8.6 and a Rating Agency Confirmation has been obtained, without the execution or
filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary

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notwithstanding.  Any  Person  into  which  the  Fiscal  Agent  may be merged or
converted  or with  which  it may be  consolidated  or any  corporation  or bank
resulting from any merger, conversion or consolidation to which the Fiscal Agent
shall be a party, or any corporation or banking association succeeding to all or
substantially  all of the corporate  trust business of the Fiscal Agent shall be
the successor of the Fiscal Agent  hereunder,  provided that such corporation or
bank shall be eligible  under the  provisions of Section 8.6 and a Rating Agency
Confirmation has be obtained without the execution or filing of any paper or any
farther act on the part of any of the parties  hereto,  anything to the contrary
notwithstanding.

          Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

     Notwithstanding  any other provisions  hereof, at any time, for the purpose
of meeting any legal  requirements of any  jurisdiction in which any part of the
Trust  Fund or  property  securing  the  same may at the  time be  located,  the
Depositor and the Trustee  acting jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act (at the expense of the  Trustee) as  co-trustee  or  co-trustees,
jointly with the Trustee,  or separate trustee or separate  trustees,  of all or
any part of the  Trust  Fund,  and to vest in such  Person or  Persons,  in such
capacity, such title to the Trust Fund, or any part thereof, and, subject to the
other provisions of this Section 8.10, such powers, duties, obligations,  rights
and trusts as the Depositor and the Trustee may consider necessary or desirable.
If the  Depositor  shall no longer be in  existence  or shall not have joined in
such  appointment  within 15 days after the receipt by it of a request so to do,
or in case an Event of  Default  shall  have  occurred  and be  continuing,  the
Trustee alone shall have the power to make such appointment.  Except as required
by applicable law, the appointment of a co-trustee or separate trustee shall not
relieve the Trustee of its responsibilities hereunder. No co-trustee or separate
trustee  hereunder  shall be  required  to meet the  terms of  eligibility  as a
successor  Trustee  under  Section  8.6  hereunder  and no notice to  Holders of
Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be
required under Section 8.8.

     In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 8.10, all rights,  powers,  duties and obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the Trustee and such  separate  trustee or  co-trustee  jointly (it
being  understood that such separate  trustee or co-trustee is not authorized to
act separately  without the Trustee  joining in such act),  except to the extent
that under any law of any  jurisdiction  in which any particular act or acts are
to be  performed  (whether as Trustee  hereunder  or as  successor to the Master
Servicer hereunder),  the Trustee shall be incompetent or unqualified to perform
such act or acts,  in which event such rights,  powers,  duties and  obligations
(including the holding of title to the Trust Fund or any portion  thereof in any
such jurisdiction)  shall be exercised and performed by such separate trustee or
co-trustee solely at the direction of the Trustee.

     No trustee under this Agreement shall be personally liable by reason of any
act or omission of any other trustee under this Agreement. The Depositor and the
Trustee acting  jointly may at any time accept the  resignation of or remove any
separate  trustee or  co-trustee,  except that if the  Depositor is no longer in
existence,  or if the  separate  trustee or  co-trustee  is an  employee  of the
Trustee,  the Trustee  acting alone may accept the  resignation of or remove any
separate trustee or co-trustee.

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     Any notice,  request or other  writing given to the Trustee shall be deemed
to have been given to each of the then  separate  trustees and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article  VIII.  Every such  instrument  shall be filed with the Trustee.
Each  separate  trustee  and  co-trustee,  upon  its  acceptance  of the  trusts
conferred,  shall be  vested  with the  estates  or  property  specified  in its
instrument of appointment, either jointly with the Trustee or separately, as may
be  provided  therein,   subject  to  all  the  provisions  of  this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  In no
event shall any such separate trustee or co-trustee be entitled to any provision
relating to the conduct of, affecting the liability of, or affording  protection
to such separate  trustee or co-trustee  that imposes a standard of conduct less
stringent  than  that  imposed  on  the  Trustee  hereunder,  affording  greater
protection  than that  afforded to the Trustee  hereunder or providing a greater
limit on liability than that provided to the Trustee hereunder.

     Any separate trustee or co-trustee may, at any time, constitute the Trustee
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties, rights, remedies and trusts hereunder shall vest in and be exercised
by the Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee.

          Section 8.11.  Authenticating Agent.

     The  Trustee  may  appoint  an  Authenticating  Agent  to  execute  and  to
authenticate  Certificates.  The Authenticating  Agent must be acceptable to the
Depositor and the Master Servicer and must be a corporation  organized and doing
business  under the laws of the United States of America or any state,  having a
principal  office and place of  business in a state and city  acceptable  to the
Depositor and the Master  Servicer,  having a combined capital and surplus of at
least $15,000,000, authorized under such laws to do a trust business and subject
to supervision or examination by federal or state authorities. The Trustee shall
pay the Authenticating Agent reasonable  compensation from its own funds and the
Trustee  shall  remain  liable for all actions of any  Authenticating  Agent and
shall not be relieved of any of its  obligations  hereunder.  The Trustee  shall
serve as the initial  Authenticating  Agent and the Trustee  hereby accepts such
appointment.

     Any  corporation  into  which  the  Authenticating  Agent  may be merged or
converted or with which it may be  consolidated,  or any  corporation  resulting
from any merger,  conversion or consolidation to which the Authenticating  Agent
shall be party, or any corporation  succeeding to the corporate  agency business
of the  Authenticating  Agent,  shall be the  Authenticating  Agent  without the
execution  or filing of any paper or any  further act on the part of the Trustee
or the Authenticating Agent.

     The Authenticating Agent may at any time resign by giving at least 30 days'
advance written notice of resignation to the Trustee, the Depositor, the Special
Servicer  and the Master  Servicer.  The Trustee may at any time  terminate  the
agency of the  Authenticating  Agent by giving  written notice of termination to
the  Authenticating  Agent,  the Depositor,  the Special Servicer and the Master
Servicer. Upon receiving a notice of resignation or upon such a

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termination,  or in case at any time the Authenticating  Agent shall cease to be
eligible in accordance  with the  provisions  of this Section 8.11,  the Trustee
promptly  shall  appoint  a  successor  Authenticating  Agent,  which  shall  be
acceptable to the Master  Servicer and the  Depositor,  and shall mail notice of
such appointment to all Certificateholders.  Any successor  Authenticating Agent
upon  acceptance of its  appointment  hereunder shall become vested with all the
rights, powers, duties and responsibilities of its predecessor  hereunder,  with
like effect as if originally named as Authenticating  Agent herein. No successor
Authenticating  Agent shall be appointed unless eligible under the provisions of
this Section 8.11.

     The Authenticating  Agent shall have no responsibility or liability for any
action taken by it as such at the  direction of the Trustee.  The Trustee  shall
pay the Authenticating Agent reasonable compensation from its own funds.

          Section 8.12.  Appointment of Custodians.

          (a)  The Trustee shall serve as the initial Custodian. The Trustee may
appoint  one or more  third  party  Custodians  to hold all or a portion  of the
Mortgage Files as agent for the Trustee, by entering into a Custodial Agreement.
The Trustee agrees to comply with the terms of each  Custodial  Agreement and to
enforce the terms and provisions  thereof  against the Custodian for the benefit
of the  Certificateholders.  Each  Custodial  Agreement  may be amended  only as
provided  in  Section  11.7.  The  Trustee  shall pay the  Custodian  reasonable
compensation  from its own funds and the  Trustee  shall  remain  liable for all
actions of any  Custodian  and shall not be relieved  of any of its  obligations
hereunder.

          (b)  Each Custodian shall  be  a  depository  institution  subject  to
supervision  by federal or state  authority,  shall have a combined  capital and
surplus of at least  $10,000,000,  shall have a long-term  senior unsecured debt
rating of at least "Baa2" from Moody's,  unless a Rating Agency Confirmation has
been obtained from Moody's (the cost, if any, of obtaining such  confirmation to
be paid by the Trustee;  provided that such  appointment was made by the Trustee
in its sole discretion and otherwise by the Trust Fund),  and shall be qualified
to do business in the jurisdiction in which it holds any Mortgage File.

          (c)  Each  Custodian  shall maintain a fidelity bond and shall keep in
force  during  the term of this  Agreement  a policy or  policies  of  insurance
covering  loss  occasioned  by the  errors and  omissions  of its  officers  and
employees in connection with its obligations  hereunder.  All fidelity bonds and
policies of errors and omissions  insurance  obtained under this Section 8.12(c)
shall be issued by a Qualified  Insurer.  Each Custodian shall be deemed to have
complied with the  requirement  for a fidelity bond if one of its Affiliates has
such  fidelity  bond  coverage  and,  by the terms of such  fidelity  bond,  the
coverage  afforded  thereunder  extends to the  Custodian.  Notwithstanding  the
foregoing,  so long as the long-term unsecured debt obligations of the Custodian
or its corporate  parent have been rated "A" or better by S&P and "A2" or better
by Moody's, the Custodian shall be entitled to provide  self-insurance or obtain
from its corporate parent adequate insurance, as applicable, with respect to its
obligation  hereunder  to  maintain a fidelity  bond or an errors and  omissions
insurance policy.

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          Section 8.13.  Fiscal Agent Appointed; Concerning the Fiscal Agent.

          (a)  The Trustee hereby appoints  ABN AMRO Bank N.V.  as  the  initial
Fiscal  Agent  hereunder  for the  purposes of  exercising  and  performing  the
obligations and duties imposed upon the Fiscal Agent by Sections 3.22 and 4.5.

          (b)  The Fiscal Agent undertakes to perform such duties and only  such
duties as are specifically set forth in Sections 3.22 and 4.5.

          (c)  No provision of this Agreement shall be construed to relieve  the
Fiscal Agent from  liability for its own negligent  failure to act, bad faith or
its  own  willful  misfeasance;  provided,  however,  that  (i) the  duties  and
obligations  of the  Fiscal  Agent  shall be  determined  solely by the  express
provisions of Sections 3.22 and 4.5, the Fiscal Agent shall not be liable except
for the  performance  of such duties and  obligations,  no implied  covenants or
obligations  shall be read into this Agreement  against the Fiscal Agent and, in
the absence of bad faith on the part of the Fiscal  Agent,  the Fiscal Agent may
conclusively  rely,  as to  the  truth  and  correctness  of the  statements  or
conclusions expressed therein, upon any resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Fiscal  Agent  by any  Person  and  which on their  face do not  contradict  the
requirements of this Agreement, and (ii) the provisions of clauses (ii) and (iv)
of Section 8.1(c) shall apply to the Fiscal Agent.

          (d)  Except as otherwise provided in Section 8.1(c),  the Fiscal Agent
also shall have the benefit of  provisions  of clauses (i),  (ii),  (iii) (other
than the proviso  thereto),  (iv), (v) (other than the proviso thereto) and (vi)
of Section 8.2(a).

          Section 8.14.  Representations and Warranties of the Trustee and
Fiscal Agent.

          (a)  The Trustee hereby represents, warrants and  covenants that as of
the Closing Date:

               (i)   The   Trustee  is  a  national  banking  association,  duly
organized,  validly  existing and in good standing  under the laws of the United
States  of  America  and,  except  to  the  extent  that  the  laws  of  certain
jurisdictions  in which any part of the Trust Fund may be located require that a
co-trustee  or  separate  trustee  be  appointed  to act  with  respect  to such
property, the Trustee has all licenses necessary to carry on its business as now
being  conducted,  and is in compliance with the laws of each state in which any
Mortgaged   Property  is  located,   to  the  extent  necessary  to  ensure  the
enforceability  of each  Mortgage  Loan in  accordance  with  the  terms of this
Agreement;

               (ii)  The Trustee has the full  corporate  power,  authority  and
legal right to execute and deliver this  Agreement  and to perform in accordance
herewith;  the execution  and delivery of this  Agreement by the Trustee and its
performance  and compliance  with the terms of this Agreement do not violate the
Trustee's  charter  documents or  constitute a default (or an event which,  with
notice or lapse of time, or both,  would  constitute a default) under, or result
in the breach of,  any  contract,  agreement  or other  instrument  to which the
Trustee  is a party or which  may be  applicable  to the  Trustee  or any of its
assets,  which default or breach would have  consequences  that would materially
and adversely affect the financial condition or operations of the Trustee or its
properties  taken as a whole or impair the  ability of the Trust Fund to realize
on the Mortgage Loans;

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               (iii)  This  Agreement  has been  duly  and  validly  authorized,
executed and delivered by the Trustee and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding
obligation of the Trustee,  enforceable  against it in accordance with the terms
of this  Agreement,  except as such  enforcement  may be limited by  bankruptcy,
insolvency, reorganization,  liquidation, receivership, moratorium or other laws
relating to or affecting  creditors' rights generally,  or by general principles
of  equity  (regardless  of  whether  such  enforceability  is  considered  in a
proceeding in equity or at law);

               (iv)  The Trustee is not in violation  of, and the  execution and
delivery of this  Agreement by the Trustee and its  performance  and  compliance
with the terms of this  Agreement  will not  constitute a violation with respect
to, any state or federal statute,  any order or decree of any court or any order
or regulation of any federal,  state,  municipal or  governmental  agency having
jurisdiction,  or result in the creation or  imposition  of any lien,  charge or
encumbrance  which,  in any such  event,  would  have  consequences  that  would
materially  and adversely  affect the  financial  condition or operations of the
Trustee or its  properties  taken as a whole or impair the  ability of the Trust
Fund to realize on the Mortgage Loans;

               (v)  There are no actions, suits or proceedings  pending  or,  to
the knowledge of the Trustee,  threatened,  against the Trustee which, either in
any one  instance or in the  aggregate,  would  result in any  material  adverse
change in the  business,  operations  or  financial  condition of the Trustee or
would materially impair the ability of the Trustee to perform under the terms of
this  Agreement  or draw into  question  the  validity of this  Agreement or the
Mortgage  Loans or of any  action  taken or to be taken in  connection  with the
obligations of the Trustee contemplated herein;

               (vi)   No  consent,  approval,  authorization  or  order  of,  or
registration  or filing with, or notice to any court or  governmental  agency or
body is required for the execution,  delivery and performance by the Trustee of,
or compliance by the Trustee with, this Agreement or, if required, such approval
has been  obtained  prior to the  Closing  Date,  except to the extent  that the
failure of the Trustee to be qualified as a foreign  corporation  or licensed in
one or more states is not necessary for the enforcement of the Mortgage Loans;

               (vii)  Except for the release  of  items  in  the  Mortgage  File
contemplated by this Agreement,  including, without limitation, as necessary for
the enforcement of the holder's  rights and remedies under the related  Mortgage
Loan, the Trustee covenants and agrees that it shall maintain each Mortgage File
in the State of Illinois,  and that it shall not move any Mortgage  File outside
the State of Illinois  (other than with respect to the Trustee's  responsibility
to record assignment  documents pursuant to Section 2.1 or as otherwise provided
in this Agreement)  unless it shall first obtain and provide,  at the expense of
the Trust Fund, an Opinion of Counsel to the  Depositor and the Rating  Agencies
to the effect that the Trustee's  first priority  interest in the Notes has been
duly and fully perfected under the applicable laws and regulations of such other
jurisdiction; and

               (viii)  Each   officer  or  employee  of  the  Trustee  that  has
responsibilities  concerning the  administration of the Trust Fund is covered by
errors and omissions insurance as required by Section 8.6(d).

          (b)  The Fiscal Agent hereby represents, warrants and  covenants  that
as of the Closing Date:

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               (i)  The Fiscal Agent is a banking corporation,  duly  organized,
validly  existing and in good standing under the laws of the Netherlands and has
all licenses necessary to carry on its business as now being conducted;

               (ii)  The Fiscal Agent has the full  corporate  power,  authority
and legal  right to  execute  and  deliver  this  Agreement  and to  perform  in
accordance herewith;  the execution and delivery of this Agreement by the Fiscal
Agent and its performance and compliance with the terms of this Agreement do not
violate the Fiscal  Agent's  charter  documents  or  constitute a default (or an
event which,  with notice or lapse of time, or both, would constitute a default)
under, or result in the breach of, any contract,  agreement or other  instrument
to which the Fiscal  Agent is a party or which may be  applicable  to the Fiscal
Agent or any of its assets, which default or breach would have consequences that
would materially and adversely  affect the financial  condition or operations of
the Fiscal Agent or its properties taken as a whole;

               (iii)  This Agreement  has  been  duly  and  validly  authorized,
executed  and  delivered by the Fiscal  Agent and,  assuming due  authorization,
execution and delivery by the other parties hereto,  constitutes a legal,  valid
and binding obligation of the Fiscal Agent, enforceable against it in accordance
with the terms of this Agreement,  except as such  enforcement may be limited by
bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or
other laws relating to or affecting  creditors' rights generally,  or by general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law);

               (iv)  The Fiscal Agent is not in violation of, and the  execution
and  delivery of this  Agreement  by the Fiscal  Agent and its  performance  and
compliance with the terms of this Agreement will not constitute a violation with
respect  to, any state or federal  statute,  any order or decree of any court or
any order or regulation of any federal,  state, municipal or governmental agency
having jurisdiction, or result in the creation or imposition of any lien, charge
or encumbrance  which,  in any such event,  would have  consequences  that would
materially  and adversely  affect the  financial  condition or operations of the
Fiscal Agent or its properties taken as a whole;

               (v)  There are no actions, suits or proceedings  pending  or,  to
the knowledge of the Fiscal Agent,  threatened,  against the Fiscal Agent which,
either in any one  instance or in the  aggregate,  would  result in any material
adverse change in the business,  operations or financial condition of the Fiscal
Agent or would  materially  impair the  ability  of the Fiscal  Agent to perform
under the terms of this  Agreement  or draw into  question  the validity of this
Agreement  or of  any  action  taken  or to be  taken  in  connection  with  the
obligations of the Fiscal Agent contemplated herein; and

               (vi)   No  consent,  approval,  authorization  or  order  of,  or
registration  or filing with, or notice to any court or  governmental  agency or
body is required for the execution, delivery and performance by the Fiscal Agent
of, or compliance by the Fiscal Agent with, this Agreement or, if required, such
approval has been obtained prior to the Closing Date,  except to the extent that
the failure of the Fiscal  Agent to be  qualified  as a foreign  corporation  or
licensed  in one or more  states is not  necessary  for the  enforcement  of the
Mortgage Loans.

          (c)   It  is  understood  and  agreed  that  the  representations  and
warranties set forth in this Section shall survive until the termination of this
Agreement, and shall inure to the benefit of

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the Master Servicer,  the Special Servicer and the Depositor.  Upon discovery by
the  Depositor,  the Master  Servicer,  the Special  Servicer  or a  Responsible
Officer   of  the   Trustee   (or  upon   written   notice   thereof   from  any
Certificateholder)  of a breach of any of the representations and warranties set
forth in this Section which  materially  and adversely  affects the interests of
the Certificateholders, the Master Servicer, the Special Servicer or the Trustee
with respect to any Mortgage Loan, the party  discovering such breach shall give
prompt written notice to the other parties hereto and to the Rating Agencies.

                                   ARTICLE IX.
                                   -----------

                                   TERMINATION

          Section 9.1.   Termination of Trust Fund.

          (a)  Subject  to  Section 9.3,  the  Trust  Fund  and  the  respective
obligations  and  responsibilities  of the  Depositor,  the Trustee,  the Master
Servicer,  the Special  Servicer and the Fiscal Agent hereunder  (other than the
obligation  of the Trustee to make payments to  Certificateholders  on the final
Distribution  Date  pursuant to Article IV or  otherwise as set forth in Section
9.2 and other than the obligations in the nature of information or tax reporting
or  tax-related  administrative  or  judicial  contests  or  proceedings)  shall
terminate  on the  earlier  of (i) the later of (A) the final  payment  or other
liquidation  of the  last  Mortgage  Loan  held by the  Trust  Fund  and (B) the
disposition of the last REO Property held by the Trust Fund and (ii) the sale of
all Mortgage Loans and any REO  Properties  held by the Trust Fund in accordance
with  Section  9.1(b);  provided  that in no event shall the Trust Fund  created
hereby  continue  beyond the  expiration  of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  Ambassador of the
United States to the Court of St. James, living on the date hereof.

          (b)  As soon as reasonably  practical,  the  Trustee  shall  give  the
Holders of the Controlling Class, the Master Servicer,  the Special Servicer and
the Majority  Certificateholder of the Class R-I Certificates notice of the date
when the then current  aggregate Stated Principal  Balance of the Mortgage Loans
(including,  without limitation,  any REO Mortgage Loan) will be less than 1% of
the initial  aggregate Stated Principal  Balance of the Mortgage Loans as of the
Cut-off  Date.  The Holders of the  Controlling  Class  representing  a majority
Percentage  Interest in such Class, the Master Servicer,  the Special  Servicer,
and  the  Majority   Certificateholder  of  the  Class  R-I  Certificates  shall
thereafter be entitled,  in that order of priority,  to purchase, in whole only,
the Mortgage Loans and any REO  Properties  then remaining in the Trust Fund. If
any such party desires to exercise  such option,  it will notify the Trustee who
will notify any other such party with a prior right to exercise such option.  If
any such party that has been so  provided  notice by the  Trustee  notifies  the
Trustee within ten Business Days after receiving notice of the proposed purchase
that it wishes to purchase the assets of the Trust Fund, then such party (or, in
the event that more than one of such  parties  notifies  the Trustee  during any
Collection  Period that it wishes to purchase the assets of the Trust Fund,  the
party  with the first  right to  purchase  the  assets  of the  Trust  Fund) may
purchase the assets of the Trust Fund in  accordance  with this  Agreement.  The
"Termination Price" shall equal the sum of (i) the aggregate Repurchase Price of
all the  remaining  Mortgage  Loans (other than REO Mortgage  Loans and Mortgage
Loans as to which a Final  Recovery  Determination  has been  made)  held by the
Trust Fund,  plus (ii) the appraised  value of each  remaining REO Property,  if
any, held by the Trust Fund (such  appraisal to be conducted in accordance  with
MAI standards by an appraiser with at least ten years

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experience in the related property type and in the jurisdiction in which the REO
Property  is  located  selected  by the  Master  Servicer  and  approved  by the
Trustee),  minus (iii) solely in the case where the Master Servicer is effecting
such purchase,  the aggregate amount of unreimbursed Advances made by the Master
Servicer,  together with any Advance  Interest Amount accrued and payable to the
Master  Servicer in respect of such Advances and any unpaid Master Servicer Fees
remaining  outstanding  (which  items  shall  be  deemed  to have  been  paid or
reimbursed to the Master  Servicer in connection with such purchase) (or, solely
in the case where the Special  Servicer is effecting such  purchase,  any unpaid
Special Servicer Fees and Standby Special  Servicer Fees remaining  outstanding,
which  items  shall be deemed to have been  paid or  reimbursed  to the  Special
Servicer in connection with such purchase).

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer,  or the Majority  Certificateholder of Class R-I Certificates purchase
all of the remaining Mortgage Loans and REO Properties held by the Trust Fund in
accordance with the preceding paragraph,  the party effecting such purchase (the
"Final  Purchaser")  shall (i) deposit in the Collection  Account not later than
the  Determination  Date  relating to the  Distribution  Date on which the final
distribution on the Certificates is to occur, an amount in immediately available
funds  equal to the  Termination  Price and (ii)  deliver  notice (at least five
Business Days prior to the Determination  Date relating to the Distribution Date
on which the final  distribution on the Certificates is to occur) to the Trustee
of its intention to effect such purchase.  Upon  confirmation  that such deposit
has been made,  the Trustee  shall  release or cause to be released to the Final
Purchaser or its designee the Mortgage  Files for the remaining  Mortgage  Loans
and shall execute all assignments,  endorsements and other instruments furnished
to it by the Final Purchaser  without  recourse,  representation  or warranty as
shall be necessary to effectuate  transfer of the remaining  Mortgage  Loans and
REO Properties  held by the Trust Fund, in each case without  representation  or
warranty by the Trustee. All Mortgage Files for the remaining Mortgage Loans and
REO Properties shall be delivered to the Final Purchaser or its designee.

          (c) As a condition to the purchase of the assets of the Trust pursuant
to Section  9.1(b),  the Final Purchaser shall deliver to the Trustee an Opinion
of Counsel,  which shall be at the expense of the Final Purchaser,  stating that
such termination will be a "qualified  liquidation"  under Section 860F(a)(4) of
the Code. Such purchase shall be made in accordance with Section 9.3.

          Section 9.2.   Procedure Upon Termination of Trust Fund.

          (a)   Notice   of  any  termination  pursuant  to  the  provisions  of
Section 9.1,  specifying the Distribution Date upon which the final distribution
shall be made,  shall be given promptly by the Trustee to each Rating Agency and
each Certificateholder by first class mail at least 20 days prior to the date of
such termination. Such notice shall specify (A) the Distribution Date upon which
final distribution on the Certificates will be made and (B) that the Record Date
otherwise  applicable to such Distribution Date is not applicable,  distribution
being made only upon  presentation  and  surrender  of the  Certificates  at the
office or agency of the Trustee therein  specified.  The Trustee shall give such
notice to the Depositor and the Certificate Registrar at the time such notice is
given to  Certificateholders.  Upon  any such  termination,  the  Trustee  shall
terminate, or request the Master Servicer to terminate,  the Collection Account,
the Grantor Trust  Collection  Account,  the Distribution  Account,  the Grantor
Trust Distribution Account and any other account or fund maintained with respect
to the Certificates, subject to the Trustee's

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obligation   hereunder  to  hold  all  amounts   payable  to  the   nontendering
Certificateholders in trust without interest pending such payment.

          (b)  On the final Distribution Date, the Trustee shall  distribute  to
each Certificateholder that presents and surrenders its Certificates all amounts
payable on such Certificates on such final  Distribution Date in accordance with
Article IV. Any amounts being held in the Collection Account or Interest Reserve
Account for distribution on a Future  Distribution Date shall be included in the
Available Funds for the Final Distribution Date.

          Section 9.3.   Additional Trust Fund Termination Requirements.

          (a)  In the event of a purchase of all the  remaining  Mortgage  Loans
and REO Properties  held by the Trust Fund in accordance  with Section 9.1(b) or
any other  termination  of the Trust Fund under this  Article IX, the Trust Fund
and each  REMIC  Pool  shall be  terminated  in  accordance  with the  following
additional  requirements,  unless  in the case of a  termination  under  Section
9.1(b) hereof, the Final Purchaser delivers to the Trustee an Opinion of Counsel
at the expense of the Final Purchaser (or, in the case of any other termination,
the Trustee  shall  obtain  such  Opinion of Counsel at the expense of the Trust
Fund)  addressed to the Depositor and the Trustee to the effect that the failure
of the Trust Fund to comply with the  requirements  of this Section 9.3 will not
(i) result in the imposition of taxes on "prohibited  transactions" of any REMIC
Pool under the REMIC  Provisions or (ii) cause any REMIC Pool to fail to qualify
as a REMIC at any time that any Certificates are outstanding:

               (i)  within 89 days prior to  the  final  Distribution  Date  set
forth in the notice given by the Trustee  under  Section 9.2, the Trustee  shall
adopt a plan of complete  liquidation  prepared by the Final  Purchaser  (or the
Trustee in the event of a termination other than pursuant to Section 9.1(b)) and
meeting the requirements  for a qualified  liquidation for each REMIC Pool under
Section 860F of the Code and any regulations thereunder;

               (ii)  during such 90-day liquidation period and at or  after  the
adoption  of the plan of  complete  liquidation  and at or  prior  to the  final
Distribution  Date,  the Trustee shall sell all of the remaining  Mortgage Loans
and any REO Properties held by the Trust Fund (which assets shall be sold to the
Final  Purchaser  for cash in an amount  equal to the  Termination  Price in the
event of a termination pursuant to Section 9.1(b)), such cash shall be deposited
into the Collection Account,  shall be deemed distributed on the REMIC I Regular
Interests in retirement  thereof,  shall be deemed  distributed  on the REMIC II
Regular  Interests  in  retirement  thereof,  and  shall be  distributed  to the
Certificateholders in retirement of the Certificates;

               (iii)  at the time of the making of  the  final  payment  on  the
Certificates, the Trustee shall distribute or credit, or cause to be distributed
or credited,  to the Holders of the related Class of Residual  Certificates  all
cash on hand in each REMIC  Pool  after  making  such  final  deemed  payment or
payments  (other than cash retained to meet  claims),  and REMIC I, REMIC II and
REMIC III shall terminate at that time; and

               (iv)in no event may the final payment on the  REMIC I  Interests,
the REMIC II Interests,  the REMIC III Regular  Certificates,  or the Class R-I,
Class R-II or Class R-III  Certificates be made after the 89th day from the date
on which such plans of complete  liquidation  are  adopted.  The  Trustee  shall
specify the first day of the 90-day  liquidation  period in a statement attached
to the final Tax  Return for each REMIC Pool  pursuant  to  Treasury  Regulation
Section 1.860F-1.

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          (b)  By their acceptance of Certificates, the Holders  thereof  hereby
agree to authorize the Trustee to adopt a plan of complete  liquidation for each
of REMIC I,  REMIC II and REMIC III  prepared  by the  Final  Purchaser  (or the
Trustee in the event of a termination  other than pursuant to Section 9.1(b)) in
accordance with the foregoing requirements, which authorization shall be binding
upon all successor Certificateholders.

                                   ARTICLE X.
                                   ----------

                       REMIC ADMINISTRATION; GRANTOR TRUST

          Section 10.1.  REMIC Election.

          (a)  The  parties  intend that each of REMIC I, REMIC II and REMIC III
shall  constitute,  and that the  affairs of each of REMIC I, REMIC II and REMIC
III  shall  be  conducted  so as to  qualify  it as,  a  "real  estate  mortgage
investment conduit" as defined in, and in accordance with, the REMIC Provisions,
and the provisions hereof shall be interpreted consistently with this intention.
In furtherance of such intention,  the Trustee shall, to the extent permitted by
applicable law, act as agent,  and is hereby  appointed to act as agent, of each
of REMIC I,  REMIC II and  REMIC  III and  shall,  on behalf of each of REMIC I,
REMIC II and REMIC III,  make an election to treat each of REMIC I, REMIC II and
REMIC III as a REMIC on Form 1066 for its first taxable year, in accordance with
the REMIC Provisions.

          (b)  The REMIC I Regular Interests are hereby designated  as  "regular
interests" in REMIC I within the meaning of Section  860G(a)(1) of the Code, and
the Class R-I Certificates are hereby  designated as the sole class of "residual
interests" in REMIC I within the meaning of Section  860G(a)(2) of the Code. The
REMIC II Regular  Interests shall be designated as "regular  interests" in REMIC
II within  the  meaning of Section  860G(a)(1)  of the Code,  and the Class R-II
Certificates are hereby designated as the sole class of "residual  interests" in
REMIC II within the meaning of Section  860G(a)(2)  of the Code.  The Class A-1,
Class A-2,  Class X, Class B, Class C, Class D, Class E, Class F, Class G, Class
H, Class J, Class K,  Class L,  Class M,  Class N and Class O  Certificates  are
hereby  designated  as  "regular  interests"  in REMIC III within the meaning of
Section  860G(a)(1)  of the Code and the Class  R-III  Certificates  are  hereby
designated  as the sole class of  "residual  interests"  in REMIC III within the
meaning of Section 860G(a)(2) of the Code.

          (c)  The Closing Date is hereby designated as  the  "Start-up Day"  of
REMIC I, REMIC II and REMIC III within the meaning of Section  860G(a)(9) of the
Code. The "latest possible maturity date" of the REMIC I Regular Interests,  the
REMIC II Regular  Interests and the REMIC III Regular  Certificates for purposes
of Code Section 860G(a)(1) is the Rated Final Distribution Date.

          Section 10.2.  REMIC Compliance.

          (a)  The Trustee shall cause to be prepared, signed, and timely  filed
with the Internal Revenue Service,  on behalf of each REMIC Pool, an application
for a taxpayer  identification  number for such REMIC Pool on  Internal  Revenue
Service Form SS-4.  The Trustee  shall  prepare,  sign and file,  or cause to be
prepared  and signed and filed,  all  required  Tax Returns for each of REMIC I,
REMIC II and REMIC III,  using a calendar  year as the taxable  year for each of
REMIC I, REMIC II and REMIC III,  when and as required  by the REMIC  Provisions
and other applicable federal, state or local income tax laws.

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     The Trustee shall,  within 30 days of the Closing Date, furnish or cause to
be furnished to the Internal Revenue  Service,  on Form 8811 or as otherwise may
be  required  by the Code,  the name,  title and  address of the Person that the
holders of the  Certificates  may contact for tax information  relating  thereto
(and the Trustee  shall act as the  representative  of each of REMIC I, REMIC II
and REMIC III for this purpose),  together with such  additional  information as
may be required by such Form,  and shall update such  information at the time or
times and in the manner required by the Code (and the Depositor agrees within 10
Business  Days of the  Closing  Date,  to  provide  any  information  reasonably
requested by the Trustee and necessary to make such filing);

          (b)  The Trustee shall prepare and forward, or cause  to  be  prepared
and forwarded,  to the  Certificateholders  and the Internal Revenue Service and
applicable  state and local tax authorities all information  reports as and when
required to be  provided to them in  accordance  with the REMIC  Provisions  and
applicable  state and local law. If the filing or  distribution of any documents
of an administrative  nature not addressed in Section 10.1 or Section 10.2(a) is
then  required by the REMIC  Provisions in order to maintain the status of REMIC
I,  REMIC II or REMIC  III as a REMIC or is  otherwise  required  by the Code or
applicable  state or local law,  the  Trustee  shall  prepare,  sign and file or
distribute,  or cause to be  prepared,  signed  and filed or  distributed,  such
documents  with or to such Persons when and as required by the REMIC  Provisions
or the Code or comparable provisions of state and local law.

          (c)  The Holder of the largest  Percentage  Interest in the Class R-I,
Class R-II or Class R-III  Certificates shall be the tax matters person of REMIC
I, REMIC II or REMIC III, respectively,  pursuant to Treasury Regulation Section
1.860F-4(d);  provided,  however,  that any amendment to such  Regulation  which
requires  that  another  Person be  designated  the tax matters  person shall be
followed from and after the effective date of such  amendment.  If more than one
Holder should hold an equal Percentage  Interest in the Class R-I, Class R-II or
Class R-III  Certificates  larger than that held by any other Holder,  the first
such  Holder  to have  acquired  such  Class  R-I,  Class  R-II or  Class  R-III
Certificates  shall  be such  tax  matters  person.  The  Trustee  shall  act as
attorney-in-fact  and agent for the tax matters person of each of REMIC I, REMIC
II and REMIC III,  and each  Holder of a  Percentage  Interest in the Class R-I,
Class R-II or Class R-III Certificates, by acceptance thereof, is deemed to have
consented to the  Trustee's  appointment  in such capacity and agrees to execute
any  documents  required  to give  effect  thereto,  and any fees  and  expenses
incurred  by the  Trustee  in  connection  with any audit or  administrative  or
judicial proceeding shall be paid by the Trust Fund.

          (d)   The   Trustee   shall  not  intentionally  take  any  action  or
intentionally  omit to take any  action if, in taking or  omitting  to take such
action,  the Trustee  knows that such  action or  omission  (as the case may be)
would cause the  termination  of the REMIC  status of REMIC I, REMIC II or REMIC
III or the  imposition of tax on REMIC I, REMIC II or REMIC III other than a tax
on income expressly  permitted or contemplated to be incurred under the terms of
this Agreement (any of the foregoing, an "Adverse REMIC Event"). In this regard,
the Trustee shall not permit the creation of any "interests" (within the meaning
of Treasury  Regulation Section  1.860D-1(b)(1)) in any of the REMIC Pools other
than the  REMIC I Regular  Interests,  the REMIC II  Regular  Interests  and the
interests  evidenced by the Certificates.  Notwithstanding any provision of this
paragraph to the contrary,  the Trustee shall not be required to take any action
that the  Trustee  in good  faith  believes  to be  inconsistent  with any other
provision  of this  Agreement,  nor shall the Trustee be deemed in  violation of
this  paragraph if it takes any action  expressly  required or authorized by any
other provision of this Agreement,  and the Trustee shall have no responsibility
or liability with respect to any act or omission of the Depositor or the

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Master Servicer or the Special Servicer which causes the Trustee to be unable to
comply with any of Section 10.1(a), Section 10.2(a), Section 10.2(b), or Section
10.2(e).

     None of the Master  Servicer,  the Special Servicer and the Depositor shall
be responsible or liable (except in connection with any act or omission referred
to in the two preceding sentences) for any failure by the Trustee to comply with
the provisions of this Section 10.2.

          (e)  The Trustee shall maintain  such  records  relating  to  each  of
REMIC I, REMIC II and REMIC III as may be  necessary  to  demonstrate  that each
REMIC has  complied  with the REMIC  provisions  and to  prepare  the  foregoing
returns, schedules,  statements or information, such records, for federal income
tax purposes, to be maintained on a calendar year and on an accrual basis.

          (f)  The Depositor, the Special Servicer and the Master Servicer shall
cooperate  in a timely  manner  with the  Trustee  in  supplying  (upon  written
request) any information  within the Depositor's,  the Special Servicer's or the
Master  Servicer's  control (other than any  confidential  information)  that is
reasonably  necessary  to enable the  Trustee to perform  its duties  under this
Section 10.2.

          (g)  None of the Depositor, Trustee, Fiscal Agent, Special Servicer or
Master  Servicer  shall enter into any  arrangement by which the Trust Fund will
receive a fee or other  compensation  for  services  other than as  specifically
contemplated herein.

          Section 10.3.  Imposition of Tax on the Trust Fund.

          (a)  Subject to Section 10.3(c), in the event that any tax,  including
interest,  penalties  or  assessments,  additional  amounts or  additions to tax
(collectively  "Taxes"),  is imposed on REMIC I, REMIC II or REMIC III, such tax
shall be charged against amounts  otherwise  distributable to the Holders of the
Certificates;   provided,  that  any  taxes  imposed  on  any  net  income  from
foreclosure property pursuant to Code Section 860G(d) or any similar tax imposed
by a state or local  jurisdiction  shall instead be treated as an expense of the
related REO Property in  determining  Net REO Proceeds  with respect to such REO
Property (and until such Taxes are paid,  the Master  Servicer from time to time
shall withdraw from the Collection Account amounts reasonably  determined by the
Special  Servicer to be necessary to pay such Taxes,  which the Master  Servicer
shall  maintain  in a  separate,  non-interest-bearing  account,  and the Master
Servicer  shall deposit in the Collection  Account the excess  determined by the
Master  Servicer from time to time of the amount in such account over the amount
necessary to pay such Taxes) and shall be paid therefrom.  Except as provided in
the preceding sentence,  the Trustee is hereby authorized to and shall retain or
cause to be retained from Available Funds sufficient funds to pay or provide for
the payment of, and to actually  pay, such Taxes as are legally owed by REMIC I,
REMIC II and REMIC III (but such  authorization  shall not  prevent  the Trustee
from  contesting,  at the expense of the Trust Fund, any such tax in appropriate
proceedings,  and withholding  payment of such tax, if permitted by law, pending
the outcome of such proceedings).

          (b)  The Trustee is hereby  authorized to and shall segregate or cause
to be segregated, in a separate non-interest bearing account, (i) the net income
from any "prohibited  transaction" under Code Section 860F(a) or (ii) the amount
of any  contribution  to REMIC I, REMIC II or REMIC III after the  Start-up  Day
that is subject to tax under Code Section 860G(d) and use such income or amount,
to the extent necessary, to pay such tax, such amounts to be segregated from the
Collection Account with respect to any such net income of or contribution to

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<PAGE>

REMIC I and REMIC II and from the Distribution  Account with respect to any such
net income of or contribution to REMIC III (and return the balance  thereof,  if
any, to the Collection Account or the Distribution Account, as the case may be).

          (c)  If any tax is imposed on any REMIC  Pool,  including  "prohibited
transactions"  taxes as defined in Section  860F(a)(2)  of the Code,  any tax on
"net  income from  foreclosure  property"  as defined in Section  860G(c) of the
Code,  any taxes on  contributions  to any REMIC  Pool  after the  Start-up  Day
pursuant to Section  860G(d) of the Code,  and any other tax imposed by the Code
or any applicable provisions of state or local tax laws, such tax, together with
all incidental costs and expenses (including penalties and reasonable attorneys'
fees), shall be charged to and paid by: (i) the Trustee,  if such tax arises out
of or results from a breach of any of its obligations  under Article IV, Article
V, Article VIII or this Article X; (ii) the Master Servicer,  if such tax arises
out of or results from a breach by the Master Servicer of any of its obligations
under  Article III or this Article X (which  breach  constitutes  negligence  or
willful misconduct of the Master Servicer);  (iii) the Special Servicer, if such
tax arises out of or results from a breach by the Special Servicer of any of its
obligations  under  Article  III or this  Article  X (which  breach  constitutes
negligence  or willful  misconduct of the Special  Servicer);  or (iv) the Trust
Fund (exclusive of the Grantor Trust), in all other instances.

          Section 10.4.  Prohibited Transactions and Activities.

     Following  the  Start-up  Day, the Trustee  shall not,  except as expressly
required by any provision of this Agreement,  accept any  contribution of assets
to the Trust Fund unless the Trustee  shall have  received an Opinion of Counsel
(the costs of obtaining such opinion to be borne by the Person  requesting  such
contribution)  to the effect that the inclusion of such assets in the Trust Fund
will not cause  REMIC I,  REMIC II or REMIC III to fail to qualify as a REMIC at
any time that any  Certificates  are outstanding or subject REMIC I, REMIC II or
REMIC III to any tax under the REMIC Provisions or other  applicable  provisions
of federal, state and local law or ordinances.

          Section 10.5.  Grantor Trust Provisions.

     There is hereby  established  a trust which shall be part of the Trust Fund
and which shall hold the Deferred Interest, the Grantor Trust Collection Account
and the Grantor Trust Distribution  Account (the "Grantor Trust Assets"),  which
assets  shall be  excluded  from REMIC I,  REMIC II and REMIC  III.  The Class V
Certificates  represent  undivided  beneficial  interests  in the Grantor  Trust
Assets,  entitled to the distributions set forth in Section 4.7 hereof, and such
Certificates  in the  aggregate  represent  beneficial  ownership of 100% of the
Grantor  Trust  Assets.  The Trustee  shall treat such assets as a grantor trust
under  Subpart E of Part 1 of  Subchapter J of the Code,  shall account for such
assets  separately  from any other Trust Fund  assets and shall  perform all tax
reporting  obligations  with respect to the Grantor Trust. If any tax is imposed
on the Grantor Trust,  such tax, together with all incidental costs and expenses
(including, without limitation, penalties and reasonable attorneys' fees), shall
be charged to and paid by: (i) the Trustee, if such tax arises out of or results
from a breach by the Trustee of any of its obligations under Article IV, Article
V, Article VIII or this Article X; (ii) the Master Servicer,  if such tax arises
out of or results from a breach by the Master Servicer of any of its obligations
under  Article III or this Article X (which  breach  constitutes  negligence  or
willful misconduct of the Master Servicer);  (iii) the Special Servicer, if such
tax arises out of or results from a breach by the Special Servicer of any of its
obligations under Article III or this Article X (which breach

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<PAGE>

constitutes  negligence or willful misconduct of the Special Servicer);  or (iv)
the  portion of the Trust Fund  constituting  the  Grantor  Trust,  in all other
instances.

                                  ARTICLE XI.
                                  -----------

                            MISCELLANEOUS PROVISIONS

          Section 11.1.  Counterparts.

     This   Agreement   may  be  executed   simultaneously   in  any  number  of
counterparts,  each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

          Section 11.2.  Limitation on Rights of Certificateholders.

     The death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of the parties hereto
or any of them.

     No  Certificateholder  shall have any right to vote  (except  as  expressly
provided  for  herein) or in any manner  otherwise  control  the  operation  and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

      No Certificateholder shall have any right to institute any suit, action or
proceeding  in equity or at law upon or under or with respect to this  Agreement
or the  Mortgage  Loans,  unless,  with respect to this  Agreement,  such Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of Certificates representing a majority of the aggregate Voting Rights allocated
to each affected Class of Certificates  shall have made written request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 30 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding.  It is understood and intended,  and expressly
covenanted by each Certificateholder with every other  Certificateholder and the
Trustee, that no one or more Holders of Certificates of any Class shall have any
right in any manner  whatever by virtue of any  provision  of this  Agreement to
affect,  disturb or  prejudice  the  rights of the  Holders of any other of such
Certificates,  or to obtain or seek to obtain priority over or preference to any
other such Holder,  or to enforce any right under this Agreement,  except in the
manner  herein  provided  and for the equal,  ratable and common  benefit of all
Holders of Certificates of such Class. For the protection and enforcement of the
provisions of this  Section,  each and every  Certificateholder  and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

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          Section 11.3.  Governing Law.

     THIS AGREEMENT  SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF  NEW  YORK  (WITHOUT  REGARD  TO  CONFLICTS  OF  LAWS   PRINCIPLES)  AND  THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

          Section 11.4.  Notices.

     All  demands,  notices and  communications  hereunder  shall be in writing,
shall be deemed to have been given upon  receipt  (or,  in the case of notice by
telecopy, upon confirmation of receipt) as follows:

          If to the Trustee or the Fiscal Agent, to:

               LaSalle Bank National Association
               135 South LaSalle Street, Suite 1625
               Chicago, IL  60603
               Attention:  Asset-Backed  Securities Trust Services
               Group - PNC Mortgage  Acceptance  Corp.  Commercial
               Mortgage Pass-Through Certificates, Series 2000-C2

          If to the Depositor, to:

               PNC Mortgage Acceptance Corp.
               210 West 10th Street
               6th Floor
               Kansas City, Missouri 64105
               Attention:  Chief Executive Officer
               Telecopy No.:  (816) 435-2326

          With copies to:

               Morrison & Hecker L.L.P.
               2600 Grand Avenue
               Kansas City, Missouri 64108-4606
               Attention: William A. Hirsch, Esq.
               Telecopy No.: (816) 474-4208

          If to the Master Servicer or Special Servicer, to:

               Midland Loan Services, Inc.
               210 West 10th Street
               6th Floor
               Kansas City, Missouri 64105
               Attention: Chief Executive Officer
               Telecopy No.:  (816) 435-2326

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<PAGE>

          With copies to:

               Morrison & Hecker L.L.P.
               2600 Grand Avenue
               Kansas City, Missouri 64108-4606
               Attention: William A. Hirsch, Esq.
               Telecopy No.: (816) 474-4208

          If to the Seller (for the MSDWMC Loans), to:

               Morgan Stanley Dean Witter Mortgage Capital Inc.
               1585 Broadway
               New York, New York 10036
               Attn: Russell Rahbany
               Telecopy No.:  (212) 761-3286

          If to the Seller (for the CIBC Loans), to:

               CIBC Inc.
               World Financial Center, 38th Floor
               New York, NY 10281
               Attn: Brian Jay Neilinger
               Telecopy No.:  (212) 571-4714

          If to the Seller (for the Midland Loans) to:

               Midland Loan Services, Inc.
               210 West 10th Street
               Kansas City, Missouri 64105
               Attention: Chief Executive Officer
               Telecopy No.:  (816) 435-2326

          With copies to:

               Morrison & Hecker L.L.P.
               2600 Grand Avenue
               Kansas City, Missouri 64108-4606
               Attention: William A. Hirsch, Esq.
               Telecopy No.: (816) 474-4208
     If to the Placement Agents to:

          Morgan Stanley & Co. Incorporated
          1585 Broadway
          New York, New York 10036

          PNC Capital Markets, Inc.
          One PNC Plaza, 19th Floor
          249 Fifth Avenue

                                      175

<PAGE>

          Pittsburgh, Pennsylvania 15222-2707

          CIBC World Markets Corp.
          CIBC Oppenheimer Tower
          World Financial Center, 19th Floor
          200 Liberty Street
          New York, New York 10281

          Duetsche Bank Securities Inc.
          31 West 52nd Street
          New York, New York 10019

          If to any Certificateholder, to:

               the address set forth in the
               Certificate Register,

or, in the case of the parties to this Agreement,  to such other address as such
party shall specify by written notice to the other parties hereto.

          Section 11.5.  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, to the
extent  permitted by applicable law, 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 or of the Certificates
or the rights of the Holders thereof.

          Section 11.6.  Notice to the Depositor, the Operating Adviser and Each
Rating Agency.

          (a) The Trustee shall use its best efforts to promptly provide written
notice to the  Depositor,  the  Operating  Adviser and each  Rating  Agency with
respect to each of the following of which a  Responsible  Officer of the Trustee
has actual knowledge:

               (i)  the occurrence of any Event of Default that has not been
cured;

               (ii)  the merger, consolidation, resignation or termination of
the Master Servicer, Special Servicer, Trustee or Fiscal Agent; and

               (iii)  the final payment to any Class of Certificateholders.

          (b)  The Special Servicer, shall furnish the  Operating  Adviser,  the
Master Servicer and each Rating Agency with such information with respect to any
Specially  Serviced Mortgage Loan as the Operating Adviser or such Rating Agency
shall request and which the Special Servicer can obtain to the extent consistent
with applicable law and the related Mortgage Loan Documents.

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<PAGE>

     The Trustee,  the Master Servicer and the Special Servicer,  as applicable,
shall  furnish to each Rating  Agency with  respect to each  Mortgage  Loan such
information as the Rating Agency shall reasonably request and which the Trustee,
Master  Servicer or Special  Servicer can reasonably  provide in accordance with
applicable law and without  waiving any  attorney-client  privilege  relating to
such  information.  The  Trustee,  Master  Servicer  and  Special  Servicer,  as
applicable,  may include any reasonable  disclaimer they deem  appropriate  with
respect to such information.

          (c)  Notices to each Rating Agency shall be addressed as follows:

               Moody's Investors Service, Inc.
               99 Church Street
               New York, New York 10007
               Attention:  Commercial MBS Monitoring Department

               Standard & Poor's Ratings Services,
               a division of the McGraw-Hill Companies, Inc.
               55 Water Street
               New York, New York 10041
               Attention:  CMBS Surveillance Group
               Fax:  (212) 438-2662

or in each case to such  other  address as any Rating  Agency  shall  specify by
written notice to the parties hereto.

          Section 11.7.  Amendment.

     This Agreement or any Custodial  Agreement may be amended from time to time
by the Depositor, the Master Servicer, the Special Servicer, the Trustee and the
Fiscal Agent, without the consent of any of the Certificateholders,  (i) to cure
any ambiguity,  (ii) to correct,  modify or supplement any provisions  herein or
therein that may be inconsistent  with any other provisions herein or therein or
in the Prospectus  Supplement (or in the Prospectus referenced in the Prospectus
Supplement) or to correct any error,  (iii) to amend any provision hereof to the
extent necessary or desirable to maintain the rating or ratings assigned to each
of the Classes of REMIC III Regular  Certificates by each Rating Agency, (iv) to
add any other provisions with respect to matters or questions  arising hereunder
which shall not be  inconsistent  with the  provisions  hereof,  (v) to relax or
eliminate any requirement  hereunder imposed by (A) the REMIC Provisions (if the
REMIC  Provisions are amended or clarified such that any such requirement may be
relaxed or eliminated) or (B) the 1933 Act or the rules  thereunder (if the 1933
Act or such rules are amended or clarified such that any such requirement may be
relaxed or eliminated),  (vi) as evidenced by an Opinion of Counsel delivered to
the Trustee,  either (X) to comply with any requirements  imposed by the Code or
any  successor  or  amendatory  statute or any  temporary  or final  regulation,
revenue  ruling,  revenue  procedure or other written  official  announcement or
interpretation  relating to federal income tax laws or any such proposed  action
which, if made effective,  would apply  retroactively to any REMIC Pool at least
from the effective date of such  amendment,  or (Y) to avoid the occurrence of a
prohibited  transaction  or to reduce the  incidence of any tax that would arise
from any actions taken with respect to the operation of any REMIC Pool, (vii) as
provided  in  Section  5.2(g)(v),  to  modify,  add to or  eliminate  any of the
provisions

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<PAGE>

of Section 5.2(g)(i), (ii) or (iii); or (viii) to make any other provisions with
respect to matters or questions arising under this Agreement,  which in the case
of  clauses  (iv),  (v) and  (viii),  (A)  shall  not be  inconsistent  with the
provisions  of  this  Agreement,  (B)  shall  not  result  in  the  downgrading,
withdrawal  or  qualification  (if  applicable)  of the rating or  ratings  then
assigned to any  outstanding  Class of  Certificates,  as  confirmed by a Rating
Agency  Confirmation (the cost, if any, of obtaining such confirmation  shall be
paid by the Person  requesting  such  amendment  unless such amendment is in the
best  interest  of the  Trust  Fund in which  case it will be paid by the  Trust
Fund),  and (C) shall not adversely affect in any material respect the interests
of any Certificateholder.

     This Agreement or any Custodial  Agreement may also be amended from time to
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal  Agent with the  consent of the Holders of each of the Classes of
REMIC III Regular  Certificates  representing not less than 51% of the aggregate
Voting Rights allocated to all Classes of Certificates affected by the amendment
for the  purpose  of adding  any  provisions  to or  changing  in any  manner or
eliminating  any of the  provisions  of this  Agreement  or of  modifying in any
manner the rights of the  Certificateholders;  provided,  however,  that no such
amendment shall:

               (i)  reduce in any  manner the amount of, or delay the timing of,
payments  received on Mortgage Loans which are required to be distributed on any
Certificate without the consent of each affected Certificateholder;

               (ii)  change the percentages  of  Voting  Rights  of  Holders  of
Certificates  which are required to consent to any action or inaction under this
Agreement,  without  the  consent  of  the  Holders  of  all  Certificates  then
outstanding;

               (iii)  alter the Servicing Standard; or

               (iv)  alter the obligations of the Master  Servicer,  the Special
Servicer,  the Trustee or the Fiscal  Agent to make a P&I  Advance or  Servicing
Advance (including Emergency Advances) without the consent of the Holders of all
Certificates  representing  all of the  Voting  Rights of the  Class or  Classes
affected thereby.

     Further,  the Depositor,  the Master Servicer,  the Special  Servicer,  the
Trustee  and the Fiscal  Agent,  at any time and from time to time,  without the
consent of the  Certificateholders,  may amend this  Agreement or any  Custodial
Agreement to modify, eliminate or add to any of its provisions to such extent as
shall be  necessary to maintain  the  qualification  of the REMIC Pools as three
separate REMICs,  or to prevent the imposition of any additional  material state
or local taxes, at all times that any Certificates  are  outstanding;  provided,
however,  that such action,  as evidenced by an Opinion of Counsel  (obtained at
the  expense of the Trust  Fund),  is  necessary  or helpful  to  maintain  such
qualification  or to prevent the  imposition  of any such  taxes,  and would not
adversely affect in any material respect the interest of any Certificateholder.

     In the event that neither the Depositor nor the successor thereto,  if any,
is in existence,  any amendment  under this Section 11.7 shall be effective with
the consent in writing of the Trustee,  the Fiscal Agent,  the Master  Servicer,
the  Special  Servicer,  and,  to the  extent  required  by  this  Section,  the
Certificateholders and each Rating Agency.

                                      178

<PAGE>

     Notwithstanding any other provision of this Agreement,  for purposes of the
giving or  withholding of consents  pursuant to this Section 11.7,  Certificates
registered  in the name of the  Depositor,  the  Master  Servicer,  the  Special
Servicer  or any of their  respective  Affiliates  shall be entitled to the same
Voting Rights with respect to matters described above as they would if any other
Person held such  Certificates  to the extent  permitted  in the  definition  of
"Certificateholder".

     Promptly  after the execution of any  amendment,  the Trustee shall furnish
written   notification   of  the   substance   of   such   amendment   to   each
Certificateholder,  the Operating Adviser and each Rating Agency (with a copy of
such amendment to each Rating Agency).

     It shall not be necessary for the consent of Certificateholders  under this
Section 11.7 to approve the particular  form of any proposed  amendment,  but it
shall be sufficient if such consent  shall  approve the substance  thereof.  The
method of obtaining  such consents and of evidencing  the  authorization  of the
execution  thereof by  Certificateholders  shall be  subject to such  reasonable
regulations as the Trustee may prescribe;  provided,  however , that such method
shall always be by affirmation and in writing.

     Notwithstanding  any  contrary  provision of this  Agreement,  no amendment
shall be made to this  Agreement or any  Custodial  Agreement  unless the Master
Servicer  and the Trustee  shall have  received  an Opinion of  Counsel,  at the
expense  of the party  requesting  such  amendment  (or,  if such  amendment  is
required by any Rating  Agency to maintain the rating  issued by it or requested
by the  Trustee  for any  purpose  described  in clause (i) or (ii) of the first
sentence of this Section,  then at the expense of the Trust Fund), to the effect
that such  amendment  will not cause an Adverse  REMIC Event with respect to any
REMIC Pool or an Adverse Grantor Trust Event.

     Prior to the execution of any amendment to this  Agreement or any Custodial
Agreement,  the Trustee,  the Fiscal Agent,  the Special Servicer and the Master
Servicer shall be entitled to receive and rely  conclusively  upon an Opinion of
Counsel,  at the expense of the party  requesting  such  amendment  (or, if such
amendment is required by any Rating  Agency to maintain the rating  issued by it
or  requested by the Trustee for any purpose  described  in clause (i),  (ii) or
(iv) (which do not modify or otherwise relate solely to the obligations,  duties
or rights of the  Trustee) of the first  sentence of this  Section,  then at the
expense of the Trust Fund)  stating  that the  execution  of such  amendment  is
authorized  or  permitted by this  Agreement.  The Trustee may, but shall not be
obligated  to, enter into any such  amendment  which  affects the  Trustee's own
rights, duties or immunities under this Agreement.

          Section 11.8.  Confirmation of Intent.

     It is the express  intent of the parties  hereto that the conveyance of the
Trust Fund  (including  the Mortgage  Loans) by the  Depositor to the Trustee on
behalf of  Certificateholders  as contemplated by this Agreement and the sale by
the Depositor of the Certificates be, and be treated for all purposes as, a sale
by the  Depositor of the  undivided  portion of the  beneficial  interest in the
Trust Fund represented by the Certificates. It is, further, not the intention of
the  parties  that such  conveyance  be deemed a pledge of the Trust Fund by the
Depositor to the Trustee to secure a debt or other  obligation of the Depositor.
However, in the event that, notwithstanding the intent of the parties, the Trust
Fund is held to continue to be property of the Depositor then (a) this Agreement
shall also be deemed to be a security agreement under

                                      179

<PAGE>

applicable  law; (b) the transfer of the Trust Fund provided for herein shall be
deemed  to  be  a  grant  by  the   Depositor   to  the  Trustee  on  behalf  of
Certificateholders  of  a  first  priority  security  interest  in  all  of  the
Depositor's  right,  title and interest in and to the Trust Fund and all amounts
payable  to the  holders  of the  Mortgage  Loans in  accordance  with the terms
thereof and all proceeds of the  conversion,  voluntary or  involuntary,  of the
foregoing  into cash,  instruments,  securities  or other  property,  including,
without  limitation,  all  amounts  from  time to time held or  invested  in the
Collection Account, the Grantor Trust Collection Account, the REO Accounts,  the
Interest Reserve Accounts,  the Reserve Accounts,  the Distribution  Account and
the  Grantor  Trust  Distribution   Account,   whether  in  the  form  of  cash,
instruments, securities or other property; (c) the possession by the Trustee (or
the Custodian or any other agent on its behalf) of Notes and such other items of
property as constitute instruments, money, negotiable documents or chattel paper
shall be  deemed  to be  "possession  by the  secured  party"  for  purposes  of
perfecting the security  interest  pursuant to Section 9-305 of the Missouri and
Illinois Uniform Commercial Codes; and (d) notifications to Persons holding such
property,  and  acknowledgments,  receipts or confirmations from Persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries,  bailees or agents (as applicable)
of the  Trustee for the  purpose of  perfecting  such  security  interest  under
applicable  law. Any  assignment of the interest of the Trustee  pursuant to any
provision  hereof  shall  also be deemed  to be an  assignment  of any  security
interest created hereby. The Depositor shall, and upon the request of the Master
Servicer,  the Trustee shall, to the extent  consistent with this Agreement (and
at the expense of the Trust  Fund),  take such  actions as may be  necessary  to
ensure that, if this Agreement were deemed to create a security  interest in the
Mortgage  Loans,  such  security  interest  would be  deemed  to be a  perfected
security  interest of first priority under applicable law and will be maintained
as such throughout the term of this  Agreement.  It is the intent of the parties
that such a security interest would be effective whether any of the Certificates
are sold, pledged or assigned.

                            [SIGNATURE PAGE FOLLOWS]

                                      180

<PAGE>

     IN WITNESS  WHEREOF,  the  Depositor,  the  Master  Servicer,  the  Special
Servicer,  the Trustee and the Fiscal Agent have caused their names to be signed
to this Pooling and Servicing  Agreement by their respective  officers thereunto
duly authorized as of the day and year first above written.

                              PNC MORTGAGE ACCEPTANCE
                              CORP., as Depositor

                              By:  /s/ Douglas D. Danforth, Jr.
                                   -------------------------------------
                                   Name:  Douglas D. Danforth, Jr.
                                   Title: President

                              MIDLAND LOAN SERVICES, INC.,
                              as Master Servicer and Special Servicer

                              By:  /s/ Lawrence D. Ashley
                                   -------------------------------------
                                   Name:  Lawrence D. Ashley
                                   Title: Senior Vice President

                              LASALLE BANK NATIONAL ASSOCIATION,
                                   as Trustee

                              By:  /s/ Brian D. Ames
                                   -------------------------------------
                                   Name:  Brian D. Ames
                                   Title: Vice President

                              ABN AMRO BANK N.V., as Fiscal Agent

                              By:  /s/ Cynthia Reis
                                   -------------------------------------
                                   Name:  Cynthia Reis
                                   Title: First Vice President

                              By:  /s/ Barbara A. Wolf
                                   -------------------------------------
                                   Name:  Barbara A. Wolf
                                   Title: Vice President

                                      181
<PAGE>

                              CLASS A-1 CERTIFICATE

      THIS CLASS A-1 CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET
FORTH BELOW.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OFTHE CERTIFICATES FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OROTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND
DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE TRUSTEE, THE
FISCAL AGENT, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO IN
THIS CERTIFICATE.

      SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

                                      A-1-1
<PAGE>
                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                            SERIES 2000-C2, CLASS A-1

Pass-Through Rate: 7.05%

First Distribution Date:                  Cut-off Date: October 1, 2000
November 13, 2000

Aggregate Initial Certificate             Scheduled Final Distribution Date:
Balance of the Class A-1 Certificates:          September 12, 2008
$200,600,000

CUSIP:      69348H CL 0                   ISIN: US69348HCL06

                                          Initial Certificate
                                          Balance of this Certificate:
                                          $200,600,000

Certificate No.: A-1-1                    Registered Owner: Cede & Co.

      This certifies that Cede & Co. is the registered owner of a beneficial
ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class A-1 Certificates. The Trust Fund, described more fully
below, consists primarily of a pool of commercial and multifamily Mortgage Loans
secured by first liens on commercial and multifamily properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was
created, the Mortgage Loans are to be serviced, and this Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing
Agreement, dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage Acceptance Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer and special servicer (the
"Master Servicer" or "Special Servicer"), LaSalle Bank National Association, as
trustee (the "Trustee") and ABN AMRO Bank N.V., as fiscal agent (the "Fiscal
Agent"). To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing Agreement. The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby.

      This Certificate represents a "regular interest" in a "real estate
mortgage investment conduit", as those terms are defined, respectively, in
Sections 86OG(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and to
take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes,
state and local income and franchise taxes and other taxes imposed on or
measured by income.

      The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee, will distribute (other than the
final distribution on any Certificate), on the twelfth day of each month, or if
such twelfth day is not a Business Day, the Business Day immediately following
such twelfth day, commencing in November 2000 (each such date, a "Distribution
Date"), to the Person in whose

                                      A-1-2

<PAGE>

name this Certificate is registered as of the related Record Date, an amount
equal to such Person's pro rata share (based on the Percentage Interest
represented by this Certificate after taking into account transfers and
exchanges occurring prior to the related Record Date) of that portion of the
aggregate amount of principal and interest then distributable, if any, allocable
to the Class A-1 Certificates for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. Holders of this Certificate
may be entitled to Prepayment Premiums as provided in the Pooling and Servicing
Agreement.

      Interest will accrue on Class A-1 Certificates during each Interest
Accrual Period(as defined below) at a rate equal to the Pass-Through Rate on the
outstanding Certificate Balance hereof. All calculations of interest on the
Class A-1 Certificates will be made on the basis of a 360-day year consisting of
twelve 30-day months.

      Interest accrued on this Certificate during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/
Balloon Payment Interest Shortfalls for the related Distribution Date, plus the
aggregate unpaid Class Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in
the Pooling and Servicing Agreement. The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions (other than the final distribution on any Certificate)
will be made by the Trustee to the persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the last
Business Day of the month immediately preceding the month in which the related
Distribution Date occurs. Such distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other entity located in the United States having appropriate
facilities therefor, if such Certificateholder provides the Trustee with wiring
instructions in writing on or before the related Record Date, or otherwise (b)
by check mailed to such Certificateholder. The final distribution on each
Certificate (determined without regard to any possible future reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner, but only upon presentment and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate Registrar acting as such agent) that is
specified in the notice to Certificateholders of such final distribution. Any
distribution that is to be made with respect to a Certificate in reimbursement
of a Realized Loss or Expense Loss previously allocated thereto, which
reimbursement is to occur after the date on which such Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the Certificateholder that surrendered such Certificate or by wire
transfer if such Certificateholder has provided the Trustee with wire transfer
instructions.

      Any funds not distributed to Holders of any Class of Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made because of failure of Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining non-tendering Certificateholders, at their last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution
with respect thereto. If within one year after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Trustee may,
directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining such funds in trust and of contacting
Certificateholders shall be paid out of such funds. If within two years after
the second notice, any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall pay to the Class R-III Certificateholders
all

                                      A-1-3

<PAGE>

amounts otherwise distributable to such non-tendering Holders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of
such Certificateholder's failure to surrender its Certificate(s) for final
payment thereof in accordance with Section 4.8(b) of the Pooling and Servicing
Agreement. Such funds held by the Trustee may be invested in Permitted
Investments and all income and gain from such investment shall be for the
benefit of the Trustee.

      This Certificate is limited in right of payment to, among other things,
certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the Distribution Account will be held in the name of the Trustee on behalf
of the Holders of Certificates specified in the Pooling and Servicing Agreement
and the Master Servicer or the Trustee, as applicable, will be authorized to
make withdrawals therefrom. Amounts on deposit in such accounts may be invested
in Permitted Investments. Interest or other income earned on funds in the
Collection Account and the Distribution Account will be paid to the Master
Servicer and the Trustee, as applicable, as set forth in the Pooling and
Servicing Agreement.

      This Certificate does not purport to summarize the Pooling and Servicing
Agreement,and reference is made to the Pooling and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the
limitations thereon, and the rights, duties and immunities of the Trustee. In
the case of any conflict between the provisions set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for
registration of transfer at the corporate trust office of the Certificate
Registrar or at the office of any transfer agent. The Certificate Registrar
shall require that this Certificate be accompanied by a written instrument of
assignment and transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing. Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized denominations will be executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent and
delivered by the Certificate Registrar to the designated transferee or
transferees.

      Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its services in respect of any registration of transfer or exchange of this
Certificate referred to in Section 5.2 of the Pooling and Servicing Agreement.
The Certificate Registrar may require payment by each transferor of a sum
sufficient to cover any tax, expense or other governmental charge payable in
connection with any such transfer.

      The Pooling and Servicing Agreement or any Custodial Agreement may be
amended from time to time as provided in the Pooling and Servicing Agreement.
Depending upon the circumstances, an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any Distribution Date after the Trustee gives the Holders of the
Controlling Class, the Master Servicer, the Special Servicer, and the Majority
Certificateholder of the Class R-I Certificates notice of the date that the
aggregate then outstanding Stated Principal Balance of the Mortgage Loans is
less than 1% of

                                      A-1-4
<PAGE>

the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
Date, the majority Holders of the Controlling Class, the Master Servicer, the
Special Servicer and the Majority Certificateholder of the Class R-I
Certificates, in that order, will have the option, to purchase all of the
Mortgage Loans and all properties acquired in respect of any Mortgage Loan
remaining in the Trust Fund, and thereby effect termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain termination requirements set forth in the Pooling and
Servicing Agreement, the obligations created by the Pooling and Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties held by the Trust Fund in
accordance with Section 9.1(b) of the Pooling and Servicing Agreement. In no
event, however, will the Trust Fund created by the Pooling and Servicing
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Pooling and
Servicing Agreement.

      In the event that the Holders of the Controlling Class representing a
majority Percentage Interest in such Class, the Master Servicer, the Special
Servicer or the Majority Certificateholder of Class R-I Certificates purchase
all of the remaining Mortgage Loans and REO Properties held by the Trust Fund
pursuant to Section 9.1(b) of the Pooling and Servicing Agreement, the party
effecting such purchase (the "Final Purchaser") shall (i) deposit in the
Collection Account not later than the Determination Date relating to the
Distribution Date on which the final distribution on the Certificates is to
occur, an amount in immediately available funds equal to the Termination Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final Purchaser or its designee the Mortgage Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Final Purchaser without recourse,
representation or warranty as shall be necessary to effectuate transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without representation or warranty by the Trustee. All Mortgage Files for the
remaining Mortgage Loans and REO Properties shall be delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund, the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel, which shall be at
the expense of the Final Purchaser, stating that the resulting termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance with the additional Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the Certificate of Authentication on this Certificate has been
executed by the Trustee or on its behalf by the Authenticating Agent, by manual
signature, this Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      A-1-5

<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Class A-1 Certificate to
be duly executed.

Dated: _______________________

                               LaSalle Bank National Association, not in its
                               individual capacity but solely as Trustee

                               By:_____________________________________________
                                    Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is the Class A-1 Certificate referred to in the Pooling and Servicing
Agreement.

Dated: _______________________

                               LaSalle Bank National Association, not in its
                               individual capacity but solely as Authenticating
                               Agent

                               By:______________________________________________
                                    Authorized Officer

                                      A-1-6

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)")hereby sell(s), assign(s),
and transfer(s) unto ___________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))("Assignee(s)") the entire Percentage Interest represented by the
within Class A-1 Certificate and hereby authorize(s)the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Class A-1
Certificate of the entire Percentage Interest represented by the within Class
A-1 Certificates to the above-named Assignee(s) and to deliver such Class A-1
Certificate to the following address:

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

Date: ___________________           ___________________________________________
                                    Signature by or on behalf of Assignor(s)

                                    -------------------------------------------
                                    Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address of the Assignee(s) for the purpose of receiving notices and
distributions:
------------------------------------------------------------------------------

Distributions, if to be made by wire transfer in immediately available funds to
___________________ for the account of _______________________________________
___________________ account number  __________________________________________

This information is provided by _________________________ the Assignee(s) named
above, or ________________________ as it (their) agent.

                        By:__________________________________________________

                        Name: _______________________________________________
                        [Please print or type name(s)]

                        Title: ______________________________________________

                        -----------------------------------------------------
                         Taxpayer Identification Number

                                      A-1-7

<PAGE>

                              CLASS A-2 CERTIFICATE

      THIS CLASS A-2 CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR
OBLIGATION OF THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET
FORTH BELOW.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
CERTIFICATE REGISTRAR OF THE CERTIFICATES FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND
DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE TRUSTEE, THE
FISCAL AGENT, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO IN
THIS CERTIFICATE.

      SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

                                      A-2-1
<PAGE>

                        PNC MORTGAGE ACCEPTANCE CORP.,
                COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                          SERIES 2000-C2, CLASS A-2

Pass-Through Rate: 7.30%

First Distribution Date:                    Cut-off Date: October 1, 2000
November 13, 2000

Aggregate Initial Certificate               Scheduled Final Distribution Date:
Balance of the Class A-2 Certificates:      September 12, 2010
$619,916,000

CUSIP:      69348H CM 8                     ISIN: US69348HCM88

                                            Initial Certificate
                                            Balance of this Certificate:
                                            $----------------

Certificate No.:  A-2-_____                 Registered Owner: Cede & Co.

      This certifies that Cede & Co. is the registered owner of a beneficial
ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class A-2 Certificates. The Trust Fund, described more fully
below, consists primarily of a pool of commercial and multifamily Mortgage Loans
secured by first liens on commercial and multifamily properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was
created, the Mortgage Loans are to be serviced, and this Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing
Agreement, dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage Acceptance Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer and special servicer (the
"Master Servicer" or "Special Servicer"), LaSalle Bank National Association, as
trustee (the "Trustee") and ABN AMRO Bank N.V., as fiscal agent (the "Fiscal
Agent"). To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing Agreement. The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby.

      This Certificate represents a "regular interest" in a "real estate
mortgage investment conduit", as those terms are defined, respectively, in
Sections 86OG(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and to
take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes,
state and local income and franchise taxes and other taxes imposed on or
measured by income.

      The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee, will distribute (other than the
final distribution on any Certificate), on the twelfth day of each month, or if
such twelfth day is not a Business Day, the Business Day immediately following
such twelfth day, commencing in November 2000 (each such date, a "Distribution
Date"), to the Person in whose
                                      A-2-2
<PAGE>

name this Certificate is registered as of the
related Record Date, an amount equal to such Person's pro rata share (based on
the Percentage Interest represented by this Certificate after taking into
account transfers and exchanges occurring prior to the related Record Date) of
that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such
Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums as
provided in the Pooling and Servicing Agreement.

      Interest will accrue on Class A-2 Certificates during each Interest
Accrual Period (as defined below) at a rate equal to the Pass-Through Rate on
the outstanding Certificate Balance hereof. All calculations of interest on the
Class A-2 Certificates will be made on the basis of a 360-day year consisting of
twelve 30-day months.

      Interest accrued on this Certificate during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment Interest Shortfalls for the related Distribution Date, plus the
aggregate unpaid Class Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in
the Pooling and Servicing Agreement. The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions (other than the final distribution on any Certificate)
will be made by the Trustee to the persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the last
Business Day of the month immediately preceding the month in which the related
Distribution Date occurs. Such distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other entity located in the United States having appropriate
facilities therefor, if such Certificateholder provides the Trustee with wiring
instructions in writing on or before the related Record Date, or otherwise (b)
by check mailed to such Certificateholder. The final distribution on each
Certificate (determined without regard to any possible future reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner, but only upon presentment and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate Registrar acting as such agent) that is
specified in the notice to Certificateholders of such final distribution. Any
distribution that is to be made with respect to a Certificate in reimbursement
of a Realized Loss or Expense Loss previously allocated thereto, which
reimbursement is to occur after the date on which such Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the Certificateholder that surrendered such Certificate or by wire
transfer if such Certificateholder has provided the Trustee with wire transfer
instructions.

      Any funds not distributed to Holders of any Class of Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made because of failure of Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining non-tendering Certificateholders, at their last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution
with respect thereto. If within one year after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Trustee may,
directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining such funds in trust and of contacting
Certificateholders shall be paid out of such funds. If within two years after
the second notice, any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall pay to the Class R-III Certificateholders
all
                                      A-2-3
<PAGE>

amounts otherwise distributable to such non-tendering Holders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a
result of such Certificateholder's failure to surrender its Certificate(s) for
final payment thereof in accordance with Section 4.8(b) of the Pooling and
Servicing Agreement. Such funds held by the Trustee may be invested in Permitted
Investments and all income and gain from such investment shall be for the
benefit of the Trustee.

      This Certificate is limited in right of payment to, among other things,
certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the Distribution Account will be held in the name of the Trustee on behalf
of the Holders of Certificates specified in the Pooling and Servicing Agreement
and the Master Servicer or the Trustee, as applicable, will be authorized to
make withdrawals therefrom. Amounts on deposit in such accounts may be invested
in Permitted Investments. Interest or other income earned on funds in the
Collection Account and the Distribution Account will be paid to the Master
Servicer and the Trustee, as applicable, as set forth in the Pooling and
Servicing Agreement.

      This Certificate does not purport to summarize the Pooling and Servicing
Agreement, and reference is made to the Pooling and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the
limitations thereon, and the rights, duties and immunities of the Trustee. In
the case of any conflict between the provisions set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for
registration of transfer at the corporate trust office of the Certificate
Registrar or at the office of any transfer agent. The Certificate Registrar
shall require that this Certificate be accompanied by a written instrument of
assignment and transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing. Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized denominations will be executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent and
delivered by the Certificate Registrar to the designated transferee or
transferees.

      Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its services in respect of any registration of transfer or exchange of this
Certificate referred to in Section 5.2 of the Pooling and Servicing Agreement.
The Certificate Registrar may require payment by each transferor of a sum
sufficient to cover any tax, expense or other governmental charge payable in
connection with any such transfer.

      The Pooling and Servicing Agreement or any Custodial Agreement may be
amended from time to time as provided in the Pooling and Servicing Agreement.
Depending upon the circumstances, an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any Distribution Date after the Trustee gives the Holders of the
Controlling Class, the Master Servicer, the Special Servicer, and the Majority
Certificateholder of the Class R-I Certificates notice of the date that the
aggregate then outstanding Stated Principal Balance of the Mortgage Loans is
less than 1% of
                                      A-2-4
<PAGE>

the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
Date, the majority Holders of the Controlling Class, the Master
Servicer, the Special Servicer and the Majority Certificateholder of the Class
R-I Certificates, in that order, will have the option, to purchase all of the
Mortgage Loans and all properties acquired in respect of any Mortgage Loan
remaining in the Trust Fund, and thereby effect termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain termination requirements set forth in the Pooling and
Servicing Agreement, the obligations created by the Pooling and Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties held by the Trust Fund in
accordance with Section 9.1(b) of the Pooling and Servicing Agreement. In no
event, however, will the Trust Fund created by the Pooling and Servicing
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Pooling and
Servicing Agreement.

      In the event that the Holders of the Controlling Class representing a
majority Percentage Interest in such Class, the Master Servicer, the Special
Servicer or the Majority Certificateholder of Class R-I Certificates purchase
all of the remaining Mortgage Loans and REO Properties held by the Trust Fund
pursuant to Section 9.1(b) of the Pooling and Servicing Agreement, the party
effecting such purchase (the "Final Purchaser") shall (i) deposit in the
Collection Account not later than the Determination Date relating to the
Distribution Date on which the final distribution on the Certificates is to
occur, an amount in immediately available funds equal to the Termination Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final Purchaser or its designee the Mortgage Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Final Purchaser without recourse,
representation or warranty as shall be necessary to effectuate transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without representation or warranty by the Trustee. All Mortgage Files for the
remaining Mortgage Loans and REO Properties shall be delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund, the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel, which shall be at
the expense of the Final Purchaser, stating that the resulting termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance with the additional Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the Certificate of Authentication on this Certificate has been
executed by the Trustee or on its behalf by the Authenticating Agent, by manual
signature, this Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      A-2-5

<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Class A-2 Certificate
to be duly executed.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:_____________________________________________
                                    Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is one of the Class A-2 Certificates referred to in the Pooling and
Servicing Agreement.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as
                              Authenticating Agent

                              By:____________________________
                                    Authorized Officer

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED,   the  undersigned   ("Assignor(s)")   hereby  sell(s),
assign(s),                 and                transfer(s)                 unto
------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s)) ("Assignee(s)") the entire Percentage Interest represented by
the within Class A-2 Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the
Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Class A-2
Certificate of the entire Percentage Interest represented by the within Class
A-2 Certificates to the above-named Assignee(s) and to deliver such Class A-2
Certificate to the following address:

____________________________________
____________________________________

Date: ___________________           _____________________________________
                                    Signature by or on behalf of Assignor(s)

                                    _____________________________________
                                    Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:

Address of the Assignee(s) for the purpose of receiving notices and
distributions:

______________________________________________________________________________

Distributions, if to be made by wire transfer in immediately available funds to

___________________ for the account of ________________________________________

___________________ account number ____________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                        By:__________________________________________________

                        Name: _______________________________________________
                        [Please print or type name(s)]

                        Title:_______________________________________________

                        _____________________________________________________
                         Taxpayer Identification Number

<PAGE>

                               CLASS X CERTIFICATE

      THIS CLASS X CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      THE HOLDERS OF THIS CLASS X CERTIFICATE WILL BE ENTITLED ONLY TO
DISTRIBUTIONS OF INTEREST ON THE NOTIONAL AMOUNT OF THE CLASS X CERTIFICATES AND
WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE
NOTIONAL AMOUNT OF THE CLASS X CERTIFICATES IS EQUAL TO 100% OF THE
UNCERTIFICATED PRINCIPAL BALANCE OF THE REMIC II REGULAR INTERESTS AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE
OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE
INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OF THE CERTIFICATES FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND
DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE TRUSTEE, THE
FISCAL AGENT, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO IN
THIS CERTIFICATE.
                                      X-1
<PAGE>

      SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

                                      X-2
<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS X

Initial Pass-Through Rate:  1.17133%*

First Distribution Date:                      Cut-off Date:     October 1,
2000
November 13, 2000

Aggregate Initial Notional                    Scheduled Final Distribution Date:
Amount of the Class X Certificates:           September 12, 2020
$1,076,087,272

CUSIP:      69348H CR 7                       ISIN: US69348HCR75

                                              Initial Notional Amount
                                              of this Certificate:
                                              $____________________

Certificate No.:  X-____                      Registered Owner: Cede & Co.

      This certifies that Cede & Co. is the registered owner of a beneficial
ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class X Certificates. The Trust Fund, described more fully below,
consists primarily of a pool of commercial and multifamily Mortgage Loans
secured by first liens on commercial and multifamily properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was
created, the Mortgage Loans are to be serviced, and this Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing
Agreement, dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage Acceptance Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer and special servicer (the
"Master Servicer" or "Special Servicer"), LaSalle Bank National Association, as
trustee (the "Trustee") and ABN AMRO Bank N.V., as fiscal agent (the "Fiscal
Agent"). To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing Agreement. The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby.

      This Certificate represents a "regular interest" in a "real estate
mortgage investment conduit", as those terms are defined, respectively, in
Sections 86OG(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and to
take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes,
state and local income and franchise taxes and other taxes imposed on or
measured by income.

      The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee, will distribute (other than the
final distribution on any Certificate), on the twelfth day

__________________________
* Initial Pass-Through Rate for the Distribution Date in November 2000. For
subsequent Distribution Dates, the Pass-Through Rate will vary as determined in
the Pooling and Servicing Agreement.

                                      X-3
<PAGE>

of each month, or if such twelfth day is not a Business Day, the Business Day
immediately following such twelfth day, commencing in November 2000 (each such
date, a "Distribution Date"), to the Person in whose name this Certificate is
registered as of the related Record Date, an amount equal to such Person's pro
rata share (based on the Percentage Interest represented by this Certificate
after taking into account transfers and exchanges occurring prior to the
related Record Date) of that portion of the aggregate amount of interest then
distributable, if any, allocable to the Class X Certificates for such
Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums
as provided in the Pooling and Servicing Agreement.

      Interest will accrue on Class X Certificates during each Interest Accrual
Period (as defined below) at a rate equal to the Pass-Through Rate on the
outstanding Notional Amount hereof. All calculations of interest on the Class X
Certificates will be made on the basis of a 360-day year consisting of twelve
30-day months.

      Interest accrued on this Certificate during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment Interest Shortfalls for the related Distribution Date, plus the
aggregate unpaid Class Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in
the Pooling and Servicing Agreement. The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions (other than the final distribution on any Certificate)
will be made by the Trustee to the persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the last
Business Day of the month immediately preceding the month in which the related
Distribution Date occurs. Such distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other entity located in the United States having appropriate
facilities therefor, if such Certificateholder provides the Trustee with wiring
instructions in writing on or before the related Record Date, or otherwise (b)
by check mailed to such Certificateholder. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the corporate trust office of the Trustee or
its agent (which may be the Paying Agent or the Certificate Registrar acting as
such agent) that is specified in the notice to Certificateholders of such final
distribution.

      Any funds not distributed to Holders of any Class of Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made because of failure of Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining non-tendering Certificateholders, at their last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution
with respect thereto. If within one year after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Trustee may,
directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining such funds in trust and of contacting
Certificateholders shall be paid out of such funds. If within two years after
the second notice, any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall pay to the Class R-III Certificateholders
all amounts otherwise distributable to such non-tendering Holders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a
result of such Certificateholder's failure to surrender its Certificate(s) for
final payment thereof in accordance with Section 4.8(b) of the Pooling and
Servicing

                                      X-4
<PAGE>

Agreement. Such funds held by the Trustee may be invested in Permitted
Investments and all income and gain from such investment shall be for the
benefit of the Trustee.

      This Certificate is limited in right of payment to, among other things,
certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the Distribution Account will be held in the name of the Trustee on behalf
of the Holders of Certificates specified in the Pooling and Servicing Agreement
and the Master Servicer or the Trustee, as applicable, will be authorized to
make withdrawals therefrom. Amounts on deposit in such accounts may be invested
in Permitted Investments. Interest or other income earned on funds in the
Collection Account and the Distribution Account will be paid to the Master
Servicer and the Trustee, as applicable, as set forth in the Pooling and
Servicing Agreement.

      This Certificate does not purport to summarize the Pooling and Servicing
Agreement, and reference is made to the Pooling and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the
limitations thereon, and the rights, duties and immunities of the Trustee. In
the case of any conflict between the provisions set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for
registration of transfer at the corporate trust office of the Certificate
Registrar or at the office of any transfer agent. The Certificate Registrar
shall require that this Certificate be accompanied by a written instrument of
assignment and transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing. Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized denominations will be executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent and
delivered by the Certificate Registrar to the designated transferee or
transferees.

      Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its services in respect of any registration of transfer or exchange of this
Certificate referred to in Section 5.2 of the Pooling and Servicing Agreement,
other than in connection with a transfer to an Institutional Accredited
Investor. In connection with any transfer to an Institutional Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate Registrar's counsel's review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar as provided in Section 5.2 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

      The Pooling and Servicing Agreement or any Custodial Agreement may be
amended from time to time as provided in the Pooling and Servicing Agreement.
Depending upon the circumstances, an amendment may require the consent of all,
less than all, or none of the Certificateholders.

                                      X-5
<PAGE>

      On any Distribution Date after the Trustee gives the Holders of the
Controlling Class, the Master Servicer, the Special Servicer, and the Majority
Certificateholder of the Class R-I Certificates notice of the date that the
aggregate then outstanding Stated Principal Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as
of the Cut-off Date, the majority Holders of the Controlling Class, the Master
Servicer, the Special Servicer and the Majority Certificateholder of the Class
R-I Certificates, in that order, will have the option, to purchase all of the
Mortgage Loans and all properties acquired in respect of any Mortgage Loan
remaining in the Trust Fund, and thereby effect termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain termination requirements set forth in the Pooling and
Servicing Agreement, the obligations created by the Pooling and Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties held by the Trust Fund in
accordance with Section 9.1(b) of the Pooling and Servicing Agreement. In no
event, however, will the Trust Fund created by the Pooling and Servicing
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Pooling and
Servicing Agreement.

      In the event that the Holders of the Controlling Class representing a
majority Percentage Interest in such Class, the Master Servicer, the Special
Servicer or the Majority Certificateholder of Class R-I Certificates purchase
all of the remaining Mortgage Loans and REO Properties held by the Trust Fund
pursuant to Section 9.1(b) of the Pooling and Servicing Agreement, the party
effecting such purchase (the "Final Purchaser") shall (i) deposit in the
Collection Account not later than the Determination Date relating to the
Distribution Date on which the final distribution on the Certificates is to
occur, an amount in immediately available funds equal to the Termination Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final Purchaser or its designee the Mortgage Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Final Purchaser without recourse,
representation or warranty as shall be necessary to effectuate transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without representation or warranty by the Trustee. All Mortgage Files for the
remaining Mortgage Loans and REO Properties shall be delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund, the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel, which shall be at
the expense of the Final Purchaser, stating that the resulting termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance with the additional Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the Certificate of Authentication on this Certificate has been
executed by the Trustee or on its behalf by the Authenticating Agent, by manual
signature, this Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Class X Certificate to be
duly executed.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:_____________________________________________
                                    Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is one of the Class X Certificates referred to in the Pooling and
Servicing Agreement.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as
                              Authenticating Agent

                              By:______________________________________________
                                    Authorized Officer

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)")hereby  sell(s),assign(s),
and transfer(s)unto___________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s)) ("Assignee(s)") the entire Percentage Interest represented by
the within Class X Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the
Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Class X
Certificate of the entire Percentage Interest represented by the within Class X
Certificates to the above-named Assignee(s) and to deliver such Class X
Certificate to the following address:

____________________________________
____________________________________

Date: ___________________           __________________________________________
                                    Signature by or on behalf of Assignor(s)

                                    __________________________________________
                                    Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

         The Assignee(s) should include the following for purposes of
distribution:

Address of the Assignee(s) for the purpose of receiving notices
and distributions:

______________________________________________________________________________
Distributions, if to be made by wire transfer in immediately available funds
to
___________________ for the account of ________________________________________

___________________ account number ____________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                        By:__________________________________________________

                        Name: _______________________________________________
                        [Please print or type name(s)]

                        Title: ______________________________________________

                        _____________________________________________________
                        Taxpayer Identification Number

<PAGE>

                               CLASS B CERTIFICATE

      THIS CLASS B CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHERGOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET
FORTH BELOW.

      THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES
TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OF THE CERTIFICATES FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND
DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE TRUSTEE, THE
FISCAL AGENT, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO IN
THIS CERTIFICATE.

                                      B-1
<PAGE>

      SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

                                      B-2
<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS B

Pass-Through Rate: 7.50 %*

First Distribution Date:                    Cut-off Date: October 1, 2000
November 13, 2000

Aggregate Initial Certificate               Scheduled Final Distribution Date:
Balance of the Class B Certificates:        September 12, 2010
$43,044,000

CUSIP:      69348H CN 6                     ISIN: US69348HCN61

                                            Initial Certificate
                                            Balance of this Certificate:
                                            $43,044,000

Certificate No.: B-1                        Registered Owner: Cede & Co.

      This certifies that Cede & Co. is the registered owner of a beneficial
ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class B Certificates. The Trust Fund, described more fully below,
consists primarily of a pool of commercial and multifamily Mortgage Loans
secured by first liens on commercial and multifamily properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was
created, the Mortgage Loans are to be serviced, and this Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing
Agreement, dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage Acceptance Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer and special servicer (the
"Master Servicer" or "Special Servicer"), LaSalle Bank National Association, as
trustee (the "Trustee") and ABN AMRO Bank N.V., as fiscal agent (the "Fiscal
Agent"). To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing Agreement. The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby.

      This Certificate represents a "regular interest" in a "real estate
mortgage investment conduit", as those terms are defined, respectively, in
Sections 86OG(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and to
take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes,
state and local income and franchise taxes and other taxes imposed on or
measured by income.

      The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee, will distribute (other than the
final distribution on any Certificate), on the twelfth day

______________________
*But not to exceed the REMIC II Remittance Rate.

                                      B-3
<PAGE>

of each month, or if such twelfth day is not a Business Day, the Business Day
immediately following such twelfth day, commencing in November 2000 (each such
date, a "Distribution Date"), to the Person in whose name this Certificate is
registered as of the related Record Date, an amount equal to such Person's pro
rata share (based on the Percentage Interest represented by this Certificate
after taking into account transfers and exchanges occurring prior to the
related Record Date) of that portion of the aggregate amount of principal and
interest then distributable, if any, allocable to the Class B Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums as
provided in the Pooling and Servicing Agreement.

      Interest will accrue on Class B Certificates during each Interest Accrual
Period (as defined below) at a rate equal to the Pass-Through Rate on the
outstanding Certificate Balance hereof. All calculations of interest on the
Class B Certificates will be made on the basis of a 360-day year consisting of
twelve 30-day months.

      Interest accrued on this Certificate during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment Interest Shortfalls for the related Distribution Date, plus the
aggregate unpaid Class Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in
the Pooling and Servicing Agreement. The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions (other than the final distribution on any Certificate)
will be made by the Trustee to the persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the last
Business Day of the month immediately preceding the month in which the related
Distribution Date occurs. Such distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other entity located in the United States having appropriate
facilities therefor, if such Certificateholder provides the Trustee with wiring
instructions in writing on or before the related Record Date, or otherwise (b)
by check mailed to such Certificateholder. The final distribution on each
Certificate (determined without regard to any possible future reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner, but only upon presentment and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate Registrar acting as such agent) that is
specified in the notice to Certificateholders of such final distribution. Any
distribution that is to be made with respect to a Certificate in reimbursement
of a Realized Loss or Expense Loss previously allocated thereto, which
reimbursement is to occur after the date on which such Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the Certificateholder that surrendered such Certificate or by wire
transfer if such Certificateholder has provided the Trustee with wire transfer
instructions.

      Any funds not distributed to Holders of any Class of Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made because of failure of Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining non-tendering Certificateholders, at their last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution
with respect thereto. If within one year after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Trustee may,
directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining such funds in trust and of contacting
Certificateholders shall be

                                      B-4
<PAGE>

paid out of such funds. If within two years after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Paying Agent
shall pay to the Class R-III Certificateholders all amounts otherwise
distributable to such non-tendering Holders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with Section 4.8(b) of the Pooling and Servicing
Agreement. Such funds held by the Trustee may be invested in Permitted
Investments and all income and gain from such investment shall be for the
benefit of the Trustee.

      This Certificate is limited in right of payment to, among other things,
certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the Distribution Account will be held in the name of the Trustee on behalf
of the Holders of Certificates specified in the Pooling and Servicing Agreement
and the Master Servicer or the Trustee, as applicable, will be authorized to
make withdrawals therefrom. Amounts on deposit in such accounts may be invested
in Permitted Investments. Interest or other income earned on funds in the
Collection Account and the Distribution Account will be paid to the Master
Servicer and the Trustee, as applicable, as set forth in the Pooling and
Servicing Agreement.

      This Certificate does not purport to summarize the Pooling and Servicing
Agreement, and reference is made to the Pooling and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the
limitations thereon, and the rights, duties and immunities of the Trustee. In
the case of any conflict between the provisions set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for
registration of transfer at the corporate trust office of the Certificate
Registrar or at the office of any transfer agent. The Certificate Registrar
shall require that this Certificate be accompanied by a written instrument of
assignment and transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing. Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized denominations will be executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent and
delivered by the Certificate Registrar to the designated transferee or
transferees.

      Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its services in respect of any registration of transfer or exchange of this
Certificate referred to in Section 5.2 of the Pooling and Servicing Agreement.
The Certificate Registrar may require payment by each transferor of a sum
sufficient to cover any tax, expense or other governmental charge payable in
connection with any such transfer.

      The Pooling and Servicing Agreement or any Custodial Agreement may be
amended from time to time as provided in the Pooling and Servicing Agreement.
Depending upon the circumstances, an amendment may require the consent of all,
less than all, or none of the Certificateholders.

                                      B-5
<PAGE>

      On any Distribution Date after the Trustee gives the Holders of the
Controlling Class, the Master Servicer, the Special Servicer, and the Majority
Certificateholder of the Class R-I Certificates notice of the date that the
aggregate then outstanding Stated Principal Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as
of the Cut-off Date, the majority Holders of the Controlling Class, the Master
Servicer, the Special Servicer and the Majority Certificateholder of the Class
R-I Certificates, in that order, will have the option, to purchase all of the
Mortgage Loans and all properties acquired in respect of any Mortgage Loan
remaining in the Trust Fund, and thereby effect termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain termination requirements set forth in the Pooling and
Servicing Agreement, the obligations created by the Pooling and Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties held by the Trust Fund in
accordance with Section 9.1(b) of the Pooling and Servicing Agreement. In no
event, however, will the Trust Fund created by the Pooling and Servicing
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Pooling and
Servicing Agreement.

      In the event that the Holders of the Controlling Class representing a
majority Percentage Interest in such Class, the Master Servicer, the Special
Servicer or the Majority Certificateholder of Class R-I Certificates purchase
all of the remaining Mortgage Loans and REO Properties held by the Trust Fund
pursuant to Section 9.1(b) of the Pooling and Servicing Agreement, the party
effecting such purchase (the "Final Purchaser") shall (i) deposit in the
Collection Account not later than the Determination Date relating to the
Distribution Date on which the final distribution on the Certificates is to
occur, an amount in immediately available funds equal to the Termination Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final Purchaser or its designee the Mortgage Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Final Purchaser without recourse,
representation or warranty as shall be necessary to effectuate transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without representation or warranty by the Trustee. All Mortgage Files for the
remaining Mortgage Loans and REO Properties shall be delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund, the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel, which shall be at
the expense of the Final Purchaser, stating that the resulting termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance with the additional Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the Certificate of Authentication on this Certificate has been
executed by the Trustee or on its behalf by the Authenticating Agent, by manual
signature, this Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      B-6

<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Class B Certificate to be
duly executed.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:_____________________________________________
                                    Authorized Officer

                          Certificate of Authentication

      This is the Class B Certificate referred to in the Pooling and Servicing
Agreement.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as
                              Authenticating Agent

                              By:______________________________________________
                                    Authorized Officer

                                      B-7
<PAGE>

                                   ASSIGNMENT

FOR  VALUE   RECEIVED,   the  undersigned   ("Assignor(s)")   hereby  sell(s),
assign(s),                 and                transfer(s)                 unto
------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s)) ("Assignee(s)") the entire Percentage Interest represented by
the within Class B Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the
Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Class B
Certificate of the entire Percentage Interest represented by the within Class B
Certificates to the above-named Assignee(s) and to deliver such Class B
Certificate to the following address:

_______________________________________
_______________________________________

Date: ___________________           ___________________________________________
                                    Signature by or on behalf of Assignor(s)

                                    ___________________________________________
                                    Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:

Address of the Assignee(s) for the purpose of receiving notices and
distributions:

______________________________________________________________________________

Distributions, if to be made by wire transfer in immediately available funds
to
_____________________ for the account of _____________________________________
_____________________ account number _________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                        By:__________________________________________________

                        Name: _______________________________________________
                        [Please print or type name(s)]

                        Title:_______________________________________________

                        _____________________________________________________
                        Taxpayer Identification Number
                                      B-8

<PAGE>

                               CLASS C CERTIFICATE

      THIS CLASS C CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET
FORTH BELOW.

      THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES
TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OF THE CERTIFICATES FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND
DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE TRUSTEE, THE
FISCAL AGENT, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO IN
THIS CERTIFICATE.
                                      C-1
<PAGE>

      SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

                                      C-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS C

Pass-Through Rate: 7.64 %*

First Distribution Date:                      Cut-off Date: October 1, 2000
November 13, 2000

Aggregate Initial Certificate                 Scheduled Final Distribution Date:
Balance of the Class C Certificates:          September 12, 2010
$48,423,000

CUSIP:      69348H CP 1                       ISIN: US69348HCP10

                                              Initial Certificate
                                              Balance of this Certificate:
                                              $48,423,000

Certificate No.: C-1                          Registered Owner: Cede & Co.

      This certifies that Cede & Co. is the registered owner of a beneficial
ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class C Certificates. The Trust Fund, described more fully below,
consists primarily of a pool of commercial and multifamily Mortgage Loans
secured by first liens on commercial and multifamily properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was
created, the Mortgage Loans are to be serviced, and this Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing
Agreement, dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage Acceptance Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer and special servicer (the
"Master Servicer" or "Special Servicer"), LaSalle Bank National Association, as
trustee (the "Trustee") and ABN AMRO Bank N.V., as fiscal agent (the "Fiscal
Agent"). To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing Agreement. The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby.

      This Certificate represents a "regular interest" in a "real estate
mortgage investment conduit", as those terms are defined, respectively, in
Sections 86OG(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and to
take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes,
state and local income and franchise taxes and other taxes imposed on or
measured by income.

      The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee, will distribute (other than the
final distribution on any Certificate), on the twelfth day

__________________________
*But to exceed the REMIC II Remittance Rate.

                                      C-3
<PAGE>

of each month, or ifsuch twelfth day is not a Business Day, the Business Day
immediately following such twelfth day, commencing in November 2000 (each such
date, a "Distribution Date"), to the Person in whose name this Certificate is
registered as of the related Record Date, an amount equal to such Person's pro
rata share (based on the Percentage Interest represented by this Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class C Certificates for such
Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums as
provided in the Pooling and Servicing Agreement.

      Interest will accrue on Class C Certificates during each Interest Accrual
Period (as defined below) at a rate equal to the Pass-Through Rate on the
outstanding Certificate Balance hereof. All calculations of interest on the
Class C Certificates will be made on the basis of a 360-day year consisting of
twelve 30-day months.

      Interest accrued on this Certificate during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment Interest Shortfalls for the related Distribution Date, plus the
aggregate unpaid Class Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in
the Pooling and Servicing Agreement. The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions (other than the final distribution on any Certificate)
will be made by the Trustee to the persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the last
Business Day of the month immediately preceding the month in which the related
Distribution Date occurs. Such distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other entity located in the United States having appropriate
facilities therefor, if such Certificateholder provides the Trustee with wiring
instructions in writing on or before the related Record Date, or otherwise (b)
by check mailed to such Certificateholder. The final distribution on each
Certificate (determined without regard to any possible future reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner, but only upon presentment and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate Registrar acting as such agent) that is
specified in the notice to Certificateholders of such final distribution. Any
distribution that is to be made with respect to a Certificate in reimbursement
of a Realized Loss or Expense Loss previously allocated thereto, which
reimbursement is to occur after the date on which such Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the Certificateholder that surrendered such Certificate or by wire
transfer if such Certificateholder has provided the Trustee with wire transfer
instructions.

      Any funds not distributed to Holders of any Class of Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made because of failure of Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining non-tendering Certificateholders, at their last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution
with respect thereto. If within one year after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Trustee may,
directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining such funds in trust and of contacting
Certificateholders shall be

                                      C-4
<PAGE>

paid out of such funds. If within two years after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Paying Agent
shall pay to the Class R-III Certificateholders all amounts otherwise
distributable to such non-tendering Holders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such
Certificateholder's failure to surrender its Certificate(s) for
final payment thereof in accordance with Section 4.8(b) of the Pooling and
Servicing Agreement. Such funds held by the Trustee may be invested in Permitted
Investments and all income and gain from such investment shall be for the
benefit of the Trustee.

      This Certificate is limited in right of payment to, among other things,
certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the Distribution Account will be held in the name of the Trustee on behalf
of the Holders of Certificates specified in the Pooling and Servicing Agreement
and the Master Servicer or the Trustee, as applicable, will be authorized to
make withdrawals therefrom. Amounts on deposit in such accounts may be invested
in Permitted Investments. Interest or other income earned on funds in the
Collection Account and the Distribution Account will be paid to the Master
Servicer and the Trustee, as applicable, as set forth in the Pooling and
Servicing Agreement.

      This Certificate does not purport to summarize the Pooling and Servicing
Agreement, and reference is made to the Pooling and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the
limitations thereon, and the rights, duties and immunities of the Trustee. In
the case of any conflict between the provisions set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for
registration of transfer at the corporate trust office of the Certificate
Registrar or at the office of any transfer agent. The Certificate Registrar
shall require that this Certificate be accompanied by a written instrument of
assignment and transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing. Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized denominations will be executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent and
delivered by the Certificate Registrar to the designated transferee or
transferees.

      Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its services in respect of any registration of transfer or exchange of this
Certificate referred to in Section 5.2 of the Pooling and Servicing Agreement.
The Certificate Registrar may require payment by each transferor of a sum
sufficient to cover any tax, expense or other governmental charge payable in
connection with any such transfer.

      The Pooling and Servicing Agreement or any Custodial Agreement may be
amended from time to time as provided in the Pooling and Servicing Agreement.
Depending upon the circumstances, an amendment may require the consent of all,
less than all, or none of the Certificateholders.

                                      C-5
<PAGE>

      On any Distribution Date after the Trustee gives the Holders of the
Controlling Class, the Master Servicer, the Special Servicer, and the Majority
Certificateholder of the Class R-I Certificates notice of the date that the
aggregate then outstanding Stated Principal Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as
of the Cut-off Date, the majority Holders of the Controlling Class, the Master
Servicer, the Special Servicer and the Majority Certificateholder of the Class
R-I Certificates, in that order, will have the option, to purchase all of the
Mortgage Loans and all properties acquired in respect of any Mortgage Loan
remaining in the Trust Fund, and thereby effect termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain termination requirements set forth in the Pooling and
Servicing Agreement, the obligations created by the Pooling and Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties held by the Trust Fund in
accordance with Section 9.1(b) of the Pooling and Servicing Agreement. In no
event, however, will the Trust Fund created by the Pooling and Servicing
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Pooling and
Servicing Agreement.

      In the event that the Holders of the Controlling Class representing a
majority Percentage Interest in such Class, the Master Servicer, the Special
Servicer or the Majority Certificateholder of Class R-I Certificates purchase
all of the remaining Mortgage Loans and REO Properties held by the Trust Fund
pursuant to Section 9.1(b) of the Pooling and Servicing Agreement, the party
effecting such purchase (the "Final Purchaser") shall (i) deposit in the
Collection Account not later than the Determination Date relating to the
Distribution Date on which the final distribution on the Certificates is to
occur, an amount in immediately available funds equal to the Termination Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final Purchaser or its designee the Mortgage Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Final Purchaser without recourse,
representation or warranty as shall be necessary to effectuate transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without representation or warranty by the Trustee. All Mortgage Files for the
remaining Mortgage Loans and REO Properties shall be delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund, the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel, which shall be at
the expense of the Final Purchaser, stating that the resulting termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance with the additional Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the Certificate of Authentication on this Certificate has been
executed by the Trustee or on its behalf by the Authenticating Agent, by manual
signature, this Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      C-6

<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Class C Certificate to be
duly executed.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:_____________________________________________
                                    Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is the Class C Certificate referred to in the Pooling and Servicing
Agreement.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as
                              Authenticating Agent

                              By:______________________________________________
                                    Authorized Officer

                                      C-7

<PAGE>

                                   ASSIGNMENT

FOR  VALUE   RECEIVED,   the  undersigned   ("Assignor(s)")   hereby  sell(s),
assign(s),                 and                transfer(s)                 unto
------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s)) ("Assignee(s)") the entire Percentage Interest represented by
the within Class C Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the
Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Class C
Certificate of the entire Percentage Interest represented by the within Class C
Certificates to the above-named Assignee(s) and to deliver such Class C
Certificate to the following address:

______________________________________________
______________________________________________

Date: ___________________           __________________________________________
                                    Signature by or on behalf of Assignor(s)

                                    __________________________________________
                                    Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:

Address of the Assignee(s) for the purpose of receiving notices and
distributions:

------------------------------------------------------------------------------

Distributions, if to be made by wire transfer in immediately available funds
to
___________________ for the account of ______________________________________
___________________ account number __________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                        By:__________________________________________________

                        Name: _______________________________________________
                        [Please print or type name(s)]

                        Title: ______________________________________________

                        _____________________________________________________
                        Taxpayer Identification Number

                                      C-8

<PAGE>

                               CLASS D CERTIFICATE

      THIS CLASS D CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET
FORTH BELOW.

      THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES
TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR OF THE CERTIFICATES FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND
DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE TRUSTEE, THE
FISCAL AGENT, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO IN
THIS CERTIFICATE.

                                      D-1
<PAGE>

      SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

                                      D-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS D

Pass-Through Rate: 7.74%*

First Distribution Date:                    Cut-off Date: October 1, 2000
November 13, 2000

Aggregate Initial Certificate               Scheduled Final Distribution Date:
Balance of the Class D Certificates:        October 12, 2010
$13,452,000

CUSIP:69348H CQ 9                           ISIN: US69348HCQ92

                                            Initial Certificate
                                            Balance of this Certificate:
                                            $13,452,000

Certificate No.: D-1                        Registered Owner: Cede & Co.

      This certifies that Cede & Co. is the registered owner of a beneficial
ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class D Certificates. The Trust Fund, described more fully below,
consists primarily of a pool of commercial and multifamily Mortgage Loans
secured by first liens on commercial and multifamily properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was
created, the Mortgage Loans are to be serviced, and this Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing
Agreement, dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage Acceptance Corp., as depositor (the "Depositor"),
Midland Loan Services, Inc., as master servicer and special servicer (the
"Master Servicer" or "Special Servicer"), LaSalle Bank National Association, as
trustee (the "Trustee") and ABN AMRO Bank N.V., as fiscal agent (the "Fiscal
Agent"). To the extent not defined herein, capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing Agreement. The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is
bound thereby.

      This Certificate represents a "regular interest" in a "real estate
mortgage investment conduit", as those terms are defined, respectively, in
Sections 86OG(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and to
take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes,
state and local income and franchise taxes and other taxes imposed on or
measured by income.

      The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee, will distribute (other than the
final distribution on any Certificate), on the twelfth day

___________________________________
*But not to exceed the REMIC II Remittance Rate.

                                      D-3
<PAGE>

of each month, or if such twelfth day is not a Business Day, the Business Day
immediately following such twelfth day,commencing in July 2000 (each such
date, a "Distribution Date"), to the Person in whose name this Certificate is
registered as of the related Record Date, an amount equal to such Person's pro
rata share (based on the Percentage Interest represented by this Certificate
after taking into account transfers and exchanges occurring prior to the
related Record Date) of that portion of the aggregate amount of principal and
interest then distributable, if any, allocable to the Class D Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums
as provided in the Pooling and Servicing Agreement.

      Interest will accrue on Class D Certificates during each Interest Accrual
Period (as defined below) at a rate equal to the Pass-Through Rate on the
outstanding Certificate Balance hereof. All calculations of interest on the
Class D Certificates will be made on the basis of a 360-day year consisting of
twelve 30-day months.

      Interest accrued on this Certificate during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment Interest Shortfalls for the related Distribution Date, plus the
aggregate unpaid Class Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in
the Pooling and Servicing Agreement. The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions (other than the final distribution on any Certificate)
will be made by the Trustee to the persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the last
Business Day of the month immediately preceding the month in which the related
Distribution Date occurs. Such distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other entity located in the United States having appropriate
facilities therefor, if such Certificateholder provides the Trustee with wiring
instructions in writing on or before the related Record Date, or otherwise (b)
by check mailed to such Certificateholder. The final distribution on each
Certificate (determined without regard to any possible future reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner, but only upon presentment and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate Registrar acting as such agent) that is
specified in the notice to Certificateholders of such final distribution. Any
distribution that is to be made with respect to a Certificate in reimbursement
of a Realized Loss or Expense Loss previously allocated thereto, which
reimbursement is to occur after the date on which such Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the Certificateholder that surrendered such Certificate or by wire
transfer if such Certificateholder has provided the Trustee with wire transfer
instructions.

      Any funds not distributed to Holders of any Class of Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made because of failure of Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining non-tendering Certificateholders, at their last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution
with respect thereto. If within one year after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Trustee may,
directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining such funds in trust and of contacting
Certificateholders shall be

                                      D-4
<PAGE>

paid out of such funds. If within two years after the second notice, any such
Certificates shall not have been surrendered for cancellation, the Paying Agent
shall pay to the Class R-III Certificateholders all amounts otherwise
distributable to such non-tendering Holders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with Section 4.8(b) of the Pooling and Servicing
Agreement. Such funds held by the Trustee may be invested in Permitted
Investments and all income and gain from such investment shall be for the
benefit of the Trustee.

      This Certificate is limited in right of payment to, among other things,
certain collections and recoveries in respect of the Mortgage Loans, as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the Distribution Account will be held in the name of the Trustee on behalf
of the Holders of Certificates specified in the Pooling and Servicing Agreement
and the Master Servicer or the Trustee, as applicable, will be authorized to
make withdrawals therefrom. Amounts on deposit in such accounts may be invested
in Permitted Investments. Interest or other income earned on funds in the
Collection Account and the Distribution Account will be paid to the Master
Servicer and the Trustee, as applicable, as set forth in the Pooling and
Servicing Agreement.

      This Certificate does not purport to summarize the Pooling and Servicing
Agreement, and reference is made to the Pooling and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the
limitations thereon, and the rights, duties and immunities of the Trustee. In
the case of any conflict between the provisions set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for
registration of transfer at the corporate trust office of the Certificate
Registrar or at the office of any transfer agent. The Certificate Registrar
shall require that this Certificate be accompanied by a written instrument of
assignment and transfer in form satisfactory to the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing. Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized denominations will be executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent and
delivered by the Certificate Registrar to the designated transferee or
transferees.

      Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its services in respect of any registration of transfer or exchange of this
Certificate referred to in Section 5.2 of the Pooling and Servicing Agreement.
The Certificate Registrar may require payment by each transferor of a sum
sufficient to cover any tax, expense or other governmental charge payable in
connection with any such transfer.

      The Pooling and Servicing Agreement or any Custodial Agreement may be
amended from time to time as provided in the Pooling and Servicing Agreement.
Depending upon the circumstances, an amendment may require the consent of all,
less than all, or none of the Certificateholders.

                                      D-5
<PAGE>

      On any Distribution Date after the Trustee gives the Holders of the
Controlling Class, the Master Servicer, the Special Servicer, and the Majority
Certificateholder of the Class R-I Certificates notice of the date that the
aggregate then outstanding Stated Principal Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal Balance of the Mortgage Loans as
of the Cut-off Date, the majority Holders of the Controlling Class, the Master
Servicer, the Special Servicer and the Majority Certificateholder of the Class
R-I Certificates, in that order, will have the option, to purchase all of the
Mortgage Loans and all properties acquired in respect of any Mortgage Loan
remaining in the Trust Fund, and thereby effect termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain termination requirements set forth in the Pooling and
Servicing Agreement, the obligations created by the Pooling and Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties held by the Trust Fund in
accordance with Section 9.1(b) of the Pooling and Servicing Agreement. In no
event, however, will the Trust Fund created by the Pooling and Servicing
Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Pooling and
Servicing Agreement.

      In the event that the Holders of the Controlling Class representing a
majority Percentage Interest in such Class, the Master Servicer, the Special
Servicer or the Majority Certificateholder of Class R-I Certificates purchase
all of the remaining Mortgage Loans and REO Properties held by the Trust Fund
pursuant to Section 9.1(b) of the Pooling and Servicing Agreement, the party
effecting such purchase (the "Final Purchaser") shall (i) deposit in the
Collection Account not later than the Determination Date relating to the
Distribution Date on which the final distribution on the Certificates is to
occur, an amount in immediately available funds equal to the Termination Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final Purchaser or its designee the Mortgage Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Final Purchaser without recourse,
representation or warranty as shall be necessary to effectuate transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without representation or warranty by the Trustee. All Mortgage Files for the
remaining Mortgage Loans and REO Properties shall be delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund, the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel, which shall be at
the expense of the Final Purchaser, stating that the resulting termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance with the additional Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the Certificate of Authentication on this Certificate has been
executed by the Trustee or on its behalf by the Authenticating Agent, by manual
signature, this Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      D-6
<PAGE>

      IN WITNESS WHEREOF, the Trustee has caused this Class D Certificate to be
duly executed.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:_____________________________________________
                                    Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is the Class D Certificate referred to in the Pooling and Servicing
Agreement.

Dated: _______________________

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as
                              Authenticating Agent

                              By:_____________________________________
                                    Authorized Officer

                                      D-7
<PAGE>

                                   ASSIGNMENT

FOR  VALUE   RECEIVED,   the  undersigned   ("Assignor(s)")   hereby  sell(s),
assign(s),                 and                transfer(s)                 unto
------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s)) ("Assignee(s)") the entire Percentage Interest represented by
the within Class D Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the
Trust Fund.

I (we) further direct the Certificate Registrar to issue a new Class D
Certificate of the entire Percentage Interest represented by the within Class D
Certificates to the above-named Assignee(s) and to deliver such Class D
Certificate to the following address:

________________________________________
________________________________________

Date: ___________________           _________________________________________
                                    Signature by or on behalf of Assignor(s)

                                    _________________________________________
                                    Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:

Address of the Assignee(s) for the purpose of receiving notices and
distributions:

______________________________________________________________________________

Distributions, if to be made by wire transfer in immediately available funds
to
_________________ for the account of ________________________________________
_________________ account number ____________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                        By:_________________________________________________

                        Name: ______________________________________________
                        [Please print or type name(s)]

                        Title:  ____________________________________________

                        ____________________________________________________
                        Taxpayer Identification Number

                                      D-8

<PAGE>

                               CLASS E CERTIFICATE

     THIS CLASS E CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     PRINCIPAL  PAYMENTS ON THIS  CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

     THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN  REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

     NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      E-1

<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN ACCORDANCE WITH THE  PROVISIONS  OF  SECTION 5.2 OF  THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     ANY HOLDER  DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

     TRANSFERS  AND  EXCHANGES  OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      E-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                            SERIES 2000-C2, CLASS E

Pass-Through Rate: 8.11348%*

First Distribution Date:                Cut-off Date: October 1, 2000
November 13, 2000

Aggregate Initial Certificate           Scheduled Final Distribution Date:
Balance of the Class E Certificates:    October 12, 2010
$13,451,000

CUSIP:69348H CS 5                       ISIN: US69348HCS58

                                        Initial Certificate Balance
                                        of this Certificate:
                                        $13,451,000

Certificate No.: E-1                    Registered Owner: Cede & Co.

     This  certifies  that Cede & Co. is the  registered  owner of a  beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class E Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

     This Certificate represents a "regular interest" in a "real estate mortgage
investment  conduit",  as those  terms are  defined,  respectively,  in Sections
86OG(a)(1)  and 860D of the  Internal  Revenue  Code of 1986,  as amended.  Each
Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to take
no action  inconsistent  with the treatment of, this  Certificate  in accordance
with the  preceding  sentence for purposes of federal  income  taxes,  state and
local  income and  franchise  taxes and other  taxes  imposed on or  measured by
income.

     The Trustee makes no representation or warranty as to any of the statements
contained  herein or the  validity or  sufficiency  of the  Certificates  or the
Mortgage  Loans and has executed  this  Certificate  in its limited  capacity as
Trustee under the Pooling and Servicing Agreement.

     Pursuant to the terms of the Pooling and Servicing Agreement,  the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

-------------------------
*Initial  Pass-Through  Rate  for  the  Distribution Date in November 2000.  For
subsequent  Distribution Dates, the Pass-Through Rate will vary as determined in
the Pooling and Servicing Agreement.

                                      E-3

<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class E  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums as
provided in the Pooling and Servicing Agreement.

     Interest will accrue on Class E Certificates  during each Interest  Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class E Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

     Interest accrued on this Certificate during an Interest Accrual Period, net
of this  Certificate's  pro rata share of any Net  Aggregate  Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

     All  distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

     Any funds not  distributed to Holders of any Class of  Certificates  on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders shall be

                                      E-4

<PAGE>

paid out of such funds.  If within two years after the second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Paying Agent
shall  pay  to  the  Class  R-III   Certificateholders   all  amounts  otherwise
distributable  to such  non-tendering  Holders.  No interest  shall accrue or be
payable  to any  Certificateholder  on any  amount  held  as a  result  of  such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof  in  accordance  with  Section  4.8(b)  of  the  Pooling  and  Servicing
Agreement.  Such  funds  held  by the  Trustee  may  be  invested  in  Permitted
Investments  and all  income  and gain  from  such  investment  shall be for the
benefit of the Trustee.

     This  Certificate  is limited in right of payment to,  among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement,  the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

     This  Certificate  does not purport to summarize  the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

     As provided in the Pooling and  Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

     Prior to due presentation of this Certificate for registration of transfer,
the Depositor, the Master Servicer, the Special Servicer and any agent of any of
them may treat the Person in whose name this  Certificate  is  registered as the
owner hereof for all purposes,  and none of the Depositor,  the Master Servicer,
the Special  Servicer or any agent of any of them shall be affected by notice to
the contrary.

     No fee or service charge shall be imposed by the Certificate  Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum

                                      E-5

<PAGE>

sufficient to cover any tax,  expense or other  governmental  charge  payable in
connection with any such transfer.

     The Pooling and  Servicing  Agreement  or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

     On any  Distribution  Date  after  the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

     Subject to certain  termination  requirements  set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

     As a condition to the  purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

     Unless the  Certificate  of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                                      E-6

<PAGE>

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      E-7

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class E Certificate to be
duly executed.

Dated: _______________________

                          LaSalle Bank National Association, not in its
                          individual capacity but solely as Trustee

                          By:
                              -----------------------------------------
                              Authorized Officer

                          Certificate of Authentication
                          -----------------------------

     This is the Class E  Certificate  referred to in the Pooling and  Servicing
Agreement.

Dated: _______________________

                          LaSalle Bank National Association, not in its
                          individual capacity but solely as Authenticating
                          Agent

                          By:
                              -----------------------------------------
                              Authorized Officer

                                      E-8

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned  ("Assignor(s)") hereby sell(s),  assign(s),
and  transfer(s)  unto  ________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class E  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  E
Certificate of the entire Percentage Interest  represented by the within Class E
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  E
Certificate to the following address:

--------------------------------------

--------------------------------------

Date:
     -------------------           -------------------------------------------
                                   Signature by or on behalf of Assignor(s)

                                   -------------------------------------------
                                   Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

     The Assignee(s) should include the following for purposes of distribution:

Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:

---------------------------------------------------------------------------

Distributions,  if to be made by wire transfer in immediately available funds to
_____________________ for the account of _______________________________________
_____________________ account number ___________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                     By:
                         -------------------------------------------------

                     Name:
                           -----------------------------------------------
                           [Please print or type name(s)]

                     Title:
                            ----------------------------------------------

                     -----------------------------------------------------
                     Taxpayer Identification Number

                                      E-9

<PAGE>

                               CLASS F CERTIFICATE

     THIS CLASS F CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     PRINCIPAL  PAYMENTS ON THIS  CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

     THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN  REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

     NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      F-1

<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     ANY HOLDER  DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

     TRANSFERS  AND  EXCHANGES  OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      F-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS F

Pass-Through Rate: 8.21348%*

First Distribution Date:                Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate           Scheduled Final Distribution Date:
Balance of the Class F Certificates:    October 12, 2010
$18,831,000

CUSIP: 69348H CT 3                      ISIN: US69348HCT32

                                        Initial Certificate Balance
                                        of this Certificate:
                                        $18,831,000

Certificate No.: F-1                    Registered Owner: Cede & Co.

     This  certifies  that Cede & Co. is the  registered  owner of a  beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class F Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

     This Certificate represents a "regular interest" in a "real estate mortgage
investment  conduit",  as those  terms are  defined,  respectively,  in Sections
86OG(a)(1)  and 860D of the  Internal  Revenue  Code of 1986,  as amended.  Each
Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to take
no action  inconsistent  with the treatment of, this  Certificate  in accordance
with the  preceding  sentence for purposes of federal  income  taxes,  state and
local  income and  franchise  taxes and other  taxes  imposed on or  measured by
income.

     The Trustee makes no representation or warranty as to any of the statements
contained  herein or the  validity or  sufficiency  of the  Certificates  or the
Mortgage  Loans and has executed  this  Certificate  in its limited  capacity as
Trustee under the Pooling and Servicing Agreement.

--------
* Initial  Pass-Through  Rate for the  Distribution  Date in November  2000. For
subsequent  Distribution Dates, the Pass-Through Rate will vary as determined in
the Pooling and Servicing Agreement.

                                      F-3

<PAGE>

     Pursuant to the terms of the Pooling and Servicing Agreement,  the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate),  on the twelfth day of each month, or if
such twelfth day is not a Business Day, the Business Day  immediately  following
such twelfth day,  commencing in November 2000 (each such date, a  "Distribution
Date"),  to the Person in whose name this  Certificate  is  registered as of the
related  Record Date,  an amount equal to such Person's pro rata share (based on
the  Percentage  Interest  represented  by this  Certificate  after  taking into
account  transfers and exchanges  occurring prior to the related Record Date) of
that  portion  of  the   aggregate   amount  of  principal   and  interest  then
distributable,   if  any,  allocable  to  the  Class  F  Certificates  for  such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums as
provided in the Pooling and Servicing Agreement.

     Interest will accrue on Class F Certificates  during each Interest  Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class F Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

     Interest accrued on this Certificate during an Interest Accrual Period, net
of this  Certificate's  pro rata share of any Net  Aggregate  Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

     All  distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

     Any funds not  distributed to Holders of any Class of  Certificates  on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent, take appropriate

                                      F-4

<PAGE>

steps to  contact  the  remaining  non-tendering  Certificateholders  concerning
surrender  of their  Certificates.  The costs and expenses of  maintaining  such
funds in trust and of  contacting  Certificateholders  shall be paid out of such
funds. If within two years after the second notice,  any such Certificates shall
not have been  surrendered for  cancellation,  the Paying Agent shall pay to the
Class R-III  Certificateholders  all  amounts  otherwise  distributable  to such
non-tendering   Holders.   No  interest  shall  accrue  or  be  payable  to  any
Certificateholder  on any  amount  held as a result of such  Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with Section 4.8(b) of the Pooling and Servicing  Agreement.  Such funds held by
the Trustee may be invested  in  Permitted  Investments  and all income and gain
from such investment shall be for the benefit of the Trustee.

     This  Certificate  is limited in right of payment to,  among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement,  the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

     This  Certificate  does not purport to summarize  the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

     As provided in the Pooling and  Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

     Prior to due presentation of this Certificate for registration of transfer,
the Depositor, the Master Servicer, the Special Servicer and any agent of any of
them may treat the Person in whose name this  Certificate  is  registered as the
owner hereof for all purposes,  and none of the Depositor,  the Master Servicer,
the Special  Servicer or any agent of any of them shall be affected by notice to
the contrary.

     No fee or service charge shall be imposed by the Certificate  Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the Certificate Registrar in

                                      F-5

<PAGE>

connection with such transfer.  The Certificate Registrar may require payment by
each  transferor  of a sum  sufficient  to  cover  any  tax,  expense  or  other
governmental charge payable in connection with any such transfer.

     The Pooling and  Servicing  Agreement  or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

     On any  Distribution  Date  after  the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

     Subject to certain  termination  requirements  set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

     As a condition to the  purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

     Unless the  Certificate  of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                                      F-6

<PAGE>

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      F-7

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class F Certificate to be
duly executed.

Dated:
       -----------------

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:
                                 ------------------------------------------
                                 Authorized Officer

                          Certificate of Authentication
                          -----------------------------

     This is the Class F  Certificate  referred to in the Pooling and  Servicing
Agreement.

Dated:
       -----------------

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Authenticating
                              Agent

                              By:
                                 ------------------------------------------
                                 Authorized Officer

                                      F-8

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned  ("Assignor(s)") hereby sell(s),  assign(s),
and transfer(s)  unto  _________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class F  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  F
Certificate of the entire Percentage Interest  represented by the within Class F
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  F
Certificate to the following address:

--------------------------------------

--------------------------------------

Date:
     -------------------           -----------------------------------------
                                   Signature by or on behalf of Assignor(s)

                                   -----------------------------------------
                                   Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

     The Assignee(s)  should include the following for purposes of distribution:

Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:

-------------------------------------------------------------------------

Distributions,  if to be made by wire transfer in immediately available funds to
_____________________ for the account of  ______________________________________
_____________________ account number ___________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                              By:
                                 ------------------------------------

                              Name:
                                   ----------------------------------
                                   [Please print or type name(s)]

                              Title:
                                    ---------------------------------

                              ---------------------------------------
                              Taxpayer Identification Number

                                      F-9

<PAGE>

                               CLASS G CERTIFICATE

      THIS CLASS G  CERTIFICATE  DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR,  THE SELLERS, THE MASTER SERVICER,  THE SPECIAL SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL  PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

      THIS  CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF  CERTIFICATES
TO THE EXTENT SET FORTH IN THE  POOLING  AND  SERVICING  AGREEMENT  REFERRED  TO
HEREIN.

      UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

      NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST  HEREIN ON BEHALF OF, AS NAMED  FIDUCIARY  OF, AS  TRUSTEE  OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER

                                      G-1
<PAGE>

RETIREMENT ARRANGEMENT,  EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.2
OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS  AND  EXCHANGES OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

      SOLELY  FOR U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      G-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS G

Pass-Through Rate: 8.39348%*

First Distribution Date:                  Cut-off Date: October 1, 2000
November 13, 2000

Aggregate Initial Certificate             Scheduled Final Distribution Date:
Balance of the Class G Certificates:           October 12, 2010
$16,141,000

CUSIP: 69348H CU 0                        ISIN: US69348HCU05

                                          Initial Certificate Balance
                                          of this Certificate:
                                          $16,141,000

Certificate No.: G-1                      Registered Owner: Cede & Co.

      This  certifies  that Cede & Co. is the  registered  owner of a beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class G Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

      This  Certificate  represents  a  "regular  interest"  in a  "real  estate
mortgage  investment  conduit",  as those terms are  defined,  respectively,  in
Sections  86OG(a)(1) and 860D of the Internal  Revenue Code of 1986, as amended.
Each Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to
take  no  action  inconsistent  with  the  treatment  of,  this  Certificate  in
accordance  with the  preceding  sentence for purposes of federal  income taxes,
state and local  income  and  franchise  taxes and  other  taxes  imposed  on or
measured by income.

      The  Trustee  makes  no  representation  or  warranty  as to  any  of  the
statements  contained  herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this  Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

--------
* Initial  Pass-Through  Rate for the  Distribution  Date in November  2000. For
subsequent  Distribution Dates, the Pass-Through Rate will vary as determined in
the Pooling and Servicing Agreement.

                                      G-3
<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class G  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums as
provided in the Pooling and Servicing Agreement.

      Interest will accrue on Class G Certificates  during each Interest Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class G Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

      Interest  accrued on this  Certificate  during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

      Any funds not  distributed to Holders of any Class of  Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      G-4
<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

      This  Certificate  is limited in right of payment to, among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

      This  Certificate  does not purport to summarize the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

           Prior to due  presentation of this  Certificate  for  registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner  hereof for all  purposes,  and none of the  Depositor,  the Master
Servicer,  the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      G-5
<PAGE>

      The Pooling and  Servicing  Agreement or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any  Distribution  Date  after the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain  termination  requirements set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

      In the event that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the  Certificate of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                    [SIGNATURES COMMENCE ON FOLLOWING PAGE]
                                      G-6
<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class G Certificate to be
duly executed.

Dated:
        ----------------------------

                          LaSalle Bank National Association, not in its
                          individual capacity but solely as Trustee

                          By:
                              -------------------------------------------------
                                        Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is the Class G  Certificate  referred to in the Pooling and Servicing
Agreement.

Dated:
        -------------------------

                          LaSalle Bank National Association, not in its
                          individual capacity but solely as Authenticating
                          Agent

                          By:
                              -------------------------------------------------
                               Authorized Officer

                                      G-7
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s), and transfer(s) unto
                                -----------------------------------------------
-------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class G  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  G
Certificate of the entire Percentage Interest  represented by the within Class G
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  G
Certificate to the following address:

-------------------------------

-------------------------------

Date:                          ------------------------------------------------
     -------------------------
                               Signature by or on behalf of Assignor(s)

                               ------------------------------------------------
                               Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:
              -----------------------------------------------------------------
Distributions, if to be made by wire transfer in immediately available funds
to
                        for the account of
------------------------                   ------------------------------------
                        account number
------------------------               ----------------------------------------

This information is provided by                                 the Assignee(s)
                                -------------------------------
named above, or                         as it (their) agent.
                ------------------------

                     By:
                        -------------------------------------------------------

                     Name:
                          -----------------------------------------------------
                     [Please print or type name(s)]

                     Title:
                           ----------------------------------------------------

                     ----------------------------------------------------------
                     Taxpayer Identification Number

                                      G-8

<PAGE>

                               CLASS H CERTIFICATE

      THIS CLASS H  CERTIFICATE  DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR,  THE SELLERS, THE MASTER SERVICER,  THE SPECIAL SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL  PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

      THIS  CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF  CERTIFICATES
TO THE EXTENT SET FORTH IN THE  POOLING  AND  SERVICING  AGREEMENT  REFERRED  TO
HEREIN.

      UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

      NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      H-1
<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS  AND  EXCHANGES OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

      SOLELY  FOR U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      H-2
<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS H

Pass-Through Rate: 6.22 %*

First Distribution Date:                  Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate             Scheduled Final Distribution Date:
Balance of the Class H Certificates:      October 12, 2010
$18,832,000

CUSIP: 69348H CV 8                        ISIN: US69348HCV87

                                          Initial Certificate Balance
                                          of this Certificate:
                                          $18,832,000

Certificate No.: H-1                      Registered Owner: Cede & Co.

      This  certifies  that Cede & Co. is the  registered  owner of a beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class H Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

      This  Certificate  represents  a  "regular  interest"  in a  "real  estate
mortgage  investment  conduit",  as those terms are  defined,  respectively,  in
Sections  86OG(a)(1) and 860D of the Internal  Revenue Code of 1986, as amended.
Each Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to
take  no  action  inconsistent  with  the  treatment  of,  this  Certificate  in
accordance  with the  preceding  sentence for purposes of federal  income taxes,
state and local  income  and  franchise  taxes and  other  taxes  imposed  on or
measured by income.

      The  Trustee  makes  no  representation  or  warranty  as to  any  of  the
statements  contained  herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this  Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

--------
* But not to exceed the REMIC II Remittance Rate.

                                      H-3
<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class H  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement.

      Interest will accrue on Class H Certificates  during each Interest Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class H Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

      Interest  accrued on this  Certificate  during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

      Any funds not  distributed to Holders of any Class of  Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      H-4

<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

      This  Certificate  is limited in right of payment to, among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

      This  Certificate  does not purport to summarize the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

           Prior to due  presentation of this  Certificate  for  registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner  hereof for all  purposes,  and none of the  Depositor,  the Master
Servicer,  the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      H-5
<PAGE>

      The Pooling and  Servicing  Agreement or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any  Distribution  Date  after the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain  termination  requirements set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

      In the event that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the  Certificate of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]
                                      H-6
<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class H Certificate to be
duly executed.

Dated:
        --------------------------

                          LaSalle Bank National Association, not
                          in its individual capacity but solely as
                          Trustee

                           By:
                              -------------------------------------------------
                               Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is the Class H  Certificate  referred to in the Pooling and Servicing
Agreement.

Dated:
      --------------------

                          LaSalle Bank National Association, not
                          in its individual capacity but solely as
                          Authenticating Agent

                          By:
                              -------------------------------------------------
                               Authorized Officer

                                      H-7
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s), assign(s),
and transfer(s) unto
                    -----------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class H  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  H
Certificate of the entire Percentage Interest  represented by the within Class H
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  H
Certificate to the following address:

------------------------------------

------------------------------------

Date:
     ----------------             ---------------------------------------------
                                    Signature by or on behalf of Assignor(s)

                                  ---------------------------------------------
                                        Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:
              -----------------------------------------------------------------
Distributions, if to be made by wire transfer in immediately
available funds to

                        for the account of
------------------------                  --------------------------------------
                        account number
------------------------              ------------------------------------------

This information is provided by                                 the Assignee(s)
                                -------------------------------
named above, or                         as it (their) agent.
                ------------------------

                                By:
                                   --------------------------------------------

                                Name:
                                     ------------------------------------------
                                [Please print or type name(s)]

                                Title:
                                      -----------------------------------------

                                -----------------------------------------------
                                Taxpayer Identification Number

                                      H-8

<PAGE>

                               CLASS J CERTIFICATE

     THIS CLASS J CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     PRINCIPAL  PAYMENTS ON THIS  CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

     THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN  REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

     NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      J-1

<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     ANY HOLDER  DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

     TRANSFERS  AND  EXCHANGES  OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      J-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS J

Pass-Through Rate: 6.22%*

First Distribution Date:                Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate           Scheduled Final Distribution Date:
Balance of the Class J Certificates:    December 12, 2010
$29,592,000

CUSIP: 69348H CW 6                      ISIN: US69348HCW60

                                        Initial Certificate Balance
                                        of this Certificate:
                                        $29,592,000

Certificate No.: J-1                    Registered Owner: Cede & Co.

     This  certifies  that Cede & Co. is the  registered  owner of a  beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class J Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

     This Certificate represents a "regular interest" in a "real estate mortgage
investment  conduit",  as those  terms are  defined,  respectively,  in Sections
86OG(a)(1)  and 860D of the  Internal  Revenue  Code of 1986,  as amended.  Each
Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to take
no action  inconsistent  with the treatment of, this  Certificate  in accordance
with the  preceding  sentence for purposes of federal  income  taxes,  state and
local  income and  franchise  taxes and other  taxes  imposed on or  measured by
income.

     The Trustee makes no representation or warranty as to any of the statements
contained  herein or the  validity or  sufficiency  of the  Certificates  or the
Mortgage  Loans and has executed  this  Certificate  in its limited  capacity as
Trustee under the Pooling and Servicing Agreement.

     Pursuant to the terms of the Pooling and Servicing Agreement,  the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

--------
* But not to exceed the REMIC II Remittance Rate.

                                      J-3

<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class J  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement.

     Interest will accrue on Class J Certificates  during each Interest  Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class J Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

     Interest accrued on this Certificate during an Interest Accrual Period, net
of this  Certificate's  pro rata share of any Net  Aggregate  Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

     All  distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

     Any funds not  distributed to Holders of any Class of  Certificates  on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      J-4

<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

     This  Certificate  is limited in right of payment to,  among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement,  the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

     This  Certificate  does not purport to summarize  the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

     As provided in the Pooling and  Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

     Prior to due presentation of this Certificate for registration of transfer,
the Depositor, the Master Servicer, the Special Servicer and any agent of any of
them may treat the Person in whose name this  Certificate  is  registered as the
owner hereof for all purposes,  and none of the Depositor,  the Master Servicer,
the Special  Servicer or any agent of any of them shall be affected by notice to
the contrary.

     No fee or service charge shall be imposed by the Certificate  Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      J-5

<PAGE>

     The Pooling and  Servicing  Agreement  or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

     On any  Distribution  Date  after  the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

     Subject to certain  termination  requirements  set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

     As a condition to the  purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

     Unless the  Certificate  of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      J-6

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class J Certificate to be
duly executed.

Dated:
       ----------------

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:
                                 ------------------------------------------
                                 Authorized Officer

                          Certificate of Authentication
                          -----------------------------

     This is the Class J  Certificate  referred to in the Pooling and  Servicing
Agreement.

Dated:
       ----------------

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Authenticating
                              Agent

                              By:
                                 ------------------------------------------
                                 Authorized Officer

                                      J-7

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned  ("Assignor(s)") hereby sell(s),  assign(s),
and transfer(s) unto ___________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class J  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  J
Certificate of the entire Percentage Interest  represented by the within Class J
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  J
Certificate to the following address:

--------------------------------------

--------------------------------------

Date:
     ----------------              ----------------------------------------
                                   Signature by or on behalf of Assignor(s)

                                   ----------------------------------------
                                   Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

     The Assignee(s) should include the following for purposes of distribution:

Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:

--------------------------------------------------------------------------

Distributions,  if to be made by wire transfer in immediately available funds to
_____________________ for the account of _______________________________________
_____________________ account number ___________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                         By:
                            ---------------------------------------------

                         Name:
                              -------------------------------------------
                              [Please print or type name(s)]

                         Title:
                               ------------------------------------------

                         ------------------------------------------------
                         Taxpayer Identification Number

                                      J-8

<PAGE>

                               CLASS K CERTIFICATE

     THIS CLASS K CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     PRINCIPAL  PAYMENTS ON THIS  CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

     THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN  REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

     NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      K-1

<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     ANY HOLDER  DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

     TRANSFERS  AND  EXCHANGES  OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      K-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS K

Pass-Through Rate: 6.22%*

First Distribution Date:                Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate           Scheduled Final Distribution Date:
Balance of the Class K Certificates:    October 12, 2011
$8,071,000

CUSIP: 69348H CX 4                      ISIN: US69348HCX44

                                        Initial Certificate Balance
                                        of this Certificate:
                                        $8,071,000

Certificate No.: K-1                    Registered Owner: Cede & Co.

     This  certifies  that Cede & Co. is the  registered  owner of a  beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class K Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

     This Certificate represents a "regular interest" in a "real estate mortgage
investment  conduit",  as those  terms are  defined,  respectively,  in Sections
86OG(a)(1)  and 860D of the  Internal  Revenue  Code of 1986,  as amended.  Each
Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to take
no action  inconsistent  with the treatment of, this  Certificate  in accordance
with the  preceding  sentence for purposes of federal  income  taxes,  state and
local  income and  franchise  taxes and other  taxes  imposed on or  measured by
income.

     The Trustee makes no representation or warranty as to any of the statements
contained  herein or the  validity or  sufficiency  of the  Certificates  or the
Mortgage  Loans and has executed  this  Certificate  in its limited  capacity as
Trustee under the Pooling and Servicing Agreement.

     Pursuant to the terms of the Pooling and Servicing Agreement,  the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

--------
* But not to exceed the REMIC II Remittance Rate.

                                      K-3

<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class K  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement.

     Interest will accrue on Class K Certificates  during each Interest  Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class K Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

     Interest accrued on this Certificate during an Interest Accrual Period, net
of this  Certificate's  pro rata share of any Net  Aggregate  Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

     All  distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

     Any funds not  distributed to Holders of any Class of  Certificates  on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      K-4

<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

     This  Certificate  is limited in right of payment to,  among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement,  the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

     This  Certificate  does not purport to summarize  the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

     As provided in the Pooling and  Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

     Prior to due presentation of this Certificate for registration of transfer,
the Depositor, the Master Servicer, the Special Servicer and any agent of any of
them may treat the Person in whose name this  Certificate  is  registered as the
owner hereof for all purposes,  and none of the Depositor,  the Master Servicer,
the Special  Servicer or any agent of any of them shall be affected by notice to
the contrary.

     No fee or service charge shall be imposed by the Certificate  Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      K-5

<PAGE>

     The Pooling and  Servicing  Agreement  or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

     On any  Distribution  Date  after  the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

     Subject to certain  termination  requirements  set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

     As a condition to the  purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

     Unless the  Certificate  of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      K-6

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class K Certificate to be
duly executed.

Dated:
      ----------------

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Trustee

                              By:
                                 ------------------------------------------
                                 Authorized Officer

                          Certificate of Authentication
                          -----------------------------

     This is the Class K  Certificate  referred to in the Pooling and  Servicing
Agreement.

Dated:
      ----------------

                              LaSalle Bank National Association, not in its
                              individual capacity but solely as Authenticating
                              Agent

                              By:
                                 ------------------------------------------
                                 Authorized Officer

                                      K-7

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned  ("Assignor(s)") hereby sell(s),  assign(s),
and transfer(s) unto ___________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class K  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  K
Certificate of the entire Percentage Interest  represented by the within Class K
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  K
Certificate to the following address:

______________________________________

______________________________________

Date:
     ----------------              ----------------------------------------
                                   Signature by or on behalf of Assignor(s)

                                   ----------------------------------------
                                   Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

     The Assignee(s) should include the following for purposes of distribution:

Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:

----------------------------------------------------------------------

Distributions,  if to be made by wire transfer in immediately available funds to
_____________________ for the account of _______________________________________
_____________________ account number ___________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                         By:
                            -----------------------------------------

                         Name:
                              ---------------------------------------
                              [Please print or type name(s)]

                         Title:
                               --------------------------------------

                         --------------------------------------------
                         Taxpayer Identification Number

                                      K-8

<PAGE>

                               CLASS L CERTIFICATE

      THIS CLASS L  CERTIFICATE  DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR,  THE SELLERS, THE MASTER SERVICER,  THE SPECIAL SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL  PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

      THIS  CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF  CERTIFICATES
TO THE EXTENT SET FORTH IN THE  POOLING  AND  SERVICING  AGREEMENT  REFERRED  TO
HEREIN.

      UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

      NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      L-1

<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS  AND  EXCHANGES OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

      SOLELY  FOR U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      L-2
<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS L

Pass-Through Rate: 6.22%*

First Distribution Date:                  Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate             Scheduled Final Date:
Balance of the Class L Certificates:      February 12, 2014
$8,071,000

CUSIP:69348H CY 2                         ISIN: US69348HCY27

                                          Initial Certificate Balance
                                          of this Certificate:
                                          $8,071,000

Certificate No.: L-1                      Registered Owner: Cede & Co.

      This  certifies  that Cede & Co. is the  registered  owner of a beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class L Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

      This  Certificate  represents  a  "regular  interest"  in a  "real  estate
mortgage  investment  conduit",  as those terms are  defined,  respectively,  in
Sections  86OG(a)(1) and 860D of the Internal  Revenue Code of 1986, as amended.
Each Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to
take  no  action  inconsistent  with  the  treatment  of,  this  Certificate  in
accordance  with the  preceding  sentence for purposes of federal  income taxes,
state and local  income  and  franchise  taxes and  other  taxes  imposed  on or
measured by income.

      The  Trustee  makes  no  representation  or  warranty  as to  any  of  the
statements  contained  herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this  Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

--------
* But not to exceed the REMIC II Remittance Rate.

                                      L-3
<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class L  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement.

      Interest will accrue on Class L Certificates  during each Interest Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class L Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

      Interest  accrued on this  Certificate  during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

      Any funds not  distributed to Holders of any Class of  Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      L-4

<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

      This  Certificate  is limited in right of payment to, among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

      This  Certificate  does not purport to summarize the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

           Prior to due  presentation of this  Certificate  for  registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner  hereof for all  purposes,  and none of the  Depositor,  the Master
Servicer,  the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      L-5
<PAGE>

      The Pooling and  Servicing  Agreement or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any  Distribution  Date  after the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain  termination  requirements set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

      In the event that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the  Certificate of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]
                                      L-6
<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class L Certificate to be
duly executed.

Dated:
        ---------------------------

                                LaSalle Bank National Association, not
                                in its individual capacity but solely as
                                Trustee

                                By:
                                    -------------------------------------------
                                        Authorized Officer

                          Certificate of Authentication
                          ----------------------------

      This is the Class L  Certificate  referred to in the Pooling and Servicing
Agreement.

Dated:
        ----------------------

                                LaSalle Bank National Association, not
                                in its individual capacity but solely as
                                Authenticating Agent

                                By:
                                   ---------------------------------------------
                                        Authorized Officer

                                      L-7
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s), and transfer(s) unto
                                -----------------------------------------------
-------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class G  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  G
Certificate of the entire Percentage Interest  represented by the within Class G
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  G
Certificate to the following address:

-------------------------------

-------------------------------

Date:                           ------------------------------------------------
        --------------------    Signature by or on behalf of Assignor(s)

                                ------------------------------------------------
                                Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:
              -----------------------------------------------------------------
Distributions, if to be made by wire transfer in immediately available funds
to
                        for the account of
------------------------                   ------------------------------------
                        account number
------------------------               ----------------------------------------

This information is provided by                                  the Assignee(s)
                                --------------------------------
named above, or                                 as it (their) agent.
                -------------------------------

                     By:
                        -------------------------------------------------------

                     Name:
                          -----------------------------------------------------
                     [Please print or type name(s)]

                     Title:
                           ----------------------------------------------------

                     ----------------------------------------------------------
                     Taxpayer Identification Number

                                      L-8

<PAGE>

                               CLASS M CERTIFICATE

     THIS CLASS M CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     PRINCIPAL  PAYMENTS ON THIS  CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

     THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN  REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

     NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      M-1

<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     ANY HOLDER  DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

     TRANSFERS  AND  EXCHANGES  OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      M-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS M

Pass-Through Rate: 6.22 %*

First Distribution Date:                Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate           Scheduled Final Distribution Date:
Balance of the Class M Certificates:    May 12, 2015
$10,761,000

CUSIP: 69348H CZ 9                      ISIN: US69348HCZ91

                                        Initial Certificate Balance
                                        of this Certificate:
                                        $10,761,000

Certificate No.: M-1                    Registered Owner: Cede & Co.

     This  certifies  that Cede & Co. is the  registered  owner of a  beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class M Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

     This Certificate represents a "regular interest" in a "real estate mortgage
investment  conduit",  as those  terms are  defined,  respectively,  in Sections
86OG(a)(1)  and 860D of the  Internal  Revenue  Code of 1986,  as amended.  Each
Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to take
no action  inconsistent  with the treatment of, this  Certificate  in accordance
with the  preceding  sentence for purposes of federal  income  taxes,  state and
local  income and  franchise  taxes and other  taxes  imposed on or  measured by
income.

     The Trustee makes no representation or warranty as to any of the statements
contained  herein or the  validity or  sufficiency  of the  Certificates  or the
Mortgage  Loans and has executed  this  Certificate  in its limited  capacity as
Trustee under the Pooling and Servicing Agreement.

     Pursuant to the terms of the Pooling and Servicing Agreement,  the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

----------------
*But not to exceed the REMIC II Remittance Rate.

                                      M-3

<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class M  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement.

     Interest will accrue on Class M Certificates  during each Interest  Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class M Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

     Interest accrued on this Certificate during an Interest Accrual Period, net
of this  Certificate's  pro rata share of any Net  Aggregate  Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

     All  distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

     Any funds not  distributed to Holders of any Class of  Certificates  on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      M-4

<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

     This  Certificate  is limited in right of payment to,  among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement,  the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

     This  Certificate  does not purport to summarize  the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

     As provided in the Pooling and  Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

     Prior to due presentation of this Certificate for registration of transfer,
the Depositor, the Master Servicer, the Special Servicer and any agent of any of
them may treat the Person in whose name this  Certificate  is  registered as the
owner hereof for all purposes,  and none of the Depositor,  the Master Servicer,
the Special  Servicer or any agent of any of them shall be affected by notice to
the contrary.

     No fee or service charge shall be imposed by the Certificate  Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      M-5

<PAGE>

     The Pooling and  Servicing  Agreement  or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

     On any  Distribution  Date  after  the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

     Subject to certain  termination  requirements  set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

     As a condition to the  purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

     Unless the  Certificate  of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      M-6

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class M Certificate to be
duly executed.

Dated:
      ----------------

                         LaSalle Bank National Association, not in its
                         individual capacity but solely as Trustee

                         By:
                            ------------------------------------------
                            Authorized Officer

                         Certificate of Authentication
                         -----------------------------

     This is the Class M  Certificate  referred to in the Pooling and  Servicing
Agreement.

Dated:
      ----------------

                         LaSalle Bank National Association, not in its
                         individual capacity but solely as Authenticating Agent

                         By:
                            ------------------------------------------
                            Authorized Officer

                                      M-7

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned  ("Assignor(s)") hereby sell(s),  assign(s),
and transfer(s) unto  __________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class M  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  M
Certificate of the entire Percentage Interest  represented by the within Class M
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  M
Certificate to the following address:

--------------------------------------

--------------------------------------

Date:
     ----------------              ----------------------------------------
                                   Signature by or on behalf of Assignor(s)

                                   ----------------------------------------
                                   Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

     The Assignee(s) should include the following for purposes of distribution:

Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:

-----------------------------------------------------------------------

Distributions,  if to be made by wire transfer in immediately available funds to
_____________________ for the account of _______________________________________
_____________________ account number ___________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                              By:
                                 --------------------------------------

                              Name:
                                   ------------------------------------
                                   [Please print or type name(s)]

                              Title:
                                    -----------------------------------

                              -----------------------------------------
                              Taxpayer Identification Number

                                      M-8

<PAGE>

                               CLASS N CERTIFICATE

     THIS CLASS N CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     PRINCIPAL  PAYMENTS ON THIS  CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

     THIS CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF CERTIFICATES TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY  TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN  REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

     NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      N-1

<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     ANY HOLDER  DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

     TRANSFERS  AND  EXCHANGES  OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      N-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS N

Pass-Through Rate: 6.22 %*

First Distribution Date:                Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate           Scheduled Final Distribution Date:
Balance of the Class N Certificates:    June 12, 2015
$5,380,000

CUSIP: 69348H DA 3                      ISIN: US69348HDA32

                                        Initial Certificate Balance
                                        of this Certificate:
                                        $5,380,000

Certificate No.: N-1                    Registered Owner: Cede & Co.

     This  certifies  that Cede & Co. is the  registered  owner of a  beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class N Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

     This Certificate represents a "regular interest" in a "real estate mortgage
investment  conduit",  as those  terms are  defined,  respectively,  in Sections
86OG(a)(1)  and 860D of the  Internal  Revenue  Code of 1986,  as amended.  Each
Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to take
no action  inconsistent  with the treatment of, this  Certificate  in accordance
with the  preceding  sentence for purposes of federal  income  taxes,  state and
local  income and  franchise  taxes and other  taxes  imposed on or  measured by
income.

     The Trustee makes no representation or warranty as to any of the statements
contained  herein or the  validity or  sufficiency  of the  Certificates  or the
Mortgage  Loans and has executed  this  Certificate  in its limited  capacity as
Trustee under the Pooling and Servicing Agreement.

     Pursuant to the terms of the Pooling and Servicing Agreement,  the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

--------
* But not to exceed the REMIC II Remittance Rate.

                                      N-3

<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class N  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement.

     Interest will accrue on Class N Certificates  during each Interest  Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class N Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

     Interest accrued on this Certificate during an Interest Accrual Period, net
of this  Certificate's  pro rata share of any Net  Aggregate  Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

     All  distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

     Any funds not  distributed to Holders of any Class of  Certificates  on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      N-4

<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

     This  Certificate  is limited in right of payment to,  among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement,  the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

     This  Certificate  does not purport to summarize  the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

     As provided in the Pooling and  Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

     Prior to due presentation of this Certificate for registration of transfer,
the Depositor, the Master Servicer, the Special Servicer and any agent of any of
them may treat the Person in whose name this  Certificate  is  registered as the
owner hereof for all purposes,  and none of the Depositor,  the Master Servicer,
the Special  Servicer or any agent of any of them shall be affected by notice to
the contrary.

     No fee or service charge shall be imposed by the Certificate  Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      N-5

<PAGE>

     The Pooling and  Servicing  Agreement  or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

     On any  Distribution  Date  after  the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

     Subject to certain  termination  requirements  set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

     As a condition to the  purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

     Unless the  Certificate  of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      N-6

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class N Certificate to be
duly executed.

Dated:
      ----------------

                         LaSalle Bank National Association, not in its
                         individual capacity but solely as Trustee

                         By:
                            ------------------------------------------
                            Authorized Officer

                         Certificate of Authentication
                         -----------------------------

     This is the Class N  Certificate  referred to in the Pooling and  Servicing
Agreement.

Dated:
      ----------------

                         LaSalle Bank National Association, not in its
                         individual capacity but solely as Authenticating Agent

                         By:
                            ------------------------------------------
                            Authorized Officer

                                      N-7

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned  ("Assignor(s)") hereby sell(s),  assign(s),
and  transfer(s)   unto   ______________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class N  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  N
Certificate of the entire Percentage Interest  represented by the within Class N
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  N
Certificate to the following address:

--------------------------------------

--------------------------------------

Date:
     ----------------              ----------------------------------------
                                   Signature by or on behalf of Assignor(s)

                                   ----------------------------------------
                                   Taxpayer Identification Number

                           DISTRIBUTION INSTRUCTIONS

     The Assignee(s) should include the following for purposes of distribution:

Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:

-----------------------------------------------------------------------

Distributions,  if to be made by wire transfer in immediately available funds to
_____________________ for the account of _______________________________________
_____________________ account number __________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                              By:
                                 --------------------------------------

                              Name:
                                   ------------------------------------
                                   [Please print or type name(s)]

                              Title:
                                    -----------------------------------

                              -----------------------------------------
                              Taxpayer Identification Number

                                      N-8

<PAGE>

                               CLASS O CERTIFICATE

      THIS CLASS O  CERTIFICATE  DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR,  THE SELLERS, THE MASTER SERVICER,  THE SPECIAL SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      PRINCIPAL  PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET
FORTH  HEREIN.   ACCORDINGLY,   THE  OUTSTANDING  CERTIFICATE  BALANCE  OF  THIS
CERTIFICATE  AT ANY TIME MAY BE LESS THAN THE  INITIAL  CERTIFICATE  BALANCE SET
FORTH BELOW.

      THIS  CERTIFICATE IS SUBORDINATE TO CERTAIN OTHER CLASSES OF  CERTIFICATES
TO THE EXTENT SET FORTH IN THE  POOLING  AND  SERVICING  AGREEMENT  REFERRED  TO
HEREIN.

      UNLESS THIS  CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE  OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR  OF THE  CERTIFICATES  FOR  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR
PAYMENT,  AND ANY CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER  ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE  REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A)(1) TO A BUYER THAT
THE SELLER  REASONABLY  BELIEVES IS A QUALIFIED  INSTITUTIONAL  BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) TO A BUYER WHOM THE SELLER REASONABLY  BELIEVES
IS AN INSTITUTIONAL  "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),
(2),  (3) OR (7) OF  REGULATION D UNDER THE  SECURITIES  ACT, OR AN ENTITY OWNED
ENTIRELY  BY OTHER  ENTITIES  THAT  COME  WITHIN  THESE  PARAGRAPHS,  AND (B) IN
ACCORDANCE  WITH ALL  APPLICABLE  SECURITIES  LAWS OF THE  STATES OF THE  UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

      NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS

                                      O-1
<PAGE>

TRUSTEE OF, OR WITH ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT,  EXCEPT IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION 5.2 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS  AND  EXCHANGES OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

      SOLELY  FOR U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 86OG(a)(1) AND 860D OF THE CODE.

                                      O-2
<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                             SERIES 2000-C2, CLASS O

Pass-Through Rate: 6.22 %*

First Distribution Date:                  Cut-off Date:  October 1, 2000
November 13, 2000

Aggregate Initial Certificate             Scheduled Final Distribution Date:
Balance of the Class O Certificates:      September 12, 2020
$21,522,272

CUSIP: 69348H DB 1                        ISIN: US69348HDB15

                                          Initial Certificate Balance
                                          of this Certificate:
                                          $21,522,272

Certificate No.: O-1                      Registered Owner: Cede & Co.

      This  certifies  that Cede & Co. is the  registered  owner of a beneficial
ownership interest in a Trust Fund,  including the distributions to be made with
respect to the Class O Certificates. The Trust Fund, described more fully below,
consists  primarily  of a pool of  commercial  and  multifamily  Mortgage  Loans
secured by first liens on  commercial  and  multifamily  properties  and held in
trust by the Trustee and  serviced  by the Master  Servicer.  The Trust Fund was
created,  the Mortgage Loans are to be serviced,  and this Certificate is issued
pursuant  to,  and in  accordance  with,  the terms of a Pooling  and  Servicing
Agreement,  dated as of October 1, 2000 (the "Pooling and Servicing Agreement"),
by and among PNC Mortgage  Acceptance  Corp.,  as depositor  (the  "Depositor"),
Midland  Loan  Services,  Inc.,  as master  servicer and special  servicer  (the
"Master Servicer" or "Special Servicer"),  LaSalle Bank National Association, as
trustee  (the  "Trustee")  and ABN AMRO Bank N.V.,  as fiscal agent (the "Fiscal
Agent").  To the extent not defined herein,  capitalized terms used herein shall
have the meanings assigned thereto in the Pooling and Servicing  Agreement.  The
Holder of this Certificate,  by virtue of the acceptance hereof,  assents to the
terms,  provisions and conditions of the Pooling and Servicing  Agreement and is
bound thereby.

      This  Certificate  represents  a  "regular  interest"  in a  "real  estate
mortgage  investment  conduit",  as those terms are  defined,  respectively,  in
Sections  86OG(a)(1) and 860D of the Internal  Revenue Code of 1986, as amended.
Each Holder of this Certificate,  by acceptance hereof,  agrees to treat, and to
take  no  action  inconsistent  with  the  treatment  of,  this  Certificate  in
accordance  with the  preceding  sentence for purposes of federal  income taxes,
state and local  income  and  franchise  taxes and  other  taxes  imposed  on or
measured by income.

      The  Trustee  makes  no  representation  or  warranty  as to  any  of  the
statements  contained  herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this  Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate), on the twelfth day

-------
*But not to exceed the REMIC II Remittance Rate.

                                      O-3
<PAGE>

of each month,  or if such  twelfth day is not a Business  Day, the Business Day
immediately  following such twelfth day,  commencing in November 2000 (each such
date, a "Distribution  Date"),  to the Person in whose name this  Certificate is
registered  as of the related  Record Date, an amount equal to such Person's pro
rata share (based on the Percentage  Interest  represented  by this  Certificate
after taking into account transfers and exchanges occurring prior to the related
Record Date) of that portion of the  aggregate  amount of principal and interest
then  distributable,  if any,  allocable  to the Class O  Certificates  for such
Distribution  Date,  all as more fully  described  in the Pooling and  Servicing
Agreement.

      Interest will accrue on Class O Certificates  during each Interest Accrual
Period  (as  defined  below)  at a rate  equal to the  Pass-Through  Rate on the
outstanding  Certificate  Balance  hereof.  All  calculations of interest on the
Class O Certificates  will be made on the basis of a 360-day year  consisting of
twelve 30-day months.

      Interest  accrued on this  Certificate  during an Interest Accrual Period,
net of this Certificate's pro rata share of any Net Aggregate Prepayment/Balloon
Payment  Interest  Shortfalls  for  the  related  Distribution  Date,  plus  the
aggregate unpaid Class Interest  Shortfall with respect to this Certificate,  if
any, will be payable on the related  Distribution Date to the extent provided in
the Pooling and Servicing Agreement.  The "Interest Accrual Period" with respect
to any Distribution Date is the calendar month preceding the month in which such
Distribution Date occurs.

      All distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  (determined without regard to any possible future  reimbursement of
any Realized Losses or Expense Losses previously allocated to such Certificates)
shall be made in like manner,  but only upon  presentment  and surrender of such
Certificate at the corporate trust office of the Trustee or its agent (which may
be the Paying Agent or the Certificate  Registrar  acting as such agent) that is
specified in the notice to  Certificateholders  of such final distribution.  Any
distribution  that is to be made with respect to a Certificate in  reimbursement
of  a  Realized  Loss  or  Expense  Loss  previously  allocated  thereto,  which
reimbursement  is  to  occur  after  the  date  on  which  such  Certificate  is
surrendered as  contemplated  by the preceding  sentence,  will be made by check
mailed to the  Certificateholder  that  surrendered  such Certificate or by wire
transfer if such  Certificateholder  has provided the Trustee with wire transfer
instructions.

      Any funds not  distributed to Holders of any Class of  Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice, any such Certificates shall not have

                                      O-4
<PAGE>

been surrendered for cancellation, the Paying Agent shall pay to the Class R-III
Certificateholders  all amounts  otherwise  distributable to such  non-tendering
Holders. No interest shall accrue or be payable to any  Certificateholder on any
amount held as a result of such  Certificateholder's  failure to  surrender  its
Certificate(s)  for final payment  thereof in accordance  with Section 4.8(b) of
the  Pooling  and  Servicing  Agreement.  Such funds held by the  Trustee may be
invested in Permitted  Investments  and all income and gain from such investment
shall be for the benefit of the Trustee.

      This  Certificate  is limited in right of payment to, among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer  and the  Trustee,  as  applicable,  as set  forth in the  Pooling  and
Servicing Agreement.

      This  Certificate  does not purport to summarize the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

           Prior to due  presentation of this  Certificate  for  registration of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner  hereof for all  purposes,  and none of the  Depositor,  the Master
Servicer,  the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

                                      O-5
<PAGE>

      The Pooling and  Servicing  Agreement or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any  Distribution  Date  after the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain  termination  requirements set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

      In the event that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the  Certificate of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]
                                      O-6
<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class O Certificate to be
duly executed.

Dated:
        --------------------

                                LaSalle Bank National Association, not
                                in its individual capacity but solely as
                                Trustee

                                By:
                                   --------------------------------------------
                                        Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is the Class O  Certificate  referred to in the Pooling and Servicing
Agreement.

Dated:
        -------------------

                                LaSalle Bank National Association, not
                                in its individual capacity but solely as
                                Authenticating Agent

                                By:
                                    --------------------------------------------
                                        Authorized Officer

                                      O-7
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s), and transfer(s) unto
                                -----------------------------------------------
-------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class G  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  G
Certificate of the entire Percentage Interest  represented by the within Class G
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  G
Certificate to the following address:

-------------------------------

-------------------------------

Date:                             ---------------------------------------------
     --------------------------   Signature by or on behalf of Assignor(s)

                                  ---------------------------------------------
                                  Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:
              -----------------------------------------------------------------
Distributions, if to be made by wire transfer in immediately available funds
to
                        for the account of
------------------------                   ------------------------------------
                        account number
------------------------               ----------------------------------------

This information is provided by                                 the Assignee(s)
                                -------------------------------
named above, or                          as it (their) agent.
                -------------------------

                     By:
                        -------------------------------------------------------

                     Name:
                          -----------------------------------------------------
                     [Please print or type name(s)]

                     Title:
                           ----------------------------------------------------

                     ----------------------------------------------------------
                     Taxpayer Identification Number

                                      O-8

<PAGE>

                               CLASS V CERTIFICATE

      THE CLASS V CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES NOR THE UNDERLYING  MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD, PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A) TO A BUYER THAT THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER QUALIFIED  INSTITUTIONAL  BUYER IN A TRANSACTION  MEETING THE
REQUIREMENTS OF RULE 144A AND (B) IN ACCORDANCE  WITH ALL APPLICABLE  SECURITIES
LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

      NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST  HEREIN ON BEHALF OF, AS NAMED  FIDUCIARY  OF, AS  TRUSTEE  OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN  ACCORDANCE  WITH THE  PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
FISCAL  AGENT,  THE MASTER  SERVICER,  THE SPECIAL  SERVICER  AND THE  DEPOSITOR
AGAINST  ANY  LIABILITY  THAT MAY RESULT IF THE  TRANSFER IS NOT EXEMPT FROM THE
1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS  AND  EXCHANGES OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

                                      V-1
<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.,
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
                             SERIES 2000-C2, CLASS V

                                                      Percentage Interest: ___%

Certificate No.: V-___                              Registered Owner: _________

      This  certifies  that  _________ is the  registered  owner of a beneficial
interest in a Trust Fund, including the distributions to be made with respect to
the Class V Certificates.  The Trust Fund, described more fully below,  consists
primarily of a pool of  commercial  and  multifamily  Mortgage  Loans secured by
first liens on commercial  and  multifamily  properties and held in trust by the
Trustee and serviced by the Master  Servicer.  The Trust Fund was  created,  the
Mortgage Loans are to be serviced,  and this  Certificate is issued pursuant to,
and in accordance with, the terms of a Pooling and Servicing Agreement, dated as
of October 1, 2000 (the  "Pooling and  Servicing  Agreement"),  by and among PNC
Mortgage  Acceptance  Corp.,  as  depositor  (the  "Depositor"),   Midland  Loan
Services,  Inc., as master servicer and special servicer (the "Master  Servicer"
or "Special  Servicer"),  LaSalle  Bank  National  Association,  as trustee (the
"Trustee") and ABN AMRO Bank N.V., as fiscal agent (the "Fiscal Agent").  To the
extent not defined herein, capitalized terms used herein shall have the meanings
assigned  thereto in the Pooling  and  Servicing  Agreement.  The Holder of this
Certificate,  by  virtue  of  the  acceptance  hereof,  assents  to  the  terms,
provisions  and  conditions of the Pooling and Servicing  Agreement and is bound
thereby.

      The  Trustee  makes  no  representation  or  warranty  as to  any  of  the
statements  contained  herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this  Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      This Certificate  represents a pro rata undivided  interest in the Grantor
Trust created pursuant to the Pooling and Servicing  Agreement.  Pursuant to the
terms of the Pooling and Servicing  Agreement,  the Trustee, or the Paying Agent
on behalf of the Trustee,  will distribute (other than the final distribution on
any  Certificate),  on the twelfth day of each month,  or if such twelfth day is
not a Business  Day, the Business Day  immediately  following  such twelfth day,
commencing  in November  2000 (each such date, a  "Distribution  Date"),  to the
Person in whose name this  Certificate  is registered  as of the related  Record
Date, an amount equal to such  Person's pro rata share (based on the  Percentage
Interest represented by this Certificate after taking into account transfers and
exchanges  occurring  prior to the related  Record  Date) of that portion of the
Deferred Interest then distributable, if any, for such Distribution Date, all as
more fully described in the Pooling and Servicing Agreement.

      All distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date,  which will be the last
Business Day of the month  immediately  preceding the month in which the related
Distribution Date occurs.  Such  distributions will be made (a) by wire transfer
in immediately available funds to the account specified by the Certificateholder
at a bank or other  entity  located  in the  United  States  having  appropriate
facilities therefor, if such Certificateholder  provides the Trustee with wiring
instructions  in writing on or before the related  Record Date, or otherwise (b)
by check  mailed  to such  Certificateholder.  The  final  distribution  on each
Certificate  shall  be  made in like  manner,  but  only  upon  presentment  and
surrender of such  Certificate  at the corporate  trust office of the Trustee or
its agent (which may be the Paying Agent or the Certificate  Registrar acting as
such agent) that is specified in the notice to  Certificateholders of such final
distribution.

      Any funds not  distributed to Holders of any Class of  Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates shall be set aside and held in trust for the account of the non-

                                      V-2
<PAGE>

tendering  Certificateholders.  If any  Certificates  as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice,  any such  Certificates  shall not have been  surrendered for
cancellation,  the Paying Agent  shall,  the Paying Agent shall pay to the Class
R-III   Certificateholders   all  amounts   otherwise   distributable   to  such
non-tendering   Holders.   No  interest  shall  accrue  or  be  payable  to  any
Certificateholder  on any  amount  held as a result of such  Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with Section 4.8(b) of the Pooling and Servicing  Agreement.  Such funds held by
the Trustee may be invested  in  Permitted  Investments  and all income and gain
from such investment shall be for the benefit of the Trustee.

      This  Certificate  is limited in right of payment to, among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As  provided in the Pooling and  Servicing  Agreement,  the Grantor  Trust
Collection  Account and the Grantor Trust  Distribution  Account will be held in
the name of the Trustee on behalf of the Holders of Class V Certificates and the
Master  Servicer or the  Trustee,  as  applicable,  will be  authorized  to make
withdrawals  therefrom.  Amounts on deposit in such  accounts may be invested in
Permitted  Investments.  Interest or other income earned on funds in the Grantor
Trust Collection Account will be paid to the Master Servicer as set forth in the
Pooling and Servicing Agreement. Interest or other income earned on funds in the
Grantor  Distribution  Account  will be paid to the  Trustee as  provided in the
Pooling and Servicing Agreement.

      This  Certificate  does not purport to summarize the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the Holder  hereof or such  Holder's  attorney  duly  authorized  in
writing.  Thereupon, one or more new Certificates of a like aggregate Percentage
Interest of the same Class in authorized  denominations  will be executed by the
Trustee  and  authenticated  by the  Trustee  or the  Authenticating  Agent  and
delivered  by  the  Certificate   Registrar  to  the  designated  transferee  or
transferees.

      Prior  to  due  presentation  of  this  Certificate  for  registration  of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner  hereof for all  purposes,  and none of the  Depositor,  the Master
Servicer,  the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate referred to in Section 5.2 of the Pooling and

                                      V-3
<PAGE>

Servicing   Agreement,   other  than  in  connection   with  a  transfer  to  an
Institutional  Accredited  Investor.  In  connection  with  any  transfer  to an
Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any  costs  (including  the cost of the  Certificate  Registrar's  counsel's
review of the documents and any legal  opinions,  submitted by the transferor or
transferee  to the  Certificate  Registrar  as  provided  in Section  5.2 of the
Pooling and  Servicing  Agreement)  incurred  by the  Certificate  Registrar  in
connection with such transfer.  The Certificate Registrar may require payment by
each  transferor  of a sum  sufficient  to  cover  any  tax,  expense  or  other
governmental charge payable in connection with any such transfer.

      The Pooling and  Servicing  Agreement or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any  Distribution  Date  after the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain  termination  requirements set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

      In the event that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon  confirmation that such deposit has been made, the Trustee shall release or
cause to be released to the Final  Purchaser or its designee the Mortgage  Files
for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other  instruments  furnished to it by the Final Purchaser without recourse,
representation  or warranty as shall be necessary to effectuate  transfer of the
remaining Mortgage Loans and REO Properties held by the Trust Fund, in each case
without  representation  or warranty by the Trustee.  All Mortgage Files for the
remaining  Mortgage  Loans and REO  Properties  shall be  delivered to the Final
Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

                                      V-4
<PAGE>

      Unless the  Certificate of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                      V-5
<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class V Certificate to be
duly executed.

Dated:
        -----------------------------

                                 LaSalle Bank National Association, not
                                 in its individual capacity but solely as
                                 Trustee

                                 By:
                                     ------------------------------------------
                                        Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is the Class V  Certificate  referred to in the Pooling and Servicing
Agreement.

Dated:
        -----------------------

                                LaSalle Bank National Association, not
                                in its individual capacity but solely as
                                Authenticating Agent

                                 By:
                                     ------------------------------------------
                                        Authorized Officer

                                      V-6

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s), and transfer(s) unto
                                -----------------------------------------------
-------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class G  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  G
Certificate of the entire Percentage Interest  represented by the within Class G
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  G
Certificate to the following address:

-------------------------------

-------------------------------

Date:                            ----------------------------------------------
     --------------------------  Signature by or on behalf of Assignor(s)

                                 ----------------------------------------------
                                 Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:
              -----------------------------------------------------------------
Distributions, if to be made by wire transfer in immediately available funds
to
                        for the account of
------------------------                   ------------------------------------
                        account number
------------------------               ----------------------------------------

This information is provided by                                  the Assignee(s)
                                --------------------------------
named above, or                         as it (their) agent.
                ------------------------

                     By:
                        -------------------------------------------------------

                     Name:
                          -----------------------------------------------------
                     [Please print or type name(s)]

                     Title:
                           ----------------------------------------------------

                     ----------------------------------------------------------
                     Taxpayer Identification Number

                                      V-7

<PAGE>

                          CLASS R-I CERTIFICATE

      THIS CLASS R-I CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR,  THE SELLERS, THE MASTER SERVICER,  THE SPECIAL SERVICER,  THE
TRUSTEE,  THE FISCAL AGENT OR ANY OF THEIR  RESPECTIVE  AFFILIATES.  NEITHER THE
CERTIFICATES  NOR THE  MORTGAGE  LOANS ARE INSURED OR  GUARANTEED  BY THE UNITED
STATES  GOVERNMENT,  THE  FEDERAL  DEPOSIT  INSURANCE  CORPORATION  OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      SOLELY  FOR U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS
THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS  86OG(a)(2) AND 860D OF THE
CODE.  CONSEQUENTLY,  THE  TRANSFER OF THIS  CERTIFICATE  IS ALSO SUBJECT TO THE
ADDITIONAL TAX RELATED TRANSFER  RESTRICTIONS  DESCRIBED  HEREIN.  IF ANY PERSON
BECOMES THE REGISTERED  HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS,  SUCH PERSON SHALL BE DEEMED NOT TO BE A CERTIFICATEHOLDER FOR ANY
PURPOSE  HEREUNDER  OR UNDER THE POOLING  AND  SERVICING  AGREEMENT  REFERRED TO
HEREIN,  INCLUDING,  BUT NOT LIMITED TO, THE  RECEIPT OF  DISTRIBUTIONS  ON THIS
CERTIFICATE.

      THIS  CERTIFICATE  MAY NOT BE SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED  TO
"DISQUALIFIED  ORGANIZATIONS" WITHIN THE MEANING OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED.

      A TRANSFEREE OF THIS CERTIFICATE,  BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE
ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS
SET FORTH IN SECTION 5.2 OF THE POOLING AND  SERVICING  AGREEMENT,  AND SHALL BE
REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE TRUSTEE TO THE EFFECT
THAT,  AMONG OTHER THINGS,  (A) IT IS NOT A DISQUALIFIED  ORGANIZATION,  AS SUCH
TERM IS DEFINED IN CODE  SECTION  860E(e)(5),  OR AN AGENT  (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED  ORGANIZATION AND IS OTHERWISE
A  PERMITTED  TRANSFEREE  (AS DEFINED IN THE  POOLING  AND  SERVICING  AGREEMENT
REFERRED TO HEREIN),  (B) IT HAS  HISTORICALLY  PAID ITS DEBTS AS THEY HAVE COME
DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND
(C) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY
BECOME DUE.  ANY  PURPORTED  TRANSFER TO A  DISQUALIFIED  ORGANIZATION  OR OTHER
PERSON THAT IS NOT A PERMITTED  TRANSFEREE  OR  OTHERWISE  IN VIOLATION OF THESE
RESTRICTIONS  SHALL BE ABSOLUTELY  NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY
PURPORTED TRANSFEREE.  IF THIS CERTIFICATE  REPRESENTS A "NON-ECONOMIC  RESIDUAL
INTEREST," AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-l(c),  TRANSFERS OF
THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO
SATISFY  A  REGULATORY  SAFE  HARBOR  UNDER  WHICH  SUCH  TRANSFERS  WILL NOT BE
DISREGARDED,  THE  TRANSFEROR  MAY BE REQUIRED,  AMONG OTHER THINGS,  TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.

      THE HOLDER OF THIS  CERTIFICATE,  BY ACCEPTANCE  HEREOF, IS DEEMED TO HAVE
AGREED  TO  CONSENT  TO  ACT AS  "TAX  MATTERS  PERSON"  OF  REMIC  I AND TO THE
APPOINTMENT  OF THE  TRUSTEE AS  ATTORNEY-IN-FACT  AND AGENT FOR THE TAX MATTERS
PERSON OR AS  OTHERWISE  PROVIDED  IN THE  POOLING AND  SERVICING

                                     R-I-1
<PAGE>

AGREEMENT TO PERFORM THE  FUNCTIONS  OF A "TAX MATTERS  PARTNER" FOR PURPOSES OF
SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

      THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD, PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A) TO A BUYER THAT THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER QUALIFIED  INSTITUTIONAL  BUYER IN A TRANSACTION  MEETING THE
REQUIREMENTS OF RULE 144A AND (B) IN ACCORDANCE  WITH ALL APPLICABLE  SECURITIES
LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

      NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST  HEREIN ON BEHALF OF, AS NAMED  FIDUCIARY  OF, AS  TRUSTEE  OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN  ACCORDANCE  WITH THE  PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
MASTER SERVICER,  THE SPECIAL  SERVICER AND THE DEPOSITOR  AGAINST ANY LIABILITY
THAT MAY RESULT IF THE  TRANSFER  IS NOT EXEMPT FROM THE 1933 ACT OR IS NOT MADE
IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS  AND  EXCHANGES OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

                                     R-I-2

<PAGE>

                          PNC MORTGAGE ACCEPTANCE CORP.
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                            SERIES 2000-C2, CLASS R-I

                                                    Percentage Interest:     %
                                                                        -----
Certificate No.:  R-I-                              Registered Owner:
                      -----                                          --------

      This  certifies  that                   is the  registered  owner  of the
                            ------------------
Percentage  Interest  evidenced by this Certificate in the Trust Fund. The Class
R-I  Certificateholder  is not entitled to interest or principal  distributions.
The Trust Fund,  described  more fully  below,  consists  primarily of a pool of
commercial and  multifamily  Mortgage Loans secured by first liens on commercial
and multifamily  properties and held in trust by the Trustee and serviced by the
Master  Servicer.  The Trust  Fund was  created,  the  Mortgage  Loans are to be
serviced,  and this  Certificate is issued pursuant to, and in accordance  with,
the terms of a Pooling and Servicing Agreement, dated as of October 1, 2000 (the
"Pooling and Servicing Agreement"),  by and among PNC Mortgage Acceptance Corp.,
as depositor (the "Depositor"),  Midland Loan Services, Inc., as master servicer
and special servicer (the "Master Servicer" or "Special Servicer"), LaSalle Bank
National  Association,  as trustee (the  "Trustee")  and ABN AMRO Bank N.V.,  as
fiscal agent (the "Fiscal Agent"). To the extent not defined herein, capitalized
terms used herein  shall have the meanings  assigned  thereto in the Pooling and
Servicing Agreement. The Holder of this Certificate, by virtue of the acceptance
hereof,  assents to the terms,  provisions  and  conditions  of the  Pooling and
Servicing Agreement and is bound thereby.

      This  Certificate  represents  a  "residual  interest"  in a "real  estate
mortgage  investment  conduit",  as those terms are  defined,  respectively,  in
Sections  86OG(a)(2)  and 860D of the Internal  Revenue Code of 1986, as amended
(the "Code").  Each Holder of this Certificate,  by acceptance hereof, agrees to
treat,  and  to  take  no  action  inconsistent  with  the  treatment  of,  this
Certificate  in accordance  with the preceding  sentence for purposes of federal
income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

      The  Trustee  makes  no  representation  or  warranty  as to  any  of  the
statements  contained  herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this  Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate),  on the twelfth day of each month, or if
such twelfth day is not a Business Day, the Business Day  immediately  following
such twelfth day,  commencing in November 2000 (each such date, a  "Distribution
Date"),  to the holders of this  Certificate  as of the related  Record Date, an
amount equal to the product of the Percentage  Interest  specified above and the
amount,  if  any,  required  to be  distributed  to  holders  of the  Class  R-I
Certificates under the terms of the Pooling and Servicing  Agreement.  It is not
anticipated  that  there  will  be  any  distributions  made  on the  Class  R-I
Certificates.

      The Class R-I  Certificateholder  will be entitled to receive the proceeds
of the remaining assets of REMIC I, if any, on the final  Distribution  Date for
the REMIC I Regular Interests, after distributions in respect of any accrued but
unpaid  interest on the REMIC I Regular  Interests  and after  distributions  in
reduction of principal balance have reduced the principal  balances of the REMIC
I Regular Interests to zero. It is not anticipated that there will be any assets
remaining  in REMIC I on the  final  Distribution  Date for the  REMIC I Regular
Interests following the distributions on the REMIC I Regular Interests.

      All distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date, which will

                                     R-I-3
<PAGE>

be the last Business Day of the month  immediately  preceding the month in which
the related  Distribution Date occurs.  Such  distributions  will be made (a) by
wire transfer in  immediately  available  funds to the account  specified by the
Certificateholder  at a bank or other entity located in the United States having
appropriate facilities therefor, if such Certificateholder  provides the Trustee
with wiring  instructions  in writing on or before the related  Record Date,  or
otherwise (b) by check mailed to such Certificateholder.  The final distribution
on each Certificate shall be made in like manner,  but only upon presentment and
surrender of such  Certificate  at the corporate  trust office of the Trustee or
its agent (which may be the Paying Agent or the Certificate  Registrar acting as
such agent) that is specified in the notice to  Certificateholders of such final
distribution.

      Any funds not  distributed to Holders of any Class of  Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice,  any such  Certificates  shall not have been  surrendered for
cancellation,  the Paying Agent shall pay to the Class R-III  Certificateholders
all amounts otherwise  distributable to such non-tendering  Holders. No interest
shall  accrue or be payable  to any  Certificateholder  on any amount  held as a
result of such  Certificateholder's  failure to surrender its Certificate(s) for
final  payment  thereof in  accordance  with  Section  4.8(b) of the Pooling and
Servicing Agreement. Such funds held by the Trustee may be invested in Permitted
Investments  and all  income  and gain  from  such  investment  shall be for the
benefit of the Trustee.

      This  Certificate  is limited in right of payment to, among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer as set forth in the Pooling and Servicing Agreement.

      This  Certificate  does not purport to summarize the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the

                                     R-I-4
<PAGE>

Holder hereof or such Holder's  attorney duly authorized in writing.  Thereupon,
one or more new Certificates of a like aggregate Percentage Interest of the same
Class  in  authorized   denominations  will  be  executed  by  the  Trustee  and
authenticated  by the Trustee or the  Authenticating  Agent and delivered by the
Certificate Registrar to the designated transferee or transferees.

      Prior  to  due  presentation  of  this  Certificate  for  registration  of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner  hereof for all  purposes,  and none of the  Depositor,  the Master
Servicer,  the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

      The Pooling and  Servicing  Agreement or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any  Distribution  Date  after the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain  termination  requirements set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

      In the event that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall

                                     R-I-5
<PAGE>

release or cause to be  released  to the Final  Purchaser  or its  designee  the
Mortgage  Files  for  the  remaining   Mortgage  Loans  and  shall  execute  all
assignments,  endorsements  and other  instruments  furnished to it by the Final
Purchaser without recourse,  representation or warranty as shall be necessary to
effectuate  transfer of the remaining  Mortgage Loans and REO Properties held by
the Trust Fund, in each case without  representation or warranty by the Trustee.
All Mortgage Files for the remaining  Mortgage Loans and REO Properties shall be
delivered to the Final Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the  Certificate of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                     R-I-6
<PAGE>

     IN WITNESS WHEREOF, the Trustee has caused this Class R-I Certificate to be
duly executed.

Dated:
        ---------------------

                                LaSalle Bank National Association, not
                                in its individual capacity but solely as
                                Trustee

                                By:
                                    -------------------------------------------
                                        Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is one of the Class R-I  Certificates  referred to in the Pooling and
Servicing Agreement.

Dated:
        ---------------------

                                LaSalle Bank National Association, not
                                in its individual capacity but solely as
                                Authenticating Agent

                                By:
                                    -------------------------------------------
                                        Authorized Officer

                                     R-I-7
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s), and transfer(s) unto
                                -----------------------------------------------
-------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class G  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  G
Certificate of the entire Percentage Interest  represented by the within Class G
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  G
Certificate to the following address:

-------------------------------

-------------------------------

Date:                             ---------------------------------------------
     --------------------------   Signature by or on behalf of Assignor(s)

                                  ---------------------------------------------
                                  Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:
              -----------------------------------------------------------------
Distributions, if to be made by wire transfer in immediately available funds
to
                        for the account of
------------------------                   ------------------------------------
                        account number
------------------------               ----------------------------------------

This information is provided by                                 the Assignee(s)
                                -------------------------------
named above, or                          as it (their) agent.
                -------------------------

                     By:
                        -------------------------------------------------------

                     Name:
                          -----------------------------------------------------
                     [Please print or type name(s)]

                     Title:
                           ----------------------------------------------------

                     ----------------------------------------------------------
                     Taxpayer Identification Number

                                      R-I-8

<PAGE>

                             CLASS R-II CERTIFICATE

      THIS  CLASS  R-II  CERTIFICATE  DOES  NOT  REPRESENT  AN  INTEREST  IN  OR
OBLIGATION  OF THE  DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL
SERVICER,  THE TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE  AFFILIATES.
NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

      SOLELY  FOR U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS
THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS  86OG(a)(2) AND 860D OF THE
CODE.  CONSEQUENTLY,  THE  TRANSFER OF THIS  CERTIFICATE  IS ALSO SUBJECT TO THE
ADDITIONAL TAX RELATED TRANSFER  RESTRICTIONS  DESCRIBED  HEREIN.  IF ANY PERSON
BECOMES THE REGISTERED  HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS,  SUCH PERSON SHALL BE DEEMED NOT TO BE A CERTIFICATEHOLDER FOR ANY
PURPOSE  HEREUNDER  OR UNDER THE POOLING  AND  SERVICING  AGREEMENT  REFERRED TO
HEREIN,  INCLUDING,  BUT NOT LIMITED TO, THE  RECEIPT OF  DISTRIBUTIONS  ON THIS
CERTIFICATE.

      THIS  CERTIFICATE  MAY NOT BE SOLD,  PLEDGED OR OTHERWISE  TRANSFERRED  TO
"DISQUALIFIED  ORGANIZATIONS" WITHIN THE MEANING OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED.

      A TRANSFEREE OF THIS CERTIFICATE,  BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE
ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS
SET FORTH IN SECTION 5.2 OF THE POOLING AND  SERVICING  AGREEMENT,  AND SHALL BE
REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE TRUSTEE TO THE EFFECT
THAT,  AMONG OTHER THINGS,  (A) IT IS NOT A DISQUALIFIED  ORGANIZATION,  AS SUCH
TERM IS DEFINED IN CODE  SECTION  860E(e)(5),  OR AN AGENT  (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED  ORGANIZATION AND IS OTHERWISE
A  PERMITTED  TRANSFEREE  (AS DEFINED IN THE  POOLING  AND  SERVICING  AGREEMENT
REFERRED TO HEREIN),  (B) IT HAS  HISTORICALLY  PAID ITS DEBTS AS THEY HAVE COME
DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND
(C) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY
BECOME DUE.  ANY  PURPORTED  TRANSFER TO A  DISQUALIFIED  ORGANIZATION  OR OTHER
PERSON THAT IS NOT A PERMITTED  TRANSFEREE  OR  OTHERWISE  IN VIOLATION OF THESE
RESTRICTIONS  SHALL BE ABSOLUTELY  NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY
PURPORTED TRANSFEREE.  IF THIS CERTIFICATE  REPRESENTS A "NON-ECONOMIC  RESIDUAL
INTEREST," AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-l(c),  TRANSFERS OF
THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO
SATISFY  A  REGULATORY  SAFE  HARBOR  UNDER  WHICH  SUCH  TRANSFERS  WILL NOT BE
DISREGARDED,  THE  TRANSFEROR  MAY BE REQUIRED,  AMONG OTHER THINGS,  TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.

      THE HOLDER OF THIS  CERTIFICATE,  BY ACCEPTANCE  HEREOF, IS DEEMED TO HAVE
AGREED  TO  CONSENT  TO ACT AS  "TAX  MATTERS  PERSON"  OF  REMIC  II AND TO THE
APPOINTMENT  OF THE  TRUSTEE AS  ATTORNEY-IN-FACT  AND AGENT FOR THE TAX MATTERS
PERSON OR AS OTHERWISE PROVIDED IN THE POOLING AND SERVICING

                                     R-II-1
<PAGE>

AGREEMENT TO PERFORM THE  FUNCTIONS  OF A "TAX MATTERS  PARTNER" FOR PURPOSES OF
SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

      THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD, PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A) TO A BUYER THAT THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER QUALIFIED  INSTITUTIONAL  BUYER IN A TRANSACTION  MEETING THE
REQUIREMENTS OF RULE 144A AND (B) IN ACCORDANCE  WITH ALL APPLICABLE  SECURITIES
LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

      NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST  HEREIN ON BEHALF OF, AS NAMED  FIDUCIARY  OF, AS  TRUSTEE  OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN  ACCORDANCE  WITH THE  PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

      ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
MASTER SERVICER,  THE SPECIAL  SERVICER AND THE DEPOSITOR  AGAINST ANY LIABILITY
THAT MAY RESULT IF THE  TRANSFER  IS NOT EXEMPT FROM THE 1933 ACT OR IS NOT MADE
IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

      TRANSFERS  AND  EXCHANGES OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

                                     R-II-2
<PAGE>

                          PNC MORTGAGE ACCEPTANCE CORP.
                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                           SERIES 2000-C2, CLASS R-II

                                                      Percentage Interest:    %
                                                                          ---

Certificate No.:  R-II-                               Registered Owner:
                       ----                                            -------

      This  certifies  that                    is the  registered  owner  of the
                           --------------------
Percentage  Interest  evidenced by this Certificate in the Trust Fund. The Class
R-II  Certificateholder is not entitled to interest or principal  distributions.
The Trust Fund,  described  more fully  below,  consists  primarily of a pool of
commercial and  multifamily  Mortgage Loans secured by first liens on commercial
and multifamily  properties and held in trust by the Trustee and serviced by the
Master  Servicer.  The Trust  Fund was  created,  the  Mortgage  Loans are to be
serviced,  and this  Certificate is issued pursuant to, and in accordance  with,
the terms of a Pooling and Servicing Agreement, dated as of October 1, 2000 (the
"Pooling and Servicing Agreement"),  by and among PNC Mortgage Acceptance Corp.,
as depositor (the "Depositor"),  Midland Loan Services, Inc., as master servicer
and special servicer (the "Master Servicer" or "Special Servicer"), LaSalle Bank
National  Association,  as trustee (the  "Trustee")  and ABN AMRO Bank N.V.,  as
fiscal agent (the "Fiscal Agent"). To the extent not defined herein, capitalized
terms used herein  shall have the meanings  assigned  thereto in the Pooling and
Servicing Agreement. The Holder of this Certificate, by virtue of the acceptance
hereof,  assents to the terms,  provisions  and  conditions  of the  Pooling and
Servicing Agreement and is bound thereby.

      This  Certificate  represents  a  "residual  interest"  in a "real  estate
mortgage  investment  conduit",  as those terms are  defined,  respectively,  in
Sections  86OG(a)(2)  and 860D of the Internal  Revenue Code of 1986, as amended
(the "Code").  Each Holder of this Certificate,  by acceptance hereof, agrees to
treat,  and  to  take  no  action  inconsistent  with  the  treatment  of,  this
Certificate  in accordance  with the preceding  sentence for purposes of federal
income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

      The  Trustee  makes  no  representation  or  warranty  as to  any  of  the
statements  contained  herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this  Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.

      Pursuant to the terms of the Pooling and Servicing Agreement, the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate),  on the twelfth day of each month, or if
such twelfth day is not a Business Day, the Business Day  immediately  following
such twelfth day,  commencing in November 2000 (each such date, a  "Distribution
Date"),  to the holders of this  Certificate  as of the related  Record Date, an
amount equal to the product of the Percentage  Interest  specified above and the
amount,  if any,  required  to be  distributed  to  holders  of the  Class  R-II
Certificates under the terms of the Pooling and Servicing  Agreement.  It is not
anticipated  that  there  will  be any  distributions  made  on the  Class  R-II
Certificates.

      The Class R-II  Certificateholder will be entitled to receive the proceeds
of the remaining assets of REMIC II, if any, on the final  Distribution Date for
the REMIC II Regular  Interests,  after  distributions in respect of any accrued
but unpaid interest on the REMIC II Regular Interests and after distributions in
reduction of principal balance have reduced the principal  balances of the REMIC
II  Regular  Interests  to zero.  It is not  anticipated  that there will be any
assets  remaining  in REMIC II on the final  Distribution  Date for the REMIC II
Regular Interests following the distributions on the REMIC II Regular Interests.

      All distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date, which will

                                     R-II-3
<PAGE>

be the last Business Day of the month  immediately  preceding the month in which
the related  Distribution Date occurs.  Such  distributions  will be made (a) by
wire transfer in  immediately  available  funds to the account  specified by the
Certificateholder  at a bank or other entity located in the United States having
appropriate facilities therefor, if such Certificateholder  provides the Trustee
with wiring  instructions  in writing on or before the related  Record Date,  or
otherwise (b) by check mailed to such Certificateholder.  The final distribution
on each Certificate shall be made in like manner,  but only upon presentment and
surrender of such  Certificate  at the corporate  trust office of the Trustee or
its agent (which may be the Paying Agent or the Certificate  Registrar acting as
such agent) that is specified in the notice to  Certificateholders of such final
distribution.

      Any funds not  distributed to Holders of any Class of  Certificates on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice,  any such  Certificates  shall not have been  surrendered for
cancellation,  the Paying Agent shall pay to the Class R-III  Certificateholders
all amounts otherwise  distributable to such non-tendering  Holders. No interest
shall  accrue or be payable  to any  Certificateholder  on any amount  held as a
result of such  Certificateholder's  failure to surrender its Certificate(s) for
final  payment  thereof in  accordance  with  Section  4.8(b) of the Pooling and
Servicing Agreement. Such funds held by the Trustee may be invested in Permitted
Investments  and all  income  and gain  from  such  investment  shall be for the
benefit of the Trustee.

      This  Certificate  is limited in right of payment to, among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

      As provided in the Pooling and Servicing Agreement, the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer as set forth in the Pooling and Servicing Agreement.

      This  Certificate  does not purport to summarize the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

      As provided in the Pooling and Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the

                                     R-II-4
<PAGE>

Holder hereof or such Holder's  attorney duly authorized in writing.  Thereupon,
one or more new Certificates of a like aggregate Percentage Interest of the same
Class  in  authorized   denominations  will  be  executed  by  the  Trustee  and
authenticated  by the Trustee or the  Authenticating  Agent and delivered by the
Certificate Registrar to the designated transferee or transferees.

      Prior  to  due  presentation  of  this  Certificate  for  registration  of
transfer, the Depositor, the Master Servicer, the Special Servicer and any agent
of any of them may treat the Person in whose name this Certificate is registered
as the owner  hereof for all  purposes,  and none of the  Depositor,  the Master
Servicer,  the Special Servicer or any agent of any of them shall be affected by
notice to the contrary.

      No fee or service charge shall be imposed by the Certificate Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

      The Pooling and  Servicing  Agreement or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

      On any  Distribution  Date  after the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

      Subject to certain  termination  requirements set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

      In the event that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall

                                     R-II-5
<PAGE>

release or cause to be  released  to the Final  Purchaser  or its  designee  the
Mortgage  Files  for  the  remaining   Mortgage  Loans  and  shall  execute  all
assignments,  endorsements  and other  instruments  furnished to it by the Final
Purchaser without recourse,  representation or warranty as shall be necessary to
effectuate  transfer of the remaining  Mortgage Loans and REO Properties held by
the Trust Fund, in each case without  representation or warranty by the Trustee.
All Mortgage Files for the remaining  Mortgage Loans and REO Properties shall be
delivered to the Final Purchaser or its designee.

      As a condition to the purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

      Unless the  Certificate of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                     R-II-6
<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused this Class R-II Certificate to
be duly executed.

Dated:
        ---------------------

                                      LaSalle Bank National Association, not in
                                      its individual capacity but solely as
                                      Trustee

                                      By:
                                          -------------------------------------
                                                Authorized Officer

                          Certificate of Authentication
                          -----------------------------

      This is one of the Class R-II Certificates  referred to in the Pooling and
Servicing Agreement.

Dated:
        ----------------------

                                      LaSalle Bank National Association, not in
                                      its individual capacity but solely as
                                      Authenticating Agent

                                      By:
                                          -------------------------------------
                                                Authorized Officer

                                     R-II-7
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s), and transfer(s) unto
                                -----------------------------------------------
-------------------------------------------------------------------------------
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class G  Certificate  and hereby  authorize(s)  the  registration  of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct  the  Certificate  Registrar  to  issue  a new  Class  G
Certificate of the entire Percentage Interest  represented by the within Class G
Certificates  to  the  above-named  Assignee(s)  and to  deliver  such  Class  G
Certificate to the following address:

-------------------------------

-------------------------------

Date:                             ---------------------------------------------
     --------------------------   Signature by or on behalf of Assignor(s)

                                  ---------------------------------------------
                                  Taxpayer Identification Number

                            DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:
Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:
              -----------------------------------------------------------------
Distributions, if to be made by wire transfer in immediately available funds
to
                        for the account of
------------------------                   ------------------------------------
                        account number
------------------------               ----------------------------------------

This information is provided by                                 the Assignee(s)
                                -------------------------------
named above, or                          as it (their) agent.
                -------------------------

                     By:
                        -------------------------------------------------------

                     Name:
                          -----------------------------------------------------
                     [Please print or type name(s)]

                     Title:
                           ----------------------------------------------------

                     ----------------------------------------------------------
                     Taxpayer Identification Number

                                      R-II-8

<PAGE>

                             CLASS R-III CERTIFICATE

     THIS  CLASS  R-III  CERTIFICATE  DOES  NOT  REPRESENT  AN  INTEREST  IN  OR
OBLIGATION  OF THE  DEPOSITOR,  THE SELLERS,  THE MASTER  SERVICER,  THE SPECIAL
SERVICER,  THE TRUSTEE, THE FISCAL AGENT OR ANY OF THEIR RESPECTIVE  AFFILIATES.
NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE
UNITED STATES GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     SOLELY  FOR  U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS
THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS  86OG(a)(2) AND 860D OF THE
CODE.  CONSEQUENTLY,  THE  TRANSFER OF THIS  CERTIFICATE  IS ALSO SUBJECT TO THE
ADDITIONAL TAX RELATED TRANSFER  RESTRICTIONS  DESCRIBED  HEREIN.  IF ANY PERSON
BECOMES THE REGISTERED  HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS,  SUCH PERSON SHALL BE DEEMED NOT TO BE A CERTIFICATEHOLDER FOR ANY
PURPOSE  HEREUNDER  OR UNDER THE POOLING  AND  SERVICING  AGREEMENT  REFERRED TO
HEREIN,  INCLUDING,  BUT NOT LIMITED TO, THE  RECEIPT OF  DISTRIBUTIONS  ON THIS
CERTIFICATE.

     THIS  CERTIFICATE  MAY NOT BE SOLD,  PLEDGED OR  OTHERWISE  TRANSFERRED  TO
"DISQUALIFIED  ORGANIZATIONS" WITHIN THE MEANING OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED.

     A TRANSFEREE OF THIS CERTIFICATE,  BY ACCEPTANCE  HEREOF, IS DEEMED TO HAVE
ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS
SET FORTH IN SECTION 5.2 OF THE POOLING AND  SERVICING  AGREEMENT,  AND SHALL BE
REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE TRUSTEE TO THE EFFECT
THAT,  AMONG OTHER THINGS,  (A) IT IS NOT A DISQUALIFIED  ORGANIZATION,  AS SUCH
TERM IS DEFINED IN CODE  SECTION  860E(e)(5),  OR AN AGENT  (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED  ORGANIZATION AND IS OTHERWISE
A  PERMITTED  TRANSFEREE  (AS DEFINED IN THE  POOLING  AND  SERVICING  AGREEMENT
REFERRED TO HEREIN),  (B) IT HAS  HISTORICALLY  PAID ITS DEBTS AS THEY HAVE COME
DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND
(C) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY
BECOME DUE.  ANY  PURPORTED  TRANSFER TO A  DISQUALIFIED  ORGANIZATION  OR OTHER
PERSON THAT IS NOT A PERMITTED  TRANSFEREE  OR  OTHERWISE  IN VIOLATION OF THESE
RESTRICTIONS  SHALL BE ABSOLUTELY  NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY
PURPORTED TRANSFEREE.  IF THIS CERTIFICATE  REPRESENTS A "NON-ECONOMIC  RESIDUAL
INTEREST," AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-l(c),  TRANSFERS OF
THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO
SATISFY  A  REGULATORY  SAFE  HARBOR  UNDER  WHICH  SUCH  TRANSFERS  WILL NOT BE
DISREGARDED,  THE  TRANSFEROR  MAY BE REQUIRED,  AMONG OTHER THINGS,  TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.

     THE HOLDER OF THIS  CERTIFICATE,  BY ACCEPTANCE  HEREOF,  IS DEEMED TO HAVE
AGREED  TO  CONSENT  TO ACT AS "TAX  MATTERS  PERSON"  OF  REMIC  III AND TO THE
APPOINTMENT  OF THE  TRUSTEE AS  ATTORNEY-IN-FACT  AND AGENT FOR THE TAX MATTERS
PERSON OR AS OTHERWISE PROVIDED IN THE POOLING AND SERVICING

                                    R-III-1

<PAGE>

AGREEMENT TO PERFORM THE  FUNCTIONS  OF A "TAX MATTERS  PARTNER" FOR PURPOSES OF
SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

     THE  CERTIFICATES  EVIDENCED  HEREBY HAVE NOT BEEN  REGISTERED OR QUALIFIED
UNDER THE UNITED  STATES  SECURITIES  ACT OF 1933,  AS AMENDED (THE  "SECURITIES
ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE
OFFERED,  SOLD, PLEDGED OR OTHERWISE  TRANSFERRED EXCEPT (A) TO A BUYER THAT THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE  SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER QUALIFIED  INSTITUTIONAL  BUYER IN A TRANSACTION  MEETING THE
REQUIREMENTS OF RULE 144A AND (B) IN ACCORDANCE  WITH ALL APPLICABLE  SECURITIES
LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

     NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN MAY BE MADE TO (A)
ANY  RETIREMENT  PLAN OR OTHER  EMPLOYEE  BENEFIT  PLAN OR  ARRANGEMENT  THAT IS
SUBJECT TO THE  EMPLOYEE  RETIREMENT  INCOME  SECURITY  ACT OF 1974,  AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH
INTEREST  HEREIN ON BEHALF OF, AS NAMED  FIDUCIARY  OF, AS  TRUSTEE  OF, OR WITH
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, EXCEPT
IN  ACCORDANCE  WITH THE  PROVISIONS OF SECTION 5.2 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

     ANY HOLDER  DESIRING TO EFFECT A TRANSFER OF THIS  CERTIFICATE  SHALL,  AND
DOES HEREBY AGREE TO,  INDEMNIFY THE  CERTIFICATE  REGISTRAR,  THE TRUSTEE,  THE
MASTER SERVICER,  THE SPECIAL  SERVICER AND THE DEPOSITOR  AGAINST ANY LIABILITY
THAT MAY RESULT IF THE  TRANSFER  IS NOT EXEMPT FROM THE 1933 ACT OR IS NOT MADE
IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

     TRANSFERS  AND  EXCHANGES  OF PORTIONS OF THIS  CERTIFICATE  ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING  AGREEMENT  REFERRED TO IN
THIS CERTIFICATE.

                                    R-III-2

<PAGE>

                         PNC MORTGAGE ACCEPTANCE CORP.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                          SERIES 2000-C2, CLASS R-III

                                                      Percentage Interest: ____%

Certificate No.: R-III-___                           Registered Owner: _________

     This  certifies  that  ________________  is  the  registered  owner  of the
Percentage  Interest  evidenced by this Certificate in the Trust Fund. The Class
R-III Certificateholder is not entitled to interest or principal  distributions.
The Trust Fund,  described  more fully  below,  consists  primarily of a pool of
commercial and  multifamily  Mortgage Loans secured by first liens on commercial
and multifamily  properties and held in trust by the Trustee and serviced by the
Master  Servicer.  The Trust  Fund was  created,  the  Mortgage  Loans are to be
serviced,  and this  Certificate is issued pursuant to, and in accordance  with,
the terms of a Pooling and Servicing Agreement, dated as of October 1, 2000 (the
"Pooling and Servicing Agreement"),  by and among PNC Mortgage Acceptance Corp.,
as depositor (the "Depositor"),  Midland Loan Services, Inc., as master servicer
and special servicer (the "Master Servicer" or "Special Servicer"), LaSalle Bank
National  Association,  as trustee (the  "Trustee")  and ABN AMRO Bank N.V.,  as
fiscal agent (the "Fiscal Agent"). To the extent not defined herein, capitalized
terms used herein  shall have the meanings  assigned  thereto in the Pooling and
Servicing Agreement. The Holder of this Certificate, by virtue of the acceptance
hereof,  assents to the terms,  provisions  and  conditions  of the  Pooling and
Servicing Agreement and is bound thereby.

     This  Certificate  represents  a  "residual  interest"  in a  "real  estate
mortgage  investment  conduit",  as those terms are  defined,  respectively,  in
Sections  86OG(a)(2)  and 860D of the Internal  Revenue Code of 1986, as amended
(the "Code").  Each Holder of this Certificate,  by acceptance hereof, agrees to
treat,  and  to  take  no  action  inconsistent  with  the  treatment  of,  this
Certificate  in accordance  with the preceding  sentence for purposes of federal
income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

     The Trustee makes no representation or warranty as to any of the statements
contained  herein or the  validity or  sufficiency  of the  Certificates  or the
Mortgage  Loans and has executed  this  Certificate  in its limited  capacity as
Trustee under the Pooling and Servicing Agreement.

     Pursuant to the terms of the Pooling and Servicing Agreement,  the Trustee,
or the Paying Agent on behalf of the Trustee,  will  distribute  (other than the
final distribution on any Certificate),  on the twelfth day of each month, or if
such twelfth day is not a Business Day, the Business Day  immediately  following
such twelfth day,  commencing in November 2000 (each such date, a  "Distribution
Date"),  to the holders of this  Certificate  as of the related  Record Date, an
amount equal to the product of the Percentage  Interest  specified above and the
amount,  if any,  required  to be  distributed  to  holders  of the Class  R-III
Certificates under the terms of the Pooling and Servicing  Agreement.  It is not
anticipated  that  there  will  be any  distributions  made on the  Class  R-III
Certificates.

     The Class R-III  Certificateholder will be entitled to receive the proceeds
of the remaining assets of REMIC III, if any, on the final Distribution Date for
the REMIC III  Regular  Certificates,  after  distributions  in  respect  of any
accrued  but unpaid  interest on the REMIC III  Regular  Certificates  and after
distributions  in  reduction of  principal  balance  have reduced the  principal
balances of the REMIC III Regular  Certificates  to zero. It is not  anticipated
that there will be any assets  remaining in REMIC III on the final  Distribution
Date for the REMIC III Regular  Certificates  following the distributions on the
REMIC III Regular Certificates.

     All  distributions  (other than the final  distribution on any Certificate)
will be made by the Trustee to the persons in whose names the  Certificates  are
registered at the close of business on each Record Date, which will

                                    R-III-3

<PAGE>

be the last Business Day of the month  immediately  preceding the month in which
the related  Distribution Date occurs.  Such  distributions  will be made (a) by
wire transfer in  immediately  available  funds to the account  specified by the
Certificateholder  at a bank or other entity located in the United States having
appropriate facilities therefor, if such Certificateholder  provides the Trustee
with wiring  instructions  in writing on or before the related  Record Date,  or
otherwise (b) by check mailed to such Certificateholder.  The final distribution
on each Certificate shall be made in like manner,  but only upon presentment and
surrender of such  Certificate  at the corporate  trust office of the Trustee or
its agent (which may be the Paying Agent or the Certificate  Registrar acting as
such agent) that is specified in the notice to  Certificateholders of such final
distribution.

     Any funds not  distributed to Holders of any Class of  Certificates  on the
Distribution Date on which the final distribution with respect to such Class are
expected to be made  because of failure of  Certificateholders  to tender  their
Certificates  shall  be set  aside  and  held in trust  for the  account  of the
non-tendering Certificateholders. If any Certificates as to which notice of such
final  distribution has been given pursuant to Section 4.8(b) of the Pooling and
Servicing  Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice,  the Trustee shall mail a second
notice  to  the  remaining  non-tendering  Certificateholders,   at  their  last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive,  from such funds held, the final  distribution
with  respect  thereto.  If within one year after the  second  notice,  any such
Certificates shall not have been surrendered for cancellation,  the Trustee may,
directly or through an agent,  take  appropriate  steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The
costs  and  expenses  of  maintaining  such  funds  in trust  and of  contacting
Certificateholders  shall be paid out of such  funds.  If within two years after
the second notice,  any such  Certificates  shall not have been  surrendered for
cancellation,  the Paying Agent shall pay to the Class R-III  Certificateholders
all amounts otherwise  distributable to such non-tendering  Holders. No interest
shall  accrue or be payable  to any  Certificateholder  on any amount  held as a
result of such  Certificateholder's  failure to surrender its Certificate(s) for
final  payment  thereof in  accordance  with  Section  4.8(b) of the Pooling and
Servicing Agreement. Such funds held by the Trustee may be invested in Permitted
Investments  and all  income  and gain  from  such  investment  shall be for the
benefit of the Trustee.

     This  Certificate  is limited in right of payment to,  among other  things,
certain  collections  and recoveries in respect of the Mortgage  Loans,  as more
specifically set forth herein and in the Pooling and Servicing Agreement.

     As provided in the Pooling and Servicing Agreement,  the Collection Account
and the  Distribution  Account will be held in the name of the Trustee on behalf
of the Holders of Certificates  specified in the Pooling and Servicing Agreement
and the Master  Servicer or the Trustee,  as  applicable,  will be authorized to
make withdrawals therefrom.  Amounts on deposit in such accounts may be invested
in  Permitted  Investments.  Interest  or other  income  earned  on funds in the
Collection  Account  and the  Distribution  Account  will be paid to the  Master
Servicer as set forth in the Pooling and Servicing Agreement.

     This  Certificate  does not purport to summarize  the Pooling and Servicing
Agreement,  and reference is made to the Pooling and Servicing Agreement for the
interests,  rights,  benefits,  obligations and duties evidenced hereby, and the
limitations  thereon,  and the rights,  duties and immunities of the Trustee. In
the case of any conflict  between the  provisions  set forth herein and those of
the Pooling and Servicing Agreement, the provisions of the Pooling and Servicing
Agreement shall govern.

     As provided in the Pooling and  Servicing  Agreement and subject to certain
limitations  therein set forth, the transfer of this Certificate is registerable
in the  Certificate  Register  only  upon  surrender  of  this  Certificate  for
registration  of  transfer  at the  corporate  trust  office of the  Certificate
Registrar  or at the office of any transfer  agent.  The  Certificate  Registrar
shall require that this  Certificate be  accompanied by a written  instrument of
assignment and transfer in form  satisfactory to the Certificate  Registrar duly
executed by the

                                    R-III-4

<PAGE>

Holder hereof or such Holder's  attorney duly authorized in writing.  Thereupon,
one or more new Certificates of a like aggregate Percentage Interest of the same
Class  in  authorized   denominations  will  be  executed  by  the  Trustee  and
authenticated  by the Trustee or the  Authenticating  Agent and delivered by the
Certificate Registrar to the designated transferee or transferees.

     Prior to due presentation of this Certificate for registration of transfer,
the Depositor, the Master Servicer, the Special Servicer and any agent of any of
them may treat the Person in whose name this  Certificate  is  registered as the
owner hereof for all purposes,  and none of the Depositor,  the Master Servicer,
the Special  Servicer or any agent of any of them shall be affected by notice to
the contrary.

     No fee or service charge shall be imposed by the Certificate  Registrar for
its  services  in respect of any  registration  of  transfer or exchange of this
Certificate  referred to in Section 5.2 of the Pooling and Servicing  Agreement,
other  than  in  connection  with  a  transfer  to an  Institutional  Accredited
Investor.  In  connection  with  any  transfer  to an  Institutional  Accredited
Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate  Registrar's  counsel's  review of the documents and
any legal opinions, submitted by the transferor or transferee to the Certificate
Registrar  as provided in Section  5.2 of the Pooling and  Servicing  Agreement)
incurred by the  Certificate  Registrar in connection  with such  transfer.  The
Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax,  expense or other  governmental  charge  payable in connection
with any such transfer.

     The Pooling and  Servicing  Agreement  or any  Custodial  Agreement  may be
amended  from time to time as provided in the Pooling and  Servicing  Agreement.
Depending upon the  circumstances,  an amendment may require the consent of all,
less than all, or none of the Certificateholders.

     On any  Distribution  Date  after  the  Trustee  gives the  Holders  of the
Controlling Class, the Master Servicer,  the Special Servicer,  and the Majority
Certificateholder  of the  Class  R-I  Certificates  notice of the date that the
aggregate then  outstanding  Stated  Principal  Balance of the Mortgage Loans is
less than 1% of the aggregate Stated Principal  Balance of the Mortgage Loans as
of the Cut-off Date, the majority  Holders of the Controlling  Class, the Master
Servicer,  the Special Servicer and the Majority  Certificateholder of the Class
R-I  Certificates,  in that order,  will have the option, to purchase all of the
Mortgage  Loans and all  properties  acquired  in respect of any  Mortgage  Loan
remaining in the Trust Fund,  and thereby  effect  termination of the Trust Fund
and early retirement of the then outstanding Certificates.

     Subject to certain  termination  requirements  set forth in the Pooling and
Servicing  Agreement,  the  obligations  created by the  Pooling  and  Servicing
Agreement shall terminate upon the earliest to occur of (i) the later of (A) the
final payment or other  liquidation  of the last Mortgage Loan held by the Trust
Fund and (B) the disposition of the last REO Property held by the Trust and (ii)
the sale of all Mortgage Loans and any REO Properties  held by the Trust Fund in
accordance  with Section  9.1(b) of the Pooling and Servicing  Agreement.  In no
event,  however,  will the Trust  Fund  created  by the  Pooling  and  Servicing
Agreement  continue beyond the expiration of 21 years from the death of the last
survivor of the  descendants  of Joseph P. Kennedy,  the late  ambassador of the
United States to the Court of St.  James,  living on the date of the Pooling and
Servicing Agreement.

     In the event  that the  Holders of the  Controlling  Class  representing  a
majority  Percentage  Interest in such Class, the Master  Servicer,  the Special
Servicer or the Majority  Certificateholder  of Class R-I Certificates  purchase
all of the remaining  Mortgage Loans and REO  Properties  held by the Trust Fund
pursuant to Section  9.1(b) of the Pooling and  Servicing  Agreement,  the party
effecting  such  purchase  (the  "Final  Purchaser")  shall (i)  deposit  in the
Collection  Account  not  later  than the  Determination  Date  relating  to the
Distribution  Date on which the final  distribution  on the  Certificates  is to
occur, an amount in immediately  available funds equal to the Termination  Price
and (ii) deliver notice to the Trustee of its intention to effect such purchase.
Upon confirmation that such deposit has been made, the Trustee shall

                                    R-III-5

<PAGE>

release or cause to be  released  to the Final  Purchaser  or its  designee  the
Mortgage  Files  for  the  remaining   Mortgage  Loans  and  shall  execute  all
assignments,  endorsements  and other  instruments  furnished to it by the Final
Purchaser without recourse,  representation or warranty as shall be necessary to
effectuate  transfer of the remaining  Mortgage Loans and REO Properties held by
the Trust Fund, in each case without  representation or warranty by the Trustee.
All Mortgage Files for the remaining  Mortgage Loans and REO Properties shall be
delivered to the Final Purchaser or its designee.

     As a condition to the  purchase of the assets of the Trust Fund,  the Final
Purchaser shall deliver to the Trustee an Opinion of Counsel,  which shall be at
the expense of the Final  Purchaser,  stating that the resulting  termination of
the Trust Fund will be a "qualified liquidation" under Section 860F(a)(4) of the
Code. Such purchase shall be made in accordance  with the additional  Trust Fund
termination procedures set forth in the Pooling and Servicing Agreement.

     Unless the  Certificate  of  Authentication  on this  Certificate  has been
executed by the Trustee or on its behalf by the Authenticating  Agent, by manual
signature,  this  Certificate  shall not be entitled  to any  benefit  under the
Pooling and Servicing Agreement or be valid for any purpose.

                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]

                                    R-III-6

<PAGE>

     IN WITNESS WHEREOF,  the Trustee has caused this Class R-III Certificate to
be duly executed.

Dated:
      ----------------

                         LaSalle Bank National Association, not in its
                         individual capacity but solely as Trustee

                         By:
                            ------------------------------------------
                            Authorized Officer

                         Certificate of Authentication
                         -----------------------------

     This is one of the Class R-III Certificates  referred to in the Pooling and
Servicing Agreement.

Dated:
      ----------------

                         LaSalle Bank National Association, not in its
                         individual capacity but solely as Authenticating Agent

                         By:
                            ------------------------------------------
                            Authorized Officer

                                    R-III-7

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned  ("Assignor(s)") hereby sell(s),  assign(s),
and transfer(s) unto  __________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s))  ("Assignee(s)") the entire Percentage  Interest  represented by
the within Class R-III  Certificate and hereby  authorize(s) the registration of
transfer of such  interest to  Assignee(s)  on the  Certificate  Register of the
Trust Fund.

I (we)  further  direct the  Certificate  Registrar  to issue a new Class  R-III
Certificate of the entire  Percentage  Interest  represented by the within Class
R-III  Certificates  to the  above-named  Assignee(s)  and to deliver such Class
R-III Certificate to the following address:

--------------------------------------

--------------------------------------

Date:
     ----------------              ----------------------------------------
                                   Signature by or on behalf of Assignor(s)

                                   ----------------------------------------
                                   Taxpayer Identification Number

                           DISTRIBUTION INSTRUCTIONS

      The Assignee(s) should include the following for purposes of distribution:

Address  of  the   Assignee(s)   for  the  purpose  of  receiving   notices  and
distributions:

----------------------------------------------------------------------

Distributions, if to be made by wire transfer in immediately
available funds to

_____________________ for the account of _______________________________________
_____________________ account number ___________________________________________

This information is provided by ________________________________ the Assignee(s)
named above, or ________________________ as it (their) agent.

                         By:
                            -----------------------------------------

                         Name:
                              ---------------------------------------
                              [Please print or type name(s)]

                         Title:
                               --------------------------------------

                         --------------------------------------------
                         Taxpayer Identification Number

                                    R-III-8

<PAGE>
<TABLE>
<CAPTION>
                                                              EXHIBIT B-1

                                                        MORTGAGE LOAN SCHEDULE

------------------------------------------------------------------------------------------------------------------------------------
Loan           Warranting   Property                                      Original        Cut-Off          Mortgage  Admin
Number         Party        Name                                          Principal       Date             Rate      Cost
                                                                          Balance         Balance                    Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                                           <C>             <C>             <C>      <C>
    10         Midland      Solana Beach Towne Centre                     $26,000,000.00  $25,983,318.76  8.22%     9.70
    14         Midland      Post Trace Apartments                         $18,350,000.00  $18,350,000.00  7.92%     8.70
    30         Midland      Kingsley Hotel & Suites                       $10,000,000.00  $10,000,000.00  8.61%    13.70
    42         Midland      Waterford at Sterling Place Apartments         $7,650,000.00   $7,629,750.77  8.10%     8.70
    57         Midland      Best Buy                                       $5,400,000.00   $5,400,000.00  8.23%     8.70
    69         Midland      Tower Center                                   $3,800,000.00   $3,797,531.94  8.16%    12.70
    72         Midland      Mission Bank Building                          $3,450,000.00   $3,444,400.49  8.36%     8.70
    82         Midland      Village Square Office Park                     $3,066,000.00   $3,066,000.00  8.26%     8.70
    87         Midland      San Diego Medical Building                     $2,950,000.00   $2,948,107.32  8.22%     9.70
   115         Midland      Bayview Apartments                             $2,425,000.00   $2,252,749.23  8.27%    18.70
   133         Midland      5 Lawrence Properties                          $1,972,000.00   $1,972,000.00  8.20%    14.70
   138         Midland      California Bank & Trust                        $1,925,000.00   $1,923,764.95  8.22%     9.70
   155         Midland      Ruth's Chris Steak House                       $1,600,000.00   $1,598,973.46  8.22%     9.70
   163         Midland      Spring Meadows Apartments                      $1,500,000.00   $1,498,455.78  8.13%     8.70
    2           MSDWMC      Camino Real Marketplace                          $49,000,000     $49,000,000 8.270%     6.70
    5           MSDWMC      Bozzuto's Warehouse and Distribution             $32,970,000     $32,843,136 9.170%     6.70
                            Facility
    13          MSDWMC      Springfield Gardens Shopping Center              $21,000,000     $20,948,014 8.330%     6.70
    16          MSDWMC      Suburban Lodge - Norcross                         $3,550,000      $3,477,018 8.250%     6.70
    17          MSDWMC      Suburban Lodge - Matthews                         $3,270,000      $3,202,774 8.250%     6.70
    18          MSDWMC      Suburban Lodge - Douglasville                     $2,800,000      $2,742,437 8.250%     6.70
    19          MSDWMC      Suburban Lodge - Columbus (Eastland)              $2,800,000      $2,742,437 8.250%     6.70
    20          MSDWMC      Suburban Lodge - Indianapolis                     $2,750,000      $2,693,465 8.250%     6.70
    25          MSDWMC      Town Center Shopping Center                      $12,400,000     $12,393,142 8.940%     6.70
    26          MSDWMC      1450 Marina Way South Office Building            $11,600,000     $11,451,777 8.260%     6.70
    36          MSDWMC      26600 Telegraph Road Office Building              $8,600,000      $8,582,702 8.430%     6.70
    37          MSDWMC      Huntington Medical Center                         $8,500,000      $8,482,855 8.420%     6.70
    38          MSDWMC      Home Depot - Gardena                              $8,250,000      $8,232,483 8.830%     8.70
    39          MSDWMC      Montego Palms Apartments                          $8,175,000      $8,133,680 8.180%     6.70

<PAGE>

------------------------------------------------------------------------------------------------------------------------------------
Loan           Warranting   Property                                      Original        Cut-Off          Mortgage  Admin
Number         Party        Name                                          Principal       Date             Rate      Cost
                                                                          Balance         Balance                    Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                                           <C>             <C>             <C>      <C>

    44          MSDWMC      First Carousel Office Building                    $5,000,000      $4,993,722 8.730%     6.70
    45          MSDWMC      Corporate Center II Office Building               $2,500,000      $2,496,861 8.730%     6.70
    47          MSDWMC      Ahwatukee Plaza                                   $6,600,000      $6,584,520 8.510%     6.70
    51          MSDWMC      Piedmont Tech Office Building                     $6,000,000      $5,986,809 8.720%     6.70
    55          MSDWMC      The Shops at Eagle Pointe                         $3,400,000      $3,395,759 8.750%     6.70
    56          MSDWMC      The Shops at Haw Creek                            $1,950,000      $1,947,568 8.750%     6.70
    70          MSDWMC      Park Central Plaza                                $3,625,000      $3,620,598 8.830%    13.70
    78          MSDWMC      Studio Heights Apartments                         $3,200,000      $3,186,288 8.470%     6.70
   103          MSDWMC      Hendersonville Plaza                              $2,500,000      $2,487,340 8.630%     6.70
   111          MSDWMC      El Portal Apartments                              $2,375,000      $2,367,371 8.230%     6.70
   118          MSDWMC      PetSmart-Greensburg                               $2,200,000      $2,198,004 8.760%     6.70
   131          MSDWMC      Lawndale Shopping Center                          $2,044,000      $2,039,618 8.800%     6.70
   166          MSDWMC      Hollywood Video & Retail Shops                    $1,613,000      $1,406,928 8.370%     6.70
   186          MSDWMC      7930 National Highway Industrial Building           $950,000        $946,839 8.540%     6.70
    1            CIBC       475 Park Avenue South                            $60,000,000     $59,946,195 8.800%     6.70
    3            CIBC       Courtyard by Marriott                            $45,000,000     $45,000,000 8.790%     6.70
    4            CIBC       AppleTree Business Park                          $37,250,000     $37,227,201 8.450%     6.70
    8            CIBC       Sweetheart Cup Distribution Center               $27,000,000     $27,000,000 8.380%     6.70
    9            CIBC       Triangle Plaza II                                $26,307,584     $26,286,819 7.447%     6.70
    12           CIBC       Discovery Creative & Technology Center           $23,650,000     $23,581,086 8.580%     6.70
    15           CIBC       Northside Marketplace                            $15,400,000     $15,390,300 8.310%     6.70
    21           CIBC       Triangle Plaza I                                 $14,862,500     $14,851,920 7.708%     6.70
    22           CIBC       Taconic Corporate Park                           $14,500,000     $14,457,060 8.920%     6.70
    23           CIBC       Fairway Plaza                                    $14,250,000     $14,241,024 8.310%     6.70
    24           CIBC       Monticello Mall                                  $12,900,000     $12,892,056 8.420%     6.70
    31           CIBC       Homewood Suites                                   $9,400,000      $9,400,000 8.480%     6.70
    32           CIBC       Grants Pass Shopping Center                       $9,300,000      $9,288,011 8.650%     6.70
    33           CIBC       Imperial Plaza                                    $9,000,000      $8,991,222 8.510%     6.70
    35           CIBC       Hickory Hollow                                    $8,640,000      $8,634,613 8.360%     6.70
    48           CIBC       U.S. Government Intelligence Center               $6,400,000      $6,393,687 8.470%     6.70
    49           CIBC       Trails End Apartments                             $6,200,000      $6,193,113 8.040%     6.70
    50           CIBC       Lakeview Executive Center                         $6,100,000      $6,085,033 8.360%     6.70

<PAGE>

------------------------------------------------------------------------------------------------------------------------------------
Loan           Warranting   Property                                      Original        Cut-Off          Mortgage  Admin
Number         Party        Name                                          Principal       Date             Rate      Cost
                                                                          Balance         Balance                    Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                                           <C>             <C>             <C>      <C>

    53           CIBC       Garden Way                                        $5,880,000      $5,876,342 8.370%     6.70
    61           CIBC       Southside Plaza Shopping Center                   $4,575,000      $4,563,607 8.310%     6.70
    66           CIBC       Deerfield Town Square                             $3,950,000      $3,947,699 8.690%     6.70
    73           CIBC       Cambridge Court Apartments                        $3,450,000      $3,439,218 8.330%     6.70
    80           CIBC       Rite Aid - Flatbush                               $3,150,000      $3,101,888 8.900%     6.70
    84           CIBC       2001 Greenville                                   $3,050,000      $3,045,406 9.100%     6.70
    88           CIBC       Wood Park Apartments                              $2,950,000      $2,947,015 8.380%     6.70
    92           CIBC       Washington Place Apartments & Washington          $2,850,000      $2,847,170 8.350%     6.70
                            Park Apartments
    93           CIBC       Mt. Airy Apartments                               $2,800,000      $2,783,796 7.990%     6.70
    96           CIBC       Austin Square                                     $2,700,000      $2,694,004 8.940%     6.70
   107           CIBC       Dicks Clothing & Sporting Goods - Richmond        $2,400,000      $2,400,000 9.230%     6.70
   108           CIBC       Hampton Inn                                       $2,400,000      $2,398,031 9.500%     6.70
   113           CIBC       Confetti Apartments West                          $2,290,000      $2,286,882 8.480%     6.70
   117           CIBC       Gambro Dialysis Center Office Building            $2,215,000      $2,211,248 9.020%     6.70
   119           CIBC       Village at Western Branch                         $2,200,000      $2,197,609 8.120%     6.70
   121           CIBC       Western Oaks Apartments                           $2,175,000      $2,172,799 8.380%     6.70
   126           CIBC       72 Hudson Street                                  $2,100,000      $2,096,112 8.720%     6.70
   128           CIBC       Ramada Limited                                    $2,100,000      $2,072,738 9.610%     6.70
   129           CIBC       Kingston Place Apartments                         $2,070,000      $2,066,066 8.630%     6.70
   134           CIBC       Holiday Inn Express - Manhattan Beach             $1,960,000      $1,950,007 9.570%     6.70
   139           CIBC       Tampa Multifamily Portfolio II                    $1,930,000      $1,919,742 8.390%     6.70
   146           CIBC       Oak Hollow Apartments                             $1,800,000      $1,797,438 8.340%     6.70
   149           CIBC       Holiday Inn Express - Blythe                      $1,700,000      $1,687,820 8.690%     6.70
   160           CIBC       Holiday Inn Express - St. Augustine               $1,550,000      $1,544,982 9.660%     6.70
   161           CIBC       Annie Apartments & Santo Villas Apartments        $1,537,500      $1,536,037 8.610%     6.70
    6          Midland      500 North Capitol                             $29,630,000.00  $29,539,427.87  8.41%     8.70
    7          Midland      Arcadia Crossing Power Center                 $29,460,000.00  $29,367,163.19  8.30%    10.20
    11         Midland      Continental Teves Building                    $24,125,000.00  $24,093,491.47  8.61%    10.70
    27         Midland      The Waterford at Portage Apartments Phase I    $5,807,000.00   $5,799,016.43  8.45%     8.70
    28         Midland      The Waterford at Portgage Trail Phase II       $4,350,000.00   $4,344,019.56  8.45%     8.70

<PAGE>

------------------------------------------------------------------------------------------------------------------------------------
Loan           Warranting   Property                                      Original        Cut-Off          Mortgage  Admin
Number         Party        Name                                          Principal       Date             Rate      Cost
                                                                          Balance         Balance                    Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                                           <C>             <C>             <C>      <C>

    29         Midland      River Drive Center I                          $10,500,000.00  $10,287,598.85  6.89%     8.70
    34         Midland      The Waterford at Spencer Oaks Apartments       $8,880,000.00   $8,862,387.68  8.48%     8.70
    40         Midland      Mountain Village Apartments                    $7,880,000.00   $7,713,716.95  6.70%     8.70
    41         Midland      The Harvard Community Health Building          $7,800,000.00   $7,644,388.10  7.45%    14.47
    43         Midland      Regents Place Apartment Homes                  $7,600,000.00   $7,591,873.11  8.18%     8.70
    46         Midland      Sunrise Village                                $7,300,000.00   $7,290,247.73  8.54%    16.70
    52         Midland      Aerospace Dynamics International, Inc.         $5,900,000.00   $5,882,807.90  8.58%    16.50
    54         Midland      Windscape Apartments                           $6,000,000.00   $5,870,857.58  6.61%     8.70
    58         Midland      Regency at South Shore                         $5,250,000.00   $5,063,459.12  7.49%     8.70
    59         Midland      Woodlake Village Apartments                    $5,000,000.00   $4,890,311.96  6.69%     8.70
    60         Midland      Torrance Van & Storage                         $4,708,000.00   $4,696,517.01  8.38%    13.70
    62         Midland      Lackland Self Storage                          $4,650,000.00   $4,417,257.49  6.50%     8.70
    63         Midland      Imperial Mobile Home Park                      $4,500,000.00   $4,396,250.57  7.15%     8.70
    64         Midland      The Falls Apartments                           $4,280,000.00   $4,267,400.11  7.72%     8.70
    65         Midland      Chesapeake Estates of Grantville               $4,100,000.00   $4,014,812.49  6.77%     8.70
    67         Midland      Westbridge Garden Villas Apartments            $4,000,000.00   $3,913,143.40  6.35%    18.70
    68         Midland      Two Charlesgate West                           $3,950,000.00   $3,831,855.93  6.91%     8.70
    71         Midland      Comfort Suites                                 $3,465,000.00   $3,459,656.96  8.99%    13.70
    74         Midland      Huntington Crossing                            $3,400,000.00   $3,396,674.42  8.50%     8.70
    75         Midland      Research & Development Building                $3,375,000.00   $3,270,797.17  7.00%    13.70
    76         Midland      4084 Office Building                           $3,260,000.00   $3,254,443.91  9.00%    13.70
    77         Midland      Poulsbo Village                                $3,300,000.00   $3,187,764.13  6.14%    18.70
    79         Midland      Hilltop Court                                  $3,200,000.00   $3,130,061.90  6.32%     8.70
    81         Midland      Scripps Terrace Business Park                  $3,075,000.00   $3,069,388.54  8.77%    16.70
    83         Midland      Imperial Gardens Apartments                    $3,150,000.00   $3,047,007.46  6.38%    18.70
    85         Midland      ASG Corporate Office                           $3,050,000.00   $3,044,687.16  8.40%    18.70
    86         Midland      Hackettstown Commerce Park Bldg. II            $3,049,000.00   $3,040,783.49  8.85%     8.70
    89         Midland      San Gabriel Business Park                      $2,875,000.00   $2,870,122.41  8.53%    14.70
    90         Midland      Pacific Grinding Wheel Property                $3,100,000.00   $2,852,196.07  6.30%     8.70
    91         Midland      La Casa Illusion Apartments                    $2,851,000.00   $2,847,336.71  8.66%    12.70

<PAGE>

------------------------------------------------------------------------------------------------------------------------------------
Loan           Warranting   Property                                      Original        Cut-Off          Mortgage  Admin
Number         Party        Name                                          Principal       Date             Rate      Cost
                                                                          Balance         Balance                    Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                                           <C>             <C>             <C>      <C>

    94         Midland      Coventry Manor Phase I                         $2,850,000.00   $2,754,772.03  5.99%     8.70
    95         Midland      Office Max                                     $2,900,000.00   $2,748,964.10  6.90%    16.20
    97         Midland      Maplewood Commons Shopping Center              $2,750,000.00   $2,690,286.20  6.35%     8.70
    98         Midland      Deerfield Cove (Floresta Estate)               $2,675,000.00   $2,628,142.35  7.66%     8.70
    99         Midland      Timber Glen II                                 $2,681,000.00   $2,623,483.32  6.79%     8.70
   100         Midland      Stone Ridge Towne Centre                       $2,700,000.00   $2,611,428.31  6.36%     8.70
   101         Midland      Crown Pointe Apartments                        $2,650,000.00   $2,598,098.61  6.64%     8.70
   102         Midland      Joslyn Loft Apartments                         $2,535,000.00   $2,529,639.97  8.25%     8.70
   104         Midland      Griffin Street Parking Garage                  $2,550,000.00   $2,474,815.33  6.75%     8.70
   105         Midland      601 8th Avenue                                 $2,500,000.00   $2,420,830.99  6.32%     8.70
   106         Midland      Dalton Place                                   $2,497,000.00   $2,416,895.51  7.00%     8.70
   109         Midland      Penns View Apartments                          $2,450,000.00   $2,382,258.03  6.83%     8.70
   110         Midland      U-Stor University Mini Storage                 $2,500,000.00   $2,375,325.46  6.53%     8.70
   112         Midland      Holiday Inn Express                            $2,370,000.00   $2,363,204.82  9.37%     8.70
   114         Midland      Hoopskirt Factory Apartments                   $2,268,000.00   $2,263,885.36  8.79%     8.70
   116         Midland      Garden Park Apartments                         $2,300,000.00   $2,229,646.26  6.53%     8.70
   120         Midland      Gramercy Park Town Homes                       $2,227,000.00   $2,180,096.07  6.49%     8.70
   122         Midland      Grafalloy Building                             $2,168,000.00   $2,161,592.40  8.53%    18.70
   123         Midland      Airborne Express Distribution Center           $2,166,000.00   $2,159,634.46  8.55%    18.70
   124         Midland      Spanish Spur Apartments                        $2,143,000.00   $2,138,053.85  8.77%    18.70
   125         Midland      Buie Del Mar Office Building                   $2,128,000.00   $2,123,920.86  8.60%    18.70
   127         Midland      Walgreen's Hollis Shopping Center              $2,150,000.00   $2,074,343.65  5.93%     8.70
   130         Midland      Deer Trace North Mobile Home Community         $2,100,000.00   $2,052,700.07  6.18%     8.70
   132         Midland      Paradise Apartments                            $2,060,000.00   $1,996,901.59  6.77%     8.70
   135         Midland      Superstition Springs Plaza                     $1,942,000.00   $1,936,535.42  9.08%    18.70
   136         Midland      The Menlo Plaza Shopping Center                $2,000,000.00   $1,936,248.10  6.28%     8.70
   137         Midland      7023 Little River Turnpike                     $2,000,000.00   $1,935,695.27  6.76%    18.70
   140         Midland      Lackland Self Storage                          $2,000,000.00   $1,899,895.77  6.50%     8.70
   141         Midland      Firehouse Square                               $1,937,000.00   $1,885,694.70  7.08%     8.70
   142         Midland      Beringer Place Apartments                      $1,888,000.00   $1,885,465.61  8.53%     8.70

<PAGE>

------------------------------------------------------------------------------------------------------------------------------------
Loan           Warranting   Property                                      Original        Cut-Off          Mortgage  Admin
Number         Party        Name                                          Principal       Date             Rate      Cost
                                                                          Balance         Balance                    Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                                           <C>             <C>             <C>      <C>

   143         Midland      2300 Boynton Avenue Building                   $1,900,000.00   $1,844,900.66  7.09%     8.70
   144         Midland      Miramar Industrial Showroom                    $1,900,000.00   $1,842,033.68  7.07%     8.70
   145         Midland      Woodhaven Apartments                           $1,835,000.00   $1,830,170.64  8.12%    16.70
   147         Midland      Westbrooke Shopping Center                     $1,750,000.00   $1,696,427.35  7.05%    13.70
   148         Midland      Coventry Manor Phase II                        $1,750,000.00   $1,691,526.67  5.99%     8.70
   150         Midland      The Northwood Village Apartments               $1,680,000.00   $1,675,629.26  8.16%     8.70
   151         Midland      Eastwyck Apartments                            $1,700,000.00   $1,649,707.90  6.73%     8.70
   152         Midland      The Ridgepoint Apartments                      $1,750,000.00   $1,613,295.67  6.58%    18.70
   153         Midland      4630 Forge Road                                $1,637,000.00   $1,600,128.67  6.18%     8.70
   154         Midland      Snow Garden Apartments                         $1,605,000.00   $1,599,612.55  8.51%     8.70
   156         Midland      Lofstrand Industrial                           $1,600,000.00   $1,597,252.17  8.47%     8.70
   157         Midland      Mesa Villa Apartments                          $1,630,000.00   $1,595,292.31  6.44%     8.70
   158         Midland      San Bernardino Mitsubishi                      $1,635,000.00   $1,588,399.86  7.19%     8.70
   159         Midland      Lake Mall                                      $1,575,000.00   $1,571,328.18  8.53%    18.70
   162         Midland      Lincoln Court Apartments                       $1,540,000.00   $1,512,564.18  6.83%     8.70
   164         Midland      Oakwood Center                                 $1,500,000.00   $1,454,209.91  6.79%     8.70
   165         Midland      180 Prospect Street                            $1,440,000.00   $1,432,543.43  8.52%     8.70
   167         Midland      Lincoln Heights Shopping Center                $1,400,000.00   $1,356,387.66  6.67%     8.70
   168         Midland      ABC Building Supply Warehouse                  $1,385,000.00   $1,355,444.60  6.43%     8.70
   169         Midland      Northrock Business Park Buildings              $1,400,000.00   $1,332,107.71  7.13%     8.70
   170         Midland      1825 & 2011 Spruce Street                      $1,280,000.00   $1,276,759.65  8.35%     8.70
   171         Midland      Deer Trace South Mobile Home Community         $1,300,000.00   $1,270,719.20  6.18%     8.70
   172         Midland      Silverton Plaza                                $1,255,000.00   $1,231,065.77  7.15%     8.70
   173         Midland      Foothill Hacienda                              $1,250,000.00   $1,223,325.51  6.43%     8.70
   174         Midland      Briarwood Apartments                           $1,230,000.00   $1,191,873.97  6.45%     8.70
   175         Midland      Marc's Retail Center                           $1,250,000.00   $1,178,311.18  7.99%     8.70
   176         Midland      Windemere Apartments                           $1,200,000.00   $1,174,891.95  6.52%     8.70
   177         Midland      4401-4225 East 46th Avenue                     $1,170,000.00   $1,163,605.69  8.25%     8.70
   178         Midland      Gaslight Village Apartments                    $1,200,000.00   $1,161,371.92  6.22%     8.70
   179         Midland      Guinea Road Warehouse                          $1,150,000.00   $1,111,899.77  6.30%     8.70

<PAGE>

------------------------------------------------------------------------------------------------------------------------------------
Loan           Warranting   Property                                      Original        Cut-Off          Mortgage  Admin
Number         Party        Name                                          Principal       Date             Rate      Cost
                                                                          Balance         Balance                    Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                                           <C>             <C>             <C>      <C>

   180         Midland      Legacy Business Park Medical Office - 7        $1,125,000.00   $1,104,626.77  7.16%    13.70
   181         Midland      3240 Prospect Street                           $1,125,000.00   $1,092,351.75  7.36%     8.70
   182         Midland      Ridgeview Heights Apartments                   $1,100,000.00   $1,067,490.94  6.98%     8.70
   183         Midland      Wawaset Park Apartments                        $1,048,000.00   $1,046,185.52  8.43%     8.70
   184         Midland      Flying Cloud Office Building                   $1,041,000.00   $1,037,789.58  8.79%    18.70
   185         Midland      Medical Office Building                        $1,040,000.00   $1,035,507.32  8.36%    18.70
   187         Midland      3603 Peck Road                                   $975,000.00     $928,305.36  6.86%     8.70
   188         Midland      The Exmet Building                               $890,000.00     $862,098.45  6.91%     8.70
   189         Midland      Acquest Building                                 $800,000.00     $773,626.11  6.33%     8.70
   190         Midland      The Savannah Apartments                          $700,000.00     $696,931.71  8.29%    13.70

</TABLE>

<PAGE>

                                   EXHIBIT B-2

                     FORM OF INITIAL CUSTODIAN CERTIFICATION

                                October __, 2000

[Addressees should include the Depositor,  the Operating Adviser,  the Placement
Agents, each Seller, the Master Servicer and the Special Servicer]

     Re:  Pooling and Servicing  Agreement  dated as of October 1, 2000 relating
          to PNC Mortgage  Acceptance Corp.,  Commercial  Mortgage  Pass-Through
          Certificates, Series 2000-C2

Ladies and Gentlemen:

     In  accordance  with the  provisions  of  Section  2.2 of the  Pooling  and
Servicing  Agreement,  the undersigned  hereby certifies that,  except as may be
specified in the schedule of  exceptions  to the Trustee  Mortgage File delivery
attached hereto,

          (A)  all documents  pursuant to clause (i) of the second  paragraph of
               Section  2.1 of the Pooling and  Servicing  Agreement  are in its
               possession  for each  Mortgage  Loan listed on the Mortgage  Loan
               Schedule,

          (B)  such  documents  have  been  reviewed  by it and  have  not  been
               materially  mutilated,   damaged,   defaced,  torn  or  otherwise
               physically  altered,  and such documents  relate to such Mortgage
               Loan (including  whether the original  principal balance for each
               Note  conforms to that listed on the Mortgage  Loan  Schedule for
               the related Mortgage Loan), and

          (C)  each Note has been  endorsed  as  provided  in clause  (i) of the
               second  paragraph  of Section 2.1 of the  Pooling  and  Servicing
               Agreement.

     Capitalized  words used herein and not otherwise  defined herein shall have
the respective meanings assigned to them in the Pooling and Servicing Agreement.

<PAGE>

                    [LASALLE BANK NATIONAL ASSOCIATION, as Trustee.]
                    [or]
                    [CUSTODIAN]

                    By: ________________________________
                    Name:  _____________________________
                    Title: _____________________________

<PAGE>

                                   EXCEPTIONS
                                   ----------

<PAGE>

                                   EXHIBIT B-3

                      FORM OF FINAL CUSTODIAN CERTIFICATION

                                October __, 2000

[Addressees should include the Depositor,  the Operating Adviser,  the Placement
Agents,  any Seller with a Mortgage  Loan listed on the schedule of  exceptions,
the Master Servicer and the Special Servicer]

Ladies and Gentlemen:

     This  report is being  provided  pursuant to Section 2.2 of the Pooling and
Servicing  Agreement  dated as of October 1, 2000 (the  "Pooling  and  Servicing
Agreement"),  by and among PNC Mortgage Acceptance Corp., as depositor,  Midland
Loan  Services,  Inc.,  as master  servicer and special  servicer,  LaSalle Bank
National  Association,  as trustee (the  "Trustee"),  and ABN AMRO Bank N.V., as
fiscal agent (the "Fiscal Agent").

     In  accordance  with the  provisions  of  Section  2.2 of the  Pooling  and
Servicing  Agreement,  the  undersigned  hereby  is  providing  notice  that the
attached  schedule  consists of  exceptions  to the Trustee  Mortgage  File that
either have not been executed or received, have not been endorsed or assigned to
the extent  required,  have not been  recorded or filed,  are  unrelated  to the
Mortgage Loans  identified in the Mortgage Loan  Schedule,  appear on their face
not to be what they  purport to be or have been  torn,  mutilated  or  otherwise
defaced.

     Capitalized  words used herein and not otherwise  defined herein shall have
the respective meanings assigned to them in the Pooling and Servicing Agreement.

                              [LASALLE BANK NATIONAL ASSOCIATION, as Trustee.]
                              [or]
                              [CUSTODIAN]

                              By: __________________________
                              Name: ________________________
                              Title: _______________________

<PAGE>

                                   EXHIBIT C-1

                                     FORM OF
                              TRANSFEREE AFFIDAVIT

                                                          AFFIDAVIT PURSUANT TO
                                                      SECTION 860E(e)(4) OF THE
                                                       INTERNAL REVENUE CODE OF
                                                               1986, AS AMENDED

STATE OF_______________)
                       ) ss:
COUNTY OF______________)

     ______________, being first duly sworn, deposes and says:

     1.  That  he/she  is a  ____________________  of  ___________________  (the
"Purchaser"),  a duly  organized  and  existing  [under the laws of the State of
________] [national bank], on behalf of which he makes this affidavit.

     2. That the Purchaser's Taxpayer Identification Number is _____________.

     3. That the Purchaser of a %_____  Percentage  Interest of the PNC Mortgage
Acceptance Corp, Commercial Mortgage Pass-Through Certificates,  Series 2000-C2,
[Class  R-I,]  [Class  R-II]  and  [Class  R-III]  Certificates  (the  "Residual
Certificates") is a Permitted Transferee (as defined in Article I of the Pooling
and Servicing  Agreement  dated as of October 1, 2000, by and among PNC Mortgage
Acceptance Corp., as depositor,  Midland Loan Services, Inc., as master servicer
and special servicer,  LaSalle Bank National  Association,  as trustee,  and ABN
AMRO BANK N.V., as fiscal agent (the "Pooling and Servicing  Agreement"))  or is
acquiring the Residual  Certificates  for the account of, or as agent (including
as a broker,  nominee or other  middleman)  for, a Permitted  Transferee and has
received  from such person or entity an affidavit  substantially  in the form of
this affidavit.

     4. That the Purchaser historically has paid its debts as they have come due
and  intends to pay its debts as they come due in the  future and the  Purchaser
intends to pay taxes  associated with holding the Residual  Certificates as they
become due.

     5.  That the  Purchaser  understands  that it may  incur  liabilities  with
respect to the Residual Certificates in excess of any cash flow generated by the
Residual Certificates.

     6. That the Purchaser  will not transfer the Residual  Certificates  to any
person  or entity  from  which  the  Purchaser  has not  received  an  affidavit
substantially  in the form of this  affidavit or as to which the  Purchaser  has
actual  knowledge that the requirements set forth in paragraph 3, paragraph 4 or
paragraph 7 hereof are not  satisfied or that the  Purchaser  has reason to know
does not satisfy the requirements set forth in paragraph 4 hereof.

<PAGE>

     7. That the Purchaser is not a Disqualified Non-U.S.  Person (as defined in
Article I of the Pooling and  Servicing  Agreement)  and is not  purchasing  the
Residual Certificates for the account of, or as an agent (including as a broker,
nominee or other middleman) for, a Disqualified Non-U.S. Person.

     8.  That  the  Purchaser  agrees  to such  amendments  of the  Pooling  and
Servicing Agreement as may be required to further effectuate the restrictions on
transfer of the Residual Certificates to such a "disqualified  organization," an
agent thereof, or a person that does not satisfy the requirements of paragraph 4
and paragraph 7 hereof.

     9. That,  if a "tax  matters  person" is  required  to be  designated  with
respect to each of [REMIC I], [REMIC II] and [REMIC III],  the Purchaser  agrees
to act as "tax  matters  person" and to perform the  functions  of "tax  matters
person" of each of [REMIC I],  [REMIC II] and [REMIC  III]  pursuant  to Section
10.2 of the  Pooling  and  Servicing  Agreement,  and agrees to the  irrevocable
designation  of the  Trustee as the  Purchaser's  attorney-in-fact  and agent in
performing the function of "tax matters person."

     10. The Purchaser  agrees to be bound by and to abide by the  provisions of
Section 5.2 of the Pooling and Servicing  Agreement  concerning  registration of
the transfer and exchange of the Residual Certificates.

     11. No purpose of the Purchaser relating to its purchase or any sale of the
Residual  Certificates  is or will be to impede the  assessment or collection of
any tax.

     12. The Purchaser  calculated  present  values in accordance  with Proposed
U.S. Treasury Regulation Sections 1.860E-1(c)(4)(iii) and 1.860E-1(c)(5) using a
discount  rate at least equal to the lesser of (A) the  applicable  Federal rate
prescribed by Section 1274(d) of the Code, compounded semiannually,  and (B) the
rate at which Purchaser  regularly borrows,  in the ordinary course of its trade
or business, substantial funds from unrelated third parties.

     Capitalized terms used but not defined herein have the respective  meanings
ascribed to such terms in the Pooling and Servicing Agreement.

                            [Signature on next page]

<PAGE>

     IN WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
on  its  behalf,  pursuant  to  authority  of its  Board  of  Directors,  by its
_______________ this 23rd day of October.

                                  [Purchaser]

                                  By:_______________________________________
                                       Title:
                                       Name:

     Personally appeared before me the above-named  __________,  known or proved
to me to be the same person who executed the foregoing  instrument and to be the
________________  of the Purchaser,  and acknowledged to me that he executed the
same as his free act and deed and the free act and deed of the Purchaser.

     Subscribed and sworn before me this 23rd day of October.

                                  ___________________________________________
                                  NOTARY PUBLIC

COUNTY OF

STATE OF

My commission expires the ____ day of _____________.

<PAGE>

                                   EXHIBIT C-2

                            FORM OF TRANSFEROR LETTER

                                     [Date]

LaSalle Bank National Association, as Certificate Registrar
135 South LaSalle Street, Ste. 1625
Chicago, Illinois 60603

     Re:  PNC  Mortgage  Acceptance  Corp.,   Commercial  Mortgage  Pass-Through
          Certificates, Series 2000-C2
          ----------------------------

Ladies and Gentlemen:

     [Transferor] has reviewed the attached affidavits of [Transferee],  and has
no actual  knowledge that such affidavits are not true and has no reason to know
that the information contained in paragraph 4 thereof is not true.

No purpose of [Transferor] relating to the transfer of the Residual Certificates
by  [Transferor]  to  [Transferee]  is or will be to impede  the  assessment  or
collection of any tax.

     [Transferor]  has at the  time  of this  transfer  conducted  a  reasonable
investigation  of the financial  condition of  [Transferee]  as  contemplated by
Treasury  regulation  Section   1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  [Transferor]  has determined that  [Transferee] has historically
paid its debts as they  became  due and has  found no  significant  evidence  to
indicate that [Transferee] will not continue to pay its debts as they become due
in the  future.  [Transferor]  understands  that the  transfer  of the  Residual
Certificates  may not be respected  for United  States  income tax purposes (and
[Transferor] may continue to be liable for United States income taxes associated
therewith) unless [Transferor] has conducted such an investigation

                                      Very truly yours,

                                      [Transferor]

<PAGE>

                                    EXHIBIT D

                    FORM OF INVESTMENT REPRESENTATION LETTER

LaSalle Bank National Association, as Trustee
 and Certificate Registrar
135 South LaSalle Street, Ste. 1625
Chicago, Illinois 60603

Attention:  Asset-Backed Securities Trust Services Group -
  PNC Mortgage Acceptance Corp. Commercial
  Mortgage Pass-Through Certificates Series 2000-C2

PNC Mortgage Acceptance Corp.
210 West 10th Street, 6th Floor
Kansas City, Missouri 64105

              Re:   Transfer  of  PNC  Mortgage  Acceptance  Corp.,   Commercial
                    Mortgage Pass-Through Certificates, Series 2000-C1, Class
                    _____, _____, _____, ______.

Ladies and Gentlemen:

     This  letter is  delivered  pursuant  to  Section  5.2 of the  Pooling  and
Servicing  Agreement  dated as of October 1, 2000 (the  "Pooling  and  Servicing
Agreement"),  by and among PNC Mortgage Acceptance Corp., as depositor,  Midland
Loan  Services,  Inc.,  as master  servicer and special  servicer,  LaSalle Bank
National  Association,  as trustee (the  "Trustee"),  and ABN AMRO Bank N.V., as
fiscal  agent (the  "Fiscal  Agent"),  on behalf of the holders of PNC  Mortgage
Acceptance Corp., Commercial Mortgage Pass-Through Certificates,  Series 2000-C2
(the     "Certificates")     in     connection     with    the    transfer    by
_________________________ (the "Seller") to the undersigned (the "Purchaser") of
[$__________ aggregate [Certificate Balance] [Notional Amount]] [___% Percentage
Interest] of Class __ Certificates,  in certificated fully registered form (such
registered interest being the "Certificate").  Terms used but not defined herein
shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.

     In connection  with such transfer,  the undersigned  hereby  represents and
warrants to you as follows:

     [[For   Institutional   Accredited   Investors]  1.  The  Purchaser  is  an
"institutional  accredited investor" (an entity meeting the requirements of Rule
501(a)(1),  (2), (3) or (7) of Regulation D under the Securities Act of 1933, as
amended  (the "1933 Act") or an entity in which all the equity  owners meet such
requirements) and has such knowledge and experience in

<PAGE>

financial  and business  matters as to be capable of  evaluating  the merits and
risks of its investment in the  Certificates,  and it and any accounts for which
it is acting are each able to bear the economic  risk of our or its  investment.
The Purchaser is acquiring the  Certificates  purchased by it for investment for
its own account or for one or more accounts (each of which is an  "institutional
accredited  investor")  as  to  each  of  which  the  Purchaser  exercises  sole
investment  discretion.  The Purchaser hereby  undertakes to reimburse the Trust
for any costs incurred by it in connection with this transfer.]

     [[For Qualified Institutional Buyers only] 1. The Purchaser is a "qualified
institutional  buyer" within the meaning of Rule 144A ("Rule 144A")  promulgated
under the Securities Act of 1933, as amended (the "1933 Act").  The Purchaser is
aware  that the  transfer  is  being  made in  reliance  on Rule  144A,  and the
Purchaser  has had the  opportunity  to obtain the  information  required  to be
provided pursuant to paragraph (d)(4)(i) of Rule 144A.]

     2.  The  Purchaser's  intention  is to  acquire  the  Certificate  (a)  for
investment  for  the  Purchaser's  own  account  or  (b) if  the  Purchase  is a
"qualified  institutional buyer", for resale to "qualified institutional buyers"
in  transactions  under  Rule 144A or to  "institutional  accredited  investors"
meeting the  requirements  of Rule  501(a)(1),  (2), (3) or (7) of  Regulation D
promulgated  under the  Securities  Act, or to an entity in which all the equity
owners meet such  requirements,  pursuant to an exemption from the  registration
requirements of the Securities Act (if applicable),  subject in the case of this
clause  (ii) and to (a) the  receipt by the  Certificate  Registrar  of a letter
substantially in the form hereof,  (b) the receipt by the Certificate  Registrar
of an opinion of  counsel  acceptable  to the  Certificate  Registrar  that such
reoffer,  resale,  pledge or transfer is in compliance  with the Securities Act,
and (c) a written  undertaking  to reimburse the Trust for any costs incurred by
it in connection with the proposed transfer. It understands that the Certificate
has not been  registered  under the  Securities  Act,  by reason of a  specified
exemption  from the  registration  provisions  of the  Securities  Act which may
depend  upon,  among  other  things,  the bona fide  nature  of the  Purchaser's
investment  intent (or  intent to resell to only  certain  investors  in certain
exempted transactions) as expressed herein.

     3. The Purchaser  acknowledges that the Certificate has not been registered
or qualified under the Securities Act or the securities laws of any State or any
other jurisdiction, and that the Transferred Interest cannot be resold unless it
is  registered  or  qualified  thereunder  or  unless  an  exemption  from  such
registration or qualification is available.

     4. The  Purchaser  has  reviewed  the Private  Placement  Memorandum  dated
October  13,  2000,   relating  to  the  Certificates  (the  "Private  Placement
Memorandum") and the agreements and other materials  referred to therein and has
had the  opportunity to ask questions and receive  answers  concerning the terms
and  conditions  of  the  transactions  contemplated  by the  Private  Placement
Memorandum.

     5. The Purchaser hereby  undertakes to be bound by the terms and conditions
of the  Pooling  and  Servicing  Agreement  in its  capacity  as an  owner  of a
Certificate or Certificates,  as the case may be (each, a  "Certificateholder"),
in all respects as if it were a signatory thereto.  This undertaking is made for
the   benefit  of  the  Trust   Fund,   the   Certificate   Registrar   and  all
Certificateholders present and future.

<PAGE>

     6. The  Purchaser  will not sell or  otherwise  transfer any portion of the
Certificate,  except in compliance with Section 5.2 of the Pooling and Servicing
Agreement.

     7. Check one of the following:*

     _______ The  Purchaser  is a "U.S.  Person" and it has  attached  hereto an
Internal Revenue Service ("IRS") Form W-9 (or successor form).

     _______ The Purchaser is not a "U.S.  Person" and under  applicable  law in
effect on the date  hereof,  no Taxes will be  required  to be  withheld  by the
Certificate Registrar (or its agent) with respect to Distributions to be made on
the  Certificate.  The Purchaser has attached  hereto either (i) a duly executed
IRS Form  W-8 (or  successor  form),  which  identifies  such  Purchaser  as the
beneficial owner of the Certificate and states that such Purchaser is not a U.S.
Person or (ii) two duly executed  copies of IRS Form 4224 (or  successor  form),
which  identify such Purchaser as the beneficial  owner of the  Certificate  and
state that interest and original  issue  discount on the  Certificate  is, or is
expected  to be,  effectively  connected  with a U.S.  trade  or  business.  The
Purchaser agrees to provide to the Certificate  Registrar  updated IRS Forms W-8
or IRS Forms 4224, as the case may be, any  applicable  successor IRS forms,  or
such other certificates as the Certificate  Registrar may reasonably request, on
or before  the date that any such IRS form or  certification  expires or becomes
obsolete,  or promptly after the  occurrence of any event  requiring a change in
the most recent IRS form of  certification  furnished  by it to the  Certificate
Registrar.

     For this purpose,  "U.S.  Person" means a citizen or resident of the United
States for U.S. federal income tax purposes, a corporation,  partnership (except
to the extent  provided in  applicable  Treasury  regulations)  or other  entity
created or  organized  in or under the laws of the  United  States or any of its
political  subdivisions,  or an estate  the  income of which is  subject to U.S.
federal  income  taxation  regardless of its source or a trust if a court within
the  United   States  is  able  to  exercise   privacy   supervision   over  the
administration of the trust and one or more such U.S. Persons have the authority
to control all substantial decisions of the trust (or, to the extent provided in
applicable Treasury regulations,  certain trusts in existence on August 20, 1996
which are eligible to elect to be treated as U.S. Persons.

     Please make all payments due on the Certificates:**

__________ (a) by wire transfer to the following  account at a bank or entity in
New York, New York, having appropriate facilities therefore:

               Account number______________ Institution______________

_____________________
*    Each Purchaser must include one of the two alternative certifications.
**   Please select (a) or (b).

<PAGE>

__________ (b) by mailing a check or draft to the following address:

                            ________________________
                            ________________________
                            ________________________

                                             Very truly yours,

                                             [The Purchaser]

                                             By: ______________________
                                                  Name:
                                                  Title:

Dated: ___________________

<PAGE>

                                    EXHIBIT E

                           FORM OF REQUEST FOR RELEASE
                             (for Trustee/Custodian)

Loan Information

         Name of Mortgagor:

         Master Servicer Loan No.:

Custodian/Trustee File No.:

         Name:

         Address:

         Custodian/Trustee
         Mortgage File No.:

Depositor

         Name:             PNC Mortgage Acceptance Corp.

         Address:          210 West 10th Street, 6th Floor
                           Kansas City, Missouri 64105

         Certificates:     PNC Mortgage Acceptance Corp.,
                           Commercial Mortgage Pass-Through Certificates,
                           Series 2000-C2

        The undersigned [Master Servicer] [Special Servicer] hereby acknowledges
that it has received from LaSalle Bank National Association, as Trustee for the
Holders of PNC Mortgage Acceptance Corp., Commercial Mortgage Pass-Through
Certificates, Series 2000-C2, the documents referred to below (the "Documents").
All capitalized terms not otherwise defined in this Request for Release shall
have the meanings given them in the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement") dated as of October 1, 2000, by and among the
Trustee, ABN AMRO Bank N.V., as Fiscal Agent, PNC Mortgage Acceptance Corp., as
Depositor, and Midland Loan Services, Inc., as Master Servicer and Special
Servicer.

<PAGE>

( )  Promissory Note dated ___________, ____, in the original principal sum of
$______________, made by _______________, payable to, or endorsed to the order
of, the Trustee.

( )  Mortgage recorded on _______________ as instrument no. ________________ in
the County Recorder's Office of the County of ___________________, State
of__________________ in book/reel/docket ________________ of official records at
page/image _____________________.

( )  Deed of Trust recorded on ____________________ as instrument no.
____________ in the County Recorder's Office of the County of _________________,
State of ________________ in book/reel/docket ____________________ of official
records at page/image _______________________.

( )  Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
_________________________ as instrument no. ____________________ in the County
Recorder's Office of the County of _________________, State of
_______________________ in book/reel/docket __________ of official records at
page/image ____________________.

( )  Other documents, including any amendments, assignments or other assumptions
of the Note or Mortgage.

     ( ) __________________________________

     ( ) __________________________________

     ( ) __________________________________

     ( ) __________________________________

     The undersigned [Master Servicer] [Special Servicer] hereby acknowledges
and agrees as follows:

(1)   The [Master Servicer] [Special Servicer] shall hold and retain possession
of the Documents in trust for the benefit of the Trustee, solely for the
purposes provided in the Agreement.

(2)   The [Master Servicer] [Special Servicer] shall not cause or permit the
Documents to become subject to, or encumbered by, any claim, liens, security
interest, charges, writs of attachment or other impositions nor shall the
[Master Servicer] [Special Servicer] assert or seek to assert any claims or
rights of set-off to or against the Documents or any proceeds thereof.

(3)   The [Master Servicer] [Special Servicer] shall return the Documents to the
Custodian when the need therefor no longer exists, unless the Mortgage Loan
relating to the Documents has been liquidated and the proceeds thereof have been
remitted to the Collection Account and except as expressly provided in the
Agreement.

<PAGE>

(4)   The Documents and any proceeds thereof, including any proceeds of
proceeds, coming into the possession or control of the [Master Servicer]
[Special Servicer] shall at all times be earmarked for the account of the
Trustee, and the [Master Servicer] [Special Servicer] shall keep the Documents
and any proceeds separate and distinct from all other property in the [Master
Servicer's] [Special Servicer's] possession, custody or control.

      [___________________________________]

                                    By: __________________________________
                                    Name: ________________________________
                                    Title: _______________________________

Date:    ___________________

<PAGE>

                                    EXHIBIT F

                           FORM OF CUSTODIAL AGREEMENT

          THIS CUSTODIAL AGREEMENT, dated  as of  __________,  is  by  and among
_____________________,  as Custodian (the  "Custodian"),  Midland Loan Services,
Inc., as Master Servicer and Special Servicer (the "Master Servicer" or "Special
Servicer") and LaSalle Bank National  Association,  as Trustee (the  "Trustee").
The Master  Servicer  and the Special  Servicer are each  sometimes  referred to
herein as a "Servicer".

                                   WITNESSETH:

          WHEREAS,  the Master  Servicer,  the Special  Servicer and the Trustee
are parties to a Pooling and  Servicing  Agreement  (the  "Pooling and Servicing
Agreement"),  dated as of October 1, 2000, among PNC Mortgage  Acceptance Corp.,
as Depositor,  the Master Servicer,  the Special  Servicer,  the Trustee and ABN
AMRO Bank N.V.,  as fiscal  agent,  relating to PNC  Mortgage  Acceptance  Corp.
Commercial Mortgage Pass-Through Certificates, Series 2000-C2 (capitalized terms
used but not defined herein having the meaning  assigned  thereto in the Pooling
and Servicing Agreement).

          WHEREAS, the parties hereto desire the Custodian to take possession of
the documents  specified in Section 2.1 of the Pooling and Servicing  Agreement,
as custodian for the Trustee, in accordance with the terms hereof;

          NOW, THEREFORE, in consideration of  the  mutual  undertakings  herein
expressed, the parties hereto hereby agree as follows:

          1.   The Trustee hereby certifies that it has  caused to be  delivered
and released to the Custodian and the Custodian hereby  acknowledges  receipt of
the documents  specified in Section 2.1 of the Pooling and  Servicing  Agreement
pertaining  to  each of the  Mortgage  Loans  identified  in the  Mortgage  Loan
Schedule  attached to the Pooling and  Servicing  Agreement as Exhibit B-1. From
time to time, the applicable Servicer shall forward to the Custodian  additional
original  documents  evidencing an assumption or modification of a Mortgage Loan
approved by the  applicable  Servicer.  All Mortgage Loan  documents held by the
Custodian as to each  Mortgage  Loan are referred to herein as the  "Custodian's
Mortgage  File." The Custodian  hereby agrees to review each of the  Custodian's
Mortgage  Files and perform  such other  obligations  of the  Custodian  as such
obligations  are set forth in the Pooling  and  Servicing  Agreement  (including
Sections 2.1 and 2.2 thereof).

          2.   With  respect to  each Note,  each Mortgage,  each  Assignment of
Mortgage and each other document  constituting  each  Custodian's  Mortgage File
which  is  delivered  to the  Custodian  or which  at any  time  comes  into the
possession of the Custodian,  the Custodian is exclusively the custodian for and
the bailee of the Trustee or the applicable  Servicer.  The Custodian shall hold
all documents constituting each Custodian's Mortgage File received by it for the
exclusive  use and benefit of the Trustee,  and shall make  disposition  thereof
only in accordance with the

<PAGE>

instructions furnished by the applicable Servicer. The Custodian shall segregate
and maintain  continuous  custody of all documents  constituting the Custodian's
Mortgage File received in secure and fire  resistant  facilities  located in the
State of __________ in accordance with customary  standards for such custody. In
the event the  Custodian  discovers  any defect with respect to any  Custodian's
Mortgage File, the Custodian shall give written  specification of such defect to
the applicable Servicer and the Trustee.

          3.   From  time  to  time  and  as  appropriate for the foreclosure or
servicing of any of the Mortgage Loans, the Custodian is hereby  directed,  upon
written request and receipt from the applicable  Servicer (a copy of which shall
be forwarded to the Trustee),  to release to the applicable Servicer the related
Custodian's  Mortgage  File or the  documents  set forth in such  receipt to the
applicable Servicer.  All documents so released to the applicable Servicer shall
be held by it in trust for the benefit of the Trustee.  The applicable  Servicer
shall return to the Custodian the  Custodian's  Mortgage File or such  documents
when the applicable Servicer's need therefor in connection with such foreclosure
or servicing no longer exists, unless the Mortgage Loan shall be liquidated,  in
which case, upon receipt of a  certification  to this effect from the applicable
Servicer to the Custodian,  the applicable  Servicer's receipt shall be released
by the Custodian to the applicable Servicer.

          4.   Upon the  purchase  of any  Mortgage  Loan  pursuant to the terms
of the Pooling and  Servicing  Agreement  or the payment in full of any Mortgage
Loan, and upon receipt by the Custodian of the applicable Servicer's request for
release,   receipt  and  certification  (which  certification  shall  include  a
statement  to the effect  that all  amounts  received  in  connection  with such
payment  or  repurchase  have  been  credited  to  the  Collection   Account  or
Distribution  Account as provided in the Pooling and Servicing  Agreement),  the
Custodian shall promptly  release the related  Custodian's  Mortgage File to the
applicable Servicer.

          5.   It is  understood that the  Custodian will  charge  such fees for
its  services  under  this  Custodial  Agreement  as are set forth in a separate
agreement between the Custodian and the Trustee, the payment of which,  together
with the  Custodian's  expenses  in  connection  therewith,  shall be solely the
obligation of the Trustee.

          6.   The Trustee may upon 30 days written days notice  (with copies to
each  Servicer)  remove and discharge  the Custodian or any successor  Custodian
thereafter  appointed  from the  performance  of its duties under this Custodial
Agreement.  Simultaneously,  the Trustee shall appoint a successor  Custodian to
act on its behalf by  written  instrument,  one  original  counterpart  of which
instrument  shall be delivered to each Rating Agency,  one copy to each Servicer
and one copy to the successor  Custodian.  In the event of any such removal, the
Custodian shall promptly transfer to the successor Custodian,  as directed,  all
Custodian's Mortgage Files being administered under this Custodial Agreement.

          7.   Upon  reasonable  prior  written  notice to  the  Custodian,  the
Trustee and its agents,  accountants,  attorneys  and auditors will be permitted
during  normal  business  hours  to  examine  the  Custodian's   Mortgage  File,
documents, records and other papers in the possession of or under the control of
the Custodian relating to any or all of the Mortgage Loans.

<PAGE>

          8.   If the  Custodian  is  furnished  with written  notice  from  the
Trustee that the Pooling and Servicing  Agreement has been  terminated as to any
or all of the  Mortgage  Loans,  it shall upon  written  request of the  Trustee
release to such persons as the Trustee shall designate the Custodian's  Mortgage
Files  relating to such  Mortgage  Loans as the Trustee  shall request and shall
complete the  Assignments of Mortgage and endorse the Notes only as, and if, the
Trustee  shall  request.  The Trustee  shall send notice of such  request to all
other parties to the Pooling and Servicing Agreement.

          9.   The Custodian  shall,  at its own expense,  maintain at all times
during the  existence  of this  Custodial  Agreement  and keep in full force and
effect (a) a fidelity  bond and (b) errors and omissions  insurance  meeting the
requirements of Section 8.12(c) of the Pooling and Servicing Agreement.

          10.  This Custodial  Agreement  may be executed  simultaneously in any
number  of  counterparts,  each of which  counterparts  shall be deemed to be an
original,  and  such  counterparts  shall  constitute  and be one and  the  same
instrument.

          11.  Within 10 days of each anniversary of the date  of this Custodial
Agreement,  or upon the request of the  Trustee or either  Servicer at any other
time, the Custodian shall provide to the Trustee and each Servicer a list of all
the Mortgage  Loans for which the Custodian  holds a  Custodian's  Mortgage File
pursuant to this Custodial Agreement.  Such list may be in the form of a copy of
the Mortgage  Loan  Schedule with manual  deletions to  specifically  denote any
Mortgage  Loans  paid  off,  liquidated  or  repurchased  since the date of this
Custodial Agreement.

          12.  This Custodial Agreement  shall be construed  in accordance  with
the  laws  of the  State  of New  York  (without  regard  to  conflicts  of laws
principles),  and the obligations,  rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

          13.  By execution of this Custodial Agreement,  the Custodian warrants
that it  currently  does not hold and during  the  existence  of this  Custodial
Agreement shall not hold any adverse interest,  by way of security or otherwise,
in any Mortgage  Loan, and hereby waives and releases any such interest which it
may have in any Mortgage Loan as of the date hereof.

          14.  The Custodian may terminate its  obligations under this Custodial
Agreement  upon at  least  60 days  notice  to the  Trustee  and the  applicable
Servicer.  In the  event  of such  termination,  the  Trustee  shall  appoint  a
successor  Custodian  (which may be the  Trustee).  Upon such  appointment,  the
Custodian shall promptly transfer to the successor Custodian,  as directed,  all
Custodian's Mortgage Files being administered under this Custodial Agreement.

          15.  This Custodial Agreement  shall  terminate upon the final payment
or other liquidation (or advance with respect thereto) of the last Mortgage Loan
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan, and the final  remittance of all funds due the
Certificateholders under the Pooling and Servicing Agreement. In such event, all
documents remaining in the Custodian's  Mortgage Files shall be forwarded to the
Trustee.

<PAGE>

          16.  All  demands,  notices and communications  hereunder shall  be in
writing  and  shall be  deemed to have been  duly  given  when  received  by the
addressee. Any such demand, notice or communication hereunder shall be deemed to
have been  received on the date  delivered to or received at the premises of the
addressee (as  evidenced,  in the case of  registered or certified  mail, by the
date noted on the return receipt).

          17.  This Custodial Agreement  may only be amended in accordance  with
Section 11.7 of the Pooling and Servicing Agreement.

                            [Signatures on Next Page]

<PAGE>

          IN WITNESS WHEREOF, the Custodian, the Master  Servicer,  the  Special
Servicer and the Trustee  have caused  their names to be signed  hereto by their
respective officers thereunto duly authorized,  all as of the date first written
above.

                                   ____________________________________,
                                   as Custodian

                                   By:_________________________________
                                   Name: ______________________________
                                   Title: _____________________________

                                   MIDLAND LOAN SERVICES, INC.,
                                   as Master Servicer and Special Servicer

                                   By: _________________________________
                                   Name: _______________________________
                                   Title: ______________________________

                                   LASALLE BANK NATIONAL ASSOCIATION,
                                   as Trustee

                                   By: _________________________________
                                   Name: _______________________________
                                   Title: ______________________________

<PAGE>

                                  EXHIBIT G-1A

                         FORM OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
                        (DEFINITIVE CLASS X CERTIFICATES)

                                     [date]

[Trustee Name and Address]

         Re:   PNC Mortgage Acceptance Corp.  Commercial  Mortgage  Pass-Through
               Certificates, Series 2000-C2, Class ______ Certificates having an
               initial  Notional  Amount as of October  ___,  2000 (the "Closing
               Date") of $________

Ladies and Gentlemen:

This letter is delivered to you in connection with the transfer by ____________
(the "Transferor") to _________________ (the "Transferee") of the above
captioned mortgage pass-through certificates (the "Transferred Certificates")
pursuant to Section 5.2 of the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of October 1, 2000, among PNC Mortgage
Acceptance Corp., as Depositor, Midland Loan Services, Inc., as Master Servicer
and as Special Servicer, LaSalle Bank National Association, as Trustee, and ABN
AMRO Bank N.V., as Fiscal Agent. All capitalized terms used but not otherwise
defined herein shall have the respective meanings set forth in the Pooling and
Servicing Agreement. The Transferee hereby certifies, represents and warrants to
you, as Certificate Registrar, as follows (check the applicable paragraph):

___  The Transferee is neither (A) a retirement plan or other employee
     benefit plan or arrangement, including an individual retirement account or
     annuity, a Keogh plan or a collective investment fund or separate account
     in which such plans, accounts or arrangements are invested, including an
     insurance company general account, that is subject to ERISA or Section 4975
     of the Code (each, a "Plan"), nor (B) a Person who is directly or
     indirectly purchasing the Transferred Certificates on behalf of, as named
     fiduciary of, as trustee of, or with assets of a Plan;

___  The Transferee is using funds from an insurance company general account
     to acquire the Transferred Certificates, however, the purchase and holding
     of such Certificates by such Person is exempt from the prohibited
     transaction provisions of Section 406 of ERISA and Section 4975 of the Code
     under Sections I and III of Prohibited Transaction Class Exemption 95-60;
     or

___  The  Transferred  Certificates  are being acquired by or on behalf of a
     Plan in reliance on Prohibited Transaction Exemption 90-24 or 98-08, and
     such Plan (X) is an accredited

<PAGE>

     investor as defined in Rule 501(a)(1) of Regulation D of the Securities
     Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of ERISA)
     by the Trustee, the Depositor, the Fiscal Agent, any of the Mortgage Loan
     Sellers, the Master Servicer, any Exemption-Favored Party, the Special
     Servicer, any Sub-Servicer or any Borrower with respect to any Mortgage
     Loan or group of Mortgage Loans that represents more than 5% of the
     aggregate unamortized principal balance of the Mortgage Loans determined on
     the date of the initial issuance of the Certificates, or by an Affiliate of
     any such Person, and (Z) agrees that it will obtain from each of its
     Transferees to which it transfers an interest in the Transferred
     Certificates, a written representation that such Transferee, if a Plan,
     satisfies the requirements of the immediately preceding clauses (X) and
     (Y), together with a written agreement that such Transferee will obtain
     from each of its Transferees that are Plans a similar written
     representation regarding satisfaction of the requirements of the
     immediately preceding clauses (X) and (Y).

Very truly yours,

________________________________
(Transferee)

By: ___________________________
Name:
Title:

<PAGE>

                                  EXHIBIT G-1B

                         FORM OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
                        (BOOK-ENTRY CLASS X CERTIFICATES)

                                     [Date]

[Transferor Name and Address]

         Re:   PNC Mortgage Acceptance Corp. Commercial  Mortgage  Pass-Through
               Certificates, Series 2000-C2, Class X

Ladies and Gentlemen:

     This letter is delivered to you in connection with the Transfer by
______________________ (the "Transferor") to _________________ (the
"Transferee") through our respective DTC Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Corporation ("DTC") and the Depository Participants) in
Class X Certificates having an initial Notional Amount as of October __, 2000
(the "Closing Date") of $__________ (the "Transferred Certificates").

     The Certificates, including the Transferred Certificates, were issued
pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2000
(the "Pooling and Servicing Agreement"), among PNC Mortgage Acceptance Corp., as
Depositor, Midland Loan Services, Inc., as Master Servicer and as Special
Servicer, LaSalle Bank National Association, as Trustee, and ABN AMRO Bank N.V.,
as Fiscal Agent. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing
Agreement.

     The Transferee hereby certifies, represents and warrants to you as follows
(check the applicable paragraph):

___  The  Transferee is neither (A) a retirement  plan, an employee  benefit
     plan or other retirement arrangement, including an individual retirement
     account or annuity, a Keogh plan or a collective investment fund or
     separate account in which such plans, accounts or arrangements are
     invested, including an insurance company general account, that is subject
     to Section 406 of ERISA or Section 4975 of the Code (each, a "Plan"), nor
     (B) a Person who is directly or indirectly purchasing an interest in the
     Transferred Certificates on behalf of, as named fiduciary of, as trustee
     of, or with assets of, a Plan;

___  The Transferee is using funds from an insurance company general account
     to acquire an interest in the Transferred Certificates, however, the
     purchase and holding of such interest by such Person is exempt from the
     prohibited transaction provisions of Section

<PAGE>

     406 of ERISA and Section 4975 of the Code under Sections I and III of
     Prohibited Transaction Class Exemption 95-60; or

___  An interest in the Transferred  Certificates is being acquired by or on
     behalf of a Plan in reliance on Prohibited Transaction Exemption 90-24 or
     98-08, and such Plan (X) is an accredited investor as defined in Rule
     501(a)(1) of Regulation D of the Securities Act, (Y) is not sponsored
     (within the meaning of Section 3(16)(B) of ERISA) by the Trustee, the
     Depositor, the Fiscal Agent, any of the Mortgage Loan Sellers, the Master
     Servicer, any Exemption-Favored Party, the Special Servicer, any
     Sub-Servicer or any Borrower with respect to any Mortgage Loan or group of
     Mortgage Loans that represents more than 5% of the aggregate unamortized
     principal balance of the Mortgage Loans determined on the date of the
     initial issuance of the Certificates, or by an Affiliate of any such
     Person, and (Z) agrees that it will obtain from each of its Transferees to
     which it transfers an interest in the Transferred Certificates, a written
     representation that such Transferee, if a Plan, satisfies the requirements
     of the immediately preceding clauses (X) and (Y), together with a written
     agreement that such Transferee will obtain from each of its Transferees
     that are Plans a similar written representation regarding satisfaction of
     the requirements of the immediately preceding clauses (X) and (Y).

________________________________
(Transferee)

By: ____________________________
Name:
Title:

<PAGE>

                                  EXHIBIT G-2A

                         FORM OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
                   (DEFINITIVE CLASS B, C AND D CERTIFICATES)

                                     [date]

[Trustee Name and Address]

     Re:  PNC Mortgage Acceptance Corp.  Commercial  Mortgage  Pass-Through
          Certificates, Series 2000-C2, Class ______ Certificates having an
          initial Certificate Balance as of October __, 2000 (the "Closing
          Date") of [$________]

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the captioned mortgage pass-through certificates (the "Transferred
Certificates") pursuant to Section 5.2 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of October 1, 2000, among PNC
Mortgage Acceptance Corp., as Depositor, Midland Loan Services, Inc., as Master
Servicer and as Special Servicer, LaSalle Bank National Association, as Trustee,
and ABN AMRO Bank N.V., as Fiscal Agent. All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferee hereby certifies, represents and
warrants to you, as Certificate Registrar, as follows (check the applicable
paragraph):

___  The  Transferee  is neither  (A) a  retirement  plan or other  employee
     benefit plan or arrangement, including an individual retirement account or
     annuity, a Keogh plan or a collective investment fund or separate account
     in which such plans, accounts or arrangements are invested, including an
     insurance company general account, that is subject to ERISA or Section 4975
     of the Code (each, a "Plan"), nor (B) a Person who is directly or
     indirectly purchasing the Transferred Certificates on behalf of, as named
     fiduciary of, as trustee of, or with assets of a Plan; or

___  The Transferee is using funds from an insurance company general account
     to acquire the Transferred Certificates, however, the purchase and holding
     of such Certificates by such Person is exempt from the prohibited
     transaction provisions of Section 406 of ERISA and Section 4975 of the Code
     under Sections I and III of Prohibited Transaction Class Exemption 95-60.

<PAGE>

Very truly yours,

________________________________
(Transferee)

By: ___________________________
Name:
Title:

<PAGE>

                                  EXHIBIT G-2B

                         FORM OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
                   (BOOK-ENTRY CLASS B, C AND D CERTIFICATES)

                                     [Date]

[Transferor Name and Address]

     Re:  PNC Mortgage Acceptance Corp.  Commercial  Mortgage  Pass-Through
          Certificates, Series 2000-C2, Class __

Ladies and Gentlemen:

     This letter is delivered to you in connection with the Transfer by
______________________ (the "Transferor") to _________________ (the
"Transferee") through our respective DTC Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Corporation ("DTC") and the Depository Participants) in
Class __ Certificates having an initial Certificate Balance as of October __,
2000 (the "Closing Date") of $__________ (the "Transferred Certificates").

     The Certificates, including the Transferred Certificates, were issued
pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2000
(the "Pooling and Servicing Agreement"), among PNC Mortgage Acceptance Corp., as
Depositor, Midland Loan Services, Inc., as Master Servicer and as Special
Servicer, LaSalle Bank National Association, as Trustee, and ABN AMRO Bank N.V.,
as Fiscal Agent. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing
Agreement.

     The Transferee hereby certifies, represents and warrants to you as follows
(check the applicable paragraph):

___  The  Transferee is neither (A) a retirement  plan, an employee  benefit
     plan or other retirement arrangement, including an individual retirement
     account or annuity, a Keogh plan or a collective investment fund or
     separate account in which such plans, accounts or arrangements are
     invested, including an insurance company general account, that is subject
     to Section 406 of ERISA or Section 4975 of the Code (each, a "Plan"), nor
     (B) a Person who is directly or indirectly purchasing an interest in the
     Transferred Certificates on behalf of, as named fiduciary of, as trustee
     of, or with assets of, a Plan; or

___  The Transferee is using funds from an insurance company general account
     to acquire an interest in the Transferred Certificates, however, the
     purchase and holding of such interest by such Person is exempt from the
     prohibited transaction provisions of Section

<PAGE>

     406 of ERISA and Section 4975 of the Code under Sections I and III of
     Prohibited Transaction Class Exemption 95-60.

________________________________
(Transferee)

By: ____________________________
Name:
Title:

<PAGE>

                                  EXHIBIT G-3A

                         FORM OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
         (DEFINITIVE CLASS E, F, G, H, J, K, L, M, N AND O CERTIFICATES)

                                     [date]

[Trustee Name and Address]

     Re:  PNC Mortgage Acceptance Corp.  Commercial  Mortgage  Pass-Through
          Certificates, Series 2000-C2, Class ______ Certificates having an
          initial  Certificate Balance as of October __, 2000 (the "Closing
          Date") of $________

Ladies and Gentlemen:

     This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the above captioned mortgage pass-through certificates (the "Transferred
Certificates") pursuant to Section 5.2 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of October 1, 2000, among PNC
Mortgage Acceptance Corp., as Depositor, Midland Loan Services, Inc., as Master
Servicer and as Special Servicer, LaSalle Bank National Association, as Trustee,
and ABN AMRO Bank N.V., as Fiscal Agent. All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferee hereby certifies, represents and
warrants to you, as Certificate Registrar, as follows (check the applicable
paragraph):

___  The  Transferee  is neither  (A) a  retirement  plan or other  employee
     benefit plan or arrangement, including an individual retirement account or
     annuity, a Keogh plan or a collective investment fund or separate account
     in which such plans, accounts or arrangements are invested, including an
     insurance company general account, that is subject to ERISA or Section 4975
     of the Code (each, a "Plan"), nor (B) a Person who is directly or
     indirectly purchasing the Transferred Certificates on behalf of, as named
     fiduciary of, as trustee of, or with assets of a Plan;

___  The Transferee is using funds from an insurance company general account
     to acquire the Transferred Certificates, however, the purchase and holding
     of such Certificates by such Person is exempt from the prohibited
     transaction provisions of Section 406 of ERISA and Section 4975 of the Code
     under Sections I and III of Prohibited Transaction Class Exemption 95-60;
     or

<PAGE>

___  *The  Transferred  Certificates are being acquired by or on behalf of a
     Plan in reliance on Prohibited Transaction Exemption 90-24 or 98-08, and
     such Plan (X) is an accredited investor as defined in Rule 501(a)(1) of
     Regulation D of the Securities Act, (Y) is not sponsored (within the
     meaning of Section 3(16)(B) of ERISA) by the Trustee, the Depositor, the
     Fiscal Agent, any of the Mortgage Loan Sellers, the Master Servicer, any
     Exemption-Favored Party, the Special Servicer, any Sub-Servicer or any
     Borrower with respect to any Mortgage Loan or group of Mortgage Loans that
     represents more than 5% of the aggregate unamortized principal balance of
     the Mortgage Loans determined on the date of the initial issuance of the
     Certificates, or by an Affiliate of any such Person, and (Z) agrees that it
     will obtain from each of its Transferees to which it transfers an interest
     in the Transferred Certificates, a written representation that such
     Transferee, if a Plan, satisfies the requirements of the immediately
     preceding clauses (X) and (Y), together with a written agreement that such
     Transferee will obtain from each of its Transferees that are Plans a
     similar written representation regarding satisfaction of the requirements
     of the immediately preceding clauses (X) and (Y).

Very truly yours,

________________________________
(Transferee)

 By: ___________________________
 Name:
 Title:

_________________________

* This paragraph may be checked only if Permitted Transaction Exemption 90-24 or
98-08, as applicable, has been amended to permit the Transferred Certificates to
be acquired by a Plan.

<PAGE>

                                  EXHIBIT G-3B

                         FORM OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
         (BOOK-ENTRY CLASS E, F, G, H, J, K, L, M, N AND O CERTIFICATES)

                                     [Date]

[Transferor Name and Address]

     Re:  PNC Mortgage Acceptance Corp.  Commercial  Mortgage  Pass-Through
          Certificates, Series 2000-C2, Class __

Ladies and Gentlemen:

     This letter is delivered to you in connection with the Transfer by
______________________ (the "Transferor") to _________________ (the
"Transferee") through our respective DTC Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Corporation ("DTC") and the Depository Participants) in
Class __ Certificates having an initial Certificate Balance as of October __,
2000 (the "Closing Date") of $__________ (the "Transferred Certificates").

     The Certificates, including the Transferred Certificates, were issued
pursuant to the Pooling and Servicing Agreement, dated as of October, 2000 (the
"Pooling and Servicing Agreement"), among PNC Mortgage Acceptance Corp., as
Depositor, Midland Loan Services, Inc., as Master Servicer and as Special
Servicer, LaSalle Bank National Association, as Trustee, and ABN AMRO Bank N.V.,
as Fiscal Agent. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing
Agreement.

     The Transferee hereby certifies, represents and warrants to you as follows
(check the applicable paragraph):

___  The  Transferee is neither (A) a retirement  plan, an employee  benefit
     plan or other retirement arrangement, including an individual retirement
     account or annuity, a Keogh plan or a collective investment fund or
     separate account in which such plans, accounts or arrangements are
     invested, including an insurance company general account, that is subject
     to Section 406 of ERISA or Section 4975 of the Code (each, a "Plan"), nor
     (B) a Person who is directly or indirectly purchasing an interest in the
     Transferred Certificates on behalf of, as named fiduciary of, as trustee
     of, or with assets of, a Plan;

___  The Transferee is using funds from an insurance company general account
     to acquire an interest in the Transferred Certificates, however, the
     purchase and holding of such interest by such Person is exempt from the
     prohibited transaction provisions of Section

<PAGE>

     406 of ERISA and Section 4975 of the Code under Sections I and III of
     Prohibited Transaction Class Exemption 95-60; or

___  *An interest in the Transferred Certificates is being acquired by or on
     behalf of a Plan in reliance on Prohibited Transaction Exemption 90-24 or
     98-08, and such Plan (X) is an accredited investor as defined in Rule
     501(a)(1) of Regulation D of the Securities Act, (Y) is not sponsored
     (within the meaning of Section 3(16)(B) of ERISA) by the Trustee, the
     Depositor, any Fiscal Agent, any of the Mortgage Loan Sellers, the Master
     Servicer, any Exemption-Favored Party, the Special Servicer, any
     Sub-Servicer or any Borrower with respect to any Mortgage Loan or group of
     Mortgage Loans that represents more than 5% of the aggregate unamortized
     principal balance of the Mortgage Loans determined on the date of the
     initial issuance of the Certificates, or by an Affiliate of any such
     Person, and (Z) agrees that it will obtain from each of its Transferees to
     which it transfers an interest in the Transferred Certificates, a written
     representation that such Transferee, if a Plan, satisfies the requirements
     of the immediately preceding clauses (X) and (Y), together with a written
     agreement that such Transferee will obtain from each of its Transferees
     that are Plans a similar written representation regarding satisfaction of
     the requirements of the immediately preceding clauses (X) and (Y).

________________________________
(Transferee)

By: ____________________________
Name:
Title:

_________________________

* This paragraph may be checked only if Permitted Transaction Exemption 90-24 or
98-08, as applicable, has been amended to permit the Transferred Certificates to
be acquired by a Plan.

<PAGE>

                                  EXHIBIT H-1
<TABLE>
<CAPTION>
ABN AMRO                                                 PNC Mortgage Acceptance Corp.             Statement Date:
LaSalle Bank N.A.                                Midland Loan Services, Inc., Master Servicer      Payment Date:
135 S. LaSalle Street   Suite 1625               Midland Loan Services, Inc., Special Servicer     Prior Payment:
Chicago, IL   60603                              Commercial Mortgage Pass-Through Certificates     Next Payment:
                                                               Series 2000-C2                      Record Date:
                                                        ABN AMRO Acct: XX-XXXX-XX-X
Administrator:                                                                                      Analyst:
Kori Sumser (312)904-0390                           Reporting Package Table of Contents           Thomas Helms (714) 282-3980 (203)
koren.sumser@abnamro.com                                                                          thelms@lnbabs.com
====================================================================================================================================
<S>                                       <C>                                                    <C>
====================================      =================================================      ==================================

                                                                                    Page(s)
Issue Id:                   PNCM00C2      REMIC Certificate Report                               Closing Date:
Monthly Data File Name:                   Ratings                                                First Payment Date:     11/12/2000
                                          Bond Interest Reconciliation                           Assumed Final Payment Date:
                                          Cash Reconciliation Summary
=====================================     15 Month Historical Loan Status Summary                ==================================
                                          15 Month Historical Payoff/Loss Summary
                                          Historical Collateral Level Prepayment Report
                                          Delinquent Loan Detail
                                          Mortgage Loan Characteristics
                                          Loan Level  Detail
                                          Specially Serviced Report
                                          Modified Loan Detail
                                          Realized Loss Detail
                                          Appraisal Reduction Detail

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

                            ======================================================================================================
                                                             Contact Information
                            ------------------------------------------------------------------------------------------------------

                                                  Depositor: PNC Mortgage Acceptance Corp.
                                Underwriters: Morgan Stanley & Co. Incorporated and PNC Capital Markets, Inc.
                                                Master Servicer: Midland Loan Services, Inc.
                               Rating Agencies: Moody's Investors Service, Inc. and Standard & Poor's Ratings Services

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

                                     ==========================================================================
                                        Information is available for this issue from the following sources
                                     --------------------------------------------------------------------------
                                     --------------------------------------------------------------------------
                                     LaSalle Web Site                                      www.lnbabs.com
                                     Servicer Website                                   www.midlandls.com
                                     LaSalle Bulletin Board                                (714) 282-3990
                                     LaSalle Factor Line                                   (800) 246-5761

                                     ==========================================================================
 ===================================================================================================================================
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>

ABN AMRO                            PNC Mortgage Acceptance Corp.               Statement Date:
LaSalle Bank N.A.           Midland Loan Services, Inc., Master Servicer        Payment Date:
                            Midland Loan Services, Inc., Special Servicer       Prior Payment:
WAC:                        Commercial Mortgage Pass-Through Certificates       Next Payment:
WA Life Term:                           Series 2000-C2                          Record Date:
WA Amort Term:                    ABN AMRO Acct: XX-XXXX-XX-X
Current Index:
Next Index:
====================================================================================================================================
            Original       Opening    Principal     Principal     Negative     Closing      Interest    Interest      Pass-Through
Class    Face Value (1)    Balance     Payment    Adj. or Loss  Amortization   Balance       Payment   Adjustment       Rate (2)
CUSIP      Per 1,000      Per 1,000   Per 1,000     Per 1,000    Per 1,000    Per 1,000     Per 1,000   Per 1,000     Next Rate (3)
------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>           <C>          <C>         <C>           <C>           <C>          <C>         <C>

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
                    0.00          0.00         0.00        0.00          0.00          0.00         0.00         0.00
====================================================================================================================================
                                                                           Total P&I Payment        0.00
                                                                           ==============================

Notes:  (1) N denotes notional balance not included in total    (2) Interest Paid minus Interest Adjustment minus Deferred Interest
            equals Accrual    (3) Estimated
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                   Bond Interest Reconciliation

=========================================================================================================================
                                                        Deductions                                 Additions
                                   -------------------------------------------------------------------------------------
           Accrual      Accrued                   Add.      Deferred &                 Prior      Prepay-       Other
        ------------- Certificate   Allocable     Trust     Accretion    Interest   Int. Short-     ment      Interest
Class    Method  Days   Interest      PPIS     Expense(1)    Interest     Losses     falls Due   Penalties   Proceeds(2)
-------------------------------------------------------------------------------------------------------------------------
<S>     <C>                   <C>         <C>         <C>          <C>         <C>         <C>          <C>         <C>

                      ---------------------------------------------------------------------------------------------------
                              0.00        0.00        0.00         0.00        0.00        0.00         0.00        0.00
=========================================================================================================================
(1) Additional Trust Expenses are fees allocated directly to the bond resulting in a deduction to accrued interest.

<PAGE>
<CAPTION>
(Table Continued)
================================================== =========================
                                       Remaining
         Distributable    Interest    Outstanding       Credit Support
          Certificate      Payment     Interest    -------------------------
Class       Interest       Amount     Shortfalls     Original   Current(3)
-------------------------------------------------- -------------------------
<S>                <C>           <C>         <C>     <C>        <C>

        ------------------------------------------
                   0.00          0.00        0.00
================================================== =========================
(2) Other Interest Proceeds include default interest, PPIE and Recoveries
     of Interest.
(3) Determined as follows:  (A) the ending balance of all the classes less (B)
     the sum of (i) the ending balance of the class and (ii) the ending balance
     of all classes which are not subordinate to the class divided by (A).

</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                             PNC Mortgage Acceptance Corp.                             Statement Date:
LaSalle Bank N.A.           Midland Loan Services, Inc., Master Servicer                       Payment Date:
                           Midland Loan Services, Inc., Special Servicer                       Prior Payment:
                           Commercial Mortgage Pass-Through Certificates                       Next Payment:
                                           Series 2000-C2                                      Record Date:
                                    ABN AMRO Acct: XX-XXXX-XX-X

                                    Cash Reconciliation Summary

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

 ---------------------------------------   --------------------------------------------    -----------------------------------------
             Interest Summary                          Servicing Fee Summary                         Principal Summary
 ---------------------------------------   --------------------------------------------    -----------------------------------------

 <S>                                       <C>                                             <C>
 Current Scheduled Interest                Current Servicing Fees                          Scheduled Principal:
 Less Deferred Interest                    Plus Fees Advanced for PPIS                     Current Scheduled Principal
 Plus Advance Interest                     Less Reduction for PPIS                         Advanced Scheduled Principal
 Plus Unscheduled Interest                 Plus Unscheduled Servicing Fees                 -----------------------------------------
 PPIS Reducing Scheduled Interest          --------------------------------------------    Scheduled Principal Distribution
 Less Total Fees Paid  To Service          Total Servicing Fees Paid                       -----------------------------------------
 Plus Fees Advanced for PPIS               --------------------------------------------    Unscheduled Principal:
 Less Fee Strips Paid by Servicer                                                          ---------------------
 Less Misc. Fees & Expense                 --------------------------------------------    Curtailments
 Less Non Recoverable Advances                          PPIS Summary                       Prepayments in Full
 ---------------------------------------   --------------------------------------------    Liquidation Proceeds
 Interest Due Trust                        Gross PPIS                                      Repurchase Proceeds
 ---------------------------------------   Reduced by PPIE                                 Other Principal Proceeds
 Less Trustee Fee                          Reduced by Shortfalls in Fees                   -----------------------------------------
 Less Fee Strips Paid by Trust             Reduced by Other Amounts                        Unscheduled Principal Distribution
 Less Misc. Fees Paid by Trust             --------------------------------------------    -----------------------------------------
 ---------------------------------------   PPIS Reducing Scheduled Interest                Remittance Principal
 Remittance Interest                       --------------------------------------------    -----------------------------------------
 ---------------------------------------   PPIS Reducing Servicing Fee
                                           --------------------------------------------    -----------------------------------------
                                           PPIS Due Certificate                            Servicer Wire Amount
                                           --------------------------------------------    -----------------------------------------

                                           ---------------------------------------------------------
                                                             Pool Balance Summary
                                           ---------------------------------------------------------
                                                                                 Balance     Count
                                           -----------------------------------------------------------
                                           Beginning Pool
                                           Scheduled Principal Distribution
                                           Unscheduled Principal Distribution
                                           Deferred Interest
                                           Liquidations
                                           Repurchases
                                           Ending Pool
                                           -----------------------------------------------------------

    ------------------------------------------------------------------------------------------------------------------------
                                                             Advances
              Prior Outstanding            Current Period                 Recovered                Ending Outstanding
         Principal        Interest    Principal        Interest     Principal    Interest     Principal         Interest
    ------------------------------------------------------------------------------------------------------------------------

    ------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                    Asset Backed Facts ~15 Month Historical Loan Status Summary
========  ==========================================================================================================================
                                Delinquency Aging Categories                                Special Event Categories (1)
          --------------------------------------------------------------------------------------------------------------------------
 Distri-      Delinq          Delinq        Delinq                                                     Specially
 bution       1 Month        2 Months      3+ Months     Foreclosure       REO        Modifications    Serviced       Bankruptcy
          --------------------------------------------------------------------------------------------------------------------------
  Date      #   Balance    #   Balance    #   Balance    #   Balance    #   Balance    #   Balance    #   Balance    #   Balance
========  ==========================================================================  ==============================================
<S>       <C>   <C>      <C>   <C>      <C>   <C>      <C>   <C>      <C>   <C>       <C>  <C>      <C>   <C>      <C>   <C>
01/00/00

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

--------  --------------------------------------------------------------------------------------------------------------------------

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

        (1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>

ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                    Asset Backed Facts ~15 Month Historical Payoff/Loss Summary

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

 Distri-      Ending                                     Appraisal       Liqui-       Realized       Remaining      Curr Weighted
 bution       Pool(1)      Payoffs(2)     Penalties      Reduct.(2)    dations(2)     Losses(2)         Term             Avg.
          ---------------------------------------------------------------------------------------  ---------------------------------
  Date      #   Balance    #   Balance    #   Amount    #   Balance    #   Balance    #   Amount    Life   Amort.   Coupon  Remit
========  =======================================================================================  =================================
<S>       <C>   <C>      <C>   <C>      <C>   <C>     <C>   <C>      <C>   <C>      <C>   <C>      <C>     <C>      <C>     <C>

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

--------  ---------------------------------------------------------------------------------------  ---------------------------------

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

   (1)Percentage based on pool as cutoff.   (2) Percentage based on pool as of beginning of period.
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                          Historical Collateral Level Prepayment Report

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

Disclosure  Distribution  Initial        Payoff  Penalty    Prepayment  Maturity  Property               Remaining Term    Note
                                                                                                         ---------------
Control #      Date       Balance  Code  Amount  Amount        Date       Date      Type    State  DSCR   Life   Amort.    Rate
------------------------  ================================  ====================  ===============  =================================
<S>          <C>          <C>      <C>   <C>     <C>        <C>         <C>       <C>       <C>    <C>    <C>    <C>       <C>

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

                           Cumulative         0        0
                          ================================
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>

ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                      Delinquent Loan Detail

====================================================================================================================================
Disclosure       Paid    Current   Outstanding    Out. Property      Advance       Special
   Doc           Thru      P&I        P&I          Protection      Description     Servicer       Foreclosure    Bankruptcy    REO
Control #        Date    Advance    Advances**      Advances          (1)        Transfer Date        Date          Date       Date
====================================================================================================================================
<S>              <C>     <C>       <C>            <C>              <C>           <C>              <C>            <C>           <C>

====================================================================================================================================
A.P&I Advance-Loan in Grace Period             1.P&I Advance-Loan delinquent 1 month  3.P&I Advance-Loan delinquent 3 months or More
B.P&I Advance-Late Payment but<one month delinq 2.P&I Advance-Loan delinquent 2 months 4.Matured Balloon/Assumed Scheduled Payment
====================================================================================================================================
</TABLE>

**  Outstanding P&I Advances include the current period P&I Advance

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:  01/00/1900
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:    01/00/1900
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:   01/00/1900
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:    01/00/1900
                                        Series 2000-C2                                   Record Date:     01/00/1900
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                  Mortgage Loan Characteristics

        Distribution of Principal Balances                                  Distribution of Mortgage Interest Rates
==========================================================  ========================================================================
 Current    # of   Scheduled    % of      Weighted Average    Current Mortgage   # of   Scheduled    % of      Weighted Average
Scheduled
                                         ------------------                                                  -----------------------
Balances    Loans   Balance    Balance   Term  Coupon  DSCR    Interest Rate     Loans   Balance    Balance   Term  Coupon  DSCR
==========================================================  ========================================================================
<S>           <C>        <C>    <C>      <C>   <C>     <C>     <C>               <C>           <C>   <C>       <C>   <C>     <C>

                                                            ========================================================================
                                                                                   0           0     0.00%
                                                            ========================================================================
                                                            Minimum Mortgage Interest Rate  10.0000%

                                                            Maximum Mortgage Interest Rate  10.0000%

==========================================================
              0          0      0.00%
==========================================================
Average Scheduled Balance                                                   Distribution of Remaining Term (Balloon)
                                                            ========================================================================
Maximum  Scheduled Balance                                      Balloon          # of   Scheduled    % of      Weighted Average
                                                                                                             -----------------------
Minimum  Scheduled Balance
                                                             Mortgage Loans      Loans   Balance    Balance   Term  Coupon  DSCR
                                                            ========================================================================
     Distribution of Remaining Term (Fully Amortizing)         0   to    60
==========================================================
  Fully     # of   Scheduled   % of      Weighted Average     61   to   120
Amortizing                              ------------------
 Mortgage                                                    121   to   180
  Loans     Loans   Balance   Balance   Term  Coupon  DSCR
==========================================================   181   to   240

                                                             241   to   360

==========================================================   =======================================================================
              0          0     0.00%                                               0           0     0.00%
==========================================================   =======================================================================
                            Minimum Remaining Term           Minimum Remaining Term    0

                            Maximum Remaining Term           Maximum Remaining Term    0
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                  Mortgage Loan Characteristics

              Distribution of DSCR (Current)                                             Geographic Distribution
=================================================================  =================================================================
 Debt Service      # of    Scheduled    % of                                   # of     Scheduled    % of
Coverage Ratio     Loans    Balance    Balance   WAMM   WAC  DSCR   State      Loans      Balance    Balance    WAMM     WAC    DSCR
=================================================================  =================================================================
<S>                  <C>       <C>      <C>      <C>    <C>  <C>    <C>          <C>      <C>         <C>       <C>      <C>    <C>

=================================================================
                     0         0        0.00%
=================================================================
Maximum  DSCR
Minimum  DSCR
              Distribution of DSCR (Cutoff)
=================================================================
 Debt Service      # of    Scheduled    % of
Coverage Ratio     Loans    Balance    Balance   WAMM   WAC  DSCR
=================================================================

=================================================================  =================================================================
                     0         0        0.00%                                    0                    0.00%
=================================================================  =================================================================
Maximum  DSCR               0.00
Minimum  DSCR               0.00
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:  01/00/1900
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:    01/00/1900
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:   01/00/1900
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:    01/00/1900
                                        Series 2000-C2                                   Record Date:     01/00/1900
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                  Mortgage Loan Characteristics

                 Distribution of Property Types                                     Distribution of Loan Seasoning
================================================================  ==================================================================
                  # of     Scheduled     % of                      Number     # of     Scheduled     % of
Property Types    Loans     Balance     Balance  WAMM  WAC  DSCR  of Years    Loans     Balance     Balance    WAMM     WAC    DSCR
================================================================  ==================================================================
<S>                 <C>        <C>       <C>     <C>   <C>  <C>   <C>           <C>        <C>       <C>       <C>      <C>    <C>

================================================================  ==================================================================
                    0          0         0.00%                                  0          0         0.00%
================================================================  ==================================================================

               Distribution of Amortization Type                                 Distribution of Year Loans Maturing
================================================================  ==================================================================
Current Scheduled # of     Scheduled     % of                              # of     Scheduled     % of
    Balances      Loans     Balance     Balance  WAMM  WAC  DSCR    Year   Loans     Balance     Balance    WAMM     WAC    DSCR
================================================================  ==================================================================
                                                                    1998
                                                                    1999
                                                                    2000
                                                                    2001
                                                                    2002
                                                                    2003
                                                                    2004
                                                                    2005
                                                                    2006
                                                                    2007
                                                                    2008
                                                                  2009 & Longer

================================================================  ==================================================================
                    0          0         0.00%                               0          0         0.00%
================================================================  ==================================================================
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                      Loan Level Detail

====================================================================================================================================
                                        Operating             Ending                         Spec.        Loan
Disclosure     Property                 Statement Maturity  Principal  Note Scheduled  Mod.  Serv  ASER  Status      Prepayment
                                                                                                                 -------------------
 Control#  Grp   Type   State  DSCR  NOI  Date      Date     Balance   Rate    P&I     Flag  Flag  Flag  Code(1) Amount Penalty Date
====================================================================================================================================
<S>        <C> <C>      <C>    <C>     <C><C>     <C>             <C>  <C>         <C> <C>   <C>   <C>   <C>         <C>     <C><C>

====================================================================================================================================
                        W/Avg  0.00    0                          0                0                                 0       0
====================================================================================================================================
    *   NOI and DSCR, if available and reportable under the terms of the Pooling and Servicing Agreement, are based on information
        obtained from the related  borrower, and no other  party to the  agreement shall be held liable for the accuracy or
        methodology used to determine such figures.
------------------------------------------------------------------------------------------------------------------------------------
(1)Legend: A. P&I Adv-in Grace Period     2. P&I Adv-delinquent 2 months   5. Prepaid in Full     8. Bankruptcy  11. Modification
           B. P&I Adv-< one month delinq  3. P&I Adv-delinquent 3+ months  6. Specially Serviced  9. REO
           1. P&I Adv-delinquent 1 month  4. Mat. Balloon/Assumed P&I      7. Foreclosure         10.DPO
====================================================================================================================================

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                           Specially Serviced (Part I) ~ Loan Detail

====================== =================== =================================== ============================== ======================
Disclosure    Transfer       Balance         Note   Maturity   Remaining Term          Property                               NOI
                        ------------------                    ----------------
 Control #      Date    Scheduled   Actual   Rate     Date     Life     Amort.           Type         State    NOI    DSCR    Date
====================== =================== =================================== ============================== ======================
<S>            <C>      <C>         <C>      <C>     <C>      <C>       <C>     <C>                   <C>     <C>     <C>     <C>

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

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                    Specially Serviced Loan Detail (Part II) ~ Servicer Comments

====================================================================================================================================
     Disclosure         Resolution
      Control #          Strategy                                            Comments
====================================================================================================================================
<S>                <C>                  <C>

================================================================================
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                      Modified Loan Detail

====================================================================================================================================
 Disclosure    Modification       Modification                         Modification
 Control #         Date               Code                              Description
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                <C>                                  <C>

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

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                       Realized Loss Detail

====================================================================================================================================
                                                Beginning            Gross Proceeds   Aggregate       Net      Net Proceeds
Distribution  Disclosure  Appraisal  Appraisal  Scheduled   Gross       as a % of    Liquidation  Liquidation    as a % of  Realized
   Period     Control #     Date       Value     Balance   Proceeds  Sched Principal  Expenses *   Proceeds   Sched. Balance  Loss
------------------------------------------------------------------------------------------------------------------------------------
<S>           <C>         <C>        <C>          <C>        <C>     <C>                <C>          <C>         <C>          <C>

------------------------------------------------------------------------------------------------------------------------------------
Current Total                                     0.00       0.00                       0.00         0.00                     0.00
Cumulative                                        0.00       0.00                       0.00         0.00                     0.00
====================================================================================================================================

*  Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc.
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX) (c) LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Next Payment:
                                        Series 2000-C2                                   Record Date:
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                    Appraisal Reduction Detail

======================= ======================= =================================== ========================= ==== =================
Disclosure    Appraisal Scheduled     Reduction   Note    Maturity   Remaining Term      Property                       Appraisal
                                                                     --------------                                  ---------------
Control #     Red. Date  Balance        Amount    Rate      Date     Life    Amort.        Type        State  DSCR   Value    Date
======================= ======================= =================================== ========================= ==== =================
<S>           <C>       <C>           <C>         <C>     <C>        <C>     <C>     <C>               <C>    <C>    <C>      <C>

======================= ======================= =================================== ========================= ==== =================
</TABLE>

10/03/2000 - 08:38 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>
<TABLE>
<CAPTION>
ABN AMRO                          PNC Mortgage Acceptance Corp.                          Statement Date:
LaSalle Bank N.A.         Midland Loan Services, Inc., Master Servicer                   Payment Date:
                          Midland Loan Services, Inc., Special Servicer                  Prior Payment:
                          Commercial Mortgage Pass-Through Certificates                  Record Date:
                                        Series 2000-C2
                                   ABN AMRO Acct: XX-XXXX-XX-X

                                       Ratings Summary

====================================================================================================================================
                                Original Ratings                                                Current Ratings
              ----------------------------------------------------------------------------------------------------------------------
   Asset       Moody's                 S&P                    Fitch             Moody's                S&P                 Fitch
====================================================================================================================================
<S>           <C>              <C>                      <C>                    <C>             <C>                    <C>

====================================================================================================================================
</TABLE>

10/03/2000 - 08:37 (MXXX-MXXX)  (c) 2000  LaSalle Bank N.A.

<PAGE>

                                   EXHIBIT H-2

                                FORM OF CMSA IRP

<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                             CMSA "Loan Setup" File
----------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
----------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "S"
----------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
         Specification                                     Description/Comments
----------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>
----------------------------------------------------------------------------------------------------------------------------------
Acceptable Media Types         Magnetic Tape, Diskette, Electronic Transfer
----------------------------------------------------------------------------------------------------------------------------------
Character Set                  ASCII
----------------------------------------------------------------------------------------------------------------------------------
Field Delineation              Comma
----------------------------------------------------------------------------------------------------------------------------------
Density (Bytes-Per-Inch)       1600 or 6250
----------------------------------------------------------------------------------------------------------------------------------
Magnetic Tape Label            None (unlabeled)
----------------------------------------------------------------------------------------------------------------------------------
Magnetic Tape Blocking Factor  10285 (17 records per block)
----------------------------------------------------------------------------------------------------------------------------------
Physical Media Label           Servicer Name; Data Type (Collection Period Data); Density (Bytes-Per-Inch); Blocking Factor;
                               Record Length
----------------------------------------------------------------------------------------------------------------------------------
Return Address Label           Required for return of physical media (magnetic tape or diskette)
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                   Field                 Format
Field Name                        Number     Type        Example        Description/Comments
----------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>        <C>        <C>             <C>

----------------------------------------------------------------------------------------------------------------------------------
Transaction Id                       1         AN          XXX97001     Unique Issue Identification Mnemonic
----------------------------------------------------------------------------------------------------------------------------------
Group Id                             2         AN          XXX9701A     Unique Indentification Number Assigned To Each Loan Group
                                                                        Within An Issue
------------------------------------------------------------------------------------------------------------------------------------
Loan Id                              3         AN       00000000012345  Unique Servicer Loan Number Number Assigned To Each
                                                                        Collateral Item In A Pool
------------------------------------------------------------------------------------------------------------------------------------
Prospectus Loan Id                   4         AN            123        Unique Identification Number Assigned To Each Collateral
                                                                        Item In The Prospectus
------------------------------------------------------------------------------------------------------------------------------------
Original Note Amount                 5       Numeric      1000000.00    The Mortgage Loan Balance At Inception Of The Note
------------------------------------------------------------------------------------------------------------------------------------
Original Term Of Loan                6       Numeric         240        Original Number Of Months Until Maturity Of Loan
------------------------------------------------------------------------------------------------------------------------------------
Original Amortization Term           7       Numeric         360        Original Number Of Months Loan Amortized Over
------------------------------------------------------------------------------------------------------------------------------------
Original Note Rate                   8       Numeric        0.095       The Note Rate At Inception Of The Note
------------------------------------------------------------------------------------------------------------------------------------
Original Payment Rate                9       Numeric        0.095       Original Rate Payment Calculated On
------------------------------------------------------------------------------------------------------------------------------------
First Loan Payment Due Date         10         AN          YYYYMMDD     First Payment Date On The Mortgage Loan
------------------------------------------------------------------------------------------------------------------------------------
Grace Days Allowed                  11       Numeric          10        Number Of Days From Due Date Borrower Is Permitted To Remit
                                                                        Payment
------------------------------------------------------------------------------------------------------------------------------------
Interest Only (Y/N)                 12         AN             Y         Y=Yes,  N=No
------------------------------------------------------------------------------------------------------------------------------------
Balloon (Y/N)                       13         AN             Y         Y=Yes,  N=No
------------------------------------------------------------------------------------------------------------------------------------
Interest Rate Type                  14       Numeric          1         1=Fixed, 2=Arm, 3=Step, 9=Other
------------------------------------------------------------------------------------------------------------------------------------
Interest Accrual Method Code        15       Numeric          1         1=30/360, 2=Actual/365, 3=Actual/360, 4=Actual/Actual,
                                                                        5=Actual/366, 6=Simple, 7=78's
------------------------------------------------------------------------------------------------------------------------------------
Interest in Arrears (Y/N)           16         AN             Y         Y=Yes,  N=No
------------------------------------------------------------------------------------------------------------------------------------
Payment Type Code                   17       Numeric          1         See Payment Type Code Legend
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Lock-out End Date        18         AN          YYYYMMDD     Date After Which Loan Can Be Prepaid
------------------------------------------------------------------------------------------------------------------------------------
Yield Maintenance End Date          19         AN          YYYYMMDD     Date After Which Loan Can Be Prepaid Without Yield
                                                                        Maintenance
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Premium End Date         20         AN          YYYYMMDD     Date After Which Loan Can Be Prepaid Without Penalty
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Terms Description        21         AN            Text       Should reflect the information in Annex A or use the format
                                                                        of  LO(36), YM(28), 7(12), O(3).  If manually derived, the
                                                                        Cutoff Date should be the start date for period counting.
------------------------------------------------------------------------------------------------------------------------------------
ARM Index Code                      22         AN             A         See Arm Index Code Legend
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     Page 1

<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                             CMSA "Loan Setup" File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "S"
------------------------------------------------------------------------------------------------------------------------------------
                                  Field                  Format
Field Name                        Number     Type        Example        Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>       <C>         <C>             <C>

First Rate Adjustment Date         23         AN        YYYYMMDD        Date Note Rate Originally Changed
------------------------------------------------------------------------------------------------------------------------------------
First Payment Adjustment Date      24         AN        YYYYMMDD        Date Payment Originally Changed
------------------------------------------------------------------------------------------------------------------------------------
ARM Margin                         25       Numeric      0.025          Rate Added To Index Used In The Determination Of The
                                                                        Gross Interest Rate
------------------------------------------------------------------------------------------------------------------------------------
Lifetime Rate Cap                  26       Numeric       0.15          Maximum Rate That The Borrower Must Pay On An Arm Loan Per
                                                                        The Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Lifetime Rate Floor                27       Numeric       0.05          Minimum Rate That The Borrower Must Pay On An Arm Loan Per
                                                                        The Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Periodic Rate Increase Limit       28       Numeric       0.02          Maximum Periodic Increase To The Note Rate Allowed Per The
                                                                        Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Periodic Rate Decrease Limit       29       Numeric       0.02          Minimum Periodic Decrease To The Note Rate Allowed Per The
                                                                        Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Periodic Pay Adjustment Max-%      30       Numeric       0.03          Max Periodic % Increase To The P&I Payment Allowed Per The
                                                                        Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Periodic Pay Adjustment Max-$      31       Numeric     5000.00         Max Periodic Dollar Increase To The P&I Payment Allowed Per
                                                                        The Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Payment Frequency                  32       Numeric        1            1=Monthly, 3=Quarterly, 6=Semi-Annually, 12=Annually
------------------------------------------------------------------------------------------------------------------------------------
Rate Reset Frequency               33       Numeric        1            1=Monthly, 3=Quarterly, 6=Semi-Annually, 12=Annually,
                                                                        365=Daily
------------------------------------------------------------------------------------------------------------------------------------
Pay Reset Frequency                34       Numeric        1            1=Monthly, 3=Quarterly, 6=Semi-Annually, 12=Annually,
                                                                        365=Daily
------------------------------------------------------------------------------------------------------------------------------------
Rounding Code                      35       Numeric        1            Rounding Method For Sum Of Index Plus Margin (See Rounding
                                                                        Code Legend)
------------------------------------------------------------------------------------------------------------------------------------
Rounding Increment                 36       Numeric     0.00125         Used In Conjunction With Rounding Code
------------------------------------------------------------------------------------------------------------------------------------
Index Look Back In Days            37       Numeric        45           Use Index In Effect X Days Prior To Adjustment Date
------------------------------------------------------------------------------------------------------------------------------------
Negative Amortization Allowed      38         AN           Y            Y=Yes,  N=No
(Y/N)
------------------------------------------------------------------------------------------------------------------------------------
Max Neg Allowed (% Of Orig Bal)    39       Numeric      0.075          Max Lifetime % Increase to the Original Balance Allowed Per
                                                                        The Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Maximum Negate Allowed ($)         40       Numeric     25000.00        Max Lifetime Dollar Increase to the Original Balance
                                                                        Allowed Per The Loan Agreement
------------------------------------------------------------------------------------------------------------------------------------
Remaining Term At Contribution     41       Numeric       240           Remaining Number Of Months Until Maturity Of Loan At Cutoff
------------------------------------------------------------------------------------------------------------------------------------
Remaining Amort Term At            42       Numeric       360           Remaining Number Of Months Loan Amortized Over At Cutoff
Contribution
------------------------------------------------------------------------------------------------------------------------------------
Maturity Date At Contribution      43         AN        YYYYMMDD        The Scheduled Maturity Date Of The Mortgage Loan At
                                                                        Contribution
------------------------------------------------------------------------------------------------------------------------------------
Scheduled Principal Balance At     44       Numeric    1000000.00       The Scheduled Principal Balance Of The Mortgage Loan At
Contribution                                                            Contribution
------------------------------------------------------------------------------------------------------------------------------------
Note Rate At Contribution          45       Numeric      0.095          Cutoff Annualized Gross Interest Rate Applicable To The
                                                                        Calculation Of Scheduled Interest
------------------------------------------------------------------------------------------------------------------------------------
Servicer And Trustee Fee Rate      46       Numeric     0.00025         Cutoff Annualized Fee Paid To The Servicer And Trustee
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate / Strip Rate 1            47       Numeric     0.00001         Cutoff Annualized Fee/Strip Netted Against Current Note
                                                                        Rate = Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate / Strip Rate 2            48       Numeric     0.00001         Cutoff Annualized Fee/Strip Netted Against Current Note
                                                                        Rate = Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate / Strip Rate 3            49       Numeric     0.00001         Cutoff Annualized Fee/Strip Netted Against Current Note
                                                                        Rate = Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate / Strip Rate 4            50       Numeric     0.00001         Cutoff Annualized Fee/Strip Netted Against Current Note
                                                                        Rate = Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate / Strip Rate 5            51       Numeric     0.00001         Cutoff Annualized Fee/Strip Netted Against Current Note
                                                                        Rate = Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Net Rate At Contribution           52       Numeric      0.0947         Cutoff Annualized Interest Rate Applicable To The
                                                                        Calculation Of Remittance Interest
------------------------------------------------------------------------------------------------------------------------------------
Periodic P&I Payment At            53       Numeric     3000.00         The Periodic Scheduled Principal & Interest Payment at
Contribution                                                            Contribution
------------------------------------------------------------------------------------------------------------------------------------
# Of Properties at Contribution    54       Numeric        13           L86 - The Number Of Properties Underlying The Mortgage Loan
------------------------------------------------------------------------------------------------------------------------------------
Property Name                      55         AN          Text          P7 - If Multiple properties print "Various"
------------------------------------------------------------------------------------------------------------------------------------
Property Address                   56         AN          Text          P8 - If Multiple properties print "Various"
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                               Page 2

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                             CMSA "Loan Setup" File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "S"
------------------------------------------------------------------------------------------------------------------------------------
                                Field                 Format
Field Name                      Number     Type       Example     Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>       <C>       <C>           <C>

Property City                    57         AN         Text       P9 - If Multiple properties have the same city then print the
                                                                  city, otherwise print "Various".  Missing information print
                                                                  "Incomplete"
------------------------------------------------------------------------------------------------------------------------------------
Property State                   58         AN         Text       P10 - If Multiple properties have the same state then print the
                                                                  state, otherwise print "XX" to represent various. Missing
                                                                  information print "ZZ"
------------------------------------------------------------------------------------------------------------------------------------
Property Zip Code                59         AN         Text       P11 - If Multiple properties have the same zip code then print
                                                                  the zip code, otherwise print "Various". Missing information print
                                                                  "Incomplete"
------------------------------------------------------------------------------------------------------------------------------------
Property County                  60         AN         Text       P12 - If Multiple properties have the same county then print the
                                                                  county, otherwise print "Various". Missing information print
                                                                  "Incomplete"
------------------------------------------------------------------------------------------------------------------------------------
Property Type Code               61         AN          MF        P13 -  If Multiple properties have the same property type code
                                                                  then print the property code, otherwise print "XX" to represent
                                                                  various.  Missing information print "ZZ"
------------------------------------------------------------------------------------------------------------------------------------
Net Square Feet At Contribution  62       Numeric     25000       P16 - For Multiple properties, if all the same Property Type, sum
                                                                  the values, if missing any leave empty
------------------------------------------------------------------------------------------------------------------------------------
# Of Units/Beds/Rooms At         63       Numeric       75        P17 - For Multiple properties, if all the same Property Type,
Contribution                                                      sum the values, if missing any leave empty
------------------------------------------------------------------------------------------------------------------------------------
Year Built                       64         AN         YYYY       P14 - If Multiple properties have the same Year Built then print
                                                                  Year Built else leave empty
------------------------------------------------------------------------------------------------------------------------------------
NOI At Contribution              65       Numeric   100000.00     P47 - If Multiple properties sum the values, if missing any then
                                                                  populate using the "DSCR Indicator Legend" rule.   Should match
                                                                  the prospectus if available.
------------------------------------------------------------------------------------------------------------------------------------
DSCR (NOI) At Contribution       66       Numeric      2.11       P48 - If Multiple properties populate using the "DSCR Indicator
                                                                  Legend" rule. DSCR At Contribution using NOI.   Should match the
                                                                  prospectus if available.
------------------------------------------------------------------------------------------------------------------------------------
Appraisal Value At Contribution  67       Numeric   1000000.00    P49 -  If Multiple properties sum the values , if missing any
                                                                  then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Appraisal Date At Contribution   68         AN       YYYYMMDD     P50 - If Multiple properties and all the same then print the date,
                                                                  if missing any then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Physical Occupancy At            69       Numeric      0.88       P51 -  If Multiple properties, Use weighted average by using the
Contribution                                                      calculation [ Current Allocated % (Prop) * Occupancy (Oper) ] for
                                                                  each Property, if missing one then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Revenue At Contribution          70       Numeric   100000.00     P45 -  If Multiple properties then sum the value, if missing any
                                                                  then populate using the "DSCR Indicator Legend" rule.  Should
                                                                  match the prospectus if available.
------------------------------------------------------------------------------------------------------------------------------------
Operating Expenses At            71       Numeric   100000.00     P46 -  If Multiple properties then sum the value, if missing any
Contribution                                                      then populate using the "DSCR Indicator Legend" rule.   Should
                                                                  match the prospectus if available.
------------------------------------------------------------------------------------------------------------------------------------
Contribution Financials          72         AN       YYYYMMDD     P44 - If Multiple properties and all the same then print the date,
As of Date                                                        if missing any then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Recourse (Y/N)                   73         AN          Y         Y=Yes,  N=No
------------------------------------------------------------------------------------------------------------------------------------
Ground Lease (Y/S/N)             74         AN          Y         Y=Yes, S=Subordinate, N= No ground lease, P22 - If Multiple
                                                                  properties and any one property is "Y" or "S" print  "Y"
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     Page 3

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                             CMSA "Loan Setup" File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "S"
------------------------------------------------------------------------------------------------------------------------------------
                                Field               Format
Field Name                      Number   Type       Example       Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>      <C>        <C>           <C>

Cross-Collateralized Loan         75        AN       Text         P6 - All Loans With The Same Value Are Crossed, For example :
Grouping                                                          "X02-1" would be populated in this field for all related loans,
                                                                  "X02-2" would be populated for the next group of related loans.
------------------------------------------------------------------------------------------------------------------------------------
Collection Of Escrows (Y/N)       76        AN        Y           Y=Yes,  N=No  -  Referring to Taxes and Insurance
------------------------------------------------------------------------------------------------------------------------------------
Collection Of Other Reserves      77        AN        Y           Y=Yes,  N=No -  Referring to Reserves other than Taxes and
(Y/N)                                                             Insurance.  If any property has a value > 0 in P23,  this field
                                                                  should be "Y"
------------------------------------------------------------------------------------------------------------------------------------
Lien Position At Contribution     78      Numeric     1           1=First, 2=Second
------------------------------------------------------------------------------------------------------------------------------------
Hyper Amortizing Begin Date       79        AN      YYYYMMDD      L81 - Date used to track Anticipated Repayment Date Loans
------------------------------------------------------------------------------------------------------------------------------------
Defeasance Option Start Date      80        AN      YYYYMMDD      Date loan can start defeasance
------------------------------------------------------------------------------------------------------------------------------------
Defeasance Option End Date        81        AN      YYYYMMDD      Date that defeasance ends
------------------------------------------------------------------------------------------------------------------------------------
Last Setup Change Date            82        AN      YYYYMMDD      L83 - Distribution Date that the information was last changed by
                                                                  loan
------------------------------------------------------------------------------------------------------------------------------------
NCF At Contribution               83      Numeric   00000.00      P76 - If Multiple properties sum the values, if missing any then
                                                                  populate using the "DSCR Indicator Legend" rule.  Net Cash Flow
                                                                  At Contribution.   Should match the prospectus if available.
------------------------------------------------------------------------------------------------------------------------------------
DSCR (NCF) At Contribution        84      Numeric     2.11        P77 - If Multiple properties populate using the "DSCR Indicator
                                                                  Legend" rule. DSCR At Contribution using NCF to calculate.
                                                                  Should match the prospectus if available.
------------------------------------------------------------------------------------------------------------------------------------
DSCR Indicator at Contribution    85        AN        Text        Flag used to explain how the DSCR was calculated when there are
                                                                  multiple properties.  See DSCR Indicator Legend.
------------------------------------------------------------------------------------------------------------------------------------
Loan Contributor to               86        AN        Text        Name of entity ultimately responsible for the reps and warranties
Securitization                                                    of the loan contributed
------------------------------------------------------------------------------------------------------------------------------------
Credit Tenant Lease               87        AN         Y          L101 - Y=Yes,  N=No
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     PAGE 4

<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                             CMSA "Loan Setup" File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "S"
------------------------------------------------------------------------------------------------------------------------------------
        Rounding Code                                                  ARM Index Code
            Legend                                                         Legend
-----------------------------------------------   ----------------------------------------------------------------------------------
<S>     <C>                                        <C>             <C>

    1    Unrounded                                  A              11 FHLB COFI  (1 Month)
-----------------------------------------------  -----------------------------------------------------------------------------------
    2    Nearest Percentage Increment               B              11 FHLB COFI  (6 Month)
-----------------------------------------------  -----------------------------------------------------------------------------------
    3    Up To Nearest Percentage Increment         C              1 Year CMT Weekly Average Treasury
-----------------------------------------------  -----------------------------------------------------------------------------------
    4    Down To Nearest Percentage Increment       D              3 Year CMT Weekly Average Treasury
-----------------------------------------------  -----------------------------------------------------------------------------------
                                                    E              5 Year CMT Weekly Average Treasury
                                                 -----------------------------------------------------------------------------------
                                                    F              Wall Street Journal Prime Rate
-----------------------------------------------  -----------------------------------------------------------------------------------
        Property Types Code                         G              1 Month LIBOR
             Legend
-----------------------------------------------  -----------------------------------------------------------------------------------
             Legend                                 H              3 Month LIBOR
-----------------------------------------------  -----------------------------------------------------------------------------------
     MF      Multifamily                            I              6 Month LIBOR
-----------------------------------------------  -----------------------------------------------------------------------------------
     RT      Retail                                 J              National Mortgage Index Rate
-----------------------------------------------  -----------------------------------------------------------------------------------
     HC      Health Care                                           All Others Use Short Text Description
------------------------------------------------ -----------------------------------------------------------------------------------
     IN      Industrial
------------------------------------------------
     WH      Warehouse
------------------------------------------------  ----------------------------------------------------------------------------------
     MH      Mobile Home Park                                          Payment Type Code
------------------------------------------------  ----------------------------------------------------------------------------------
     OF      Office                                                        Legend
------------------------------------------------  ----------------------------------------------------------------------------------
     MU      Mixed Use                              1               Fully Amortizing
------------------------------------------------  ----------------------------------------------------------------------------------
     LO      Lodging                                2               Amortizing Balloon
------------------------------------------------  ----------------------------------------------------------------------------------
     SS      Self Storage                           3               Interest Only / Balloon
------------------------------------------------  ----------------------------------------------------------------------------------
     OT      Other                                  4               Interest Only / Amortizing
------------------------------------------------  ----------------------------------------------------------------------------------
     SE      Securities                             5               Interest Only / Amortizing / Balloon
------------------------------------------------  ----------------------------------------------------------------------------------
                                                    6               Principal Only
                                                  ----------------------------------------------------------------------------------
                                                    7               Hyper-Amortization
                                                  ----------------------------------------------------------------------------------
                                                    9               Other
                                                  ----------------------------------------------------------------------------------

                                                  ----------------------------------------------------------------------------------
                                                                         DSCR Indicator
                                                                            Legend
                                                  ----------------------------------------------------------------------------------

                                                    P              Partial - Not all properties received financials, servicer to
                                                                   leave empty
                                                  ----------------------------------------------------------------------------------
                                                    A              Average - Not all properties received financials, servicer
                                                                   allocates Debt Service only to properties where financials
                                                                   are received.
                                                  ----------------------------------------------------------------------------------
                                                    F              Full - All Statements Collected for all properties
                                                  ----------------------------------------------------------------------------------
                                                    W              Worst Case - Not all properties received financials, servicer
                                                                   allocates 100% of Debt Service to all properties where
                                                                   financials are received.
                                                  ----------------------------------------------------------------------------------
                                                    N              None Collected - no financials were received
                                                  ----------------------------------------------------------------------------------
                                                    C              Consolidated-All properties reported on 1 "rolled up" financial
                                                                   from the borrower
                                                  ----------------------------------------------------------------------------------

</TABLE>

                                     Page 5

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                        CMSA "Loan Periodic" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "L"
------------------------------------------------------------------------------------------------------------------------------------
        Specification           Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>       <C>    <C>  <C>               <C>

Acceptable Media Types          Magnetic Tape, Diskette, Electronic Transfer
------------------------------------------------------------------------------------------------------------------------------------
Character Set                   ASCII
------------------------------------------------------------------------------------------------------------------------------------
Field Delineation               Comma
------------------------------------------------------------------------------------------------------------------------------------
Density (Bytes-Per-Inch)        1600 or 6250
------------------------------------------------------------------------------------------------------------------------------------
Magnetic Tape Label             None (unlabeled)
------------------------------------------------------------------------------------------------------------------------------------
Magnetic Tape Blocking Factor   10285 (17 records per block)
------------------------------------------------------------------------------------------------------------------------------------
Physical Media Label            Servicer Name; Data Type (Collection Period Data); Density (Bytes-Per-Inch); Blocking Factor;
                                Record Length
------------------------------------------------------------------------------------------------------------------------------------
Return Address Label            Required for return of physical media (magnetic tape or diskette)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
      Field Name                Field
                                Number     Type       Example           Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
Transaction Id                    1         AN         XXX97001         Unique Issue Identification Mnemonic
------------------------------------------------------------------------------------------------------------------------------------
Group Id                          2         AN         XXX9701A         Unique Identification Number Assigned To Each Loan Group
                                                                        Within An Issue
------------------------------------------------------------------------------------------------------------------------------------
Loan Id                           3         AN      00000000012345      Unique Servicer Loan Number Assigned To Each Collateral
                                                                        Item In A Pool
------------------------------------------------------------------------------------------------------------------------------------
Prospectus Loan Id                4         AN           123            Unique Identification Number Assigned To Each Collateral
                                                                        Item In The Prospectus
------------------------------------------------------------------------------------------------------------------------------------
Distribution Date                 5         AN         YYYYMMDD         Date Payments Made To Certificateholders
------------------------------------------------------------------------------------------------------------------------------------
Current Beginning Scheduled
Balance                           6       Numeric      100000.00        Outstanding Sched Prin Bal at Beginning of current period
                                                                        that is part of the trust
------------------------------------------------------------------------------------------------------------------------------------
Current Ending Scheduled
Balance                           7       Numeric      100000.00        Outstanding Sched Prin Bal at End of current period that is
                                                                        part of the trust
------------------------------------------------------------------------------------------------------------------------------------
Paid To Date                      8         AN         YYYYMMDD         Date loan is paid through. One frequency < the date the loan
                                                                        is due for next payment
------------------------------------------------------------------------------------------------------------------------------------
Current Index Rate                9       Numeric        0.09           Index Rate Used In The Determination Of The Current Period
                                                                        Gross Interest Rate
------------------------------------------------------------------------------------------------------------------------------------
Current Note Rate                 10      Numeric        0.09           Annualized Gross Rate Applicable To Calculate The Current
                                                                        Period Scheduled Interest
------------------------------------------------------------------------------------------------------------------------------------
aturity Date                      11        AN         YYYYMMDD         Date Collateral Is Scheduled To Make Its Final Payment
------------------------------------------------------------------------------------------------------------------------------------
Servicer and Trustee Fee Rate     12      Numeric        0.00025        Annualized Fee Paid To The Servicer And Trustee
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate/Strip Rate 1             13      Numeric        0.00001        Annualized Fee/Strip Netted Against Current Note Rate =
                                                                        Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate/Strip Rate 2             14      Numeric        0.00001        Annualized Fee/Strip Netted Against Current Note Rate =
                                                                        Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate/Strip Rate 3             15      Numeric        0.00001        Annualized Fee/Strip Netted Against Current Note Rate =
                                                                        Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate/Strip Rate 4             16      Numeric        0.00001        Annualized Fee/Strip Netted Against Current Note Rate =
                                                                        Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Fee Rate/Strip Rate 5             17      Numeric        0.00001        Annualized Fee/Strip Netted Against Current Note Rate =
                                                                        Net Rate
------------------------------------------------------------------------------------------------------------------------------------
Net Rate                          18      Numeric        0.0947         Annualized Interest Rate Applicable To Calculate The
                                                                        Current Period Remittance Int.
------------------------------------------------------------------------------------------------------------------------------------
Next Index Rate                   19      Numeric         0.09          Index Rate Used In The Determination Of The Next Period
                                                                        Gross Interest Rate
------------------------------------------------------------------------------------------------------------------------------------
Next Note Rate                    20      Numeric         0.09          Annualized Gross Interest Rate Applicable To Calc Of The
                                                                        Next Period Sch. Interest
------------------------------------------------------------------------------------------------------------------------------------
Next Rate Adjustment Date         21        AN         YYYYMMDD         Date Note Rate Is Next Scheduled To Change
------------------------------------------------------------------------------------------------------------------------------------
Next Payment Adjustment Date      22        AN         YYYYMMDD         Date Scheduled P&I Amount Is Next Scheduled To Change
------------------------------------------------------------------------------------------------------------------------------------
Scheduled Interest Amount         23      Numeric       1000.00         Scheduled Gross Interest Payment Due For The Current Period
                                                                        that goes to the trust
------------------------------------------------------------------------------------------------------------------------------------
Scheduled Principal Amount        24      Numeric       1000.00         Scheduled Principal Payment Due For The Current Period that
                                                                        goes to the trust
------------------------------------------------------------------------------------------------------------------------------------
Total Scheduled P&I Due           25      Numeric       1000.00         Scheduled Principal & Interest Payment Due For Current
                                                                        Period for the trust
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     Page 6

<PAGE>

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                        CMSA "Loan Periodic" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "L"
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
                                        Field                   Format
        Field Name                      Number        Type      Example                         Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>        <C>        <C>    <C>    <C>
Neg am/Deferred Interest Amount          26          Numeric     1000.00   Negative Amortization/Deferred Interest Amount Due For
                                                                           The Current Period
------------------------------------------------------------------------------------------------------------------------------------
Unscheduled Principal Collections        27          Numeric     1000.00   Unscheduled Payments Of Principal Received During The
                                                                           Related Collection Period
------------------------------------------------------------------------------------------------------------------------------------
Other Principal Adjustments              28          Numeric     1000.00   Unscheduled Principal Adjustments For The Related
                                                                           Collection Period
------------------------------------------------------------------------------------------------------------------------------------
Liquidation/Prepayment Date              29             AN      YYYYMMDD   Date Unscheduled Payment Of Principal Received
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Penalty/Yld Maint Rec'd       30          Numeric     1000.00   Additional Payment Req'd From Borrower Due To Prepayment
                                                                           Of Loan Prior To Maturity
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Interest Excess (Shortfall)   31          Numeric     1000.00   Interest Shortfall or Excess as calculated by Servicer
                                                                           per the Trust documents
------------------------------------------------------------------------------------------------------------------------------------
Liquidation/Prepayment Code              32          Numeric        1      See Liquidation/Prepayment Codes Legend
------------------------------------------------------------------------------------------------------------------------------------
Most Recent ASER Amount                  33          Numeric     1000.00   Appraisal Subordinated Entitlement Reduction - The
                                                                           difference between a full advance and the reduced advance
                                                                           is the ASER or as defined in the Trust documents
------------------------------------------------------------------------------------------------------------------------------------
Blank                                    34             AN        Blank    Left blank on purpose. (Note: was previously Most Recent
                                                                           ASER Date. Field not considered applicable to ASER.)
------------------------------------------------------------------------------------------------------------------------------------
Cumulative ASER Amount                   35          Numeric     1000.00   Cumulative Appraisal Subordinated Entitlement Reduction
------------------------------------------------------------------------------------------------------------------------------------
Actual Balance                           36          Numeric    100000.00  Outstanding Actual Principal Balance At The End Of The
                                                                           Current Period
------------------------------------------------------------------------------------------------------------------------------------
Total P&I Advance Outstanding            37          Numeric     1000.00   Outstanding P&I Advances At The End Of The Current Period
------------------------------------------------------------------------------------------------------------------------------------
Total T&I Advance Outstanding            38          Numeric     1000.00   Outstanding Taxes & Insurance Advances At The End Of The
                                                                           Current Period
------------------------------------------------------------------------------------------------------------------------------------
Other Expense Advance Outstanding        39          Numeric     1000.00   Other Outstanding Advances At The End Of The Current
                                                                           Period
------------------------------------------------------------------------------------------------------------------------------------
Status of Loan                           40             AN          1      See Status Of Loan Legend
------------------------------------------------------------------------------------------------------------------------------------
In Bankruptcy                            41             AN          Y      Bankruptcy Status Of Loan (If In Bankruptcy "Y",
                                                                           Else "N")
------------------------------------------------------------------------------------------------------------------------------------
Foreclosure Date                         42             AN      YYYYMMDD   P27 -  If Multiple properties have the same date then
                                                                           print that date otherwise leave empty
------------------------------------------------------------------------------------------------------------------------------------
REO Date                                 43             AN      YYYYMMDD   P28 -  If Multiple properties have the same date then
                                                                           print that date otherwise leave empty
------------------------------------------------------------------------------------------------------------------------------------
Bankruptcy Date                          44             AN      YYYYMMDD   Date Of Bankruptcy
------------------------------------------------------------------------------------------------------------------------------------
Net Proceeds Received on Liquidation     45          Numeric    100000.00  Net Proceeds Rec'd On Liquidation To Be Remitted to the
                                                                           Trust per the Trust Documents
------------------------------------------------------------------------------------------------------------------------------------
Liquidation Expense                      46          Numeric    100000.00  Expenses Associated With The Liq'n To Be Netted from the
                                                                           Trust per the Trust Documents
------------------------------------------------------------------------------------------------------------------------------------
Realized Loss to Trust                   47          Numeric    10000.00   Liquidation Balance Less Net Liquidation Proceeds
                                                                           Received (as defined in Trust documents)
------------------------------------------------------------------------------------------------------------------------------------
Date of Last Modification                48             AN      YYYYMMDD   Date Loan Was Modified
------------------------------------------------------------------------------------------------------------------------------------
Modification Code                        49          Numeric        1      See Modification Codes Legend
------------------------------------------------------------------------------------------------------------------------------------
Modified Note Rate                       50          Numeric      0.09     Note Rate Loan Modified To
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year Revenue            52          Numeric     1000.00   P54 - If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year Operating Expenses 53          Numeric     1000.00   P55 -  If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year NOI                54          Numeric     1000.00   P56 -  If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year Debt Svc Amount    55          Numeric     1000.00   P57 -  If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     Page 7

<PAGE>
<TABLE>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                        CMSA "Loan Periodic" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "L"
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
                                        Field                  Format
        Field Name                      Number       Type      Example                         Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>        <C>        <C>
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year DSCR (NOI)         56          Numeric     2.55      P58 - If Multiple properties populate using the "DSCR
                                                                           Indicator Legend" rule.   Preceding Fiscal Yr Debt Svc
                                                                           Cvrge Ratio using NOI
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year Physical           57          Numeric     0.85      P59 - If Multiple properties, Use weighted average by
Occupancy                                                                  using the calculation [ Current Allocated % (Prop) *
                                                                           Occupancy (Oper) ] for each Property, if missing any
                                                                           then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year Financial As       58             AN     YYYYMMDD    P53 - If Multiple properties and all the same then print
of Date                                                                    the date, if missing any then leave empty

------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year Revenue     59          Numeric    1000.00    P61 - If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year Operating   60          Numeric    1000.00    P62 -  If Multiple properties then sum the value, if
Expenses                                                                   missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year NOI         61          Numeric    1000.00    P63 -  If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year Debt        62          Numeric    1000.00    P64 -  If Multiple properties then sum the value, if
Service Amount                                                             missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year DSCR (NOI)  63          Numeric     2.55      P65 - If Multiple properties populate using the "DSCR
                                                                           Indicator Legend" rule.   Second Preceding Fiscal Year
                                                                           Debt Service Coverage Ratio using NOI
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year Physical    64          Numeric     0.85      P66 - If Multiple properties, Use weighted average
Occupancy                                                                  by using the calculation [ Current Allocated % (Prop) *
                                                                           Occupancy (Oper) ] for each Property, if missing any then
                                                                           leave empty
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year Financial   65             AN     YYYYMMDD    P60 - If Multiple properties and all the same then print
As of Date                                                                 the date, if missing any then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Revenue                      66          Numeric    1000.00    P68 - If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Operating Expenses           67          Numeric    1000.00    P69 -  If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Most Recent NOI                          68          Numeric    1000.00    P70 -  If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Debt Service Amount          69          Numeric    1000.00    P71 -  If Multiple properties then sum the value, if
                                                                           missing any then populate using the "DSCR Indicator
                                                                           Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Most Recent DSCR (NOI)                   70          Numeric     2.55      P72 - If Multiple properties populate using the
                                                                           "DSCR Indicator Legend" rule.   Most Recent Debt Service
                                                                           Coverage Ratio using NOI
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Physical Occupancy           71          Numeric     0.85      P29 - If Multiple properties, Use weighted average by
                                                                           using the calculation [ Current Allocated % (Prop) *
                                                                           Occupancy (Oper) ] for each Property, if missing any
                                                                           then leave empty
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     Page 8

<PAGE>
<TABLE>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                        CMSA "Loan Periodic" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "L"
------------------------------------------------------------------------------------------------------------------------------------
                                        Field                  Format
        Field Name                      Number       Type      Example                         Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>        <C>        <C>
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Financial As of Start Date   72             AN      YYYYMMDD   P73 - If Multiple properties and all the same then print
                                                                           the date, if missing any then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Financial As of End Date     73             AN      YYYYMMDD   P74 - If Multiple properties and all the same then print
                                                                           the date, if missing any then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Appraisal Date               74             AN      YYYYMMDD   P24 - If Multiple properties and all the same then print
                                                                           the date, if missing any then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Appraisal Value              75          Numeric    100000.00  P25 - If Multiple properties then sum the value, if
                                                                           missing any then leave empty
------------------------------------------------------------------------------------------------------------------------------------
Workout Strategy Code                    76          Numeric        1      See Workout Strategy Codes Legend
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Special Servicer Transfer D  77             AN      YYYYMMDD   Date Transferred To The Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Master Servicer Return Date  78             AN      YYYYMMDD   Date Returned To The Master Servicer or Primary Servicer
------------------------------------------------------------------------------------------------------------------------------------
Date Asset Expected to Be Resolved or F  79             AN      YYYYMMDD   P26 - If Multiple properties then print the latest date
                                                                           from the affiliated properties.   If in Foreclosure -
                                                                           Expected Date of Foreclosure and if REO - Expected Sale
                                                                           Date.
------------------------------------------------------------------------------------------------------------------------------------
Blank                                    80             AN        Blank    Left blank on purpose. (Note : was previously Year
                                                                           Renovated.  Use the Property File field 15 instead)
------------------------------------------------------------------------------------------------------------------------------------
Current Hyper Amortizing Date            81             AN      YYYYMMDD   S79 - Current Anticipated Repayment Date.  Date will be
                                                                           the same as setup file unless the loan is modified and
                                                                           a new date assigned
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Financial Indicator          82             AN       T or Y    P75 - T= Trailing 12 months Y = Year to Date, Check
                                                                           Start & End Date Applies to field L66 to L73.If Multiple
                                                                           properties and all the same then print the value, if
                                                                           missing any or if the values are not the same, then
                                                                           leave empty
------------------------------------------------------------------------------------------------------------------------------------
Last Setup Change Date                   83             AN      YYYYMMDD   S82 - Distribution Date that information changed last in
                                                                           the setup file by loan
------------------------------------------------------------------------------------------------------------------------------------
Last Loan Contribution Date              84             AN      YYYYMMDD   Date the loan was contributed
------------------------------------------------------------------------------------------------------------------------------------
Last Property Contribution Date          85             AN      YYYYMMDD   P67 - Date the latest property or properties were
                                                                           contributed.  For Multiple properties print the latest
                                                                           date from the affiliated properties
------------------------------------------------------------------------------------------------------------------------------------
Number of Properties                     86          Numeric      13.00    S54 - The Number of Properties Underlying the Mortgage
                                                                           Loan
------------------------------------------------------------------------------------------------------------------------------------
Preceding Year DSCR Indicator            87             AN        Text     Flag used to explain how the DSCR was calculated when
                                                                           there are multiple properties. See DSCR Indicator Legend.
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Year DSCR Indicator     88             AN        Text     Flag used to explain how the DSCR was calculated when
                                                                           there are multiple properties. See DSCR Indicator Legend.
------------------------------------------------------------------------------------------------------------------------------------
Most Recent  DSCR Indicator              89             AN        Text     Flag used to explain how the DSCR was calculated when
                                                                           there are multiple properties. See DSCR Indicator Legend.
------------------------------------------------------------------------------------------------------------------------------------
NOI/NCF Indicator                        90             AN        Text     Indicates how NOI or Net Cash Flow was calculated should
                                                                           be the same for each financial period.  See NOI/NCF
                                                                           Indicator Legend. P84 - If Multiple Properties and all
                                                                           the same then print value, if missing any or if the
                                                                           values are not the same, then leave empty.
------------------------------------------------------------------------------------------------------------------------------------
Date of Assumption                       91             AN      YYYYMMDD   Date the loan last assumed by a new borrower - empty if
                                                                           never assumed
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     Page 9

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                        CMSA "Loan Periodic" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "L"
------------------------------------------------------------------------------------------------------------------------------------
                                        Field                  Format
        Field Name                      Number       Type      Example                         Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>        <C>        <C>
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year NCF               92          Numeric    1000.00     P78 - Preceding Fiscal Year Net Cash Flow related to
                                                                           Financial As of Date L58.  If Multiple properties then
                                                                           sum the value, if missing any then populate using the
                                                                           "DSCR Indicator Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year DSCR (NCF)        93          Numeric      2.55      P79 - Preceding Fiscal Yr Debt Service Coverage Ratio
                                                                           using NCF related to Financial As of Date L58.   If
                                                                           Multiple properties populate using the "DSCR Indicator
                                                                           Legend" rule.
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year NCF        94          Numeric    1000.00     P80 - Second Preceding Fiscal Year Net Cash Flow related
                                                                           to Financial As of Date L65.   If Multiple properties
                                                                           then sum the value, if missing any then populate using
                                                                           the "DSCR Indicator Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal Year DSCR (NCF) 95          Numeric      2.55      P81 - Second Preceding Fiscal Year Debt Service Coverage
                                                                           Ratio using Net Cash Flow related to Financial As of
                                                                           Date L65.   If Multiple properties populate using the
                                                                           "DSCR Indicator Legend" rule.
------------------------------------------------------------------------------------------------------------------------------------
Most Recent NCF                         96          Numeric    1000.00     P82 - Most Recent Net Cash Flow related to Financial
                                                                           As of Ending Date L73.   If Multiple properties then sum
                                                                           the value, if missing any then populate using the "DSCR
                                                                           Indicator Legend" rule
------------------------------------------------------------------------------------------------------------------------------------
Most Recent DSCR (NCF)                  97          Numeric    1000.00     P83 - Most Recent Debt Service Coverage Ratio using Net
                                                                           Cash Flow related to Financial As of Ending Date L73. If
                                                                           Multiple properties populate using the "DSCR Indicator
                                                                           Legend" rule.
------------------------------------------------------------------------------------------------------------------------------------
Defeasance Status                       98             AN        Text      See Defeasance Status Legend
------------------------------------------------------------------------------------------------------------------------------------
ARA Amount                              99          Numeric    1000.00     Appraisal Reduction Amount - Excess of the principal
                                                                           balance over the defined appraisal % or as defined in the
                                                                           trust documents
------------------------------------------------------------------------------------------------------------------------------------
ARA Date                               100            AN       YYYYMMDD    Date of appraisal used to calculate ARA
------------------------------------------------------------------------------------------------------------------------------------
Credit Tenant Lease                    101            AN          Y        S87 - Y=Yes,  N=No
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                    Page 10

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                            CMSA "Loan Periodic" File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "L"
------------------------------------------------------------------------------------------------------------------------------------
        Workout Strategy Code Legend                                            Status of Mortgage Loan Legend
------------------------------------------------------------    --------------------------------------------------------------------
<S>          <C>                                                    <C>    <C>

    1        Modification                                           A      Payment Not Received But Still In Grace Period
------------------------------------------------------------     -------------------------------------------------------------------
    2        Foreclosure                                            B      Late Payment But Less Than 30 days Delinquent
------------------------------------------------------------     -------------------------------------------------------------------
    3        Bankruptcy                                             0      Current
------------------------------------------------------------     -------------------------------------------------------------------
    4        Extension                                              1      30-59 Days Delinquent
------------------------------------------------------------     -------------------------------------------------------------------
    5        Note Sale                                              2      60-89 Days Delinquent
------------------------------------------------------------     -------------------------------------------------------------------
    6        DPO                                                    3      90+ Days Delinquent
------------------------------------------------------------     -------------------------------------------------------------------
    7        REO                                                    4      Assumed Scheduled Payment (Performing Matured Balloon)
------------------------------------------------------------     -------------------------------------------------------------------
    8        Resolved                                               7      Foreclosure
------------------------------------------------------------     -------------------------------------------------------------------
    9        Pending Return to Master Servicer                      9      REO to Master Servicer
------------------------------------------------------------     -------------------------------------------------------------------
   10        Deed In Lieu Of Foreclosure
------------------------------------------------------------     -------------------------------------------------------------------
   11        Full Payoff                                                         Modification Code
                                                                                     Legend
------------------------------------------------------------     -------------------------------------------------------------------
   12        Reps and Warranties                                     1     Maturity Date Extension
------------------------------------------------------------     -------------------------------------------------------------------
   13        Other or TBD                                            2     Amortization Change
------------------------------------------------------------     -------------------------------------------------------------------
                                                                     3     Principal Write-Off
------------------------------------------------------------     -------------------------------------------------------------------
        Liquidation/Prepayment Code
              Legend                                                 4     Combination
------------------------------------------------------------     -------------------------------------------------------------------
     1       Partial Liq'n (Curtailment)
------------------------------------------------------------     -------------------------------------------------------------------
     2       Payoff Prior To Maturity                                           DSCR Indicator
                                                                                    Legend
------------------------------------------------------------     -------------------------------------------------------------------
     3       Disposition                                             P     Partial - Not all properties received financials,
                                                                           servicer to leave empty
------------------------------------------------------------     -------------------------------------------------------------------
     4       Repurchase/ Substitution                                A     Average - Not all properties received financials,
                                                                           servicer allocates Debt Service only to properties where
                                                                           financials are received
------------------------------------------------------------     -------------------------------------------------------------------
     5       Full Payoff At Maturity                                 F     Full - All Statements Collected for all properties
------------------------------------------------------------     -------------------------------------------------------------------
     6       DPO                                                     W     Worst Case - Not all properties received financials,
                                                                           servicer allocates 100% of Debt Service to all properties
                                                                           where financials are received
------------------------------------------------------------     -------------------------------------------------------------------
     7       Liquidation                                             N     None Collected - no financials were received
------------------------------------------------------------     -------------------------------------------------------------------
     8       Payoff w/ penalty                                       C     Consolidated - All properties reported on one "rolled up"
                                                                           financial from the borrower
------------------------------------------------------------     -------------------------------------------------------------------
     9       Payoff w/ yield Maintenance
------------------------------------------------------------
    10       Curtailment w/ Penalty
------------------------------------------------------------
    11       Curtailment w/ Yield Maintenance
------------------------------------------------------------     -------------------------------------------------------------------
                                                                        NOI/NCF Indicator
                                                                             Legend
                                                                 -------------------------------------------------------------------
------------------------------------------------------------       CMSA    Calculated using CMSA standard
        Defeasance Status                                        -------------------------------------------------------------------
------------------------------------------------------------       PSA     Calculated using a definition given in the PSA
     P       Partial Defeasance                                  -------------------------------------------------------------------
------------------------------------------------------------       U/W     Calculated using the underwriting method
     F       Full Defeasance                                     -------------------------------------------------------------------
------------------------------------------------------------
     N       No Defeasance Occurred
------------------------------------------------------------
     X       Defeasance not Allowable
------------------------------------------------------------
</TABLE>

                                    Page 11

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                              CMSA "Property" File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "P"
------------------------------------------------------------------------------------------------------------------------------------
        Specification             Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>

Acceptable Media Types            Magnetic Tape, Diskette, Electronic Transfer
------------------------------------------------------------------------------------------------------------------------------------
Character Set                     ASCII
------------------------------------------------------------------------------------------------------------------------------------
Field Delineation                 Comma
------------------------------------------------------------------------------------------------------------------------------------
Density (Bytes-Per-Inch)          1600 or 6250
------------------------------------------------------------------------------------------------------------------------------------
Magnetic Tape Label               None (unlabeled)
------------------------------------------------------------------------------------------------------------------------------------
Magnetic Tape Blocking Factor     10285 (17 records per block)
------------------------------------------------------------------------------------------------------------------------------------
Physical Media Label              Servicer Name; Data Type (Collection Period Data); Density (Bytes-Per-Inch); Blocking Factor;
                                  Record Length
------------------------------------------------------------------------------------------------------------------------------------
Return Address Label              Required for return of physical media (magnetic tape or diskette)
------------------------------------------------------------------------------------------------------------------------------------

                        Field               Format                                                                      Loan Field
        Field Name      Number   Type       Example                         Description/Comments                        Reference
-----------------------------------------------------------------------------------------------------------------------------------
Transaction Id            1           AN    XX97001    Unique Issue Identification Mnemonic                             S1, L1
------------------------------------------------------------------------------------------------------------------------------------
Loan ID                   2           AN    XX9701A    Unique Servicer Loan Number Assigned To Each Collateral          S3, L3
                                                       Item In A Pool
------------------------------------------------------------------------------------------------------------------------------------
Prospectus Loan ID        3           AN    123        Unique Identification Number Assigned To Each Collateral         S4, L4
                                                       Item In The Prospectus
------------------------------------------------------------------------------------------------------------------------------------
Property ID               4           AN    001-001    Should contain Prospectus ID and property identifier, e.g.,
                                                       1001-001, 1000-002
------------------------------------------------------------------------------------------------------------------------------------
Distribution Date         5           AN    YYYMMDD    Date Payments  Made To Certificateholders                        L5
------------------------------------------------------------------------------------------------------------------------------------
Cross-Collateralized      6           AN     Text      All Loans With The Same Value Are Crossed, For example :         S75
Loan Grouping                                          "X02-1" would be populated in this field for all related
                                                       loan "X02-2" would be populated for the next group
                                                       of related loans.
------------------------------------------------------------------------------------------------------------------------------------
Property Name             7           AN     Text                                                                       S55
------------------------------------------------------------------------------------------------------------------------------------
Property Address          8           AN     Text                                                                       S56
------------------------------------------------------------------------------------------------------------------------------------
Property City             9           AN     Text                                                                       S57
------------------------------------------------------------------------------------------------------------------------------------
Property State            10          AN      FL                                                                        S58
------------------------------------------------------------------------------------------------------------------------------------
Property Zip Code         11          AN     30303                                                                      S59
------------------------------------------------------------------------------------------------------------------------------------
Property County           12          AN     Text                                                                       S60
------------------------------------------------------------------------------------------------------------------------------------
Property Type Code        13          AN      MF                                                                        S61
------------------------------------------------------------------------------------------------------------------------------------
Year Built                14          AN     YYYY                                                                       S64
------------------------------------------------------------------------------------------------------------------------------------
Year Last Renovated       15          AN     YYYY
------------------------------------------------------------------------------------------------------------------------------------
Net Square Feet At        16        Numeric  25000     RT, IN, WH, OF, MU, OT                                           S62
Contribution
------------------------------------------------------------------------------------------------------------------------------------
# Of Units/Beds/Rooms     17        Numeric   75       MF, MH, LO,MU, HC, SS                                            S63
At Contribution
------------------------------------------------------------------------------------------------------------------------------------
Property Status           18          AN      1        1=FCL, 2=REO, 3=Defeased, 4=Partial Release, 5= Released,
                                                        6= Same as at Contribution
------------------------------------------------------------------------------------------------------------------------------------
Allocated Percentage of    9        Numeric   0.75     Issuer to allocate loan % attributable to property for
Loan at Contribution                                   multi-property loans

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                    Page 12

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                           CMSA "Property" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "P"
------------------------------------------------------------------------------------------------------------------------------------
                        Field               Format                                                                      Loan Field
        Field Name      Number   Type       Example                         Description/Comments                        Reference
-----------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>      <C>        <C>         <C>

Current Allocated         20     Numeric    0.75        Maintained by servicer. If not supplied in
Percentage                                              by Issuer or Underwriter, use Underwritting
                                                        NOI or NCF to calculate
------------------------------------------------------------------------------------------------------------------------------------
Current Allocated Ending  21     Numeric    5900900.00  Calculation based on Current Allocated Percentage               L7
Scheduled Loan Amount                                   and Current Ending Scheduled Principal Balance (L7)
                                                        for associated loan
------------------------------------------------------------------------------------------------------------------------------------
Ground Lease (Y/S/N)      22       AN           N       Either Y=Yes, S=Subordinate, N= No ground lease                 S74
------------------------------------------------------------------------------------------------------------------------------------
Total Reserve Balance     23     Numeric    25000.00    For Maintenance, Repairs, & Environmental. (Excludes Tax &      S77
                                                        Insurance Escrows).  An amount should be printed if the val
                                                        in Setup File field 77 is "Y"
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Appraisal     24       AN       YYYYMMDD                                                                    L74
Date
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Appraisal     25     Numeric    1000000.00                                                                  L75
Value
------------------------------------------------------------------------------------------------------------------------------------
Date Asset Expected to    26      AN        YYYYMMDD    Could be different dates for different properties. If in        L79
Be Resolved or Foreclosed                               Foreclosure - Expected Date of Foreclosure and if REO -
                                                        Expected Sale Date.
------------------------------------------------------------------------------------------------------------------------------------
Foreclosure Date         27       AN        YYYYMMDD                                                                    L42
------------------------------------------------------------------------------------------------------------------------------------
REO Date                 28       AN        YYYYMMDD                                                                    L43
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Physical     29      Numeric      0.75                                                                      L71
Occupancy
------------------------------------------------------------------------------------------------------------------------------------
Occupancy As of Date     30       AN        YYYYMMDD    Typically should be the effective date of the Rent Roll
------------------------------------------------------------------------------------------------------------------------------------
Date Lease Rollover      31       AN        YYYYMMDD    Roll over review to be completed every 12 months
Review
------------------------------------------------------------------------------------------------------------------------------------
% Sq. Feet expiring      32      Numeric        0.2     Apply to Property Types - RT, IN, WH, OF, MU, OT                S62
1-12 months
------------------------------------------------------------------------------------------------------------------------------------
% Sq. Feet expiring      33      Numeric        0.2     Apply to Property Types - RT, IN, WH, OF, MU, OT                S62
13-24 months
------------------------------------------------------------------------------------------------------------------------------------
% Sq. Feet expiring      34      Numeric        0.2     Apply to Property Types - RT, IN, WH, OF, MU, OT                S62
25-36 months
------------------------------------------------------------------------------------------------------------------------------------
% Sq. Feet expiring      35      Numeric        0.2     Apply to Property Types - RT, IN, WH, OF, MU, OT                S62
37-48 months
------------------------------------------------------------------------------------------------------------------------------------
% Sq. Feet expiring      36      Numeric        0.2     Apply to Property Types - RT, IN, WH, OF, MU, OT                S62
49-60 months
------------------------------------------------------------------------------------------------------------------------------------
Largest Tenant           37       AN           Text     For Office, WH, Retail, Industrial, Other or Mixed Use,
                                                        as applicable
------------------------------------------------------------------------------------------------------------------------------------
Square Feet of           38      Numeric       15000
Largest Tenant
------------------------------------------------------------------------------------------------------------------------------------
2nd Largest Tenant       39        AN          Text     For Office, WH, Retail, Industrial, Other or Mixed Use,
                                                        as applicable
------------------------------------------------------------------------------------------------------------------------------------
Square Feet of 2nd       40      Numeric       15000
Largest Tenant
------------------------------------------------------------------------------------------------------------------------------------
3rd Largest Tenant       41        AN          Text     For Office, WH, Retail, Industrial, Other or Mixed Use,
                                                        as applicable
------------------------------------------------------------------------------------------------------------------------------------
Square Feet of 3rd       42      Numeric       15000
Largest Tenant
------------------------------------------------------------------------------------------------------------------------------------
Fiscal Year End Month    43      Numeric        MM      Needed to indicate month ending for borrower's Fiscal Year.
                                                        For example : "12"
------------------------------------------------------------------------------------------------------------------------------------
Contribution Financials  44        AN         YYYYMMDD                                                                  S72
------------------------------------------------------------------------------------------------------------------------------------
Revenue At Contribution  45      Numeric    1000000.00  Should match the prospectus if available. At the Property       S70
                                                        Level
------------------------------------------------------------------------------------------------------------------------------------
Operating Expenses At    46      Numeric    1000000.00  Should match the prospectus if available. At the Property       S71
Contribution                                            Level
------------------------------------------------------------------------------------------------------------------------------------
NOI At Contribution      47      Numeric     1000000.00 Should match the prospectus if available.
                                                        At the Property Level                                           S65

</TABLE>

                             Page 13

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                           CMSA "Property" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "P"
------------------------------------------------------------------------------------------------------------------------------------
                        Field               Format                                                                      Loan Field
        Field Name      Number   Type       Example                         Description/Comments                        Reference
------------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>      <C>        <C>         <C>
------------------------------------------------------------------------------------------------------------------------------------
DSCR (NOI) At           48       Numeric     1.5         Should match the prospectus if available.                      S66
Contribution
------------------------------------------------------------------------------------------------------------------------------------
Appraisal Value At      49       Numeric    1000000.00                                                                  S67
Contribution
------------------------------------------------------------------------------------------------------------------------------------
Appraisal Date          50          AN       YYYYMMDD                                                                   S68
At Contribution
------------------------------------------------------------------------------------------------------------------------------------
Physical Occupancy      51        Numeric       0.9                                                                     S69
At Contribution
------------------------------------------------------------------------------------------------------------------------------------
Date of Last Inspection 52          AN       YYYYMMDD    Date of last physical site inspection
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year   53          AN       YYYYMMDD                                                                   L58
Financial As of Date
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year   54        Numeric   1000000.00                                                                  L52
Revenue
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year   55        Numeric   1000000.00                                                                  L53
Operating Expenses
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal        56        Numeric   1000000.00                                                                  L54
Year NOI
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Yr     57        Numeric   1000000.00   Calculate using P20(percentage) to get the allocated           L55
Debt Service Amount                                      amount for each property
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year   58        Numeric     1.3        Uses the property NOI and the allocated debt service amount    L56
DSCR (NOI)
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year   59        Numeric     0.9                                                                       L57
Physical Occupancy
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding FY     60          AN      YYYYMMDD                                                                    L65
Financial As of Date
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding Fiscal 61        Numeric   1000000.00                                                                  L59
Year Revenue
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding FY     62        Numeric   1000000.00                                                                  L60
Operating Expenses
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding        63        Numeric   1000000.00                                                                  L61
Fiscal Year NOI
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding FY     64        Numeric   1000000.00   Calculate using P20(percentage) to get the allocated           L62
Debt Service Amount                                      amount for each property
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding        65        Numeric      1.3       Uses the property NOI and the allocated debt service amount    L63
Fiscal Year DSCR (NOI)
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding FY     66        Numeric      0.9                                                                      L64
Physical Occupancy
------------------------------------------------------------------------------------------------------------------------------------
Property Contribution   67          AN       YYYYMMDD    Date Property was contributed                                  L85
 Date
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Revenue     68        Numeric    1000000.00  Most Recent Revenue                                            L66
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Operating   69        Numeric    1000000.00  Most Recent Operating Expenses                                 L67
Expenses
------------------------------------------------------------------------------------------------------------------------------------
Most Recent NOI         70        Numeric    1000000.00  Most Recent Net Operating Income                               L68
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Debt        71        Numeric    1000000.00  Calculate using P20(percentage) to get the allocated           L69
Service Amount                                           amount for each property
------------------------------------------------------------------------------------------------------------------------------------
Most Recent DSCR (NOI)  72        Numeric       2.55     Uses the property NOI and the allocated debt service amount    L70
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Financial   73          AN        YYYYMMDD   Start date used to calculate Most Recent information either    L72
As of Start Date                                         YTD or trailing 12 months
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Financial   74          AN        YYYYMMDD   End date used to calculate Most Recent information either      L73
As of End Date                                           12 months YTD or trailing
------------------------------------------------------------------------------------------------------------------------------------
Most Recent Financial   75          AN         T or Y    T= Trailing 12 months Y = Year to Date                         L82
Indicator
------------------------------------------------------------------------------------------------------------------------------------
NCF At Contribution     76        Numeric    1000000.00  Net Cash Flow At Contribution.   Should match the prospectus   S83
                                                         if available.
------------------------------------------------------------------------------------------------------------------------------------
DSCR (NCF) At           77        Numeric        1.5     DSCR At Contribution using NCF to calculate.   Should match    S84
Contribution                                             the prospectus if available.
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal        78        Numeric    1000000.00  Preceding Fiscal Year Net Cash Flow related to Financial As    L92
Year NCF                                                 of Date P53.
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                    Page 14

<PAGE>
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                   Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                           CMSA "Property" Update File
------------------------------------------------------------------------------------------------------------------------------------
                              (Data Record Layout)
------------------------------------------------------------------------------------------------------------------------------------
                             Cross Referenced as "P"
------------------------------------------------------------------------------------------------------------------------------------
                        Field               Format                                                                      Loan Field
        Field Name      Number   Type       Example                         Description/Comments                        Reference
-----------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>      <C>        <C>         <C>
------------------------------------------------------------------------------------------------------------------------------------
Preceding Fiscal Year   79       Numeric    2.55        Preceding Fiscal Yr Debt Service Coverage Ratio using NCF       L93
DSCR (NCF)                                              related to Financial As of Date P53.
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding        80       Numeric    1000000.00  Second Preceding Fiscal Year Net Cash Flow related to           L94
FY NCF                                                  Financial As of Date P60.
------------------------------------------------------------------------------------------------------------------------------------
Second Preceding        81       Numeric    2.55        Second Preceding Fiscal Year Debt Service Coverage Ratio        L95
FY DSCR (NCF)                                           using Net Cash Flow related to Financial As of Date P60.
------------------------------------------------------------------------------------------------------------------------------------
Most Recent NCF         82       Numeric    1000000.00  Most Recent Net Cash Flow related to Financial As of            L96
                                                        Date P74.
------------------------------------------------------------------------------------------------------------------------------------
Most Recent DSCR (NCF)  83       Numeric    2.55        Most Recent Debt Service Coverage Ratio using Net Cash Flow     L97
                                                        related to Financial As of Date P74.
------------------------------------------------------------------------------------------------------------------------------------
NOI/NCF Indicator       84          AN      Text        Indicates how NOI or Net Cash Flow was calculated should be     L90
                                                        the same for each financial period.  See NOI/NCF Indicator
                                                        Legend.
------------------------------------------------------------------------------------------------------------------------------------
Deferred Maintenance    85          AN      N           Either Y=Yes or N= No, Deferred Maintenance
Flag
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
         Property Types Code                                                   NOI/NCF Indicator
             Legend                                                                Legend
-------------------------------------      -----------------------------------------------------------------------------------------
  MF      Multifamily                                   CMSA             Calculated using CMSA standard
-------------------------------------      -----------------------------------------------------------------------------------------
  RT      Retail                                        PSA              Calculated using a definition given in the PSA
-------------------------------------      -----------------------------------------------------------------------------------------
  HC      Health Care                                   U/W              Calculated using the underwriting method
-------------------------------------      -----------------------------------------------------------------------------------------
  IN      Industrial
-------------------------------------
  WH      Warehouse
-------------------------------------
  MH      Mobile Home Park
-------------------------------------
  OF      Office
-------------------------------------
  MU      Mixed Use
-------------------------------------
  LO      Lodging
-------------------------------------
  SS      Self Storage
-------------------------------------
  OT      Other
-------------------------------------
  SE      Securities
-------------------------------------

</TABLE>

                                    Page 15

<PAGE>
                                  ATTACHMENT A:
                   CMSA FINANCIAL FILE - CATEGORY CODE MATRIX

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
            Code/                                                         Multi-   Health
           Sort Order          Description                Commercial      Family   Care     Lodging
        ----------------------------------------------------------------------------------------------------------------------------
        <S>               <C>                             <C>             <C>      <C>      <C>

------------------------------------------------------------------------------------------------------------------------------------

Income
------------------------------------------------------------------------------------------------------------------------------------

        010GROSRNT        Gross Potential Rent                o             o        o
        ----------------------------------------------------------------------------------------------------------------------------
        020VACANCY        Less: Vacancy/Collection Loss       o             o        o
        ----------------------------------------------------------------------------------------------------------------------------
        030BASERNT        Base Rent                           o             o
        ----------------------------------------------------------------------------------------------------------------------------
        040EXPREMB        Expense Reimbursement               o
        ----------------------------------------------------------------------------------------------------------------------------
        050PCTRENT        Percentage Rent                     o
        ----------------------------------------------------------------------------------------------------------------------------
        060ROOMREV        Room Revenue                                                         o
        ----------------------------------------------------------------------------------------------------------------------------
        070FOODBEV        Food & Beverage Revenues                                             o
        ----------------------------------------------------------------------------------------------------------------------------
        080PHONE          Telephone Revenue                                                    o
        ----------------------------------------------------------------------------------------------------------------------------
        090OTHDREV        Other Departmental Revenue                                           o
        ----------------------------------------------------------------------------------------------------------------------------
        100PVTPAY         Private Pay                                              o
        ----------------------------------------------------------------------------------------------------------------------------
        110MEDCARE        Medicare/Medicaid                                        o
        ----------------------------------------------------------------------------------------------------------------------------
        120NURSING        Nursing/Medical Income                                   o
        ----------------------------------------------------------------------------------------------------------------------------
        130MEALS          Meals Income                                             o
        ----------------------------------------------------------------------------------------------------------------------------
        140LAUNDRY        Laundry/Vending Income                          o
        ----------------------------------------------------------------------------------------------------------------------------
        150PARKING        Parking Income                      o           o
        ----------------------------------------------------------------------------------------------------------------------------
        160OTHERIN        Other Income                        o           o        o           o
------------------------------------------------------------------------------------------------------------------------------------

Expenses
------------------------------------------------------------------------------------------------------------------------------------
        270ROOMS          Room (Department)                                                    o
        ----------------------------------------------------------------------------------------------------------------------------
        280FOODBEV        Food & Beverage (Departmental)                                       o
        ----------------------------------------------------------------------------------------------------------------------------
        290PHONE          Telephone Expenses (Departmental)                                    o
        ----------------------------------------------------------------------------------------------------------------------------
        300OTHDEPT        Other Dept. Expenses                                                 o
        ----------------------------------------------------------------------------------------------------------------------------
        310RETAXES        Real Estate Taxes                    o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        320PROPINS        Property Insurance                   o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        330UTILITI        Utilities                            o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        340REPAIRS        Repairs and Maintenance              o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        350JANITOR        Janitorial                           o
        ----------------------------------------------------------------------------------------------------------------------------
        360FRANCHI        Franchise Fee                                                        o
        ----------------------------------------------------------------------------------------------------------------------------
        370MANAGEM        Management Fees                      o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        380PAYROLL        Payroll & Benefits                   o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        390MARKETI        Advertising & Marketing              o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        400PROFESS        Professional Fees                    o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        410GENERAL        General and Administrative           o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        420ROOMS          Room Expense - Housekeeping                             o
        ----------------------------------------------------------------------------------------------------------------------------
        430MEALS          Meal expense                         o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        440OTHEREX        Other Expenses                       o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        450GROUNDR        Ground Rent                          o           o      o            o
------------------------------------------------------------------------------------------------------------------------------------

Resrv & Capex
------------------------------------------------------------------------------------------------------------------------------------
        490LEASING        Leasing Commissions                  o
        ----------------------------------------------------------------------------------------------------------------------------
        500TENANTI        Tenant Improvements                  o
        ----------------------------------------------------------------------------------------------------------------------------
        510CAPEX          Capital Expenditures                 o           o      o            o
        ----------------------------------------------------------------------------------------------------------------------------
        520EXCAPEX        Extraordinary Capital Expenditures   o           o      o            o
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

        -----------------------------------------------------------------
                             Data Types
        -----------------------------------------------------------------
             YTD    Current Year - Year to Date
        -----------------------------------------------------------------
             AN     Annual (prior 12 months' data fiscal year - audited)
        -----------------------------------------------------------------
             TR     Trailing 12 months' data
        -----------------------------------------------------------------
             UB     Underwriting Base Line
        -----------------------------------------------------------------

        -----------------------------------------------------------------
                           Statement Types
        -----------------------------------------------------------------
             BOR    Borrower's Statement (as submitted)
        -----------------------------------------------------------------
             ADJ    Adjustments to Borrower's Statement
        -----------------------------------------------------------------
             NOR    Normalized Statement (to CMSA format)

<PAGE>

                                  ATTACHMENT B:
                       CMSA Financial File Specifications

Record Layout
--------------------------------------------------------------------------------
Fields:  Trans ID          From CMSA Loan Setup File, Field #1
         Loan #            From CMSA Property File, Field #2
         Property Seq #    001 - 999
         YYYYMM            Financial Statement Beginning Date
         YYYYMM            Financial Statement Ending Date
         Data Type         See attached values
         Stmt Type         See attached values
         Category Code     See attached values
         Amount            Example : 999999.99 (Enter as an Absolute Value)
--------------------------------------------------------------------------------
Key:     Trans ID
         Loan #
         Property Seq #
         YYYYMM            Financial Statement Ending Date
         Data Type
         Statement Type
         Category Code
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                      Sample ASCII Presentation (Preferred)
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,010GROSRNT,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,020VACANCY,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,030BASERNT,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,160OTHERIN,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,310RETAXES,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,320PROPINS,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,330UTILITI,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,340REPAIRS,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,350JANITOR,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,370MANAGEM,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,380PAYROLL,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,390MARKETI,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,410GENERAL,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,440OTHEREX,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,500TENANTI,999999.99
--------------------------------------------------------------------------------
XX97D4, 12768-34,001,199901,199903,YTD,NOR,510CAPEX,999999.99
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                         Sample Spreadsheet Presentation
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>              <C>           <C>          <C>         <C>       <C>         <C>                <C>
                                          Begin        Ending      Data      Stmt
Trans ID   Loan #           Prop #        YYYYMM       YYYYMM      Type      Type        Category           Amount
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        010GROSRNT         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        020VACANCY         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        030BASERNT         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        160OTHERIN         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        310RETAXES         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        320PROPINS         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        330UTILITI         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        340REPAIRS         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        350JANITOR         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        370MANAGEM         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        380PAYROLL         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        390MARKETI         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        410GENERAL         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        440OTHEREX         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        500TENANTI         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         001           199901        199903      YTD       NOR        510CAPEX           999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        010GROSRNT         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        020VACANCY         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        030BASERNT         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        160OTHERIN         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        310RETAXES         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        320PROPINS         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        330UTILITI         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        340REPAIRS         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        350JANITOR         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        370MANAGEM         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        380PAYROLL         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        390MARKETI         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        410GENERAL         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        440OTHEREX         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        500TENANTI         999999.99
---------------------------------------------------------------------------------------------------------------------
XX97D4     12768-34         002           199901        199903      YTD       NOR        510CAPEX           999999.99
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                       CMSA Standard Information Package
                         DELINQUENT LOAN STATUS REPORT
                            as of _________________
                              (Loan Level Report)

-----------------------------------------------------------------------------------------------------------------------------------
Operating Information Reflected As NOI_____ or NCF_______
-----------------------------------------------------------------------------------------------------------------------------------

   S4            S55            S61       S57       S58         S62 or S63       L8            L7            L37           L39
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                            (a)           (b)         (c)
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>            <C>          <C>       <C>         <C>           <C>           <C>          <C>          <C>

   Loan       Short Name                                                                    Scheduled    Total P&I    Other Expense
Prospectus      (When         Property                          Sq Ft or      Paid Thru       Loan        Advances       Advance
    ID        (Appropriate)     Type      City      State         Units         Date        Balance      Outstanding   Outstanding
-----------------------------------------------------------------------------------------------------------------------------------
LOANS IN FORECLOSURE AND NOT REO
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
90 + DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
60 TO 89 DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
30 TO 59 DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
CURENT AND AT SPECIAL SERVICER
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
FCL = Foreclosure
-----------------------------------------------------------------------------------------------------------------------------------
LTM = Latest 12 Months either Last Normalized Annual, Normalized YTD or Trailing 12 months, if available.
-----------------------------------------------------------------------------------------------------------------------------------
*Workout Strategy should match the CMSA Loan Periodic Update File using abbreviated words in place of a code number such as
(FCL - In Foreclosure, MOD - Modification, DPO - Discount Payoff, NS - Note Sale, BK - Bankruptcy, PP - Payment Plan,
TBD - To be determined etc). It is possible to combine the status codes if the loan is going in more than one direction
(i.e. FCL/Mod, BK/Mod, BK/FCL/DPO).
-----------------------------------------------------------------------------------------------------------------------------------
**BPO - Broker opinion

<PAGE>

<CAPTION>
(Table continued)
                                                                                   L54 or     L56 or
                                                                                 L68/L92 or L70/L93 or
    L38                          L25       L10       L11         L58 or L73          L96        L97            L74        L75
------------------------------------------------------------------------------------------------------------------------------------
(d)              (e)=a+b+c+d                                                                                             (f)
------------------------------------------------------------------------------------------------------------------------------------
<S>               <C>           <C>       <C>       <C>          <C>             <C>        <C>           <C>         <C>
                                                                                                                      Appraisal
  Total T&I                     Current   Current                 LTM                                                   BPO or
  Advances        Total         Monthly   Interest  Maturity     NOI/NCF          LTM       LTM DSCR      Valuation    Internal
 Outstanding     Exposure         P&I      Rate       Date        Date           NOI/NCF    (NOI/NCF)        Date       Value**
-----------------------------------------------------------------------------------------------------------------------------------
LOANS IN FORECLOSURE AND NOT REO
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
90 + DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
60 TO 89 DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
30 TO 59 DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
CURENT AND AT SPECIAL SERVICER
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
FCL = Foreclosure
-----------------------------------------------------------------------------------------------------------------------------------
LTM = Latest 12 Months either Last Normalized Annual, Normalized YTD or Trailing 12 months, if available.
-----------------------------------------------------------------------------------------------------------------------------------
*Workout Strategy should match the CMSA Loan Periodic Update File using abbreviated words in place of a code number such as
(FCL - In Foreclosure, MOD - Modification, DPO - Discount Payoff, NS - Note Sale, BK - Bankruptcy, PP - Payment Plan,
TBD - To be determined etc). It is possible to combine the status codes if the loan is going in more than one direction
(i.e. FCL/Mod, BK/Mod, BK/FCL/DPO).
-----------------------------------------------------------------------------------------------------------------------------------
**BPO - Broker opinion
-----------------------------------------------------------------------------------------------------------------------------------

<PAGE>

<CAPTION>
(Table continued)

                 L35            L77       L79         L76
-----------------------------------------------------------------------------------------------------------------------------------
(.90*f) - e
-----------------------------------------------------------------------------------------------------------------------------------
<S>              <C>            <C>       <C>         <C>         <C>

                                          Date
                   Total                  Asset
  Loss using     Appraisal      Transfer  Expected    Workout     Comments
  90% Appr.      Reduction        Date    to be       Strategy*
  or BPO (f)     Realized                 Resolved or
                                          Foreclosed

-----------------------------------------------------------------------------------------------------------------------------------
LOANS IN FORECLOSURE AND NOT REO
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
90 + DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
60 TO 89 DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
30 TO 59 DAYS DELINQUENT
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
CURENT AND AT SPECIAL SERVICER
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
FCL = Foreclosure
-----------------------------------------------------------------------------------------------------------------------------------
LTM = Latest 12 Months either Last Normalized Annual, Normalized YTD or Trailing 12 months, if available.
-----------------------------------------------------------------------------------------------------------------------------------
*Workout Strategy should match the CMSA Loan Periodic Update File using abbreviated words in place of a code number such as
(FCL - In Foreclosure, MOD - Modification, DPO - Discount Payoff, NS - Note Sale, BK - Bankruptcy, PP - Payment Plan,
TBD - To be determined etc). It is possible to combine the status codes if the loan is going in more than one direction
(i.e. FCL/Mod, BK/Mod, BK/FCL/DPO).
-----------------------------------------------------------------------------------------------------------------------------------
**BPO - Broker opinion

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                       CMSA Standard Information Package
                               REO STATUS REPORT
                            as of ____________
                            (Property Level Report)

-----------------------------------------------------------------------------------------------------------------------------------
Operating Information Reflected As NOI_____ or NCF_______
-----------------------------------------------------------------------------------------------------------------------------------

                                                                P16 or
   P4            P7            P13        P9         P10        P17        L8         P21                 L37             L39
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                   (a)                (b)            (c)
-----------------------------------------------------------------------------------------------------------------------------------
               Short Name                                                  Paid      Alloated           Total P&I     Other Expense
Property         (When         Property                         Sq Ft or   Thru        Loan              Advances       Advance
   ID         (Appropriate)      Type     City       State       Units     Date      Amount            Outstanding    Outstanding
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>              <C>        <C>        <C>        <C>        <C>     <C>                <C>             <C>

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
REO's data reflected at the property level for relationships with more than one (1) property should use the Allocated Loan Amount,
and prorate all advances and expenses or other loan level data as appropriate.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(1) Use the following codes; App.- Appraisal, BPO - Brokers Opinion, Int - Internal Value.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------

<PAGE>

<CAPTION>
(Table continued)
                                                                  P58 or
                                                        P53     P72/P79
   L38                         L25        L11          or P74    or P83    P24                             P25

-----------------------------------------------------------------------------------------------------------------------------------
(d)               (c)=a+b+c=d                                   (f)                                       (g)         (h)=(.90*g)-e
-----------------------------------------------------------------------------------------------------------------------------------

                                                                                      Appraisal           Appraisal   Loss using 90%
 Total T&I                     Current                LTM                              BPO or             BPO or      Appr. or BPO
 Advance            Total      Monthly    Maturity   NOI/NCF    LTM/DSCR   Valuation  Internal            Internal         (f)
Outstanding        Exposure      P&I        Date      Date      (NOI/NCF)     Date     Value              Value
                                                                                      Source (1)
-----------------------------------------------------------------------------------------------------------------------------------
<S>                <C>         <C>        <C>        <C>        <C>        <C>        <C>                 <C>         <C>

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
REO's data reflected at the property level for relationships with more than one (1) property should use the Allocated Loan Amount,
and prorate all advances and expenses or other loan level data as appropriate.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(1) Use the following codes; App.- Appraisal, BPO - Brokers Opinion, Int - Internal Value.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------

<PAGE>

<CAPTION>
(Table continued)

   L35           L77           P28                   P26

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

Total Appraisal  Transfer         REO                Date Asset            Comments
  Reduction        Date        Acquisition           Expected to
  Realized        Exposure        Date               be Resolved

-----------------------------------------------------------------------------------------------------------------------------------
<S>              <C>           <C>                   <C>                   <C>

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
REO's data reflected at the property level for relationships with more than one (1) property should use the Allocated Loan Amount,
and prorate all advances and expenses or other loan level data as appropriate.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(1) Use the following codes; App.- Appraisal, BPO - Brokers Opinion, Int - Internal Value.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       2

<PAGE>

<TABLE>
<CAPTION>
                       CMSA Standard Information Package
                              SERVICER WATCH LIST
                               as of ____________
                              (Loan Level Report)

-----------------------------------------------------------------------------------------------------------------------------------
          Operating Information Reflected As NOI______ or NCF________
-----------------------------------------------------------------------------------------------------------------------------------

    S4          S55          S61         S57   S58       L7         L8    L11      L56/L93    L70/L97
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
                                                                    Paid           Preceding  Most Recent     Comment/
            Short Name                                Scheduled     Thru  Maturity Fiscal Yr     DSCR         Action to be taken
Prospectus    (When       Property Type  City  State  Loan Balance  Date    Date     DSCR       NOI/NCF
 Loan ID    Appropriate)                                                            NOI/NCF
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>           <C>            <C>   <C>    <C>           <C>   <C>       <C>       <C>             <C>
-----------------------------------------------------------------------------------------------------------------------------------
List all loans on watch list in descending balance order.
-----------------------------------------------------------------------------------------------------------------------------------
Comment section should include reason and other pertinent information.
-----------------------------------------------------------------------------------------------------------------------------------
Should not include loans that are specially serviced.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total:                                                   $
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       3

<PAGE>

<TABLE>
<CAPTION>

                       CMSA Standard Information Package
                      HISTORICAL LOAN MODIFICATION REPORT
                                as of __________
                              (Loan Level Report)

-----------------------------------------------------------------------------------------------------------------------------------
          Operating Information Reflected As NOI______ or NCF________
-----------------------------------------------------------------------------------------------------------------------------------

    S4          S57    S58         L49                       L48        L7*          L7*          L50*            L50*   L25*   L25%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                  Balance
                                                                      Balance     at the                 # Mths
                                   Mod /    Extension per            When Sent    Effective               for
                                 Extension     Docs or    Effective  to Special   Date of         Old     Rate    New    Old    New
Prospectus ID   City   State       Flag       Servicer       Date     Servicer    Rehabilitation  Rate   Change   Rate   P&I    P&I
-----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>    <C>       <C>        <C>           <C>        <C>          <C>             <C>    <C>      <C>    <C>    <C>
THIS REPORT IS HISTORICAL
-----------------------------------------------------------------------------------------------------------------------------------
Information is as of modification. Each line should not change in the future. Only new modifications should be added.

-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total For All Loans:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
* The information in these columns is from a particular point in time and should not change on this report once assigned.
-----------------------------------------------------------------------------------------------------------------------------------
  Future modifications done on the same loan are additions to the report.
-----------------------------------------------------------------------------------------------------------------------------------
(1) Actual principal loss taken by bonds
-----------------------------------------------------------------------------------------------------------------------------------
(2) Expected future loss due to a rate reduction. This is just an estimate calculated at the time of the modification.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------

<PAGE>

<CAPTION>
(table continued)

    L11*        L11*               L47
-----------------------------------------------------------------------------------------------------------------------------------
                                                             (2) Est.
                                                              Future
                        Total #                            Interest Loss
                        Mths for   (1) Realized             to Trust $
    Old         New    Change of     Loss to                  (Rate
 Maturity     Maturity    Mod        Trust $                Reduction)            COMMENT
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>      <C>         <C>                     <C>                    <C>

THIS REPORT IS HISTORICAL
-----------------------------------------------------------------------------------------------------------------------------------
Information is as of modification. Each line should not change in the future. Only new modifications should be added.

-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total For All Loans:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
* The information in these columns is from a particular point in time and should not change on this report once assigned.
-----------------------------------------------------------------------------------------------------------------------------------
  Future modifications done on the same loan are additions to the report.
-----------------------------------------------------------------------------------------------------------------------------------
(1) Actual principal loss taken by bonds
-----------------------------------------------------------------------------------------------------------------------------------
(2) Expected future loss due to a rate reduction. This is just an estimate calculated at the time of the modification.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------

</TABLE>

                                       4

<PAGE>

<TABLE>
<CAPTION>

3:42 PM
10/18/00
                       CMSA Standard Information Package
        HISTORICAL LOSS ESTIMATE REPORT (REO-SOLD or DISCOUNTED PAYOFF)
                                as of XX/XX/XXXX

                                                      Latest
                                                    Appraisal or  Effect                 Net Amt
 Servicer                               % Received    Brokers     Date of                Received   Scheduled  Total P & I  Total
 Loan ID   Property Type  City  State   From Sale     Opinion      Sale     Sales Price  from Sale   Balance    Advanced   Expenses
-----------------------------------------------------------------------------------------------------------------------------------
<S>        <C>            <C>   <C>     <C>         <C>           <C>       <C>          <C>        <C>        <C>         <C>

Grand Totals  Total Loans: O            #DIV/0!                0                     0          0          0          0        0
-----------------------------------------------------------------------------------------------------------------------------------
<PAGE>

<CAPTION>
(Table continued)

                                                    Date                     Date Minor
                                                    Loss                        Adj.   Total Loss   Loss % of
 Servicer   Servicing                Actual Losses Passed        Minor Adj     Passed     with      Scheduled
 Loan ID      Fees    Net Proceeds   Passed thru    thru         to Trust       thru   Adjustment    Balance
-------------------------------------------------------------------------------------------------------------------
Grand Totals       0            0               0                       0                      0    #DIV/0!
-------------------------------------------------------------------------------------------------------------------

                                                                                                            Page 5
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                        CMSA Standard Information Package
                          HISTORIAL LIQUIDATION REPORT
                   (REO SOLD, DISCOUNTED PAYOFF or NOTE SALE)
                                as of ___________
                               (Loan Level Report)

-----------------------------------------------------------------------------------------------------------------------------------
                    Operating Information Reflected As NOI______ or NCF________
-----------------------------------------------------------------------------------------------------------------------------------
   S4             S55           S61     S57   S58                L75             L29                        L45        L7
-----------------------------------------------------------------------------------------------------------------------------------
                                                     (c)=b/a     (a)                             (b)        (d)        (e)
-----------------------------------------------------------------------------------------------------------------------------------

              Short Name                               %         Latest
Prospectus      (When        Property  City  State  Received   Appraisal or                               Net Amt
 Loan ID      Appropriate)     Type                   From       Brokers    Effective Date               Received   Scheduled
                                                   Liquidation  Opinion     of Liquidation  Sales Price  from Sale   Balance
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>            <C>       <C>   <C>    <C>        <C>          <C>             <C>          <C>        <C>
THIS REPORT IS HISTORICAL
-----------------------------------------------------------------------------------------------------------------------------------
All information is from the liquidation date and does not need to be updated.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total all Loans:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Current Month Only:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(h) Servicing Fee Expense includes fees such as Liquidation or Disposition fees charged by the Special Servicer.
-----------------------------------------------------------------------------------------------------------------------------------

<PAGE>
<CAPTION>
(Table continued)

-----------------------------------------------------------------------------------------------------------------------------------
                    Operating Information Reflected As NOI______ or NCF________
-----------------------------------------------------------------------------------------------------------------------------------
               L37            L39+L38                                          L47
------------------------------------------------------------------------------------------------------------------------------------
               (f)              (g)         (h)             (i)=d-(f+g+h)      (k)                              (m)
------------------------------------------------------------------------------------------------------------------------------------

                               Total T&I                                                                               Date of
                               and Other                                                                       Minor   Minor
Prospectus  Total P&I           Expense                                                        Date Loss        Adj    Adj
 Loan ID     Advance            Advance     Servicing Fee                                       Passed          to     Passed
            Outstanding       Outstanding     Expense       Net Proceeds   Realized Loss         thru          Trust   thru
------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>               <C>           <C>             <C>            <C>                 <C>             <C>     <C>
 THIS REPORT IS HISTORICAL
-----------------------------------------------------------------------------------------------------------------------------------
All information is from the liquidation date and does not need to be updated.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total all Loans:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Current Month Only:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(h) Servicing Fee Expense includes fees such as Liquidation or Disposition fees charged by the Special Servicer.
-----------------------------------------------------------------------------------------------------------------------------------

<PAGE>

<CAPTION>
(Table continued)

-----------------------------------------------------------------------------------------------------------------------------------
                                Operating Information Reflected As NOI______ or NCF________
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
              (n)=k+m      (o)=n/c
-----------------------------------------------------------------------------------------------------------------------------------
              Total
Prospectus     Loss        Loss % of
 Loan ID      with        Scheduled
            Adjustment     Balance
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>           <C>
THIS REPORT IS HISTORICAL
-----------------------------------------------------------------------------------------------------------------------------------
All information is from the liquidation date and does not need to be updated.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total all Loans:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Current Month Only:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(h) Servicing Fee Expense includes fees such as Liquidation or Disposition fees charged by the Special Servicer.
-----------------------------------------------------------------------------------------------------------------------------------

</TABLE>

                                       6

<PAGE>

<TABLE>
<CAPTION>

                        CMSA Standard Information Package
                       COMPARATIVE FINANCIAL STATUS REPORT
                                as of ___________
                             (Property Level Report)

------------------------------------------------------------------------------------------------------------------------------------
Operating Information Reflected As NOI____ or NCF______
------------------------------------------------------------------------------------------------------------------------------------
  P4      P9     P10     P52        P21        L8        P57           S72        S69       S70       S83       S84
------------------------------------------------------------------------------------------------------------------------------------
                                                                                  Original Underwriting
------------------------------------------------------------------------------------------------------------------------------------
                                                                                       Information
------------------------------------------------------------------------------------------------------------------------------------
                                                                                 Base Year
------------------------------------------------------------------------------------------------------------------------------------
                           Last    Current
Property  City   State   Property Allocated   Paid Thru  Allocated     Financial   %      Total       $         (1)
  ID                     Inspect   Loan         Date       Debt         Info      Occ     Revenue     NCF       DSCR
                           Date    Amount                 Service      As of Date
------------------------------------------------------------------------------------------------------------------------------------
                         yyyymmdd                                      yyyymmdd
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>    <C>     <C>      <C>         <C>        <C>           <C>        <C>     <C>         <C>       <C>
List all properties currently in deal with or without information largest to smallest loan
------------------------------------------------------------------------------------------------------------------------------------
This report should reflect the information provided in the CMSA Property File  and Loan Periodic Update File.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total:                             $                     $                 **    WA      $           $           WA
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(1) DSCR should match to Operating Statement and is normally calculated using NOI or NCF / Debt Service times the allocated loan per
------------------------------------------------------------------------------------------------------------------------------------
(2) Net change should compare the latest year to the Base Year.
------------------------------------------------------------------------------------------------------------------------------------
* As required by Trust Agreements.
------------------------------------------------------------------------------------------------------------------------------------
** Weighted Averages should be computed and reflected if the data is relevant and applicable.

<PAGE>
<CAPTION>
(Table continued)

   P60         P66       P61        P63 or P80      P65 or P81    P53            P59    P54     P56 or P78    P58 or P79
------------------------------------------------------------------------------------------------------------------------------------
                2nd Preceding Annual Operating                        Preceding  Annual Operating
------------------------------------------------------------------------------------------------------------------------------------
                     Information                                             Information
------------------------------------------------------------------------------------------------------------------------------------
as of _______                       Normalized                   as of _______                   Normalized
------------------------------------------------------------------------------------------------------------------------------------
Financial Info  %      Total           $            (1)          Financial Info   %     Total      $          (1)
  as of Date   Occ     Revenue        NCF           DSCR            as of Date   Occ    Revenue   NCF        (DSCR
------------------------------------------------------------------------------------------------------------------------------------
yyyymmdd                                                         yyyymmdd
------------------------------------------------------------------------------------------------------------------------------------
List all properties currently in deal with or without information largest to smallest loan
------------------------------------------------------------------------------------------------------------------------------------
This report should reflect the information provided in the CMSA Property File  and Loan Periodic Update File.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
               WA     $               $              WA          WA              $      $         $           WA
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(1) DSCR should match to Operating Statement and is normally calculated using NOI or NCF / Debt Service times the allocated loan per
------------------------------------------------------------------------------------------------------------------------------------
(2) Net change should compare the latest year to the Base Year.
------------------------------------------------------------------------------------------------------------------------------------
* As required by Trust Agreements.
------------------------------------------------------------------------------------------------------------------------------------
** Weighted Averages should be computed and reflected if the data is relevant and applicable.

<PAGE>
<CAPTION>
(Table continued)

   P73         P74      P29         P68        P70 or P82      P72 or P83      (2)
------------------------------------------------------------------------------------------------------------------------------------
                Most Recent Financial                                           Net Change
------------------------------------------------------------------------------------------------------------------------------------
                     Information
------------------------------------------------------------------------------------------------------------------------------------
                 *Normalized or Actual                                          Preceding & Basis
------------------------------------------------------------------------------------------------------------------------------------
FS Start       FS End    %          Total       $               (1)             %       % Total         (1)
  Date         Date     OCC         Revenue    NCF              DSCR            Occ     Revenue         DSCR
------------------------------------------------------------------------------------------------------------------------------------
yyyymmdd       yyyymmdd
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>      <C>         <C>       <C>               <C>             <C>     <C>             <C>
List all properties currently in deal with or without information largest to smallest loan
------------------------------------------------------------------------------------------------------------------------------------
This report should reflect the information provided in the CMSA Property File  and Loan Periodic Update File.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
               WA                   $          $                WA              WA      $               WA
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(1) DSCR should match to Operating Statement and is normally calculated using NOI or NCF / Debt Service times the allocated loan per
------------------------------------------------------------------------------------------------------------------------------------
(2) Net change should compare the latest year to the Base Year.
------------------------------------------------------------------------------------------------------------------------------------
* As required by Trust Agreements.
------------------------------------------------------------------------------------------------------------------------------------
** Weighted Averages should be computed and reflected if the data is relevant and applicable.

</TABLE>

                                       7

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                            Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                                                      CMSA "Bond Level" File
------------------------------------------------------------------------------------------------------------------------------------
                                        Bond Level Only - Reflects Distribution Statements
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------

        Specification                                               Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
Character Set                   ASCII
------------------------------------------------------------------------------------------------------------------------------------
Field Delineation               Comma
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
                                               Format
          Field Name             #    Type     Example                             Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
<S>                              <C>    <C>   <C>        <C>
Transaction Id                   1      AN    XXX97001   Unique Issue Identification Mnemonic (Consistent With CMSA Periodic Loan
                                                           File)
------------------------------------------------------------------------------------------------------------------------------------
Distribution Date                2      AN    YYYYMMDD   Date Payments  Made To Certificateholders
------------------------------------------------------------------------------------------------------------------------------------
Record Date                      3      AN    YYYYMMDD   Date Class Must Be Held As Of To Be Considered Holder Of Record
------------------------------------------------------------------------------------------------------------------------------------
Class Name/Class Id              4      AN       A-1     Unique Class Identification Mnemonic
------------------------------------------------------------------------------------------------------------------------------------
Cusip                            5      AN    999999AA1  Cusip # (Null If No Cusip Exists)
------------------------------------------------------------------------------------------------------------------------------------
Original Balance                 6   Numeric   1000000   The Class Balance At Inception Of The Issue
------------------------------------------------------------------------------------------------------------------------------------
Notional Flag                    7      AN        Y      "Y" For Notional
------------------------------------------------------------------------------------------------------------------------------------
Beginning Balance                8   Numeric   100000    The Outstanding Principal Balance Of The Class At The Beginning Of The
                                                           Current Period
------------------------------------------------------------------------------------------------------------------------------------
Scheduled Principal              9   Numeric    1000     The Scheduled Principal Paid
------------------------------------------------------------------------------------------------------------------------------------
Unscheduled Principal            10  Numeric    1000     The Unscheduled Principal Paid
------------------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution     11  Numeric    1000     Total Principal Payment Made
------------------------------------------------------------------------------------------------------------------------------------
Deferred Interest                12  Numeric    1000     Any Interest Added To The Class Balance Including Negative Amortization
------------------------------------------------------------------------------------------------------------------------------------
Realized Loss (Gain)             13  Numeric    1000     The Total Realized Loss of (Gain) Allocated
------------------------------------------------------------------------------------------------------------------------------------
Cumulative Realized Losses       14  Numeric   100000    Realized Losses Allocated Cumulative-To-Date.
------------------------------------------------------------------------------------------------------------------------------------
Ending Balance                   15  Numeric    1000     Outstanding Principal Balance Of The Class At The End Of The Current Period
------------------------------------------------------------------------------------------------------------------------------------
Current Index Rate               16  Numeric    0.055    The Current Index Rate Applicable To The Calculation Of Current Period
                                                            Remittance Interest Rate
------------------------------------------------------------------------------------------------------------------------------------
Current Remittance Rate /                                Annualized Interest Rate Applicable To The Calculation Of Current Period
     Pass-Through Rate           17  Numeric    0.075       Remittance Interest
------------------------------------------------------------------------------------------------------------------------------------
Accrual Method                   18  Numeric      1      1=30/360, 2=Actual/365, 3=Actual/360,4=Actual/Actual, 5=Actual/366
------------------------------------------------------------------------------------------------------------------------------------
Current Accrual Days             19  Numeric     30      The Number Of Accrual Days Applicable To The Calculation Of Current Period
                                                            Remittance Interest
------------------------------------------------------------------------------------------------------------------------------------
Interest Accrued                 20  Numeric    1000     The Amount Of Accrued Interest
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Penalty/
     Premium Allocation          21  Numeric    1000     Total Amount Of Prepayment Penalties Allocated
------------------------------------------------------------------------------------------------------------------------------------
Yield Maintenance Allocation     22  Numeric    1000     Total Amount Of Yield Maintenance Penalties Allocated
------------------------------------------------------------------------------------------------------------------------------------
Other Interest Distribution      23  Numeric    1000     Other Specific Additions To Interest
------------------------------------------------------------------------------------------------------------------------------------
Prepayment Interest Shortfall    24  Numeric    1000     Total Interest Adjustments For PPIS
------------------------------------------------------------------------------------------------------------------------------------
Appraisal Reduction Allocation   25  Numeric    1000     Total Current Appraisal Reduction Allocated
------------------------------------------------------------------------------------------------------------------------------------
Other Interest Shortfall         26  Numeric    1000     Total Interest Adjustments Other Than PPIS
------------------------------------------------------------------------------------------------------------------------------------

                                                              Page 1
<PAGE>
<CAPTION>
(Table Continued)

------------------------------------------------------------------------------------------------------------------------------------
                                             Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                                                      CMSA "Bond Level" File
------------------------------------------------------------------------------------------------------------------------------------
                                        Bond Level Only - Reflects Distribution Statements
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
                                                Format
          Field Name              #    Type     Example                             Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
<S>                              <C>    <C>   <C>        <C>
Total Interest Distribution      27  Numeric    1000     The Total Interest Payment Made
------------------------------------------------------------------------------------------------------------------------------------
Cumulative Appraisal Reduction   28  Numeric    1000     Total Cumulative Appraisal Reduction Allocated
------------------------------------------------------------------------------------------------------------------------------------
Cummualtive Prepayment Penalty/
     Premium Allocation          29  Numeric    1000     Total Amount Of Prepayment Penalties Allocated To Date
------------------------------------------------------------------------------------------------------------------------------------
CummualtiveYield Maintenance
     Allocation                  30  Numeric    1000     Total Amount Of Yield Maintenance Penalties Allocated To Date
------------------------------------------------------------------------------------------------------------------------------------
Beginning Unpaid Interest
     Balance                     31  Numeric    1000     Outstanding Interest Shortfall At The Beginning Of The Current Period
------------------------------------------------------------------------------------------------------------------------------------
Ending Unpaid Interest Balance   32  Numeric    1000     Outstanding Interest Shortfall At The End Of The Current Period
------------------------------------------------------------------------------------------------------------------------------------
DCR - Original Rating            33     AN       AAA     The Original Rating Of The Class By Duff & Phelps
------------------------------------------------------------------------------------------------------------------------------------
DCR - Most Recent Rating         34     AN       AAA     The Most Recent Rating Of The Class By Duff & Phelps
------------------------------------------------------------------------------------------------------------------------------------
DCR - Date Transmitted from                              The Date On Which The Most Recent Rating Was Provided To The Trustee By
     Rating Agency               35     AN    YYYYMMDD      Duff & Phelps
------------------------------------------------------------------------------------------------------------------------------------
Fitch - Orignal Rating           36     AN       AAA     The Original Rating Of The Class By Fitch
------------------------------------------------------------------------------------------------------------------------------------
Fitch - Most Recent Rating       37     AN       AAA     The Most Recent Rating Of The Class By Fitch
------------------------------------------------------------------------------------------------------------------------------------
Fitch - Date Transmitted from                            The Date On Which The Most Recent Rating Was Provided To The Trustee By
     Rating Agency               38     AN    YYYYMMDD      Fitch
------------------------------------------------------------------------------------------------------------------------------------
Moody's - Original Rating        39     AN       AAA     The Original Rating Of The Class By Moody's
------------------------------------------------------------------------------------------------------------------------------------
Moody's - Most Recent Rating     40     AN       AAA     The Most Recent Rating Of The Class By Moody's
------------------------------------------------------------------------------------------------------------------------------------
Moody's - Date Transmitted from                          The Date On Which The Most Recent Rating Was Provided To The Trustee
     Rating Agency               41     AN    YYYYMMDD      By Moody's
------------------------------------------------------------------------------------------------------------------------------------
Standard & Poors -
     Original Rating             42     AN       AAA     The Original Rating Of The Class By Standard & Poors
------------------------------------------------------------------------------------------------------------------------------------
Standard & Poors -
     Most Recent Rating          43     AN       AAA     The Most Recent Rating Of The Class By Standard & Poors
------------------------------------------------------------------------------------------------------------------------------------
Standard & Poors - Date
     Transmitted from Rating                             The Date On Which The Most Recent Rating Was Provided To The Trustee By
     Agency                      44     AN    YYYYMMDD      Standard & Poors
------------------------------------------------------------------------------------------------------------------------------------

                                                         Page 2

<PAGE>

<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                                            Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                                                  CMSA "Collateral Summary" File
------------------------------------------------------------------------------------------------------------------------------------
                               Collateral Level Summary - Summarizes CMSA Loan Periodic Update File
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------

   Specification                                                    Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
Character Set                   ASCII
------------------------------------------------------------------------------------------------------------------------------------
Field Delineation               Comma
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
                          Per                       Format
     Field Name           Ref       #      Type     Example                            Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>       <C>   <C>      <C>         <C>
Transaction Id                      1        AN     XXX97001   Unique Issue Identification Mnemonic
------------------------------------------------------------------------------------------------------------------------------------
Group Id                            2        AN     XXX97001   Unique Identification Number Assigned To Each Loan Group Within An
                                                                 Issue
------------------------------------------------------------------------------------------------------------------------------------
Distribution Date                   3        AN     YYYYMMDD   Date Payments  Made To Certificateholders
------------------------------------------------------------------------------------------------------------------------------------
Original Loan Count                 4     Numeric      100     Number of loans at time of securitization
------------------------------------------------------------------------------------------------------------------------------------
Ending current period
     loan count                     5     Numeric      99      Number of loans at end of current period
------------------------------------------------------------------------------------------------------------------------------------
Ending current period
     collateral balance     7       6     Numeric  1000000.00  Aggregate scheduled balance of loans at end of current period
------------------------------------------------------------------------------------------------------------------------------------
1 month Delinquent -
     number                         7     Numeric       1      Number of loans one month delinquent
------------------------------------------------------------------------------------------------------------------------------------
1 month Delinquent -
     scheduled balance              8     Numeric    1000.00   Scheduled principal balance of loans one month delinquent
------------------------------------------------------------------------------------------------------------------------------------
2 months Delinquent -
     number                         9     Numeric       1      Number of loans two months delinquent
------------------------------------------------------------------------------------------------------------------------------------
2 months Delinquent -
     scheduled balance             10     Numeric    1000.00   Scheduled principal balance of loans two months delinquent
------------------------------------------------------------------------------------------------------------------------------------
3 months Delinquent -
     number                        11     Numeric       1      Number of loans three months delinquent
------------------------------------------------------------------------------------------------------------------------------------
3 months Delinquent -
     scheduled balance             12     Numeric    1000.00   Scheduled principal balance of loans three months delinquent
------------------------------------------------------------------------------------------------------------------------------------
Foreclosure - number               13     Numeric       1      Number of loans in foreclosure - overrides loans in delinquency
------------------------------------------------------------------------------------------------------------------------------------
Foreclosure -
     scheduled balance             14     Numeric    1000.00   Scheduled principal balance of loans in foreclosure - overrides loans
                                                                 in delinquency
------------------------------------------------------------------------------------------------------------------------------------
REO - number                       15     Numeric       1      Number of REOs - overrides loans in delinquency or foreclosure
------------------------------------------------------------------------------------------------------------------------------------
REO - scheduled balance            16     Numeric    1000.00   Book value of REOs - overrrides loans in delinquency or foreclosure
------------------------------------------------------------------------------------------------------------------------------------
Specially serviced -
     number                        17     Numeric       1      Number of specially serviced loans - includes loans in delinquency,
                                                                 foreclosure, REO
------------------------------------------------------------------------------------------------------------------------------------
Specially serviced -
     scheduled balance             18     Numeric    1000.00   Scheduled principal of Specially Serviced loans
------------------------------------------------------------------------------------------------------------------------------------
In Bankruptcy - number             19     Numeric       1      Number of loans in bankruptcy - included in delinquency aging
                                                                 category
------------------------------------------------------------------------------------------------------------------------------------
In Bankruptcy -
     scheduled balance             20     Numeric    1000.00   Scheduled principal balance of loans in bankruptcy - included in
                                                                 delinquency aging category
------------------------------------------------------------------------------------------------------------------------------------
Prepaid loans - number             21     Numeric       1      Number of prepayments in full for the current period
------------------------------------------------------------------------------------------------------------------------------------
Prepaid loans -
     principal                     22     Numeric    1000.00   Principal balance of loans prepaid in full for the current period.
------------------------------------------------------------------------------------------------------------------------------------
Total unscheduled
     principal            27+28    23     Numeric    1000.00   Includes prepayments in full, partial pre-payments, curtailments in
                                                                 the current period
------------------------------------------------------------------------------------------------------------------------------------
Total Penalty for
     the period                    24     Numeric    1000.00   The aggregate prepayment or yield maintenance penalties on the loans
                                                                 for the period.
------------------------------------------------------------------------------------------------------------------------------------
Current realized losses
     (gains)               47      25     Numeric    1000.00   Realized losses (gain) in the current period
------------------------------------------------------------------------------------------------------------------------------------
Cumulative realized
     losses                        26     Numeric    1000.00   Cumulative realized losses
------------------------------------------------------------------------------------------------------------------------------------
Appraisal Reduction
     Amount                33      27     Numeric    1000.00   Total Current Appraisal Reduction Allocated
------------------------------------------------------------------------------------------------------------------------------------
Cumulative Appraisal
     Reduction             35      28     Numeric    1000.00   Total Cumulative Appraisal Reduction Allocated
------------------------------------------------------------------------------------------------------------------------------------
Total P&I Advance
     Outstanding           37      29     Numeric    1000.00   Outstanding P&I Advances At The End Of The Current Period
------------------------------------------------------------------------------------------------------------------------------------

                                                              Page 3
<PAGE>

<CAPTION>
(Table Continued)

------------------------------------------------------------------------------------------------------------------------------------
                                            Commercial Mortgage Securities Association
------------------------------------------------------------------------------------------------------------------------------------
                                                  CMSA "Collateral Summary" File
------------------------------------------------------------------------------------------------------------------------------------
                               Collateral Level Summary - Summarizes CMSA Loan Periodic Update File
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------

   Specification                                                    Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
Character Set                   ASCII
------------------------------------------------------------------------------------------------------------------------------------
Field Delineation               Comma
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
                          Per                       Format
     Field Name           Ref       #      Type     Example                            Description/Comments
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>       <C>   <C>      <C>         <C>
Total T&I Advance
     Outstanding           38      30     Numeric    1000.00   Outstanding Taxes & Insurance Advances At The End Of The Current
                                                                 Period
------------------------------------------------------------------------------------------------------------------------------------
Other Expense Advance
     Outstanding           39      31     Numeric    1000.00   Other Outstanding Advances At The End Of The Current Period
------------------------------------------------------------------------------------------------------------------------------------
Reserve Balances                   32     Numeric    1000.00   Balance of cash or equivalent reserve accounts pledged as credit
                                                                 enhancement
------------------------------------------------------------------------------------------------------------------------------------
LOC Balances                       33     Numeric    1000.00   Balance of letter of credit reserve accounts pledged as credit
                                                                 enhancement
------------------------------------------------------------------------------------------------------------------------------------
Amortization WAM                   34     Numeric      333     Weighted average maturity based on amortization term
------------------------------------------------------------------------------------------------------------------------------------
Maturity WAM                       35     Numeric      333     Weighted average maturity based on term to maturity
------------------------------------------------------------------------------------------------------------------------------------
Calculated WAC                     36     Numeric     0.105    Weighted average coupon used to calculate gross interest
------------------------------------------------------------------------------------------------------------------------------------

                                                              Page 4
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                 LODGING NOI ADJUSTMENT WORKSHEET
------------------------------------------------------------------------------------------------------------------------------------
                                                          as of MM/DD/YY
====================================================================================================================================
 PROPERTY OVERVIEW
 <S>                                             <C>              <C>          <C>        <C>        <C>
------------------------------------------------------------------------------------------------------------------------------------
     Prospectus ID
------------------------------------------------------------------------------------------------------------------------------------
      Current Scheduled Loan Balance/Paid to Date                                                    Current Allocated Loan Amount %
------------------------------------------------------------------------------------------------------------------------------------
      Property Name
------------------------------------------------------------------------------------------------------------------------------------
      Property Type
------------------------------------------------------------------------------------------------------------------------------------
      Property Address, City, State
------------------------------------------------------------------------------------------------------------------------------------
      Net Rentable SF/Units/Pads,Beds                                                     Use second box to specify sqft.,units...
------------------------------------------------------------------------------------------------------------------------------------
      Year Built/Year Renovated
------------------------------------------------------------------------------------------------------------------------------------
      Cap Ex Reserve (annually)/per Unit.etc. (1)                                         specify annual/per unit...
------------------------------------------------------------------------------------------------------------------------------------
      Year of Operations
------------------------------------------------------------------------------------------------------------------------------------
      Occupancy Rate (physical)
------------------------------------------------------------------------------------------------------------------------------------
      Occupancy Date
------------------------------------------------------------------------------------------------------------------------------------
      Average Daily Rate
------------------------------------------------------------------------------------------------------------------------------------
      Rev per Avg. Room
------------------------------------------------------------------------------------------------------------------------------------
                                                 (1) Total $ amount of Capital Reserves required annually by loan documents.
====================================================================================================================================

------------------------------------------------------------------------------------------------------------------------------------
  INCOME:                                                YYYY                             Notes
------------------------------------------------------------------------------------------------------------------------------------
                                                       Borrower   Adjustment   Normalized
 -----------------------------------------------------------------------------------------------------------------------------------
     Statement Classification                           Actual
 -----------------------------------------------------------------------------------------------------------------------------------
     Room Revenue
 -----------------------------------------------------------------------------------------------------------------------------------
     Food & Beverage Revenues
------------------------------------------------------------------------------------------------------------------------------------
      Telephone Revenue
------------------------------------------------------------------------------------------------------------------------------------
      Other Departmental Revenue
------------------------------------------------------------------------------------------------------------------------------------
      Other Income
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
  DEPARTMENTAL REVENUE: (2)
------------------------------------------------------------------------------------------------------------------------------------
                                                 (2) Report Departmental Revenue as EGI for CSSA Loan Periodic and Property files
------------------------------------------------------------------------------------------------------------------------------------
  OPERATING EXPENSES:
------------------------------------------------------------------------------------------------------------------------------------
Departmental
------------------------------------------------------------------------------------------------------------------------------------
      Room
------------------------------------------------------------------------------------------------------------------------------------
      Food & Beverage
------------------------------------------------------------------------------------------------------------------------------------
      Telephone Expenses
------------------------------------------------------------------------------------------------------------------------------------
      Other Dept. Expenses
------------------------------------------------------------------------------------------------------------------------------------
DEPARTMENTAL EXPENSES:
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
DEPARTMENTAL INCOME:
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
General/Unallocated
------------------------------------------------------------------------------------------------------------------------------------
      Real Estate Taxes
------------------------------------------------------------------------------------------------------------------------------------
      Property Insurance
------------------------------------------------------------------------------------------------------------------------------------
      Utilities
------------------------------------------------------------------------------------------------------------------------------------
      Repairs and Maintenance
------------------------------------------------------------------------------------------------------------------------------------
      Franchise Fee
------------------------------------------------------------------------------------------------------------------------------------
      Management Fees
------------------------------------------------------------------------------------------------------------------------------------
      Payroll & Benefits
------------------------------------------------------------------------------------------------------------------------------------
      Advertising & Marketing
------------------------------------------------------------------------------------------------------------------------------------
      Professional Fees
------------------------------------------------------------------------------------------------------------------------------------
      General and Administrative
------------------------------------------------------------------------------------------------------------------------------------
      Ground Rent
------------------------------------------------------------------------------------------------------------------------------------
      Other Expenses
------------------------------------------------------------------------------------------------------------------------------------
TOTAL GENERAL/Unallocated                                                                 (For CSSA files, Total Expenses = Dept.
                                                                                               Exp + General Exp.)
------------------------------------------------------------------------------------------------------------------------------------
   Operating Expense Ratio                                                                (=Departmental Revenue/(Dept. Exp. +
                                                                                               General Exp.))
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
  *Net Operating Income
------------------------------------------------------------------------------------------------------------------------------------
      Capital Expenditures
------------------------------------------------------------------------------------------------------------------------------------
      Extraordinary Capital Expenditures
------------------------------------------------------------------------------------------------------------------------------------
   Total Capital Items
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
 *Net Cash Flow
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
   Debt Service (per Servicer)
------------------------------------------------------------------------------------------------------------------------------------
 *Net Cash Flow after Debt Service
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
 *DSCR: (NOI/Debt Service)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
 *DSCR: (NCF/Debt Service)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
   Source of Financial Data:
====================================================================================================================================
                                                 (i.e.. operating statements, financial statements, tax return, other)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Notes and  Assumptions: This report should be completed annually for "Normalization" of Borrower's numbers.  Methodology used is per
------------------------------------------------------------------------------------------------------------------------------------
MBA/CSSA Standard Methhodology unless otherwise noted.  The "Normalized" column and corresponding comments should roll through to
------------------------------------------------------------------------------------------------------------------------------------
the Operating statement Analysis Report
------------------------------------------------------------------------------------------------------------------------------------
Income Comments:
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Expense Comments:
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Capital Items Comments:
------------------------------------------------------------------------------------------------------------------------------------

</TABLE>
                                                            1

<PAGE>

                                    EXHIBIT I

                     FORM OF CERTIFICATE OWNER CERTIFICATION

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention:     Asset-Basked Securities Trust Services Group -
               PNC Mortgage Acceptance Corp.,
               Commercial Mortgage Pass-Through Certificates, Series 2000-C2

     In  accordance  with Section 5.09 of the Pooling and  Servicing  Agreement,
dated as of  October  1, 2000  (the  "Agreement"),  by and  among  PNC  Mortgage
Acceptance Corp., as Depositor,  Midland Loan Services, Inc., as Master Servicer
and  Special  Servicer,  LaSalle  Bank  National  Association,  as Trustee  (the
"Trustee"),  and ABN AMRO Bank N.V.  as Fiscal  Agent,  with  respect to the PNC
Mortgage Acceptance Corp. Commercial Mortgage Pass-Through Certificates,  Series
2000-C2 (the  "Certificates"),  the undersigned hereby certifies and agrees that
the  undersigned  is a beneficial  owner of  $____________[Certificate  Balance]
[Notional Amount] of the Class ____ Certificates.

     The undersigned shall indemnify the Trustee, the Fiscal Agent and the Trust
Fund for any loss,  liability  or  expense  incurred  thereby  if the  foregoing
certification is incorrect.

Capitalized terms used but not defined herein shall have the respective meanings
assigned thereto in the Agreement.

<PAGE>

     IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

                                        __________________________
                                        Beneficial Owner

                                        By:_______________________
                                        Title:

<PAGE>

                                   Exhibit J

                            Notice and Certification
                      Regarding Defeasance of Mortgage Loan

To:   Standard & Poor's Ratings Services
      55 Water Street
      New York, New York 10041
      Attn:  Commercial Mortgage Surveillance

      Moody's Investors Service, Inc.
      99 Church Street
      New York, New York 10007
      Attention:  Commercial MBS Monitoring Department

From: Midland Loan Services, Inc., in its capacity as Master Servicer
      (the "Master Servicer") under the Pooling and Servicing Agreement dated
      as of October 1, 2000 (the "Pooling and Servicing Agreement"), among
      PNC Mortgage Acceptance Corp. as depositor, the Master Servicer, Midland
      Loan Services, Inc., as special servicer, LaSalle Bank
      National Association, as trustee, and ABN AMRO Bank N.V., as fiscal agent.

      210 West 10th Street
      6th Floor
      Kansas City, Missouri 64105

Date: ___________, 20___

Re:   PNC Mortgage Acceptance Corp.
      Commercial Mortgage Pass-Through Certificates
      Series 2000-C2

      Mortgage Loan identified by loan number _______ (the "Mortgage Loan") On
      the Mortgage Loan Schedule attached to the Pooling and Servicing Agreement
      and heretofore secured by the Mortgaged Properties identified on the
      Mortgage Loan Schedule by the following names:

      --------------------------------------------------------------------------
      -------------------------------------------------------------------------.

            Reference is made to the Pooling and Servicing Agreement described
      above. Capitalized terms used but not defined herein have the meanings
      assigned to such terms in the Pooling and Servicing Agreement. As Master
      Servicer under the Pooling and Servicing Agreement, we hereby:

      1.    notify you that the Borrower under the Mortgage Loan has
            consummated a defeasance of the Mortgage Loan as described in the
            statement checked below:

      _____ (1) a defeasance of the payments scheduled to be due in respect
            of the entire principal balance of the Mortgage Loan; or

      _____ (2) a defeasance of the portions of the payments scheduled to be due
            in respect of a portion of the principal balance of the Mortgage
            Loan that represents ___% of the entire principal balance of the
            Mortgage Loan; and such partial defeasance is permitted under the
            terms of the Mortgage Loan.

<PAGE>

      2.    certify as to the following and any additional explanatory notes
            set forth on Exhibit A hereto:

            a.    The defeasance was consummated on __________________, 20__.

            b.    The defeasance collateral consists of United States government
                  securities within the meaning of Treas. Reg. 1.860G-2(a)(8)(i)
                  that are backed by the full-faith and credit of the United
                  States and having the characteristics set forth on Exhibit B
                  hereto.

            c.    the Master Servicer determined that the defeasance will not
                  result in an Adverse REMIC Event.

            d.    The Master Servicer determined that the statement checked
                  below is true:

                  _____ (1) the related Mortgagor was a Single-Purpose Entity
                        as of the date of the defeasance.

                  _____ (2) the related Mortgagor designated a Single-Purpose
                        Entity to own the defeasance collateral; or

                  _____ (3) the Master Servicer designated a Single-Purpose
                        Entity established for the benefit of the Trust Fund to
                        own the defeasance collateral.

            e.    The Master Servicer reviewed a broker or similar confirmation
                  of the credit (or an accountant's letter described below,
                  which contained a statement that it reviewed a broker or
                  similar confirmation of the credit) of the defeasance
                  collateral to an account in the name of the entity referred to
                  in item (d)(1), (d)(2) or (d)(3), as the case may be.

            f.    The Master Servicer received from the Borrower (A) an opinion
                  of counsel generally to the effect that the Trustee will have
                  a perfected, first priority security interest in the
                  defeasance collateral described above and (B) written
                  confirmation from a firm of independent accountants stating
                  that payments made on such defeasance collateral in accordance
                  with the term thereof will be sufficient to pay the Mortgage
                  Loan (or the portion thereof in connection with a partial
                  defeasance) in full on or before its Maturity Date (or, in the
                  case of the Hyper-Amortization Loan, on or before its
                  Hyper-Amortization Date) and to timely pay each Monthly
                  Payment to be due prior thereto but after the defeasance.

            g.    The principal balance of the Mortgage Loan as of the date of
                  defeasance was $________________, which is less than the
                  lesser of $5 million or 1% of the aggregate Certificate
                  Balance of the Certificates as of the date of the most recent
                  Trustee Report received by us.

      3.    further certify that set forth on Exhibit C hereto is a schedule of
            the material agreements and instruments executed and delivered in
            connection with the defeasance described above and that originals or
            copies of such agreements and instruments have been transmitted to
            the Trustee for placement in the related Mortgage File or, to the
            extent not required to be part of the related Mortgage File, are in
            the possession of the Master Servicer as part of the Master
            Servicer's Mortgage File.
<PAGE>

      4.    further certify and confirm that the determinations and
            certifications describe above were rendered in accordance with the
            Servicing Standard set forth in, and the other applicable terms and
            conditions of, the Pooling and Servicing Agreement; and

      5.    the individual under whose hand the Master Servicer has caused this
            Notice and Certification to be executed did constitute a Servicing
            Officer as of the date of the defeasance described above.

IN WITNESS WHEREOF, the Master Servicer has caused this Notice and Certification
to be executed as of the date captioned above.

                              MIDLAND LOAN SERVICES, INC.

                              By:__________________________________________
                              Name:
                              Title:

<PAGE>

                                    Exhibit A
                                Explanatory Notes

<PAGE>

                                    Exhibit B
                  Characteristics of U.S. Government Securities

                         CUSIP RATE MAT PAY DATE ISSUED
                         ------------------------------

<PAGE>

                                    Exhibit C
          Schedule of the material agreements and instruments executed and
                   delivered in connection with the defeasance

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