Document:

EXHIBIT 4.1

                                                                  EXECUTION COPY

                   GMAC COMMERCIAL MORTGAGE SECURITIES, INC.,
                                   Depositor,

                      GMAC COMMERCIAL MORTGAGE CORPORATION,
                                Master Servicer,

                      GMAC COMMERCIAL MORTGAGE CORPORATION,
                                Special Servicer,

                                       and

                        LASALLE BANK NATIONAL ASSOCIATION
                                     Trustee

                                       and

                               ABN AMRO BANK N.V.,
                                  Fiscal Agent

                   -------------------------------------------

                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2000

                   ------------------------------------------

                                  $879,890,171
                       Mortgage Pass-Through Certificates
                                 Series 2000-C1

<PAGE>

     This  Pooling and  Servicing  Agreement  (this  "Agreement"),  is dated and
effective as of March 1, 2000, among GMAC COMMERCIAL MORTGAGE SECURITIES,  INC.,
as Depositor,  GMAC COMMERCIAL MORTGAGE  CORPORATION,  as Master Servicer,  GMAC
COMMERCIAL MORTGAGE CORPORATION,  as Special Servicer, and LASALLE BANK NATIONAL
ASSOCIATION, as Trustee and ABN AMRO BANK N.V., as Fiscal Agent.

                             PRELIMINARY STATEMENT:

     The Depositor intends to sell the  Certificates,  to be issued hereunder in
multiple  Classes,  which in the aggregate  will evidence the entire  beneficial
ownership interest in the Trust Fund to be created hereunder, the primary assets
of which will be the Mortgage  Loans.  The aggregate of the initial Cut-off Date
Principal Balances of the Mortgage Loans is approximately $879,890,172.

     As provided herein,  the Trustee will elect to treat the segregated pool of
assets  consisting of the Mortgage Loans  (exclusive of that portion of interest
payments  thereon that  constitute  Excess  Interest)  and certain other related
assets subject to this Agreement as a REMIC for federal income tax purposes, and
such  segregated  pool of assets will be  designated as "REMIC I". The Class R-I
Certificates  will  represent the sole class of "residual  interests" in REMIC I
for purposes of the REMIC  Provisions under federal income tax law. With respect
to each Mortgage Loan, there shall be a corresponding  REMIC I Regular Interest.
The designation for each such REMIC I Regular  Interest shall be the loan number
for the  related  Mortgage  Loan set forth on the  schedule  of  Mortgage  Loans
attached  hereto as Schedule I. The REMIC I Remittance  Rate (as defined herein)
and the initial  Uncertificated  Principal  Balance of each such REMIC I Regular
Interest  shall be based on the Net Mortgage Rate as of the Cut-off Date and the
Cut-off Date Principal  Balance,  respectively,  for the related  Mortgage Loan.
Determined  solely  for  purposes  of  satisfying  Treasury  Regulation  Section
1.860G-1(a)(4)(iii),  the "latest possible  maturity date" for each such REMIC I
Regular  Interest shall be the first  Distribution  Date that follows the Stated
Maturity  Date  for the  related  Mortgage  Loan.  None of the  REMIC I  Regular
Interests will be certificated.

     As provided herein,  the Trustee will elect to treat the segregated pool of
assets consisting of the REMIC I Regular Interests as a REMIC for federal income
tax purposes,  and such  segregated  pool of assets will be designated as "REMIC
II." The Class R-II  Certificates  will  represent  the sole class of  "residual
interests" in REMIC II for purposes of the REMIC Provisions under federal income
tax law. The following table  irrevocably sets forth the  designation,  REMIC II
Remittance Rate and the initial Uncertificated Principal Balance for each of the
REMIC II  Regular  Interests.  Determined  solely  for  purposes  of  satisfying
Treasury Regulation Section 1.860G- 1(a)(4)(iii),  the "latest possible maturity
date" for each REMIC II Regular  Interest shall be the first  Distribution  Date
that is at least two years after the end of the remaining  amortization schedule
of

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<PAGE>

the  Mortgage  Loan that has, as of the  Closing  Date,  the  longest  remaining
amortization schedule, irrespective of its scheduled maturity. None of the REMIC
II Regular Interests will be certificated.

                                       REMIC II         Initial Uncertificated
Designation                        Remittance Rate        Principal Balance
-----------                        ---------------        -----------------
LA-1............................     Variable (*)            $124,944,000
LA-2............................     Variable (*)            $537,173,000
LB..............................     Variable (*)             $37,395,000
LC..............................     Variable (*)             $41,794,000
LD..............................     Variable (*)              $8,798,000
LE..............................     Variable (*)             $30,796,000
LF..............................     Variable (*)             $15,398,000
LG..............................     Variable (*)             $21,997,000
LH..............................     Variable (*)             $15,398,000
LJ..............................     Variable (*)              $6,599,000
LK..............................     Variable (*)              $8,798,000
LL..............................     Variable (*)             $10,998,000
LM..............................     Variable (*)              $6,599,000
LN..............................     Variable (*)              $6,599,000
LO..............................     Variable (*)              $6,604,171

*    Calculated in accordance with the definition of "REMIC II Remittance Rate."

     As provided herein,  the Trustee will elect to treat the segregated pool of
assets  consisting  of the REMIC II  Regular  Interests  as a REMIC for  federal
income tax purposes,  and such  segregated  pool of assets will be designated as
"REMIC  III".  The Class R-III  Certificates  will  represent  the sole class of
"residual  interests"  in REMIC III for purposes of the REMIC  Provisions  under
federal  income  tax  law.  The  following  table  irrevocably  sets  forth  the
designation, the Pass- Through Rate and initial Class Principal Balance for each
of the Classes of REMIC III Regular Certificates. Determined solely for purposes
of satisfying  Treasury  Regulation  Section 1.860G-  1(a)(4)(iii),  the "latest
possible maturity date" for each Class of REMIC III Regular  Certificates  shall
be the first  Distribution  Date that is at least two years after the end of the
remaining amortization

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<PAGE>

schedule of the  Mortgage  Loan that has, as of the  Closing  Date,  the longest
remaining amortization schedule, irrespective of its scheduled maturity.

                                           Certificate           Initial Class
Designation                             Pass-Through Rate      Principal Balance
-----------                             -----------------      -----------------
Class X...........................          N/A(1)                   N/A(2)
Class A-1.........................          7.5840%              $124,944,000
Class A-2.........................          7.7240%(3)           $537,173,000
Class B...........................          7.8500%(3)            $37,395,000
Class C...........................          7.9670%(3)            $41,794,000
Class D...........................          8.0450%(3)             $8,798,000
Class E...........................          8.5226%(4)            $30,796,000
Class F...........................          8.5226%(4)            $15,398,000
Class G...........................          7.0000%(3)            $21,997,000
Class H...........................          7.0000%(3)            $15,398,000
Class J...........................          7.0000%(3)             $6,599,000
Class K...........................          7.0000%(3)             $8,798,000
Class L...........................          7.0000%(3)            $10,998,000
Class M...........................          7.0000%(3)             $6,599,000
Class N...........................          7.0000%(3)             $6,599,000
Class O...........................          7.0000%(3)             $6,604,171

     (1)  The  Pass-Through  Rate  for the  Class X  Certificates  as  described
          herein.

     (2)  The Class X  Certificate  will  have an  original  Notional  Amount of
          $879,890,171.  The Class X  Certificates  will not have a  Certificate
          Principal  Balance  and will not be entitled  to any  distribution  of
          certificate principal.

     (3)  Lesser  of the  indicated  Fixed  Rate  or the  Weighted  Average  Net
          Mortgage Rate.

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<PAGE>

     (4)  Initial  Pass-Through Rate. The Pass-Through Rate will be the Weighted
          Average Net Mortgage Rate.

     As provided herein,  the Trustee shall take all actions necessary to ensure
that the  portion of the Trust  Fund  consisting  of the  Grantor  Trust  Assets
maintains its status as a "grantor  trust" under federal  income tax law and not
be treated as part of REMIC I, REMIC II or REMIC III.

     Capitalized terms used in this Preliminary Statement are defined in Article
I hereof.

     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

                                   DEFINITIONS

     SECTION 1.01 Defined Terms.

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

     "Accrued  Certificate  Interest":  With  respect  to any Class of REMIC III
Regular  Certificates (other than the Class X Certificates) for any Distribution
Date, one month's interest (calculated on the basis of a 360-day year consisting
of twelve 30-day months) at the  Pass-Through  Rate  applicable to such Class of
Certificates for such Distribution  Date, accrued on the Class Principal Balance
of such Class of Certificates outstanding immediately prior to such Distribution
Date.  With  respect  to the  Class  X  Certificates,  the  sum  of the  Accrued
Certificate  Interest  for each Class X  Component.  With respect to any Class X
Component for any  Distribution  Date, one month's  interest  (calculated on the
basis of a 360-day year  consisting of twelve 30-day  months) at the  applicable
Pass-Through  Rate for such Component for such  Distribution Date accrued on the
Component  Notional  Amount of such Class X  Component  outstanding  immediately
prior to such Distribution Date. The Accrued Certificate  Interest in respect of
any Class of REMIC III Regular  Certificates for any Distribution  Date shall be
deemed to have accrued during the applicable Interest Accrual Period.

     "Acquisition  Date":  With  respect to any REO  Property,  the first day on
which such REO  Property is  considered  to be acquired by the Trust Fund within
the meaning of Treasury Regulation Section 1.856-6(b)(1), which is the first day
on which the Trust Fund is treated as the owner of such REO Property for federal
income tax purposes.

                                        5

<PAGE>

     "Additional Information": As defined in Section 4.02(a).

     "Additional  Servicing Fee": With respect to each Additional  Servicing Fee
Mortgage Loan, the fee provided for in the  Designated  Sub-Servicing  Agreement
that accrues at a rate of 0.05% per annum

for the Mortgage  Loan  identified  on the Mortgage Loan Schedule as loan number
09-0001296 and 0.04% per annum for the Mortgage Loan  identified on the Mortgage
Loan Schedule as loan number 09-0001303 in accordance with such agreement.

     "Additional  Servicing Fee Mortgage  Loans":  The Mortgage Loans secured by
(and any successor REO Mortgage  Loans relating to) those  Mortgaged  Properties
identified  on the  Mortgage  Loan  Schedule  as  loan  numbers  09-0001296  and
09-0001303.

     "Additional  Trust Fund  Expense":  Any  unanticipated  expense  within the
meaning of Treasury  Regulation  Section  1.860G-1(b)(3)(iii)  experienced  with
respect to the Trust Fund and not  otherwise  included in the  calculation  of a
Realized  Loss,  that would result in the REMIC III Regular  Certificateholders'
receiving less than the full amount of principal  and/or  interest to which they
are entitled on any Distribution Date.

     "Adjustable  Rate Mortgage  Loan":  A Mortgage Loan as to which the related
Mortgage Note provides,  as of the Closing Date, for periodic adjustments to the
Mortgage Rate thereon based on changes in the related Index.

     "Advance": Any Delinquency Advance or Servicing Advance.

     "Advance  Interest":  Interest accrued on any Advance at the  Reimbursement
Rate and payable to the Master Servicer,  the Special  Servicer,  the Trustee or
the Fiscal Agent,  as the case may be, all in accordance with Section 3.11(f) or
Section 4.03(d), as applicable.

     "Adverse Grantor Trust Event": As defined in Section 10.03(e).

     "Adverse REMIC Event": As defined in Section 10.01(f).

     "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.

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

                                        6

<PAGE>

     "Anticipated  Repayment Date":  With respect to any ARD Loan, the date upon
which such ARD Loan starts to accrue interest at its Revised Rate.

     "Applicable State Law": For purposes of Article X, the Applicable State Law
shall be (a) the laws of the  State  and City of New  York,  (b) the laws of the
states in which  the  Corporate  Trust  Office of the  Trustee  and the  Primary
Servicing  Offices of the Master Servicer and the Special  Servicer are located,
(c) other state or local law as to which the Trustee as the REMIC  administrator
has actual  knowledge  of  applicability  and (d) such other  state or local law
whose  applicability  shall have been brought to the attention of the Trustee as
REMIC administrator by either (i) an opinion of counsel delivered to it, or (ii)
written notice from the appropriate  taxing authority as to the applicability of
such state law.

     "Appraisal":  With respect to any Mortgaged  Property or REO Property as to
which an appraisal  is required or  permitted  to be  performed  pursuant to the
terms of this Agreement,  either: (i) a narrative appraisal complying with USPAP
conducted by a Qualified  Appraiser in the case of Mortgage  Loans and REO Loans
with a Stated Principal Balance as of the date of such appraisal of greater than
$1,000,000;  or (ii) a limited  appraisal  and a summary  report of the  "market
value" of the Mortgaged Property conducted by a Qualified  Appraiser in the case
of Mortgage Loans and REO Loans with a Stated  Principal  Balance as of the date
of such appraisal of $1,000,000 or less.

     "Appraisal Reduction Amount":  With respect to any Required Appraisal Loan,
an amount (as calculated on the  Determination  Date immediately  succeeding the
date on which the most  recent  relevant  Appraisal  was  obtained by the Master
Servicer  or the  Special  Servicer,  as the  case  may  be,  pursuant  to  this
Agreement)  equal  to the  excess,  if any,  of (a)  the  sum of (i) the  Stated
Principal  Balance  of such  Required  Appraisal  Loan,  (ii) to the  extent not
previously advanced by or on behalf of the Master Servicer or the Trustee or the
Fiscal Agent,  all accrued and unpaid  interest on such Required  Appraisal Loan
through the most recent Due Date prior to such Determination Date at a per annum
rate equal to the related Mortgage Rate, (iii) all related unreimbursed Advances
made by or on behalf of the Master Servicer,  the Special Servicer,  the Trustee
or the Fiscal Agent in respect of such Required  Appraisal  Loan,  together with
all unpaid Advance Interest accrued on such Advances, and (iv) all currently due
but unpaid  real  estate  taxes and  assessments,  insurance  premiums  and,  if
applicable,  ground  rents in respect of the related  Mortgaged  Property or REO
Property,  net of any  Escrow  Payments  or other  reserves  held by the  Master
Servicer or the Special  Servicer with respect to any such item, over (b) 90% of
an amount equal to (i) the Appraised Value of the related Mortgaged  Property or
REO Property, as applicable,  as determined by such Appraisal referred to in the
parenthetical  above,  net of (ii) the amount of any liens on such property (not
accounted  for in clause  (a)(iv) of this  definition  or taken into  account in
determining  such  Appraised  Value) that are prior to the lien of the  Required
Appraisal Loan.  Notwithstanding the foregoing,  if an Appraisal is not obtained
within 120 days following the earliest of the dates described in Section 3.19(d)
(which, in the case of Section 3.19(d)(ii),  shall be the date of the occurrence
of an uncured  delinquency  in Monthly  Payments),  then until such Appraisal is
obtained the Appraisal  Reduction  Amount will equal 25% of the Stated Principal
Balance of the related Required  Appraisal Loan;

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<PAGE>

provided that, upon receipt of an Appraisal,  however,  the Appraisal  Reduction
Amount for such Required  Appraisal Loan will be recalculated in accordance with
this definition without regard to this sentence.

     "Appraised Value": As of any date of determination,  the appraised value of
a Mortgaged  Property based upon the most recent Appraisal  obtained pursuant to
this Agreement.

     "ARD Loan":  Any Mortgage  Loan that is  designated as such in the Mortgage
Loan Schedule.

     "Assignment  of  Leases":  With  respect  to any  Mortgaged  Property,  any
assignment of leases, rents, security deposits and profits or similar instrument
executed by the Mortgagor,  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,  as amended,  modified,  renewed or extended through
the date hereof and from time to time hereafter.

     "Assumed  Monthly  Payment":  With respect to any Balloon Mortgage Loan for
its Stated  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  Stated  Maturity  Date
occurs (or in the case of a Late Due Date Mortgage Loan, on or before the end of
the Collection Period immediately  preceding the Collection Period in which such
Stated  Maturity  Date occurs)) and for any  subsequent  Due Date therefor as of
which such Mortgage Loan remains  outstanding and part of the Trust Fund (or, in
the case of a Late Due Date Mortgage  Loan, for any subsequent Due Date therefor
which follows in the same month a  Determination  Date as of which such Mortgage
Loan  remains  outstanding  and part of the Trust Fund),  if no Monthly  Payment
(other than the related Balloon Payment) is due for such Due Date, the scheduled
monthly payment of principal and/or interest deemed to be due in respect thereof
for the  Stated  Maturity  Date and each such  subsequent  Due Date equal to the
Monthly Payment  (exclusive of any Excess  Interest) 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.  With respect to any REO Loan,  for any Due Date  therefor as of
which  (or,  in the  case of a Late  Due Date  Mortgage  Loan,  for any Due Date
therefor which follows in the same month a  Determination  Date 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 Date equal to the Monthly  Payment  (or,  in the case of a Balloon  Mortgage
Loan described in the preceding sentence of this definition, the Assumed Monthly
Payment)  exclusive  of any  Excess  Interest  that was due (or  deemed  due) in
respect of the related Mortgage Loan for the last Due Date prior to its becoming
an REO Loan.

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<PAGE>

     "Available  Distribution Amount": With respect to any Distribution Date, an
amount equal to (a) the sum of (i) the  aggregate  amount  relating to the Trust
Fund on deposit in the Certificate  Account and the  Distribution  Account as of
the close of business  on the related  Determination  Date,  (ii) the  aggregate
amount of any  Delinquency  Advances made by the Master  Servicer or Trustee for
such  Distribution  Date  pursuant to Section  4.03,  (iii) the aggregate of any
Compensating Interest Payments made by the Master Servicer for such Distribution
Date pursuant to Section 3.19, (iv) in the case of the Final  Distribution Date,
the aggregate of any  Liquidation  Proceeds  paid by the Master  Servicer or the
Depositor in  connection  with a purchase of all the Mortgage  Loans and any REO
Properties  pursuant to Section 9.01, (v) with respect to the Distribution  Date
occurring in March of each calendar year,  the Withheld  Amounts with respect to
the Interest  Reserve  Loans  deposited in the Interest  Reserve  Account by the
Trustee in January  and/or  February of such calendar  year in  accordance  with
Section  3.04(c),  and (vi) with respect to any Late Due Date Mortgage Loan, the
Monthly Payment (other than any Balloon  Payment) due in the same calendar month
as such Distribution Date and received on or before its Due Date, net of (b) the
aggregate  portion of the amount  described in clause (a) hereof that represents
one or more of the following:  (i) Monthly Payments (except those referred to in
clause  (a)(vi)  above)  paid  by the  Mortgagors  that  are  due on a Due  Date
following the end of the related Collection Period,  (ii) any amounts payable or
reimbursable to any Person from the Certificate Account pursuant to clauses (ii)
-  (xvii),   inclusive,  of  Section  3.05(a),  (iii)  any  amounts  payable  or
reimbursable  to any Person from the  Distribution  Account  pursuant to clauses
(ii) - (vii), inclusive, of Section 3.05(b), (iv) Prepayment Premiums and Excess
Interest,   (v)  any  amounts  deposited  in  the  Certificate  Account  or  the
Distribution Account, as the case may be, in error, and (vi) with respect to the
Distribution  Date  occurring in (A) January of each calendar year that is not a
leap year and (B) February of each  calendar  year,  the  Withheld  Amounts with
respect to the Interest  Reserve Loans deposited in the Interest Reserve Account
by the Trustee with respect to such Distribution Date in accordance with Section
3.04(c). Notwithstanding the investment of funds held in the Certificate Account
or  the  Distribution   Account  pursuant  to  Section  3.06,  for  purposes  of
calculating the Available  Distribution Amount, the amounts so invested shall be
deemed to remain on deposit in such account.

     "Balloon Mortgage Loan": Any Mortgage Loan that by its original terms or by
virtue of any  modification  entered into as of the Closing Date provides for an
amortization schedule extending beyond its Maturity Date.

     "Balloon Payment": With respect to any Balloon Mortgage Loan as of any date
of  determination,  the Monthly  Payment  payable on the  Maturity  Date of such
Mortgage Loan.

     "Balloon  Payment  Interest  Excess":  With respect to any Balloon Mortgage
Loan (other than a Late Due Date Mortgage Loan) as to which the Stated  Maturity
Date  occurs  in the  same  Collection  Period  as the  prior  Due Date for such
Mortgage Loan, and as to which the related  Balloon  Payment is paid during such
Collection  Period  after such prior Due Date,  the amount of  interest  (net of
related  Servicing Fees and, if  applicable,  Excess  Interest)  accrued on such
Mortgage  Loan from  such  prior Due Date to,  but not  including,  the date the
related Balloon Payment is paid, to the extent

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<PAGE>

such interest is actually paid by the related  Mortgagor in connection  with the
payment of the related Balloon Payment on or before such Stated Maturity Date.

     "Balloon Payment Interest Shortfall":  With respect to any Balloon Mortgage
Loan (other than a Late Due Date Mortgage Loan) as to which the Stated  Maturity
Date occurs after the Determination  Date in any calendar month, and as to which
the related Balloon Payment was made during the Collection  Period in which such
Stated  Maturity Date occurs,  the amount of interest that would have accrued on
such Mortgage  Loan at the related Net Mortgage  Rate from such Stated  Maturity
Date to but not including  the date that (but for the  occurrence of such Stated
Maturity Date) would otherwise have been the next succeeding scheduled Due Date,
to the extent not paid by the related  Mortgagor.  With  respect to any Late Due
Date  Mortgage  Loan that is a  Balloon  Mortgage  Loan as to which the  related
Balloon Payment is paid during the Collection Period in which the related Stated
Maturity  Date  occurs,  the amount of interest  that would have accrued on such
Late Due Date  Mortgage  Loan at the related Net Mortgage  Rate from such Stated
Maturity Date to the date that (but for the  occurrence of such Stated  Maturity
Date) would have been the Due Date in the next calendar month, to the extent not
paid by the related Mortgagor.

     "Bankruptcy  Code":  The federal  Bankruptcy  Code, as amended from time to
time (Title 11 of the United States Code).

     "Bloomberg": As defined in Section 4.02(a).

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

     "Breach": As defined in Section 2.03(a).

     "Broker Strip Amount":  With respect to each Broker Strip Loan, the portion
of the Servicing Fee equal to 0.07% per annum for the Mortgage Loans  identified
as loan numbers  09-0001325 and  09-0001319 on the Mortgage Loan  Schedule,  and
0.05% per annum for the Mortgage Loan  identified  as loan number  09-0001313 on
the  Mortgage  Loan  Schedule,  of the Stated  Principal  Balance of the related
Mortgage  Loan,  calculated for the same number of days and on the same basis as
the  Servicing  Fee  Rate.  The  interest  rate set forth on the  Mortgage  Loan
Schedule is net of such Broker Strip Amount.

     "Broker  Strip  Loans":  The  Mortgage  Loans  identified  as loan  numbers
09-0001325, 09-0001313 and 09-0001319 on the Mortgage Loan Schedule.

     "Business  Day": Any day other than a Saturday,  a Sunday or a day on which
banking  institutions in New York, New York, and the cities in which the Primary
Servicing  Offices of the Master Servicer and the Special  Servicer and 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.

                                       10

<PAGE>

     "Cash  Collateral  Account":  With respect to any Mortgage  Loan that has a
Lock-Box  Account,  any  account or  accounts  created  pursuant  to the related
Mortgage Loan, Cash Collateral  Account  Agreement or other loan document,  into
which  account or accounts  the Lock-Box  Account  monies are swept on a regular
basis for the benefit of the Trustee as successor to the Mortgage  Loan Seller's
interest  in  the  Mortgage  Loans.   Any  Cash  Collateral   Account  shall  be
beneficially owned for federal income tax purposes by the Person who is entitled
to receive all reinvestment  income or gain thereon in accordance with the terms
and provisions of the related Mortgage Loan and Section 3.06, which Person shall
be taxed on all reinvestment  income or gain thereon.  The Master Servicer shall
be  permitted  to  make  withdrawals  therefrom  solely  for  deposit  into  the
Certificate  Account.  To the  extent  not  inconsistent  with the  terms of the
related  Mortgage Loan, each such Cash  Collateral  Account shall be an Eligible
Account.

     "Cash Collateral Account Agreement": With respect to any Mortgage Loan, the
cash  collateral  account  agreement,  if any,  between the  originator  of such
Mortgage  Loan and the related  Mortgagor,  pursuant  to which the related  Cash
Collateral Account, if any, may have been established.

     "CERCLA":  The  Comprehensive  Environmental  Response,   Compensation  and
Liability Act of 1980, as amended.

     "Certificate":   Any   one  of  the   Depositor's   Mortgage   Pass-Through
Certificates,  Series 2000-C1,  as executed by the Trustee and authenticated and
delivered hereunder by the Certificate Registrar.

     "Certificate  Account":  The  custodial  account or  accounts  created  and
maintained  pursuant to Section 3.04(a) in the name of the Master  Servicer,  as
custodian for the Holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the amounts set forth in Section  3.04(a) shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

     "Certificate  Factor":  With  respect  to any  Class of REMIC  III  Regular
Certificates,  as of any  date of  determination,  a  fraction,  expressed  as a
decimal  carried to eight  places,  the  numerator  of which is the then related
Class Principal  Balance or the Class Notional  Amount,  as the case may be, and
the denominator of which is the related  Initial Class Principal  Balance or the
Initial Class Notional Amount, as the case may be.

     "Certificateholder"  or "Holder": The Person in whose name a Certificate is
registered in the Certificate Register,  except that, solely for the purposes of
giving  any  consent,  approval  or  waiver  pursuant  to  this  Agreement,  any
Certificate registered in the name of the Master Servicer, the Special Servicer,
the Trustee, the Fiscal Agent, the Depositor or any Affiliate of either 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

                                       11

<PAGE>

such consent, approval or waiver has been obtained, except as otherwise provided
in Sections  7.04 and 11.01.  The Trustee  shall be entitled to request and rely
upon a certificate of the Master Servicer, the Special Servicer or the Depositor
in  determining  whether a Certificate is registered in the name of an Affiliate
of such Person. All references herein to "Holders" or "Certificateholders" shall
reflect the rights of Certificate  Owners as they may  indirectly  exercise such
rights  through  the  Depository  and the  Depository  Participants,  except  as
otherwise specified herein; provided,  however, that the parties hereto shall be
required to  recognize as a  "Holder"or  "Certificateholder"  only the Person in
whose name a Certificate  is registered  in the  Certificate  Register as of the
related Record Date.

     "Certificate Notional Amount": With respect to any Class X Certificate,  as
of any date of determination,  the then notional  principal amount on which such
Certificate accrues interest equal to the product of (a) the Percentage Interest
evidenced by such Certificate,  multiplied by (b) the then Class Notional Amount
of the Class X Certificates.

     "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
Depository  or on the books of a  Depository  Participant  or on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent.

     "Certificate  Principal  Balance":  With respect to any  Principal  Balance
Certificate,  as of any date of  determination,  the then outstanding  principal
amount of such Certificate  equal to the product of (a) the Percentage  Interest
evidenced  by such  Certificate,  multiplied  by (b) the  then  Class  Principal
Balance of the Class of Certificates to which such Certificate belongs.

     "Certificate Register" and "Certificate Registrar": The register maintained
and registrar appointed pursuant to Section 5.02.

     "Class":   Collectively,   all  of  the   Certificates   bearing  the  same
alphabetical and, if applicable, numerical class designation.

     "Class A Certificate": Any one of the Class A-1 or Class A-2 Certificates.

     "Class A-1  Certificate":  Any one of the  Certificates  with a "Class A-1"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-2
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class A-2  Certificate":  Any one of the  Certificates  with a "Class A-2"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-3
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

                                       12

<PAGE>

     "Class  B  Certificate":  Any  one of the  Certificates  with a  "Class  B"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-4
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  C  Certificate":  Any  one of the  Certificates  with a  "Class  C"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-5
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  D  Certificate":  Any  one of the  Certificates  with a  "Class  D"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-6
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  E  Certificate":  Any  one of the  Certificates  with a  "Class  E"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-7
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  F  Certificate":  Any  one of the  Certificates  with a  "Class  F"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-8
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  G  Certificate":  Any  one of the  Certificates  with a  "Class  G"
designation  on the  face  thereof,  substantially  in the form of  Exhibit  A-9
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  H  Certificate":  Any  one of the  Certificates  with a  "Class  H"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-10
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  J  Certificate":  Any  one of the  Certificates  with a  "Class  J"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-11
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  K  Certificate":  Any  one of the  Certificates  with a  "Class  K"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-12
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  L  Certificate":  Any  one of the  Certificates  with a  "Class  L"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-13
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

                                       13

<PAGE>

     "Class  M  Certificate":  Any  one of the  Certificates  with a  "Class  M"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-14
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  N  Certificate":  Any  one of the  Certificates  with a  "Class  N"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-15
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class  O  Certificate":  Any  one of the  Certificates  with a  "Class  O"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-16
attached hereto,  and evidencing a "regular  interest" in REMIC III for purposes
of the REMIC Provisions.

     "Class LA-1 Component": A non-certificated beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LA-1 Component Rate and the Uncertificated Principal
Balance of REMIC II Regular Interest LA-1 outstanding from time to time.

     "Class LA-2 Component": A non-certificated beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LA-2 Component Rate and the Uncertificated Principal
Balance of REMIC II Regular Interest LA-2 outstanding from time to time.

     "Class LB Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LB Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LB outstanding from time to time.

     "Class LC Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LC Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LC outstanding from time to time.

     "Class LD Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LD Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LD outstanding from time to time.

     "Class LE Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions of interest, subject to the

                                       14

<PAGE>

terms and conditions hereof, in an amount based upon the Class LE Component Rate
and the  Uncertificated  Principal  Balance  of REMIC  II  Regular  Interest  LE
outstanding from time to time.

     "Class LF Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LF Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LF outstanding from time to time.

     "Class LG Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions of interest, subject to the terms and

conditions  hereof,  in an amount based upon the Class LG Component Rate and the
Uncertificated  Principal  Balance of REMIC II Regular  Interest LG  outstanding
from time to time.

     "Class LH Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LH Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LH outstanding from time to time.

     "Class LJ Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LJ Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LJ outstanding from time to time.

     "Class LK Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LK Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LK outstanding from time to time.

     "Class LL Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LL Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LL outstanding from time to time.

     "Class LM Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LM Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LM outstanding from time to time.

     "Class LN Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LN Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LN outstanding from time to time.

                                       15

<PAGE>

     "Class LO Component":  A non-certificated  beneficial ownership interest in
REMIC  III,   designated  as  a  "regular  interest"  therein  and  entitled  to
distributions  of interest,  subject to the terms and conditions  hereof,  in an
amount based upon the Class LO Component Rate and the  Uncertificated  Principal
Balance of REMIC II Regular Interest LO outstanding from time to time.

     "Class LA-1  Component  Rate":  The amount,  if any, by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds the Class A-1
Pass-Through Rate.

     "Class LA-2  Component  Rate":  The amount,  if any, by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds the Class A-2
Pass-Through Rate.

     "Class LB  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class B
Pass-Through Rate.

     "Class LC  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class C
Pass-Through Rate.

     "Class LD  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class D
Pass-Through Rate for such Distribution Date.

     "Class LE  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class E
Pass-Through Rate for such Distribution Date.

     "Class LF  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class F
Pass-Through Rate for such Distribution Date.

     "Class LG  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class G
Pass-Through Rate for such Distribution Date.

     "Class LH  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class H
Pass-Through Rate for such Distribution Date.

     "Class LJ  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class J
Pass-Through Rate for such Distribution Date.

                                       16

<PAGE>

     "Class LK  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class K
Pass-Through Rate for such Distribution Date.

     "Class LL  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class L
Pass-Through Rate for such Distribution Date.

     "Class LM  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class M
Pass-Through Rate for such Distribution Date.

     "Class LN  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class N
Pass-Through Rate for such Distribution Date.

     "Class LO  Component  Rate":  The  amount,  if any,  by which the  Weighted
Average  Net  Mortgage  Rate for such  Distribution  Date  exceeds  the  Class O
Pass-Through Rate for such Distribution Date.

     "Class Notional Amount":  The aggregate  notional principal amount on which
the Class X Certificates accrue interest from time to time which, as of any date
of determination, is equal to the then aggregate of the Uncertificated Principal
Balances of REMIC II Regular  Interests LA-1,  LA-2, LB, LC, LD, LE, LF, LG, LH,
LJ, LK, LL, LM, LN and LO.

     "Class Principal  Balance":  The aggregate principal amount of any Class of
Principal Balance Certificates  outstanding as of any date of determination.  On
each  Distribution  Date,  the  Class  Principal  Balance  of each  Class of the
Principal  Balance   Certificates   shall  be  reduced  by  the  amount  of  any
distributions  of principal made thereon on such  Distribution  Date pursuant to
Section 4.01(c) and, if and to the extent appropriate,  shall be further reduced
on such Distribution Date as provided in Section 4.04(c).

     "Class R-I  Certificate":  Any one of the  Certificates  with a "Class R-I"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-17
attached hereto, and evidencing the sole class of "residual  interests" in REMIC
I for purposes of the REMIC Provisions.

     "Class R-I Distribution Amount": With respect to any Distribution Date, any
amounts  available  to be paid to the holders of the Class R-I  Certificates  on
such date after all REMIC I Regular Interests have been paid in full.

                                       17

<PAGE>

     "Class R-II  Certificate":  Any one of the Certificates with a "Class R-II"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-18
attached hereto, and evidencing the sole class of "residual  interests" in REMIC
II for purposes of the REMIC Provisions.

     "Class R-II Distribution  Amount":  With respect to any Distribution  Date,
any amounts  available to be paid to the holders of the Class R-II  Certificates
on such date after all REMIC II Regular Interests have been paid in full.

     "Class R-III Certificate": Any one of the Certificates with a "Class R-III"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-19
attached hereto, and evidencing the sole class of "residual  interests" in REMIC
III for purposes of the REMIC Provisions.

     "Class R-III Distribution  Amount":  With respect to any Distribution Date,
any amounts available to be paid to the holders of the Class R-III  Certificates
on such date after all REMIC III Regular Certificates have been paid in full.

     "Class  X  Certificate":  Any  one of the  Certificates  with a  "Class  X"
designation  on the face  thereof,  substantially  in the form of  Exhibit  A-1,
evidencing   "regular  interests"  in  REMIC  III  for  purposes  of  the  REMIC
Provisions.

     "Class  X  Component":  Any of the  fifteen  (15)  components  constituting
"regular  interests"  in REMIC  III for  purposes  of the REMIC  Provisions  and
comprising  the Class X  Certificates.  Such  components are identified as Class
LA-1, LA-2, LB, LC, LD, LE, LF, LG, LH, LJ, LK, LL, LM, LN and LO Components.

     "Closing Date": March 16, 2000.

     "CMSA  Periodic Loan File":  The monthly  report in the "CMSA periodic loan
file"  format  containing  such  information  for the  Mortgage  Loans as may be
reasonably  requested by the Depositor,  which report shall be  substantially in
the form attached hereto as Exhibit J.

     "Code": The Internal Revenue Code of 1986, as amended.

     "Collection Period": With respect to any Distribution Date and any Mortgage
Loan, the period commencing  immediately following the prior such period (or, in
the case of the initial Collection Period,  commencing immediately following the
Cut-off Date for such  Mortgage  Loan) and ending on and  including  the related
Determination Date.

     "Collection  Report":  The  monthly  report to be  prepared  by the  Master
Servicer  and  delivered  to the Trustee and the  Depositor  pursuant to Section
4.02(b).

     "Commission": The Securities and Exchange Commission.

                                       18

<PAGE>

     "Compensating  Interest  Payments":  Any payment required to be made by the
Master  Servicer  pursuant  to  Section  3.19(f)  to cover  Prepayment  Interest
Shortfalls and Extraordinary  Prepayment  Interest Shortfalls or Section 3.19(e)
to cover Balloon Payment Interest Shortfalls.

     "Component  Notional  Amount":  As to each of the  Class  X  Components,  a
notional  principal  amount of which the  Accrued  Certificate  Interest of such
component is calculated from time totime equal to the  Uncertificated  Principal
Balance of the alphabetically corresponding REMIC II Regular Interest.

     "Component Rate": As to each of the Class X Components,  the rate reflected
in the definition for such component herein.

     "Controlling Class": As of any date of determination, the outstanding Class
of Principal Balance  Certificates with the lowest Payment Priority (the Class A
Certificates  being  treated as a single Class for this purpose) that has a then
outstanding  Class Principal  Balance at least equal to 25% of the Initial Class
Principal  Balance  thereof (or, if no Class of Principal  Balance  Certificates
outstanding has a Class  Principal  Balance at least equal to 25% of the Initial
Class  Principal  Balance  thereof,  then the  "Controlling  Class" shall be the
outstanding  Class of Principal  Balance  Certificates  with the lowest  Payment
Priority).  Initially,  the  Controlling  Class  will  consist  of the  Class  O
Certificates.

     "Corporate  Trust  Office":  The  principal  corporate  trust office of the
Trustee  at which at any  particular  time its  corporate  trust  business  with
respect to this Agreement shall be administered, which office at the date of the
execution of this Agreement is located at 135 South LaSalle Street,  Suite 1625,
Chicago, Illinois 60603, Attention: Asset Backed Securities Trust Services Group
- GMAC Commercial Mortgage Securities, Inc. Series 2000-C1.

     "Corrected  Mortgage  Loan":  Any Mortgage  Loan (and each  related  Cross-
Collateralized  Mortgage Loan) that had been a Specially  Serviced Mortgage Loan
but has  ceased  to be such in  accordance  with the  definition  of  "Specially
Serviced  Mortgage Loan" (other than by reason of a Liquidation  Event occurring
in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO
Property).

     "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 of mortgage loans for the life of such mortgage loans.

     "Credit File": Any documents,  other than documents  required to be part of
the related  Mortgage File, in the possession of the Master  Servicer or Special
Servicer and relating to the origination and servicing of any Mortgage Loan.

                                       19

<PAGE>

     "Credit Lease": With respect to each Credit Lease Loan, the lease agreement
between the Mortgagor as lessor and the Tenant as lessee of the related Mortgage
Property.

     "Credit  Lease Loan":  Each  Mortgage  Loan that is identified as a "Credit
Lease Loan" on the Mortgage Loan Schedule.

     "Cross-Collateralized  Mortgage  Loans":  Any  two or more  Mortgage  Loans
listed on the Mortgage  Loan Schedule  that are  cross-collateralized  with each
other.

     "Current Principal  Distribution  Amount": With respect to any Distribution
Date, an amount equal to the aggregate of the following (without duplication):

          (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  and any REO  Loans for their
     respective  Due Dates  occurring  during  the same  calendar  month as such
     Distribution Date;

          (b) all Principal  Prepayments  received on the Mortgage  Loans during
     the related Collection Period;

          (c) with respect to any Balloon  Mortgage Loan as to which the related
     Stated  Maturity  Date  occurred  or any ARD Loan as to which  the  related
     Anticipated  Repayment  Date  occurred,  during  or  prior  to the  related
     Collection  Period,  any payment of principal  (exclusive  of any Principal
     Prepayment  and any amount  described in subclause (d) below) that was made
     by or on behalf of the  related  Mortgagor  during the  related  Collection
     Period,  net of any portion of such payment  that  represents a recovery of
     the principal portion of any Monthly Payment (other than a Balloon Payment)
     due, or the principal portion of any Assumed Monthly Payment deemed due, in
     respect  of such  Mortgage  Loan on a Due Date  during or prior to the same
     calendar month as such Distribution Date and not previously recovered;

          (d) that portion of all Liquidation  Proceeds (exclusive of any Excess
     Liquidation  Proceeds) and Insurance  Proceeds received on or in respect of
     the  Mortgage  Loans  during  the  related   Collection  Period  that  were
     identified  and applied by the Master  Servicer as  recoveries of principal
     thereof,  in each case net of any portion of such amounts that represents a
     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 same calendar  month as such  Distribution  Date and
     not previously recovered; and

          (e) that portion of all Liquidation  Proceeds (exclusive of any Excess
     Liquidation  Proceeds),  Insurance Proceeds and REO Revenues received on or
     in respect of any REO

                                       20

<PAGE>

     Properties  during the related  Collection  Period that were identified and
     applied by the Master Servicer as recoveries of principal of the REO Loans,
     in each case net of any portion of such amounts that  represents a 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 REO Loan or the related Mortgage Loan on
     a Due Date during or prior to same calendar month as such Distribution Date
     and not  previously  recovered.

     "Custodian":  A Person who is at any time appointed by the Trustee pursuant
to Section 8.11 as a document  custodian  for the Mortgage  Files,  which Person
shall not be the  Depositor,  any Mortgage Loan Seller or an Affiliate of any of
them. The Trustee shall act as the initial Custodian.

     "Cut-off  Date":  With respect to any Mortgage  Loan, the Due Date for such
Mortgage Loan in March 2000.

     "Cut-off Date  Principal  Balance":  With respect to any Mortgage Loan, the
outstanding  principal  balance of such  Mortgage  Loan as of the Cut-off  Date,
after  application  of all  payments  of  principal  due on or before such date,
whether or not received.

     "Debt Service Coverage Ratio":  With respect to any Mortgage Loan (or group
of  Cross-Collateralized  Mortgage  Loans) for any  specified  period,  the debt
service  coverage  ratio  calculated  in  accordance  with  Exhibit  I using the
methodologies set forth in Exhibit F.

     "Debt Service Reduction": With respect to any Mortgage Loan, a reduction in
the  scheduled  Monthly  Payment for such  Mortgage Loan by a court of competent
jurisdiction in a proceeding  under the Bankruptcy  Code, other than a reduction
resulting from a Deficient Valuation.

     "Defaulted  Mortgage Loan": A Mortgage Loan that is delinquent in an amount
equal to at least two Monthly  Payments or is delinquent  thirty days or more in
respect of its Balloon  Payment,  if any, in either case such  delinquency to be
determined  without  giving effect to any grace period  permitted by the related
Mortgage or Mortgage  Note and without  regard to any  acceleration  of payments
under the related Mortgage and Mortgage Note.

     "Default  Interest":  With  respect to any  Mortgage  Loan (or  related REO
Loan), any amounts  collected  thereon,  other than interest at the Revised Rate
accrued on any ARD Loan  after its  Anticipated  Repayment  Date,  late  payment
charges and Prepayment  Premiums,  that represent  penalty interest in excess of
interest on the principal balance of such Mortgage Loan (or REO Loan) accrued at
the related Mortgage Rate.

     "Defaulting Party": As defined in Section 7.01(b).

                                       21

<PAGE>

     "Defeasance   Collateral":   Noncallable   government  obligations  of  (or
non-callable  obligations,  fully guaranteed as to timely payment by) the United
States of  America,  as are  permitted  under the  terms of a  Mortgage  Note or
related  Mortgage  Loan  Documents,  but  only if  such  obligations  or  assets
constitute  "government  securities"  under  the  defeasance  rule of the  REMIC
Provisions.

     "Defeasance  Loan":  A  Mortgage  Loan  that is  designated  as such on the
Mortgage Loan Schedule.

     "Defeasance Option": The right of a Mortgagor, pursuant to the terms of the
related Mortgage Note or related Mortgage Loan Documents, to obtain a release of
any  portion of the  related  Mortgaged  Property  from the lien of the  related
Mortgages upon the pledge to the Trustee of Defeasance Collateral.

     "Defect": As defined in Section 2.02(e).

     "Deficient Valuation":  With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then  outstanding  principal  balance of the Mortgage Loan,  which valuation
results from a proceeding initiated under the Bankruptcy Code.

     "Definitive Certificate": As defined in Section 5.03(a).

     "Deleted  Mortgage  Loan":  A Mortgage Loan which is  repurchased  from the
Trust  pursuant  to the  terms  hereof  or as to  which  one or more  Qualifying
Substitute Mortgage Loans are substituted.

     "Delinquency  Advance":  As to any Mortgage  Loan or REO Loan,  any advance
made by the Master Servicer, the Trustee or the Fiscal Agent pursuant to Section
4.03.

     "Delinquency  Advance Date":  The Business Day preceding each  Distribution
Date.

     "Delinquent Loan Status Report":  A report or reports setting forth,  among
other things,  those  Mortgage  Loans which,  as of the close of business on the
immediately  preceding  Determination Date, were (i) delinquent 30-59 days, (ii)
delinquent  60-89  days,  (iii)  delinquent  90 days or more,  (iv)  current but
specially  serviced,  (v) in foreclosure  but as to which the related  Mortgaged
Property had not become REO  Property,  or (vi)  related to  Mortgaged  Property
which had become REO Property,  together  with such  additional  information  in
respect of each such Mortgage Loan as is contemplated on Exhibit H hereto.

     "Depositor":  GMAC Commercial Mortgage Securities, Inc. or its successor in
interest.

                                       22

<PAGE>

     "Depository":  The Depository  Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry Certificates, is Cede &
Co. The 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
Exchange Act.

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

     "Designated  Sub-Servicer":  Any Sub-Servicer set forth on Exhibit L hereto
and any successor thereto under the related Designated Sub-Servicer Agreement.

     "Designated  Sub-Servicer  Agreement":   With  respect  to  any  Additional
Servicing  Fee Mortgage  Loan,  the  agreement  among the Master  Servicer,  the
applicable Designated Sub-Servicer and Archon Financial,  L.P. pursuant to which
the  Designated  Sub-Servicer  agrees to service the  Additional  Servicing  Fee
Mortgage Loans.

     "Determination Date": With respect to any Distribution Date, the 5th day of
the month in which such  Distribution  Date occurs,  or if such 5th day is not a
Business Day, the Business Day immediately following.

     "Directly  Operate":  With respect to any REO Property,  the  furnishing or
rendering of services to the tenants thereof that are not (within the meaning of
Treasury Regulations Section  1.512(b)-1(c)(5))  customarily provided to tenants
in  connection  with the  rental  of space  for  occupancy,  the  management  or
operation of such REO Property,  the holding of such REO Property  primarily for
sale to customers in the ordinary course of a trade or business, the performance
of any  construction  work thereon or any use of such REO Property in a trade or
business  conducted by REMIC I, in each case other than  through an  Independent
Contractor;  provided,  however,  that the Trustee  (or the Special  Servicer on
behalf of the  Trustee)  shall not be  considered  to  Directly  Operate  an REO
Property  solely  because the Trustee (or the Special  Servicer on behalf of the
Trustee)  establishes  rental  terms,  chooses  tenants,  enters  into or renews
leases, deals with taxes and insurance, or makes decisions as to repairs (of the
type that would be  deductible  under Code Section 162) or capital  expenditures
with respect to such REO Property.

     "Discount  Rate":  With respect to each Mortgage Loan as to which there has
been a prepayment during a Collection Period and for which a Prepayment  Premium
is collected,  the yield (compounded monthly) for "This Week" as reported by the
Federal Reserve Board in Federal Reserve  Statistical  Release H.15(519) for the
constant  maturity  treasury having a maturity  coterminous with the Anticipated
Repayment Date, in the case of an ARD Loan, or the Maturity Date, in the case of
each other Mortgage Loan, of such Mortgage Loan as of the related

                                       23

<PAGE>

Determination  Date.  If there is no  Discount  Rate  for  instruments  having a
maturity  coterminous  with the Maturity Date or Anticipated  Repayment Date, as
applicable,  of the  applicable  Mortgage  Loan,  then the Discount Rate will be
equal  to the  linear  interpolation  of the  yields  of the  constant  maturity
treasuries  with  maturities  next longer and shorter than such Maturity Date or
Anticipated Repayment Date, as the case may be.

     "Discount  Rate  Fraction":   With  respect  to  the  distribution  of  any
Prepayment  Premium received with respect to any Mortgage Loan to the Holders of
any Class of Principal Balance Certificates on any Distribution Date, a fraction
(not greater than 1.0 or less than zero), (a) the numerator of which is equal to
the excess,  if any, of (x) the Pass-Through Rate for such Class of Certificates
over (y) the relevant Discount Rate and (b) the denominator of which is equal to
the excess,  if any, of (x) the Mortgage Rate of the related  Mortgage Loan over
(y) the relevant Discount Rate.
     "Distributable  Certificate  Interest":  With respect to any Class of REMIC
III Regular  Certificates,  for any 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 Interest  Shortfall,  if any, for such Distribution Date allocated to
such Class of  Certificates  as set forth below.  The Net  Aggregate  Prepayment
Interest  Shortfall,  if any, for each  Distribution  Date shall be allocated on
such  Distribution Date among the REMIC III Regular  Certificates,  pro rata, in
accordance with the respective amounts of Accrued Certificate  Interest for such
Classes of Certificates for such Distribution  Date. With respect to any Class X
Component,  for any  Distribution  Date,  the  Accrued  Certificate  Interest in
respect of such component for such Distribution  Date, reduced (to not less than
zero)  by  that  portion,  if  any,  of the Net  Aggregate  Prepayment  Interest
Shortfall, if any, for such Distribution Date allocated to such component as set
forth below. The Net Aggregate Prepayment Interest Shortfall,  if any, allocated
to the Class X  Certificates  for each  Distribution  Date shall be allocated to
each Class X Component  pro rata, in accordance  with the  respective  amount of
Accrued Certificate Interest attributable to such Class X Component.

     "Distribution  Account":  The  segregated  account or accounts  created and
maintained  by the  Trustee  pursuant  to  Section  3.04(b)  in  trust  for  the
Certificateholders,  which shall be entitled "LaSalle Bank National Association,
as Trustee,  in trust for the  registered  holders of GMAC  Commercial  Mortgage
Securities, Inc., Mortgage Pass-Through Certificates,  Series 2000-C1." Any such
account or accounts shall be an Eligible Account.

     "Distribution  Date": The 15th day of any month, or if such 15th day is not
a Business  Day, the Business Day  immediately  following,  commencing  in April
2000.

     "Distribution Date Statement": As defined in Section 4.02(a).

                                       24

<PAGE>

     "Due  Date":  With  respect  to (i) any  Mortgage  Loan on or  prior to its
Maturity  Date,  the day of the month set forth in the related  Mortgage Note on
which each  Monthly  Payment  thereon  is  scheduled  to be first due;  (ii) any
Balloon Mortgage Loan after the Maturity Date therefor, the day of the month set
forth  in the  related  Mortgage  Note on which  each  Monthly  Payment  on such
Mortgage  Loan had been  scheduled to be first due; and (iii) any REO Loan,  the
day of the month set forth in the related  Mortgage  Note on which each  Monthly
Payment on the related Mortgage Loan had been scheduled to be first due.

     "Eligible Account": An account that is any of the following: (i) maintained
with a depository  institution  or trust  company  whose (A)  commercial  paper,
short-term  unsecured debt obligations or other short-term deposits are rated at
least (x) P-1 by Moody's or (y) F-1+ (or its  equivalent)  by FITCH IBCA, if the
deposits  are to be held in the  account for 30 days or less,  or (B)  long-term
unsecured debt  obligations are rated at least (x) Aa3 by Moody's or (y) AA- (or
its  equivalent)  by FITCH IBCA,  if the  deposits are to be held in the account
more than 30 days, or (ii) a segregated trust account or accounts  maintained in
the trust  department of the Trustee or other financial  institution  subject to
regulations regarding
fiduciary  funds  on  deposit  similar  to  Title  12 of  the  Code  of  Federal
Regulations  Section  9.10(b),  or (iii) an account or accounts of a  depository
institution   acceptable  to  each  Rating  Agency,   as  evidenced  by  written
confirmation  from such Rating Agency to the effect that use of any such account
as the Certificate  Account or the Distribution  Account would not result in the
downgrade,  qualification or withdrawal of the rating then assigned to any Class
of Certificates by such Rating Agency.

     "Emergency  Advance":  Any Servicing  Advance that must be made within five
Business  Days by the Special  Servicer 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  Assessment": A "Phase I assessment" conducted in accordance
with ASTM Standard E 1527-93 or any successor thereto published by ASTM.

     "ERISA": The Employee Retirement Income Security Act of 1974, as amended.

     "Escrow  Payment":  Any  payment  received  by the Master  Servicer  or the
Special  Servicer for the account of any  Mortgagor for  application  toward the
payment of real estate taxes, assessments,  insurance premiums, ground rents (if
applicable) and similar items in respect of the related Mortgaged Property.

     "Event of Default": One or more of the events described in Section 7.01(a).

     "Excess Interest":  With respect to each of the ARD Loans, interest accrued
on such ARD Loan and  allocable  to the  Excess  Rate and,  except to the extent
limited by  applicable  law,  interest  accrued at the Revised  Rate on any such
accrued  interest that is unpaid.  The Excess  Interest

                                       25

<PAGE>

is an asset of the Trust Fund which is a Grantor  Trust  Asset not held in REMIC
I, REMIC II or REMIC III.

     "Excess  Liquidation  Proceeds":  With  respect to any Mortgage  Loan,  the
excess of (i) Liquidation Proceeds of that Mortgage Loan or related REO Property
net of any related  Liquidation  Expenses,  over (ii) the amount that would have
been received if a Principal  Payment in full had been made with respect to such
Mortgage  Loan on the Due Date  immediately  following  the  date on which  such
proceeds were received.

     "Excess  Liquidation  Proceeds  Reserve  Account":  The segregated  account
created and maintained by the Trustee  pursuant to Section  3.04(d) in trust for
the   Certificateholders,   which  shall  be  entitled  "LaSalle  Bank  National
Association,  as Trustee, in trust for the registered holders of GMAC Commercial
Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2000-C1 --
Excess  Liquidation  Proceeds  Reserve  Account."  Any such account  shall be an
Eligible Account.

     "Excess Rate": With respect to each ARD Loan after the related  Anticipated
Repayment  Date,  the excess of (i) the  applicable  Revised  Rate over (ii) the
applicable  initial  Mortgage  Rate,  each as set  forth  in the  Mortgage  Loan
Schedule.

     "Exchange Act": The Securities Exchange Act of 1934, as amended.

     "Extraordinary Prepayment Interest Shortfall": With respect to any Late Due
Date Mortgage Loan that was subject to a Principal Prepayment in full or in part
(including,  without limitation, an early Balloon Payment) during any Collection
Period,  which  Principal  Prepayment was applied to such Late Due Date Mortgage
Loan prior to such Mortgage  Loan's Due Date in the next  succeeding  Collection
Period,  the  amount of  interest  that would have  accrued at the  related  Net
Mortgage  Rate on the amount of such  Principal  Prepayment  from the date as of
which such  Principal  Prepayment was received to but not including the Due Date
of such Mortgage Loan in the next succeeding  Collection  Period,  to the extent
not  collected  from the related  Mortgagor  (without  regard to any  Prepayment
Premium or Excess  Interest that may have been collected) and to the extent that
any portion thereof does not represent a Balloon Payment Interest Shortfall.

     "FDIC": Federal Deposit Insurance Corporation or any successor.

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

     "Final  Distribution  Date":  The  final  Distribution  Date on  which  any
distributions  are to be made on the  Certificates  as  contemplated  by Section
9.01.

     "Final Recovery  Determination":  A determination  by the Special  Servicer
with  respect to any  defaulted  Mortgage  Loan or REO  Property  (other  than a
Mortgage  Loan or REO

                                       26

<PAGE>

Property,  as the case may be,  that was  purchased  by a Mortgage  Loan  Seller
pursuant to Section 6 of the related  Mortgage Loan Purchase  Agreement,  by the
Majority Certificateholder of a Controlling Class pursuant to Section 3.18(b) or
by the Master Servicer or the Special Servicer pursuant to Section 3.18(c) or by
the Master  Servicer or the  Depositor  pursuant to Section  9.01) that,  in the
reasonable  and good faith  judgment of the Special  Servicer,  there has been a
recovery of all Insurance Proceeds,  Liquidation  Proceeds and other payments or
recoveries that, in the Special Servicer's judgment, exercised without regard to
any obligation of the Master  Servicer or the Special  Servicer to make payments
from its own funds pursuant to Section 3.07(b), will ultimately be recoverable.

     "Fiscal Agent": ABN AMRO Bank N.V., a banking organization  organized under
the laws of the Netherlands,  its successor in interest, or any successor fiscal
agent appointed as provided herein.

     "Fiscal Agent Termination Event": As defined in Section 8.15.

     "FITCH IBCA":  FITCH IBCA,  Inc. or its  successor in interest.  If neither
such rating agency nor any successor remains in existence, "FITCH IBCA" shall be
deemed to refer to such other nationally recognized statistical rating agency or
other comparable Person designated by the Depositor, notice of which designation
shall be given to the Trustee,  the Master Servicer and the Special Servicer and
specific ratings of FITCH IBCA, Inc. herein  referenced shall be deemed to refer
to the equivalent ratings of the party so designated.

     "Fixed  Rate  Mortgage  Loan":  A  Mortgage  Loan as to which  the  related
Mortgage Note provides, as of the Closing Date, for a Mortgage Rate that remains
fixed through the remaining term thereof (without regard to any extension at the
Mortgagor's or the  mortgagee's  option under the terms of the related  Mortgage
Loan documents).

     "FNMA": Federal National Mortgage Association or any successor.

     "GMACCM":   GMAC  Commercial  Mortgage  Corporation  or  its  successor  in
interest.

     "Grantor  Trust":  That certain  "grantor trust" (within the meaning of the
Grantor Trust Provisions), the assets of which include the Grantor Trust Assets.

     "Grantor Trust Assets": Any Excess Interest.

     "Grantor Trust  Provisions":  Subpart E of Subchapter J and Section 7701 of
the  Code,  and final  Treasury  Regulations,  published  rulings,  notices  and
announcements,  promulgated  thereunder,  as the foregoing may be in effect from
time to time.

                                       27

<PAGE>

     "Gross Margin": With respect to each Adjustable Rate Mortgage Loan (and any
successor  REO Loan),  the fixed  number of  percentage  points set forth in the
Mortgage  Loan  Schedule  that is added to the  applicable  value of the related
Index on each Interest Rate  Adjustment Date in accordance with the terms of the
related  Mortgage  Note to  determine,  subject to any  applicable  periodic and
lifetime limitations on adjustments thereto, the related Mortgage Rate.

     "Ground  Lease":  The ground lease pursuant to which any Mortgagor  holds a
leasehold interest in the related Mortgaged Property.

     "Guarantor":  The  guarantor  under any  Guaranty  with respect to a Credit
Lease.

     "Guaranty":  With respect to any Credit  Lease Loan,  a guaranty  agreement
executed by an  affiliate  of the related  Tenant that  guarantees  the Tenant's
obligations under the related Credit Lease.

     "Hazardous  Materials":  Any  dangerous,  toxic  or  hazardous  pollutants,
chemicals,  wastes,  or  substances,  including,  without  limitation,  those so
identified pursuant to CERCLA or any other federal, state or local environmental
related laws and regulations,  and specifically  including,  without limitation,
asbestos and asbestos-containing materials,  polychlorinated biphenyls ("PCBs"),
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.

     "Historical Loan Modification  Report":  A report or reports setting forth,
among other things,  those Mortgage Loans which,  as of the close of business on
the immediately  preceding  Determination  Date, have been modified  pursuant to
this  Agreement (i) during the  Collection  Period ending on such  Determination
Date and (ii) since the Cut-off Date, showing the original and the revised terms
thereof,  together  with such  additional  information  in  respect of each such
Mortgage Loan as is contemplated by Exhibit H hereto.

     "Historical  Loss Report":  A report or reports setting forth,  among other
things, as of the close of business on the immediately  preceding  Determination
Date, (i) the amount of Liquidation Proceeds and Liquidation Expenses,  both for
the  Collection  Period  ending  on such  Determination  Date and for all  prior
Collection Periods, and (ii) the amount of Realized Losses occurring during such
Collection  Period and  historically,  set forth on a Mortgage  Loan-by-Mortgage
Loan and REO  Property-by-REO  Property  basis,  together  with such  additional
information  in respect of each  Mortgage  Loan and REO  Property  as to which a
Final  Recovery  Determination  has been made as is  contemplated  by  Exhibit H
hereto.

     "Independent":  When used with respect to any  specified  Person,  any such
Person who (i) is in fact  independent  of the  Depositor,  each  Mortgage  Loan
Seller, the Master Servicer,  the Special Servicer,  the Trustee and any and all
Affiliates  thereof,  (ii) does not have any direct financial

                                       28

<PAGE>

interest in or any material indirect financial interest in any of the Depositor,
any  Mortgage  Loan  Seller,  the Master  Servicer,  the Special  Servicer,  the
Trustee,  the Fiscal Agent or any Affiliate thereof,  and (iii) is not connected
with the Depositor,  the Master Servicer,  any Mortgage Loan Seller, the Special
Servicer,  the Trustee, the Fiscal Agent or any Affiliate thereof as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing
similar  functions;  provided,  however,  that a  Person  shall  not  fail to be
Independent of the Depositor,  the Master Servicer,  the Special Servicer or any
Affiliate  thereof merely  because such Person is the beneficial  owner of 1% or
less of any class of securities issued by the Depositor,  the Master Servicer or
any Affiliate thereof, as the case may be.

     "Independent  Contractor":   Any  Person  that  would  be  an  "independent
contractor"  with respect to REMIC I within the meaning of Section  856(d)(3) of
the  Code if  REMIC I were a real  estate  investment  trust  (except  that  the
ownership  test set forth in that section  shall be  considered to be met by any
Person  that owns,  directly or  indirectly,  35 percent or more of any Class of
Certificates,  or such other  interest  in any Class of  Certificates  as is set
forth in an Opinion of  Counsel,  which shall be at no expense to the Trustee or
the Trust Fund,  delivered to the Trustee),  so long as REMIC I does not receive
or derive any income from such Person and provided that the relationship between
such Person and REMIC I is at arm's  length,  all within the meaning of Treasury
Regulation  Section  1.856-4(b)(5),  or any other  Person  upon  receipt  by the
Trustee of an Opinion of Counsel, which shall be at no expense to the Trustee or
the Trust  Fund,  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 in respect of such REO Property to fail to qualify as Rents from
Real Property.

     "Index":  With  respect  to each  Adjustable  Rate  Mortgage  Loan (and any
successor REO Loan), for each Interest Rate Adjustment Date, the base index used
to determine the new Mortgage Rate in effect thereon as specified in the related
Mortgage Note. If the Index currently in effect for any Adjustable Rate Mortgage
Loan (or successor REO Loan) ceases to be available,  the Master Servicer shall,
subject to Section 3.19(a) and the terms of the related Mortgage Note,  select a
comparable alternative index.

     "Initial  Balance":  The aggregate  Cut-off Date  Principal  Balance of the
Mortgage Loans.

     "Initial Class Notional Amount":  With respect to the Class X Certificates,
the initial  Class  Notional  Amount  thereof as of the Closing  Date,  equal to
$879,890,171.

                                       29

<PAGE>

     "Initial Class Principal  Balance":  With respect to any Class of Principal
Balance  Certificates,  the initial Class  Principal  Balance  thereof as of the
Closing Date, in each case as set forth in the Preliminary Statement.

     "Insurance Policy": With respect to any Mortgage Loan, any hazard insurance
policy, flood insurance policy, title policy, credit lease enhancement insurance
policy,  residual  value  insurance  policy or other  insurance  policy  that is
maintained  from time to time in respect of such  Mortgage  Loan or the  related
Mortgaged Property.

     "Insurance  Proceeds":  Proceeds  paid under any Insurance  Policy,  to the
extent such proceeds are not applied to the restoration of the related Mortgaged
Property or released to the  Mortgagor,  in either case, in accordance  with the
Servicing Standard (including any amounts paid by the Master Servicer or Special
Servicer pursuant to Section 3.07).

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

     "Interest  Rate  Adjustment  Date":  With respect to each  Adjustable  Rate
Mortgage  Loan (and any  successor  REO  Loan),  any date on which  the  related
Mortgage Rate is subject to adjustment  pursuant to the related  Mortgage  Note.
The first Interest Rate  Adjustment Date subsequent to the Cut-off Date for each
Adjustable  Rate Mortgage Loan is specified in the Mortgage Loan  Schedule,  and
successive  Interest  Rate  Adjustment  Dates  for such  Mortgage  Loan (and any
successor  REO Loan)  shall  thereafter  periodically  occur with the  frequency
specified in the Mortgage Loan Schedule.

     "Interest Reserve Account":  The segregated  account created and maintained
by the Trustee pursuant to Section 3.04(c) in trust for the  Certificateholders,
which shall be entitled "LaSalle Bank National Association, as Trustee, in trust
for  the  registered  holders  of GMAC  Commercial  Mortgage  Securities,  Inc.,
Mortgage Pass-Through Certificates, Series 2000-C1 -- Interest Reserve Account."
Any such account shall be an Eligible Account.

     "Interest Reserve Loans": Any Mortgage Loan bearing interest computed on an
actual/360 basis.

     "Interested  Person":  The  Depositor,  the Master  Servicer,  the  Special
Servicer, any Holder of a Certificate, or any Affiliate of any such Person.

     "Investment  Account":  Each of the Certificate  Account,  the Distribution
Account, any Lock-Box Account, any Cash Collateral Account, the Interest Reserve
Account or any REO Account.

     "Investor Certification": A certification in the form of Exhibit K hereto.

                                       30

<PAGE>

     "Issue  Price":  With  respect  to each Class of  Certificates,  the "issue
price" as defined in the REMIC Provisions.

     "Late Collections": With respect to any Mortgage Loan, all amounts received
thereon during any Collection Period,  whether as payments,  Insurance Proceeds,
Liquidation Proceeds,  payments of Substitution Shortfall Amounts, or otherwise,
which  represent  late payments or  collections  of principal or interest due in
respect of such Mortgage Loan (without regard to any acceleration of amounts due
thereunder by reason of default) on a Due Date in a previous  Collection  Period
(or, in the case of a Late Due Date Mortgage  Loan, on any Due Date prior to the
date of receipt) and not previously recovered.  With respect to any Distribution
Date and any REO Loan, all amounts  received in connection  with the related REO
Property  during  any  Collection   Period,   whether  as  Insurance   Proceeds,
Liquidation   Proceeds,   REO  Revenues  or  otherwise,   which  represent  late
collections  of  principal  or interest due or deemed due in respect of such REO
Loan or the  predecessor  Mortgage Loan (without  regard to any  acceleration of
amounts due under the  predecessor  Mortgage Loan by reason of default) on a Due
Date in a  previous  Collection  Period  (or,  in the  case of a Late  Due  Date
Mortgage  Loan, on any Due Date prior to the date of receipt) and not previously
recovered.  The term  "Late  Collections"  shall  specifically  exclude  Penalty
Charges.

     "Late Due Date  Mortgage  Loan":  Any Mortgage Loan (or successor REO Loan)
with a Due Date which occurs after the  Determination  Date in the same calendar
month as such Due Date.
     "Liquidation  Event":  With  respect  to  any  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 Mortgage Loan Seller  pursuant to Section 6
of the related Mortgage Loan Purchase Agreement or by GMACCM pursuant to Section
4 of either Supplemental Agreement;  (iv) such Mortgage Loan is purchased by the
Majority Certificateholder of the Controlling Class pursuant to Section 3.18(b);
(v) such  Mortgage  Loan is  purchased  by the Master  Servicer  or the  Special
Servicer pursuant to Section 3.18(c); or (vi) such Mortgage Loan is purchased by
the Master  Servicer or the Depositor  pursuant to Section 9.01. With respect to
any REO Property (and the related REO Loan), any of the following events:  (i) a
Final Recovery  Determination is made with respect to such REO Property; or (ii)
such REO Property is purchased by the Master Servicer or the Depositor  pursuant
to Section 9.01.

     "Liquidation  Expenses":  All  customary,  reasonable and necessary "out of
pocket" costs and expenses  incurred by the Special  Servicer in connection with
the liquidation of any Specially Serviced Mortgage Loan or REO Property pursuant
to Section 3.09 or 3.18 (including, without limitation, legal fees and expenses,
committee  or  referee  fees  and,  if  applicable,  brokerage  commissions  and
conveyance taxes).

     "Liquidation Fee": With respect to each Specially Serviced Mortgage Loan or
REO Property  (other than any Specially  Serviced  Mortgage Loan or REO Property
purchased by the

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<PAGE>

Majority  Certificateholder of the Controlling Class, the Master Servicer or the
Special  Servicer  pursuant  to Section  3.18 or by the Master  Servicer  or the
Depositor  pursuant to Section 9.01),  the fee designated as such and payable to
the Special Servicer pursuant to Section 3.11(c).

     "Liquidation Fee Rate": With respect to each Specially  Serviced  Mortgaged
Loan or REO Property as to which a Liquidation Fee is payable, 1.00%.

     "Liquidation Proceeds": Cash amounts (other than Insurance Proceeds and REO
Revenues)  received or paid by the Master  Servicer  or the Special  Servicer in
connection  with:  (i) the taking of all or a part of a  Mortgaged  Property  by
exercise of the power of eminent domain or condemnation; (ii) the liquidation of
a Mortgaged Property or other collateral  constituting  security for a defaulted
Mortgage Loan,  through  trustee's  sale,  foreclosure  sale, REO Disposition or
otherwise,  exclusive  of any  portion  thereof  required  to be released to the
related Mortgagor in accordance with applicable law and the terms and conditions
of the  related  Mortgage  Note and  Mortgage;  (iii) the  realization  upon any
deficiency  judgment  obtained  against  a  Mortgagor;  (iv) the  purchase  of a
Defaulted  Mortgage Loan by the Majority  Certificateholder  of the  Controlling
Class  pursuant  to Section  3.18(b) or by the Master  Servicer  or the  Special
Servicer  pursuant  to Section  3.18(c) or any other sale  thereof  pursuant  to
Section 3.18(d); (v) the repurchase of a Mortgage Loan by a Mortgage Loan Seller
pursuant to Section 6 of the related  Mortgage  Loan  Purchase  Agreement  or by
GMACCM pursuant to Section 4 of either Supplemental Agreement;  (vi) the payment
of any  Substitution  Shortfall  Amount by a Mortgage  Loan  Seller  pursuant to
Section 6 of the related Mortgage Loan Purchase  Agreement or by GMACCM pursuant
to Section 4 of either
Supplemental Agreement; or (vii) the purchase of a Mortgage Loan or REO Property
by the Master Servicer or the Depositor pursuant to Section 9.01.

     "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, and the denominator
of which is the Appraised Value of the related Mortgaged  Property as determined
by an Appraisal thereof.

     "Lock-Box Account":  With respect to any Mortgaged Property, if applicable,
any account  created  pursuant to any  documents  relating to a Mortgage Loan to
receive revenues therefrom. Any Lock-Box 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 terms and provisions
of the related  Mortgage Loan and Section  3.06,  which Person shall be taxed on
all reinvestment income or gain thereon.  The Master Servicer shall be permitted
to make  withdrawals  therefrom  for deposit  into the related  Cash  Collateral
Accounts.

     "Lock-Box  Agreement":  With  respect to any  Mortgage  Loan,  the lock-box
agreement,  if any,  between  the  originator  of  such  Mortgage  Loan  and the
Mortgagor,  pursuant to which the  related  Lock-Box  Account,  if any, is to be
established.

                                       32

<PAGE>

     "Loss Reimbursement  Amount":  With respect to any REMIC I Regular Interest
and any Distribution Date (except the initial Distribution Date, with respect to
which the Loss  Reimbursement  Amount for such REMIC I Regular  Interest will be
zero), an amount equal to (a)(i) the Loss  Reimbursement  Amount with respect to
such REMIC I Regular Interest for the immediately  preceding  Distribution Date,
minus (ii) the  aggregate of all  reimbursements  deemed made to REMIC II on the
immediately preceding Distribution Date pursuant to Section 4.01(a) with respect
to such REMIC I Regular  Interest,  plus (iii) the  aggregate of all  reductions
made to the Uncertificated Principal Balance of (and, accordingly, the aggregate
of all Realized Losses and Additional  Trust Fund Expenses deemed  allocated to)
such REMIC I Regular  Interest on the immediately  preceding  Distribution  Date
pursuant to Section 4.04(a),  plus (b) one month's  interest  (calculated on the
basis of a 360-day  year  consisting  of twelve  30-day  months)  on the  amount
described in clause (a) at the REMIC I Remittance  Rate applicable to such REMIC
I Regular Interest for the current Distribution Date.

     "MAI": Member of Appraisal Institute.

     "Majority  Certificateholder":  With  respect  to any  specified  Class  or
Classes  of  Certificates,  as of any  date  of  determination,  any  Holder  or
particular  group of Holders of  Certificates  of such Class or Classes,  as the
case may be, entitled to a majority of the Voting Rights allocated to such Class
or Classes in each case determined without giving effect to the last sentence of
the definition of "Voting Rights."
     "Master  Servicer":  GMACCM, or any successor master servicer  appointed as
herein provided.

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

     "Master  Servicing  Fee":  With respect to any  Distribution  Date and each
Mortgage  Loan and REO Loan,  that portion of the Servicing Fee that has accrued
at the Master Servicing Fee Rate.

     "Master  Servicing  Fee Rate":  With respect to each  Mortgage Loan and REO
Loan acquired by the Depositor, 0.02% per annum.

     "Maturity  Date":  With  respect  to any  Mortgage  Loan as of any  date of
determination,  the  date on which  the last  payment  of  principal  is due and
payable under the related Mortgage Note, after taking into account all Principal
Prepayments  received  prior to such  date of  determination  and any  extension
permitted at the Mortgagor's option under the terms of the related Mortgage Note
(as in effect on the Closing Date) and this Agreement, but without giving effect
to (i) any  acceleration  of the  principal of such  Mortgage  Loan by reason of
default  thereunder,  (ii) any grace period  permitted  by the related  Mortgage
Note, (iii) any modification, waiver or amendment of such

                                       33

<PAGE>

Mortgage  Loan granted or agreed to by the Master  Servicer or Special  Servicer
pursuant  to Section  3.20 or (iv) in the case of an ARD Loan,  the  Anticipated
Repayment Date for such Mortgage Loan.

     "Modified  Mortgage  Loan":  Any  Mortgage  Loan as to which any  Servicing
Transfer Event has occurred and which has been modified by the Special  Servicer
pursuant to Section 3.20 in a manner that:

          (A)  affects  the  amount or timing of any  payment  of  principal  or
     interest due thereon  (other  than,  or in addition  to,  bringing  current
     Monthly Payments with respect to such Mortgage Loan);

          (B) except as expressly contemplated by the related Mortgage,  results
     in a release of the lien of the  Mortgage  on any  material  portion of the
     related Mortgaged Property without a corresponding  Principal Prepayment in
     an amount not less than the fair market value (as is), as  determined by an
     Appraisal  delivered to the Special Servicer (at the expense of the related
     Mortgagor and upon which the Special  Servicer may  conclusively  rely), of
     the property to be released; or

          (C) in the good faith and reasonable judgment of the Special Servicer,
     otherwise materially impairs the security for such Mortgage Loan or reduces
     the likelihood of timely payment of amounts due thereon.

     "Monthly Payment": With respect to any Mortgage Loan, the scheduled monthly
payment of  principal  and/or  interest on such  Mortgage  Loan,  including  any
Balloon  Payment,  which is payable by a  Mortgagor  from time to time under the
terms  of the  related  Mortgage  Note  (as  such  may be  modified  at any time
following the Closing Date) and applicable law, without regard to the accrual of
Excess  Interest on or the  application of any excess cash flow to pay principal
on any ARD Loan.

     "Moody's": Moody's Investors Service, Inc. or its successor in interest. If
neither such rating  agency nor any successor  remains in  existence,  "Moody's"
shall be deemed to refer to such other nationally recognized  statistical rating
agency or other comparable Person  designated by the Depositor.  Notice of which
designation  shall be given to the Trustee,  the Master Servicer and the Special
Service  and  specific  ratings  of  Moody's  Investors  Service,   Inc.  herein
referenced  shall be deemed to refer to the  equivalent  ratings of the party so
designated.

     "Mortgage": With respect to any Mortgage Loan, separately and collectively,
as the context may require,  each  mortgage,  deed of trust or other  instrument
securing a Mortgage Note and creating a lien on the related Mortgaged Property.

     "Mortgage  File":  With  respect to any Mortgage  Loan,  subject to Section
2.01(b), collectively the following documents:

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<PAGE>

     (1) the original Mortgage Note,  endorsed by the most recent endorsee prior
     to the Trustee or, if none, by the originator,  without recourse,  in blank
     or to the order of the Trustee in the following  form: "Pay to the order of
     LaSalle Bank National Association, as trustee for the registered holders of
     GMAC  Commercial   Mortgage   Securities,   Inc.,   Mortgage   Pass-Through
     Certificates, Series 2000-C1, without recourse";

     (2)  the  original  or a copy  of the  Mortgage  and,  if  applicable,  the
     originals  or  copies  of any  intervening  assignments  thereof  showing a
     complete  chain of assignment  from the  originator of the Mortgage Loan to
     the most recent assignee of record thereof prior to the Trustee, if any, in
     each case with evidence of recording indicated thereon;

     (3) an original assignment of the Mortgage, in recordable form, executed by
     the most recent assignee of record thereof prior to the Trustee, or if none
     by the  originator,  either  in blank or in favor of the  Trustee  (in such
     capacity);

     (4) an original or copy of any related  Assignment  of Leases (if such item
     is a document separate from the Mortgage) and, if applicable, the originals
     or copies of any intervening  assignments  thereof showing a complete chain
     of assignment  from the  originator of the Mortgage Loan to the most recent
     assignee of record thereof prior to the Trustee,  if any, in each case with
     evidence of recording thereon;

     (5) an original  assignment  of any related  Assignment  of Leases (if such
     item is a  document  separate  from  the  Mortgage),  in  recordable  form,
     executed  by the  most  recent  assignee  of  record  thereof  prior to the
     Trustee, or, if none, by the originator, either in blank or in favor of the
     Trustee (in such capacity), which assignment may be included as part of the
     corresponding assignment of Mortgage, referred to in clause (3) above;

     (6) an original or a copy of any related  Security  Agreement (if such item
     is a document separate from the Mortgage) and, if applicable, the originals
     or copies of any intervening  assignments  thereof showing a complete chain
     of assignment  from the  originator of the Mortgage Loan to the most recent
     assignee of record thereof prior to the Trustee, if any;

     (7) an original  assignment of any related Security Agreement (if such item
     is a document  separate  from the  Mortgage)  executed  by the most  recent
     assignee  of  record  thereof  prior to the  Trustee  or,  if none,  by the
     originator,  either in blank or in favor of the Trustee (in such capacity),
     which assignment may be included as part of the corresponding assignment of
     Mortgage referred to in clause (3) above;

     (8) originals or copies of all assumption,  modification, written assurance
     and  substitution  agreements,  with evidence of recording  thereon,  where
     appropriate,  in those  instances  where  the  terms or  provisions  of the
     Mortgage, Mortgage Note or any related security document have been modified
     or the Mortgage Loan has been assumed;

                                       35

<PAGE>

     (9) the original or a copy of the lender's title insurance policy, together
     with all  endorsements  or riders (or copies thereof) that were issued with
     or subsequent to the issuance of such policy,  insuring the priority of the
     Mortgage as a first lien on the Mortgaged Property;

     (10) the  original  or a copy of any  guaranty  of the  obligations  of the
     Mortgagor  under  the  Mortgage  Loan  which was in the  possession  of the
     Mortgage Loan Seller at the time the Mortgage  Files were  delivered to the
     Trustee  together  with (A) if  applicable,  the  original or copies of any
     intervening  assignments  of such  guaranty  showing  a  complete  chain of
     assignment  from the  originator  of the  Mortgage  Loan to the most recent
     assignee  thereof  prior  to the  Trustee,  if  any,  and  (B) an  original
     assignment of such guaranty  executed by the most recent  assignee  thereof
     prior to the Trustee or, if none, by the originator;

     (11) (A) file or  certified  copies  of any UCC  financing  statements  and
     continuation  statements which were filed in order to perfect (and maintain
     the  perfection  of) any security  interest  held by the  originator of the
     Mortgage  Loan (and each assignee of record prior to the Trustee) in and to
     the  personalty of the  Mortgagor at the  Mortgaged  Property (in each case
     with  evidence of filing  thereon) and which were in the  possession of the
     Mortgage  Loan  Seller (or its agent) at the time the  Mortgage  Files were
     delivered  and (B) if any  such  security  interest  is  perfected  and the
     earlier UCC financing  statements and  continuation  statements were in the
     possession of the Mortgage Loan Seller, a UCC financing  statement executed
     by the most recent  assignee of record prior to the Trustee or, if none, by
     the originator,  evidencing the transfer of such security interest,  either
     in blank or in favor of the Trustee;

     (12) the  original  or a copy of the power of  attorney  (with  evidence of
     recording  thereon,  if  appropriate)  granted  by  the  Mortgagor  if  the
     Mortgage,  Mortgage Note or other document or instrument  referred to above
     was not signed by the Mortgagor;

     (13) the related Ground Lease or a copy thereof, if any;

     (14) if the Mortgage Loan is a Credit Lease Loan, an original of the credit
     lease  enhancement  insurance policy, if any, obtained with respect to such
     Mortgage Loan and an original of the residual value  insurance  policy,  if
     any, obtained with respect to such Mortgage Loan;

     (15) the original or a copy of any lockbox  agreement or deposit account or
     similar agreement; and

     (16) any  additional  documents  required to be added to the Mortgage  File
     pursuant to this Agreement;

                                       36

<PAGE>

provided that,  with respect to the Mortgage Loans subject to the  Participation
Interest,  the  Mortgage  File  shall  consist  solely of an  original  executed
counterpart of the Participation Agreement which provides,  inter alia, that the
related Mortgage File shall be held by the custodian  thereunder for the benefit
of the holders of the participation interests created thereunder,  and provided,
further  that  whenever the term  "Mortgage  File" is used to refer to documents
actually  received by the Trustee or a Custodian  appointed  thereby,  such term
shall not be deemed to include such  documents  and  instruments  required to be
included therein unless they are actually so received.

     "Mortgage  Loan":   Each  of  the  mortgage  loans  or  interests   therein
transferred  and assigned to the Trustee  pursuant to Section 2.01 and from time
to time held in the Trust Fund (including,  without limitation,  all Replacement
Mortgage Loans).  As used herein,  the term "Mortgage Loan" includes the related
Mortgage Note,  Mortgage,  participation  certificate or agreement  and/or other
security  documents  contained in the related  Mortgage File. In the case of the
Equity Inns Mortgage Loans  identified as loan number 22103 on the Mortgage Loan
Schedule and the related Mortgaged Properties, references in this Agreement to a
"Mortgage   Loan"  or  amounts  due  thereunder  and  references  to  "Mortgaged
Properties" or proceeds thereon, shall, except as expressly set forth herein, be
deemed  to be  references  to the  portion  of such  Mortgage  Loan  or  related
Mortgaged Properties represented by the Participation Interest held by the Trust
Fund.
     "Mortgage  Loan  Purchase  Agreement":  With respect to any  Mortgage  Loan
Seller,  each  agreement  between the  Depositor  and such  Mortgage Loan Seller
relating to the transfer of all of such Mortgage Loan Seller's right,  title and
interest in and to the Mortgage Loans.

     "Mortgage Loan  Schedule":  The list of Mortgage  Loans  transferred on the
Closing  Date to the  Trustee  as part of the  Trust  Fund,  attached  hereto as
Schedule I, which list sets forth the following information with respect to each
Mortgage Loan:

     (i) the loan number;

     (ii) the street address (including city, state and zip code) of the related
     Mortgaged Property;

     (iii)  the (A)  Mortgage  Rate in  effect  as of the  Cut-off  Date and (B)
     whether such Mortgage  Loan is an Adjustable  Rate Mortgage Loan or a Fixed
     Rate Loan;

     (iv) the original principal balance;

     (v) the Cut-off Date Principal Balance;

     (vi) the (A) remaining  term to stated  maturity,  (B) with respect to each
     ARD Loan, the Anticipated Repayment Date and (C) Stated Maturity Date;

                                       37

<PAGE>

     (vii) the Due Date;

     (viii)  the  amount  of the  Monthly  Payment  due on the  first  Due  Date
     following the Cut-off Date;

     (ix) in the case of an Adjustable  Rate Mortgage Loan,  the (A) Index,  (B)
     Gross Margin, (C) first Mortgage Rate adjustment date following the Cut-off
     Date and the  frequency of Mortgage Rate  adjustments,  and (D) maximum and
     minimum lifetime Mortgage Rate;

     (x) whether  such  Mortgage  Loan is an ARD Loan,  a Credit  Lease Loan,  a
     Defeasance  Loan,  a  Broker  Strip  Loan or an  Additional  Servicing  Fee
     Mortgage Loan;

     (xi) in the case of a Credit Lease Loan, the identity of the Tenant and the
     Guarantor  under  any  applicable  Guaranty,  and  the  publicly  available
     corporate  credit  ratings of such Tenant and  Guarantor  as of the Closing
     Date; and

     (xii) the Servicing Fee Rate.

Such schedule shall also set forth the aggregate  Cut-off Date Principal Balance
for all of the  Mortgage  Loans.  Such  list may be in the form of more than one
list, collectively setting forth all of the information required.

     "Mortgage  Loan  Seller":  GMACCM,  German  American  Capital  Corporation,
Goldman Sachs  Mortgage  Company and any other Person (other than the Depositor)
that is a party to a Mortgage Loan Purchase Agreement.

     "Mortgage Note": The original  executed note evidencing the indebtedness of
a  Mortgagor  under a  Mortgage  Loan,  together  with any  rider,  addendum  or
amendment thereto.

     "Mortgage Pool": Collectively, all of the Mortgage Loans (including any REO
Loans and Replacement Mortgage Loans, but excluding Deleted Mortgage Loans).

     "Mortgage Rate":  With respect to: (i) any Mortgage Loan on or prior to its
Maturity Date, the fixed or adjustable  annualized rate (not  including,  in the
case of any ARD Loan,  any increase in the rate of interest to the Revised Rate)
at which  interest is scheduled  (in the absence of a default) to accrue on such
Mortgage  Loan 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;  (ii) any  Mortgage  Loan  after its  Maturity  Date,  the
annualized rate described in clause (i) above  determined  without regard to the
passage of such  Maturity  Date;  and (iii) any REO Loan,  the  annualized  rate
described  in clause (i) or (ii),  as  applicable,  above  determined  as if the
predecessor Mortgage Loan had remained outstanding.

                                       38

<PAGE>

     "Mortgaged  Property":  Individually and  collectively,  as the context may
require,  the real  property  interest  subject  to the lien of a  Mortgage  and
constituting   collateral   for  a   Mortgage   Loan.   With   respect   to  any
Cross-Collateralized  Mortgage  Loan,  as the  context may  require,  "Mortgaged
Property" may mean,  collectively,  all the Mortgaged  Properties  securing such
Cross- Collateralized Mortgage Loan.

     "Mortgagor":  The obligor or obligors on a Mortgage Note, including without
limitation,  any Person that has  acquired  the related  Mortgaged  Property and
assumed the obligations of the original obligor under the Mortgage Note.

     "Net  Aggregate  Prepayment  Interest  Shortfall":   With  respect  to  any
Distribution  Date,  the  amount,  if any,  by which  (a) the  aggregate  of all
Prepayment  Interest  Shortfalls  incurred  in  connection  with the  receipt of
Principal  Prepayments  on the  Mortgage  Loans  during the  related  Collection
Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the
Distribution  Account for such  Distribution Date pursuant to Section 3.19(f) in
connection with such Prepayment Interest Shortfalls.

     "Net Investment  Earnings":  With respect to any Investment Account for any
Collection  Period,  the amount,  if any, by which the aggregate of all interest
and other income realized during such Collection Period on funds relating to the
Trust Fund held in such account, exceeds the aggregate of all
losses,  if any,  incurred during such Collection  Period in connection with the
investment of such funds in accordance with Section 3.06.

     "Net  Investment  Loss":  With  respect to any  Investment  Account for any
Collection  Period,  the amount by which the  aggregate  of all losses,  if any,
incurred  during such  Collection  Period in connection  with the  investment of
funds relating to the Trust Fund held in such account in accordance with Section
3.06,  exceeds the  aggregate of all interest and other income  realized  during
such Collection Period on such funds.

     "Net Mortgage  Rate":  With respect to any Mortgage Loan or REO Loan, as of
any date of  determination,  a rate per annum equal to the related Mortgage Rate
then in effect,  minus the sum of the Servicing  Fee Rate,  but, for purposes of
calculating  the  REMIC I  Remittance  Rate,  the REMIC II  Remittance  Rate and
Weighted   Average  Net  Mortgage  Rate,   determined   without  regard  to  any
modification,  waiver or amendment of the terms of such Mortgage  Loan,  whether
agreed to by the Master  Servicer or Special  Servicer or resulting from (i) the
bankruptcy,  insolvency or similar proceeding involving the related Mortgagor or
(ii) the increase in the interest rate  attributable  to the Revised Rate to any
ARD Loan and, with respect to any Mortgage Loan that does not accrue interest on
the basis of a 360-day year consisting of twelve 30-day months, the Net Mortgage
Rate of such  Mortgage  Loan for such  purposes  for any  one-month  preceding a
related Due Date will be the  annualized  rate at which  interest  would have to
accrue in  respect  of such loan on the basis of a 360- day year  consisting  of
twelve  30-day  months in order to  produce  the  aggregate  amount of  interest
actually  accrued in respect of such loan  during such  one-month  period at the
related  Mortgage  Rate

                                       39

<PAGE>

(net of the related Servicing Fee Rate); provided, however, that with respect to
the Interest  Reserve Loans,  (i) the Net Mortgage Rate for the one-month period
preceding  the Due Dates in (a) January of each calendar year that is not a leap
year and (b)  February of each  calendar  year,  will be  determined  net of the
Withheld  Amounts  and  (ii) the Net  Mortgage  Rate  for the  one-month  period
preceding the Due Dates in March of each calendar year will be determined  after
taking into account the addition of the Withheld Amounts.

     "Net Operating  Income":  With respect to any Mortgaged  Property,  for any
specified period, the net operating income calculated in accordance with Exhibit
G using the methodologies set forth in Exhibit F.

     "Nonrecoverable   Advance":  Any  Nonrecoverable   Delinquency  Advance  or
Nonrecoverable Servicing Advance.

     "Nonrecoverable  Delinquency  Advance":  Any Delinquency Advance previously
made or proposed to be made in respect of a Mortgage Loan or REO Loan which,  in
the  judgment of the Master  Servicer or, if  applicable,  the Trustee or Fiscal
Agent,  will not be  ultimately  recoverable  (together  with  Advance  Interest
thereon) from late payments,  Insurance Proceeds or Liquidation Proceeds, or any
other recovery on or in respect of such Mortgage Loan or REO Loan which shall be
evidenced by an Officer's Certificate as provided by Section 4.03(c).

     "Nonrecoverable  Servicing Advance":  Any Servicing Advance previously made
or proposed to be made in respect of a Mortgage Loan or REO Property  which,  in
the judgment of the Master Servicer, the Special Servicer or, if applicable, the
Trustee or Fiscal  Agent,  will not be  ultimately  recoverable  (together  with
Advance Interest thereon) from late payments,  Insurance  Proceeds,  Liquidation
Proceeds,  or any other  recovery on or in respect of such  Mortgage Loan or REO
Property  which shall be evidenced by an  Officers'  Certificate  as provided by
Section 3.11(i).

     "Non-Registered  Certificate":   Unless  and  until  registered  under  the
Securities  Act, any Class G, Class H, Class J, Class K, Class L, Class M, Class
N, Class O or Residual Certificate.

     "Officer's  Certificate":   A  certificate  signed,  as  applicable,  by  a
Servicing  Officer  of the  Master  Servicer  or the  Special  Servicer  or by a
Responsible Officer of the Trustee.

     "Opinion  of  Counsel":  A written  opinion of  counsel,  who may,  without
limitation,  be salaried  counsel for the Depositor,  the Master Servicer or the
Special  Servicer,  acceptable  and  delivered to the  Trustee,  except that any
opinion of counsel  relating  to (a) the  qualification  of REMIC I, REMIC II or
REMIC III as a REMIC or (b)  compliance  with the REMIC  Provisions,  must be an
opinion of  counsel  who is in fact  Independent  of the  Depositor,  the Master
Servicer and the Special Servicer.

     "OTS": The Office of Thrift Supervision or any successor thereto.

                                       40

<PAGE>

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

     "Participation  Agreement":  A  Participation  Agreement dated September 1,
1999 among the  Depositor,  Norwest Bank  Minnesota,  National  Association,  as
custodian, and GMACCM, as servicer and special servicer, as amended, restated or
otherwise modified from time to time.

     "Participation  Interest":  The participation  interest,  created under the
Participation Agreement, representing a 50% participation interest in and to the
Equity Inns Mortgage Loans  identified on the Mortgage Loan Schedule as Loan No.
22103.

     "Pass-Through Rate": With respect to:

     (1) the Class X Certificates, (a) for the initial Distribution Date 0.8252%
     per annum,  and (b) for any  subsequent  Distribution  Date,  the per annum
     rate,  expressed as a  percentage,  obtained by dividing (i) the sum of the
     products of (a) the Uncertificated Principal Balance of each Class of REMIC
     II Regular Interest immediately prior to such Distribution Date and (b) the
     related  Component  Rate  for  such  Distribution  Date by (ii)  the  Class
     Notional  Amount and,  with respect to any Class X  Component,  the related
     Component Rate for such Class X Component; and

     (2) the Class A-1 Certificates,  for any Distribution  Date, the fixed rate
     per annum specified for such Class in the Preliminary Statement;

     (3) the Class  A-2,  Class B,  Class C, Class D, Class G, Class H, Class J,
     Class K,  Class L,  Class M,  Class N, and  Class O  Certificates,  for any
     Distribution Date, the lesser of the fixed rate per annum specified as such
     in the  Preliminary  Statement and the Weighted  Average Net Mortgage Rate;
     and

     (4) the Class E and Class F Certificates,  for any  Distribution  Date, the
     Weighted Average Net Mortgage Rate.

     "Payment  Adjustment  Date":  With respect to each Adjustable Rate Mortgage
Loan,  any date on which the related  Monthly  Payment is subject to  adjustment
pursuant  to the  related  Mortgage  Note.  The first  Payment  Adjustment  Date
subsequent  to the  Cut-off  Date  for each  Adjustable  Rate  Mortgage  Loan is
specified in the Mortgage Loan Schedule, and successive Payment Adjustment Dates
for such Mortgage Loan shall  thereafter  periodically  occur with the frequency
specified in the Mortgage Loan Schedule.

     "Payment Priority": With respect to any Class of Certificates, the priority
of the  Holders  thereof  in  respect  of the  Holders  of the other  Classes of
Certificates to receive  distributions

                                       41

<PAGE>

out of the Available Distribution Amount for any Distribution Date, as set forth
in Section 4.01(c) hereof.

     "Penalty  Charges":  With respect to any Mortgage  Loan (or  successor  REO
Loan),  any amounts  collected  thereon that represent  late payment  charges or
Default Interest.

     "Percentage  Interest":  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  Principal Balance or the
Certificate  Notional  Amount of such  Certificate  as of the Closing  Date,  as
specified on the face thereof, and the denominator of which is the Initial Class
Principal  Balance or Initial Class Notional Amount of the relevant Class.  With
respect to a Residual  Certificate,  the percentage interest in distributions to
be made  with  respect  to the  relevant  Class,  as  stated on the face of such
Certificate.

     "Permitted Investments":  Securities, instruments, or security entitlements
with respect to one or more of the following:

     (1) obligations of or guaranteed as to principal and interest by the United
     States or any agency or  instrumentality  thereof when such obligations are
     backed by the full faith and credit of the United States;

     (2) repurchase  agreements on obligations  specified in clause (i) maturing
     not more than 30 days from the date of acquisition  thereof,  provided that
     the  unsecured  obligations  of  the  party  agreeing  to  repurchase  such
     obligations  are at the time  rated by each  Rating  Agency in its  highest
     short-term rating available;

     (3) federal funds,  unsecured  certificates  of deposit,  time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution  or  trust  company;   provided  that  the
     short-term debt obligations of such depository institution or trust company
     at all times since the date of acquisition  thereof have been rated by each
     Rating Agency in its highest  short-term rating available (or, if not rated
     by FITCH IBCA,  otherwise  acceptable to FITCH IBCA as confirmed in writing
     that such  investment  would not, in and of itself,  result in a downgrade,
     qualification  or  withdrawal  of the then current  rating  assigned to any
     Class of Certificates by such Rating Agency);

     (4) commercial paper (having original maturities of not more than 365 days)
     of any corporation  incorporated under the laws of the United States or any
     state  thereof  which on the  date of  acquisition  has been  rated by each
     Rating Agency in its highest  short-term rating

                                       42

<PAGE>

     available  (or, if not rated by FITCH IBCA,  otherwise  acceptable to FITCH
     IBCA as  confirmed  in writing  that such  investment  would not, in and of
     itself,  result in a downgrade,  qualification  or  withdrawal  of the then
     current  rating  assigned  to any  Class  of  Certificates  by such  Rating
     Agency);  provided  that  such  commercial  paper  shall  have a  remaining
     maturity of not more than 30 days;

     (5) a money market fund rated by each Rating  Agency in its highest  rating
     category;

     (6) commercial  paper of issuers rated by each Rating Agency in its highest
     short-term  rating  available  (or, if not rated by FITCH  IBCA,  otherwise
     acceptable to FITCH IBCA as confirmed in writing that such investment would
     not, in and of itself,  result in a downgrade,  qualification or withdrawal
     of the then current rating  assigned to any Class of  Certificates  by such
     Rating  Agency);  provided  that such  obligations  shall have a  remaining
     maturity of not more than 30 days and such  obligations  are limited to the
     right to receive only monthly principal and interest payments;

     (7) short-term debt obligations of issuers rated A-1 (or the equivalent) by
     each Rating Agency (or, if not rated by FITCH IBCA, otherwise acceptable to
     FITCH IBCA as confirmed in writing that such  investment  would not, in and
     of itself,  result in a downgrade,  qualification or withdrawal of the then
     current rating assigned to any Class of Certificates by such Rating Agency)
     having a maturity of not more than 30 days;  provided that the total amount
     of such  investment  does not  exceed  the  greater  of (A) 20% of the then
     outstanding  principal balance of the  Certificates,  and (B) the amount of
     monthly  principal  and interest  payments  (other than  Balloon  Payments)
     payable on

     the  Mortgage  Loans  during the  preceding  Collection  Period;  provided,
     further,  and  notwithstanding  the preceding  proviso,  that if all of the
     Mortgage  Loans are fully  amortizing,  then the amount of such  investment
     shall not  exceed the amount of monthly  principal  and  interest  payments
     (other than  Balloon  Payments)  payable on the  Mortgage  Loans during the
     preceding Collection Period;

     (8) fully Federal  Deposit  Insurance  Corporation-insured  demand and time
     deposits in, or certificates of deposit of, or bankers'  acceptances issued
     by, any bank or trust  company,  savings  and loan  association  or savings
     bank,  the short term  obligations  of which are rated in the highest short
     term rating category by each Rating Agency (or, if not rated by FITCH IBCA,
     otherwise  acceptable  to FITCH  IBCA as  confirmed  in  writing  that such
     investment   would  not,  in  and  of  itself,   result  in  a   downgrade,
     qualification  or  withdrawal  of the then current  rating  assigned to any
     Class of Certificates by such Rating Agency); and

     (9) other  obligations  or  securities  that are  acceptable to each Rating
     Agency as a Permitted  Investment  hereunder  and which would not result in
     the  downgrade,  qualification  or  withdrawal of the  then-current  rating
     assigned to any Class of Certificates by the Rating Agency, as evidenced in
     writing;

                                       43

<PAGE>

provided,  however,  that no  instrument  shall be a Permitted  Investment if it
represents,  (1) the right to receive only interest payments with respect to the
underlying debt instrument, (2) the right to receive both principal and interest
payments derived from  obligations  underlying such instrument and the principal
and  interest  payments  with  respect  to such  instrument  provide  a yield to
maturity  greater  than 120% of the yield to maturity at par of such  underlying
obligations, (3) an obligation that has a remaining maturity of greater than 365
days from the date of  acquisition  thereof.  References  herein to the  highest
rating available on money market funds shall mean Aaa in the case of Moody's and
AAA in the case of FITCH  IBCA,  and  references  herein to the  highest  rating
available on unsecured  commercial paper and short-term debt  obligations  shall
mean P-1 in the case of Moody's and F-1+ in the case of FITCH IBCA.

     "Permitted  Transferee":  Any Transferee  other than (i) the United States,
any State or political subdivision thereof, any possession of the United States,
or  any  agency  or  instrumentality  of any of the  foregoing  (other  than  an
instrumentality  which is a corporation  if all of its activities are subject to
tax and,  except for FHLMC, a majority of its board of directors is not selected
by  such  governmental  unit),  (ii) a  foreign  government,  any  international
organization,  or any agency or instrumentality  of any of the foregoing,  (iii)
any organization (other than certain farmers' cooperatives  described in Section
521 of the Code)  which is exempt  from the tax imposed by Chapter 1 of the Code
(including  the tax  imposed by Section  511 of the Code on  unrelated  business
taxable  income),  (iv) rural electric and telephone  cooperatives  described in
Section  1381(a)(2)(C)  of the Code,  (v) any electing large  partnership  under
Section 775 of the Code and (vi) any other Person so  designated  by the Trustee
based upon an Opinion of Counsel that the holding of an Ownership  Interest in a
Residual  Certificate  by such  Person  may cause the Trust  Fund or any  Person
having an  Ownership  Interest  in any Class of  Certificates  (other  than such
Person) to incur a liability  for any  federal  tax imposed  under the Code that
would not otherwise be imposed but for the Transfer of an Ownership  Interest in
a Residual  Certificate to such Person.  The terms "United States",  "State" and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

     "Person": Any legal person, including,  without limitation, any individual,
corporation, partnership, limited liability company, joint venture, association,
joint-stock  company,  trust,  unincorporated  organization or government or any
agency or political subdivision thereof.

     "Plan": As defined in Section 5.02(c)(i).

     "Preliminary  Statement":  The introductory section in this Agreement found
on pages 2 through 5 hereof.

     "Prepayment  Assumption":  A CPR of 0% and an  assumption  that a Principal
Prepayment  in full will be made on each ARD Loan on its  Anticipated  Repayment
Date,  used for  determining  the accrual of  original  issue  discount,  market
discount and  premium,  if any, on the

                                       44

<PAGE>

REMIC I Regular  Interests,  the REMIC II Regular Interests and the Certificates
for federal income tax purposes.

     "Prepayment Interest Excess": With respect to any Mortgage Loan (other than
a Late Due Date  Mortgage  Loan) that was subject to a Principal  Prepayment  in
full or in part during any Collection  Period,  which  Principal  Prepayment was
received  following such Mortgage Loan's Due Date in such Collection Period, the
amount of interest (net of related  Servicing  Fees and, if  applicable,  Excess
Interest)  accrued on the amount of such Principal  Prepayment during the period
from and after such Due Date,  to the extent  collected  (without  regard to any
Prepayment Premium that may have been collected).

     "Prepayment Interest  Shortfall":  With respect to any Mortgage Loan (other
than a Late Due Date Mortgage  Loan) that was subject to a Principal  Prepayment
in full or in part  (including,  without  limitation,  an early Balloon Payment)
during any Collection Period,  which Principal  Prepayment was received prior to
such Mortgage Loan's Due Date in such Collection  Period, the amount of interest
that would have accrued at the related Net  Mortgage  Rate on the amount of such
Principal  Prepayment during the period from the date as of which such Principal
Prepayment was applied to such Mortgage Loan to but not including such Due Date,
to the extent not collected from the related  Mortgagor  (without  regard to any
Prepayment Premium or Excess Interest that may have been collected).

     "Prepayment Premium":  Any premium,  penalty or fee paid or payable, as the
context requires,  by a Mortgagor in connection with a Principal  Prepayment on,
or other early collection of principal of, a Mortgage Loan or REO Loan.

     "Primary Servicing Office": With respect to each of the Master Servicer and
the Special Servicer,  the office thereof  primarily  responsible for performing
its respective duties under this Agreement;

initially  located  in  Illinois,  in the  case  of  the  Master  Servicer,  and
California, in the case of the Special Servicer.

     "Principal Allocation Fraction":  With respect to any Distribution Date and
each of Class  A-1,  Class  A-2,  Class B, Class C, Class D, Class E and Class F
Certificates,  a fraction the numerator of which is the portion of the Principal
Distribution   Amount   allocable  to  such  Class  of  Certificates   for  such
Distribution  Date and the  denominator  of which is the Principal  Distribution
Amount for all Classes of Certificates as of such Distribution Date.

     "Principal Balance  Certificate":  Any REMIC III Regular  Certificate other
than a Class X Certificate.

     "Principal Distribution Amount": With respect to any Distribution Date, the
aggregate of (i) the Current Principal Distribution Amount for such Distribution
Date and (ii) if such Distribution Date is after the initial  Distribution Date,
the  excess,  if any, of the  Principal  Distribution

                                       45

<PAGE>

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.

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

     "Private  Book-Entry  Certificate":  Any  Class G and  Class H  Certificate
registered in the name of the Depository or its nominee.

     "Proposed Plan": As defined in Section 3.17(a)(iii).

     "Prospectus":  The Prospectus  dated March 3, 2000, as  supplemented by the
Prospectus  Supplement  dated  March 8, 2000,  relating  to the  offering of the
Registered Certificates.

     "PTCE 95-60": As defined in Section 5.02(c)(ii).

     "Purchase  Price":  With respect to any Mortgage Loan, a price equal to the
outstanding  principal balance of such Mortgage Loan as of the date of purchase,
together  with (a) all accrued and unpaid  interest on such Mortgage Loan at the
related  Mortgage  Rate in effect from time to time to but not including the Due
Date  in the  Collection  Period  of  purchase,  (b)  all  related  unreimbursed
Servicing  Advances,  (c) all accrued and unpaid Advance  Interest in respect of
related Advances, and (d) if such Mortgage Loan is being purchased by a Mortgage
Loan  Seller  pursuant  to  Section  6 of the  related  Mortgage  Loan  Purchase
Agreement or by GMACCM  pursuant to Section 4 of either  Supplemental  Agreement
(i) all expenses  incurred or to be incurred by the Master Servicer (unless such
Mortgage  Loan  Seller  is acting as Master  Servicer),  the  Depositor  and the
Trustee  in  respect  of the  Breach or  Defect  giving  rise to the  repurchase
obligation and (ii) the aggregate amount of all Special  Servicer Fees,  Advance
Interest (to the extent, if any, not included in clause (c) above) in respect of
related Advances and Additional Trust Fund Expenses  incurred prior to such date
of purchase and, in each case,  in respect of the related  Mortgage  Loan.  With
respect  to any REO  Property,  the amount  calculated  in  accordance  with the
preceding sentence in respect of the related REO Loan.

     "Qualified  Appraiser":  In connection  with the appraisal of any Mortgaged
Property or REO  Property,  an  Independent  MAI-designated  appraiser  or, if a
MAI-designated   appraiser  is  not  reasonably  available,  a  state  certified
appraiser,  in each case, with at least five (5) years  experience in appraising
similar types of property.

     "Qualified  Insurer":  An insurance  company or security or bonding company
qualified to write the related Insurance Policy in the relevant jurisdiction.

                                       46

<PAGE>

     "Qualifying  Substitute  Mortgage  Loan"  means,  in the case of a  Deleted
Mortgage  Loan, a Mortgage Loan which,  on the date of  substitution,  (i) has a
principal  balance,  after  deduction  of the  principal  portion of the Monthly
Payment due in the month of substitution,  not in excess of the Stated Principal
Balance of the Deleted  Mortgage  Loan;  (ii) is accruing  interest at a rate of
interest at least equal to that of the Deleted  Mortgage Loan; (iii) has a fixed
Mortgage Rate if the Deleted  Mortgage Loan is a Fixed Rate Mortgage Loan and an
adjustable  Mortgage  Rate (with the same Index,  Gross Margin and  frequency of
Interest  Rate  Adjustment  Dates and  Payment  Adjustment  Dates as the Deleted
Mortgage Loan) if the Deleted Mortgage Loan is an Adjustable Rate Mortgage Loan;
(iv) is  accruing  interest  on the same  basis  (for  example,  a 360-day  year
consisting  of twelve 30-day  months) as the Deleted  Mortgage  Loan;  (v) has a
remaining term to stated maturity or Anticipated  Repayment Date, in the case of
an ARD Loan,  not greater than,  and not more than two years less than,  that of
the Deleted Mortgage Loan; (vi) has an original  Loan-to-Value  Ratio not higher
than that of the Deleted Mortgage Loan and a current  Loan-to-Value Ratio (equal
to the principal  balance on the date of  substitution  divided by its Appraised
Value as determined  by an Appraisal  dated not more than twelve months prior to
the date of substitution) not higher than the then current  Loan-to-Value  Ratio
of the Deleted Mortgage Loan; (vii) will comply with all of the  representations
and warranties relating to Mortgage Loans set forth in the related Mortgage Loan
Purchase Agreement, as of the date of substitution;  (viii) has an Environmental
Assessment  relating to the related  Mortgaged  Property in its Servicing  File;
(ix) has a Debt  Service  Coverage  Ratio  equal to or greater  than that of the
Deleted  Mortgage  Loan; and (x) as to which the Trustee has received an Opinion
of Counsel,  at the related Mortgage Loan Seller's  expense,  that such Mortgage
Loan is a  "qualified  replacement  mortgage"  within  the  meaning  of  Section
860G(a)(4) of the Code;  provided that no 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 Rating Agency  Confirmation is obtained.  In the event that
either one mortgage loan is substituted for more than one Deleted  Mortgage Loan
or more than one mortgage loan is substituted  for one or more Deleted  Mortgage
Loans,  then (a) the principal  balance referred to in clause (i) above shall be
determined on the

basis of aggregate  principal  balances and (b) the rates referred to in clauses
(ii) and (iii) above and the remaining  term to stated  maturity  referred to in
clause (v) above shall be determined  on a weighted  average  basis.  Whenever a
Qualifying  Substitute  Mortgage Loan is substituted for a Deleted Mortgage Loan
pursuant to this Agreement,  the party 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 March, 2033.

     "Rating Agency": Each of Moody's and FITCH IBCA.

     "Rating  Agency  Confirmation":  With  respect to any matter and any Rating
Agency,  where required under this  Agreement,  confirmation  in writing by such
Rating Agency that a proposed  action,  failure to act, or other event specified
herein  will  not in and of  itself  result  in  the  withdrawal,  downgrade  or
qualification  of the  rating  assigned  by such  Rating  Agency to any Class

                                       47

<PAGE>

of  Certificates  then rated by such  Rating  Agency.  For all  purposes of this
Agreement,  the  placement by a Rating  Agency of any Class of  Certificates  on
"negative credit watch" shall constitute a qualification of such Rating Agency's
rating of such Certificates.

     "Rating  Agency   Monitoring  Fee":  The  $10,000  annual   monitoring  and
surveillance fee charged by Moody's.

     "Realized Loss": With respect to each defaulted Mortgage Loan as to which a
Final Recovery  Determination  has been made, or with respect to any REO Loan as
to which a Final  Recovery  Determination  has been made as to the  related  REO
Property,  an amount  (not less than  zero)  equal to (i) the  unpaid  principal
balance  of such  Mortgage  Loan or REO Loan,  as the case may be, as of the Due
Date immediately  preceding the date the Final Recovery  Determination was made,
plus (ii) all accrued but unpaid  interest on such Mortgage Loan or REO Loan, as
the case may be (without taking into account the amounts  described in subclause
(iv) of this  sentence),  at the related  Mortgage Rate to but not including the
Due Date in the  Collection  Period (or, in the case of a Late Due Date Mortgage
Loan, the Due Date in the Collection Period immediately following the Collection
Period)  in which the Final  Recovery  Determination  was made,  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
payments and proceeds,  if any, received in respect of such Mortgage Loan or REO
Loan,  as the case may be,  during  the  Collection  Period in which  such Final
Recovery  Determination was made (net of any related  Liquidation  Expenses paid
therefrom).

     With  respect  to  any  Mortgage  Loan  as to  which  any  portion  of  the
outstanding  principal or accrued  interest  (other than Excess  Interest)  owed
thereunder  was forgiven in connection  with a bankruptcy or similar  proceeding
involving the related  Mortgagor or a modification,  waiver or amendment of such
Mortgage  Loan granted or agreed to by the Master  Servicer or Special  Servicer
pursuant to Section 3.20, the amount of such principal or interest so forgiven.

     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 Mortgagor or a modification,  waiver or
amendment of such Mortgage  Loan granted or agreed to by the Master  Servicer or
Special  Servicer  pursuant  to  Section  3.20,  the  amount  of the  consequent
reduction  in the  interest  portion  of each  successive  Monthly  Payment  due
thereon.  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 any Distribution Date, the last Business Day
of the calendar month immediately preceding the month in which such Distribution
Date occurs.

     "Registered  Certificates":  The Class X,  Class A-1,  Class A-2,  Class B,
Class C, Class D, Class E and Class F Certificates.

                                       48

<PAGE>

     "Reimbursement  Rate":  The rate per annum  applicable  to the  accrual  of
Advance  Interest,  which rate per annum  shall be equal to the "prime  rate" as
published  in the "Money  Rates"  section of The Wall  Street  Journal,  as such
"prime rate" may change from time to time.

     "Related  Borrower  Group":  Any of the groups of Mortgage Loans having the
same or related Mortgagors as identified in Annex A to the Prospectus Supplement
dated March 8, 2000 under the column heading "Related Group."

     "Release Date": As defined in Section 3.08(c).

     "REMIC": A "real estate mortgage  investment conduit" as defined in Section
860D of the Code.

     "REMIC I": The segregated pool of assets subject hereto,  constituting  the
primary trust created hereby and to be administered  hereunder,  with respect to
which a REMIC  election is to be made,  consisting of: (i) the Mortgage Loans as
from time to time are  subject  to this  Agreement  and all  payments  under and
proceeds of such Mortgage  Loans  received or receivable  after the Cut-off Date
(other than (a) Excess  Interest  and (b)  payments of  principal,  interest and
other  amounts  due and payable on the  Mortgage  Loans on or before the Cut-off
Date),  together with the rights under all  documents  delivered or caused to be
delivered  under the  Mortgage  Loan  Purchase  Agreements  with  respect to the
Mortgage Loans by the Mortgage Loan Sellers; (ii) any REO Properties acquired in
respect of the  Mortgage  Loans;  (iii) such funds or assets  (other than Excess
Interest) as from time to time are deposited in the  Distribution  Account,  the
Certificate Account and the REO Account (if established); and (iv) the rights of
the  Depositor  under  Sections  2, 4(a) and 6 of each  Mortgage  Loan  Purchase
Agreement  and  the  rights  of the  Depositor  under  Sections  2 and 4 of each
Supplemental Agreement assigned by the Depositor to the Trustee.

     "REMIC I Regular  Interest":  With respect to each  Mortgage  Loan (and any
successor REO Loan), the separate non-certificated beneficial ownership interest
in REMIC I issued  hereunder and designated as a "regular  interest" in REMIC I.
Each REMIC I Regular  Interest  shall  accrue  interest at the  related  REMIC I
Remittance Rate 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 (which shall equal the Cut-off Date Principal
Balance of the related  Mortgage Loan). The designation for each REMIC I Regular
Interest  shall be the loan number for the  initial  related  Mortgage  Loan set
forth in the Mortgage Loan Schedule. If a Replacement 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 Replacement
Mortgage Loan(s).

     "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 in effect
for the related  Mortgage  Loan or REO Loan, as the case may be. If any Mortgage
Loan  included  in the  Trust  Fund  as of the  Closing  Date is  replaced  by a
Replacement  Mortgage Loan or Loans, the REMIC I Remittance Rate

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<PAGE>

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 all of the REMIC I
Regular  Interests,  with  respect to which a separate  REMIC  election is to be
made.

     "REMIC II Distribution Amount": As defined in Section 4.01(a).

     "REMIC  II  Regular   Interest":   Any  of  the   fifteen   (15)   separate
non-certificated  beneficial  ownership  interests in REMIC II issued  hereunder
designated as a "regular  interest" in REMIC II and identified  individually  as
REMIC II Regular  Interests LA-1,  LA-2, LB, LC, LD, LE, LF, LG, LH, LJ, LK, LL,
LM, LN and LO.  Each REMIC II Regular  Interest  shall  accrue  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.

     Each REMIC II Regular Interest  corresponds to a Class of Principal Balance
Certificates and a Class X Component as follows:

   REMIC II                  Class of Principal                   Class X
Regular Interest            Balance Certificates                 Component
----------------            --------------------                 ---------
   Class LA-1                    Class A-1                  Class LA-1 Component

   Class LA-2                    Class A-2                  Class LA-2 Component

   Class LB                      Class B                    Class LB Component

   Class LC                      Class C                    Class LC Component

   Class LD                      Class D                    Class LD Component

   Class LE                      Class E                    Class LE Component

   Class LF                      Class F                    Class LF Component

   Class LG                      Class G                    Class LG Component

   Class LH                      Class H                    Class LH Component

   Class LJ                      Class J                    Class LJ Component

   Class LK                      Class K                    Class LK Component

                                       50

<PAGE>

   REMIC II                  Class of Principal                   Class X
Regular Interest            Balance Certificates                 Component
----------------            --------------------                 ---------
   Class LL                      Class L                    Class LL Component

   Class LM                      Class M                    Class LM Component

   Class LN                      Class N                    Class LN Component

   Class LO                      Class O                    Class LO Component

     "REMIC II Remittance Rate": With respect to each REMIC II Regular Interest,
for any  Distribution  Date,  the  weighted  average of the  respective  REMIC I
Remittance Rates for all REMIC I Regular  Interests for such  Distribution  Date
(weighted on the basis of the respective  Uncertificated  Principal  Balances of
the related REMIC I Regular  Interests  immediately  prior to such  Distribution
Date).

     "REMIC III": The segregated  pool of assets  consisting of all of the REMIC
II Regular  Interests,  with respect to which a separate REMIC election is to be
made.

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

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

     "REMIC  Provisions":  Provisions of the federal  income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final Treasury  regulations  (and, to the extent not  inconsistent
with  such  temporary  and  final  regulations,  proposed  regulations)  and any
published rulings,  notices and announcements,  promulgated  thereunder,  as the
foregoing may be in effect from time to time.

     "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:

          (i) 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 or 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);

                                       51

<PAGE>

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

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

          (iv)  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 Regulations Section  1.856-4(b)(1)  (whether
     or not such charges are separately stated); and

          (v) 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 percent of the total rent received or accrued under,  or in
     connection with, the lease.

     "REO Account":  A segregated  account or accounts created and maintained by
the Special  Servicer  pursuant  to Section  3.16(b) on behalf of the Trustee in
trust for the  Certificateholders,  which  shall be  entitled  "GMAC  Commercial
Mortgage  Corporation,  as Special Servicer,  in trust for registered holders of
GMAC Commercial Mortgage Securities,  Inc., Mortgage Pass-Through  Certificates,
Series 2000-C1".

     "REO Acquisition":  The acquisition of any REO Property pursuant to Section
3.09.

     "REO  Disposition":  The  sale or  other  disposition  of the REO  Property
pursuant to Section 3.18.

     "REO Extension": As defined in Section 3.16(a).

     "REO Loan":  The mortgage loan deemed for purposes hereof to be outstanding
with respect to each REO Property.  Each REO Loan shall be deemed to provide for
monthly  payments of principal  and/or interest equal to the applicable  Assumed
Monthly  Payment  and  otherwise  to have the same terms and  conditions  as its
predecessor Mortgage Loan,  including,  without limitation,  with respect to the
calculation  of the  Mortgage  Rate in effect  from time to time (such terms and
conditions  to be applied  without  regard to the  default  on such  predecessor
Mortgage  Loan).  Each REO Loan shall be deemed to have an  initial  outstanding
principal  balance  and  Stated  Principal  Balance  equal  to  the  outstanding
principal balance and Stated Principal Balance, respectively, of its predecessor
Mortgage  Loan as of the  date  of the  related  REO  Acquisition.  All  Monthly
Payments  (other than a Balloon  Payment),  Assumed  Monthly  Payments and other
amounts due and owing in respect of the predecessor Mortgage Loan as of the date
of the related REO  Acquisition  shall be deemed to

                                       52

<PAGE>

continue to be due and owing in respect of an REO Loan.  All amounts  payable or
reimbursable to the Master Servicer,  the Special  Servicer,  the Trustee or the
Fiscal Agent in respect of the  predecessor  Mortgage Loan as of the date of the
related  REO  Acquisition,   including,  without  limitation,  any  unreimbursed
Advances,  together with any Advance  Interest accrued and payable in respect of
such  Advances,  shall  continue  to be  payable or  reimbursable  to the Master
Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as the case may
be, in respect of an REO Loan.

     "REO Property":  A Mortgaged  Property  acquired by the Special Servicer on
behalf and in the name of the Trustee for the benefit of the  Certificateholders
through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in
accordance  with  applicable  law in  connection  with the  default or  imminent
default of a Mortgage Loan.

     "REO Revenues":  All income,  rents and profits derived from the ownership,
operation or leasing of any REO Property.

     "REO  Status  Report":  A report or  reports  substantially  in the form of
Exhibit H attached  hereto  setting forth,  among other things,  with respect to
each REO  Property  that  was  included  in the  Trust  Fund as of the  close of
business on the immediately  preceding  Determination  Date, (i) the Acquisition
Date of such REO Property,  (ii) the amount of income  collected with respect to
such REO Property (net of related expenses) and other amounts,  if any, received
on such REO Property during the Collection  Period ending on such  Determination
Date and (iii) the value of the REO Property based on the most recent  Appraisal
or other valuation  thereof  available to the Master Servicer as of such date of
determination  (including  any  valuation  prepared  internally  by the  Special
Servicer).

     "REO Tax": As defined in Section 3.17(a)(i).

     "Replacement  Mortgage Loan": Any Qualifying  Substitute Mortgage Loan that
is substituted for one or more Deleted Mortgage Loans.

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

     "Required Appraisal Loan": As defined in Section 3.19(d).

     "Reserve Account":  The account or accounts created and maintained pursuant
to Section 3.03(d).

     "Reserve  Funds":  With respect to any Mortgage  Loan,  any cash amounts or
instruments  convertible into cash delivered by the related Mortgagor to be held
in escrow by or on behalf of the mortgagee  representing reserves for items such
as repairs, replacements,  capital

                                       53

<PAGE>

improvements  and/or  environmental  testing and remediation with respect to the
related Mortgaged Property.

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

     "Responsible  Officer":  When used with respect to the initial Trustee, any
officer  of  its  Asset-Backed  Securities  Trust  Services  Group  with  direct
responsibility  for the  transaction  contemplated  by this  Agreement  and with
respect  to any  successor  Trustee,  any vice  president,  any  assistant  vice
president,  any assistant secretary,  any assistant treasurer, any trust officer
or assistant trust officer,  or any assistant  controller in its corporate trust
department or any other officer of the Trustee customarily  performing functions
similar to those  performed  by any of the above  designated  officers to whom a
particular matter is referred by the Trustee because of such officer's knowledge
of and familiarity with the particular subject.

     "Revised Rate": With respect to each ARD Loan, the increased  interest rate
after the Anticipated  Repayment Date (in the absence of a default) for such ARD
Loan, as calculated and as set forth in the related Mortgage Note or Mortgage.

     "Securities Act": The Securities Act of 1933, as amended.

     "Security  Agreement":  With  respect to any  Mortgage  Loan,  any security
agreement or equivalent instrument, whether contained in the related Mortgage or
executed separately, creating in favor of the holder of such Mortgage a security
interest in the personal  property  constituting  security for repayment of such
Mortgage Loan.

     "Senior Certificate": Any Class X, Class A-1 or Class A-2 Certificate.

     "Servicer  Watch  List":  A report or reports  setting  forth,  among other
things,  certain Mortgage Loans that (i) have experienced a decrease of at least
10% in debt service  coverage  from the previous  reporting  period  (unless the
Master  Servicer shall have  reasonably  determined that such decrease is due to
the  seasonal  nature  or use of the  related  Mortgaged  Property),  (ii)  have
experienced  a loss of or  bankruptcy  of the largest  tenant (to the extent the
Servicer has actual knowledge of such loss or bankruptcy),  (iii) are within six
months of maturity or (iv) are Specified  Debt Service  Reserve Loans which have
had their Monthly  Payment paid out of a debt service  reserve for 2 consecutive
Due Dates.

     "Servicing  Account":  The  account  or  accounts  created  and  maintained
pursuant to Section 3.03(a).

     "Servicing  Advances":  All  customary,  reasonable  and necessary  "out of
pocket" costs and expenses  (including  attorneys' fees and expenses and fees of
real estate brokers)  incurred by the Master Servicer,  the Special Servicer or,
if applicable,  the Trustee or the Fiscal Agent in

                                       54

<PAGE>

connection  with the  servicing  and  administering  of (a) a  Mortgage  Loan in
respect  of which a  default,  delinquency  or  other  unanticipated  event  has
occurred or as to which a default is imminent or (b) an REO Property, including,
but not  limited  to, the cost of (i)  compliance  with the  obligations  of the
Master  Servicer  and/or the Special  Servicer set forth in Section  3.03(c) and
3.09(c),  (ii) the  preservation,  restoration  and  protection  of a  Mortgaged
Property,  (iii) obtaining any Insurance Proceeds or any Liquidation Proceeds in
respect of any Mortgage Loan or REO Property,  (iv) any  enforcement or judicial
proceedings with respect to a Mortgaged Property,  including  foreclosures,  and
(v) the operation, management,  maintenance and liquidation of any REO Property.
All  Emergency  Advances  made  by  the  Special  Servicer  hereunder  shall  be
considered "Servicing Advances" for the purposes hereof.

     "Servicing  Fee Rate":  With respect to any Mortgage  Loan,  the percentage
rate per annum set forth with respect to such Mortgage Loan on the Mortgage Loan
Schedule.

     "Servicing  Fees":  With respect to any Distribution Date and each Mortgage
Loan and REO Loan,  the fee payable to the Master  Servicer  pursuant to Section
3.11(a).

     "Servicing  File": Any documents (other than documents  required to be part
of the related  Mortgage  File), in the possession of the Master Servicer or the
Special  Servicer and relating to the  origination and servicing of any Mortgage
Loan.

     "Servicing  Officer":  Any  officer of the Master  Servicer  or the Special
Servicer  involved in, or responsible for, the  administration  and servicing of
the  Mortgage  Loans,  whose  name and  specimen  signature  appear on a list of
servicing  officers  furnished by the Master Servicer or the Special Servicer to
the Trustee and the  Depositor  on the Closing  Date as such list may be amended
from time to time thereafter.

     "Servicing Standard": As defined in Section 3.01(a).

     "Servicing  Transfer  Event":  With  respect  to  any  Mortgage  Loan,  the
occurrence  of any of the events  described  in clauses  (1)  through (8) of the
definition of "Specially Serviced Mortgage Loan".

     "Special Servicer":  GMACCM, or any successor special servicer appointed as
herein provided.

     "Special  Servicing Fee": With respect to each Specially  Serviced Mortgage
Loan and REO  Loan,  the fee  designated  as such  and  payable  to the  Special
Servicer pursuant to Section 3.11(c).

     "Special  Servicing  Fee Rate":  With  respect to each  Specially  Serviced
Mortgage Loan and REO Loan, 0.250% per annum.

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<PAGE>

     "Specially  Serviced  Mortgage  Loan":  Any Mortgage Loan (and each related
Cross-Collateralized  Mortgage Loan) as to which any of the following events has
occurred:

     (1) the related  Mortgagor has failed to make when due any Balloon Payment,
     which  failure  has  continued  unremedied  for 30 days or,  if the  Master
     Servicer has received  evidence  that the related  Mortgagor has obtained a
     firm commitment to refinance,  which has continued unremedied for more than
     60 days; or

     (2) the related  Mortgagor has failed to make when due any Monthly  Payment
     (other than a Balloon  Payment)  or any other  payment  required  under the
     related  Mortgage Note or the related  Mortgage,  which  failure  continues
     unremedied for 60 days; or

     (3) the Master  Servicer has  determined  in its good faith and  reasonable
     judgment,  that a default in the  making of a Monthly  Payment or any other
     payment required under the related Mortgage Note or the related Mortgage is
     likely to occur  within 30 days and is likely to remain  unremedied  for at
     least 60 days or, in the case of a Balloon  Payment,  for at least 30 days;
     or

     (4) there shall have occurred a default,  other than as described in clause
     (1)  or (2)  above,  that  materially  impairs  the  value  of the  related
     Mortgaged   Property  as  security  for  the  Mortgage  Loan  or  otherwise
     materially and adversely affects the interests of Certificateholders, which
     default has continued  unremedied for the applicable grace period under the
     terms of the Mortgage Loan (or, if no grace period is specified,  60 days);
     or

     (5) 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 or 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 related  Mortgagor  and such decree or order
     shall have  remained in force  undischarged  or unstayed for a period of 60
     days; or

     (6) the related  Mortgagor  shall have  consented 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 such Mortgagor or of or relating to all or substantially all of
     its property; or

     (7) the related  Mortgagor  shall have admitted in writing its inability to
     pay its debts  generally  as they  become  due,  filed a  petition  to take
     advantage of any applicable  insolvency or reorganization  statute, made an
     assignment  for the  benefit of its  creditors,  or  voluntarily  suspended
     payment of its obligations; or

                                       56

<PAGE>

     (8) the Master Servicer shall have received  notice of the  commencement of
     foreclosure or similar  proceedings  with respect to the related  Mortgaged
     Property;

provided  that a Mortgage  Loan will cease to be a Specially  Serviced  Mortgage
Loan,  when a Liquidation  Event has occurred in respect of such Mortgage  Loan,
when the  related  Mortgaged  Property  or  Properties  become REO  Property  or
Properties,  or at such time as such of the  following as are  applicable  occur
with respect to the circumstances identified above that caused the Mortgage Loan
to be characterized as a Specially  Serviced Mortgage Loan (and provided that no
other  Servicing  Transfer  Event then  exists  with  respect to the  particular
Mortgage Loan or any related Cross-Collateralized Mortgage Loan):

          (w) with respect to the circumstances described in clauses (1) and (2)
     above,  the related  Mortgagor has made the applicable  Balloon  Payment or
     three  consecutive full and timely Monthly Payments under the terms of such
     Mortgage Loan (as such terms may be changed or modified in connection  with
     a bankruptcy or similar  proceeding  involving the related  Mortgagor or by
     reason of a modification,  waiver or amendment  granted or agreed to by the
     Special Servicer pursuant to Section 3.20);

          (x) with respect to the  circumstances  described in clauses (3), (5),
     (6) and (7) above, such circumstances  cease to exist in the good faith and
     reasonable judgment of the Special Servicer;

          (y) with respect to the  circumstances  described in clause (4) above,
     such default is cured; and

          (z) with respect to the  circumstances  described in clause (8) above,
     such proceedings are terminated.

     "Specified Debt Service Reserve  Loans":  The Mortgage Loans  identified on
the Mortgage Loan Schedule as loan numbers 23452,  23888,  24028,  25196, 25942,
TA7314, 09-0001296, 09-0001313, and 09-0001297.

     "Startup Day": With respect to each of REMIC I, REMIC II and REMIC III, the
day designated as such in Section 10.01(b).

     "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 Mortgagor or a modification,  waiver or
amendment of such Mortgage  Loan granted or agreed to by the Master  Servicer or
Special  Servicer  pursuant to Section 3.20 or, in the case of any ARD Loan, the
Anticipated Repayment Date for such Mortgage Loan.

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<PAGE>

     "Stated  Principal  Balance":  With respect to any  Mortgage  Loan (and any
related REO Loan), the Cut-off Date Principal  Balance of such Mortgage Loan (or
in  the  case  of a  Replacement  Mortgage  Loan,  as of  the  related  date  of
substitution),  as reduced on each  Distribution Date (to not less than zero) by
(i) all payments  (or  Delinquency  Advances in lieu  thereof) of, and all other
collections  allocated  as provided  in Section  1.02 to,  principal  of or with
respect to such  Mortgage  Loan (or  related REO 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
(or related REO Loan) during the related Collection Period.  Notwithstanding the
foregoing,  if a Liquidation Event occurs in respect of any Mortgage Loan or REO
Property,  then the "Stated  Principal  Balance" of such Mortgage Loan or of the
related  REO  Loan,  as the case  may be,  shall  be zero  commencing  as of the
Distribution  Date in the Collection Period next following the Collection Period
in which such Liquidation Event occurred.

     "Strip Holder": John B. Levey or any heir, successor or assign with respect
to the Broker Strip Amounts.

     "Subordinated  Certificate":  Any 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 or
Residual Certificate.

     "Sub-Servicer":  Any Person  with which the Master  Servicer or the Special
Servicer has entered into a Sub-Servicing Agreement.

     "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 3.22.

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

     "Supplemental  Agreement":  Each of (i) the Supplemental Agreement dated as
of March 8, 2000 between GMACCM and Goldman Sachs Mortgage Company, and (ii) the
Supplemental  Agreement  dated as of March 8, 2000  between  GMACCM  and  German
American Capital  Corporation,  in each case, as amended,  restated or otherwise
supplemented from time to time.

     "Tax Returns":  The federal income tax return on Internal  Revenue  Service
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

                                       58

<PAGE>

Allocation,  or any successor  forms,  to be filed on behalf of each of REMIC I,
REMIC II and  REMIC  III due to its  classification  as a REMIC  under the REMIC
Provisions,  and the  federal  income  tax  return  to be filed on behalf of the
Grantor  Trust due to its  classification  as a grantor  trust under the Grantor
Trust  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 Internal  Revenue Service or any other  governmental  taxing  authority
under any applicable provisions of federal, or Applicable State Law.

     "Tenant": With respect to each Credit Lease Loan, the lessee thereunder.

     "Transfer":  Any direct or indirect transfer, sale, pledge,  hypothecation,
or other form of assignment of any Ownership Interest in a Certificate.

     "Transfer Affidavit and Agreement": As defined in Section 5.02(d)(i)(B).

     "Transferee":  Any  Person  who is  acquiring  by  Transfer  any  Ownership
Interest in a Certificate.

     "Transferor":  Any  Person  who is  disposing  by  Transfer  any  Ownership
Interest in a Certificate.

     "Trust Fund":  Collectively,  the Excess  Interest and all of the assets of
REMIC I, REMIC II and REMIC III.

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

     "Trustee Fee": With respect to any Distribution Date and each Mortgage Loan
and REO Loan, an amount equal to  one-twelfth  of the product of the Trustee Fee
Rate and the  aggregate  Stated  Principal  Balance of such Mortgage Loan or REO
Loan immediately following the prior Distribution Date.

     "Trustee  Fee Rate":  0.0026%.  The  Trustee  Fee Rate is  included  in the
Servicing Fee Rate set fourth on the Mortgage Loan Schedule.

     "UCC": The Uniform Commercial Code of any applicable jurisdiction.

     "UCC  Financing  Statement":  A  financing  statement  executed  and  filed
pursuant  to  the  Uniform  Commercial  Code,  as  in  effect  in  the  relevant
jurisdiction,  or,  in the  case of  Louisiana,  the  comparable  provisions  of
Louisiana law.

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<PAGE>

     "Uncertificated  Accrued  Interest":  With  respect  to any REMIC I Regular
Interest,  for any Distribution  Date, one month's  interest  (calculated on the
basis of a 360 day year  consisting  of  twelve  30-day  months)  at the REMIC I
Remittance  Rate   applicable  to  such  REMIC  I  Regular   Interest  for  such
Distribution Date, accrued on the Uncertificated Principal Balance of such REMIC
I Regular Interest outstanding immediately prior to such Distribution Date. With
respect to any REMIC II Regular Interest, for any Distribution Date, one month's
interest  (calculated on the basis of a 360-day year consisting of twelve 30-day
months)  at the REMIC II  Remittance  Rate  applicable  to such REMIC II Regular
Interest for such Distribution  Date,  accrued on the  Uncertificated  Principal
Balance of such REMIC II Regular Interest outstanding  immediately prior to such
Distribution Date. The Uncertificated Accrued Interest in respect of any REMIC I
Regular Interest or REMIC II Regular Interest for any Distribution Date shall be
deemed to accrue during the applicable Interest Accrual Period.

     "Uncertificated  Distributable  Interest":  With  respect  to any  REMIC  I
Regular Interest for any Distribution Date, the Uncertificated  Accrued Interest
in respect of such REMIC I Regular Interest for such Distribution  Date, reduced
(to not less  than  zero) by the  product  of (i) any Net  Aggregate  Prepayment
Interest  Shortfall for such Distribution  Date,  multiplied by (ii) a fraction,
expressed as a percentage,  the numerator of which is the Uncertificated Accrued
Interest in respect of such REMIC I Regular Interest for such Distribution Date,
and the denominator of which is the aggregate Uncertificated Accrued Interest in
respect of all the REMIC I Regular  Interests for such  Distribution  Date. With
respect to any REMIC II Regular  Interest for any  Distribution  Date, an amount
equal to: (a) 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 portion, if any, of the Net Aggregate Prepayment Interest Shortfall,  if
any, for such  Distribution  Date  allocated  to such REMIC II Regular  Interest
which shall be  allocated  in the same manner as such Net  Aggregate  Prepayment
Interest  Shortfall is  allocated  amongst the  corresponding  REMIC III Regular
Certificates.

     "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 Cut-off Date 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 4.01(a) and, if and to the extent appropriate, shall be
further reduced on such Distribution Date as provided in Section 4.04(a).  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 such 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  4.01(b) and, if and to the extent
appropriate,  shall be further reduced on such  Distribution Date as provided in
Section 4.04(b).

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     "Underwriter":  Each of Goldman,  Sachs & Co. and Deutsche Bank  Securities
Inc.

     "Uninsured  Cause":  Any cause of damage to property  subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the  hazard  insurance  policies  or flood  insurance  policies  required  to be
maintained pursuant to Section 3.07.

     "United  States  Person":  A citizen or  resident of the United  States,  a
corporation  or  partnership  (unless,  in the case of a  partnership,  Treasury
regulations are adopted that provide otherwise) created or organized in or under
the laws of the United  States,  any State  thereof or the District of Columbia,
including an entity treated as a corporation  or partnership  for federal income
tax purposes,  an estate whose income is subject to United States federal income
tax regardless of its source,  or a trust if a court within the United States is
able to exercise primary  supervision over the administration of such trust, and
one or more such U.S.  Persons  have the  authority  to control all  substantial
decisions  of such 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).

     "USPAP": The Uniform Standards of Professional Appraisal Practices.

     "Voting  Rights":   The  portion  of  the  voting  rights  of  all  of  the
Certificates which is allocated to any Certificate. 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 Class Principal Balances of their Certificates,  1%
of the  Voting  Rights  shall be  allocated  among  the  Holders  of the Class X
Certificates  in  proportion to the  respective  Class  Notional  Amount of such
Certificates,  and the remaining Voting Rights shall be allocated  equally among
the  Holders of the  respective  Classes of the  Residual  Certificates.  Voting
Rights allocated to a Class of Certificateholders  shall be allocated among such
Certificateholders  in proportion to the Percentage Interests evidenced by their
respective  Certificates.  Appraisal  Reduction  Amounts  will be  allocated  in
reduction of the respective  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, Class B and Class A  Certificates  (pro rata  between the Class A-1 and Class
A-2 Certificates), in that order, for purposes of calculating Voting Rights.

     "Weighted  Average Net Mortgage  Rate":  With  respect to any  Distribution
Date, the REMIC II Remittance  Rate for each REMIC II Regular  Interest for such
Determination Date.

     "Withheld  Amount":  With respect to (a) each Interest Reserve Loan and (b)
each  Distribution  Date  occurring in (i) January of each calendar year that is
not a leap year and (ii) February of each calendar  year, an amount equal to one
day's  interest at the related  Mortgage  Rate (less any  Servicing  Fee payable
therefrom) on the respective  Stated Principal Balance as of the Due Date in the
month in which such  Distribution  Date  occurs,  to the  extent  that a Monthly
Payment or Delinquency Advance is made in respect thereof.

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     "Workout  Fee":  With  respect to each  Corrected  Mortgage  Loan,  the fee
designated  as such and  payable to the Special  Servicer  pursuant to the third
paragraph of Section 3.11(c).

     "Workout Fee Rate":  With  respect to each  Corrected  Mortgage  Loan as to
which a Workout Fee is payable, 1.00%.

     SECTION 1.02 Certain Calculations in Respect of the Mortgage Pool.

     (a)  All   amounts   collected   in   respect   of  any  group  of  related
Cross-Collateralized  Mortgage  Loans in the form of payments  from  Mortgagors,
Insurance  Proceeds  and  Liquidation  Proceeds,  shall be applied by the Master
Servicer among such Mortgage Loans in accordance with the express  provisions of
the related loan documents and, in the absence of such express provisions,  on a
pro rata basis in accordance with the respective amounts then "due and owing" as
to each such  Mortgage  Loan.  All amounts  collected in respect of any Mortgage
Loan (whether or not such Mortgage Loan is a Cross-Collateralized Mortgage Loan)
in the form of payments  from  Mortgagors,  Liquidation  Proceeds  or  Insurance
Proceeds  shall be applied to amounts due and owing  under the related  Mortgage
Note and Mortgage (including,  without limitation, for principal and accrued and
unpaid  interest)  in  accordance  with the  express  provisions  of the related
Mortgage Note and Mortgage and, in the absence of such express provisions, shall
be applied for purposes of this  Agreement:  first, as a recovery of any related
unreimbursed Servicing Advances and, if applicable, unpaid Liquidation Expenses;
second,  as a recovery  of accrued and unpaid  interest at the related  Mortgage
Rate on such Mortgage Loan to but not  including,  as  appropriate,  the date of
receipt  or,  in the case of a full  Monthly  Payment  from any  Mortgagor,  the
related Due Date;  third,  as a recovery of principal of such Mortgage Loan then
due and owing, including,  without limitation,  by reason of acceleration of the
Mortgage Loan  following a default  thereunder  (or, if a Liquidation  Event has
occurred in respect of such  Mortgage  Loan,  as a recovery of  principal to the
extent of its entire remaining unpaid principal balance);  fourth, as a recovery
of amounts to be currently applied to the payment of, or escrowed for the future
payment of, real estate taxes, assessments, insurance premiums, ground rents (if
applicable)  and similar  items;  fifth,  as a recovery of Reserve  Funds to the
extent  then  required  to be  held  in  escrow;  sixth,  as a  recovery  of any
Prepayment  Premium then due and owing under such Mortgage Loan;  seventh,  as a
recovery of any Penalty  Charges  then due and owing under such  Mortgage  Loan;
eighth, as a recovery of any other amounts (other than Excess Interest) then due
and owing  under such  Mortgage  Loan;  ninth,  as a recovery  of any  remaining
principal of such  Mortgage  Loan to the extent of its entire  remaining  unpaid
principal  balance;  and  tenth,  if such  Mortgage  Loan is an ARD  Loan,  as a
recovery of any Excess Interest then due and owing on such Mortgage Loan.

     (b) Collections in respect of each REO Property (exclusive of amounts to be
applied to the  payment of the costs of  operating,  managing,  maintaining  and
disposing of such REO Property)  shall be treated:  first,  as a recovery of any
related  unreimbursed  Servicing Advances;  second, as a recovery of accrued and
unpaid interest on the related REO Loan at the related  Mortgage Rate to but not
including  the Due  Date in the  month  of  receipt;  third,  as a  recovery  of

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principal of the related REO Loan to the extent of its entire  unpaid  principal
balance;  and fourth,  as a recovery of any other  amounts  deemed to be due and
owing in respect of the related REO Loan.

     (c) The  foregoing  applications  of  amounts  received  in  respect of any
Mortgage Loan or REO Property shall be determined by the Master  Servicer in its
good faith judgment.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

     SECTION 2.01 Establishment of Trust; Conveyance of Mortgage Loans.

     (a) 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  assign  to the  Trustee  without  recourse  for the  benefit  of the
Certificateholders all the right, title and interest of the Depositor, including
any security interest therein for the benefit of the Depositor, in, to and under
(i) the Mortgage Loans  identified on the Mortgage Loan Schedule,  (ii) Sections
2, 4(a), 6 and 13 of each Mortgage Loan Purchase Agreement and Sections 2, 4 and
6 of each  Supplemental  Agreement and (iii) all other assets  included or to be
included  in REMIC I.  Such  assignment  includes  all  interest  and  principal
received or  receivable  on or with  respect to the  Mortgage  Loans (other than
payments of principal  and interest due and payable on the Mortgage  Loans on or
before the Cut-off  Date).  The transfer of the  Mortgage  Loans and the related
rights and property accomplished hereby is absolute and, notwithstanding Section
11.07, is intended by the parties to constitute a sale.

     (b) In connection  with the Depositor's  assignment  pursuant to subsection
(a) above, the Depositor shall direct,  and hereby  represents and warrants that
it has directed, each Mortgage Loan Seller pursuant to the related Mortgage Loan
Purchase  Agreement to deliver to and deposit  with, or cause to be delivered to
and  deposited  with,  the Trustee or the  Custodian  (with a copy to the Master
Servicer),  on or before the Closing  Date,  the Mortgage  File for each of such
Mortgage Loan Seller's Mortgage Loans so assigned.  If the related Mortgage Loan
Seller cannot  deliver,  or cause to be delivered as to any Mortgage  Loan,  the
original  Mortgage  Note,  the  Mortgage  Loan  Seller  shall  deliver a copy or
duplicate original of such Mortgage Note, together with an affidavit  certifying
that the original  thereof has been lost or destroyed.  If the related  Mortgage
Loan Seller cannot deliver,  or cause to be delivered,  as to any Mortgage Loan,
any of the documents  and/or  instruments  referred to in clauses (2), (4), (11)
and (12) of the  definition  of "Mortgage  File",  with evidence of recording or
filing,  as the case may be,  thereon,  because of a delay  caused by the public
recording or filing office where such document or instrument  has been delivered
for recordation or filing,  or because such original  recorded document has been
lost or returned from the recording or filing office and  subsequently  lost, as
the case may be, the delivery requirements of the related Mortgage Loan Purchase
Agreement and this Section  2.01(b) shall be deemed to have been

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satisfied as to such missing  document or instrument,  and such missing document
or  instrument  shall be deemed  to have been  included  in the  Mortgage  File,
provided that a photocopy of such missing  document or instrument  (certified by
the related  Mortgage Loan Seller to be a true and complete copy of the original
thereof  submitted for recording or filing,  as the case may be) is delivered to
the Trustee or a Custodian  appointed  thereby on or before the Closing Date and
either the original of such missing  document or instrument,  or a copy thereof,
with evidence of recording or filing, as the case may be, thereon,  is delivered
to or at the  direction  of the Trustee  within 180 days of the Closing Date (or
within such longer  period after the Closing Date as the Trustee may consent to,
which consent shall not be unreasonably withheld so long as the related Mortgage
Loan Seller has provided the Trustee with evidence of such  recording or filing,
as the case may be, or has certified to the Trustee as to the occurrence of such
recording or filing,  as the case may be, and is, as certified to the Trustee no
less  often  than  quarterly,  in good  faith  attempting  to  obtain  from  the
appropriate  county  recorder's or filing  office such  original or copy).  Upon
request,  the  Trustee  shall  provide a copy of any such  certification  to any
Person certifying to the Trustee, in the form attached hereto as Exhibit K, that
they are a Certificate  Owner holding a Certificate  in the  Controlling  Class,
promptly  after  receipt  thereof.  If the related  Mortgage  Loan Seller cannot
deliver,  or cause to be delivered,  as to any Mortgage  Loan, the original or a
copy of the related lender's title insurance policy referred to in clause (9) of
the  definition of "Mortgage  File" solely  because such policy has not yet been
issued, the delivery  requirements of this Section 2.01(b) shall be deemed to be
satisfied as to such missing item, and such missing item shall be deemed to have
been included in the related  Mortgage File,  provided that the related Mortgage
Loan  Seller  shall  have  delivered  to the  Trustee or a  Custodian  appointed
thereby,  on or before  the  Closing  Date,  a  commitment  for title  insurance
"marked-up" at the closing of such Mortgage Loan, and the related  Mortgage Loan
Seller shall deliver to the Trustee or such  Custodian,  promptly  following the
receipt thereof, the original related lender's title insurance policy (or a copy
thereof).  In  addition,  notwithstanding  anything  to the  contrary  contained
herein,   if   there   exists   with   respect   to   any   group   of   related
Cross-Collateralized  Mortgage Loans only one original of any document  referred
to in the definition of "Mortgage  File" covering all the Mortgage Loans in such
group,  then the inclusion of the original of such document in the Mortgage File
for any of the Mortgage Loans in such group shall be deemed an inclusion of such
original in the Mortgage File for each such Mortgage Loan.  Notwithstanding  the
foregoing, the Mortgage File for the Mortgage Loans subject to the Participation
Interest  will  consist  solely  of an  original  executed  counterpart  of  the
Participation  Agreement  which provides,  inter alia that the related  Mortgage
File shall be held by the custodian thereunder for the benefit of the holders of
the  participation  interests  created  thereunder.  Neither the Trustee nor any
Custodian shall in any way be liable for any failure by the Mortgage Loan Seller
or the Depositor to comply with the delivery  requirements  of the Mortgage Loan
Purchase Agreement and this Section 2.01(b).

     If any of the  endorsements  referred to in clause (1) of the definition of
"Mortgage  File", or any of the assignments  referred to in clauses (3), (5) and
(7) of the definition of "Mortgage File", are delivered to the Trustee in blank,
the Trustee shall be  responsible  for promptly (and in any event within 45 days
of the Closing Date)  completing  the related  endorsement  or assignment in the
name of the  Trustee  (in such  capacity)  and in any event  prior to  releasing
possession thereof.

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<PAGE>

     (c) Except under the  circumstances  provided  for in the last  sentence of
this  subsection  (c), the Trustee shall, as to each Mortgage Loan (other than a
Mortgage  Loan subject to the  Participation  Agreement),  at the expense of the
related  Mortgage Loan Seller,  promptly (and in any event within 45 days
of the Closing Date) cause to be submitted for recording or filing,  as the case
may be, in the  appropriate  public  office  for real  property  records  or UCC
Financing Statements, as appropriate, each assignment referred to in clauses (3)
and (5) of the  definition of "Mortgage  File" and each UCC-2 and UCC-3 referred
to in clause (11)(B) of the definition of "Mortgage  File";  provided,  however,
that each  Mortgage  Loan Seller shall have the right to direct the Trustee,  in
writing,  to cause the  aforementioned  recording and filing  requirements to be
completed (within the specified time period) by a Person other than the Trustee,
in which case the Trustee shall (i) promptly deliver the referenced documents to
such Person for recording  and filing and (ii) notify the related  Mortgage Loan
Seller with respect to each  Mortgage  Loan for which the related  assignment or
file copy of any UCC-2 and UCC-3 has not been  received  within the time  period
specified in Section 2.02(b).  Each such assignment shall reflect that it should
be  returned  by the public  recording  office to the  Trustee  or its  designee
following  recording,  and each such UCC-2 and UCC-3 shall reflect that the file
copy thereof should be returned to the Trustee or its designee following filing.
Promptly following receipt,  the Trustee shall, at the expense of the respective
Mortgage  Loan Seller,  deliver a copy of any such document or instrument to the
Master  Servicer.  If any  such  document  or  instrument  is lost  or  returned
unrecorded  or unfiled,  as the case may be,  because of a defect  therein,  the
Trustee shall direct the related  Mortgage  Loan Seller  pursuant to the related
Mortgage Loan Purchase  Agreement  promptly to prepare or cause to be prepared a
substitute  therefor or cure such defect, as the case may be, and thereafter the
Trustee shall upon receipt  thereof cause the same to be duly recorded or filed,
as appropriate.

     (d) All  documents  and records in the  Depositor's  or any  Mortgage  Loan
Seller's possession relating to the Mortgage Loans that are not required to be a
part of a Mortgage  File in  accordance  with the  definition  thereof  shall be
delivered to the Master Servicer on or before the Closing Date and shall be held
by the Master  Servicer (or a  Sub-Servicer  retained  thereby) on behalf of the
Trustee in trust for the benefit of the Certificateholders.  If the Sub-Servicer
shall hold any original  documents and records  delivered to it pursuant to this
clause (d) then the  Sub-Servicer  shall  deliver  copies  thereof to the Master
Servicer.

     (e) In connection  with the Depositor's  assignment  pursuant to subsection
(a) above, the Depositor shall deliver,  and hereby represents and warrants that
it has  delivered,  to the  Trustee  and the Master  Servicer,  on or before the
Closing  Date, a fully  executed  original  counterpart  of each  Mortgage  Loan
Purchase Agreement and each Supplemental Agreement, as in full force and effect,
without amendment or modification, on the Closing Date.

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<PAGE>

     SECTION 2.02 Acceptance by Trustee.

     (a) The Trustee,  by the execution and delivery of this  Agreement,  hereby
certifies receipt by it or a Custodian on its behalf,  subject to the provisions
of Section 2.01 and the further  review  provided for in this Section 2.02,  and
further subject to any exceptions  noted on any exception report prepared by the
Trustee or such  Custodian and attached  hereto as Schedule II, of the documents
specified in clauses (1), (2), (3), (9) and (12) of the  definition of "Mortgage
File"  (or,  in the  case  of a  Mortgage  Loan  subject  to  the  Participation
Agreement, an original executed counterpart of the Participation Agreement),of a
fully executed original counterpart of each Mortgage Loan Purchase Agreement and
of all other assets  included in REMIC I and  delivered to it, in good faith and
without notice of any adverse claim,  and declares that it or a Custodian on its
behalf holds and will hold such documents and the other  documents  delivered or
caused to be delivered by the Mortgage  Loan Sellers  constituting  the Mortgage
Files, and that it holds and will hold such other assets included in REMIC I, in
trust  for  the   exclusive   use  and   benefit  of  all   present  and  future
Certificateholders.  In  connection  with  the  foregoing,  the  Trustee  hereby
certifies,  subject to any exceptions  noted on any exception report prepared by
the Trustee or the  Custodian  and  attached  hereto as Schedule  II, as to each
Mortgage Note, that it (A) appears regular on its face  (handwritten  additions,
changes or corrections  shall not constitute  irregularities if initialed by the
Mortgagor),  (B)  appears  to have been  executed  (where  appropriate)  and (C)
purports to relate to such Mortgage Loan.

     (b) Within 60 days of the Closing  Date,  the Trustee or a Custodian on its
behalf shall review each of the Mortgage Loan  documents  delivered or caused to
be delivered by the Mortgage Loan Sellers  constituting the Mortgage Files; and,
promptly following such review, the Trustee shall certify in writing in the form
attached hereto as Schedule III to each of the Depositor,  the Master  Servicer,
the Special Servicer,  the Majority  Certificateholder  of the Controlling Class
and each  Mortgage  Loan Seller  that,  as to each  Mortgage  Loan listed in the
Mortgage  Loan  Schedule  (other  than  any  Mortgage  Loan  paid in full or any
Mortgage Loan specifically identified in any exception report annexed thereto as
not being covered by such certification), (i) all documents specified in clauses
(1) through (5), (9), (11) and (12) (in the case of clause (11),  without regard
to whether such UCC financing  statements were in the possession of the Mortgage
Loan Seller (or its agent)) of the  definition  of  "Mortgage  File" (or, in the
case of a Mortgage  Loan  subject to the  Participation  Agreement,  an original
executed  counterpart of the  Participation  Agreement) are in its possession or
the  related   Mortgage  Loan  Seller  has  otherwise   satisfied  the  delivery
requirements in accordance with Section 2.01(b) and (ii) all documents delivered
or caused to be delivered by the related  Mortgage Loan Seller  constituting the
related  Mortgage  File have been reviewed by it or by a Custodian on its behalf
and (A)  appear  regular on their face and  relate to such  Mortgage  Loan,  (B)
appear to have been executed  (where  appropriate)  and (C) purport to relate to
such Mortgage Loan.

     (c) The  Trustee or a  Custodian  on its behalf  shall  review  each of the
Mortgage Loan documents received thereby subsequent to the Closing Date; and, on
or about the first

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anniversary  of the Closing  Date,  the Trustee  shall certify in writing in the
form  attached  hereto as  Schedule  III to each of the  Depositor,  the  Master
Servicer,   the  Special  Servicer,   the  Majority   Certificateholder  of  the
Controlling  Class and each  Mortgage Loan Seller that, as to each Mortgage Loan
listed on the Mortgage Loan Schedule (other than any Mortgage Loan as to which a
Liquidation  Event has  occurred) and except as  specifically  identified in any
exception report annexed to such  certification,  (i) all documents specified in
clauses (1) through (5), (9), (11) and (12) (in the case of clause (11), without
regard to whether such UCC financing  statements  were in the  possession of the
Mortgage Loan Seller (or its agent)) of the  definition of "Mortgage  File" (or,
in the case of a  Mortgage  Loan  subject  to the  Participation  Agreement,  an
original  executed  counterpart  of  the  Participation  Agreement)  are  in its
possession  or the related  Mortgage  Loan Seller has  otherwise  satisfied  the
delivery requirements in accordance with Section 2.01(b), (ii) it or a Custodian
on its behalf has received either a recorded original of each of the assignments
specified in clauses (3) and, insofar as an unrecorded original thereof had been
delivered or caused to be delivered by the related Mortgage Loan Seller,  (5) of
the definition of "Mortgage File" or a copy of such recorded original  certified
by the applicable  public recording office to be true and complete and (iii) all
Mortgage Loan documents received by it or any Custodian have been reviewed by it
or by such  Custodian  on its behalf  and (A)  appear  regular on their face and
relate  to  such  Mortgage  Loan,  (B)  appear  to  have  been  executed  (where
appropriate) and (C) purport to relate to such Mortgage Loan.

     (d) It is acknowledged  that neither the Trustee nor any Custodian is under
any duty or obligation (i) to determine  whether any of the documents  specified
in clauses (6), (7), (8), (10),  (13),  (14), (15) and (16) of the definition of
"Mortgage  File" exist or are  required to be delivered  by the  Depositor,  any
Mortgage  Loan Seller or any other Person or (ii) to inspect,  review or examine
any of the documents, instruments,  certificates or other papers relating to the
Mortgage  Loans  delivered  to  it to  determine  that  the  same  are  genuine,
enforceable,  in recordable form or appropriate  for the represented  purpose or
that they are other than what they purport to be on their face.

     (e) If, in the  process  of  reviewing  the  Mortgage  Files or at any time
thereafter,  the Trustee or any Custodian  finds (or, if at any time,  any other
party hereto finds) any document or documents  constituting a part of a Mortgage
File to have not been properly executed or, subject to Section 2.01(b),  to have
not been delivered, to contain information that does not conform in any material
respect  with the  corresponding  information  set  forth in the  Mortgage  Loan
Schedule,  or to be  defective  on its face  (each,  a "Defect"  in the  related
Mortgage  File) the Trustee (or such other party) shall  promptly so notify each
of the other parties  hereto and the related  Mortgage Loan Seller.  If and when
notified  of any  error in the  Mortgage  Loan  Schedule,  the  Depositor  shall
promptly  correct  such error and  distribute  a new,  corrected  Mortgage  Loan
Schedule to each of the other parties hereto, and upon receipt by the Trustee of
such a corrected  Mortgage  Loan  Schedule so  identified,  such new,  corrected
Mortgage  Loan  Schedule  shall be  deemed  to amend and  replace  the  existing
Mortgage Loan Schedule for all purposes.

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     SECTION 2.03  Mortgage  Loan  Sellers'  Repurchase  of  Mortgage  Loans for
                   Defects in Mortgage Files and Breaches of Representations and
                   Warranties.

     (a) If the Trustee discovers or receives notice of a Defect in any Mortgage
File or a breach of any representation or warranty set forth in or made pursuant
to Section  4(a) of each  Mortgage  Loan  Purchase  Agreement or Section 2(a) of
either Supplemental Agreement (a "Breach"),  which Defect or Breach, as the case
may be,  materially and adversely  affects the value of any Mortgage Loan or the
interests  of the  Certificateholders  therein,  or if the Trustee  discovers or
receives  notice of any  event  that  would  give  rise to the  repurchase  of a
Mortgage Loan  pursuant to Section 6(b) of any Mortgage Loan Purchase  Agreement
or Section 4(b) of either Supplemental Agreement,  the Trustee shall give prompt
written  notice of such  Defect,  Breach  or  event,  as the case may be, to the
Depositor, the Master Servicer, the Special Servicer and the Rating Agencies and
the related  Mortgage  Loan Seller  (and  GMACCM,  in the case of such a Defect,
Breach or event under a Supplemental Agreement) and shall request that the
related Mortgage Loan Seller (or GMACCM, in the case of such a Defect, Breach or
event under the Supplemental Agreement),  within the time period provided for in
the related  Mortgage  Loan Purchase  Agreement or  Supplemental  Agreement,  as
applicable,  cure  such  Defect,  Breach  or  event,  as the case may be, in all
material  respects or repurchase  the affected  Mortgage Loan at the  applicable
Purchase Price in conformity with the related  Mortgage Loan Purchase  Agreement
or Supplemental  Agreement,  as applicable;  provided,  however, that in lieu of
effecting any such repurchase, a Mortgage Loan Seller (or GMACCM, in the case of
such a  Defect,  Breach  or event  under  the  Supplemental  Agreement)  will be
permitted  to deliver a  Qualifying  Substitute  Mortgage  Loan until the second
anniversary of the Closing Date and to pay a cash amount equal to the applicable
Substitution  Shortfall  Amount,  subject  to the  terms and  conditions  of the
related  Mortgage  Loan  Purchase  Agreement  or  Supplemental   Agreement,   as
applicable, and this Agreement; provided, further, that if such Defect or Breach
would cause the  Mortgage  Loan to be other than a  "qualified  mortgage"  under
Section  860G(a)(3)  of the Code,  such  Defect or Breach  shall be cured or the
related  Mortgage  Loan  shall be  repurchased  or  replaced  with a  Qualifying
Substitute Mortgage Loan within 60 days of discovery.

     Subject  to  Section  2.01(b),  any  of  the  following  Defects  shall  be
conclusively  presumed  materially  and  adversely  to affect the  interests  of
Certificateholders  in, and the value of, a Mortgage  Loan: (a) the absence from
the Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note  affidavit  that  appears to be regular on its face;
(b) the absence from the  Mortgage  File of the original  signed  Mortgage  that
appears to be regular on its face, unless there is included in the Mortgage File
a certified  copy of the  Mortgage and a  certificate  stating that the original
signed Mortgage was sent for  recordation;  or (c) the absence from the Mortgage
File of the item called for by paragraph (9) of the definition of Mortgage File.
If any of the foregoing  Defects is discovered by the Trustee,  the Trustee will
take the steps described elsewhere in this section.

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     As to any Qualifying  Substitute  Mortgage Loan or Loans, the Trustee shall
direct  the  related  Mortgage  Loan  Seller (or  GMACCM,  in the case of such a
Defect,  Breach or event  under the  Supplemental  Agreement)  to deliver to the
Trustee for such  Qualifying  Substitute  Mortgage Loan or Loans (with a copy to
the Master  Servicer),  the related  Mortgage  File(s) with the related Mortgage
Note(s) endorsed as required by clause (1) of the definition of "Mortgage File".
No substitution may be made in any calendar month after the  Determination  Date
for such month.  Monthly  Payments  due with  respect to  Qualifying  Substitute
Mortgage Loans in the month of substitution  shall not be part of the Trust Fund
and will be retained by Master  Servicer and remitted by the Master  Servicer to
the  related  Mortgage  Loan  Seller (or  GMACCM,  in the case of such a Defect,
Breach  or event  under  the  Supplemental  Agreement)  on the  next  succeeding
Distribution   Date.   For  the   month  of   substitution,   distributions   to
Certificateholders  will include the Monthly  Payment due on the related Deleted
Mortgage Loan for such month and thereafter the related Mortgage Loan Seller (or
GMACCM,  in the case of such a Defect,  Breach or event  under the  Supplemental
Agreement)  shall be entitled to retain all amounts  received in respect of such
Deleted Mortgage Loan.

     In any month in which the related  Mortgage  Loan Seller (or GMACCM under a
Supplemental  Agreement)  substitutes one or more Qualifying Substitute Mortgage
Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine
the  applicable  Substitution  Shortfall  Amount.  The Trustee  shall direct the
related Mortgage Loan Seller (or GMACCM, as applicable) to deposit cash equal to
such amount into the Distribution  Account concurrently with the delivery of the
Mortgage File(s) for the Qualifying  Substitute  Mortgage  Loan(s),  without any
reimbursement  thereof.  The Trustee shall also direct the related Mortgage Loan
Seller (or GMACCM,  as applicable) to give written notice to the Trustee and the
Master Servicer of such deposit,  accompanied by an Officers'  Certificate as to
the calculation of the applicable  Substitution  Shortfall  Amount.  The Trustee
shall direct the related  Mortgage  Loan Seller (or GMACCM,  as  applicable)  to
amend the Mortgage Loan Schedule to reflect the removal of each Deleted Mortgage
Loan and, if applicable,  the substitution of the Qualifying Substitute Mortgage
Loan(s);  and,  upon such  amendment,  the  Trustee  shall  deliver or cause the
delivery of such amended  Mortgage Loan  Schedule to the other  parties  hereto.
Upon any such substitution,  the Qualifying Substitute Mortgage Loan(s) shall be
subject to the terms of this Agreement in all respects.

     (b) In connection  with any  repurchase of or  substitution  for a Mortgage
Loan contemplated by this Section 2.03, the Trustee, the Master Servicer and the
Special  Servicer shall each tender promptly to the related Mortgage Loan Seller
(or GMACCM,  as  applicable),  upon delivery to each of the Trustee,  the Master
Servicer  and the Special  Servicer of a trust  receipt  executed by the related
Mortgage Loan Seller (or GMACCM,  as  applicable),  all portions of the Mortgage
File and other  documents  pertaining to such Mortgage Loan possessed by it, and
each  document  that  constitutes  a part of the related  Mortgage File that was
endorsed or assigned to the Trustee  shall be endorsed or assigned,  as the case
may be, to the related  Mortgage Loan Seller (or GMACCM,  as  applicable) in the
same manner as provided in Section 2 of each Mortgage  Loan Purchase  Agreement.
Additionally,  in  connection  with  any  repurchase  of or  substitution  for a
Mortgage Loan pursuant to this Section 2.03,  the Master  Servicer shall release
or cause to be

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released to the related  Mortgage  Loan Seller (or GMACCM,  as  applicable)  any
Reserve Funds or Escrow  Payments with respect to the related  Mortgage Loan. If
the affected Mortgage Loan is to be repurchased, the Trustee shall designate the
Certificate  Account as the account to which funds in the amount of the Purchase
Price are to be wired.

     (c) Section 6 of the related Mortgage Loan Purchase Agreement and Section 4
of each  Supplemental  Agreement  provides  the  sole  remedy  available  to the
Certificateholders,   or  the  Trustee  on  behalf  of  the  Certificateholders,
respecting any Defect in a Mortgage File or any Breach of any  representation or
warranty  set forth in or required to be made  pursuant to Section  4(a) of such
Mortgage Loan Purchase Agreement or Section 2(a) of such Supplemental  Agreement
or any of the  circumstances  described  in Section 6(b) of such  Mortgage  Loan
Purchase Agreement or in Section 4(b) of such Supplemental Agreement.

     (d) The Trustee shall, for the benefit of the  Certificateholders,  enforce
the  obligations  of each  Mortgage  Loan Seller under  Section 6 of the related
Mortgage Loan Purchase  Agreement and the  obligations of GMACCM under Section 4
of each Supplemental Agreement. Such enforcement, including, without limitation,
the legal  prosecution  of claims,  shall be carried  out in such form,  to such
extent and at such time as the Trustee would require were it, in its  individual
capacity,  the owner of the  affected  Mortgage  Loan(s).  The Trustee  shall be
reimbursed for the reasonable costs of such enforcement,  together with interest
thereon at the  Reimbursement  Rate:  first,  from a specific recovery of costs,
expenses or attorneys' fees against the related Mortgage Loan Seller (or GMACCM,
in the case of enforcement under a Supplemental Agreement);  second, pursuant to
Section  3.05(a)(ix) out of the related  Purchase Price, to the extent that such
expenses are a specific  component  thereof;  and third, if at the conclusion of
such enforcement  action it is determined that the amounts  described in clauses
first and second are  insufficient,  then pursuant to Section  3.05(a)(x) out of
general collections on the Mortgage Loans on deposit in the Certificate Account.

     SECTION 2.04 Issuance  of  Class  R-I  Certificates;  Creation  of  REMIC I
                  Regular Interests.

     Concurrently  with the assignment to the Trustee of the assets  included in
REMIC I, and in exchange therefor, at the direction of the Depositor,  the REMIC
I Regular Interests have been issued hereunder and the Trustee has executed, and
caused the  Certificate  Registrar to authenticate  and deliver,  to or upon the
order of the Depositor, the Class R-I Certificates in authorized  denominations.
The interests evidenced by the Class R-I Certificates, together with the REMIC I
Regular  Interests,  constitute the entire beneficial  ownership of REMIC I. The
rights of the Class R-I Certificateholders and REMIC II to receive distributions
from the  proceeds of REMIC I in respect of the Class R-I  Certificates  and the
REMIC I Regular  Interests,  respectively,  and all  ownership  interests of the
Class R-I Certificateholders and REMIC II in and to such distributions, shall be
as set forth in this Agreement.

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     SECTION 2.05 Conveyance of REMIC I Regular  Interests;  Acceptance of REMIC
                  II by the Trustee.

     The Depositor,  as of the Closing Date, and concurrently with the execution
and delivery hereof,  does hereby assign without  recourse all the right,  title
and  interest of the  Depositor  in and to the REMIC I Regular  Interests to the
Trustee  for the benefit of the Class R-II  Certificateholders  and REMIC III as
holder  of  the  REMIC  II  Regular  Interests.  The  Trustee  acknowledges  the
assignment to it of the REMIC I Regular Interests and declares that it holds and
will hold the same in trust for the exclusive use and benefit of all present and
future Class R-II Certificateholders and REMIC III as the holder of the REMIC II
Regular Interests.

     SECTION 2.06 Issuance  of  Class R-II  Certificates;  Creation  of REMIC II
                  Regular Interest.

     Concurrently  with the  assignment  to the  Trustee  of the REMIC I Regular
Interests,  and in exchange  therefor,  at the direction of the  Depositor,  the
REMIC II Regular  Interests  have been  issued  hereunder  and the  Trustee  has
executed,  and caused the Certificate  Registrar to authenticate and deliver,
to or upon the order of the Depositor, the Class R-II Certificates in authorized
denominations. The interests evidenced by the Class R-II Certificates,  together
with the REMIC II Regular Interests,  constitute the entire beneficial ownership
of REMIC II. The rights of the Class  R-II  Certificateholders  and REMIC III to
receive distributions from the proceeds of REMIC II in respect of the Class R-II
Certificates and the REMIC II Regular Interests, respectively, and all ownership
interests  of the  Class  R-II  Certificateholders  and REMIC III in and to such
distributions, shall be as set forth in this Agreement.

     SECTION 2.07 Conveyance of REMIC II Regular Interests;  Acceptance of REMIC
                  III by Trustee.

     The Depositor,  as of the Closing Date, and concurrently with the execution
and delivery hereof,  does hereby assign without  recourse all the right,  title
and interest of the  Depositor  in and to the REMIC II Regular  Interests to the
Trustee  for the  benefit  of the  REMIC  III  Certificateholders.  The  Trustee
acknowledges the assignment to it of the REMIC II Regular Interests and declares
that it holds and will hold the same in trust for the  exclusive use and benefit
of all present and future REMIC III Certificateholders.

     SECTION 2.08 Issuance of REMIC III Certificates.

     Concurrently  with the  assignment  to the  Trustee of the REMIC II Regular
Interests,  and in exchange  therefor,  at the direction of the  Depositor,  the
Trustee has executed,  and caused the Certificate  Registrar to authenticate and
deliver,  to or upon the order of the Depositor,  the REMIC III  Certificates in
authorized  denominations  evidencing the entire  beneficial  ownership of REMIC
III. The rights of the  respective  Classes of REMIC III  Certificateholders  to
receive  distributions  from

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<PAGE>

the  proceeds of REMIC III in respect of their REMIC III  Certificates,  and all
ownership interests of the respective Classes of REMIC III Certificateholders in
and to such distributions, shall be as set forth in this Agreement.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF THE TRUST FUND

     SECTION 3.01 Servicing and Administration of the Mortgage Loans.

(a) Each of the Master  Servicer  and the  Special  Servicer  shall  service and
administer  the Mortgage  Loans that it is  obligated to service and  administer
pursuant to this Agreement on behalf of the Trustee and in the best interests of
and for the  benefit  of the  Certificateholders  (as  determined  by the Master
Servicer  or the  Special  Servicer,  as the case may be, in its good  faith and
reasonable  judgment),  in  accordance  with  applicable  law, the terms of this
Agreement  and the terms of the  respective  Mortgage  Loans and,  to the extent
consistent with the foregoing, further as follows: (i) with the same care, skill
and diligence as is normal and usual in its general  mortgage  servicing and REO
property  management  activities  on  behalf  of third  parties  or on behalf of
itself,  whichever is higher,  with respect to mortgage loans and REO properties
that are comparable to those for which it is responsible hereunder;  (ii) with a
view to the  timely  collection  of all  scheduled  payments  of  principal  and
interest  under the  Mortgage  Loans  or,  if a  Mortgage  Loan  comes  into and
continues  in default and if, in the good faith and  reasonable  judgment of the
Special Servicer, no satisfactory arrangements can be made for the collection of
the delinquent payments,  the maximization of the recovery on such Mortgage Loan
to the  Certificateholders (as a collective whole) on a present value basis (the
relevant  discounting of anticipated  collections  that will be distributable to
Certificateholders  to be performed at the related Net Mortgage Rate); and (iii)
without regard to (A) any  relationship  that the Master Servicer or the Special
Servicer, as the case may be, or any Affiliate thereof may have with the related
Mortgagor,  (B) the ownership of any  Certificate by the Master  Servicer or the
Special  Servicer,  as the case may be,  or by any  Affiliate  thereof,  (C) the
Master  Servicer's  obligation  to make  Advances,  (D) the  Special  Servicer's
obligation  to make  (or to  direct  the  Master  Servicer  to  make)  Servicing
Advances, (E) the right of the Master Servicer (or any Affiliate thereof) or the
Special  Servicer  (or any  Affiliate  thereof),  as the case may be, to receive
reimbursement  of costs, or the sufficiency of any  compensation  payable to it,
hereunder or with respect to any particular  transaction  and (F) the obligation
of GMACCM, as a Mortgage Loan Seller,  to repurchase  Mortgage Loans pursuant to
Section 6(b) of the Mortgage Loan  Purchase  Agreement or Section 4(b) of either
Supplemental  Agreement (the conditions set forth in the  immediately  foregoing
clauses (i), (ii) and (iii),  the  "Servicing  Standard").  Consistent  with the
Servicing Standard and the terms and conditions of this Agreement,  on behalf of
the Trust Fund,  the Master  Servicer  shall exercise the rights and remedies of
the holder of the Participation Interest under the Participation  Agreement, and
shall take all reasonable steps to cause the servicing and administration of the
Mortgage  Loans  subject  thereto to be conducted in  accordance  with,  or in a

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manner similar with that provided under,  this Agreement.  As provided by and in
accordance with Section 6.01(a) of the Participation Agreement, GMACCM shall act
as master  servicer and special  servicer  with  respect to the  Mortgage  Loans
subject to the  Participation  Agreement  unless it is terminated from acting in
either such  capacity  in  accordance  with  Section  8.01 of the  Participation
Agreement.  Without limiting the generality of the foregoing, each of the Master
Servicer  and the Special  Servicer,  in its own name,  in  connection  with its
servicing and administrative duties hereunder is hereby authorized and empowered
by the Trustee to exercise efforts consistent with the foregoing standard and to
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 created by any Mortgage
or other security document in the related Mortgage File on the related Mortgaged
Property  and  related  collateral;   subject  to  Section  3.20,  any  and  all
modifications,  waivers,  amendments  or  consents  to or  with  respect  to any
documents contained in the related Mortgage File; and any and all instruments of
satisfaction  or  cancellation,  or of full release or discharge,  and all other
comparable  instruments,  with respect to the Mortgage  Loans and the  Mortgaged
Properties.  Each of the  Master  Servicer  and  the  Special  Servicer  is also
authorized to approve a request by a Mortgagor  under a Mortgage Loan that it is
obligated to service and administer pursuant to this Agreement, for an easement,
consent to alteration or  demolition,  and for other similar  matters,  provided
that  the  Master  Servicer  or the  Special  Servicer,  as  the  case  may  be,
determines,  exercising its good faith business  judgment and in accordance with
the Servicing Standard,  that such approval will not affect the security for, or
the timely and full  collectability  of, the related  Mortgage Loan.  Subject to
Section 3.10, the Trustee shall furnish, or cause to be furnished, to the Master
Servicer and the Special  Servicer  any powers of attorney  and other  documents
necessary or appropriate to enable the Master Servicer or the Special  Servicer,
as the case  may be,  to  carry  out its  servicing  and  administrative  duties
hereunder;  provided,  however,  that the Trustee shall not be held liable,  and
shall  be  indemnified  by the  Master  Servicer  or the  Special  Servicer,  as
applicable,  for any negligence with respect to, or misuse of, any such power of
attorney by the Master Servicer or the Special Servicer, as the case may be; and
further  provided  that  neither the Master  Servicer  nor the Special  Servicer
shall,  without the Trustee's written consent, be able to initiate any action in
the Trustee's name without indicating its  representative  capacity or cause the
Trustee to be registered to do business in any state.

     (b)  Subject  to  Section  3.01(a),  the Master  Servicer  and the  Special
Servicer each shall have full power and  authority,  acting alone or, subject to
Section  3.22,  through  Sub-Servicers,  to do or  cause  to be done any and all
things in connection  with such servicing and  administration  which it may deem
necessary or desirable.

     (c) The relationship of the Master Servicer and the Special Servicer to the
Trustee and, unless the same Person acts in both capacities, to each other under
this  Agreement  is  intended  by  the  parties  to be  that  of an  independent
contractor and not that of a joint venturer,  partner or agent.  Unless the same
Person acts in both capacities, the Master Servicer shall have no responsibility
for the performance by the Special  Servicer of its duties under this Agreement,
and the Special Servicer shall have no responsibility for the performance of the
Master Servicer under this Agreement.

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<PAGE>

     (d) Subject to Section  3.01(a),  each of the Master  Servicer  and Special
Servicer   shall   service  and   administer   each  Mortgage  Loan  that  is  a
Cross-Collateralized  Mortgage  Loan as a  single  Mortgage  Loan as and when it
deems such treatment necessary and appropriate.

     SECTION 3.02 Collection of Mortgage Loan Payments.

     The Master Servicer (or the Special  Servicer with respect to the Specially
Serviced  Mortgage Loans) shall make reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and conditions of the Mortgage Loans,  follow such collection  procedures as are
consistent with the Servicing Standard;  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.
Consistent with the foregoing,  the Master Servicer may in its discretion  waive
any Penalty Charge in connection with any delinquent  payment on a Mortgage Loan
(other than a Specially  Serviced Mortgage Loan) and the Special Servicer may in
its  discretion  waive any  Penalty  Charge in  connection  with any  delinquent
payment on a Specially Serviced Mortgage Loan.

     SECTION 3.03 Collection of Taxes,  Assessments and Similar Items; Servicing
                  Accounts and Reserve Accounts.

     (a) Each of the Master  Servicer (or the Special  Servicer  with respect to
the Specially  Serviced Mortgage Loans) shall establish and maintain one or more
accounts (the  "Servicing  Accounts"),  into which all Escrow  Payments shall be
deposited  and  retained.   Servicing   Accounts  shall  be  Eligible  Accounts.
Withdrawals  of  amounts so  collected  in  respect  of any  Mortgage  Loan (and
interest  earned  thereon)  from a  Servicing  Account  may be made only to: (i)
effect payment of real estate taxes,  assessments,  insurance  premiums,  ground
rents (if applicable) and comparable  items in respect of the related  Mortgaged
Property;  (ii) reimburse the Fiscal Agent, the Trustee, the Master Servicer and
the  Special  Servicer,  in that  order,  as  applicable,  for any  unreimbursed
Servicing  Advances  made  thereby  to cover any of the items  described  in the
immediately preceding clause (i); (iii) refund to the related Mortgagor any sums
as may be  determined  to be  overages;  (iv) pay  interest,  if required and as
described below, to the related  Mortgagor on balances in the Servicing  Account
(or,  if and to the extent not  payable to the  related  Mortgagor,  to pay such
interest  to the  Master  Servicer  or Special  Servicer,  as  applicable);  (v)
disburse  Insurance  Proceeds  if  required  to be  applied  to  the  repair  or
restoration of the related Mortgaged  Property;  or (vi) clear and terminate the
Servicing  Account at the  termination  of this  Agreement  in  accordance  with
Section  9.01.  As part of its  servicing  duties,  the Master  Servicer and the
Special  Servicer  shall pay or cause to be paid to the  Mortgagors  interest on
funds in Servicing Accounts maintained thereby, to the extent required by law or
the terms of the related  Mortgage  Loan.  The Servicing  Accounts  shall not be
considered part of the segregated pool of assets constituting REMIC I, REMIC II,
REMIC III or the Grantor Trust.

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<PAGE>

     (b) Each of the Master  Servicer (with respect to Mortgage Loans other than
Specially Serviced Mortgage Loans) and the Special Servicer (with respect to the
Specially  Serviced  Mortgage  Loans) shall (i) maintain  accurate  records with
respect to each related Mortgaged Property  reflecting the status of real estate
taxes, assessments and other similar items that are or may become a lien thereon
and the status of insurance  premiums  and any ground  rents  payable in respect
thereof, and (ii) use reasonable efforts to obtain, from time to time, all bills
for the payment of such items  (including  renewal  premiums) for Mortgage Loans
which require the related  Mortgagor to escrow for the payment of such items and
shall effect  payment  thereof prior to the  applicable  penalty or  termination
date,  employing for such purpose Escrow  Payments as allowed under the terms of
the related Mortgage Loan. To the extent that a Mortgage Loan does not require a
Mortgagor to escrow for the payment of real estate taxes, assessments, insurance
premiums,  ground rents (if applicable)  and similar items,  the Master Servicer
(or the Special Servicer with respect to the Specially Serviced Mortgaged Loans)
shall use reasonable efforts consistent with the Servicing Standard to cause the
related  Mortgagor to comply with the  requirements of the related  Mortgage for
payments in respect of such items at the time they first become due.

     (c) In accordance with the Servicing Standard,  the Master Servicer (at the
direction  of the Special  Servicer in the case of Specially  Serviced  Mortgage
Loans) shall  advance with respect to each related  Mortgaged  Property all such
funds as are  necessary  for the  purpose of  effecting  the payment
of (i) real estate  taxes,  assessments  and other similar items that are or may
become a lien thereon, (ii) ground rents (if applicable),  and (iii) premiums on
Insurance  Policies,  in each  instance  if and to the  extent  Escrow  Payments
collected from the related  Mortgagor are insufficient to pay such item when due
and the related  Mortgagor  has failed to pay such item on a timely  basis,  and
provided  that  the  particular  advance  would  not,  if  made,   constitute  a
Nonrecoverable   Servicing  Advance.   All  such  Servicing  Advances  shall  be
reimbursable in the first instance from related collections from the Mortgagors,
and  further  as  provided  in Section  3.05.  No costs  incurred  by the Master
Servicer or the Special  Servicer in effecting the payment of real estate taxes,
assessments,  ground  rents (if  applicable)  and other  similar  items on or in
respect of the  Mortgaged  Properties  shall,  for purposes  hereof,  including,
without limitation, calculating monthly distributions to Certificateholders,  be
added  to  the  unpaid  principal   balances  of  the  related  Mortgage  Loans,
notwithstanding that the terms of such Mortgage Loans so permit.

     (d) The Master Servicer (or the Special  Servicer with respect to Specially
Serviced Mortgage Loans) shall,  establish and maintain,  as applicable,  one or
more accounts (the "Reserve  Accounts"),  into which all Reserve Funds,  if any,
shall be deposited and retained. Withdrawals of amounts so deposited may be made
to pay for, or to  reimburse  the related  Mortgagor  in  connection  with,  the
related  repairs,   environmental   remediation,   replacements  and/or  capital
improvements at the related  Mortgaged  Property if such repairs,  environmental
remediation,  replacements and/or capital improvements have been completed,  and
such  withdrawals  are made, in accordance  with the Servicing  Standard and the
terms of the related Mortgage Note,  Mortgage and any agreement with the related
Mortgagor  governing  such  Reserve  Funds.  Subject to the terms of

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<PAGE>

the related  Mortgage Note and Mortgage,  all Reserve Accounts shall be Eligible
Accounts.  As part of its servicing duties,  the Master Servicer and the Special
Servicer  shall pay or cause to be paid to the  Mortgagors  interest on funds in
the Reserve Accounts  maintained  thereby,  to the extent required by law or the
terms of the related Mortgage Loan. The Reserve Accounts shall not be considered
part of the segregated pool of assets comprising REMIC I, REMIC II, REMIC III or
the Grantor Trust.

     SECTION 3.04 Certificate Account, Distribution Account and Interest Reserve
                  Account.

     (a) The Master Servicer shall establish and maintain a Certificate  Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and collections received or made by or on behalf of it subsequent to the Cut-off
Date (other than in respect of principal and interest on the Mortgage  Loans due
and payable on or before the Cut-off Date),  and payments  (other than Principal
Prepayments)  received by it on or prior to the Cut-off Date but  allocable to a
period subsequent thereto:

          (i)  all  payments  on  account  of  principal,   including  Principal
     Prepayments, on the Mortgage Loans;

          (ii)  all  payments  on  account  of  interest   (including,   without
     limitation,  Default  Interest and Excess  Interest) on the Mortgage Loans,
     late payment charges and Prepayment Premiums;

          (iii)  any  amounts  received  from the  Special  Servicer  which  are
     required to be transferred from the REO Account pursuant to Section 3.16(c)
     and amounts of interest and investment  income earned in respect of amounts
     relating to the Trust Fund held in any Lock-Box  Account or Cash Collateral
     Account,  if any,  and only to the  extent not  required  to be paid to the
     applicable Mortgagor under the terms of the related Mortgage Loan documents
     or applicable law;

          (iv) all  Insurance  Proceeds  and  Liquidation  Proceeds  received in
     respect of any Mortgage Loan or REO Property (other than Excess Liquidation
     Proceeds and Liquidation  Proceeds that are received in connection with the
     Master Servicer's or the Depositor's purchase of all the Mortgage Loans and
     any REO  Properties  in the Trust Fund and that are to be  deposited in the
     Distribution Account pursuant to Section 9.01);

          (v) any  amounts  required  to be  deposited  by the  Master  Servicer
     pursuant to Section 3.06 in connection with losses incurred with respect to
     Permitted  Investments  of funds  relating  to the  Trust  Fund held in the
     Certificate Account;

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          (vi) that portion of each Delinquency Advance that represents (without
     duplication)  the Servicing Fee and, if applicable,  the Special  Servicing
     Fee; and

          (vii) any amounts  required to be deposited by the Master  Servicer or
     the Special Servicer  pursuant to Section 3.07(b) in connection with losses
     resulting from a deductible clause in a blanket hazard policy.

     The foregoing  requirements for deposit in the Certificate Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the  foregoing,  actual  payments  from  Mortgagors  in the  nature of Escrow
Payments,   Reserve  Funds,  charges  for  beneficiary  statements  or  demands,
assumption   fees,   amounts   collected  for  mortgagor   checks  returned  for
insufficient  funds,  ancillary  fees and any  other  amounts  that  the  Master
Servicer  and the  Special  Servicer  are  entitled to as  additional  servicing
compensation  pursuant  to  Section  3.11 need not be  deposited  by the  Master
Servicer in the Certificate Account. If the Master Servicer shall deposit in the
Certificate  Account any amount not required to be deposited therein,  it may at
any time withdraw such amount from the Certificate Account, any provision herein
to the contrary  notwithstanding.  The Master Servicer shall promptly deliver to
the Special  Servicer as additional  servicing  compensation  in accordance with
Section 3.11(d),  assumption fees,  modification fees,  ancillary fees and other
transaction  fees due to and  received by the Master  Servicer  with  respect to
Specially  Serviced Mortgage Loans. The Certificate  Account shall be maintained
as a  segregated  account,  separate  and apart from  trust  funds  created  for
mortgage  pass-through  certificates  of other  series  serviced  and the  other
accounts of the Master Servicer.

     Upon receipt of any of the amounts  described in clauses (i), (ii) and (iv)
above with  respect to any Mortgage  Loan which is not an REO Loan,  the Special
Servicer  shall  promptly,  but in no event later than two  Business  Days after
receipt,  remit  such  amounts  to the  Master  Servicer  for  deposit  into the
Certificate  Account in accordance with the second preceding  paragraph,  unless
the Special Servicer determines,  consistent with the Servicing Standard, that a
particular item should not be deposited because of a restrictive  endorsement or
other appropriate reason. Any such amounts received by the Special Servicer with
respect to an REO Property  shall be deposited by the Special  Servicer into the
REO Account and remitted to the Master Servicer for deposit into the Certificate
Account  pursuant to Section 3.16 (c).  With respect to any such amounts paid by
check to the order of the Special  Servicer,  the Special Servicer shall endorse
such check to the order of the Master Servicer and shall deliver  promptly,  but
in no event later than two Business  Days after  receipt,  any such check to the
Master Servicer by overnight  courier,  unless the Special Servicer  determines,
consistent  with the  Servicing  Standard,  that a particular  item cannot be so
endorsed and delivered because of a restrictive endorsement or other appropriate
reason.

     Funds in the Certificate  Account may be invested in Permitted  Investments
in accordance  with the  provisions of Section 3.06.  The Master  Servicer shall
give  notice to the  Trustee,  the Special  Servicer  and the  Depositor  of the
location  of the  Certificate  Account  as of the  Closing  Date  and of the new
location of the Certificate Account prior to any change thereof.

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     (b) The Trustee shall  establish and maintain the  Distribution  Account in
trust for the benefit of the Certificateholders.  The Distribution Account shall
be maintained as a segregated  account,  separate and apart from trust funds for
mortgage  pass-through  certificates of other series administered by the Trustee
and other accounts of the Trustee.

     The Master  Servicer  shall  deliver to the Trustee each month on or before
the Master  Servicer  Remittance Date therein,  for deposit in the  Distribution
Account,  that portion of the Available  Distribution Amount (calculated without
regard to clause (a)(v), (b)(iii), (b)(iv) or (b)(vi) of the definition thereof)
for the related Distribution Date then on deposit in the Certificate Account and
the Trustee Fee collected with respect to each Mortgage Loan.

     In addition,  the Master Servicer  shall,  as and when required  hereunder,
deliver to the Trustee for deposit in the Distribution Account:

          (i)  any  Delinquency  Advances  required  to be  made  by the  Master
     Servicer in accordance  with Section 4.03 (in each case, net of the portion
     thereof that represents Servicing Fees and/or Special Servicing Fees, which
     is to be deposited in the Certificate Account);

          (ii) any  Compensating  Interest  Payments  required to be made by the
     Master Servicer pursuant to Section 3.19;

          (iii) any  Liquidation  Proceeds  paid by the Master  Servicer  or the
     Depositor in connection  with the purchase of all of the Mortgage Loans and
     any REO Properties in the Trust Fund pursuant to Section 9.01 (exclusive of
     that portion thereof  required to be deposited in the  Certificate  Account
     pursuant to Section 9.01); and

          (iv) any other amounts  required to be so delivered for deposit in the
     Distribution Account pursuant to any provision of this Agreement.

     The Trustee shall,  upon receipt,  deposit in the Distribution  Account any
and all amounts  received by the Trustee  that are required by the terms of this
Agreement to be deposited  therein.  If, as of 3:00 p.m., New York City time, on
any Master Servicer Remittance Date or on such other date as any amount referred
to in the  foregoing  clauses  (i)  through  (iv) is  required  to be  delivered
hereunder,  the Master  Servicer  shall not have  delivered  to the  Trustee for
deposit in the  Distribution  Account  the  relevant  portion  of the  Available
Distribution  Amount or any of the amounts referred to in the foregoing  clauses
(i) through (iv),  then the Trustee  shall  provide  notice of such failure to a
Servicing  Officer of the Master  Servicer  by  facsimile  transmission  sent to
telecopy no.  215-328-0173  (or such  alternative  number provided by the Master
Servicer  to  the  Trustee  in  writing)  and  by  telephone  at  telephone  no.
215-328-1784 (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. To the extent the Master Servicer has not delivered
to the Trustee  for  deposit in the  Distribution  Account  such  amounts as are
required to be

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delivered on the Master Servicer  Remittance Date, the Master Servicer shall pay
interest  thereon to the Trustee at an interest rate equal to the  Reimbursement
Rate then in effect for the period from the Master  Servicer  Remittance Date to
and excluding the date such amounts are deposited.

     Funds  in the  Distribution  Account  may be  invested  by the  Trustee  in
Permitted  Investments  and the  Trustee  shall be required to deposit an amount
equal to the Net  Investment  Loss, if any, in such account,  all as provided in
accordance with the provisions of Section 3.06. The Trustee shall give notice to
the Master  Servicer,  the Special Servicer and the Depositor of the location of
the  Distribution  Account as of the Closing Date and of the new location of the
Distribution Account prior to any change thereof.

     (c) The Trustee shall  establish and maintain the Interest  Reserve Account
in trust for the benefit of the Certificateholders. The Interest Reserve Account
shall be maintained as a segregated account, separate and apart from trust funds
for  mortgage  pass-through  certificates  of other series  administered  by the
Trustee and other accounts of the Trustee. Funds in the Interest Reserve Account
may be invested in Permitted  Investments  in accordance  with the provisions of
Section 3.06 and the Trustee shall be required to deposit an amount equal to the
Net Investment Loss, if any, in such account, all as provided in accordance with
the provisions of Section 3.06.

     On each Master  Servicer  Remittance  Date occurring in (i) January of each
calendar year that is not a leap year and (ii)  February of each calendar  year,
the Trustee shall  calculate  the Withheld  Amount with respect to each Interest
Reserve Loan. On each such Master Servicer  Remittance  Date,  theTrustee  shall
withdraw  from the  Distribution  Account  and deposit in the  Interest  Reserve
Account an amount equal to the aggregate of the Withheld  Amounts  calculated in
accordance  with the  previous  sentence.  If the Trustee  shall  deposit in the
Interest Reserve Account any amount not required to be deposited therein, it may
at any  time  withdraw  such  amount  from the  Interest  Reserve  Account,  any
provision  herein to the  contrary  notwithstanding.  On or prior to the  Master
Servicer  Remittance  Date in March of each  calendar  year,  the Trustee  shall
transfer to the  Distribution  Account the aggregate of all Withheld  Amounts on
deposit in the Interest Reserve Account.

     (d) The  Trustee  shall  establish  and  maintain  the  Excess  Liquidation
Proceeds Reserve Account in trust for the benefit of the Certificateholders. The
Excess Liquidation  Proceeds Reserve Account shall be maintained as a segregated
account,   separate  and  apart  from  trust  funds  for  mortgage  pass-through
certificates  of other series  administered by the Trustee and other accounts of
the Trustee.  Funds in the Excess  Liquidation  Reserve  Proceeds Account may be
invested  by the  Trustee  in  Permitted  Investments  in  accordance  with  the
provisions  of Section  3.06 and the  Trustee  shall be  required  to deposit an
amount equal to the Net Investment  Shortfall,  if any, in such account,  all as
provided in accordance with the provisions of Section 3.06.

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     Upon  the  disposition  of any REO  Property  in  accordance  with  Section
3.18(d), the Special Servicer will calculate the Excess Liquidation Proceeds, if
any, realized in connection with such sale and deposit such amount in the Excess
Liquidation Proceeds Reserve Account.

     SECTION 3.05 Permitted  Withdrawals  From  the  Certificate   Account,  the
                  Distribution  Account,  the  Interest  Reserve Account and the
                  Excess  Liquidation Proceeds Reserve Account.

     (a) The Master Servicer may, from time to time, make  withdrawals  from the
Certificate Account for any of the following purposes:

          (i) to remit to the Trustee for  deposit in the  Distribution  Account
     the amounts  required to be remitted  pursuant to the second  paragraph  of
     Section  3.04(b)  or  that  may be  applied  to make  Delinquency  Advances
     pursuant to Section 4.03(a);

          (ii) to pay itself  unpaid  Servicing  Fees  payable to itself  earned
     thereby  in  respect  of each  Mortgage  Loan  and  REO  Loan,  the  Master
     Servicer's  rights to payment pursuant to this clause (ii) being limited to
     amounts received or advanced on or in respect of such Mortgage Loan or such
     REO Loan that are allocable as a recovery or advance of interest thereon;

          (iii) to pay to the Special  Servicer,  out of general  collections on
     the  Mortgage  Loans and any REO  Properties,  earned  and  unpaid  Special
     Servicing Fees in respect of each Specially  Serviced Mortgage Loan and REO
     Loan;

          (iv) to pay to the Special Servicer earned and unpaid Workout Fees and
     Liquidation Fees to which it is entitled  pursuant to, and from the sources
     contemplated by, Section 3.11(c);

          (v) to reimburse  the Fiscal  Agent,  the Trustee and itself,  in that
     order, as applicable,  for unreimbursed  Delinquency Advances made thereby,
     the Master  Servicer's,  the Fiscal  Agent's  or the  Trustee's  respective
     rights to be  reimbursed  pursuant  to this  clause  (v) being  limited  to
     amounts  received  that  represent  Late  Collections  of  interest  on and
     principal of the  particular  Mortgage  Loans and REO Loans with respect to
     which such  Delinquency  Advances  were made (in each case,  net of related
     Workout Fees);

          (vi) to  reimburse  the  Fiscal  Agent,  the  Trustee,  itself and the
     Special Servicer, in that order, as applicable,  for unreimbursed Servicing
     Advances made thereby, the Master Servicer's,  the Special Servicer's,  the
     Trustee's or the Fiscal Agent's respective rights to be reimbursed pursuant
     to this clause (vi) with respect to any Mortgage Loan or REO Property being
     limited  to,  as  applicable,   related  payments,   Liquidation  Proceeds,
     Insurance Proceeds and REO Revenues;

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<PAGE>

          (vii) to  reimburse  the Fiscal  Agent,  the  Trustee,  itself and the
     Special Servicer, in that order, as applicable,  out of general collections
     on the Mortgage Loans and REO Properties,  for Nonrecoverable Advances made
     thereby;

          (viii) to pay the Fiscal  Agent,  the  Trustee,  itself or the Special
     Servicer,  in that order as the case may be, any related  Advance  Interest
     accrued and payable on any unreimbursed  Advance in accordance with Section
     3.11(f) and 4.03(d),  first out of Penalty Charges received on the Mortgage
     Loan or REO  Loan as to  which  such  Advance  was  made  and  then,  at or
     following such time as it reimburses the Fiscal Agent, the Trustee,  itself
     and the Special  Servicer,  in that order, as applicable,  for such Advance
     pursuant to clause (v), (vi) or (vii) above or Section 3.03, out of general
     collections on the Mortgage Loans and REO Properties;

          (ix) to  reimburse  itself (if it is not the  affected  Mortgage  Loan
     Seller) or the Trustee,  as the case may be, for any unreimbursed  expenses
     reasonably  incurred  by such  Person in  respect  of any  Breach or Defect
     giving rise to a  repurchase  obligation  of a Mortgage  Loan Seller  under
     Section 6 of the related Mortgage Loan Purchase  Agreement (or Section 4 of
     either Supplemental Agreement), including, without limitation, any expenses
     arising out of the enforcement of the repurchase obligation,  together with
     interest  thereon at the  Reimbursement  Rate,  each such Person's right to
     reimbursement  pursuant to this clause  (ix) with  respect to any  Mortgage
     Loan being  limited to that  portion  of the  Purchase  Price paid for such
     Mortgage Loan that represents such expense in accordance with clause (d) of
     the definition of Purchase Price;

          (x) in accordance with Section 2.03(d), to reimburse the Trustee,  out
     of general  collections  on the Mortgage  Loans and REO  Properties for any
     unreimbursed  expense reasonably incurred by the Trustee in connection with
     the enforcement of a Mortgage Loan Seller's  obligations under Section 6(a)
     of the related  Mortgage  Loan  Purchase  Agreement (or Section 4 of either
     Supplemental   Agreement),   together   with   interest   thereon   at  the
     Reimbursement  Rate,  but only to the  extent  that such  expenses  are not
     reimbursable pursuant to clause (ix) above or otherwise;

          (xi) to pay out of general  collections  on the Mortgage Loans and REO
     Properties,  for costs and expenses  incurred by the Trust Fund pursuant to
     Section 3.09(c) and to pay Liquidation  Expenses out of related Liquidation
     Proceeds pursuant to Section 3.09;

          (xii)  to  pay  itself,  as  additional   servicing   compensation  in
     accordance with Section 3.11(b),  (A) interest and investment income earned
     in respect of amounts  relating  to the Trust Fund held in the  Certificate
     Account,  any Lock-Box  Account and Cash Collateral  Account as provided in
     Section 3.06(b) (but only to the extent of the Net Investment Earnings with
     respect  to  the  Certificate   Account,  any  Lock-Box  Account  and  Cash
     Collateral  Account for any Collection  Period),  (B)  Prepayment  Interest
     Excesses and Balloon Payment Interest Excess received on the Mortgage Loans
     and (C) Penalty  Charges  received on Mortgage Loans that are not Specially
     Serviced Mortgage Loans (but only to the extent not otherwise  allocable to
     cover Advance Interest in respect of the related Mortgage Loan);

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<PAGE>

          (xiii)  to  pay to  the  Special  Servicer,  as  additional  servicing
     compensation,  all  Penalty  Charges  received  on any  Specially  Serviced
     Mortgage  Loan (but  only to the  extent  not  otherwise  allocable  to pay
     Advance  Interest in respect of the  related  Specially  Serviced  Mortgage
     Loan);

          (xiv)  to pay  itself,  the  Depositor,  or any  of  their  respective
     directors,  officers,  employees  and  agents,  as the case may be,  out of
     general  collections on the Mortgage Loans and REO Properties,  any amounts
     payable to any such Person pursuant to Section 6.03;

          (xv) to pay, out of general  collections on the Mortgage Loans and REO
     Properties,  for (A) the cost of the  Opinions of Counsel  contemplated  by
     Sections  3.09(b)(ii)  and  3.16(a),  (B) the cost of the advice of counsel
     contemplated  by Section  3.17(a),  (C) the cost of any  Opinion of Counsel
     contemplated  by Section  11.01(a) in connection  with an amendment to this
     Agreement  requested  by  the  Master  Servicer,   which  amendment  is  in
     furtherance of the rights and interests of Certificateholders, (D) the cost
     of obtaining the REO Extension  contemplated  by Section  3.16(a),  (E) the
     cost of recording this Agreement in accordance with Section  11.02(a),  and
     (F) the cost of an  Appraisal  obtained  pursuant  to  Section  3.11(i)  or
     Section 4.03(c);

          (xvi) to pay itself,  the Special Servicer,  any Mortgage Loan Seller,
     GMACCM or the Majority  Certificateholder  of the Controlling Class, as the
     case  may be,  with  respect  to each  Mortgage  Loan,  if any,  previously
     purchased by such Person  pursuant to or as contemplated by this Agreement,
     all  amounts  received  on such  Mortgage  Loan  subsequent  to the date of
     purchase;

          (xvii) to withdraw  funds  deposited into the  Certificate  Account in
     error; and

          (xviii)  to  clear  and  terminate  the  Certificate  Account  at  the
     termination of this Agreement pursuant to Section 9.01.

     For each  Mortgage  Loan,  the  Master  Servicer  shall  keep and  maintain
separate  accounting records, on a loan-by-loan basis (and for each REO Loan, on
a  property-by-property  basis) when appropriate,  for the purpose of justifying
any withdrawal from the Certificate Account.

     The Master  Servicer  shall pay to the Special  Servicer (or to third party
contractors  at the  direction  of the Special  Servicer)  from the  Certificate
Account amounts permitted to be paid to it (or to such third party  contractors)
therefrom  promptly upon receipt of a certificate of a Servicing  Officer of the
Special  Servicer  describing the item and amount to which the Special  Servicer
(or such third party  contractors)  is  entitled.  The Master  Servicer may rely
conclusively on any such  certificate and shall have no duty to re-calculate the
amounts stated therein.  The Special  Servicer shall keep and maintain  separate
accounting  for each  Specially  Serviced  Mortgage Loan and REO Property,  on a
loan-by-loan and  property-by-property  basis, for the purpose of justifying any
request for withdrawal from the Certificate Account.

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     (b) The  Trustee  may,  from  time  to  time,  make  withdrawals  from  the
Distribution  Account for any of the following  purposes (but not necessarily in
the following order of priority):

          (i) to make distributions to  Certificateholders  on each Distribution
     Date  pursuant to Section 4.01 and to deposit the  Withheld  Amounts in the
     Interest Reserve Account pursuant to Section 3.04(c);

          (ii) to pay itself interest and investment income earned in respect of
     amounts  relating  to the Trust  Fund held in the  Distribution  Account as
     provided in Section  3.06(b) (but only to the extent of the Net  Investment
     Earnings  with  respect  to the  Distribution  Account  for any  Collection
     Period);

          (iii) to pay itself unpaid Trustee Fees pursuant to Section 8.05(a);

          (iv) 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 8.05(b);

          (v) to pay for (A) the cost of the Opinion of Counsel  contemplated by
     Section  11.01(a) or (c) in connection with any amendment to this Agreement
     requested by the Trustee,  which  amendment is in furtherance of the rights
     and interests of Certificateholders, (B) the cost of the Opinion of Counsel
     contemplated by Section 11.02(a) in connection with any recordation of this
     Agreement and (C) to the extent  payable out of the Trust Fund, the cost of
     the Opinion of Counsel contemplated by Section 10.01(f);

          (vi) to (A) pay any and all federal,  state and local taxes imposed on
     REMIC I, REMIC II or REMIC III or on the assets or transactions of any such
     REMIC,  together with all  incidental  costs and expenses,  and any and all
     reasonable  expenses  relating  to tax  audits,  if and to the extent  that
     either (1) none of the Trustee, the Master Servicer or the Special Servicer
     is liable therefor pursuant to Section 10.01(g) or (2) any such Person that
     may be so liable has failed to make the required payment, and (B) reimburse
     the Trustee for reasonable  expenses  incurred by and reimbursable to it by
     the Trust Fund pursuant to Section 10.01(c);

          (vii) to withdraw  funds  deposited into the  Distribution  Account in
     error; and

          (viii)  to  clear  and  terminate  the  Distribution  Account  at  the
     termination of this Agreement pursuant to Section 9.01.

     (c) The Trustee may, from time to time, make  withdrawals from the Interest
Reserve Account to pay itself  interest and investment  income earned in respect
of amounts  relating to the Trust Fund held in the Interest Reserve Account (but
only to the extent of Net  Investment  Earnings  with  respect  to the  Interest
Reserve Account for any Collection Period).

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     (d) The Trustee shall, on any Distribution  Date, make withdrawals from the
Excess  Liquidation  Proceeds Reserve Account to the extent required to make the
distributions from the Excess  Liquidation  Proceeds Reserve Account required by
Section 4.01(c).

     SECTION 3.06 Investment   of   Funds  in  the  Certificate   Account,   the
                  Distribution Account, the Excess Liquidation  Proceeds Reserve
                  Account, the Interest Reserve Account and the REO Account.

     (a)  (i)  The  Master  Servicer  may  direct  any  depository   institution
maintaining the Certificate Account, any Lock-Box Account or any Cash Collateral
Account  to  invest,  (ii)  the  Special  Servicer  may  direct  any  depository
institution  maintaining  the REO  Account to invest,  or if it is a  depository
institution,  may itself invest, and (iii) the Trustee may direct the depository
institution   maintaining  the  Distribution  Account,  the  Excess  Liquidation
Proceeds Reserve Account or the Interest Reserve Account to invest,  or if it is
such depository institution, may itself invest, the funds held therein in one or
more Permitted Investments bearing interest or sold at a discount, and maturing,
unless  payable  on  demand,  (i) no later  than the  Business  Day  immediately
preceding  the next  succeeding  date on which  such  funds are  required  to be
withdrawn from such account  pursuant to this Agreement,  if a Person other than
the depository institution  maintaining such account is the obligor thereon, and
(ii) no later than the next  succeeding date on which such funds are required to
be withdrawn  from such account  pursuant to this  Agreement,  if the depository
institution  maintaining such account is the obligor thereon. 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).   The  Master  Servicer  (with  respect  to  Permitted
Investments of amounts in the Certificate Account, any Lock-Box Account, and any
Cash  Collateral  Account) and the Special  Servicer  (with respect to Permitted
Investments  of amounts in the REO  Account) on behalf of the  Trustee,  and the
Trustee (with respect to Permitted  Investments  of amounts in the  Distribution
Account,  the Excess  Liquidation  Proceeds  Reserve  Account  and the  Interest
Reserve  Account),  shall (and Trustee hereby designates the Master Servicer and
the  Special  Servicer,  as  applicable,  as the Person  that  shall) (i) be the
"entitlement   holder"  of  any  Permitted   Investment   that  is  a  "security
entitlement"  and (ii) maintain  "control" of any Permitted  Investment  that is
either a "certificated security" or an "uncertificated  security".  For purposes
of this Section 3.06(a), the terms "entitlement holder", "security entitlement",
"control",  "certificated security" and "uncertificated security" shall have the
meanings given such terms in Revised  Article 8 (1994  Revision) of the UCC, and
"control"  of any  Permitted  Investment  by the Master  Servicer or the Special
Servicer  shall  constitute  "control" by a Person  designated by, and acting on
behalf of the Trustee for purposes of Revised  Article 8 (1994  Revision) of the
UCC. In the event  amounts on deposit in an  Investment  Account are at any time
invested in a Permitted  Investment  payable on demand,  the Master Servicer (in
the  case  of the  Certificate  Account,  any  Lock-Box  Account,  or  any  Cash
Collateral  Account),  the Special Servicer (in the case of the REO Account) and
the Trustee (in the case of the  Distribution  Account,  the Excess  Liquidation
Proceeds Reserve Account and the Interest Reserve Account) shall:

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          (x) 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

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

     (b) Whether or not the Master  Servicer  directs the investment of funds in
the  Certificate  Account,  and to the extent the Master  Servicer  directs  the
investment of funds in any Lock-Box  Account,  the Excess  Liquidation  Proceeds
Reserve Account or any Cash Collateral  Account,  interest and investment income
realized on funds  deposited in each such Investment  Account,  to the extent of
the Net  Investment  Earnings,  if any,  with  respect to such  account for each
Collection  Period,  shall be for the sole and  exclusive  benefit of the Master
Servicer and shall be subject to its withdrawal, or withdrawal at its direction,
in accordance with Section 3.05(a).  Interest and investment  income realized on
funds deposited in the Distribution Account and the Interest Reserve Account, to
the extent of Net Investment Earnings,  if any, with respect to such account for
each  Collection  Period,  shall be for the sole and  exclusive  benefit  of the
Trustee  and shall be subject  to its  withdrawal  in  accordance  with  Section
3.05(b) or (c), as the case may be. Whether or not the Special  Servicer directs
the  investment  of funds in the REO  Account,  interest and  investment  income
realized  on  funds  deposited  therein,  to the  extent  of the Net  Investment
Earnings,  if any, for such Investment Account for each Collection Period, shall
be for the sole and  exclusive  benefit  of the  Special  Servicer  and shall be
subject to its withdrawal in accordance with Section 3.16(b).  If any loss shall
be incurred in respect of any Permitted Investment on deposit in the Certificate
Account,  and to the extent the Master  Servicer  has  discretion  to direct the
investment of funds in any Lock-Box  Account or any Cash Collateral  Account for
its sole and exclusive  benefit,  the Master Servicer shall deposit therein,  no
later than the end of the Collection Period during which such loss was incurred,
without right of  reimbursement,  the amount of the Net Investment Loss, if any,
with respect to such account for such  Collection  Period.  If any loss shall be
incurred in respect of any Permitted  Investment on deposit in the  Distribution
Account, the Excess Liquidation Proceeds Reserve Account or the Interest Reserve
Account,  the  Trustee  shall  immediately  deposit  therein,  without  right of
reimbursement,  the amount of the Net  Investment  Loss, if any, with respect to
such  account.  If any loss  shall  be  incurred  in  respect  of any  Permitted
Investment on deposit in the REO Account,  the Special  Servicer  shall promptly
deposit  therein from its own funds,  without right of  reimbursement,  no later
than the end of the Collection  Period during which such loss was incurred,  the
amount of the Net Investment Loss, if any, for such Collection Period

     (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

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other performance required under any Permitted Investment,  the Trustee may and,
subject to Section 8.02, upon the request of Holders of Certificates entitled to
a majority of the Voting Rights allocated to any Class shall take such action as
may be  appropriate  to enforce  such  payment  or  performance,  including  the
institution and prosecution of appropriate proceedings.

     SECTION 3.07 Maintenance  of Insurance  Policies;  Errors and Omissions and
                  Fidelity Coverage.

     (a) Each of the Master  Servicer (in the case of Mortgage  Loans other than
Specially  Serviced  Mortgage  Loans) and the Special  Servicer  (in the case of
Specially  Serviced  Mortgage Loans) shall use reasonable  efforts to cause each
Mortgagor to maintain in respect of the related Mortgaged Property all insurance
coverage  as is  required  under  the  related  Mortgage;  provided  that if any
Mortgage  permits the holder  thereof to dictate to the  Mortgagor the insurance
coverage to be maintained on such Mortgaged Property, the Master Servicer or the
Special Servicer,  as appropriate,  shall impose such insurance  requirements as
are consistent  with the Servicing  Standard.  If a Mortgagor  fails to maintain
such insurance, the Master Servicer (at the direction of the Special Servicer in
the case of a  Specially  Serviced  Loan)  shall  (to the  extent  available  at
commercially  reasonable  terms) obtain such  insurance  (which may be through a
master  or  single  interest  policy)  and the cost  (including  any  deductible
relating to such  insurance)  of such  insurance  (or in the case of a master or
single interest policy, the incremental cost (including any deductible  relating
to  such  insurance)  of  such  insurance  relating  to the  specific  Mortgaged
Property),  shall be a Servicing  Advance and shall be recoverable by the Master
Servicer  pursuant to Section  3.05(a).  If at any time a Mortgaged  Property is
located  in an  area  identified  in the  Flood  Hazard  Boundary  Map or  Flood
Insurance Rate Map issued by the Federal  Emergency  Management Agency as having
special flood hazards or it becomes  located in such area by virtue of remapping
conducted  by such agency (and flood  insurance  has been made  available),  the
Master  Servicer  (or in the case of a  Specially  Serviced  Loan,  the  Special
Servicer)  shall,  if and to the extent  that the  Mortgage  Loan  requires  the
Mortgagor  or permits  the  mortgagee  to require  the  Mortgagor  to do so, use
reasonable  efforts to cause the related Mortgagor to maintain a flood insurance
policy  meeting  the  requirements  of the  current  guideline  of  the  Federal
Insurance  Administration in the maximum amount of insurance  coverage available
under the National Flood  Insurance Act of 1968,  the Flood Disaster  Protection
Act of 1973 or the  National  Flood  Insurance  Reform Act of 1994,  as amended,
unless otherwise specified by the related Mortgage Loan. If (i) the Mortgagor is
required  by the terms of the  Mortgage  Loan to  maintain  such  insurance  (or
becomes obligated by virtue of the related  Mortgaged  Property becoming located
in such area by virtue of such remapping) or (ii) the terms of the Mortgage Loan
permit the  mortgagee  to require the  Mortgagor to obtain such  insurance,  the
Master  Servicer  (or in the case of a  Specially  Serviced  Loan,  the  Special
Servicer),  shall promptly notify the Mortgagor of its obligation to obtain such
insurance. If the Mortgagor fails to obtain such flood insurance within 120 days
of such  notification,  the  Master  Servicer  (or in the  case  of a  Specially
Serviced Loan, the Special  Servicer) shall obtain such  insurance,  the cost of
which  shall be a  Servicing  Advance  and shall be  recoverable  by the  Master
Servicer or Special  Servicer  pursuant to Section  3.05(a);  provided  that the
Master Servicer or Special Servicer shall not be required to

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incur any such cost if such Advance would constitute a Nonrecoverable  Servicing
Advance.  Subject  to  Section  3.17(a),  the  Special  Servicer  shall also use
reasonable  efforts  to cause to be  maintained  for each REO  Property  (to the
extent available at commercially  reasonable  terms) no less insurance  coverage
than was previously  required of the Mortgagor under the related  Mortgage or as
is consistent  with the Servicing  Standard.  All such insurance  policies shall
contain a "standard"  mortgagee clause, with loss payable to the Master Servicer
(in the case of Mortgaged  Properties)  or the Special  Servicer (in the case of
REO  Properties)  on behalf of the  Trustee,  and shall be issued by an  insurer
authorized under applicable law to issue such insurance.  Any amounts  collected
by the Master  Servicer or the Special  Servicer under any such policies  (other
than amounts to be applied to the restoration or repair of the related Mortgaged
Property or REO Property or amounts to be released to the related Mortgagor,  in
each case in accordance with  applicable law, the terms of the related  Mortgage
Loan documents and the Servicing Standard) shall be deposited in the Certificate
Account,  subject to  withdrawal  pursuant  to Section  3.05(a),  in the case of
amounts  received in respect of a Mortgage Loan, or in the REO Account,  subject
to withdrawal  pursuant to Section  3.16(c),  in the case of amounts received in
respect of an REO  Property.  Any cost  incurred  by the Master  Servicer or the
Special  Servicer in  maintaining  any such  insurance  shall not,  for purposes
hereof,  including,  without limitation,  calculating  monthly  distributions to
Certificateholders, be added to the outstanding principal balance of the related
Mortgage Loan,  notwithstanding  that the terms of such Mortgage Loan so permit,
but shall be recoverable by the Master Servicer as a Servicing  Advance pursuant
to Section 3.05(a).

     (b)  (i)  If the  Master  Servicer  or the  Special  Servicer  obtains  and
maintains  a  blanket  policy  insuring  against  hazard  losses  on  all of the
Mortgaged  Properties and/or REO Properties for which it is responsible to cause
the maintenance of insurance hereunder, then, to the extent such policy provides
protection equivalent to the individual policies otherwise required,  the Master
Servicer or the Special  Servicer,  as the case may be,  shall  conclusively  be
deemed  to have  satisfied  its  obligation  to  cause  hazard  insurance  to be
maintained on such Mortgaged  Properties and/or REO Properties.  Such policy may
contain a deductible clause (not in excess of a customary amount), in which case
the Master Servicer or the Special  Servicer,  as  appropriate,  shall, if there
shall not have been  maintained  on a Mortgaged  Property  or an REO  Property a
hazard insurance policy complying with the requirements of Section 3.07(a),  and
there shall have been one or more losses  which would have been  covered by such
policy,  promptly  deposit into the  Certificate  Account (or into the Servicing
Account if insurance  proceeds are to be applied to the repair or restoration of
the applicable  Mortgaged  Property or disbursed to the related  Mortgagor) 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 any such deductible  limitation,  the deductible  limitation which is
consistent  with the  Servicing  Standard.  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 maintained by it in
a timely fashion in accordance with the terms of such policy.

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     (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  provides  protection  equivalent  to  the  individual
policies  otherwise  required,  the Master  Servicer or Special  Servicer  shall
conclusively  be deemed to have  satisfied its  respective  obligations to cause
hazard  insurance  to be  maintained  on such  Mortgaged  Properties  and/or REO
Properties.  Such  policy may  contain a  deductible  clause,  in which case the
Master Servicer or the Special Servicer, as applicable,  shall in the event that
(i) there shall not have been  maintained on the related  Mortgaged  Property or
REO  Property  a policy  otherwise  complying  with the  provisions  of  Section
3.07(a), and (ii) 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
Certificate  Account (or into the Servicing Account if insurance proceeds are to
be applied to the repair or restoration of the applicable  Mortgaged Property or
disbursed to the related  Mortgagor) 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  which is  consistent  with the Servicing  Standard.  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
master force placed  insurance  policy  maintained by it in a timely  fashion in
accordance with the terms of such policy.

     (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 and other persons acting on
behalf of it in connection  with its activities  under this Agreement and naming
the Trustee as an additional  insured.  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 under a policy or bond obtained by an Affiliate of such
Person and providing the coverage required by this Section 3.07(c) shall satisfy
the requirements of this Section 3.07(c).

     (d) All insurance coverage required to be maintained by the Master Servicer
or Special  Servicer,  as applicable,  under this Section 3.07 shall be obtained
from  Qualified   Insurers  having  a  claims  paying  ability  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
not less than (x) A2 by  Moody's  and (y) if rated by FITCH  IBCA,  "A" by FITCH
IBCA  (or,  if not rated by FITCH  IBCA,  rated  A-IX or  better by A.M.  Best);
provided,  however,  that the  requirements  of clauses (x) and (y) shall not be
applicable with respect to Moody's or FITCH IBCA, as applicable,  if the related
Rating Agency shall have  confirmed in writing that an insurance  company with a
lower claims  paying  ability  rating shall not result,  in and of itself,  in a
downgrade,

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qualification or withdrawal of the then current ratings by such Rating Agency of
any class of Certificates.

     SECTION 3.08 Enforcement of  Due-On-Sale  Clauses;  Assumption  Agreements;
                  Subordinate Financing; Defeasance.

     (a) As to each Mortgage Loan which  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  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  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, in the case of a Specially  Serviced Mortgage
     Loan,  the Special  Servicer,  on behalf of the Trustee as the mortgagee of
     record, shall exercise (or, subject to Section 3.20(a)(iv), waive its right
     to exercise)  any right it may have with respect to such  Mortgage Loan (x)
     to accelerate the payments  thereon,  or (y) to withhold its consent to any
     such sale or other  transfer,  in a manner  consistent  with the  Servicing
     Standard. In the event that the Master Servicer or Special Servicer intends
     or is required,  in accordance  with the preceding  sentence,  the Mortgage
     Loan  documents or applicable  law, to permit the transfer of any Mortgaged
     Property,  the Master Servicer or the Special Servicer, as the case may be,
     if consistent with the Servicing Standard, may enter into an assumption and
     modification  agreement  with  the  Person  to whom the  related  Mortgaged
     Property  has  been or is  intended  to be  conveyed  or may  enter  into a
     substitution  of  liability  agreement,  pursuant  to  which  the  original
     Mortgagor and any original guarantors are released from liability,  and the
     transferee  and any new  guarantors  are  substituted  therefor  and become
     liable  under  the  Mortgage  Note  and  any  related  guaranties  and,  in
     connection  therewith,  may require from the related Mortgagor a reasonable
     and customary fee for the  additional  services  performed by it,  together
     with  reimbursement  for any related costs and expenses incurred by it (but
     only to the extent that charging such fee and entering into such assumption
     and  modification  agreement will not be a significant  modification of the
     Mortgage Loan for purposes of the REMIC Provisions). The Master Servicer or
     the Special Servicer, as the case may be, shall promptly notify the Trustee
     of any such  agreement and forward the original  thereof to the Trustee for
     inclusion in the related Mortgage File. Subject to Section 3.20(a),  if the
     Master  Servicer or Special  Servicer  intends or is required to permit the
     transfer of any Mortgaged  Property and enter into an assumption  agreement
     or a substitution of liability agreement, as the case may be, in accordance
     with the foregoing,  the Master  Servicer or the Special  Servicer,  as the
     case may be,  prior to entering  into such  agreement,  shall submit to (A)
     FITCH IBCA, in the case of any Mortgage Loan that has, or any Mortgage Loan
     that is part of a Related  Borrower  Group  that has,  one of the  then-ten
     highest outstanding principal balances in the Mortgage Pool; and (B)

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     Moody's, in the case of any Mortgage Loan that has an outstanding principal
     balance in excess of the lesser of (1)  $20,000,000 or (2) 1.5% of the then
     outstanding  principal  balance  of  the  Mortgage  Pool  a  copy  of  such
     documentation and any information with respect to such action as the Master
     Servicer or Special Servicer,  as applicable,  deems appropriate or as such
     Rating Agency may  reasonably  request,  and shall request that such Rating
     Agency deliver to the Master Servicer or Special  Servicer,  as applicable,
     Rating Agency  Confirmation with respect to the execution of such agreement
     within five (5)  Business  Days of receipt of a copy of such  documentation
     and any information  such Rating Agency so reasonably  requests;  provided,
     however, if the Master Servicer or Special Servicer shall not have received
     such Rating  Agency  Confirmation  from FITCH IBCA within five (5) Business
     Days of such Rating Agency's  receipt of a copy of such  documentation  and
     such information,  such Rating Agency  Confirmation shall be deemed to have
     been delivered to the Master Servicer or Special Servicer by FITCH IBCA.

     (b) As to each Mortgage Loan which  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  mortgagee's
     option) become due and payable upon the creation of any additional  lien or
     other encumbrance on the related Mortgaged Property; or

          (ii) requires the consent of the mortgagee to the creation of any such
     additional  lien or other  encumbrance on the related  Mortgaged  Property,
     then,  for so long as such Mortgage Loan is included in the Trust Fund, the
     Master Servicer or, in the case of a Specially  Serviced Mortgage Loan, the
     Special  Servicer,  on behalf of the  Trustee as the  mortgagee  of record,
     shall  exercise  (or,  subject to Section  3.20(a)(iv),  waive its right to
     exercise)  any right it may have with respect to such  Mortgage Loan (x) to
     accelerate  the  payments  thereon,  or (y) to withhold  its consent to the
     creation  of any such  additional  lien or other  encumbrance,  in a manner
     consistent with the Servicing Standard;  provided,  however that the Master
     Servicer or, in the case of a Specially Serviced Mortgage Loan, the Special
     Servicer,  shall not waive its right to  exercise  any such right when such
     right  arises as a result of the  imposition  of a lien against a Mortgaged
     Property  which lien secures  additional  indebtedness  or a mechanic's  or
     similar  lien not  permitted  under the  related  Mortgage  Loan  documents
     unless,  the Master Servicer or the Special  Servicer,  as the case may be,
     prior to waiving any such right,  shall  submit to (A) FITCH IBCA (but only
     in the case of any  Mortgage  Loan that has, or any  Mortgage  Loan that is
     part of a Related  Borrower  Group that has,  one of the  then-ten  highest
     outstanding  principal  balances in the Mortgage Pool), and (B) Moody's (in
     the case of any Mortgage Loan that has an outstanding  principal balance in
     excess of the lesser of (1) $20,000,000 or (2) 1.5% of the then outstanding
     principal balance of the Mortgage Pool) a copy of the  documentation  under
     which any such lien would arise together with such other  information  with
     respect to such proposed waiver as the Master Servicer or Special Servicer,
     as  applicable,  deems  appropriate or as such Rating Agency may reasonably
     request,  and shall request that such Rating  Agency  deliver to the Master
     Servicer or Special Servicer, as applicable, Rating

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     Agency  Confirmation  with respect to such proposed  waiver within five (5)
     Business  Days  of  receipt  of  a  copy  of  such  documentation  and  any
     information such Rating Agency so reasonably requests;  provided,  however,
     if the Master  Servicer or Special  Servicer  shall not have  received such
     Rating Agency Confirmation from FITCH IBCA within five (5) Business Days of
     such  Rating  Agency's  receipt  of a copy of such  documentation  and such
     information,  such Rating Agency  Confirmation shall be deemed to have been
     delivered to the Master Servicer or Special Servicer by FITCH IBCA.

     (c) With respect to any Mortgage  Loan which  permits  release of Mortgaged
Properties  through a Defeasance  Option or with respect to the  application  of
amounts  held in any  earnout or other  reserve  accounts,  the Master  Servicer
shall, to the extent  consistent  with and permitted by the applicable  Mortgage
Loan documents, permit (or, if the terms of such Mortgage Loan permit the lender
to require  defeasance,  the Master Servicer shall require) the exercise of such
Defeasance  Option  on any Due Date  occurring  more  than two  years  after the
Startup Day (the "Release Date") subject to the following conditions:

          (i) No event of default exists under the related Mortgage Note;

          (ii) The Mortgagor pays on such Release Date (A) all interest  accrued
     and unpaid on the  Principal  Balance of the Mortgage Note to and including
     the Release  Date;  (B) all other  sums,  excluding  scheduled  interest or
     principal  payments  due  under  the  Mortgage  Note and (C) any  costs and
     expenses incurred in connection with such release;

          (iii) The  Mortgagor  has delivered  Defeasance  Collateral  providing
     payments on or prior to all  successive  scheduled  payment  dates from the
     Release  Date to the related  Maturity  Date,  and in an amount equal to or
     greater  than the  scheduled  payments due on such dates under the Mortgage
     Loan;

          (iv) The Mortgagor shall have delivered a security  agreement granting
     the  Trust  Fund a  first  priority  security  interest  in the  Defeasance
     Collateral;

          (v) The Master Servicer shall have received an Opinion of Counsel from
     the related Mortgagor (which shall be an expense of the related  Mortgagor)
     to the effect that the Trust Fund has a first priority security interest in
     the  Defeasance  Collateral  and that the  assignment  thereof is valid and
     enforceable;

          (vi)  The  Master   Servicer   shall  have  obtained  at  the  related
     Mortgagor's  expense a certificate  from an  Independent  certified  public
     accountant  certifying  that the  Defeasance  Collateral  complies with the
     requirements of the related Mortgage Note;

          (vii) The Master  Servicer  shall have  obtained an Opinion of Counsel
     from the related  Mortgagor  to the effect that such release will not cause
     any of REMIC I,  REMIC II or

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     REMIC III to fail to qualify  as a REMIC at any time that any  Certificates
     are  outstanding  or cause a tax to be  imposed on the Trust Fund under the
     REMIC Provisions;

          (viii)  The  Borrower  shall  have  provided  evidence  to the  Master
     Servicer  demonstrating  that the  lien of the  related  Mortgage  is being
     released to facilitate the disposition of the Mortgaged Property or another
     customary  commercial  transaction,  and not as part of an  arrangement  to
     collateralize the Certificates issued by the related REMIC with obligations
     that are not real estate mortgages; and

          (ix) If  required  by the  terms of such  Mortgage  Loan,  the  Master
     Servicer shall have received Rating Agency  Confirmation from each of FITCH
     IBCA and Moody's with respect to the exercise of such Defeasance Option.

     (d) Nothing in this Section 3.08 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 additional  lien or other  encumbrance  with respect to such
Mortgaged Property.

     (e) Except as  otherwise  permitted  by Section  3.20,  neither  the Master
Servicer nor the Special Servicer shall agree to modify, waive or amend any term
of any Mortgage Loan in  connection  with the taking of, or the failure to take,
any action pursuant to this Section 3.08.

     SECTION 3.09 Realization Upon Defaulted Mortgage Loans.

     (a) The Master Servicer shall notify the Special Servicer of the occurrence
of a  Servicing  Transfer  Event in respect of any  Mortgage  Loan.  The Special
Servicer shall monitor such Specially  Serviced Mortgage Loan,  evaluate whether
the causes of the default can be  corrected  over a  reasonable  period  without
significant impairment of the value of the related Mortgaged Property,  initiate
corrective  action  in  cooperation  with  the  Mortgagor  if,  in  the  Special
Servicer's  judgment,  cure is likely,  and take such other  actions  (including
without limitation,  negotiating and accepting a discounted payoff of a Mortgage
Loan)  as are  consistent  with  the  Servicing  Standard.  If,  in the  Special
Servicer's   judgment,   such  corrective  action  has  been  unsuccessful,   no
satisfactory  arrangement can be made for collection of delinquent payments, and
the  Defaulted  Mortgage Loan has not been released from the Trust Fund pursuant
to any provision hereof, then the Special Servicer shall, subject to subsections
(b) through (d) of this Section 3.09, exercise  reasonable  efforts,  consistent
with the Servicing Standard,  to foreclose upon or otherwise  comparably convert
(which may include an REO Acquisition)  the ownership of property  securing such
Mortgage  Loan.  The foregoing is subject to the provision  that, in any case in
which a Mortgaged  Property shall have suffered damage from an Uninsured  Cause,
the Master  Servicer and the Special  Servicer  shall have the right but not the
obligation to expend its own funds toward the restoration of such property if it
shall  determine in its  reasonable  discretion (i) that such  restoration  will
increase  the  net  proceeds  of  liquidation  of  such  Mortgaged  Property  to
Certificateholders after reimbursement to itself for such

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expenses, and (ii) that such expenses will be recoverable by the Master Servicer
or Special  Servicer,  as the case may be, out of the proceeds of liquidation of
such  Mortgaged  Property,  as  contemplated  in Section  3.05(a).  The  Special
Servicer (or, subject to Section 3.19(c), the Master Servicer) shall advance all
other costs and expenses incurred by it in any such proceedings,  subject to its
being entitled to reimbursement  therefor as a Servicing  Advance as provided in
Section  3.05(a)  and  further  subject to its being  entitled to pay out of the
related Liquidation Proceeds any Liquidation Expenses incurred in respect of any
Mortgage  Loan,  which  Liquidation  Expenses were  outstanding at the time such
proceeds are received. When applicable state law permits the Special Servicer to
select between judicial and non-judicial foreclosure in respect of any Mortgaged
Property,  the Special Servicer shall make such selection in a manner consistent
with the  Servicing  Standard.  Nothing  contained in this Section 3.09 shall be
construed so as to require the Special Servicer, on behalf of the Trust Fund, to
make a bid on any Mortgaged Property at a foreclosure sale or similar proceeding
that is in excess of the fair market value of such  property,  as  determined by
the  Special  Servicer  in its sole  judgment  taking  into  account the factors
described in Section 3.18(e) and the results of any Appraisal  obtained pursuant
to this  Agreement,  all such  bids to be made in a manner  consistent  with the
Servicing  Standard.  If and when the Master  Servicer or the  Special  Servicer
deems it  necessary  and prudent for  purposes of  establishing  the fair market
value of any Mortgaged  Property securing a Defaulted Mortgage Loan, whether for
purposes of bidding at  foreclosure  or  otherwise,  the Master  Servicer or the
Special  Servicer,  as the  case  may be,  is  authorized  to have an  Appraisal
performed  with respect to such property (the cost of which  Appraisal  shall be
covered by, and reimbursable as, an Additional Trust Fund Expense).

     (b) The Special Servicer shall not acquire any personal  property  pursuant
to this Section 3.09 (with the exception of cash or cash equivalents  pledged as
collateral for a Mortgage Loan) 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; or

          (ii) the Special  Servicer  shall have  obtained an Opinion of Counsel
     (the cost of which may be withdrawn from the Certificate  Account  pursuant
     to  Section  3.05(a))  to the  effect  that the  holding  of such  personal
     property by the Trust Fund will not (subject to Section 10.01(f)) cause the
     imposition  of a tax on the Trust Fund under the REMIC  Provisions or cause
     any of REMIC I,  REMIC II or REMIC III to fail to qualify as a REMIC at any
     time that any Certificate is outstanding.

     (c)  Notwithstanding  the foregoing  provisions  of this Section 3.09,  the
Special  Servicer  shall not,  on behalf of the  Trustee,  initiate  foreclosure
proceedings,  obtain  title to a Mortgaged  Property in lieu of  foreclosure  or
otherwise,  have a receiver of rents  appointed  with  respect to any  Mortgaged
Property,  or take any other action with respect to any Mortgaged Property,  if,
as  a  result   of  any  such   action,   the   Trustee,   on   behalf   of  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 CERCLA or any comparable  law, unless
(as

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evidenced by an Officer's  Certificate to such effect  delivered to the Trustee)
the Special  Servicer has  previously  received an  Environmental  Assessment in
respect of such Mortgaged  Property  prepared within the twelve months preceding
such determination by a Person who regularly conducts Environmental  Assessments
and the Special Servicer,  based solely (as to environmental matters and related
costs) on the information set forth in such Environmental Assessment, determines
that:

          (i)  the  Mortgaged   Property  is  in  compliance   with   applicable
     environmental  laws  and  regulations  or,  if  not,  that  acquiring  such
     Mortgaged  Property and taking such  actions as are  necessary to bring the
     Mortgaged Property in compliance  therewith is reasonably likely to produce
     a greater recovery to  Certificateholders on a present value basis than not
     acquiring such Mortgaged Property and not taking such actions; and

          (ii) there are no circumstances or conditions present at the Mortgaged
     Property relating to the use, management or disposal of Hazardous Materials
     for which investigations,  testing,  monitoring,  containment,  clean-up or
     remediation could be required under any applicable  environmental  laws and
     regulations or, if such  circumstances  or conditions are present for which
     any such action could be required,  that acquiring such Mortgaged  Property
     and  taking  such  actions  with  respect  to such  Mortgaged  Property  is
     reasonably likely to produce a greater recovery to  Certificateholders on a
     present  value basis than not  acquiring  such  Mortgaged  Property and not
     taking such actions.

The  cost of any  such  Environmental  Assessment,  as  well as the  cost of any
remedial,  corrective or other further action  contemplated by clause (i) and/or
clause (ii) of the preceding  sentence,  may be withdrawn  from the  Certificate
Account by the Master  Servicer at the  direction of the Special  Servicer as an
expense  of the  Trust  Fund  pursuant  to  Section  3.05(a);  and  if any  such
Environmental Assessment so warrants, the Special Servicer shall, at the expense
of  the  Trust  Fund,  perform  such  additional  environmental  testing  as are
consistent  with the  Servicing  Standard to  determine  whether the  conditions
described in clauses (i) and (ii) of the preceding sentence have been satisfied.

     (d) If the  environmental  testing  contemplated  by  subsection  (c) above
establishes  that either of the  conditions set forth in clauses (i) and (ii) of
the first sentence  thereof has not been satisfied with respect to any Mortgaged
Property  securing a Defaulted  Mortgage Loan,  then the Special  Servicer shall
take such  action as it deems to be in the best  economic  interest of the Trust
Fund (other than  proceeding to acquire title to the Mortgaged  Property) and is
hereby  authorized  at such time as it deems  appropriate  to  release  all or a
portion of such Mortgaged Property from the lien of the related Mortgage.

     (e) The Special  Servicer  shall  provide  written  reports  monthly to the
Master  Servicer  (who shall  forward  such  reports to the  Trustee,  who shall
forward such reports to the  Certificateholders)  regarding any actions taken by
the Special Servicer with respect to any Mortgaged Property securing a Defaulted
Mortgage Loan as to which the environmental  testing  contemplated in subsection
(c) above has revealed  that either of the  conditions  set forth in clauses

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(i) and (ii) of the first sentence thereof has not been satisfied,  in each case
until the earliest to occur of satisfaction of both such conditions,  removal of
the  related  Mortgage  Loan from the Trust Fund and  release of the lien of the
related Mortgage on such Mortgaged Property.

     (f) The Special  Servicer shall report to the Internal  Revenue Service and
the related Mortgagor, in the manner required by applicable law, the information
required to be reported  regarding any Mortgaged  Property which is abandoned or
foreclosed,  information  returns  with  respect  to  the  receipt  of  mortgage
interests  received in a trade or business and the information  returns relating
to cancellation of  indebtedness  income with respect to any Mortgaged  Property
required by Sections  6050J,  6050H and 6050P,  respectively,  of the Code. Such
reports  shall  be in  form  and  substance  sufficient  to meet  the  reporting
requirements imposed by Sections 6050J, 6050H and 6050P of the Code. The Special
Servicer shall deliver a copy of any such report upon request to the Trustee.

     (g) The Special  Servicer shall have the right to determine,  in accordance
with the Servicing Standard, the advisability of the maintenance of an action to
obtain a  deficiency  judgment if the state in which the  Mortgaged  Property is
located and the terms of the Mortgage Loan permit such an action.

     (h) The Special  Servicer  shall  maintain  accurate  records of each Final
Recovery  Determination in respect of a Defaulted  Mortgage Loan or REO Property
and the basis thereof.  Each Final Recovery  Determination shall be evidenced by
an  Officer's  Certificate  delivered  to the  Trustee  no  later  than the 10th
Business Day following such Final Recovery Determination.

     SECTION 3.10 Trustee to Cooperate; Release of Mortgage Files.

     (a) Upon the payment in full of any  Mortgage  Loan,  or the receipt by the
Master Servicer or the Special  Servicer of a notification  that payment in full
shall be escrowed in a manner  customary for such purposes,  the Master Servicer
or the Special Servicer, as the case may be, will immediately notify the Trustee
and request  delivery of the related  Mortgage File. Any such notice and request
shall be in the form of a Request for Release signed by a Servicing  Officer and
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  Certificate  Account  pursuant to Section  3.04(a)  have been or will be so
deposited.  Within seven Business Days (or within such shorter period as release
can reasonably be accomplished  if the Master  Servicer or the Special  Servicer
notifies the Trustee of an exigency) of receipt of such notice and request,  the
Trustee shall release,  or cause any related  Custodian to release,  the related
Mortgage  File  to the  Master  Servicer  or  the  Special  Servicer,  whichever
requested  it.  No  expenses  incurred  in  connection  with any  instrument  of
satisfaction  or deed of  reconveyance  shall be chargeable  to the  Certificate
Account.

     (b) From time to time as is appropriate for servicing or foreclosure of any
Mortgage  Loan, the Master  Servicer or the Special  Servicer may deliver to the
Trustee a Request  for

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Release signed by a Servicing  Officer  thereof.  Upon receipt of the foregoing,
the  Trustee  shall  deliver or cause the  related  Custodian  to  deliver,  the
Mortgage  File or any  document  therein to the Master  Servicer  or the Special
Servicer, as the case may be. Upon return of such Mortgage File or such document
to the Trustee or the  related  Custodian,  or the  delivery to the Trustee of 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 Certificate Account
pursuant  to Section  3.04(a)  have been or will be so  deposited,  or that such
Mortgage  Loan has become an REO  Property,  the Request  for  Release  shall be
released by the  Trustee to the Master  Servicer  or the  Special  Servicer,  as
applicable.

     (c) Within three  Business Days (or within such shorter  period as delivery
can reasonably be accomplished if the Special  Servicer  notifies the Trustee of
an exigency) of receipt  thereof,  the Trustee  shall execute and deliver to the
Special  Servicer  any court  pleadings,  requests for  trustee's  sale or other
documents  necessary  to the  foreclosure  or  trustee's  sale in  respect  of a
Mortgaged Property or to any legal action brought to obtain judgment against any
Mortgagor on the Mortgage  Note or Mortgage or to obtain a deficiency  judgment,
or to enforce any other  remedies or rights  provided  by the  Mortgage  Note or
Mortgage or otherwise  available at law or in equity. The Special Servicer shall
be responsible  for the  preparation  of all such documents and pleadings.  When
submitted to the Trustee for  signature,  such  documents or pleadings  shall be
accompanied  by a  certificate  of a  Servicing  Officer  requesting  that  such
pleadings  or  documents  be executed by the  Trustee and  certifying  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 Mortgage,  except for the  termination of such a lien upon  completion of
the foreclosure or trustee's sale.

     SECTION 3.11 Servicing Compensation; Nonrecoverable Servicing Advances.

     (a) As compensation for its activities hereunder, the Master Servicer shall
be entitled to receive the  Servicing Fee with respect to each Mortgage Loan and
REO Loan. As to each Mortgage Loan and REO Loan,  the Servicing Fee shall accrue
from time to time at the  Servicing  Fee Rate and shall be  computed on the same
basis  and the same  principal  amount  respecting  which any  related  interest
payment  due on such  Mortgage  Loan or  deemed  to be due on such  REO  Loan is
computed.  The Servicing Fee with respect to any Mortgage Loan or REO Loan shall
cease to accrue if a Liquidation Event occurs in respect thereof.  The Servicing
Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest
on each Mortgage Loan,  REO Revenues  allocable as interest on each REO Loan and
the interest portion of Delinquency Advances on each Mortgage Loan and REO Loan.
The Master  Servicer  shall be  entitled  to recover  unpaid  Servicing  Fees in
respect  of any  Mortgage  Loan or REO  Loan  out of  that  portion  of  related
Insurance Proceeds or Liquidation  Proceeds allocable as recoveries of interest,
to the extent permitted by Section  3.05(a).  The right to receive the Servicing
Fee may not be  transferred  in whole or in part except in  connection

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with  the  transfer  of  all  of  the  Master  Servicer's  responsibilities  and
obligations under this Agreement.

     (b)  Additional  servicing  compensation  in the form of  assumption  fees,
modification  fees,  charges for  beneficiary  statements  or  demands,  amounts
collected  for  checks  returned  for  insufficient  funds  and any  similar  or
ancillary fees (excluding any other amounts relating to Prepayment Premiums), in
each case to the extent  actually paid by a Mortgagor with respect to a Mortgage
Loan that is not a  Specially  Serviced  Mortgage  Loan,  may be retained by the
Master Servicer and are not required to be deposited in the Certificate Account.
The Master Servicer shall also be entitled to additional servicing  compensation
in the form of (i) any Prepayment  Interest  Excesses,  Balloon Payment Interest
Excesses,  and  further to the extent  received  on  Mortgage  Loans  other than
Specially  Serviced  Mortgage  Loans,  any Penalty  Charges not allocable to pay
Advance Interest  collected on the Mortgage Loans; (ii) interest or other income
earned on deposits in the Investment  Accounts (other than the REO Account),  in
accordance  with Section  3.06(b) (but only to the extent of the Net  Investment
Earnings,  if any,  with  respect  to each  such  Investment  Account  for  each
Collection  Period),  and (iii) to the  extent  not  required  to be paid to any
Mortgagor under  applicable law or under the related  Mortgage,  any interest or
other income earned on deposits in the Servicing  Accounts and Reserve  Accounts
maintained thereby.  The Master Servicer shall be required to pay out of its own
funds all overhead  and general and  administrative  expenses  incurred by it in
connection  with  its  servicing   activities  hereunder   (including,   without
limitation,  payment  of any  amounts  due  and  owing  to any of  Sub-Servicers
retained by it and the premiums for any blanket policy  insuring  against hazard
losses pursuant to Section 3.07(b)),  if and to the extent such expenses are not
payable directly out of the Certificate  Account,  and the Master Servicer shall
not be entitled to reimbursement  therefor except as expressly  provided in this
Agreement.

     (c) As  compensation  for its activities  hereunder,  the Special  Servicer
shall be  entitled to receive the  Special  Servicing  Fee with  respect to each
Specially  Serviced  Mortgage  Loan  and  each REO  Loan.  As to each  Specially
Serviced Mortgage Loan and each REO Loan, the Special Servicing Fee shall accrue
from time to time at the  Special  Servicing  Fee Rate on the same basis and the
same principal amount  respecting which any related interest payment due on such
Specially  Serviced  Mortgage  Loan  or  deemed  to be due on such  REO  Loan is
computed.  The Special  Servicing  Fee with respect to each  Specially  Serviced
Mortgage  Loan  and  each  REO  Loan  shall  cease  to  accrue  as of the date a
Liquidation  Event  occurs in respect  thereof.  As to each  Specially  Serviced
Mortgage Loan and each REO Loan,  earned but unpaid Special Servicing Fees shall
be payable monthly out of general  collections on the Mortgage Loans and any REO
Properties on deposit in the Certificate Account pursuant to Section 3.05(a).

     As further compensation for its activities hereunder,  the Special Servicer
shall be entitled to receive  the  Workout  Fee with  respect to each  Corrected
Mortgage  Loan. As to each  Corrected  Mortgage  Loan,  the Workout Fee shall be
payable from, and shall be calculated by application of the Workout Fee Rate to,
each collection of interest and principal  received on such Mortgage Loan for so
long remains a Corrected  Mortgage  Loan.  The Workout Fee with  respect

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to any Corrected  Mortgage Loan will cease to be payable if a Servicing Transfer
Event occurs with respect thereto or if the related  Mortgaged  Property becomes
an REO Property; provided that a new Workout Fee will become payable if and when
such  Mortgage  Loan again  becomes a Corrected  Mortgage  Loan.  If the Special
Servicer  is  terminated  other  than for cause or resigns  in  accordance  with
Section  6.04,  it shall  retain the right to receive any and all  Workout  Fees
payable in respect of Mortgage Loans that became Corrected Mortgage Loans during
the period that it acted as Special  Servicer and were still such at the time of
such termination or resignation (and the successor Special Servicer shall not be
entitled to any portion of such  Workout  Fees),  in each case until the Workout
Fee for any such loan  ceases to be payable  in  accordance  with the  preceding
sentence.

     As further compensation for its activities hereunder,  the Special Servicer
shall  also be  entitled  to  receive a  Liquidation  Fee with  respect  to each
Specially  Serviced  Mortgage  Loan or REO  Property as to which it receives any
full or discounted payoff or any Liquidation  Proceeds (other than in connection
with the purchase of any such Specially  Serviced  Mortgage Loan or REO Property
by the Special  Servicer or the Majority  Certificateholder  of the  Controlling
Class  pursuant  to Section  3.18 or by the  Master  Servicer  or the  Depositor
pursuant to Section 3.18 or by the Master Servicer or the Depositor  pursuant to
Section 9.01). As to each such Specially Serviced Mortgage Loan or REO Property,
the  Liquidation  Fee  shall  be  payable  from,  and  shall  be  calculated  by
application  of the  Liquidation  Fee Rate to,  such full or  discounted  payoff
and/or  such  Liquidation  Proceeds.  No  Liquidation  Fee will be payable  with
respect  to any  Specially  Serviced  Mortgage  Loan  solely  by  virtue of such
Mortgage  Loan  becoming a Corrected  Mortgage  Loan.  Notwithstanding  anything
herein to the contrary,  no Liquidation  Fee will be payable from, or based upon
the receipt of, Liquidation  Proceeds collected as a result of any purchase of a
Specially  Serviced Mortgage Loan or REO Property described in the parenthetical
to the first sentence of this  paragraph;  provided,  however,  that if any such
Liquidation  Proceeds are received with respect to any Corrected Mortgaged Loan,
and the Special Servicer is properly  entitled to a Workout Fee therefrom,  such
Workout Fee will be payable  based on and from the  portion of such  Liquidation
Proceeds that constitute principal and/or interest.

     Notwithstanding  anything to the contrary  herein,  a Liquidation Fee and a
Workout Fee relating to the same  Mortgage  Loan shall not be paid from the same
proceeds on or with respect to such Mortgage Loan.

     Subject  to the  Special  Servicer's  right to  employ  Sub-Servicers,  the
Special  Servicer's right to receive the Special  Servicing Fee, the Workout Fee
and/or the  Liquidation 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.

     (d) Additional  servicing  compensation  in the form of assumption fees and
modification  fees  received on or with respect to Specially  Serviced  Mortgage
Loans shall be promptly paid to the Special  Servicer by the Master Servicer and
shall not be required to be deposited  in the  Certificate  Account  pursuant to
Section  3.04(a).  Additional  servicing  compensation

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in the form of assumption fees and modification fees that the Master Servicer is
entitled  to and that  are  collected  by the  Special  Servicer,  shall be paid
promptly to the Master Servicer by the Special  Servicer.  The Special  Servicer
shall also be entitled to additional servicing  compensation in the form of: (i)
to the extent not required to be paid to any Mortgagor under applicable law, any
interest or other income  earned on deposits in the REO Account,  any  Servicing
Accounts and any Reserve Accounts maintained thereby; and (ii) to the extent not
required to be paid to the Master Servicer as additional servicing  compensation
pursuant to Section 3.11(b), any Penalty Charges (to the extent not allocable to
pay Advance Interest) collected on the Specially Serviced Mortgage Loans and REO
Loans.  The Special  Servicer  shall be required to pay out of its own funds all
overhead and general and  administrative  expenses  incurred by it in connection
with its servicing activities hereunder (including,  without limitation, payment
of any  amounts  due  and  owing  to any  Sub-Servicers  retained  by it and the
premiums for any blanket  policy  obtained by it insuring  against hazard losses
pursuant to Section 3.07(b)), if and to the extent such expenses are not payable
directly  out of the  Certificate  Account or the REO  Account,  and the Special
Servicer shall not be entitled to reimbursement  except as expressly provided in
this Agreement.

     (e) If the Master  Servicer  or Special  Servicer  is  required  under this
Agreement to make a Servicing Advance,  but neither does so within 15 days after
such  Advance  is  required  to be made,  the  Trustee  shall,  to the  extent a
Responsible  Officer of the Trustee has actual  knowledge of such failure by the
Master Servicer or the Special Servicer to make such Advance (subject to Section
3.11(h)  below),  make such  Advance.  If the Trustee  fails to make a Servicing
Advance  required  to be made by it, the Fiscal  Agent  shall make such  advance
(subject to Section  3.11(h)  below) within one (1) Business Day of such failure
by the  Trustee.  The making of such  Advance by the Fiscal Agent shall cure the
failure by the Trustee to make such Advance.

     (f) The Master Servicer,  the Special Servicer,  the Trustee and the Fiscal
Agent shall each be entitled to receive  interest at the  Reimbursement  Rate in
effect from time to time,  accrued on the amount of each Servicing  Advance made
thereby for so long as such Servicing  Advance is outstanding,  payable,  first,
out of Penalty  Charges  received on the  Mortgage  Loan or REO Loan as to which
such Servicing  Advance was made and, then, once such Servicing Advance has been
reimbursed  pursuant to Section 3.05, out of general collections on the Mortgage
Loans and REO Properties.

     (g)  Notwithstanding  the  foregoing,  the Master  Servicer  or the Special
Servicer,  as the case may be, shall remit to the master servicer or the special
servicer,  as the case may be, under the Participation  Agreement all amounts to
which it is entitled  under this  Section  3.11 no later than the  Business  Day
immediately following each Distribution Date.

     (h) On each Master Servicer  Remittance Date, the Master Servicer shall pay
from the related  Servicing  Fee,  each Broker Strip Amount by wire  transfer in
immediately available funds to an account designated by the Strip Holder.

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     (i) Notwithstanding  anything to the contrary set forth herein, none of the
Master Servicer,  the Special Servicer, the Trustee or the Fiscal Agent shall be
required to make any Servicing  Advance that it  determines  in its  reasonable,
good  faith  judgment  would  constitute  a  Nonrecoverable  Servicing  Advance;
provided,  however,  that the Special  Servicer  may make an  Emergency  Advance
notwithstanding that, at the time such Advance is made, the Special Servicer may
not have adequate information available in order to make a determination whether
or not such advance would, if made, be a Nonrecoverable  Servicing  Advance.  In
addition,  Nonrecoverable  Servicing Advances  (including any Emergency Advances
made  pursuant to the proviso of the  preceding  sentence  which are  ultimately
determined  to be  Nonrecoverable  Servicing  Advances)  shall  be  reimbursable
pursuant to Section 3.05 out of general  collections  on the Mortgage  Loans and
REO Properties on deposit in the Certificate  Account.  The determination by the
Master  Servicer,  the Special  Servicer or, if  applicable,  the Trustee or the
Fiscal Agent,  that it has made a Nonrecoverable  Servicing  Advance or that any
proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing
Advance,  shall be evidenced by an Officer's  Certificate  delivered promptly to
the Trustee (or, if applicable,  retained  thereby) and the  Depositor,  setting
forth the basis for such determination,  together with (if such determination is
prior to the liquidation of the related Mortgage Loan or REO Property) a copy of
an Appraisal of the related Mortgaged Property or REO Property,  as the case may
be, if an Appraisal shall have been performed within the twelve months preceding
such determination, and further accompanied by any other information, including,
without  limitation,   engineers'  reports,  environmental  surveys,  inspection
reports,  rent rolls, income and expense statements or similar reports, that the
Master Servicer or the Special Servicer may have obtained and that supports such
determination.  If such an Appraisal  shall not have been required and performed
pursuant  to the terms of this  Agreement,  the  Master  Servicer,  the  Special
Servicer,  the Trustee or the Fiscal Agent, as the case may be, may,  subject to
its reasonable and good faith determination that such Appraisal will demonstrate
the  nonrecoverability  of the related  Advance,  obtain an  Appraisal  for such
purpose at the expense of the Trust Fund.  The Trustee or the Fiscal Agent shall
be entitled to rely on any determination of nonrecoverability that may have been
made by the Master Servicer or the Special Servicer with respect to a particular
Servicing  Advance,  and the Master  Servicer  shall be  entitled to rely on any
determination  of  nonrecoverability  that may  have  been  made by the  Special
Servicer with respect to a particular Servicing Advance.

     SECTION 3.12 Inspections; Collection of Financial Statements.

     (a) The Master Servicer shall perform (or cause to be performed) a physical
inspection  of  each  Mortgaged   Property  (other  than  Mortgaged   Properties
constituting  collateral for Specially  Serviced  Mortgaged Loans) at such times
and in such manner as are  consistent  with the Servicing  Standard,  but in any
event at least  once  every two years or,  if the  related  Mortgage  Loan has a
current balance of greater than $2,000,000, at least once every year. The Master
Servicer  shall prepare (or cause to be prepared) a written  report of each such
inspection  detailing the condition of the Mortgaged Property and specifying the
existence  of (i) any  vacancy  in the  Mortgaged  Property  evident  from  such
inspection that the Master Servicer deems material,  (ii) any sale,  transfer or
abandonment of the Mortgaged  Property evident from such  inspection,  (iii) any
adverse change in

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the condition or value of the Mortgaged  Property  evident from such  inspection
that the Master  Servicer  deems  material,  or (iv) any waste  committed on the
Mortgaged  Property  evident from such  inspection.  The Master  Servicer,  upon
request, shall deliver to the Trustee a copy of each such written report.

     (b) The  Special  Servicer  shall  perform  (or  cause to be  performed)  a
physical  inspection of each Mortgaged  Property  constituting  collateral for a
Specially  Serviced  Mortgage  Loan at such  times  and in  such  manner  as are
consistent with the Servicing Standard. If any Mortgage Loan becomes a Specially
Serviced  Mortgage Loan, then as soon as practicable (and in any event within 90
days thereafter) the Special Servicer shall perform (or cause to be performed) a
physical inspection of each Mortgaged Property constituting  collateral for such
Mortgage  Loan.  The Special  Servicer shall prepare (or cause to be prepared) a
written report of each such inspection  detailing the condition of the Mortgaged
Property  and  specifying  the  existence  of (i) any  vacancy in the  Mortgaged
Property  evident from such inspection that the Special Servicer deems material,
(ii) any sale,  transfer or abandonment of the Mortgaged  Property  evident from
such  inspection,  (iii) any  adverse  change in the  condition  or value of the
Mortgaged  Property evident from such inspection that the Special Servicer deems
material,  or (iv) any waste  committed on the Mortgaged  Property  evident from
such  inspection.  The Special  Servicer,  upon  request,  shall  deliver to the
Trustee and the Master Servicer a copy of each such written report.

     (c) The Master  Servicer  (or, in the case of Specially  Serviced  Mortgage
Loans, the Special  Servicer) shall make reasonable  efforts to collect promptly
from each  Mortgagor  (other than a Mortgagor on a Credit Lease Loan)  quarterly
and  annual  operating  statements  and  rent  rolls  of the  related  Mortgaged
Property.  In addition,  the Special  Servicer shall make reasonable  efforts to
obtain quarterly and annual operating  statements and rent rolls with respect to
each REO Property. The Master Servicer and Special Servicer, upon request, shall
each  deliver  copies of the  collected  items to the other  such  party and the
Trustee in each case within 10 days of its receipt of such request.

     SECTION 3.13 Annual Statement as to Compliance.

     Each of the Master  Servicer and the Special  Servicer  will deliver to the
Trustee,  with a copy to the  Depositor,  on or before  April 30th of each year,
beginning in 2001, an Officer's  Certificate  stating, as to the signer thereof,
that (i) a review  of the  activities  of the  Master  Servicer  or the  Special
Servicer,  as the case may be,  during the  preceding  calendar  year and of its
performance under this Agreement has been made under such officer's supervision,
(ii) to the best of such officer's  knowledge,  based on such review, the Master
Servicer  or the  Special  Servicer,  as the case may be, has  fulfilled  in all
material respects its obligations under this Agreement throughout such year, or,
if  there  has  been a  default  in the  fulfillment  of  any  such  obligation,
specifying  each such  default  known to such  officer and the nature and status
thereof and (iii) the Master Servicer or the Special  Servicer,  as the case may
be, has received no notice regarding  qualification,  or challenging the status,
of the Trust Fund as a REMIC or of the Grantor Trust as a "grantor  trust"

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under the Grantor  Trust  Provisions  from the Internal  Revenue  Service or any
other  governmental  agency  or body or,  if it has  received  any such  notice,
specifying  the details  thereof.  A copy of such Officer's  Certificate  may be
obtained by  Certificateholders  upon written request to the Trustee pursuant to
Section 8.12 hereof.

     SECTION 3.14 Reports by Independent Public Accountants.

     On or  before  April  30th of each  year,  beginning  in 2001,  the  Master
Servicer at its expense  shall cause a firm of  independent  public  accountants
(which may also  render  other  services to the Master  Servicer)  and that is a
member of the American  Institute of Certified  Public  Accountants to furnish a
statement  to the  Trustee  and to the  Depositor  to the effect that (i) it has
obtained  a  letter  of  representation   regarding  certain  matters  from  the
management of the Master  Servicer,  which includes an assertion that the Master
Servicer has complied with certain minimum mortgage loan servicing standards (to
the extent applicable to commercial and multifamily mortgage loans),  identified
in the Uniform Single  Attestation  Program for Mortgage Bankers  established by
the Mortgage  Bankers  Association of America,  with respect to the 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  representation  is  fairly  stated  in all  material
respects,  subject  to such  exceptions  and  other  qualifications  that may be
appropriate.  In rendering its report such firm may rely, as to matters relating
to the  direct  servicing  of  commercial  and  multifamily  mortgage  loans  by
Sub-Servicers,  upon comparable reports of firms of independent certified public
accountants  rendered on the basis of examinations  conducted in accordance with
the same  standards  (rendered  within one year of such  report) with respect to
those Sub-Servicers.

     The Special  Servicer will deliver an annual  accountants'  report only if,
and in such form as may be,  requested by the Rating  Agencies or if the Special
Servicer and the Master Servicer are not the same Person.

     The Master  Servicer and the Special  Servicer,  to the extent  applicable,
will use  reasonable  efforts  to cause  the  accountants  referred  to above to
cooperate  with the Depositor in conforming  any reports  delivered  pursuant to
this Section 3.14 to requirements  imposed by the Commission on the Depositor in
connection with the Commission's  issuance of a no-action letter relating to the
Depositor's reporting  requirements in respect of the Trust Fund pursuant to the
Exchange Act.

     SECTION 3.15 Access to Certain Information.

     Each of the Master Servicer and the Special Servicer shall provide or cause
to be provided to the Trustee,  and to the OTS, the FDIC,  and any other federal
or state banking or insurance  regulatory  authority that may exercise authority
over any Certificateholder,  access to any documentation  regarding the Mortgage
Loans and the Trust  Fund  within  its  control  which may be

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  required  by this
Agreement or by applicable law. Such access shall be afforded without charge but
only upon  reasonable  prior written request and during normal business hours at
the offices of the Master Servicer or the Special Servicer,  as the case may be,
designated by it.

     SECTION 3.16 Title to REO Property; REO Account.

     (a) If title to any REO Property is acquired,  the deed or  certificate  of
sale  shall  be  issued  to  the  Trustee  or  its  nominee  on  behalf  of  the
Certificateholders.  The Special  Servicer,  on behalf of the Trust Fund,  shall
attempt to sell any REO Property prior to the close of the third taxable year of
the Trust Fund  following  the  taxable  year in which the Trust  Fund  acquires
ownership of such REO Property for purposes of Section  860G(a)(8)  of the Code,
unless the Special  Servicer either (i) is granted an extension of time (an "REO
Extension")  by the Internal  Revenue  Service to sell such REO Property or (ii)
obtains for the Trustee an Opinion of Counsel,  addressed to the Trustee and the
Special  Servicer,  to the effect that the holding by the Trust Fund of such REO
Property  subsequent  to the close of such period  will not  (subject to Section
10.01(f))  result in the  imposition of taxes on  "prohibited  transactions"  of
REMIC I, REMIC II or REMIC III as  defined in Section  860F of the Code or cause
REMIC I, REMIC II or REMIC III to fail to qualify  as a REMIC (for  federal  (or
any  applicable  state or  local)  income  tax  purposes)  at any time  that any
Certificates  are  outstanding.  If the  Special  Servicer  is  granted  the REO
Extension  contemplated by clause (i) of the immediately  preceding  sentence or
obtains the Opinion of Counsel  contemplated  by clause (ii) of the  immediately
preceding  sentence,  the Special  Servicer shall sell such REO Property  within
such longer  liquidation  period as is permitted  by such REO  Extension or such
Opinion of  Counsel,  as the case may be. Any  expense  incurred  by the Special
Servicer in connection with its being granted the REO Extension  contemplated by
clause (i) of the second  preceding  sentence  or its  obtaining  the Opinion of
Counsel  contemplated by clause (ii) of the second preceding sentence,  shall be
an expense of the Trust Fund payable out of the Certificate  Account pursuant to
Section 3.05(a).

     (b) The Special  Servicer  shall cause all funds  collected and received in
connection  with any REO  Property  to be held  separate  and apart from its own
funds and  general  assets.  If any REO  Acquisition  shall  occur,  the Special
Servicer  shall   establish  and  maintain  (or  cause  to  be  established  and
maintained) one or more accounts  (collectively,  the "REO Account"), to be held
on behalf of the Trustee in trust for the benefit of the Certificateholders, for
the retention of revenues and other proceeds derived from each REO Property. The
REO Account shall be an Eligible Account and may consist of one account for some
or all of the REO Properties. The Special Servicer shall deposit, or cause to be
deposited,  in the REO  Account,  within two Business  Days of receipt,  all REO
Revenues,  Liquidation Proceeds (net of all Liquidation Expenses paid therefrom)
and  Insurance  Proceeds  received  in respect of an REO  Property.  The Special
Servicer  is  authorized  to  pay  out  of  related  Liquidation   Proceeds  any
Liquidation  Expenses  incurred in respect of an REO Property and outstanding at
the time such proceeds are received. Funds in the REO Account may be invested in
Permitted  Investments  in accordance  with Section 3.06.  The Special  Servicer
shall be entitled  to make  withdrawals  from the REO Account to pay itself,  as
additional servicing

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compensation in accordance with Section 3.11(d),  interest and investment income
earned in respect  of amounts  held in the REO  Account as  provided  in Section
3.06(b) (but only to the extent of the Net  Investment  Earnings with respect to
the REO Account for any  Collection  Period).  The Special  Servicer  shall give
notice to the Trustee and the Master Servicer of the location of any REO Account
when first  established and of the new location of such REO Account prior to any
change thereof.

     (c) The Special  Servicer  shall cause all funds  necessary  for the proper
operation,  management,  maintenance,  disposition  and  liquidation  of any REO
Property to be withdrawn from the REO Account, but only to the extent of amounts
on deposit in the REO Account relating to such REO Property. Within one Business
Day following the end of each  Collection  Period,  the Special  Servicer  shall
withdraw  from the REO  Account  and  deposit  into the  Certificate  Account or
deliver to the Master  Servicer  (which  shall  deposit  such  amounts  into the
Certificate  Account) the  aggregate of all amounts  received in respect of each
REO Property during such Collection  Period,  net of any withdrawals made out of
such amounts pursuant to Section 3.16 (b) or this Section 3.16(c); provided that
the Special  Servicer may retain in the REO Account such portion of proceeds and
collections  as may be necessary to maintain a reserve of  sufficient  funds for
the proper operation, management, maintenance and disposition of the related REO
Property  (including without limitation the creation of a reasonable reserve for
repairs,  replacements  and  necessary  capital  improvements  and other related
expenses),  such reserve not to exceed an amount  sufficient to cover such items
to be incurred during the following twelve-month period.

     (d) The Special  Servicer shall keep and maintain  separate  records,  on a
property-by-property  basis,  for the purpose of accounting for all deposits to,
and withdrawals from, the REO Account pursuant to Section 3.16(b) or (c).

     SECTION 3.17 Management of REO Property; Independent Contractors.

     (a) Prior to the acquisition of title to any Mortgaged  Property securing a
Defaulted Mortgage Loan, the Special Servicer shall review the operation of such
Mortgaged  Property and determine the nature of the income that would be derived
from such  property  if it were  acquired  by the  Trust  Fund.  If the  Special
Servicer determines from such review, in its good faith and reasonable judgment,
that:

          (i) None of the income from Directly Operating such Mortgaged Property
     would be subject to tax as "net income from  foreclosure  property"  within
     the meaning of the REMIC  Provisions or would be subject to the tax imposed
     on  "prohibited  transactions"  under Section 860F of the Code (either such
     tax  referred to herein as an "REO Tax"),  such  Mortgaged  Property may be
     Directly Operated by the Special Servicer as REO Property;

          (ii) Directly  Operating  such  Mortgaged  Property as an REO Property
     could result in income from such  property  that would be subject to an REO
     Tax,  but that a lease of such  property to another  party to operate  such
     property, or the performance of some services by an Independent

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     Contractor  with respect to such  property,  or another method of operating
     such  property  would not result in income  subject to an REO Tax, then the
     Special  Servicer  may  (provided,  that in the good  faith and  reasonable
     judgment of the Special Servicer, it is commercially feasible) acquire such
     Mortgaged  Property  as REO  Property  and so  lease  or  operate  such REO
     Property; or

          (iii) Directly Operating such property as REO Property could result in
     income subject to an REO Tax and, in the good faith and reasonable judgment
     of the Special  Servicer,  that no  commercially  feasible  means exists to
     operate such property as REO Property  without the Trust Fund  incurring or
     possibly  incurring  an REO Tax on income from such  property,  the Special
     Servicer  shall  deliver to the Trustee,  in writing,  a proposed plan (the
     "Proposed  Plan") to manage such property as REO Property.  Such plan shall
     include  potential  sources  of  income,  and  to the  extent  commercially
     feasible, estimates of the amount of income from each such source. Within a
     reasonable  period of time after  receipt of such plan,  the Trustee  shall
     consult with the Special  Servicer and shall advise the Special Servicer of
     the Trust Fund's federal income tax reporting  position with respect to the
     various  sources  of income  that the Trust  Fund  would  derive  under the
     Proposed  Plan.  In  addition,  the Trustee  shall (to the  maximum  extent
     possible) advise the Special Servicer of the estimated amount of taxes that
     the Trust Fund would be required to pay with respect to each such source of
     income.  After  receiving  the  information  described in the two preceding
     sentences from the Trustee, the Special Servicer shall either (A) implement
     the Proposed Plan (after acquiring the respective Mortgaged Property as REO
     Property)  or (B) manage and operate  such  property in a manner that would
     not result in the  imposition of an REO Tax on the income derived from such
     property.

     The  Special  Servicer's  decision  as to how  each REO  Property  shall be
managed  and  operated  shall  in any  event be  based  on the  good  faith  and
reasonable  judgment  of the  Special  Servicer  as to which means would (to the
extent  commercially  feasible) maximize the net after-tax REO Revenues received
by the Trust Fund with respect to such property without materially and adversely
affecting the Special Servicer's ability to sell such REO Property in accordance
with this  Agreement  and,  to the  extent  consistent  with the  foregoing,  in
accordance  with the  Servicing  Standard.  Both the  Special  Servicer  and the
Trustee may consult with counsel knowledgeable in such matters at the expense of
the Trust Fund in connection  with  determinations  required  under this Section
3.17(a).  Neither the Special  Servicer  nor the Trustee  shall be liable to the
Certificateholders,  the Trust Fund,  the other parties hereto or each other for
errors  in  judgment  made in good  faith in the  reasonable  exercise  of their
discretion while performing their respective responsibilities under this Section
3.17(a) or, to the extent it relates to federal income tax  consequences for the
Trust Fund,  Section 3.17(b) below.  Nothing in this Section 3.17(a) is intended
to prevent the sale of a Defaulted Mortgage Loan or REO Property pursuant to the
terms and subject to the conditions of Section 3.18.

     (b) If title to any REO Property is acquired,  the Special  Servicer  shall
manage,  conserve,  protect and operate such REO Property for the benefit of the
Certificateholders  solely for the purpose of its prompt disposition and sale in
a  manner  that  does  not  cause  such  REO  Property  to  fail to  qualify  as
"foreclosure  property" within the meaning of Section 860G(a)(8) of the Code or,

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except as permitted by Section 3.17(a),  result in the receipt by the Trust Fund
of any  "income  from  non-permitted  assets"  within  the  meaning  of  Section
860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is
subject  to  taxation  under the REMIC  Provisions.  Subject  to the  foregoing,
however,  the Special Servicer shall have full power and authority to do any and
all things in connection  therewith as are in the best  interests of and for the
benefit of the  Certificateholders (as determined by the Special Servicer in its
good faith and reasonable  judgment) and, consistent  therewith,  shall withdraw
from the REO Account,  to the extent of amounts on deposit  therein with respect
to each REO  Property,  funds  necessary for the proper  operation,  management,
maintenance and disposition of such REO Property, including, without limitation:

          (i) all  insurance  premiums  due and  payable  in respect of such REO
     Property;

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

          (iii) any ground rents in respect of such REO Property; and

          (iv) all costs and expenses necessary to maintain such REO Property.

To the extent  that  amounts on deposit in the REO Account in respect of any REO
Property are  insufficient for the purposes set forth in the prior sentence with
respect to such REO Property,  the Special Servicer shall advance such amount as
is necessary  for such purposes  (which  advances  shall be Servicing  Advances)
unless (as evidenced by an Officer's  Certificate delivered to the Trustee) such
advances would, if made, constitute Nonrecoverable Servicing Advances; provided,
however,  that the Special Servicer shall make any such Servicing  Advance if it
is a  necessary  fee or  expense  incurred  in  connection  with the  defense or
prosecution of legal proceedings and such advance will be deemed to constitute a
recoverable Servicing Advance.

     (c) The Special  Servicer may contract with any Independent  Contractor for
the operation and management of any REO Property, provided that:

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

          (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;

          (iii) any such contract shall  require,  or shall be  administered  to
     require,  that the  Independent  Contractor  (A) pay,  out of  related  REO
     Revenues,  all costs and expenses incurred in connection with the operation
     and management of such REO Property,  including,  without limitation,

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     those  listed in  subsection  (b)  hereof,  and (B) remit all  related  REO
     Revenues  (net of its fees and such  costs  and  expenses)  to the  Special
     Servicer;

          (iv) none of the  provisions of this Section  3.17(c)  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  hereunder  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.

     SECTION 3.18 Sale of Defaulted Mortgage Loans and REO Properties.

     (a) The parties hereto may sell or purchase, or permit the sale or purchase
of, a  Mortgage  Loan or REO  Property  only on the  terms  and  subject  to the
conditions set forth in this Section 3.18 or as otherwise  expressly provided in
or contemplated by Sections 2.03(a) and 9.01.

     (b) In the event that any Mortgage  Loan becomes a Defaulted  Mortgage Loan
and the  Special  Servicer  has  determined  in good faith  that such  Defaulted
Mortgage  Loan will  become  subject to  foreclosure  proceedings,  the  Special
Servicer  shall  promptly so notify,  in writing,  the Master  Servicer  and the
Trustee,  and the  Trustee  shall so notify,  in  writing,  within 10 days after
receipt of its notice, the Holders of the Controlling Class.  Subject to clauses
(i) and (j) below, the Majority  Certificateholder  of the Controlling Class may
at its (or their)  option  purchase from the Trust Fund, at a price equal to the
Purchase  Price,  any such  Defaulted  Mortgage Loan. The Purchase Price for any
Defaulted  Mortgage  Loan  purchased  hereunder  shall  be  deposited  into  the
Certificate 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  Majority  Certificateholder  of the
Controlling Class (or any designee thereof) the related Mortgage File, and shall
execute and deliver such  instruments  of transfer or  assignment,  in each case
without   recourse,   as   shall   be   necessary   to  vest  in  the   Majority
Certificateholder  of the Controlling Class (or any designee thereof)  ownership
of such Defaulted Mortgage Loan (subject, in the case of an Additional Servicing
Fee Mortgage Loan to the rights of the  applicable  Designated  Sub-Servicer  to
sub-service  such  Mortgage  Loan and the  rights of the  applicable  Designated
Sub-Servicer or Archon Financial, L.P., as applicable, to receive the Additional
Servicing Fee from the Master  Servicer,  in each case,  pursuant to the related
Designated  Sub-Servicer  Agreement).  In connection with any such purchase, the
Special   Servicer   shall   deliver   the   related   Credit   File   to   such
Certificateholder(s).

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     (c) If the  Majority  Certificateholder  of the  Controlling  Class has not
purchased  any  Defaulted  Mortgage  Loan within 15 days of its having  received
notice in respect thereof pursuant to the immediately  preceding subsection (b),
either the Special  Servicer or, subject to the Special  Servicer's prior rights
in such  regard,  the Master  Servicer  may at its option,  within 15 days after
receipt of such notice,  purchase  such  Defaulted  Mortgage Loan from the Trust
Fund,  at a price  equal to the  Purchase  Price.  The  Purchase  Price  for any
Defaulted  Mortgage  Loan  purchased  hereunder  shall  be  deposited  into  the
Certificate 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 Master Servicer or the Special  Servicer,
as applicable,  the related  Mortgage File, and shall execute and deliver at the
expense of the purchasing party such  instruments of transfer or assignment,  in
each case without recourse, representation or warranty, as shall be necessary to
vest in the  Master  Servicer  or the  Special  Servicer,  as  applicable,  such
Defaulted  Mortgage Loan  (subject,  in the case of an Additional  Servicing Fee
Mortgage  Loan  to the  rights  of the  applicable  Designated  Sub-Servicer  to
sub-service  such  Mortgage  Loan and the  rights of the  applicable  Designated
Sub-Servicer or Archon Financial, L.P., as applicable, to receive the Additional
Servicing Fee from the Master  Servicer,  in each case,  pursuant to the related
Designated Sub-Servicer Agreement).  In connection with any such purchase by the
Master  Servicer,  the Special Servicer shall deliver the related Credit File to
the Master Servicer.

     (d) The Special Servicer may offer to sell any Defaulted  Mortgage Loan not
otherwise purchased by the Majority  Certificateholder of the Controlling Class,
the Master  Servicer or the Special  Servicer  pursuant to subsection (b) or (c)
above  (and  subject  to the  rights of  Designated  Sub-Servicers  as set forth
therein),  if and when the  Special  Servicer  determines,  consistent  with the
Servicing  Standard,  that  such a sale  would  produce a  greater  recovery  to
Certificateholders  on a present  value  basis  than  would  liquidation  of the
related  Mortgaged  Property.  Such  offering  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,  loan
status, condition and similar customary matters, if liability for breach thereof
is limited to recourse  against the Trust Fund) for a period of not less than 10
days  or more  than  90  days.  Unless  the  Special  Servicer  determines  that
acceptance of any offer would not be in the best economic interests of the Trust
Fund, the Special Servicer shall accept the highest cash offer received from any
Person that  constitutes a fair price for such Mortgage  Loan. In the absence of
any offer  determined as provided below to be fair,  the Special  Servicer shall
proceed with respect to such Defaulted  Mortgage Loan in accordance with Section
3.09 and, otherwise, in accordance with the Servicing Standard.

     The Special  Servicer  shall use  reasonable  efforts to solicit offers for
each REO Property in such manner as will be reasonably  likely to realize a fair
price  within the time  period  provided  for by Section  3.16(a).  The  Special
Servicer  shall accept the first (and,  if multiple  bids are  contemporaneously
received,  highest)  cash bid received  from any Person that  constitutes a fair
price for such REO Property.  If the Special  Servicer  determines,  in its good
faith and  reasonable

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judgment,  that it will be unable to realize a fair  price for any REO  Property
within  the time  constraints  imposed  by  Section  3.16(a),  then the  Special
Servicer  shall dispose of such REO Property  upon such terms and  conditions as
the Special Servicer shall deem necessary and desirable to maximize the recovery
thereon under the circumstances and, in connection  therewith,  shall accept the
highest outstanding cash bid, regardless of from whom received.  The Liquidation
Proceeds (net of related  Liquidation  Expenses) for any REO Property  purchased
hereunder shall be deposited in the Certificate Account, except that any portion
of proceeds consisting of Excess Liquidation  Proceeds shall be deposited in the
Excess Liquidation Proceeds Reserve Account.

     The Special  Servicer  shall give the Trustee and the Master  Servicer  not
less than three Business Days' prior written notice of its intention to sell any
Defaulted Mortgage Loan or REO Property. No Interested Person shall be obligated
to submit a bid to purchase any Defaulted  Mortgage  Loan or REO  Property,  and
notwithstanding  anything to the contrary  herein,  neither the Trustee,  in its
individual  capacity,  nor any of its  Affiliates  may bid for or  purchase  any
Defaulted Mortgage Loan or any REO Property pursuant hereto.

     (e)  Whether  any cash  bid  constitutes  a fair  price  for any  Defaulted
Mortgage  Loan or REO  Property,  as the case may be,  for  purposes  of Section
3.18(d), shall be determined by the Special Servicer, if the highest bidder is a
Person  other than an  Interested  Person,  and by the  Trustee,  if the highest
bidder  is an  Interested  Person;  provided,  however,  that  no  bid  from  an
Interested Person shall constitute a fair price unless (i) it is the highest bid
received and (ii) at least two other bids are received  from  independent  third
parties.  In determining  whether any offer  received from an Interested  Person
represents a fair price for any such Mortgage Loan or REO Property,  the Trustee
shall be supplied  with and shall rely on the most recent  Appraisal  or updated
Appraisal  conducted in  accordance  with this  Agreement  within the  preceding
12-month  period  or,  in the  absence  of any such  Appraisal,  on a  narrative
appraisal  prepared by a Qualified  Appraiser  retained by the Special Servicer.
Such appraiser shall be selected by the Special Servicer if the Special Servicer
is not making an offer with respect to a Defaulted Mortgage Loan or REO Property
and shall be selected by the Master  Servicer if the Special  Servicer is making
such an offer. The cost of any such narrative appraisal shall be covered by, and
shall be reimbursable as, a Servicing Advance.  In determining whether any offer
from a Person other than an Interested  Person  constitutes a fair price for any
such Mortgage Loan or REO Property, the Special Servicer shall take into account
(in  addition to the results of any  Appraisal,  updated  Appraisal or narrative
Appraisal that it may have obtained  pursuant to this Agreement within the prior
12  months),  and in  determining  whether any offer from an  Interested  Person
constitutes  a fair  price  for any  such  Mortgage  Loan or REO  Property,  any
appraiser shall be instructed to take into account,  as applicable,  among other
factors,  the period and amount of any  delinquency  on the  affected  Defaulted
Mortgage  Loan,  the  occupancy  level and physical  condition of the  Mortgaged
Property or REO Property,  the state of the local economy and the  obligation to
dispose of any REO Property within the time period specified in Section 3.16(a).
The Purchase Price for any Defaulted  Mortgage Loan or REO Property shall in all
cases be deemed a fair price.

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     (f) Subject to  subsections  (a) through  (e) above,  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 Defaulted  Mortgage
Loan or REO Property,  and the  collection of all amounts  payable in connection
therewith. In connection therewith,  the Special Servicer may charge prospective
offerors,  and may retain,  fees that approximate the Special  Servicer's actual
costs in the preparation and delivery of information pertaining to such sales or
exchanging   offers  without   obligation  to  deposit  such  amounts  into  the
Certificate  Account.  Any sale of a Defaulted Mortgage Loan or any REO Property
shall be final and without  recourse  to the  Trustee or the Trust Fund  (except
such recourse to the Trust Fund imposed by those  representations and warranties
typically  given in such  transactions,  any prorations  applied thereto and any
customary closing  matters),  and if such sale is consummated in accordance with
the terms of this Agreement,  none of the Special Servicer, the Master Servicer,
the Depositor or the Trustee  shall have any liability to any  Certificateholder
with respect to the purchase price therefor  accepted by the Special Servicer or
the Trustee.

     (g) Any sale of a Defaulted  Mortgage Loan or any REO Property shall be for
cash only  (unless,  as  evidenced  by an Opinion of  Counsel,  a sale for other
consideration will not cause an Adverse REMIC Event).

     (h) Notwithstanding  any of the foregoing  paragraphs of this Section 3.18,
the Special  Servicer shall not be obligated to accept the highest cash offer if
the Special Servicer determines, in its reasonable and good faith judgment, that
rejection   of   such   offer   would   be  in  the   best   interests   of  the
Certificateholders, and the Special Servicer may accept a lower cash offer (from
any  Person  other  than  itself  or an  Affiliate)  if it  determines,  in  its
reasonable and good faith  judgment,  that  acceptance of such offer would be in
the best interests of the  Certificateholders  (for example,  if the prospective
buyer  making the lower offer is more likely to perform its  obligations  or the
terms  offered  by the  prospective  buyer  making  the  lower  offer  are  more
favorable).

     (i) Notwithstanding the foregoing paragraphs of this Section 3.18, any sale
of the  Participation  Interest,  in the event the Mortgage Loans subject to the
Participation Agreement become Defaulted Mortgage Loans, shall be subject to the
rights of the holder of the other  participation  interest created thereunder to
purchase  such loans in  accordance  with Section  1.01(b) of the  Participation
Agreement.

     (j) Notwithstanding the foregoing paragraphs of this Section 3.18, any sale
of the Mortgage  Loan  identified  on the Mortgage  Loan Schedule as loan number
DBM10988,  in the event such  Mortgage Loan becomes a Defaulted  Mortgage  Loan,
shall be subject to the rights of the DBM10988 Mezzanine Debt Holder (as defined
below)  under the  mezzanine  loan and  related  documents,  made in the initial
principal  amount of  $5,800,000  on December 29,  1999.  If an event of default
occurs  under  the  terms of such  Mortgage  Loan's  documents  and  there is an
acceleration  of the  indebtedness  under such Mortgage Loan, then the holder of
the mezzanine debt on such Mortgage Loan (the "DBM10988  Mezzanine Debt Holder")
shall, to the extent provided in the

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related  Mortgage  Loan  documents,  have the  nonexclusive  right  (but not the
obligation)  to purchase  such  Mortgage Loan upon the payment to the Trustee or
the Special  Servicer of all principal,  interest and other amounts  (including,
without  limitation,  prepayment premiums and fees) then due under such Mortgage
Loan and the  related  Mortgage  Loan  documents  and all other  amounts  due in
connection  with the sale of such Mortgage Loan pursuant to this  Agreement (the
"Loan Purchase Price"). As provided in the Mortgage Loan documents, the DBM10988
Mezzanine  Debt Holder's right to purchase the Mortgage Loan may be exercised by
written notice to the Trustee or the Special Servicer of such intention to do so
(provided  that if the Trustee or the Special  Servicer shall give notice to the
DBM10988  Mezzanine Debt Holder that the Trustee or the Special Servicer intends
to accept a deed of the related  Mortgaged  Property in lieu of a foreclosure of
the deed of trust for such Mortgage Loan, the DBM10988 Mezzanine Debt Holder may
only exercise its option to purchase the Mortgage Loan if the DBM10988 Mezzanine
Debt  Holder  gives  notice of its  intention  to do so within  ten (10) days of
receipt of such notice) and payment of the Loan  Purchase  Price  within  twenty
(20) days thereafter, and in any event prior to the earlier of the issuance of a
final judgment of foreclosure of the deed of trust for such Mortgage Loan or the
conduct of a  foreclosure  sale  thereunder.  Upon payment of the Loan  Purchase
Price and subsequent deposit in the Certificate  Account, and upon receipt of an
Officer's  Certificate  from the Master Servicer to the effect that such deposit
has been made,  the  Trustee or the Special  Servicer  will  execute  assignment
documents to assign (without  recourse,  representation or warranty,  except for
representations as to the outstanding balance of such Mortgage Loan and that the
Trustee or Special  Servicer has not assigned or  encumbered  its rights in such
Mortgage  Loan) such Mortgage Loan to the DBM10988  Mezzanine Debt Holder or its
designee.

     SECTION 3.19 Additional  Obligations of the Master Servicer and the Special
                  Servicer.

     (a) In connection  with each  Adjustable Rate Mortgage Loan (and, if and to
the extent  applicable,  any  successor  REO Loan),  the Master  Servicer  shall
calculate  adjustments  in the Mortgage  Rate and the Monthly  Payment and shall
notify the Mortgagor of such  adjustments,  all in accordance  with the Mortgage
Note and applicable law. In the event the Index for any Adjustable Rate Mortgage
Loan (or successor REO Loan) is not published or is otherwise  unavailable,  the
Master Servicer shall select a comparable alternative index with respect to such
Mortgage Loan (or successor REO Loan) over which it has no direct control, which
is readily  verifiable  and which is  acceptable  under the terms of the related
Mortgage Note.

     (b) The Master Servicer and the Special Servicer, as applicable, shall each
deliver to the other and to the Trustee (for  inclusion  in the  Mortgage  File)
copies of all Appraisals,  environmental reports and engineering reports (or, in
each case,  updates thereof) obtained with respect to any Mortgaged  Property or
REO Property.

     (c) No more frequently than once per calendar month,  the Special  Servicer
may require the Master  Servicer,  and the Master  Servicer  shall be obligated,
subject to the second

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following  paragraph,  to  reimburse  the  Special  Servicer  for any  Servicing
Advances made by but not previously  reimbursed to the Special Servicer,  and to
pay the Special  Servicer  interest thereon at the  Reimbursement  Rate from the
date made to, but not including,  the date of reimbursement.  Such reimbursement
and any  accompanying  payment of Advance Interest shall be made within ten (10)
days of the request therefor 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 Servicing  Advance and payment to
the Special  Servicer of interest  thereon,  all in accordance with this Section
3.19(c),  the Master Servicer shall for all purposes of this Agreement be deemed
to have made such  Servicing  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 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  Servicing
Advance.

    Notwithstanding  anything to the contrary  contained in this Agreement,  if
the Special  Servicer is required  under this  Agreement  to make any  Servicing
Advance  but does not desire to do so, the  Special  Servicer  may,  in its sole
discretion,  request that the Master Servicer make such Advance, such request to
be made in writing and in a timely manner that does not materially and adversely
affect  the  interests  of  any  Certificateholder.  Subject  to  the  following
paragraph,  the  Master  Servicer  shall  have the  obligation  to make any such
Servicing  Advance that it is  requested by the Special  Servicer to make within
ten days of the Master Servicer's receipt of such request.  The Special Servicer
shall be relieved of any obligations with respect to an Advance that it requests
the Master  Servicer to make  (regardless of whether or not the Master  Servicer
shall make such 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 Advance Interest 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.  If the Special  Servicer  makes any Servicing
Advances in accordance  with the terms of this Agreement,  the Special  Servicer
shall notify the Master  Servicer in writing within one Business Day of any such
Servicing Advance.

     Notwithstanding  the  foregoing  provisions  of this Section  3.19(c),  the
Master  Servicer  shall  not be  required  to  make  at the  Special  Servicer's
direction,  or to reimburse the Special  Servicer for, 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
make or to reimburse to the Special  Servicer  hereunder either (y) although not
characterized by the Special Servicer as a Nonrecoverable  Servicing Advance, is
or would be, if made, a Nonrecoverable  Servicing Advance,  or (z) the making of
such advance was or would be in violation of the Servicing Standard or the terms
and conditions of this  Agreement.  The Master Servicer shall notify the Special
Servicer in writing of such  determination.  Such notice  shall not obligate the
Special Servicer to make any such proposed Servicing Advance.

     (d) Upon the earliest of (i) the date on which any Mortgage  Loan becomes a
Modified  Mortgage  Loan,  (ii) the 90th day  following  the  occurrence  of any
uncured delinquency in

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Monthly  Payments with respect to any Mortgage  Loan,  (iii) the date on which a
receiver is appointed and continues in such capacity in respect of the Mortgaged
Property  securing  any Mortgage  Loan and (iv) the date on which the  Mortgaged
Property  securing any Mortgage Loan becomes an REO Property (each such Mortgage
Loan and any  related  REO Loan,  a  "Required  Appraisal  Loan"),  the  Special
Servicer,  shall request and, within 30 days of the occurrence of such event (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)
obtain an  Appraisal  of the related  Mortgaged  Property,  unless an  Appraisal
thereof had previously been obtained within the prior twelve months. The cost of
such Appraisal shall be covered by, and reimbursable as, a Servicing Advance.

     With respect to each Required Appraisal Loan (unless such loan has become a
Corrected  Mortgage Loan and no other  Servicing  Transfer Event, or other event
that would cause the loan to be a Required  Appraisal  Loan, has occurred),  the
Special  Servicer  shall,  within  30 days of each  anniversary  of such  loan's
becoming a Required  Appraisal Loan, order an update of the prior Appraisal (the
cost of which will be covered by, and  reimbursable  as, a  Servicing  Advance).
Based upon such  Appraisal,  the Special  Servicer shall determine and report to
the Trustee the Appraisal  Reduction  Amount, if any, with respect to such loan.
The Special  Servicer  shall deliver a copy of any such  Appraisal to the Master
Servicer.

     (e) The Master  Servicer  shall  deliver to the  Trustee for deposit in the
Distribution  Account on each Master Servicer Remittance Date, without any right
of  reimbursement  therefor,  an amount  equal to the  aggregate  of all Balloon
Payment  Interest  Shortfalls  incurred  in  connection  with  Balloon  Payments
received  in  respect  of the  Mortgage  Pool  during  the most  recently  ended
Collection Period.

     (f) The Master  Servicer  shall  deliver to the  Trustee for deposit in the
Distribution  Account on each Master Servicer Remittance Date, without any right
of reimbursement  therefor,  an amount equal to the sum of (A) the lesser of (i)
the aggregate of all Prepayment  Interest Shortfalls incurred in connection with
Principal Prepayments received in respect of the Mortgage Loans (other than Late
Due Date Mortgage Loans) during the most recently ended Collection  Period,  and
(ii) the aggregate  Master Servicing Fees received by the Master Servicer during
such  Collection  Period and (B) the aggregate of all  Extraordinary  Prepayment
Interest Shortfalls,  if any, incurred in connection with Principal  Prepayments
received in respect of Late Due Date  Mortgage  Loans  during the most  recently
ended Collection Period.

     (g) With  respect to all ARD Loans,  the Master  Servicer  shall  apply all
Monthly  Payments  and any other sums due, in  accordance  with the terms of the
related ARD Loan.

     (h)  Subject to Section  3.20(a)(iv),  with  respect to all ARD Loans,  the
Master Servicer and the Special  Servicer shall not take any enforcement  action
with  respect to the payment of Excess  Interest or  principal  in excess of the
principal  component of the  constant  Monthly  Payment,  other than request for
collection,  until the maturity date of the related Mortgage Loan. The

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foregoing  shall not limit the Servicer  and Special  Servicer's  obligation  to
establish  or direct the  related  Mortgagor  to  establish  a Lock-Box  Account
pursuant to Section 3.24.

     (i) The Master  Servicer shall be entitled to waive the  application of any
provision in any ARD Loan that requires that the property manager of the related
Mortgaged  Property be  discharged  if such Mortgage Loan is not paid in full on
its Anticipated Repayment Date.

     (j) With respect to each Mortgage Loan that upon the  occurrence of certain
events  permits the Master  Servicer to apply the proceeds of the release of any
earnout  reserve to the exercise of a  Defeasance  Option,  the Master  Servicer
shall only exercise such  Defeasance  Option in accordance  with Section 3.08 of
this Agreement.

     (k) To the  extent  consistent  with the terms of the  applicable  Mortgage
Loan, the Master Servicer shall exercise its option to apply any proceeds of the
release of the related  earnout  reserve to the  prepayment  or  defeasance,  as
applicable, of such Mortgage Loan.

     (l) Upon the  application  of the  proceeds  of the  release of any earnout
reserve to the  prepayment of the related  Mortgage  Loan,  the Master  Servicer
shall  calculate,  based upon the Maturity  Date,  Mortgage  Rate and  remaining
outstanding  principal  balance of such Mortgage  Loan, a revised  schedule upon
which the remaining amount of principal and interest due upon such Mortgage Loan
shall be amortized  until its Maturity Date. The Master Servicer shall deliver a
copy of such  revised  amortization  schedule to the related  Mortgagor  with an
instruction to thereafter  make Monthly  Payments in accordance with the revised
schedule.

     (m) The Master  Servicer  shall  provide  written  direction to each lessor
under a Ground  Lease  requesting  that upon any default by the  lessee,  notice
thereof be provided to the Master  Servicer to the extent required by the Ground
Lease.

     (n) Notwithstanding anything to the contrary herein, the master servicer or
the special  servicer,  as the case may be, under the  Participation  Agreement,
shall make all Servicing  Advances with respect to the Mortgage Loans subject to
the  Participation  Interest as provided by Section 6.01(d) of the Participation
Agreement. For purposes of matters related to the reimbursement of such Advances
and payment of Advance Interest thereon,  the Master Servicer shall be deemed to
have made such Advances to the extent made by the Master Servicer or the Special
Servicer  and  shall be  entitled  to  receive  reimbursement  of such  Advances
together with Advance  Interest thereon to the extent permitted by clauses (vi),
(vii) and (viii) of Section 3.05(a) and shall pay all such amounts to the master
servicer  or  special  servicer,  as the case may be,  under  the  Participation
Agreement no later than the Business Day immediately following each Distribution
Date.

     (o) The Master  Servicer  shall pay the Rating Agency  Monitoring  Fee in a
timely manner.

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     SECTION 3.20 Modifications, Waivers, Amendments and Consents.

     (a) The Master  Servicer  and the  Special  Servicer  each may agree to any
modification,  waiver  or  amendment  of any term of,  forgive  interest  on and
principal  of,  capitalize   interest  on,  permit  the  release,   addition  or
substitution of collateral securing,  and/or permit the release of the Mortgagor
on or any  guarantor  of  any  Mortgage  Loan  it is  required  to  service  and
administer   hereunder,   without   the   consent   of   the   Trustee   or  any
Certificateholder,  subject,  however,  to  each of the  following  limitations,
conditions and restrictions:

          (i) other  than as  provided  in  Sections  3.02 and 3.08,  the Master
     Servicer (in such capacity) shall not agree to any modification,  waiver or
     amendment of any term of, or take any of the other acts  referenced in this
     Section  3.20(a) with  respect to, any Mortgage  Loan that would (A) affect
     the amount or timing of any related payment of principal, interest or other
     amount  payable  thereunder,  (B)  affect  the  obligation  of the  related
     Mortgagor to pay any  Prepayment  Premium or permit a Principal  Prepayment
     during any period when the terms of the Mortgage  Loan  prohibit the making
     of Principal  Prepayments  or, (C) in the Master  Servicer's good faith and
     reasonable judgment,  materially impair the security for such Mortgage Loan
     or reduce the  likelihood  of timely  payment of amounts due  thereon;  the
     Special   Servicer  (in  such   capacity)  may,   however,   agree  to  any
     modification,  waiver or amendment of any term of, or take any of the other
     acts  referenced  in this  Section  3.20(a)  with  respect  to, a Specially
     Serviced Mortgage Loan that would have any such effect, but only if, in the
     Special Servicer's  reasonable and good faith judgment,  a material default
     on such  Mortgage  Loan has  occurred or a default in respect of payment on
     such  Mortgage  Loan is  reasonably  foreseeable,  and  such  modification,
     waiver, amendment or other action is reasonably likely to produce a greater
     recovery  to  Certificateholders  on a  present  value  basis,  than  would
     liquidation;

          (ii)  any  such  action  taken  by  the  Special   Servicer  shall  be
     accompanied  by an  Officer's  Certificate  to such  effect and to which is
     attached the present value calculation which establishes the basis for such
     determination,  a copy of  which  shall be  delivered  to the  Trustee  for
     delivery to the Rating Agencies;

          (iii) neither the Master Servicer nor the Special  Servicer may extend
     the Stated  Maturity  Date of any Mortgage Loan beyond the date that is two
     years  prior to the Rated Final  Distribution  Date and, in the case of any
     Mortgage Loan that is secured solely by a Ground Lease, the Master Servicer
     or the Special  Servicer,  as the case may be, shall give due consideration
     to the  remaining  term of such Ground Lease prior to extending  the Stated
     Maturity Date of the Mortgage Loan;

          (iv) neither the Master  Servicer nor the Special  Servicer shall make
     or permit any modification, waiver or amendment of any term of, or take any
     of the other  acts  referenced  in this  Section  3.20(a)  or clause (h) of
     Section 3.19 with respect to, any Mortgage  Loan that would (A) cause REMIC
     I, REMIC II or REMIC III to fail to  qualify  as a REMIC  under the Code or
     (subject

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     to Section  10.01(f))  result in the  imposition of any tax on  "prohibited
     transactions"  or  "contributions"  after the Startup Day of any such REMIC
     under the REMIC  Provisions or (B) cause any Mortgage Loan to cease to be a
     "qualified  mortgage" within the meaning of Section  860G(a)(3) of the Code
     (neither the Master  Servicer nor the Special  Servicer shall be liable for
     judgments as regards  decisions made under this subsection  which were made
     in good faith and, unless it would constitute bad faith or negligence to do
     so,  each of the  Master  Servicer  and the  Special  Servicer  may rely on
     opinions of counsel in making such decisions);

          (v) neither the Master Servicer nor the Special  Servicer shall permit
     any  Mortgagor  to add or  substitute  any  collateral  for an  outstanding
     Mortgage Loan,  which  collateral  constitutes  real  property,  unless the
     Master  Servicer or the Special  Servicer,  as the case may be,  shall have
     first determined,  in its reasonable and good faith judgment, based upon an
     Environmental  Assessment  performed within the twelve months prior to such
     determination  (and such  additional  environmental  testing  as the Master
     Servicer  or Special  Servicer,  as the case may be,  deems  necessary  and
     appropriate)  prepared  by an  Independent  Person who  regularly  conducts
     Environmental  Assessments (and such additional  environmental testing), at
     the expense of the Mortgagor, that such additional or substitute collateral
     is in compliance  with  applicable  environmental  laws and regulations and
     that there are no circumstances or conditions  present with respect to such
     new collateral relating to the use, management or disposal of any Hazardous
     Materials  for  which  investigation,   testing,  monitoring,  containment,
     clean-up  or  remediation  would be  required  under  any  then  applicable
     environmental laws and/or regulations; and

          (vi)  neither  the Master  Servicer  nor the  Special  Servicer  shall
     release or substitute any collateral securing an outstanding  Mortgage Loan
     except as provided in Sections 3.08 and 3.09(d) and except in the case of a
     release where (A) the use of the collateral to be released will not, in the
     Master Servicer's or Special Servicer's, as the case may be, good faith and
     reasonable  judgment,  materially  and  adversely  affect the Net Operating
     Income being generated by or the use of the related Mortgaged Property, (B)
     there is a  corresponding  principal  paydown of such  Mortgage  Loan in an
     amount at least equal to, or a delivery of  substitute  collateral  with an
     Appraised Value at least equal to, the Appraised Value of the collateral to
     be  released,  (C) the  remaining  Mortgaged  Property  and any  substitute
     collateral is, in the Master Servicer's or Special Servicer's,  as the case
     may be,  good faith and  reasonable  judgment,  adequate  security  for the
     remaining Mortgage Loan and (D) the Master Servicer or Special Servicer, as
     applicable,  has received Rating Agency  Confirmation  with respect to such
     release or substitution;  provided that (x) the limitations, conditions and
     restrictions set forth in clauses (i) through (vi) above shall not apply to
     any  modification  of any  term  of any  Mortgage  Loan or any  other  acts
     referenced in this Section 3.20(a) that is required under the terms of such
     Mortgage  Loan in effect on the Closing Date and that is solely  within the
     control of the  related  Mortgagor,  and (y)  notwithstanding  clauses  (i)
     through (vi) above,  neither the Master  Servicer nor the Special  Servicer
     shall be required to oppose the confirmation of a plan in any bankruptcy or
     similar  proceeding  involving a Mortgagor if in their  reasonable and good
     faith  judgment  such   opposition   would  not   ultimately   prevent  the
     confirmation of such plan or one substantially similar.  Neither the Master
     Servicer  nor the  Special  Servicer  may

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     extend the  Maturity  Date on any  Mortgage  Loan  except  pursuant to this
     Section 3.20(a) or as otherwise required under the related loan documents.

     (b) Neither the Master  Servicer  nor the Special  Servicer  shall have any
liability to the Trust Fund, the  Certificateholders  or any other Person if its
analysis and  determination  that the modification,  waiver,  amendment or other
action contemplated by Section 3.20(a) is reasonably likely to produce a greater
recovery to  Certificateholders on a present value basis than would liquidation,
should prove to be wrong or incorrect, so long as the analysis and determination
were made on a reasonable  basis in good faith by the Master Servicer or Special
Servicer  and the Master  Servicer  or Special  Servicer  was not  negligent  in
ascertaining the pertinent facts.

     (c)  Any  payment  of   interest,   which  is  deferred   pursuant  to  any
modification,  waiver or amendment permitted hereunder,  shall not, for purposes
hereof,  including,  without limitation,  calculating  monthly  distributions to
Certificateholders,  be added to the unpaid  principal  balance  of the  related
Mortgage  Loan,  notwithstanding  that the terms of such  Mortgage  Loan or such
modification, waiver or amendment so permit.

     (d) The Master Servicer and, with respect to a Specially Serviced Mortgaged
Loan, the Special  Servicer each may, as a condition to its granting any request
by a Mortgagor  for consent,  modification,  waiver or  indulgence  or any other
matter or thing,  the granting of which is within the Master  Servicer's  or the
Special  Servicer's   discretion  pursuant  to  the  terms  of  the  instruments
evidencing  or securing the related  Mortgage Loan and is permitted by the terms
of  this  Agreement,  require  that  such  Mortgagor  pay to it,  as  additional
servicing compensation, a reasonable or customary fee (not to exceed 1.0% of the
unpaid  principal  balance  of the  related  Mortgage  Loan) for the  additional
services  performed in connection  with such request,  together with any related
costs and expenses incurred by it.

     (e) Except for waivers of Penalty Charges and notice periods,  all material
modifications,  waivers  and  amendments  of the  Mortgage  Loans  entered  into
pursuant to this Section 3.20 shall be in writing.

     (f) Each of the Master  Servicer and the Special  Servicer shall notify the
Trustee and such other party,  in writing,  of any  modification,  waiver (other
than a waiver of Penalty  Charges) or amendment of any term of any Mortgage Loan
and the date thereof,  and shall deliver to the Trustee or the related Custodian
for  deposit in the  related  Mortgage  File,  an  original  counterpart  of the
agreement relating to such modification,  waiver or amendment,  promptly (and in
any event within 10 Business Days) following the execution thereof.

     SECTION 3.21  Transfer of  Servicing  Between  Master  Servicer and Special
                   Servicer; Record Keeping.

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     (a) Upon  determining  that a Servicing  Transfer  Event has occurred  with
respect to any Mortgage Loan and if the Master  Servicer is not also the Special
Servicer,  the Master Servicer shall promptly give notice  thereof,  and deliver
the related  Servicing  File, to the Special  Servicer and shall use  reasonable
efforts to provide the Special  Servicer  with all  information,  documents  (or
copies thereof) and records (including records stored electronically on computer
tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably
requested by the Special Servicer to enable it to assume its functions hereunder
with respect thereto without acting through a Sub-Servicer.  The Master Servicer
shall use reasonable  efforts to comply with the preceding  sentence within five
Business Days of the occurrence of each related  Servicing  Transfer Event.  The
Special  Servicer  may,  as to  any  delinquent  Mortgage  Loan,  prior  to  the
occurrence  of a Servicing  Transfer  Event with  respect  thereto,  request and
obtain the foregoing documents and information.

     Upon  determining  that a  Specially  Serviced  Mortgage  Loan has become a
Corrected  Mortgage  Loan and if the  Master  Servicer  is not also the  Special
Servicer,  the Special  Servicer shall promptly give notice thereof,  and return
the related  Servicing File, to the Master Servicer and upon giving such notice,
and  returning  such  Servicing  File,  to  the  Master  Servicer,  the  Special
Servicer's  obligation to service such Mortgage Loan, and the Special Servicer's
right to receive the Special  Servicing Fee with respect to such Mortgage  Loan,
shall  terminate,  and the  obligations  of the Master  Servicer  to service and
administer such Mortgage Loan in accordance with this Agreement shall resume.

     Notwithstanding  other  provisions in this  Agreement to the contrary,  the
Master  Servicer  shall  remain  responsible  for the  billing  and  collection,
accounting,   data  collection,   reporting  and  other  basic  Master  Servicer
administrative  functions  with respect to Specially  Serviced  Mortgage  Loans,
provided that the Special  Servicer  shall  establish  procedures for the Master
Servicer as to the application of receipts and tendered  payments and shall have
the  exclusive  responsibility  for and  authority  over all  contacts  with and
notices to Mortgagors and similar  matters  relating to each Specially  Serviced
Mortgage Loan and the related Mortgaged Property.

     (b) In  servicing  any  Specially  Serviced  Mortgage  Loans,  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 (with a
copy of each such original to the Master Servicer), and copies of any additional
related Mortgage Loan  information,  including  correspondence  with the related
Mortgagor.

     (c)  Notwithstanding  anything in this  Agreement to the  contrary,  in the
event that the Master Servicer and the Special Servicer are the same Person, all
notices,  certificates,  information  and  consents  required to be given by the
Master  Servicer  to the  Special  Servicer  or vice versa shall be deemed to be
given without the necessity of any action on such Person's part.

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     SECTION 3.22 Sub-Servicing Agreements.

     (a) The Master  Servicer and the Special  Servicer may each enter into Sub-
Servicing  Agreements for the servicing and  administration  of all or a part of
the Mortgage Loans for which it is responsible hereunder, provided that, in each
case, the Sub-Servicing  Agreement:  (i) is not inconsistent with this Agreement
and shall  provide that the  Sub-Servicer  will  maintain  errors and  omissions
insurance and fidelity  bond coverage as required of the Master  Servicer or the
Special  Servicer  (whichever  retained  it) under  Section  3.07  hereof;  (ii)
provides that if the Master  Servicer or the Special  Servicer,  as the case may
be, shall for any reason no longer be the Master  Servicer or Special  Servicer,
as applicable,  hereunder (including,  without limitation, by reason of an Event
of Default or their  termination  hereunder),  the Trustee,  its designee or any
successor  Master Servicer or Special  Servicer may thereupon  assume all of the
rights and,  except to the extent  they arose  prior to the date of  assumption,
obligations of the Master Servicer or the Special Servicer,  as the case may be,
under such  agreement;  (iii) in the case of a Sub-Servicing  Agreement  entered
into by the Master  Servicer,  expressly or  effectively  provides  that (if the
Master Servicer and the Special Servicer are not the same Person) such agreement
shall  terminate  with respect to any Mortgage Loan  serviced  thereunder at the
time such Mortgage  Loan becomes a Specially  Serviced  Mortgage Loan  (provided
that, if any Additional Servicing Fee Mortgage Loan becomes a Specially Serviced
Mortgage Loan, the applicable Designated Sub-Servicer or Archon Financial, L.P.,
as the case may be,  shall be entitled  to  continue  to receive the  Additional
Servicing Fee with respect to such Mortgage Loan); (iv) requires that the Master
Servicer  or  the  Special  Servicer,  as  the  case  may  be,  consent  to  any
modification  to the terms of a Mortgage Loan pursuant to Section 3.20; (v) does
not permit the  Sub-Servicer  any direct rights of  indemnification  that may be
satisfied  out of  assets  of  the  Trust  Fund;  and  (vi)  in  the  case  of a
Sub-Servicing  Agreement entered into by the Special  Servicer,  relates only to
Specially Serviced Mortgage Loans or REO Properties and expressly or effectively
provides that (if the Master Servicer and the Special  Servicer are not the same
Person) such  agreement  shall  terminate with respect to any such Mortgage Loan
that becomes a Corrected Mortgage Loan.  Termination  penalties or fees incurred
under any such Sub-Servicing Agreement shall not be an obligation of, or expense
chargeable  to, the  Certificateholders  or the Trust Fund.  References  in this
Agreement to actions taken or to be taken by the Master  Servicer or the Special
Servicer,  as the  case  may be,  include  actions  taken  or to be  taken  by a
Sub-Servicer  on behalf of the Master Servicer or the Special  Servicer,  as the
case  may  be;  and,  in  connection  therewith,  all  amounts  advanced  by any
Sub-Servicer  to satisfy the  obligations of the Master  Servicer or the Special
Servicer,  as the  case  may  be,  hereunder  to  make  Servicing  Advances  and
Delinquency  Advances  shall be  deemed  to have  been  advanced  by the  Master
Servicer or the Special Servicer,  as the case may be, out of its own funds and,
accordingly, such Advances shall be recoverable by such Sub-Servicer in the same
manner  and out of the  same  funds  as if such  Sub-Servicer  were  the  Master
Servicer or the Special  Servicer,  as the case may be, and, for so long as they
are outstanding,  such Advances shall accrue interest in accordance with Section
3.11(f) or Section 4.03(d), as applicable, such interest to be allocable between
the  Master  Servicer  or the  Special  Servicer,  as the case may be,  and such
Sub-Servicer  as they may agree.  For  purposes  of this  Agreement,  the Master
Servicer  and the Special  Servicer  each shall be deemed to have  received  any
payment when the Sub-Servicer receives such payment.

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     (b) Each Sub-Servicer shall be authorized to transact business in the state
or  states  in which the  related  Mortgaged  Properties  it is to  service  are
situated, if and to the extent required by applicable law.

     (c) As part of its servicing activities hereunder,  the Master Servicer and
the Special Servicer, for the benefit of the Trustee and the Certificateholders,
shall (at no expense to the Trustee, the  Certificateholders  or the Trust Fund)
monitor  the  performance  and  enforce  the  obligations  of each  Sub-Servicer
retained  by it under the related  Sub-Servicing  Agreement.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Sub-  Servicing  Agreements in accordance  with their  respective  terms and the
pursuit of other appropriate remedies,  shall be in such form and carried out to
such an extent and at such time by the Master Servicer and the Special  Servicer
in accordance with the Servicing Standard.

     (d) In the event the Trustee, its designee or any successor Master Servicer
or Special Servicer assumes the rights and obligations of the Master Servicer or
the Special Servicer under any Sub-Servicing  Agreement,  the Master Servicer or
the Special Servicer,  as the case may be, at its expense shall, upon request of
the Trustee, deliver to the assuming party all documents and records relating to
such  Sub-Servicing  Agreement  and  the  Mortgage  Loans  then  being  serviced
thereunder  and an  accounting  of  amounts  collected  and held on behalf of it
thereunder,  and  otherwise  use  reasonable  efforts to effect the  orderly and
efficient transfer of the Sub-Servicing Agreement to the assuming party.

     (e)  Notwithstanding any Sub-Servicing  Agreement,  the Master Servicer and
the Special  Servicer each shall remain  obligated and liable to the Trustee and
the  Certificateholders  for the  servicing and  administration  of the Mortgage
Loans in accordance with the provisions of this Agreement to the same extent and
under  the  same  terms  and  conditions  as  if it  alone  were  servicing  and
administering the Mortgage Loans for which it is responsible.

     SECTION   3.23   Designation   of   Special   Servicer   by  the   Majority
                      Certificateholder of the Controlling Class.

     (a) The Majority  Certificateholder  of the Controlling  Class,  may at any
time and from time to time replace any existing  Special Servicer or any Special
Servicer  that has  resigned or otherwise  ceased to serve as Special  Servicer,
including  pursuant to Section 7.01. Such Holders shall so designate a Person to
so serve by the  delivery  to the  Trustee  of a  written  notice  stating  such
designation,  subject to Rating Agency Confirmation. The Trustee shall, promptly
after receiving any such notice,  so notify the Rating Agencies.  The designated
Person shall become the Special  Servicer as of the date the Trustee  shall have
received:  (i) written confirmation from the Rating Agencies stating that if the
designated  Person  were to serve as  Special  Servicer  hereunder,  none of the
then-current  ratings of the outstanding  Classes of the  Certificates  would be
qualified  (including by placement on "negative  credit  watch"),  downgraded or
withdrawn;  (ii) a written acceptance of

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all obligations of the Special  Servicer under this  Agreement,  executed by the
designated Person; and (iii) an Opinion of Counsel (at the expense of the Person
designated  to  become  the  Special  Servicer  or the  Holders  that  made  the
designation)  to the  effect  that the  designation  of such  Person to serve as
Special  Servicer  is in  compliance  with  this  Section  3.23  and  all  other
applicable provisions of this Agreement, that upon the execution and delivery of
the written acceptance referred to in the immediately preceding clause (ii), the
designated  Person shall be bound by the terms of this  Agreement  and that this
Agreement shall be enforceable  against the designated Person in accordance with
its  terms.  The  existing  Special  Servicer  shall be deemed to have  resigned
simultaneously  with such  designated  Person's  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  Advances  or  otherwise,  and (ii) it and its  directors,
officers,  employees and agents shall continue to be entitled to the benefits of
Section 6.03,  notwithstanding  any such  resignation.  Such  resigning  Special
Servicer  shall  cooperate  with  the  Trustee,  the  Master  Servicer  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 the 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.

     (b) The Majority  Certificateholder  of the Controlling  Class will have no
liability to the Trust 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.  Each  Holder  and  Certificate  Owner
acknowledges  and agrees,  by its acceptance of its  Certificates or an interest
therein,  that the Majority  Certificateholder of the Controlling Class may have
special  relationships  and  interests  that  conflict with those of Holders and
Certificate  Owners of one or more  Classes of  Certificates,  that the Majority
Certificateholder  of the  Controlling  Class may act solely in the interests of
the Holders and Certificate  Owners of the Controlling  Class, that the Majority
Certificateholder  of the  Controlling  Class  does not have any  duties  to the
Holders  and  Certificate  Owners of any Class of  Certificates  other  than the
Controlling Class, that the Majority  Certificateholder of the Controlling Class
may take actions that favor interests of the Holders and  Certificate  Owners of
the Controlling  Class over the interests of the Holders and Certificate  Owners
of  one  or  more  other  Classes  of   Certificates,   and  that  the  Majority
Certificateholder  of the Controlling  Class shall have no liability  whatsoever
for having so acted,  and no  Certificateholder  may take any action  whatsoever
against the Majority Certificateholder of the Controlling Class or any director,
officer, employee, agent or principal thereof for having so acted.

     (c)  Notwithstanding  the foregoing,  if the Controlling  Class consists of
Book-Entry Certificates, then the rights of the Holders of the Controlling Class
set forth above in this Section  3.23 may be exercised  directly by the relevant
Certificate  Owners,  provided that the identity of such Certificate  Owners has
been confirmed to the Trustee to its reasonable satisfaction.

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     SECTION 3.24 Lock-Box Accounts and Servicing Accounts.

     (a) The Master  Servicer  shall  administer  each  Lock-Box  Account,  Cash
Collateral Account and Servicing Account in accordance with the related Mortgage
Loan, Cash Collateral Account Agreement or Lock-Box Agreement, if any.

     (b) For any Mortgage  Loan that  provides  that a Lock-Box  Account or Cash
Collateral  Account will be  established  upon the  occurrence of certain events
specified in such Mortgage  Loan,  the Master  Servicer (or, with respect to any
Specially  Serviced Loan, the Special Servicer) shall use reasonable  efforts to
establish or cause to be established  such Lock-Box  Account upon the occurrence
of such  events  unless  the  Master  Servicer  (or  the  Special  Servicer,  as
applicable)  determines,  in accordance with the Servicing Standards,  that such
Lock-Box Account should not be established.  Notwithstanding the foregoing,  the
Master Servicer (or the Special  Servicer,  as applicable)  shall use reasonable
efforts to establish or cause to be established a Lock-Box  Account for each ARD
Loan no later than its Anticipated Repayment Date.

     SECTION 3.25  Representations and Warranties of the Master Servicer and the
                   Special Servicer.

     GMACCM,  in its  capacity as both  Master  Servicer  and  Special  Servicer
hereunder hereby represents and warrants to the Trustee, for its own benefit and
the benefit of the  Certificateholders,  and to the Depositor, as of the Closing
Date, that:

          (i) GMACCM is a corporation,  duly organized,  validly existing and in
     good standing under the laws of the State of  California,  and GMACCM 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 GMACCM,  and the
     performance and compliance with the terms of this Agreement by GMACCM, will
     not violate GMACCM'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.

          (iii)  GMACCM  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 the  other  parties  hereto,  constitutes  a valid,  legal and
     binding obligation of GMACCM, enforceable against GMACCM in accordance with
     the  terms  hereof,  subject  to  (A)  applicable  bankruptcy,  insolvency,
     reorganization,  moratorium  and other laws  affecting the  enforcement  of
     creditors'  rights

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     generally, and (B) general principles of equity, regardless of whether such
     enforcement is considered in a proceeding in equity or at law.

          (v) GMACCM 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, 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
     GMACCM's good faith and reasonable judgment, is likely to affect materially
     and adversely either the ability of GMACCM to perform its obligations under
     this Agreement or the financial condition of GMACCM.

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

          (vii) GMACCM has errors and omissions  insurance  coverage which is in
     full force and effect and complies  with the  requirements  of Section 3.07
     hereof.

          (viii) No consent,  approval,  authorization or order, registration or
     filing with or notice to, any governmental  authority or court is required,
     under federal or state law, for the execution,  delivery and performance of
     or compliance by GMACCM with this Agreement,  or the consummation by GMACCM
     of any  transaction  contemplated  hereby,  other  than (1) such  consents,
     approvals,  authorizations,   qualifications,  registrations,  filings,  or
     notices  as have  been  obtained  or made  and (2)  where  the lack of such
     consent, approval,  authorization,  qualification,  registration, filing or
     notice  would not have a  material  adverse  effect on the  performance  by
     GMACCM under this Agreement.

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS
                               AND RELATED MATTERS

     SECTION 4.01 Distributions.

     (a) On each  Distribution  Date,  the Trustee  shall be deemed to apply the
Available  Distribution  Amount for such date for the following  purposes and in
the following order of priority:

          (i) to pay  interest  to REMIC II in  respect of the  various  REMIC I
     Regular  Interests,  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  and,  to the  extent  not
     previously deemed paid, for all prior Distribution Dates;

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          (ii) to pay  principal  to REMIC II in respect of the various  REMIC I
     Regular  Interests,  up to an amount  equal to, and pro rata in  accordance
     with,  in the  case  of  each  such  REMIC  I  Regular  Interest  for  such
     Distribution  Date,  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, REO Loan or, if applicable, Replacement Mortgage Loan(s), as
     the  case may be,  that  will be  outstanding  immediately  following  such
     Distribution Date; and

          (iii) to  reimburse  REMIC II for any Realized  Losses and  Additional
     Trust Fund  Expenses  previously  deemed  allocated to the various  REMIC I
     Regular  Interests,  up to an amount  equal to, and pro rata in  accordance
     with, the Loss Reimbursement  Amount for each such REMIC I Regular Interest
     immediately prior to such Distribution Date.

     On each Distribution Date, the Trustee shall be deemed to apply any amounts
withdrawn  from  the  Excess  Liquidation  Proceeds  Reserve  Account  for  such
Distribution  Date to reimburse  REMIC II for any Realized Losses and Additional
Trust Fund Expenses  previously  deemed allocated to the various REMIC I Regular
Interests and  unreimbursed  pursuant to Section  4.01(a)(iii),  up to an amount
equal to, and pro rata in accordance  with,  the Loss  Reimbursement  Amount for
each such REMIC I Regular Interest immediately prior to such Distribution Date.

     On each  Distribution  Date,  the  Trustee  shall pay to the Holders of the
Class R-I  Certificates,  in accordance with Section 4.01(c),  that portion,  if
any, of the Available  Distribution  Amount for such date that has not otherwise
been  deemed  paid to REMIC  II in  respect  of the  REMIC I  Regular  Interests
pursuant to the foregoing  provisions of this Section 4.01(a) (such portion, the
"Class R-I Distribution Amount" for such Distribution Date).

     On each  Distribution  Date,  the Trustee  shall be deemed to apply amounts
relating to 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 or REO Loan,  as the case may be, as to which such  Prepayment
Premium was received.

     All amounts (other than additional interest in the form of amounts relating
to  Prepayment  Premiums)  deemed  paid to REMIC II in  respect  of the  REMIC I
Regular  Interests  pursuant to this Section 4.01(a) on any Distribution Date is
hereinafter referred to as the "REMIC II Distribution Amount" for such date.

     (b) On each  Distribution  Date,  the Trustee  shall be deemed to apply the
REMIC II Distribution  Amount (other than any amounts  withdrawn from the Excess
Liquidation  Proceeds Reserve Account) for such date for the following  purposes
and in the following order of priority:

          (i) to pay  interest  to REMIC III in  respect of all REMIC II Regular
     Interests  up  to an  amount  equal  to  all  Uncertificated  Distributable
     Interest  in  respect  of  such  REMIC  II  Regular

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     Interests  for such  Distribution  Date and,  to the extent not  previously
     deemed paid, for all prior  Distribution Dates with such payments allocated
     among the REMIC II Regular Interests such that remaining  amounts,  if any,
     of unpaid  interest on each such REMIC II Regular  Interest  will equate to
     the  remaining  unpaid  accrued  interest  on the  corresponding  Class  of
     Principal Balance  Certificates or Class X Component  outstanding after all
     subsequent adjustments made on such Distribution Date under Section 4.01(c)
     below;

          (ii) to pay  principal to REMIC III in respect of all REMIC II Regular
     Interests apportioned as payment of Uncertificated  Principal Balance among
     REMIC II Regular Interests such that the remaining Uncertificated Principal
     Balance of each such class will equal the then outstanding  Class Principal
     Balance  of the  corresponding  Principal  Balance  Certificate  after  all
     subsequent adjustments made on such Distribution Date under Section 4.01(c)
     below (other than  payments  thereunder  in  reimbursement  of any Realized
     Losses and Additional Trust Fund Expenses); and

          (iii) to reimburse  REMIC III for any Realized  Losses and  Additional
     Trust  Fund  Expenses  previously  deemed  allocated  to REMIC  II  Regular
     Interests, apportioned among the REMIC II Regular Interests consistent with
     the reimbursement  payments made on the corresponding  Classes of Principal
     Balance Certificates on such Distribution Date under Section 4.01(c) below.

     On each Distribution Date, the Trustee shall be deemed to apply any amounts
withdrawn  from  the  Excess  Liquidation  Proceeds  Reserve  Account  for  such
Distribution  Date to reimburse REMIC III for any Realized Losses and Additional
Trust Fund Expenses  previously  deemed allocated to REMIC II Regular  Interests
and  unreimbursed  pursuant  to  Section   4.01(b)(iii),   consistent  with  the
reimbursement  payments made on the  corresponding  Classes of Principal Balance
Certificates on such Distribution Date under Section 4.01(c) below.

     On each  Distribution  Date,  the  Trustee  shall pay to the Holders of the
Class R-II Certificates,  in accordance with Section 4.01(c),  that portion,  if
any, of the REMIC II  Distribution  Amount for such date that has not  otherwise
been  deemed  paid to REMIC III in  respect  of the REMIC II  Regular  Interests
pursuant to the foregoing  provisions of this Section 4.01(b) (such portion, the
"Class R-II Distribution Amount" for such Distribution Date).

     On each Distribution Date, the Trustee shall be deemed to apply all amounts
relating to Prepayment Premiums then on deposit in the Distribution  Account and
received  during or prior to the related  Collection  Period,  to pay additional
interest to REMIC III in respect of REMIC II Regular  Interests  allocable among
the REMIC II  Regular  Interests  in an amount  with  respect  to each  REMIC II
Regular  Interest equal to the amount  allocable to the  corresponding  Class of
Principal  Balance  Certificates  and Class X  Component  outstanding  after all
subsequent  adjustments  made on such  Distribution  Date under Section  4.01(c)
below.

     (c) On each Distribution  Date,  following the deemed payments to REMIC III
in respect of the REMIC II Regular  Interests  on such date  pursuant to Section
4.01(b),  the Trustee shall

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withdraw from the  Distribution  Account the Available  Distribution  Amount 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,  in an amount equal to, and pro rata in accordance  with, all
     Distributable  Certificate  Interest  in  respect  of each  such  Class  of
     Certificates for such  Distribution  Date and, to the extent not previously
     paid, for all prior Distribution Dates;

          (ii)  to  pay  principal  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  outstanding
     Class Principal 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
     Additional Trust Fund Expenses, if any, previously deemed allocated to such
     Classes of Certificates and for which no reimbursement  has previously been
     paid; and

          (iv) to make payments on the Subordinated Certificates pursuant to the
     following paragraph;

provided  that,  on each  Distribution  Date  after the  aggregate  of the Class
Principal  Balances of the  Subordinated  Certificates has been reduced to zero,
and in any event on the Final Distribution Date, the payments of principal to be
made  pursuant  to clause  (ii)  above,  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
Class  Principal  Balances  of  such  Classes  of  Certificates.  References  to
"remaining Principal Distribution Amount" shall be to the Principal Distribution
Amount net of any  distributions  of  principal  made in respect  thereof to the
Holders of each Class of Class A  Certificates  that,  pursuant  to clause  (ii)
above, have a prior right to payment with respect thereto.

     On each  Distribution  Date,  following the foregoing series of payments on
the Senior Certificates,  the Trustee shall apply the remaining portion, if any,
of the Available  Distribution  Amount 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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (ii) if the Class Principal  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  Class Principal  Balance of such Class of Certificates and (B)
     the remaining Principal Distribution Amount for such Distribution Date;

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          (iii) to reimburse the Holders of the Class B  Certificates,  up to an
     amount equal to all Realized Losses and Additional Trust Fund Expenses,  if
     any,  previously  deemed  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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (v) if the  Class  Principal  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  Class Principal Balance of such Class of Certificates and
     (B) the remaining Principal Distribution Amount for such Distribution Date;

          (vi) to reimburse  the Holders of the Class C  Certificates,  up to an
     amount equal to all Realized Losses and Additional Trust Fund Expenses,  if
     any,  previously  deemed  allocated to such Class of  Certificates  and for
     which no reimbursement has previously been received;

          (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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (viii) if the Class  Principal  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  Class  Principal  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 Additional Trust Fund Expenses,  if
     any,  previously  deemed  allocated to such Class of  Certificates  and for
     which no reimbursement has previously been received;

          (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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (xi) if the Class Principal  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  Class  Principal  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 Additional Trust Fund Expenses,  if
     any,  previously  deemed  allocated to such Class of  Certificates  and for
     which no reimbursement has previously been received;

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          (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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (xiv) if the Class  Principal  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  Class Principal  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 Additional Trust Fund Expenses,  if
     any,  previously  deemed  allocated to such Class of  Certificates  and for
     which no reimbursement has previously been received;

          (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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (xvii) if the Class Principal  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  Class Principal 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 Additional Trust Fund Expenses,  if
     any,  previously  deemed  allocated to such Class of  Certificates  and for
     which no reimbursement has previously been received;

          (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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (xx) if the Class Principal 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  Class  Principal
     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 Additional Trust Fund Expenses,  if
     any,  previously  deemed  allocated to such Class of  Certificates  and for
     which no reimbursement has previously been received;

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          (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 and, to the extent
     not previously paid, for all prior Distribution Dates;

          (xxiii) if the Class Principal 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  Class Principal  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 Additional Trust Fund Expenses,  if
     any,  previously  deemed  allocated to such Class of  Certificates  and for
     which no reimbursement has previously been received;

          (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
     the Class K Certificates for such  Distribution Date and, to the extent not
     previously paid, for all prior Distribution Dates;

          (xxvi) if the Class Principal  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  Class Principal  Balance of such Class K Certificates  and (B)
     the remaining Principal Distribution Amount for such Distribution Dates;

          (xxvii) to reimburse the Holders of the Class K Certificates, up to an
     amount equal to all Realized Losses and Additional Trust Fund Expenses,  if
     any, previously deemed allocated to such Class K Certificates and for which
     no reimbursement has previously been received;

          (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 L Certificates for such  Distribution Date and, to the extent
     not previously paid, for all prior Distribution Dates;

          (xxix) if the Class Principal  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  Class Principal  Balance of such Class L Certificates and
     (B) the  remaining  Principal  Distribution  Amount  for such  Distribution
     Dates;

          (xxx) to reimburse the Holders of the Class L  Certificates,  up to an
     amount equal to all Realized Losses and Additional Trust Fund Expenses,  if
     any, previously deemed allocated to such Class L Certificates and for which
     no reimbursement has previously been received;

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          (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 M Certificates for such Distribution Date and, to the extent not
     previously paid, for all prior Distribution Dates;

          (xxxii) if the Class Principal 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  Class Principal  Balance of such Class M Certificates and
     (B) the  remaining  Principal  Distribution  Amount  for such  Distribution
     Dates;

          (xxxiii) to reimburse the Holders of the Class M  Certificates,  up to
     an amount equal to all Realized Losses and Additional  Trust Fund Expenses,
     if any,  previously  deemed  allocated to such Class M Certificates and for
     which no reimbursement has previously been received;

          (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 N Certificates for such Distribution Date and, to the extent not
     previously paid, for all prior Distribution Dates;

          (xxxv) if the Class Principal  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   Class  Principal  Balance  of  such  Class  N
     Certificates and (B) the remaining  Principal  Distribution Amount for such
     Distribution Dates;

          (xxxvi) to reimburse the Holders of the Class N Certificates, up to an
     amount equal to all Realized Losses and Additional Trust Fund Expenses,  if
     any, previously deemed allocated to such Class N Certificates and for which
     no reimbursement has previously been received;

          (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 O Certificates for such  Distribution Date and, to the extent
     not previously paid, for all prior Distribution Dates;

          (xxxviii)  if the Class  Principal  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  Class Principal  Balance of such
     Class O Certificates and (B) the remaining  Principal  Distribution  Amount
     for such Distribution Dates;

          (xxxix) to reimburse the Holders of the Class O Certificates, up to an
     amount equal to all Realized Losses and Additional Trust Fund Expenses,  if
     any, previously deemed allocated to such Class O Certificates and for which
     no reimbursement has previously been received;

          (xxxvx) to make payments to the Holders of the Class R-I  Certificates
     up to the amount of the Class R-I Distribution Amount for such Distribution
     Date;

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          (xxxxi) to make payments to the Holders of the Class R-II Certificates
     up  to  the  amount  of  the  Class  R-II  Distribution   Amount  for  such
     Distribution Date; and

          (xxxxii)  to pay to the Holders of the Class  R-III  Certificates  the
     balance, if any, of the Available Distribution Amount for such Distribution
     Date;

provided that, on the Final  Distribution  Date, the payments of principal to be
made pursuant to any of clauses (ii), (v), (viii),  (xi), (xiv),  (xvii),  (xx),
(xxiii), (xxvi), (xxix), (xxxii), (xxxv) and (xxxviii) above with respect to any
Class of Principal Balance Certificates, will be so made to the Holders thereof,
up to an amount equal to the entire then outstanding  Class Principal Balance of
such Class of  Certificates.  References  to "remaining  Principal  Distribution
Amount" in any of clauses (ii), (v), (viii), (xi), (xiv), (xvii), (xx), (xxiii),
(xxvi),  (xxix),  (xxxii),  (xxxv) and (xxxviii)  above,  in connection with the
payments  of  principal  to be made to the  Holders  of any  Class of  Principal
Balance  Certificates,  shall be to the Principal  Distribution  Amount for such
Distribution  Date, net of any payments of principal made in respect  thereof to
the Holders of each Class of Principal  Balance  Certificates that have a higher
Payment Priority.

     On each  Distribution  Date, the Trustee shall withdraw any amounts then on
deposit in the Distribution Account that represent Prepayment Premiums collected
during or prior to the  related  Collection  Period  and shall  distribute  such
amounts,  in each case, subject to available funds, as additional  interest,  as
follows:

          (i) to the  Holders of the Class A, Class B, Class C, Class D, Class E
     and Class F Certificates up to an amount equal to, in the case of each such
     Class,  the product of (a) such  Prepayment  Premiums,  (b) the  applicable
     Discount Rate Fraction and (c) the  Principal  Allocation  Fraction of such
     Class; and

          (ii) then, to the Holders of the Class X Certificates.

     All of the foregoing distributions to be made from the Distribution Account
on any  Distribution  Date with respect to the REMIC III  Certificates  shall be
deemed made from the payments deemed made to REMIC II in respect of the REMIC II
Regular Interests on such Distribution Date pursuant to Section 4.01(b).

     On each Distribution Date, the Trustee shall withdraw from the Distribution
Account,  as Grantor Trust Assets,  any amounts that represent  Excess  Interest
actually collected on the ARD Loans and any related REO Loans during the related
Collection  Period and shall  distribute  with respect to their interests in the
Grantor Trust, such amounts to the holders of the Class O Certificates,  without
regard to whether  any such Class is entitled  to  distributions  of interest or
principal on such  Distribution  Date (whether by reason of its Class  Principal
Balance  having been reduced to zero, by reason of it not yet being  entitled to
distributions of principal, or for any other reason).

     On each  Distribution  Date,  the Trustee shall  withdraw  amounts from the
Excess Liquidation Proceeds Reserve Account and shall distribute such amounts in
the following priority:

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          (i)  first,  to  reimburse  the  Holders  of  the  Principal   Balance
     Certificates (in order of alphabetical  Class  designation) up to an amount
     equal to all Realized  Losses or Additional  Trust Fund  Expenses,  if any,
     previously  deemed allocated to them and unreimbursed  after application of
     the Available Distribution Amount for such Distribution Date;

          (ii) second,  for  distribution to the Special  Servicer as additional
     servicing  compensation,  the  excess,  if any,  of (x) the  balance of the
     Excess Liquidation  Proceeds Reserve Account on such Distribution Date over
     (y) the aggregate  Certificate  Principal  Balance of the Principal Balance
     Certificates as of such Distribution Date;

          (iii) third,  upon the  reduction  of the  aggregate  Class  Principal
     Balance of the Principal  Balance  Certificates to zero, to pay any amounts
     remaining on deposit in such account to the Special  Servicer as additional
     Special Servicer compensation.

     (d) All distributions  made with respect to each Class on each Distribution
Date shall be  allocated  pro rata among the  outstanding  Certificates  in such
Class  based on their  respective  Percentage  Interests.  Except  as  otherwise
provided in the last paragraph of Section 4.01(c) or as provided below, all such
distributions with respect to each Class on each Distribution Date shall be made
to the  Certificateholders  of the  respective  Class of  record at the close of
business  on the  related  Record  Date and  shall be made by wire  transfer  of
immediately  available funds to the account of any such  Certificateholder  at a
bank  or  other  entity  having  appropriate   facilities   therefor,   if  such
Certificateholder  shall have provided the Trustee with wiring  instructions  no
less than five  Business  Days prior to the related  Record  Date (which  wiring
instructions may be in the form of a standing order applicable to all subsequent
Distribution  Dates)  or  otherwise  by  check  mailed  to the  address  of such
Certificateholder  as  it  appears  in  the  Certificate  Register.   The  final
distribution  on each  Certificate  (determined  without  regard to any possible
future  reimbursement  of any  Realized  Loss or  Additional  Trust Fund Expense
previously  allocated to such Certificate) will be made in like manner, but only
upon  presentation  and  surrender  of such  Certificate  at the  offices of the
Certificate  Registrar  or  such  other  location  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
Additional Trust Fund Expense 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
address of the  Certificateholder  that  surrendered  such  Certificate  as such
address last  appeared in the  Certificate  Registrar or to any other address of
which the Trustee was subsequently notified in writing.

     (e) Each  distribution  with respect to a Book-Entry  Certificate  shall be
paid  to the  Depository,  as  Holder  thereof,  and  the  Depository  shall  be
responsible for crediting the amount of such distribution to the accounts of its
Depository   Participants  in  accordance  with  its  normal  procedures.   Each
Depository  Participant shall be responsible for disbursing such distribution to
the  Certificate  Owners that it represents  and to each indirect  participating
brokerage firm (a "brokerage firm" or "indirect  participating  firm") for which
it acts as agent.  Each brokerage firm shall be responsible for disbursing funds
to  the  Certificate  Owners  that  it  represents.  None  of the  Trustee,

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the  Certificate  Registrar,  the Depositor,  the Master Servicer or the Special
Servicer shall have any responsibility  therefor except as otherwise provided by
this Agreement or applicable law.

     (f) The rights of the  Certificateholders to receive distributions from the
proceeds of the Trust Fund in respect of their Certificates,  and all rights and
interests of the  Certificateholders  in and to such distributions,  shall be as
set forth in this  Agreement.  Neither the Holders of any Class of  Certificates
nor any party hereto shall in any way be responsible or liable to the Holders of
any other  Class of  Certificates  in  respect of  amounts  properly  previously
distributed on the  Certificates.  Distributions  in  reimbursement  of Realized
Losses and  Additional  Trust Fund Expenses  previously  allocated to a Class of
Certificates  shall not  constitute  distributions  of  principal  and shall not
result in a reduction of the related Class Principal Balance.

     (g) Except as  otherwise  provided in Section  9.01,  whenever  the Trustee
expects that the final  distribution  with respect to any Class of  Certificates
(determined without regard to any possible future  reimbursement of any Realized
Loss or  Additional  Trust Fund  Expense  previously  allocated to such Class of
Certificates)  will be made on the next Distribution Date, the Trustee shall, as
soon as practicable in the month in which such Distribution Date occurs, mail to
each Holder of such Class of  Certificates as of the date of mailing a notice to
the effect that:

          (i) the Trustee  expects 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 offices of the
     Certificate Registrar or such other location therein specified, and

          (ii) no interest shall accrue on such  Certificates from and after the
     applicable Interest Accrual Period for such Distribution Date.

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 date, be set aside and held uninvested
in  trust  and   credited  to  the  account  or  accounts  of  the   appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given  pursuant to this  Section  4.01(g)  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  to surrender their Certificates for cancellation in order to
receive the final  distribution  with respect thereto.  If within one year after
the second  notice all such  Certificates  shall not have been  surrendered  for
cancellation,  the Trustee,  directly or through an agent, shall take such steps
to  contact  the  remaining  non-tendering   Certificateholders  concerning  the
surrender  of their  Certificates  as it shall deem  appropriate.  The costs and
expenses   of   holding   such   funds  in   trust   and  of   contacting   such
Certificateholders  following  the first  anniversary  of the  delivery  of such
second notice to the non-tendering  Certificateholders shall be paid out of such
funds.  No interest shall accrue or be payable to any  Certificateholder  on any
amount   held  in  trust   hereunder   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  4.01(g).  If all of the  Certificates
shall not have been  surrendered for  cancellation by the second  anniversary of
the delivery of the second  notice,  the Trustee shall

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distribute  all unclaimed  funds and other assets which remain subject hereto in
accordance with applicable laws.

     (h)  Notwithstanding  any other  provision of this  Agreement,  the Trustee
shall comply with all federal  withholding  requirements  respecting payments to
Certificateholders  of  interest  or original  issue  discount  that the Trustee
reasonably   believes   are   applicable   under  the  Code.   The   consent  of
Certificateholders shall not be required for such withholding.  In the event the
Trustee  does  withhold  any amount from  interest or  original  issue  discount
payments  or  advances  thereof  to any  Certificateholder  pursuant  to federal
withholding requirements, the Trustee shall indicate the amount withheld to such
Certificateholders.  All amounts  withheld  shall be deemed to have been paid to
such Certificateholders.

     SECTION  4.02  Statements  to  Certificateholders;  Certain  Reports by the
                    Master Servicer and the Special Servicer.

     (a) Subject to Section  8.02(v),  based on  information  received  from the
Master Servicer,  on each  Distribution  Date, the Trustee shall provide or make
available as provided herein to all of the Holders of each Class of Certificates
(and,  in the case of a Class of  Book-Entry  Certificates,  to each Person that
provides the Trustee with an Investor Certification),  to the parties hereto and
to the Rating Agencies written reports,  including  reports in substantially the
form attached hereto as Exhibit G (the "Distribution  Date Statement"),  setting
forth, among other things, the following information:

          (i) the amount of  distributions,  if any,  made on such  Distribution
     Date to the holders of each Class of  Principal  Balance  Certificates  and
     applied to reduce the respective Class Principal Balances thereof;

          (ii) the amount of  distributions,  if any, made on such  Distribution
     Date to the  Holders  of each  Class  of  REMIC  III  Regular  Certificates
     allocable  to  (A)  Distributable   Certificate  Interest,  (B)  Prepayment
     Premiums and (C) Excess Interest;

          (iii) the amount of any  distributions  made on such Distribution Date
     to the Holders of each Class of Residual Certificates;

          (iv) the aggregate  amount of outstanding  Delinquency  Advances as of
     the end of the prior calendar month;

          (v) the aggregate  amount of Servicing Fees retained by or paid to the
     Master  Servicer  and  the  Special  Servicer  in  respect  of the  related
     Collection Period;

          (vi) the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool
     immediately  before and after such  Distribution Date and the percentage of
     the Cut-off  Date  Principal  Balance of the  Mortgage  Pool which  remains
     outstanding immediately after such Distribution Date;

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          (vii)  the  number,  aggregate  principal  balance,  weighted  average
     remaining  term to  maturity  and  weighted  average  Mortgage  Rate of the
     outstanding Mortgage Loans in the Mortgage Pool at the close of business on
     the related Determination Date;

          (viii) as of the  Determination  Date, the number and aggregate unpaid
     principal balance of Mortgage Loans in the Mortgage Pool (A) delinquent one
     month, (B) delinquent two months,  (C) delinquent three or more months, (D)
     that are Specially  Serviced Mortgage Loans but are not delinquent,  (E) as
     to which foreclosure proceedings have been commenced or (F) as to which the
     related Borrower is subject to a bankruptcy proceeding;

          (ix)  with  respect  to any  Mortgage  Loan as to  which  the  related
     Mortgaged  Property  became an REO Property  during the related  Collection
     Period,  the Stated Principal  Balance and unpaid principal balance of such
     Mortgage Loan as of the date such Mortgaged Property became an REO Property
     and the most recently  determined  Appraised  Value and date upon which the
     Appraisal was performed;

          (x) as to any Mortgage  Loan  repurchased  or otherwise  liquidated or
     disposed of during the related  Collection  Period, the loan number thereof
     and the amount of any Liquidation  Proceeds  and/or other amounts,  if any,
     received  thereon  during the  related  Collection  Period and the  portion
     thereof included in the Available Distribution Amount for such Distribution
     Date;

          (xi) with respect to any REO Property included in the Trust Fund as of
     the close of business on the last day of the related Collection Period, the
     loan  number  of the  related  Mortgage  Loan,  the book  value of such REO
     Property  and the amount of any income  collected  with respect to such REO
     Property (net of related  expenses) and other amounts,  if any, received on
     such REO  Property  during the  related  Collection  Period and the portion
     thereof included in the Available Distribution Amount for such Distribution
     Date and the most recently  determined  Appraised Value and date upon which
     the Appraisal was performed;

          (xii) with respect to any REO Property  sold or otherwise  disposed of
     during  the  related  Collection  Period,  the loan  number of the  related
     Mortgage Loan, and the amount of Liquidation Proceeds and other amounts, if
     any, received in respect of such REO Property during the related Collection
     Period, the portion thereof included in the Available  Distribution  Amount
     for  such  Distribution  Date and the  balance  of the  Excess  Liquidation
     Proceeds Reserve Account for such Distribution Date;

          (xiii) the Distributable Certificate Interest in respect of each Class
     of REMIC III Regular Certificates for such Distribution Date;

          (xiv) any unpaid Distributable Certificate Interest in respect of each
     Class  of  REMIC  III  Regular  Certificates  after  giving  effect  to the
     distributions made on such Distribution Date;

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          (xv)  the  Pass-Through  Rate for each  Class  of  REMIC  III  Regular
     Certificates for such Distribution Date;

          (xvi) the original Class Principal Balance or Class Notional Amount as
     of the  Closing  Date and the Class  Principal  Balance  or Class  Notional
     Amount, as the case may be, of each Class of REMIC III Regular Certificates
     immediately before and immediately after such Distribution Date, separately
     identifying any reduction in the Class Principal  Balance or Class Notional
     Amount,  as the case may be, of each such Class due to Realized  Losses and
     Additional Trust Fund Expenses;

          (xvii) the  Certificate  Factor  for each  Class of REMIC III  Regular
     Certificates immediately following such Distribution Date;

          (xviii) the Principal Distribution Amount for such Distribution Date;

          (xix) the aggregate  amount of Principal  Prepayments  made during the
     related  Collection  Period,  and the  aggregate  amount of any  Prepayment
     Interest Excesses received and Prepayment  Interest  Shortfalls incurred in
     connection therewith;

          (xx) the aggregate amount of Realized Losses and Additional Trust Fund
     Expenses,  if any,  incurred  with  respect  to the Trust  Fund  during the
     related Collection Period;

          (xxi) any Appraisal Reduction Amounts on a loan-by-loan basis, and the
     total Appraisal Reduction Amounts, as of the related Determination Date;

          (xxii) the net amount of any Balloon  Payment  Interest  Excesses  and
     Balloon Payment Interest Shortfalls for the related Collection Period;

          (xxiii) [reserved]; and

          (xxiv)  such  additional  information  as  contemplated  by  Exhibit G
     hereto.

In the case of information furnished pursuant to subclauses (i), (ii), (iii) and
(xvi) above,  the amounts shall be expressed as a dollar amount in the aggregate
for all  Certificates of each applicable  Class and per single  Certificate of a
specified minimum denomination.  The form of any Distribution Date Statement may
change over time.

     The Trustee shall make available to Certificateholders and other interested
parties certain information via electronic transmission as may be agreed upon by
the Depositor and the Trustee,  including the information and reports  described
in clauses (1) through (6) of clause (b) below and the CMSA  Periodic  Loan File
delivered  for each  Distribution  Date.  In  addition,  the Trustee  shall make
available to each  Certificateholder,  to each Person that  provides the Trustee
with an Investor Certification, to each party hereto, to each Underwriter and to
the Rating  Agencies,  a report (based on  information  received from the Master
Servicer  and in a format  mutually  acceptable  to the  Trustee  and the Master
Servicer) containing, information regarding the Mortgage Pool as of

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the close of business on the related  Determination  Date,  which  report  shall
contain substantially the categories of information regarding the Mortgage Loans
set forth in Exhibit G hereto (calculated, where applicable, on the basis of the
most  recent  relevant  information  provided  by the  Mortgagors  to the Master
Servicer  or the  Special  Servicer  and by the Master  Servicer  or the Special
Servicer,  as the case may be, to the  Trustee)  and such  information  shall be
presented in a tabular format  substantially  similar to the formats utilized in
Exhibit G hereto. On each Distribution  Date, the Trustee shall make (x) certain
information  contained  in the monthly  Distribution  Date  Statement  available
through its ASAP System to  Certificateholders  and  Certificate  Owners calling
(714) 282- 5518 and  requesting  statement  No. 489 and (y) certain  information
regarding the Mortgage Loans available in electronic  format through its dial up
bulletin board service,  to  Certificateholders  and Certificate  Owners dialing
telephone number (714) 282-3990.  Additionally,  upon approval of the Depositor,
certain information  regarding the Mortgage Loans will be made accessible at the
website maintained by LaSalle Bank National Association at www.lnbabs.com.  Such
information  shall be accessible only with the use of a password provided by the
Trustee to each Person that provides the Trustee with an Investor Certification;
provided,  however,  that the  Rating  Agencies  and the other  parties  to this
Agreement  shall not be required to provide such  certification;  and  provided,
further,  that the Depositor may instruct the Trustee at any time not to require
the use of a password or the receipt of a  certification.  The Trustee  makes no
representations  or  warranties  as to the  accuracy  or  completeness  of  such
information and assumes no responsibility therefor. In addition, the Trustee may
disclaim responsibility for any information distributed by the Trustee for which
it is not the  original  source.  In  connection  with  providing  access to the
Trustee's internet website or electronic bulletin board, the Trustee may require
registration and acceptance of a disclaimer. The Trustee shall not be liable for
the dissemination of information in accordance with this Agreement.  The Trustee
may provide such information  through means other than (and in lieu of) its ASAP
System, dial up bulletin board service or website provided that (i) GMACCM shall
have consented to such alternative means and (ii) Certificateholders  shall have
received notice of such alternative  means. The provisions in this Section shall
not limit the Master Servicer's ability to make accessible  certain  information
regarding the Mortgage Loans at a website maintained by the Master Servicer.

     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 a statement  containing the  information as to the
applicable  Class set forth in clauses (i), (ii) and (iii) of the description of
Distribution  Date  Statements  above  aggregated  for  such  calendar  year  or
applicable  portion  thereof  during which such person was a  Certificateholder,
together with such other  information as the Trustee  determines to be necessary
to enable  Certificateholders  to prepare  their tax returns  for such  calendar
year.  Such  obligation of the Trustee shall be deemed to have been satisfied to
the extent that  substantially  comparable  information shall be provided by the
Trustee  pursuant  to any  requirements  of the Code as from time to time are in
force.

     Upon filing with the Internal Revenue Service, the Trustee shall furnish to
the Holders of the Residual  Certificates  the Form 1066 and shall furnish their
respective Schedules Q thereto at the times required by the Code or the Internal
Revenue  Service,  and shall  provide  from

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time to time such  information and  computations  with respect to the entries on
such forms as any Holder of the Residual Certificates may reasonably request.

     The  specification  of  information  to be  furnished by the Trustee to the
Certificateholders  in this Section 4.02 (and any other terms of this  Agreement
requiring or calling for delivery or reporting of  information by the Trustee to
Certificateholders  and  Certificate  Owners)  shall not limit  the  Trustee  in
furnishing,   and  the   Trustee   is   hereby   authorized   to   furnish,   to
Certificateholders,   Certificate   Owners   and/or  to  the  public  any  other
information (such other  information,  collectively,  "Additional  Information")
with respect to the Mortgage Loans,  the Mortgaged  Properties or the Trust Fund
as may be provided to it by the  Depositor,  the Master  Servicer or the Special
Servicer  or gathered by it in any  investigation  or other  manner from time to
time,  provided  that (A) while  there  exists  any Event of  Default,  any such
Additional  Information  shall  only be  furnished  with the  consent  or at the
request of the Depositor (except pursuant to clause (E) below),  (B) the Trustee
shall be entitled to indicate the source of all information furnished by it, and
the Trustee may affix thereto any  disclaimer it deems  appropriate  in its sole
discretion  (together with any warnings as to the confidential nature and/or the
uses  of  such  information  as  it  may,  in  its  sole  discretion,  determine
appropriate),  (C) the Trustee  may notify  Certificateholders  and  Certificate
Owners of the  availability of any such  information in any manner as it, in its
sole  discretion,  may  determine,  (D) the Trustee  shall be entitled  (but not
obligated) to require  payment from each  recipient of a reasonable fee for, and
its  out-of-pocket   expenses  incurred  in  connection  with,  the  collection,
assembly,  reproduction  or delivery  of any such  Additional  Information,  (E)
without the consent of the Depositor,  the Trustee may, in its sole  discretion,
furnish  Additional  Information to a Rating Agency in any instance,  and to the
Certificateholders,   Certificate  Owners  and/or  the   public-at-large  if  it
determines  that  the  furnishing  of  such  information  would  assist  in  the
evaluation of the investment characteristics or valuation of the Certificates or
would be in the best  interests  of the  Certificateholders  or is  required  by
applicable  law and, in the case of any  Additional  Information  requested by a
Certificate Owner, such Certificate Owner has delivered an executed  certificate
in the form of  Exhibit  K hereto  and (F) the  Trustee  shall  be  entitled  to
distribute or make available such Additional Information in accordance with such
reasonable  rules and procedures as it may deem necessary or appropriate  (which
may include the  requirement  that an agreement  that provides such  information
shall be used solely for purposes of evaluating the  investment  characteristics
or valuation of the  Certificates  be executed by the  recipient,  if and to the
extent the  Trustee  deems the same to be  necessary  or  appropriate).  Nothing
herein shall be construed to impose upon the Trustee any  obligation  or duty to
furnish or distribute any Additional  Information to any Person in any instance,
and the  Trustee  shall  neither  have  any  liability  for  furnishing  nor for
refraining from furnishing Additional  Information in any instance.  The Trustee
shall be entitled (but not required) to request and receive  direction  from the
Depositor as to the manner of delivery of any such  Additional  Information,  if
and to the extent the Trustee deems necessary or advisable,  and to require that
any consent,  direction or request  given to it pursuant to this Section be made
in writing.

     Upon the  authorization of the Depositor,  the Trustee shall make available
to Bloomberg  Financial Markets,  L.P.  ("Bloomberg") all the electronic reports
delivered  or  made

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available  pursuant  to  this  Section  4.02(a)  to the  Certificateholders  and
Certificate  Owners using a format and media mutually  acceptable to the Trustee
and Bloomberg.

     (b) No later than the Business Day prior to each Distribution Date, subject
to the last paragraph of this  subsection (b), the Master Servicer shall deliver
or cause to be delivered to the Trustee (and, if the Master  Servicer is not the
Special  Servicer,  the  Trustee  shall  deliver  to the  Special  Servicer)  in
electronic  form mutually  acceptable to the Trustee and the Master Servicer the
following  reports or information:  (1) a Delinquent Loan Status Report,  (2) an
REO Status Report,  (3) a Historical Loan Modification  Report, (4) a Historical
Loss Report and (5) the Servicer Watch List.

     No later than the Business Day prior to each Distribution  Date, the Master
Servicer  will  deliver to the  Trustee  (by  electronic  means) a  "Comparative
Financial  Status  Report"  containing  substantially  the  content set forth in
Exhibit I setting  forth,  among  other  things,  the  occupancy,  revenue,  net
operating  income and debt service  coverage ratio for each Mortgage Loan (other
than  the  Credit  Lease  Loans)  or  related  Mortgaged   Property  as  of  the
Determination Date immediately preceding the preparation of such report for each
of the following  three periods (but only to the extent the related  borrower is
required by the Mortgage to deliver and does  deliver,  or  otherwise  agrees to
provide and does  provide,  such  information):  (a) the most current  available
year-to-date;  (b) each of the previous two full fiscal years stated  separately
(to the extent such information is in the Master Servicer's possession); and (c)
the "base year"  (representing  the original  analysis of information used as of
the Cut-Off Date).

     No later than 12:00 noon,  New York City time,  on the second  Business Day
prior to each Distribution Date, the Master Servicer will deliver to the Trustee
a CMSA Periodic Loan File setting forth certain  information with respect to the
Mortgage  Loans and Mortgaged  Properties  and a single report (the  "Collection
Report") setting forth, among other things, the information specified in clauses
(i) through (vi) below (the amounts and  allocations  of payments,  collections,
fees and  expenses  with respect to Specially  Serviced  Mortgage  Loans and REO
Properties  to be based upon the report to be delivered by the Special  Servicer
to  the  Master   Servicer  on  the  second   Business  Day  after  the  related
Determination Date, in the form required by Section 4.02(c) below):

          (i)  the  aggregate   amount  that  is  to  be  transferred  from  the
     Certificate  Account  to  the  Distribution  Account  in  respect  of  such
     Distribution  Date that is  allocable  to principal on or in respect of the
     Mortgage  Loans and any REO Loans,  separately  identifying  the  aggregate
     amount of any Principal  Prepayments  included therein,  and (if different)
     the  Principal   Distribution   Amount  for  the   immediately   succeeding
     Distribution Date;

          (ii)  the  aggregate  amount  that  is  to  be  transferred  from  the
     Certificate  Account  to  the  Distribution  Account  in  respect  of  such
     Distribution Date that is allocable to (A) interest on or in respect of the
     Mortgage Loans and any REO Loans,  (B)  Prepayment  Premiums and (C) Excess
     Interest;

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          (iii) the aggregate  amount of any Delinquency  Advances made pursuant
     to Section 4.03 of this Agreement as of the end of the prior calendar month
     that were included in amounts deposited in the Distribution Account;

          (iv) the information  required to be included in the Distribution Date
     Statement  for the  next  succeeding  Distribution  Date and  described  in
     clauses  (v) -  (xii)  and  (xviii)  -  (xxii)  of the  description  of the
     Distribution Date Statement in Section 4.02(a);

          (v) the loan number and the unpaid  principal  balance as of the close
     of business on such  Determination Date of each Specially Serviced Mortgage
     Loan and each other Defaulted Mortgage Loan; and

          (vi) such other information on a Mortgage Loan-by-Mortgage Loan or REO
     Property-by-REO  Property  basis  as the  Trustee  or the  Depositor  shall
     reasonably request in writing (including,  without limitation,  information
     with respect to any modifications of any Mortgage Loan, any Mortgage
     Loans in default or  foreclosure,  the  operation  and  disposition  of REO
     Property and the assumption of any Mortgage Loan).

     On the  date on which  the  report  described  above  is  delivered  to the
Trustee,  the Master Servicer shall also deliver or cause to be delivered to the
Trustee a report, in form reasonably  acceptable to the Trustee,  containing the
information  with  respect to the  Mortgage  Pool  necessary  for the Trustee to
prepare with respect to the Mortgage  Pool any  additional  schedules and tables
required to be made  available by the Trustee  pursuant to Section  4.02(a),  as
well as to prepare an updated  Mortgage Loan Schedule,  in each case  reflecting
the changes in the Mortgage Pool during the related Collection Period.

     In addition,  the Master  Servicer is also required to perform with respect
to each  Mortgaged  Property and REO  Property  (except any  Mortgaged  Property
securing a Credit Lease Loan):

          (i) Within 30 days after receipt of a quarterly  operating  statement,
     if any,  commencing  with the  calendar  quarter  ended June 30,  2000,  an
     "Operating  Statement  Analysis"  containing  revenue,   expense,  and  net
     operating  income  information  substantially  in accordance with Exhibit I
     presenting the  computation  made in accordance  with the  methodology  set
     forth in Exhibit F (but only to the extent the related borrower is required
     by the Mortgage to deliver and does deliver, or otherwise agrees to provide
     and does provide,  such  information)  for such  Mortgaged  Property or REO
     Property as of the end of such calendar  quarter.  The Master Servicer will
     deliver to the Trustee by electronic means the Operating Statement Analysis
     upon request; and

          (ii) Within 30 days after receipt by the Master  Servicer of an annual
     operating  statement,  an NOI adjustment analysis containing  substantially
     the content set forth in Exhibit I (the "NOI  Adjustment  Worksheet")  (but
     only to the extent the related  borrower  is

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     required by the Mortgage to deliver and does deliver,  or otherwise  agrees
     to provide and does provide, such information),  presenting the computation
     made  in  accordance  with  the  methodology  described  in  Exhibit  F  to
     "normalize"  the full year net operating  income and debt service  coverage
     numbers used by the Master Servicer in preparing the Comparative  Financial
     Status  Report  above.  The Master  Servicer will deliver to the Trustee by
     electronic means the "NOI Adjustment Worksheet" upon request.

Upon  request,  the Trustee shall deliver or shall cause to be delivered to each
Certificateholder,  to each  party  hereto,  to any  Underwriter,  to the Rating
Agencies,  and to each  Person  that  provides  the  Trustee  with  an  Investor
Certification  a copy of the  Operating  Statement  Analysis and NOI  Adjustment
Worksheet  most  recently  performed by the Master  Servicer with respect to any
Mortgage Loan and delivered to the Trustee.

     Not later than the first day of the calendar  month  following  each Master
Servicer  Remittance  Date,  the Master  Servicer shall forward to the Trustee a
statement,  setting forth the status of the Certificate  Account as of the close
of  business  on  such  Master  Servicer   Remittance  Date,  stating  that  all
remittances  to the Trustee  required by this Agreement to be made by the Master
Servicer  have been made (or, in the case of any such required  remittance  that
has not been made by the  Master  Servicer,  specifying  the  nature  and status
thereof)  and  showing,  for the  period  from  the  preceding  Master  Servicer
Remittance Date (or, in the case of the first Master Servicer  Remittance  Date,
from the Cut-off Date) to such Master Servicer Remittance Date, the aggregate of
deposits into and withdrawals from the Certificate  Account for each category of
deposit  specified in Section 3.04(a) and each category of withdrawal  specified
in Section 3.05(a). The Master Servicer shall also deliver to the Trustee,  upon
reasonable request of the Trustee,  any and all additional  information relating
to the Mortgage Pool in the possession of the Master Servicer (which information
shall be based upon  reports  delivered  to the Master  Servicer  by the Special
Servicer with respect to Specially Serviced Mortgage Loans and REO Properties).

     The Master Servicer, on the first Business Day following each Determination
Date,  shall forward to the Special  Servicer all  information  collected by the
Master Servicer which the Special Servicer is required to include in the reports
delivered by the Special  Servicer  pursuant to Section 4.02(c) below.  Further,
the Master  Servicer shall  cooperate with the Special  Servicer and provide the
Special  Servicer with the  information in the possession of the Master Servicer
reasonably requested by the Special Servicer, in writing, to the extent required
to allow the Special  Servicer to perform its  obligations  under this Agreement
with respect to those Mortgage Loans serviced by the Master Servicer.

     The obligation of the Master Servicer to deliver the reports required to be
delivered  by it  pursuant  to this  subsection  (b) is  subject  to the  Master
Servicer  having  received  from the  Special  Servicer  in a timely  manner the
related  reports  and  information  necessary  or  required to enable the Master
Servicer to prepare and deliver such reports.  The Master  Servicer shall not be
responsible  for the accuracy or content of any report,  document or information
furnished  by the

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Special Servicer to the Master Servicer  pursuant to this Agreement and accepted
by the Master Servicer in good faith pursuant to this Agreement.

     (c) On the second Business Day after each  Determination  Date, the Special
Servicer  shall  forward to the Master  Servicer,  for each  Specially  Serviced
Mortgage Loan and REO Property,  reports  containing all  information the Master
Servicer  will be  required  to  include  in the other  reports  that the Master
Servicer is obligated to deliver to the Trustee pursuant to Section 4.02(b),  to
the extent such information  relates to any Specially  Serviced Mortgage Loan or
any REO Property.  The Special Servicer shall also deliver to the Trustee,  upon
the  reasonable  written  request  of  the  Trustee,   any  and  all  additional
information in the possession of the Special Servicer  relating to the Specially
Serviced Mortgage Loans and the REO Properties.

     The Special  Servicer shall  cooperate with the Master Servicer and provide
the Master  Servicer  with the  information  in the  possession  of the  Special
Servicer reasonably requested by the Master Servicer,  in writing, to the extent
required  to allow the Master  Servicer to perform  its  obligations  under this
Agreement  with  respect  to the  Specially  Serviced  Mortgage  Loans  and  REO
Properties.  Additional  information  regarding the Specially  Serviced Mortgage
Loans and REO  Properties,  including,  without  limitation,  any  financial  or
occupancy  information  (including  lease  summaries)  provided  to the  Special
Servicer by the  Mortgagors  or  otherwise  obtained,  shall be delivered to the
Master Servicer, within ten days of receipt.

     (d) The Master  Servicer  and the Special  Servicer  may make  available to
Certificate  Owners who have certified to the Master  Servicer their  beneficial
ownership of any offered  certificate,  or  prospective  Certificate  Owners who
provide  appropriate  confirmation that they are prospective  certificate owners
who intend to keep any information confidential,  copies of any reports or files
prepared by the Servicer pursuant to this Agreement.

     (e) Each of the Master Servicer and Special  Servicer may make  information
concerning the Mortgage Loans available on any website that it has established.

     SECTION 4.03 Delinquency Advances.

     (a) On each Delinquency  Advance Date, the Master Servicer shall either (i)
deposit into the  Certificate  Account from its own funds an amount equal to the
aggregate amount of Delinquency  Advances,  if any, to be made in respect of the
related  Distribution  Date, (ii) apply amounts held in the Certificate  Account
for future distribution to  Certificateholders in subsequent months in discharge
of any such obligation to make Delinquency  Advances,  or (iii) make Delinquency
Advances in the form of any  combination of (i) and (ii)  aggregating  the total
amount of Delinquency  Advances to be made;  provided that, if Late  Collections
(net of related  Workout  Fees) of the  delinquent  Monthly  Payments  for which
Delinquency  Advances are to be made for the related  Distribution  Date, are on
deposit in the  Certificate  Account and  available to make such  Advances,  the
Master  Servicer  shall  utilize  such Late  Collections  to make such  Advances
pursuant to clause (ii) above.  Any amounts held in the Certificate  Account for
future  distribution  and  so  used

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to make  Delinquency  Advances  shall be  appropriately  reflected in the Master
Servicer's  records  and  replaced  by the  Master  Servicer  by  deposit in the
Certificate Account on or before the next succeeding  Determination Date (to the
extent not previously  replaced  through the deposit of Late  Collections of the
delinquent  principal and interest in respect of which such Delinquency Advances
were  made).  If, as of 3:00 p.m.,  New York City time,  on any Master  Servicer
Remittance  Date,  the Trustee shall not have received any  Delinquency  Advance
required to be made by the Master Servicer pursuant to this Section 4.03(a) (and
the Master  Servicer  shall not have  delivered  to the  Trustee  the  requisite
Officer's   Certificate  and   documentation   related  to  a  determination  of
nonrecoverability  of a  Delinquency  Advance),  then the Trustee  shall provide
notice  of such  failure  to a  Servicing  Officer  of the  Master  Servicer  by
facsimile  transmission sent to telecopy no. (215) 328-0173 (or such alternative
number  provided  by the  Master  Servicer  to the  Trustee in  writing)  and by
telephone at telephone no. (215) 328-1784 (Attention:  Master Servicing Manager)
(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. If after such  notice the Trustee  does not receive the full
amount of such  Delinquency  Advances by 11:00 a.m.,  New York City time, on the
Business Day immediately  following such Master Servicer  Remittance  Date, then
the  Trustee  shall  make the  portion  of such  Delinquency  Advances  that was
required  to be,  but was not,  made by the  Master  Servicer  pursuant  to this
Section 4.03(a).  If the Trustee fails to make a Delinquency Advance required to
be made by it hereunder,  the Fiscal Agent shall make such advance no later than
1:00 p.m.  New York City time on the  Business Day  immediately  following  such
Master Servicer  Remittance Date. The making of such Advance by the Fiscal Agent
shall cure the failure by the Trustee to make such Advance.

     (b) The aggregate  amount of Delinquency  Advances to be made by the Master
Servicer  in respect  of the  Mortgage  Loans  (including,  without  limitation,
Assumed  Monthly  Payments for Balloon  Mortgage  Loans  delinquent  as to their
respective  Balloon  Payments) and any REO Loans for any Distribution Date shall
equal,  subject to subsection (c) below,  the aggregate of all Monthly  Payments
(other than Balloon  Payments) and any Assumed Monthly Payments (or, in the case
of the Participation  Interest,  the portion of such Monthly Payments or Assumed
Monthly  Payments  attributable  to the portion of the applicable  Mortgage Loan
represented by the Participation  Interest), in each case net of related Workout
Fees  payable  hereunder,  that were due or deemed  due,  as the case may be, in
respect  thereof  on their  respective  Due Dates  during the same month as such
Distribution  Date  and  that  were  not  paid by or on  behalf  of the  related
Mortgagors  or  otherwise  collected as of the close of business on the later of
the related Due Date or the last day of the related Collection Period;  provided
that,  if an  Appraisal  Reduction  Amount  exists with  respect to any Required
Appraisal  Loan,  then, in the event of subsequent  delinquencies  thereon,  the
interest  portion  of the  Delinquency  Advance  in  respect  of  such  Required
Appraisal  Loan for the  related  Distribution  Date shall be reduced  (it being
herein acknowledged that there shall be no reduction in the principal portion of
such Delinquency Advance) to equal the product of (i) the amount of the interest
portion of such  Delinquency  Advance for such Required  Appraisal Loan for such
Distribution Date without regard to this proviso, multiplied by (ii) a fraction,
expressed  as a  percentage,  the  numerator  of which  is  equal to the  Stated
Principal  Balance of such Required  Appraisal  Loan  immediately  prior to such
Distribution  Date, net of the related  Appraisal  Reduction

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Amount,  if any, and the  denominator of which is equal to the Stated  Principal
Balance of such Required  Appraisal Loan immediately  prior to such Distribution
Date.

     (c) Notwithstanding anything herein to the contrary, no Delinquency Advance
shall be required to be made hereunder if such  Delinquency  Advance  would,  if
made,   constitute   a   Nonrecoverable   Delinquency   Advance.   In  addition,
Nonrecoverable  Delinquency  Advances shall be reimbursable  pursuant to Section
3.05(a) out of general  collections  on the Mortgage Loans and REO Properties on
deposit in the Certificate Account. The determination by the Master Servicer or,
if  applicable,   the  Trustee  or  the  Fiscal  Agent,   that  it  has  made  a
Nonrecoverable  Delinquency Advance or that any proposed Delinquency Advance, if
made, would constitute a Nonrecoverable  Delinquency Advance, shall be evidenced
by an Officer's  Certificate  delivered promptly (and, in any event, in the case
of a proposed  Delinquency  Advance to be made by the Master  Servicer,  no less
than two Business  Days prior to the related  Delinquency  Advance  Date) by the
Master  Servicer to the Trustee (or, if  applicable,  retained  thereby) and the
Depositor,  setting  forth the basis for such  determination,  together with (if
such  determination  is prior to the liquidation of the related Mortgage Loan or
REO  Property) a copy of an Appraisal of the related  Mortgaged  Property or REO
Property,  as the case may be, which shall have been performed within the twelve
months  preceding  such  determination,  and  further  accompanied  by any other
information  that the Master Servicer or the Special  Servicer may have obtained
and that supports such  determination.  If such an Appraisal shall not have been
required  and  performed  pursuant  to the terms of this  Agreement,  the Master
Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as the case may
be,  may,  subject  to its  reasonable  and good faith  determination  that such
Appraisal will demonstrate the nonrecoverability of the related Advance,  obtain
an Appraisal for such purpose at the expense of the Trust Fund.  The Trustee and
the  Fiscal   Agent  shall  be  entitled  to  rely  on  any   determination   of
nonrecoverability  that may have been made by the Master Servicer or the Special
Servicer  with  respect  to a  particular  Delinquency  Advance,  and the Master
Servicer  shall be entitled to rely on any  determination  of  nonrecoverability
that may have been made by the Special  Servicer  with  respect to a  particular
Delinquency Advance.

     (d) The Master  Servicer,  the Trustee  and the Fiscal  Agent shall each be
entitled to receive  interest at the  Reimbursement  Rate in effect from time to
time, accrued on the amount of each Delinquency Advance made thereby (out of its
own funds) for so long as such  Delinquency  Advance is outstanding  (or, if any
Delinquency  Advance is required to be made in respect of a  delinquent  Monthly
Payment  on any  Mortgage  Loan  prior to the end of the grace  period  for such
Monthly  Payment,  for so  long  as  such  Delinquency  Advance  is  outstanding
following the end of such grace period),  payable first,  out of Penalty Charges
received on the Mortgage Loan or REO Loan as to which such  Delinquency  Advance
was made and, then, once such Delinquency  Advance has been  reimbursed,  out of
general collections on the Mortgage Loans and REO Properties pursuant to Section
3.05(a).

     SECTION  4.04  Allocation  of  Realized  Losses and  Additional  Trust Fund
                    Expenses.

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     (a) On each  Distribution  Date,  following the deemed  distributions to be
made in respect of the REMIC I Regular  Interests  pursuant to Section  4.01(a),
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 or REO Loan  or,  if
applicable,  Replacement  Mortgage  Loan(s),  as the case may be,  that  will be
outstanding  immediately following such Distribution Date. Such reductions shall
be deemed to be an  allocation  of  Realized  Losses and  Additional  Trust Fund
Expenses.

     (b) On each Distribution Date,  following the payments deemed to be made to
REMIC III in respect of the REMIC II Regular  Interests on such date pursuant to
Section  4.01(b),  the Trustee shall determine the amount,  if any, by which (i)
the  then  aggregate  Uncertificated  Principal  Balance  of  REMIC  II  Regular
Interests  LA-1,  LA-2,  LB,  LC,  LD, LE, LF, LG, LH, LJ, LK, LL, LM, LN and LO
exceeds (ii) an amount equal to 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  Uncertificated  Principal
Balances  of such REMIC II  Regular  Interests  shall be  reduced  such that the
Uncertificated  Principal Balance of each REMIC II Regular Interest  corresponds
with the Certificate  Principal Balance of the corresponding  Class of Principal
Balance Certificates  outstanding after the subsequent  adjustments made on such
Distribution Date under Section 4.04(c) below.

     (c) On each  Distribution  Date,  following the distributions to be made to
the  Certificateholders  on such date pursuant to Section  4.01(c),  the Trustee
shall determine the amount, if any, by which (i) the then aggregate  Certificate
Principal  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 Class Principal 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  Class
Principal Balance 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
respective Class Principal  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 Class Principal Balances of such Classes of Certificates,  until the
first to occur of such excess being reduced to zero or each such Class Principal
Balance being reduced to zero. Such  reductions in the Class Principal  Balances
of the respective  Classes of Principal Balance  Certificates shall be deemed to
be allocations of Realized Losses and Additional Trust Fund Expenses.

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                                    ARTICLE V

                                THE CERTIFICATES

     SECTION 5.01 The Certificates.

     (a) The Certificates  will be substantially in the respective forms annexed
hereto as  Exhibits  A-1  through  A-16.  The  Certificates  will be issuable in
registered form only;  provided,  however,  that in accordance with Section 5.03
beneficial ownership interests in the Registered Certificates shall initially be
held and transferred  through the book-entry  facilities of the Depository.  The
Non-Registered Certificates will be issued as Definitive Certificates. The REMIC
III Regular  Certificates  will be issuable in  denominations  corresponding  to
initial Certificate  Principal Balances or Certificate  Notional Amounts, as the
case may be, as of the Closing  Date of not less than $25,000 in the case of the
Class A-1,  Class A-2,  Class B, Class C, Class D, Class E and Class F, $100,000
in the case of the Class G,  Class H,  Class J,  Class K,  Class L,  Class M and
Class N and  Class O  Certificates,  and  $1,000,000  in the case of the Class X
Certificates,  and in each such case in any whole dollar  denomination in excess
thereof; provided,  however, that a single Certificate of each Class thereof may
be  issued  in a  different  denomination.  The  Residual  Certificates  will be
issuable only in  denominations  representing  Percentage  Interests of not less
than 20% in the related Class.

     (b) The Certificates shall be executed by manual or facsimile  signature on
behalf of the Trustee in its  capacity  as trustee  hereunder  by an  authorized
officer.  Certificates bearing the manual or facsimile signatures of individuals
who were at any time the authorized officers of the Trustee shall be entitled to
all  benefits  under  this  Agreement,   subject  to  the  following   sentence,
notwithstanding  that such  individuals  or any of them have ceased to hold such
offices prior to the authentication and delivery of such Certificates or did not
hold such  offices at the date of such  Certificates.  No  Certificate  shall be
entitled  to any  benefit  under this  Agreement,  or be valid for any  purpose,
however,   unless  there  appears  on  such   Certificate   a   certificate   of
authentication  substantially  in the form  provided for herein  executed by the
Certificate   Registrar   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 5.02 Registration of 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  Certificate  Registrar  may  appoint,  by a  written  instrument
delivered to the Depositor,  the Master Servicer and the Special  Servicer,  any
other  bank  or  trust

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company to act as Certificate Registrar under such conditions as the predecessor
Certificate Registrar may prescribe,  provided that the predecessor  Certificate
Registrar  shall  not be  relieved  of any of  its  duties  or  responsibilities
hereunder 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 and the Special  Servicer,  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.

     (b) (i) No transfer of any Non-Registered  Certificate shall be made unless
such transfer is made pursuant to an effective  registration statement under the
Securities Act, and effective  registration or  qualification  under  applicable
state  securities  laws, or is made in a transaction  that does not require such
registration  or  qualification.  If  such  a  transfer  is to be  made  without
registration under the Securities Act, other than a transfer by the Depositor or
an  Affiliate  thereof,  then the  Trustee  shall  require,  in order to  assure
compliance with such laws, receipt by it and the Depositor of:

     (A) if such transfer is  purportedly  being made in reliance upon Rule 144A
     under the Securities Act, a certificate from the Certificateholder desiring
     to effect such transfer  substantially  in the form attached as Exhibit B-1
     hereto  and  a  certificate  from  such   Certificateholder's   prospective
     transferee substantially in the form attached as Exhibit B-2 hereto; and

     (B) in all  other  cases,  (1) a  certificate  from  the  Certificateholder
     desiring to effect such transfer  substantially in the form attached hereto
     as Exhibit B-1 and a certificate from such Certificateholder's  prospective
     transferee  substantially  in the form attached  hereto as Exhibit B-3, and
     (2)  unless  the  Depositor  directs  otherwise,   an  Opinion  of  Counsel
     satisfactory  to the  Trustee  and the  Depositor  to the effect  that such
     transfer may be made without such  registration  (which  Opinion of Counsel
     shall not be an expense of the Trust Fund or of the  Depositor,  the Master
     Servicer,  the  Special  Servicer,  the  Trustee,  the Fiscal  Agent or the
     Certificate Registrar in their respective capacities as such).

          (ii) Notwithstanding the foregoing, transfers of a beneficial interest
     in any Class (or portion  thereof) of Private  Book-Entry  Certificates  in
     accordance  with the rules and procedures of the  Depository  applicable to
     transfers by its respective participants will be permitted if such transfer
     is made in accordance with Rule 144A promulgated  under the Securities Act.
     Any transfer of a beneficial  interest in any Class (or portion thereof) of
     Private  Book-Entry  Certificates other than pursuant to Rule 144A, or to a
     transferee  that  wishes to take  delivery of such  interest in  definitive
     form, will be permitted upon:

          (A)  receipt by the  Trustee and the  Depositor  of the  documentation
          required by Section 5.02(b)(i)(A) or (B);

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          (B) the execution by the Trustee,  and the authentication and delivery
          by the  Certificate  Registrar  to  the  transferee,  of a  Definitive
          Certificate representing such beneficial interest; and

          (C) to the extent that the beneficial  interest being transferred does
          not represent the entire Certificate  Principal Balance of the related
          Class, either (1) the execution by the Trustee, and the authentication
          and  delivery by the  Certificate  Registrar to the  Depository  (upon
          surrender by the Depository of the prior Book-Entry Certificate) of, a
          new  Private   Book-Entry   Certificate   representing  the  remaining
          beneficial  interest of such Class of Private Book-Entry  Certificates
          or (2)  the  appropriate  notation  by  the  Trustee  on  the  Private
          Book-Entry  Certificate  or  otherwise  in its  books and  records  as
          custodian for the  Depository  evidencing the date of such exchange or
          transfer and a decrease in the denomination of such Private Book-Entry
          Certificate  equal to the  denomination of the Definitive  Certificate
          issued in exchange therefor or upon transfer thereof.

          (iii) None of the  Depositor,  the  Trustee,  the Fiscal  Agent or the
     Certificate  Registrar  is  obligated  to  register or qualify any Class of
     Non-Registered   Certificates   under  the  Securities  Act  or  any  other
     securities  law or to take any action  not  otherwise  required  under this
     Agreement to permit the transfer of any Non-Registered  Certificate without
     registration or qualification.  Any Holder of a Non-Registered  Certificate
     desiring  to  effect  such a  transfer  shall,  and does  hereby  agree to,
     indemnify the Depositor,  the Trustee, the Fiscal Agent and the Certificate
     Registrar  against any liability  that may result if the transfer is not so
     exempt or is not made in accordance with such federal and state laws.

     (c) (i) No transfer of a Senior  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,  that is subject to ERISA or Section 4975 of 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 "plan assets" of a Plan, unless:  either (A) (1) such
Plan  qualifies  as an  accredited  investor  within the  meaning of  Prohibited
Transaction Exemption 94-29 (granted to certain affiliates of the Depositor) and
(2) at the time of such transfer,  the Senior Certificates  continue to be rated
in one of the top three rating  categories  by at least one Rating Agency or (B)
such Plan is an "insurance  company general account" (within the meaning of PTCE
95-60 (as defined  below)) and the conditions set forth in Sections I and III of
PTCE  95-60  have  been  satisfied  as  of  the  date  of  acquisition  of  such
Certificate.

     (ii) No transfer of a Certificate,  other than a Senior Certificate, or any
interest  therein  shall  be made (A) to any  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  "plan  assets" of a Plan,
unless the  prospective  transferee  provides the  Depositor,  the Trustee,  the
Fiscal Agent and the Master Servicer with an opinion of counsel  satisfactory to
the Depositor,  the Trustee,  the Fiscal Agent and the Master Servicer that such
transfer is permissible  under  applicable law, will

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not constitute or result in any non-exempt prohibited transaction under ERISA or
Section 4975 of the Code and will not subject the  Depositor,  the Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken  herein.  In  lieu  of  such  opinion  of  counsel,  the  prospective
transferee  of any such  Certificate  or any  interest  therein  may  provide  a
certification of facts substantially to the effect that (or, if such Certificate
is not in  certificated  form, will be deemed to represent that) the purchase of
such  Certificate  by or on behalf  of, or with  "plan  assets"  of, any Plan is
permissible  under  applicable  law,  will  not  constitute  or  result  in  any
non-exempt prohibited  transaction under ERISA or Section 4975 of the Code, will
not subject the Depositor,  the Trustee, the Fiscal Agent or the Master Servicer
to any  obligation  in addition to those  undertaken  herein,  and the following
conditions are met: (a) the source of funds used to purchase such Certificate is
an "insurance company general account" (as such term is defined in United States
Department of Labor Prohibited Transaction Class Exemption 95-60 ("PTCE 95-60"))
and (b) the  conditions  set forth in Sections I and III of PTCE 95-60 have been
satisfied as of the date of the acquisition of such Certificates.  Any purchaser
of a Class  B,  Class  C,  Class  D,  Class  E,  Class  F,  Class G and  Class H
Certificate or any interest  therein will be deemed to have  represented by such
purchase that either (a) such purchaser is not a Plan and is not purchasing such
Certificates  by or on behalf of, or with "plan  assets" of, any Plan or (b) the
purchase of any such  Certificate  by or on behalf of, or with "plan assets" of,
any Plan is permissible  under applicable law, will not result in any non-exempt
prohibited  transaction  under ERISA or Section  4975 of the Code,  and will not
subject the Depositor,  the Trustee,  the Fiscal Agent or the Master Servicer to
any  obligation  in  addition  to those  undertaken  herein,  and the  following
conditions are met: (a) the source of funds used to purchase such Certificate is
an "insurance  company general  account" (as such term is defined in PTCE 95-60)
and (b) the  conditions  set forth in Sections I and III of PTCE 95-60 have been
satisfied as of the date of the  acquisition of such  Certificates.  The Trustee
may require that any prospective  transferee of a Subordinated  Certificate that
is held as a Definitive  Certificate  provide such certifications as the Trustee
may deem  desirable or necessary in order to establish  that such  transferee or
the  Person in whose  name such  registration  is  requested  is not a Plan or a
Person who is directly or indirectly  purchasing such  Certificate on behalf of,
as named  fiduciary  of, as  trustee  of, or with "plan  assets" of a Plan.  The
Trustee shall not have any responsibility to monitor or restrict the transfer of
Ownership  Interests  in any  Certificates  that are in the form of a Book-Entry
Certificate.

     (d) (i) Each Person who has or who  acquires  any  Ownership  Interest in a
Residual  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 (ii)(A) below to deliver
payments to a Person other than such Person and to have  irrevocably  authorized
the Trustee  under clause  (ii)(B) below to negotiate the terms of any mandatory
sale and to execute  all  instruments  of  Transfer  and to do all other  things
necessary in connection with any such sale. The rights of each Person  acquiring
any Ownership  Interest in a Residual  Certificate are expressly  subject to the
following provisions:

          (A) Each  Person  holding or  acquiring  any  Ownership  Interest in a
     Residual  Certificate  shall be a Permitted  Transferee and a United States
     Person and

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<PAGE>

     shall promptly notify the Trustee of any change or impending  change in its
     status as a Permitted Transferee.

          (B) In connection with any proposed Transfer of any Ownership Interest
     in a Residual Certificate, the Trustee shall require delivery to it, and no
     Transfer of any Residual  Certificate shall be registered until the Trustee
     receives,  an affidavit  and agreement  substantially  in the form attached
     hereto as Exhibit  C-1 (a  "Transfer  Affidavit  and  Agreement")  from the
     proposed  Transferee,  in form and substance  satisfactory  to the Trustee,
     representing and warranting,  among other things, that such Transferee is a
     Permitted  Transferee,  that it is not acquiring its Ownership  Interest in
     the Residual  Certificate that is the subject of the proposed Transfer as a
     nominee,  trustee  or  agent  for  any  Person  that  is  not  a  Permitted
     Transferee,  that for so long as it retains  its  Ownership  Interest  in a
     Residual  Certificate,  it will endeavor to remain a Permitted  Transferee,
     that it is a United States Person,  and that it has reviewed the provisions
     of this Section 5.02(d) and agrees to be bound by them.

          (C) Notwithstanding the delivery of a Transfer Affidavit and Agreement
     by a proposed  Transferee under clause (B) above, if the Trustee has actual
     knowledge that the proposed Transferee is not a Permitted  Transferee or is
     not a United  States  Person,  no  Transfer of an  Ownership  Interest in a
     Residual Certificate to such proposed Transferee shall be effected.

          (D) Each  Person  holding or  acquiring  any  Ownership  Interest in a
     Residual  Certificate  shall agree (1) to require a Transfer  Affidavit and
     Agreement from any  prospective  Transferee to whom such Person attempts to
     transfer its Ownership Interest in such Residual Certificate and (2) not to
     transfer its  Ownership  Interest in such  Residual  Certificate  unless it
     provides to the Trustee a  certificate  substantially  in the form attached
     hereto as Exhibit C-2 stating that,  among other  things,  it has no actual
     knowledge that such prospective Transferee is not a Permitted Transferee or
     is not a United States Person.

          (E) Each  Person  holding or  acquiring  an  Ownership  Interest  in a
     Residual   Certificate,   by  purchasing  an  Ownership  Interest  in  such
     Certificate,  agrees  to  give  the  Trustee  written  notice  that it is a
     "pass-through  interest  holder"  within the meaning of temporary  Treasury
     regulation  Section  1.67-3T(a)(2)(i)(A)   immediately  upon  acquiring  an
     Ownership  Interest in a Residual  Certificate,  if it is, or is holding an
     Ownership Interest in a Residual  Certificate on behalf of, a "pass-through
     interest holder".

     (ii) (A) If any  purported  Transferee  shall become a Holder of a Residual
Certificate  in violation of the  provisions  of this Section  5.02(d) or if any
Holder of a Residual Certificate shall lose its status as a Permitted Transferee
or a United  States  Person,  then the last  preceding  Holder of such  Residual
Certificate  that was in compliance  with the provisions of this

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Section 5.02(d) 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 Trustee, the Master Servicer, the Special
Servicer 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  5.02(d)  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.

          (B) If any  purported  Transferee  shall become a Holder of a Residual
     Certificate in violation of the restrictions in this Section 5.02(d), or if
     any Holder of a Residual  Certificate  shall lose its status as a Permitted
     Transferee  or  a  United  States  Person,  and  to  the  extent  that  the
     retroactive  restoration of the rights of the prior Holder of such Residual
     Certificate as described in clause (ii)(A) above shall be invalid,  illegal
     or unenforceable,  then the Trustee shall have the right, without notice to
     the Holder or any prior Holder of such Residual  Certificate,  to sell such
     Residual  Certificate to a purchaser  selected by the Trustee on such terms
     as the Trustee may choose. Such non-complying Holder shall promptly endorse
     and deliver such Residual  Certificate in accordance with the  instructions
     of the Trustee.  Such  purchaser may be the Trustee itself or any Affiliate
     of the Trustee.  The proceeds of such sale, net of the  commissions  (which
     may include commissions payable to the Trustee or its Affiliates), expenses
     and  taxes  due,  if  any,   will  be  remitted  by  the  Trustee  to  such
     non-complying  Holder.  The terms and  conditions  of any sale  under  this
     clause  (ii)(B) shall be determined in the sole  discretion of the Trustee,
     and the  Trustee  shall  not be liable to any  Person  having an  Ownership
     Interest  in a Residual  Certificate  as a result of its  exercise  of such
     discretion.

     (iii) The Trustee shall make available to the Internal  Revenue Service and
those Persons  specified by the REMIC Provisions,  all information  necessary to
compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
in a  Residual  Certificate  to any Person  who is not a  Permitted  Transferee,
including   the   information   described  in  Treasury   Regulations   Sections
1.860D-1(b)(5) and 1.860E-2(a)(5)with respect to the "excess inclusions" of such
Residual  Certificate and (B) as a result of any regulated  investment  company,
real estate investment trust, common trust fund,  partnership,  trust, estate or
organization  described  in  Section  1381 of the Code that  holds an  Ownership
Interest  in a Residual  Certificate  having as among its record  holders at any
time any Person  which is not a Permitted  Transferee.  The Person  holding such
Ownership  Interest shall be responsible for the reasonable  compensation of the
Trustee for providing such information.

     (iv)  The  provisions  of this  Section  5.02(d)  set  forth  prior to this
subsection  (iv) may be modified,  added to or  eliminated,  provided that there
shall have been delivered to the Trustee and the Depositor the following:

          (A) written  notification  from each Rating  Agency to the effect that
     the modification of, addition to or elimination of such provisions will not
     cause such

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     Rating Agency to qualify,  downgrade or withdraw its then-current rating of
     any Class of Certificates; and

          (B) an Opinion of Counsel,  in form and substance  satisfactory to the
     Trustee  and the  Depositor,  to the  effect  that  such  modification  of,
     addition to or elimination of such  provisions  will not cause any of REMIC
     I,  REMIC II or REMIC  III to (x)  cease  to  qualify  as a REMIC or (y) 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 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 which is not a Permitted Transferee.

     (e) Subject to the preceding  subsections,  upon surrender for registration
of  transfer of any  Certificate  at the  offices of the  Certificate  Registrar
maintained  for such  purpose,  the Trustee  shall  execute and the  Certificate
Registrar  shall  authenticate  and  deliver,  in the  name  of  the  designated
transferee or transferees,  one or more new  Certificates of the same Class of a
like aggregate Percentage Interest.

     (f) At the option of any Holder,  its  Certificates  may be  exchanged  for
other  Certificates  of  authorized  denominations  of the same  Class of a like
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at the  offices  of the  Certificate  Registrar  maintained  for such
purpose.  Whenever any Certificates are so surrendered for exchange, the Trustee
shall execute and the Certificate  Registrar shall  authenticate and deliver the
Certificates  which the  Certificateholder  making the  exchange  is entitled to
receive.

     (g) Every  Certificate  presented or  surrendered  for transfer or exchange
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied  by a written  instrument of transfer in the form
satisfactory to the Trustee and the Certificate  Registrar duly executed by, the
Holder thereof or his attorney duly authorized in writing.

     (h) No service  charge  shall be imposed  for any  transfer  or exchange of
Certificates,  but the Trustee or the Certificate  Registrar may require payment
of a sum  sufficient to cover any tax or other  governmental  charge that may be
imposed in connection with any transfer or exchange of Certificates.

     (i) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
physically canceled by the Certificate Registrar,  and the Certificate Registrar
shall  hold  such  canceled   Certificates   in  accordance  with  its  standard
procedures.

     (j) Upon  request,  the  Certificate  Registrar  shall  provide  the Master
Servicer,  the Special  Servicer and the  Depositor  with an updated copy of the
Certificate  Register on or about January 1 and July 1 of each year,  commencing
July 1, 2000.

     SECTION 5.03 Book-Entry Certificates.

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     (a) Each  Class  of  Registered  Certificates  and the  Private  Book-Entry
Certificates shall initially be issued as one or more Certificates registered in
the name of the 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  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  Interests in and to such  Certificates  through the
book-entry  facilities of the Depository  and,  except as provided in subsection
(c) below (and, with respect to the Private Book-Entry  Certificates,  except as
provided in Section  5.02(b)(ii)),  shall not be entitled to  definitive,  fully
registered Certificates ("Definitive Certificates") in respect of such Ownership
Interests.  The Trustee shall not have any responsibility to monitor or restrict
the transfer of Ownership Interests in any Book-Entry Certificate. 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
Depository  Participant or brokerage firm representing  such Certificate  Owner.
Each 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  Depository's  normal
procedures.

     (b) The Trustee, the Master Servicer,  the Special Servicer,  the Depositor
and the  Certificate  Registrar  may for all  purposes,  including the making of
payments due on the  Book-Entry  Certificates,  deal with the  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 Depository  Participants  and brokerage  firms
representing such Certificate Owners. Multiple requests and directions from, and
votes of, the 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 Depository of such record date.

     (c) If  (i)(A)  the  Depositor  advises  the  Trustee  and the  Certificate
Registrar  in  writing  that the  Depository  is no  longer  willing  or able to
properly  discharge  its   responsibilities   with  respect  to  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  Depository,  the Trustee shall notify all Certificate  Owners,  through the
Depository,  of the  occurrence  of any such  event and of the  availability  of
Definitive   Certificates  to  Certificate  Owners  requesting  the  same.  Upon
surrender to the  Certificate  Registrar of the Book-Entry  Certificates  by the
Depository,  accompanied by  registration  instructions  from the Depository for
registration  of  transfer  and any other  documents  necessary  to satisfy  the
requirements of any applicable transfer restrictions, the Trustee shall execute,
and the Certificate  Registrar shall  authenticate  and deliver,  the applicable
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 each may conclusively rely on,
and shall be  protected in

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relying on, such instructions.  Upon the issuance of Definitive Certificates for
purposes  of  evidencing  ownership  of  the  Registered  Certificates  held  in
book-entry form, 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.

     SECTION 5.04 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 Trustee and the  Certificate  Registrar such security or indemnity as may
be  required  by them to save each of them  harmless,  then,  in the  absence of
actual notice to the Trustee or the Certificate  Registrar that such Certificate
has been acquired by a bona fide purchaser,  the Trustee shall execute,  and the
Certificate Registrar shall authenticate and deliver, in exchange for or in lieu
of any such mutilated,  destroyed, lost or stolen Certificate, a new Certificate
of the same Class and like  Percentage  Interest.  Upon the  issuance of any new
Certificate  under this Section,  the Trustee and 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 Trustee and the  Certificate  Registrar)  connected
therewith.  Any  replacement  Certificate  issued pursuant to this Section shall
constitute  complete and  indefeasible  evidence of ownership in the  applicable
REMIC,  as if originally  issued,  whether or not the lost,  stolen or destroyed
Certificate shall be found at any time.

     SECTION 5.05 Persons Deemed Owners.

     Prior to due  presentation of a Certificate  for  registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents of any of them may treat
the person in whose name such Certificate is registered as of the related Record
Date as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 4.01 and for all other purposes whatsoever, except as and to
the extent  provided in the definition of  "Certificateholder",  and none of the
Depositor,   the  Master  Servicer,  the  Special  Servicer,  the  Trustee,  the
Certificate Registrar or any agent of any of them shall be affected by notice to
the contrary except as provided in Section 5.02(d).

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                                   ARTICLE VI

           THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER

     SECTION  6.01  Liability  of the  Depositor,  the Master  Servicer  and the
                    Special Servicer.

     The Depositor, the Master Servicer and the Special Servicer shall be liable
in  accordance  herewith  only  to  the  extent  of the  respective  obligations
specifically  imposed upon and undertaken by the Depositor,  the Master Servicer
and the Special Servicer herein.

     SECTION 6.02   Merger,  Consolidation  or Conversion of the Depositor,  the
                    Master  Servicer  and the Special  Servicer;  Assignment  of
                    Rights and  Delegation of Duties by the Master  Servicer and
                    the Special Servicer.

     (a) Subject to subsection (b) below, the Depositor, the Master Servicer and
the Special  Servicer  each will keep in full effect its  existence,  rights and
franchises  as  a  corporation  under  the  laws  of  the  jurisdiction  of  its
incorporation,  and each  will  obtain  and  preserve  its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   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.

     (b) The  Depositor,  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 the  Depositor,  the Master  Servicer  or the
Special  Servicer shall be a party, or any Person  succeeding to the business of
the  Depositor,  the Master  Servicer  and the  Special  Servicer,  shall be the
successor of the Depositor, the Master Servicer and the Special Servicer, as the
case may be,  hereunder,  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 notwithstanding;  provided that (i) such Person is qualified to service
multifamily  mortgage  loans on behalf  of FNMA or FHLMC  and (ii) such  merger,
consolidation  or succession will not result in the downgrade,  qualification or
withdrawal of the then-current  ratings of the Classes of Certificates that have
been so rated (as evidenced by a letter to such effect from each Rating Agency).

     (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04 to
the contrary, the Master Servicer and the Special Servicer may assign all of its
rights and  delegate  all of its duties and  obligations  under this  Agreement;
provided that the Person  accepting  such  assignment  or delegation  shall be a
Person that is qualified to service multifamily mortgage loans on behalf of FNMA
or FHLMC,  is  reasonably  satisfactory  to the  Trustee and the  Depositor,  is
willing to service the Mortgage Loans and executes and delivers to the Depositor
and the Trustee an agreement,  in form and substance reasonably  satisfactory to
the  Depositor and the Trustee,  which

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<PAGE>

contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master  Servicer  or the  Special  Servicer,  as the  case  may be,  under  this
Agreement;  provided  further that such assignment or delegation will not result
in the downgrade, qualification or withdrawal of the then-current ratings of the
Classes of  Certificates  that have been rated (as  evidenced by a Rating Agency
Confirmation).  In the case of any such  assignment and  delegation,  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, or arising from its conduct,  hereunder prior to the
satisfaction  of the  conditions to such  assignment and delegation set forth in
the preceding sentence.  Notwithstanding anything above to the contrary, each of
the Master  Servicer  and the  Special  Servicer  may,  in its sole  discretion,
appoint  Sub-Servicers  in accordance  with Section 3.22 hereof and  independent
contractors or agents to perform select duties thereof, provided that the Master
Servicer or the Special  Servicer  shall not be relieved from such duties solely
by virtue of such appointment.

     SECTION 6.03 Limitation on Liability of the Depositor, the Master Servicer,
                  the Special Servicer and Others.

     None of the Depositor,  the Master Servicer, the Special Servicer or any of
the  directors,  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 any liability which
would  otherwise  be  imposed  by reason of  willful  misfeasance,  bad faith or
negligence in the  performance  of duties or by reason of reckless  disregard of
obligations  and duties  hereunder.  The  Depositor,  the Master  Servicer,  the
Special Servicer and any director,  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 prima facie  properly  executed and submitted by any Person
respecting any matters arising hereunder. The Depositor, the Master Servicer and
the  Special  Servicer  and any  director,  officer,  employee  or  agent of the
Depositor,  the Master Servicer or the Special  Servicer shall be indemnified by
the Trust Fund and held harmless against any loss, liability or expense incurred
in  connection  with  any  legal  action  relating  to  this  Agreement  or  the
Certificates or any asset of the Trust Fund,  other than any loss,  liability or
expense  specifically  required to be borne by such Person pursuant to the terms
hereof, or which constitutes a Servicing Advance (and is otherwise  specifically
reimbursable  hereunder),  or which is incurred by such Person by reason of such
Person's willful misfeasance, bad faith or negligence in the performance of such
Person's duties  hereunder or by reason of such Person's  reckless  disregard of
obligations and duties hereunder.

     None of the Depositor, the Master Servicer or the Special Servicer shall be
under  any   obligation  to  appear  in,   prosecute  or  defend  any  legal  or
administrative action, proceeding, hearing or examination that is not incidental
to its  respective  duties  under this  Agreement  and which in its  opinion may
involve it in any ultimate  expense or liability;  provided,  however,  that the
Depositor,

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<PAGE>

the Master Servicer or the Special Servicer may in its discretion  undertake any
such action,  proceeding,  hearing or examination  that it may deem necessary or
desirable in 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, proceeding,  hearing or examination 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 out of amounts  attributable to the
Mortgage  Loans on deposit in the  Certificate  Account as  provided  by Section
3.05(a).

     SECTION 6.04 Depositor, Master Servicer and Special Servicer Not to Resign.

     Subject to the  provisions  of Section  6.02,  none of the  Depositor,  the
Master  Servicer  or the  Special  Servicer  shall  resign  from its  respective
obligations and duties hereby imposed on it except upon  determination  that its
duties  hereunder  are no longer  permissible  under  applicable  law.  Any such
determination  permitting the resignation of the Depositor,  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 by the Master Servicer or
the Special  Servicer  shall become  effective  until the Trustee or a successor
servicer shall have assumed the  responsibilities  and obligations of the Master
Servicer or the Special Servicer, as the case may be, in accordance with Section
7.02.

     SECTION 6.05 Rights of the Depositor in Respect of the Master  Servicer and
                  the Special Servicer.

     The Depositor may, but is not obligated to, enforce the  obligations of the
Master Servicer and the Special Servicer hereunder and may, but is not obligated
to,  perform,  or cause a designee to perform,  any defaulted  obligation of the
Master Servicer or the Special Servicer  hereunder or exercise the rights of the
Master  Servicer or the Special  Servicer  hereunder;  provided,  however,  that
neither the Master Servicer nor the Special Servicer shall be relieved of any of
its obligations  hereunder by virtue of such performance by the Depositor or its
designee.  The Depositor shall not have any  responsibility or liability for any
action or failure to act by the Master  Servicer or the Special  Servicer and is
not obligated to supervise the performance of the Master Servicer or the Special
Servicer under this Agreement or otherwise.

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<PAGE>

                                   ARTICLE VII

                                     DEFAULT

     SECTION 7.01 Events of Default.

     (a)  "Event  of  Default",  wherever  used  herein,  means  any  one of the
following events:

          (i) (A) any failure by the Master Servicer to make a required  deposit
     to the Certificate Account which continues  unremedied for one Business Day
     following the date on which such deposit was first  required to be made, or
     (B) any failure by the Master  Servicer to deposit into, or to remit to the
     Trustee for deposit into, the  Distribution  Account any amount required to
     be so deposited or  remitted,  which  failure is not remedied by 11:00 a.m.
     (New York City time) on the relevant Distribution Date; or

          (ii) any failure by the Special  Servicer to deposit into, or to remit
     to the Master Servicer for deposit into, the Certificate Account any amount
     required to be so deposited or remitted under this Agreement  which failure
     continues  unremedied for one Business Day following the date on which such
     deposit or remittance was first required to be made; or

          (iii) any failure by the Master  Servicer  or the Special  Servicer to
     timely  make any  Servicing  Advance  required to be made by it pursuant to
     this  Agreement  which  continues  unremedied  for a period  ending  on the
     earlier of (A) 15 days following the date such Servicing  Advance was first
     required to be made, and (B) either,  if  applicable,  (1) in the case of a
     Servicing Advance relating to the payment of insurance premiums, the day on
     which such insurance  coverage  terminates if such premiums are not paid or
     (2) in the case of a  Servicing  Advance  relating  to the  payment of real
     estate taxes,  the date of the  commencement  of a foreclosure  action with
     respect to the failure to make such payment; or

          (iv) any  failure on the part of the Master  Servicer  or the  Special
     Servicer  duly to observe or perform in any  material  respect any other of
     the  covenants  or  agreements  on the part of the Master  Servicer  or the
     Special Servicer contained in this Agreement which continues unremedied for
     a period of 30 days after the date on which written notice of such failure,
     requiring  the same to be  remedied,  shall  have been  given to the Master
     Servicer or the Special Servicer, as the case may be, by the Trustee or the
     Depositor,  or to the Master Servicer or the Special Servicer,  as the case
     may be by the Holders of Certificates  entitled to not less than 25% of the
     Voting  Rights;  provided,  however,  that if such 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 for an additional 30 days; or

          (v) any  breach  on the part of the  Master  Servicer  or the  Special
     Servicer of any  representation  or warranty  contained  in this  Agreement
     which  materially  and  adversely  affects  the  interests  of any Class of
     Certificateholders  and which continues  unremedied for a period of 30 days

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<PAGE>

     after the date on which  notice of such  breach,  requiring  the same to be
     remedied,  shall  have been  given to the Master  Servicer  or the  Special
     Servicer by the Trustee or the Depositor,  or to the Master Servicer or the
     Special  Servicer,  as  the  case  may be by the  Holders  of  Certificates
     entitled to not less than 25% of the Voting Rights;  provided,  however, if
     such  breach 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 for an additional 30 days; or

          (vi) 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,  receiver,  liquidator,  trustee or
     similar  official  in any  bankruptcy,  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 the Special  Servicer and such decree or order shall
     have remained in force undischarged or unstayed for a period of 60 days; or

          (vii) the Master Servicer or the Special Servicer shall consent to the
     appointment  of a  conservator,  receiver,  liquidator,  trustee or similar
     official in any bankruptcy,  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

          (viii) the Master  Servicer  or the  Special  Servicer  shall admit in
     writing its inability to pay its debts generally as they become due, file a
     petition to take  advantage of any  applicable  bankruptcy,  insolvency  or
     reorganization   statute,  make  an  assignment  for  the  benefit  of  its
     creditors,  voluntarily  suspend  payment of its  obligations,  or take any
     corporate action in furtherance of the foregoing; or

          (ix) the Trustee shall have received written notice from FITCH IBCA or
     Moody's  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 such Rating Agency to any Class
     of Certificates.

     (b) If any Event of Default  with  respect to the  Master  Servicer  or the
Special  Servicer  (in either case for  purposes of this  Section  7.01(b),  the
"Defaulting  Party") shall occur and be continuing,  then, and in each and every
such case,  so long as such Event of Default shall not have been  remedied,  the
Depositor  or the Trustee  may,  and at the written  direction of the Holders of
Certificates  entitled to at least 51% of the Voting  Rights,  the Trustee shall
terminate,  by notice in writing to the  Defaulting  Party,  with a copy of such
notice to the  Depositor (if the  termination  is effected by the Trustee) or to
the Trustee (if the termination is effected by the Depositor), all of the rights
and  obligations of the Defaulting  Party under this Agreement and in and to the
Mortgage Loans and the proceeds thereof (other than any rights of the Defaulting
Party as Certificateholder).  From and after the receipt by the Defaulting Party
of such written  notice,  all authority and power of the Defaulting  Party under
this Agreement, whether with respect to the Certificates (other than as a Holder
of any  Certificate)  or the Mortgage  Loans or otherwise,  shall pass to and be
vested  in the

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<PAGE>

Trustee pursuant to and under this Section, and, without limitation, the Trustee
is hereby  authorized and empowered to execute and deliver,  on behalf of and at
the expense of the Defaulting Party, 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.  The Master Servicer and
the  Special  Servicer  each agrees  that if it is  terminated  pursuant to this
Section 7.01(b),  it shall promptly (and in any event no later than ten Business
Days subsequent to its receipt of the notice of termination) provide the Trustee
or any other Successor  Master  Servicer or Special  Servicer with all documents
and  records  requested  by it to enable it to assume the Master  Servicer's  or
Special Servicer's, as the case may be, functions hereunder, and shall cooperate
with the Trustee or any other Successor  Master Servicer or Special  Servicer in
effecting the termination of the Master Servicer's or Special Servicer's, as the
case  may  be,  responsibilities  and  rights  hereunder,   including,   without
limitation,  the transfer  within two Business  Days to the Trustee or any other
Successor  Master Servicer or Special Servicer 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  Certificate  Account,  the
Distribution  Account, the REO Account or any Servicing Account or thereafter be
received  with  respect to the  Mortgage  Loans or any REO  Property  (provided,
however,  that the Master Servicer and the Special  Servicer each shall continue
to be  entitled  to  receive  all  amounts  accrued  or owing  to it under  this
Agreement  on or prior to the date of such  termination,  whether  in respect of
Advances made by it or otherwise, and it and its directors,  officers, employees
and agents  shall  continue  to be  entitled  to the  benefits  of Section  6.03
notwithstanding any such termination).

     SECTION 7.02 Trustee to Act; Appointment of Successor.

On and  after the time the  Master  Servicer  or the  Special  Servicer  resigns
pursuant to Section 6.04 or receives a notice of termination pursuant to Section
7.01, the Trustee shall be the successor in all respects to the Master  Servicer
or the Special Servicer,  as the case may be, in its capacity as such under this
Agreement  and the  transactions  set forth or provided  for herein and shall be
subject to all the responsibilities, duties and liabilities relating thereto and
arising thereafter placed on the Master Servicer or the Special Servicer, as the
case may be, by the terms and provisions hereof, including,  without limitation,
the Master Servicer's obligation to make Delinquency Advances; provided that any
failure  to  perform  such  duties  or  responsibilities  caused  by the  Master
Servicer's or the Special  Servicer's  failure to provide  information or monies
required  by Section  7.01  shall not be  considered  a default  by the  Trustee
hereunder.  The Trustee shall not be liable for any of the  representations  and
warranties  of the Master  Servicer  or the  Special  Servicer or for any losses
incurred by the Master Servicer or the Special Servicer pursuant to Section 3.06
hereunder  nor shall the  Trustee be  required to  purchase  any  Mortgage  Loan
hereunder.  As  compensation  therefor,  the  Trustee  shall be  entitled to the
applicable Servicing Fee and Special Servicing Fee and all funds relating to the
Mortgage Loans which the Master Servicer or the Special Servicer would have been
entitled to charge to the Certificate Account or the Distribution Account if the
Master  Servicer  or the  Special  Servicer  had  continued  to  act  hereunder.
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

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Holders of Certificates entitled to at least 51% of the Voting Rights so request
in writing to the Trustee or if the Trustee is not approved as a master servicer
or special servicer, as the case may be, by each Rating Agency, promptly appoint
any FNMA or  FHLMC-approved  mortgage loan servicing  institution that has a net
worth of not less than  $10,000,000  and is otherwise  acceptable to each Rating
Agency (as  evidenced by Rating  Agency  Confirmation),  as the successor to the
Master Servicer  hereunder or the Special  Servicer,  as the case may be, in the
assumption of all or any part of the responsibilities,  duties or liabilities of
the Master Servicer or the Special Servicer,  as the case may be, hereunder.  No
appointment of a successor to the Master  Servicer or the Special  Servicer,  as
the case may be,  hereunder  shall be  effective  until  the  assumption  of the
successor to the Master Servicer or the Special Servicer, as the case may be, of
all the  responsibilities,  duties and liabilities of the Master Servicer or the
Special  Servicer,  as the  case may be,  hereunder.  Pending  appointment  of a
successor to the Master  Servicer or the Special  Servicer,  as the case may be,
hereunder,  the Trustee shall act in such capacity as hereinabove  provided.  In
connection  with any such  appointment  and  assumption  described  herein,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage  Loans or otherwise as it and such  successor  shall agree;
provided,  however,  that  no  such  compensation  shall  be in  excess  of that
permitted  the resigning or  terminated  party  hereunder.  The  Depositor,  the
Trustee  and such  successor  shall  take  such  action,  consistent  with  this
Agreement, as shall be necessary to effectuate any such succession.  The Trustee
shall be reimbursed for all of its out-of-pocket expenses incurred in connection
with  obtaining  such  successor  servicer  by the  Trust  within 60 days of the
Trustee's  submission  of an  invoice  with  respect  thereto  and after  making
reasonable efforts to collect such amounts from the successor  servicer,  to the
extent such expenses have not been  reimbursed by the successor  servicer;  such
expenses paid by the Trust Fund shall be deemed to be an  Additional  Trust Fund
Expense.

     SECTION 7.03 Notification to Certificateholders.

     (a) Upon any  resignation  of the Master  Servicer or the Special  Servicer
pursuant to Section 6.04, any  termination of the Master Servicer or the Special
Servicer  pursuant to Section  7.01 or any  appointment  of a  successor  to the
Master  Servicer or the Special  Servicer  pursuant to Section 7.02, the Trustee
shall  give  prompt  written  notice  thereof  to  Certificateholders  at  their
respective addresses appearing in the Certificate Register.

     (b) Not later  than the later of (i) 60 days  after the  occurrence  of any
event  which  constitutes  or,  with  notice  or lapse  of time or  both,  would
constitute  an Event of Default  and (ii) five days after the  Trustee  would be
deemed to have  notice of the  occurrence  of such an event in  accordance  with
Section  8.02(vii),  the Trustee shall transmit by mail to the Depositor and all
Certificateholders  notice of such  occurrence,  unless such default  shall have
been cured.

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     SECTION 7.04 Waiver of Events of Default.

     The  Holders of  Certificates  representing  at least 66 2/3% of the Voting
Rights allocated to the Classes of Certificates affected by any Event of Default
hereunder may waive such Event of Default;  provided,  however, that an Event of
Default  under  clause (i) or (ii) of Section  7.01 may be waived only by all of
the Certificateholders of the affected Classes. Upon any such waiver of an Event
of  Default,  such Event of Default  shall cease to exist and shall be deemed to
have been remedied for every purpose  hereunder.  No such waiver shall extend to
any subsequent or other Event of Default or impair any right consequent  thereon
except to the extent expressly so waived.  Notwithstanding  any other provisions
of this Agreement, for purposes of waiving any Event of Default pursuant to this
Section  7.04,  Certificates  registered  in the  name of the  Depositor  or any
Affiliate  of the  Depositor  shall be entitled  to the same Voting  Rights with
respect to the matters  described  above as they would if any other  Person held
such Certificates.

                                  ARTICLE VIII

                   CONCERNING THE TRUSTEE AND THE FISCAL AGENT

     SECTION 8.01 Duties of Trustee and Fiscal Agent.

     (a) The Trustee,  prior to the  occurrence of an Event of Default 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.  If an Event of Default occurs and is continuing,  the
Trustee  (other than as successor  Master  Servicer or Special  Servicer)  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  man would
exercise or use under the  circumstances in the conduct of his own affairs.  Any
permissive  right  of the  Trustee  contained  in this  Agreement  shall  not be
construed as a duty.

     (b) The Trustee, upon receipt of all 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  (other than the Mortgage Files, the review of which
is  specifically  governed by the terms of Article  II),  shall  examine them to
determine  whether they conform to the  requirements of this  Agreement.  If any
such instrument is found not to conform to the requirements of this Agreement in
a material manner, the Trustee shall take such action as it deems appropriate to
have the instrument  corrected.  Neither the Trustee, nor the Fiscal Agent shall
be  responsible  for the  accuracy  or content of any  resolution,  certificate,
statement, opinion, report, document, order or other instrument furnished by the
Depositor,  the Master Servicer or the Special  Servicer or any other person and
accepted by the Trustee in good faith, pursuant to this Agreement.

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     (c) No  provision  of this  Agreement  shall be  construed  to relieve  the
Trustee or the Fiscal Agent from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct; provided, however, that:

          (i)  Prior to the  occurrence  of an Event of  Default,  and after the
     curing of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee and the Fiscal  Agent shall be  determined
     solely by the express  provisions  of this  Agreement,  the Trustee and the
     Fiscal Agent 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 or the Fiscal Agent and, in the absence of bad faith on the part of
     the  Trustee or the Fiscal  Agent,  the
     Trustee and the Fiscal Agent may conclusively  rely, as to the truth of the
     statements and the correctness of the opinions expressed therein,  upon any
     certificates  or opinions  furnished to the Trustee or the Fiscal Agent and
     conforming to the requirements of this Agreement;

          (ii)  Neither  the Trustee  nor the Fiscal  Agent shall be  personally
     liable for an error of judgment made in good faith by a Responsible Officer
     or Responsible Officers of the Trustee or the Fiscal Agent, unless it shall
     be proved that the Trustee was  negligent  in  ascertaining  the  pertinent
     facts; and

          (iii) The Trustee shall not be  personally  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 at
     least 25% of the Voting  Rights  relating to the time,  method and place of
     conducting  any  proceeding  for any remedy  available to the  Trustee,  or
     exercising  any  trust or power  conferred  upon the  Trustee,  under  this
     Agreement.

     SECTION 8.02 Certain Matters Affecting the Trustee.

     Except as otherwise provided in Section 8.01:

          (i) The  Trustee  and the  Fiscal  Agent  may 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  been  signed  or  presented  by the  proper  party or
     parties;

          (ii) The Trustee and the Fiscal Agent may consult with counsel and the
     written  advice of such counsel or any 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
     therewith  and the  expense  of such  consultation  with  counsel  shall be
     reimbursable under Section 8.05(b) hereof;

          (iii)  Neither the Trustee nor the Fiscal  Agent (in their  respective
     capacities  as such) shall be under any  obligation  to exercise any of the
     trusts  or  powers  vested  in  it  by  this   Agreement

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     or to make any  investigation of matters arising hereunder or 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  or the Fiscal  Agent,  as  applicable,  reasonable
     security or indemnity against the costs, expenses and liabilities which may
     be incurred  therein or thereby;  neither the Trustee nor the Fiscal  Agent
     shall be  required to expend or risk its own funds or  otherwise  incur any
     financial  liability in the performance of any of its duties hereunder,  or
     in the exercise of any of its rights or powers, if it shall have reasonable
     grounds for believing  that  repayment of such funds or adequate  indemnity
     against  such risk or liability is not  reasonably  assured to it;  nothing
     contained  herein shall,  however,  relieve the Trustee of the  obligation,
     upon the  occurrence  of an Event of Default  which has not been cured,  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 man
     would  exercise  or use under the  circumstances  in the conduct of his own
     affairs;

          (iv)  Neither  the Trustee  nor the Fiscal  Agent shall be  personally
     liable for any action reasonably  taken,  suffered or omitted by it in good
     faith and  believed  by it to be  authorized  or within the  discretion  or
     rights or powers conferred upon it by this Agreement;

          (v) Prior to the occurrence of an Event of Default hereunder and after
     the curing of all Events of Default  which may have  occurred,  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 at least 50% of the Voting Rights;  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;

          (vi) The Trustee nor the Fiscal Agent may execute any of the trusts or
     powers  hereunder or perform any duties  hereunder either directly or by or
     through  agents,  provided that the Trustee shall not be relieved from such
     duties, and the Trustee shall remain responsible for all acts and omissions
     of any such agent;

          (vii) For all purposes under this Agreement,  the Trustee shall not be
     deemed to have notice of any Event of Default unless a Responsible  Officer
     of the Trustee has actual knowledge thereof or unless written notice of any
     event  which is in fact such a default is  received  by the  Trustee at the
     Corporate Trust Office, and such notice references the Certificates or this
     Agreement; and

          (viii)  Neither the Trustee nor the Fiscal Agent shall be  responsible
     for any act or  omission of the Master  Servicer  or the  Special  Servicer
     (unless the Trustee is acting as Master  Servicer or the Special  Servicer,
     as the case may be) or of the Depositor or any other person.

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     SECTION   8.03  Trustee  and  Fiscal  Agent  not  Liable  for  Validity  or
                     Sufficiency of Certificates or Mortgage Loans.

     The  recitals  contained  herein  and in the  Certificates,  other than the
representations  and warranties of, and the other  statements  attributed to the
Trustee in Sections 2.02,  2.05,  2.07 and 8.13 and the signature of the Trustee
set forth on each outstanding  Certificate,  shall be taken as the statements of
the Depositor,  the Master Servicer or the Special Servicer, as the case may be,
and neither the Trustee nor the Fiscal  Agent  assume  responsibility  for their
correctness.  Neither the Trustee nor the Fiscal Agent make any  representations
as to the validity or sufficiency  of this  Agreement  (except to the extent set
forth in Section 8.13) or of any Certificate  (other than as to the signature of
the Trustee  set forth  thereon) or of any  Mortgage  Loan or related  document.
Neither  the Trustee nor the Fiscal  Agent shall be  accountable  for the use or
application by the Depositor of any of the  Certificates  issued to it or of the
proceeds of such  Certificates,  or for the use or application of any funds paid
to the Depositor in respect of the assignment of the Mortgage Loans to the Trust
Fund, or any funds deposited in or withdrawn from the Certificate Account or any
other  account  by or on behalf of the  Depositor,  the Master  Servicer  or the
Special Servicer.  Neither the Trustee nor the Fiscal Agent shall be responsible
for the accuracy or content of any resolution,  certificate, statement, opinion,
report,  document,  order or other  instrument  furnished by the Depositor,  the
Master  Servicer or the  Special  Servicer,  and  accepted by the Trustee or the
Fiscal Agent in good faith, pursuant to this Agreement.

     SECTION 8.04 Trustee and Fiscal Agent May Own Certificates.

     Each of the Trustee and the Fiscal Agent, in their  individual or any other
capacity,  may become the owner or pledgee of Certificates  with the same rights
it would have if it were not Trustee or the Fiscal Agent.

     SECTION 8.05 Fees and Expenses of Trustee;  Indemnification  of Trustee and
                  Fiscal Agent.

     (a) Monthly, the Trustee shall be entitled to withdraw the Trustee Fee from
the Distribution  Account pursuant to Section 3.05(b) for all services  rendered
by it 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.  On or
prior to the  Distribution  Date in each month, the Trustee shall be entitled to
withdraw and pay itself from amounts then on deposit in the Distribution Account
an amount equal to the then unpaid Trustee Fees.

     (b) The Trustee, Fiscal Agent and any director,  officer, employee or agent
of the  Trustee  and  the  Fiscal  Agent  and  any of its  directors,  officers,
employees or agents shall be indemnified and held harmless by the Trust Fund (to
the extent of amounts on deposit in the Distribution  Account from time to time)
against any loss, liability or expense (including, without limitation, costs and
expenses of litigation,  and of investigation,  counsel fees, damages, judgments
and amounts paid in settlement)  arising out of, or incurred in connection with,
any act or omission

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of the Trustee and the Fiscal Agent relating to the exercise and  performance of
any of the powers  and duties of the  Trustee  and the Fiscal  Agent  hereunder;
provided  that neither the Trustee,  the Fiscal Agent nor any of the other above
specified Persons shall be entitled to indemnification  pursuant to this Section
8.05(b) for (i) allocable overhead,  (ii) expenses or disbursements  incurred or
made by or on behalf of the Trustee or the Fiscal Agent in the normal  course of
the  Trustee's  and the  Fiscal  Agent's  performing  their  routine  duties  in
accordance  with any of the  provisions  hereof,  (iii) any expense or liability
specifically  required to be borne thereby pursuant to the terms hereof, or (iv)
any loss,  liability or expense incurred by reason of willful  misfeasance,  bad
faith or  negligence  in the  performance  of the  Trustee's  or Fiscal  Agent's
obligations  and duties  hereunder,  or by reason of reckless  disregard of such
obligations  or  duties,  or as may arise  from a breach of any  representation,
warranty or covenant of the Trustee or Fiscal Agent made herein.  The provisions
of this Section  8.05(b) shall survive any resignation or removal of the Trustee
and appointment of a successor trustee or fiscal agent.

     SECTION 8.06 Eligibility Requirements for Trustee and Fiscal Agent.

     The Trustee hereunder shall at all times be an association or a corporation
organized and doing  business  under the laws of the United States of America or
any State  thereof or the  District of Columbia,  authorized  under such laws to
exercise  trust  powers,  having a  combined  capital  and  surplus  of at least
$100,000,000  and  subject to  supervision  or  examination  by federal or state
authority.  If such association or corporation publishes reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined capital and surplus of such association or corporation  shall be deemed
to be its combined capital and surplus as set forth in its most recent report of
condition so published.  The long-term unsecured debt obligations of the Trustee
shall at all  times be rated not less than  "Aa2" by  Moody's  and "AA" by FITCH
IBCA (or,  if not rated by FITCH  IBCA,  otherwise  acceptable  to FITCH IBCA as
would not  result in a  qualification,  downgrade  or  withdrawal  of the rating
assigned by FITCH IBCA to any Class of  Certificates) or if and for so long as a
Fiscal Agent is appointed and acting  hereunder,  at least  investment  grade by
each Rating  Agency (or, if not rated by FITCH  IBCA,  otherwise  acceptable  to
FITCH IBCA as would not result in a  qualification,  downgrade or  withdrawal of
the rating assigned by FITCH IBCA to any Class of Certificates);  provided, that
either  the  Trustee or the Fiscal  Agent  shall at all times be an  institution
whose long term senior  unsecured debt is rated not less than "Aa2" by Moody and
"AA"  by  FITCH  IBCA  or  such  other   rating  as  shall  not  result  in  the
qualification,  downgrade or  withdrawal  of any of the ratings then assigned to
the respective  Classes of Certificates,  as confirmed in writing by each Rating
Agency.  In case at any time the  Trustee or the Fiscal  Agent shall cease to be
eligible in accordance  with the provisions of this Section,  the Trustee or the
Fiscal  Agent  shall  resign  immediately  in the  manner  and with  the  effect
specified in Section  8.07;  provided  that if the Trustee  shall cease to be so
eligible  because  its  combined  capital  and  surplus  is no  longer  at least
$100,000,000  or its long- term unsecured debt rating no longer  conforms to the
requirements of the immediately preceding sentence,  and if the Trustee proposes
to the other  parties  hereto to enter into an  agreement  with (and  reasonably
acceptable  to) each of them or the Trustee  appoints a fiscal agent,  and if in
light of such agreement or such appointment,  the Trustee's continuing to act in
such capacity  would not (as

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<PAGE>

evidenced in writing by each Rating  Agency) cause any Rating Agency to qualify,
downgrade or withdraw any rating assigned  thereby to any Class of Certificates,
then upon the execution and delivery of such agreement or the  effectiveness  of
such appointment,  the Trustee shall not be required to resign, and may continue
in such  capacity,  for so long as none of the  ratings  assigned  by the Rating
Agencies to the Certificates is adversely  affected thereby.  The corporation or
association  serving as Trustee may have normal banking and trust  relationships
with the  Depositor,  the  Master  Servicer,  the  Special  Servicer  and  their
respective Affiliates.

     SECTION 8.07 Resignation and Removal of the Trustee and the Fiscal Agent.

     (a)  The  Trustee  or  the  Fiscal  Agent  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  and  to  all
Certificateholders.  Upon  receiving such notice of  resignation,  the Depositor
shall  promptly  appoint a successor  trustee or fiscal agent  acceptable to the
Master Servicer by written instrument,  in duplicate,  which instrument shall be
delivered  to the  resigning  Trustee or the Fiscal  Agent and to the  successor
trustee.  A copy of such instrument  shall be delivered to the Master  Servicer,
the  Special  Servicer  and  the  Certificateholders  by  the  Depositor.  If no
successor trustee or 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  or the  Fiscal  Agent may  petition  any court of  competent
jurisdiction for the appointment of a successor trustee.

     (b) If at any time the  Trustee or Fiscal  Agent shall cease to be eligible
in accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Depositor or the Master  Servicer,  or if at any
time the Trustee or Fiscal Agent shall become  incapable of acting,  or shall be
adjudged bankrupt or insolvent,  or a receiver of the Trustee or Fiscal Agent or
of its property  shall be appointed,  or any public officer shall take charge or
control of the  Trustee or Fiscal  Agent or of its  property  or affairs for the
purpose of rehabilitation,  conservation or liquidation,  then the Depositor may
remove the Trustee or Fiscal  Agent and  appoint a  successor  trustee or fiscal
agent  acceptable to the Master  Servicer by written  instrument,  in duplicate,
which  instrument  shall be  delivered to the Trustee or Fiscal Agent so removed
and to the successor trustee or fiscal agent. A copy of such instrument shall be
delivered   to   the   Master   Servicer,   the   Special   Servicer   and   the
Certificateholders by the Depositor.

     (c) The  Holders  of  Certificates  entitled  to at least 51% of the Voting
Rights may at any time  remove the  Trustee  or the Fiscal  Agent and  appoint a
successor  trustee or fiscal  agent by written  instrument  or  instruments,  in
triplicate,  signed by such Holders or their  attorneys-in-fact duly authorized,
one complete set of which instruments shall be delivered to the Master Servicer,
one complete set to the Trustee so removed and one complete set to the successor
so appointed. A copy of such instrument shall be delivered to the Depositor, the
Special Servicer and the remaining Certificateholders by the Master Servicer.

     (d) Any  resignation  or  removal of the  Trustee  or the Fiscal  Agent and
appointment  of a  successor  trustee  or fiscal  agent  pursuant  to any of the
provisions of this Section

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8.07 shall not become effective until acceptance of appointment by the successor
trustee or fiscal agent as provided in Section 8.08.  Upon any succession of the
Trustee or the Fiscal Agent under this Agreement, the predecessor Trustee or the
Fiscal Agent shall be entitled to the payment of compensation and  reimbursement
for services  rendered  and  expenses  incurred  (including  without  limitation
unreimbursed  Advances and interest  thereon made thereby) accrued or payable up
to and including the effective date of such termination,  at such times and from
such sources as if the predecessor  Trustee or the Fiscal Agent had not resigned
or been removed. Any resignation or removal of the Trustee shall be deemed to be
a simultaneous removal of the Fiscal Agent hereunder.

     SECTION 8.08 Successor Trustee and Fiscal Agent.

     (a) Any successor  trustee or fiscal agent appointed as provided in Section
8.07  shall  execute,  acknowledge  and  deliver  to the  Depositor,  the Master
Servicer,  the Special  Servicer and to its  predecessor  trustee an  instrument
accepting such appointment  hereunder,  and thereupon the resignation or removal
of the  predecessor  trustee or fiscal  agent shall  become  effective  and such
successor trustee or 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 or fiscal agent herein.  The  predecessor  trustee or fiscal agent shall
deliver to the successor  trustee or fiscal agent all Mortgage Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held on its behalf by a  Custodian,  which  Custodian  shall become the
agent of the successor  trustee),  and the Depositor,  the Master Servicer,  the
Special  Servicer and the predecessor  trustee or fiscal agent shall execute and
deliver such  instruments and do such other things as may reasonably be required
to more fully and certainly  vest and confirm in the successor  trustee all such
rights, powers, duties and obligations,  and to enable the successor trustee and
fiscal agent, if applicable, to perform its obligations hereunder.

     (b) No  successor  trustee or fiscal  agent  shall  accept  appointment  as
provided  in this  Section  8.08  unless  at the  time of such  acceptance  such
successor  trustee or fiscal  agent shall be eligible  under the  provisions  of
Section 8.06.

     (c) Upon  acceptance of appointment  by a successor  trustee as provided in
this Section 8.08,  the  successor  trustee or fiscal agent shall mail notice of
such appointment to the Depositor and the Certificateholders.

     SECTION 8.09 Merger or Consolidation of Trustee and Fiscal Agent.

     Any  entity  into which the  Trustee  or the Fiscal  Agent may be merged or
converted or with which it may be consolidated or any entity  resulting from any
merger,  conversion  or  consolidation  to which the Trustee or the Fiscal Agent
shall be a party,  or any entity  succeeding to the corporate  trust business of
the Trustee or the Fiscal  Agent,  shall be the  successor of the Trustee or the
Fiscal  Agent  hereunder,  provided  such  entity  shall be  eligible  under the
provisions of Section 8.06,  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 notwithstanding.

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     SECTION 8.10 Appointment of Co-Trustee or Separate Trustee.

     (a)  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
Master  Servicer 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 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 Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment  within fifteen days after the receipt
by it of a request  to do so, or in case an Event of  Default  in respect of the
Master  Servicer shall have occurred and be continuing,  the Trustee alone shall
have the power to make such  appointment.  No  co-trustee  or  separate  trustee
hereunder  shall be  required  to meet the terms of  eligibility  as a successor
trustee under Section 8.06 hereunder and no notice to Holders of Certificates of
the appointment of co-trustee(s) or separate  trustee(s) shall be required under
Section 8.08 hereof.

     (b) 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,  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 or the Special  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 at the
direction of the Trustee.

     (c) 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. 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.  Every
such instrument shall be filed with the Trustee.

     (d) 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,

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rights,  remedies and trusts  shall vest in and be exercised by the Trustee,  to
the extent  permitted  by law,  without the  appointment  of a new or  successor
trustee.

     (e) The appointment of a co-trustee or separate  trustee under this Section
8.10 shall not relieve the Trustee of its duties and responsibilities hereunder.

     SECTION 8.11 Appointment of Custodians.

     The Trustee may,  with the consent of the Master  Servicer,  appoint one or
more  Custodians to hold all or a portion of the Mortgage Files as agent for the
Trustee. Each Custodian shall be a depository institution subject to supervision
by federal or state  authority,  shall  itself (or  together  with an  affiliate
guaranteeing its financial  performance)  have a combined capital and surplus of
at least  $15,000,000,  shall have long-term  unsecured debt obligation  ratings
from FITCH IBCA of at least  "BBB" or be  otherwise  acceptable  to FITCH  IBCA,
shall be  qualified  to do  business in the  jurisdiction  in which it holds any
Mortgage File,  shall maintain and keep in full force and effect  throughout the
term of this  Agreement a fidelity  bond and an errors and  omissions  insurance
policy  covering its  officers and  employees  and other  persons  acting on its
behalf in connection  with its  activities  under the Agreement in the amount of
coverage customary for custodians acting in such capacity,  and shall not be the
Depositor,  a  Mortgage  Loan  Seller or any  Affiliate  of the  Depositor  or a
Mortgage Loan Seller.  Each Custodian  shall be subject to the same  obligations
and standard of care as would be imposed on the Trustee  hereunder in connection
with the retention of Mortgage Files directly by the Trustee. The appointment of
one or more Custodians shall not relieve the Trustee from any of its obligations
hereunder,  and the Trustee shall remain  responsible for all acts and omissions
of any Custodian.

     SECTION 8.12 Access to Certain Information.

     (a) On or  prior  to the  date  of the  first  sale  of any  Non-Registered
Certificate to an Independent  third party,  the Depositor  shall provide to the
Trustee  ten copies of any  private  placement  memorandum  or other  disclosure
document used by the Depositor or its Affiliate in connection with the offer and
sale of the  Class of  Certificates  to which  such  Non-Registered  Certificate
belongs.  In addition,  if any such private  placement  memorandum or disclosure
document is revised,  amended or supplemented at any time following the delivery
thereof to the Trustee,  the Depositor promptly shall inform the Trustee of such
event and shall  deliver  to the  Trustee  ten copies of the  private  placement
memorandum or disclosure  document,  as revised,  amended or  supplemented.  The
Trustee shall maintain at its offices  primarily  responsible for  administering
the Trust Fund (or at the Primary  Servicing  Office of the Master Servicer) and
shall,  upon reasonable  advance notice,  make available  during normal business
hours for review by any Holder, Certificate Owner or prospective transferee of a
Certificate or interest therein, originals or copies of the following items: (i)
in the case of a Holder,  Certificate Owner or prospective  transferee of a Non-
Registered  Certificate or interest therein, any private placement memorandum or
other  disclosure  document  relating to the Class of Certificates to which such
Non-Registered  Certificate  belongs,  in the form most recently provided to the
Trustee; and (ii) in all cases, (A) this Agreement and any

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amendments  hereto  entered  into  pursuant  to Section  11.01,  (B) all reports
required to be delivered to Certificateholders of the relevant Class pursuant to
Section 4.02 since the Closing Date, (C) all Officer's Certificates delivered to
the  Trustee  since  the  Closing  Date  pursuant  to  Section  3.13,   (D)  all
accountants' reports delivered to the Trustee since the Closing Date pursuant to
Section  3.14,  (E) the most  recent  inspection  report  prepared by the Master
Servicer or Special  Servicer  and  delivered  to the Trustee in respect of each
Mortgaged  Property  pursuant  to Section  3.12,  (F) as to each  Mortgage  Loan
pursuant to which the related Mortgagor is required to deliver such items or the
Master Servicer or Special Servicer has otherwise  acquired such items, the most
recent  annual  operating  statement  and  rent  roll of the  related  Mortgaged
Property and  financial  statements  of the related  Mortgagor  collected by the
Master Servicer or the Special Servicer and delivered to the Trustee pursuant to
Section  3.12(b),  (G) any and all notices and reports  delivered to the Trustee
with respect to any Mortgaged  Property securing a defaulted Mortgage Loan as to
which the  environmental  testing  contemplated by Section 3.09(c) revealed that
either of the conditions set forth in clauses (i) and (ii) of the first sentence
thereof was not satisfied  (but only for so long as such  Mortgaged  Property or
the  related  Mortgage  Loan are part of the  Trust  Fund),  (H) the  respective
Mortgage  Files,  including,  without  limitation,  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 delivered to the Trustee pursuant to
Section 3.20 (but only for so long as the affected  Mortgage Loan is part of the
Trust Fund), (I) copies of any Appraisals  performed as a result of an Appraisal
Reduction Event,  and (J) any and all Officer's  Certificates and other evidence
delivered  to or  retained  by the  Trustee  to support  the Master  Servicer's,
Special  Servicer's,  or  Trustee's  or Fiscal  Agent's  determination  that any
Advance was or, if made,  would be a Nonrecoverable  Advance.  Copies of any and
all of the  foregoing  items will be  available  from the Trustee  upon  written
request;  however, the Trustee shall be permitted to require from the requesting
Certificateholder  payment of a sum sufficient to cover the reasonable costs and
expenses of providing such copies.

     In connection with providing  access to or copies of the items described in
the preceding paragraph,  the Trustee may require (a) in the case of Certificate
Owners,  a written  confirmation  executed  by the  requesting  Person,  in form
reasonably satisfactory to the Trustee, generally to the effect that such Person
is a beneficial holder of Certificates, is requesting the information solely for
use in  evaluating  such  Person's  investment  in  the  Certificates  and  will
otherwise  keep  such  information  confidential  and  (b)  in  the  case  of  a
prospective purchaser, a written confirmation executed by the requesting Person,
in form  reasonably  satisfactory  to the Trustee,  generally to the effect that
such Person is a prospective  purchaser of a Certificate or an interest therein,
is requesting the information solely for use in evaluating a possible investment
in  Certificates  and will otherwise  keep such  information  confidential.  All
Certificateholders,  by the acceptance of their Certificates, shall be deemed to
have agreed to keep such information confidential. Notwithstanding the foregoing
provisions of this Section 8.12(a), the Trustee shall have no responsibility for
the accuracy,  completeness or sufficiency for any purpose of any information so
made available or furnished by it pursuant to this Section 8.12(a).

     (b) The Trustee shall provide or cause to be provided to the Depositor, the
Master  Servicer,  and  the  Special  Servicer,  and to  the  Office  of  Thrift
Supervision, the Federal Deposit

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Insurance  Corporation,  and any other  federal or state  banking  or  insurance
regulatory  authority that may exercise  authority  over any  Certificateholder,
access to the Mortgage Files and any other documentation  regarding the Mortgage
Loans and the Trust  Fund  within  its  control  which may be  required  by this
Agreement or by applicable law. Such access shall be afforded without charge but
only upon  reasonable  prior written request and during normal business hours at
the offices of the Trustee designated by it.

     SECTION 8.13  Representations  and Warranties of the Trustee and the Fiscal
                   Agent.

     (a) The Trustee hereby represents and warrants to the Master Servicer,  for
its own benefit and the  benefit of the  Certificateholders,  and to the Special
Servicer and the Depositor, as of the Closing Date, that:

          (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.

          (ii) The execution and delivery of this Agreement by the Trustee,  and
     the  performance  and  compliance  with the terms of this  Agreement by the
     Trustee,  will  not  violate  the  Trustee'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.

          (iii)  This  Agreement,  assuming  due  authorization,  execution  and
     delivery by the Special Servicer, the Master Servicer, the Fiscal Agent and
     the  Depositor,  constitutes a valid,  legal and binding  obligation of the
     Trustee,  enforceable  against  the  Trustee in  accordance  with the terms
     hereof,  subject  to  applicable  bankruptcy,  insolvency,  reorganization,
     moratorium  and other laws affecting the  enforcement of creditor's  rights
     generally,  and general  principles  of equity,  regardless of whether such
     enforcement is considered in a proceeding in equity or at law.

          (iv) The Trustee is not in default with respect to any order or decree
     of any court,  or any order,  regulation  or demand of any federal,  state,
     municipal or governmental agency having jurisdiction, which default, in the
     Trustee's  good  faith  and  reasonable  judgment,   is  likely  to  affect
     materially  and  adversely  the  ability  of the  Trustee  to  perform  its
     obligations or the financial  condition or operations of the Trustee or its
     properties.

          (v) No  litigation  is  pending  or,  to  the  best  of the  Trustee's
     knowledge,  threatened against the Trustee which would prohibit the Trustee
     from  entering  into this  Agreement  or, in the  Trustee's  good faith and
     reasonable  judgment,  is likely to  materially  and  adversely  affect the
     ability of the Trustee to perform its obligations under this Agreement.

          (vi) No consent, approval,  authorization or order of, registration or
     filing with or notice to, any governmental  authority or court is required,
     under federal or state law, for the execution,  delivery and performance of
     or compliance by the Trustee with this Agreement, or the

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     consummation by the Trustee of any transaction  contemplated  hereby, other
     than  (1)  such   consents,   approvals,   authorization,   qualifications,
     registrations,  filings or notices  as have been  obtained  or made and (2)
     where the lack of such  consent,  approval,  authorization,  qualification,
     registration,  filing or notice would not have a material adverse effect on
     performance by the Trustee under this Agreement.

     (b) The Fiscal Agent hereby represents and warrants to the Master Servicer,
for its  own  benefit  and the  benefit  of the  Certificateholders,  and to the
Special Servicer and the Depositor, as of the Closing Date, that:

          (i) The Fiscal Agent is an  organization  organized  under the laws of
     the  Netherlands,  duly  organized,  validly  existing and in good standing
     under the laws governing its creation and existence.

          (ii) The execution and delivery of this Agreement by the Fiscal Agent,
     and the  performance and compliance with the terms of this Agreement by the
     Fiscal Agent, will not violate the Fiscal Agent'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.

          (iii)  This  Agreement,  assuming  due  authorization,  execution  and
     delivery by the Special Servicer,  the Master Servicer, the Trustee and the
     Depositor,  constitutes a valid, legal and binding obligation of the Fiscal
     Agent,  enforceable  against the Fiscal Agent in accordance  with the terms
     hereof,  subject  to  applicable  bankruptcy,  insolvency,  reorganization,
     moratorium  and other laws affecting the  enforcement of creditors'  rights
     generally,  and general  principles  of equity,  regardless of whether such
     enforcement is considered in a proceeding in equity or at law.

          (iv) The Fiscal  Agent is not in default  with respect to any order or
     decree of any court,  or any order,  regulation  or demand of any  federal,
     state,  municipal or  governmental  agency,  which  default,  in the Fiscal
     Agent's good faith and reasonable judgment,  is likely to affect materially
     and  adversely  either  the  ability of the  Fiscal  Agent to  perform  its
     obligations  or the financial  conditions or operations of the Fiscal Agent
     or its properties.

          (v) No  litigation  is pending  or, to the best of the Fiscal  Agent's
     knowledge,  threatened  against the Fiscal  Agent which would  prohibit the
     Fiscal Agent from  entering into this  Agreement or, in the Fiscal  Agent's
     good faith and reasonable  judgment,  is likely to materially and adversely
     affect the  ability of the Fiscal  Agent to perform its  obligations  under
     this Agreement.

          (vi) No consent, approval,  authorization or order of, registration or
     filing with or notice to, any governmental  authority or court is required,
     under federal or state law for the execution,  delivery and  performance of
     or compliance by the Fiscal Agent with this Agreement,  or the consummation
     by the Fiscal Agent of any transaction  contemplated hereby, other than (1)
     such consents,  approvals,  authorizations  qualifications,  registrations,
     filings or notices as have been

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     obtained  or made  and (2)  where  the  lack  of  such  consent,  approval,
     authorization, qualification, registration, filing or notice would not have
     a material adverse effect on the performance by the Fiscal Agent under this
     Agreement.

     SECTION 8.14 Filings with the Securities and Exchange Commission.

     Based  on  information  furnished  to it by the  Master  Servicer  and  the
Depositor  (in an 80 column  unformatted  electronic  format  acceptable  to the
Trustee),  the Trustee  will prepare and file with the  Securities  and Exchange
Commission on Form 8-K (including  EDGAR filings),  on behalf of the Trust Fund,
each  Distribution  Date Statement.  The Trustee shall have no responsibility to
file any items other than those specified in this Section 8.14. Prior to January
2, 2001 (and each anniversary thereafter until directed by the Depositor to file
a Form 15, delisting the transaction) the Trustee shall hire counsel selected by
the  Depositor to file Form 10-K's on behalf of the Trust Fund for the preceding
fiscal  year.  Any fees and  expenses  accrued  and  incurred  by the Trustee in
connection with this Section 8.14 (including  reasonable  attorneys' fees) shall
be reimbursed  to it by the  Depositor.  Prior to filing any such  reports,  the
Trustee shall submit reports to the Depositor for review and approval.

     SECTION 8.15 Fiscal Agent Termination Event.

     "Fiscal Agent  Termination  Event," wherever used herein,  means any one of
the following events:

          (i) Any failure by the Fiscal  Agent to remit to the Trustee  when due
     any required Advances; or

          (ii) 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,  receiver,  liquidator,  trustee or
     similar  official  in any  bankruptcy,  insolvency,  readjustment  of debt,
     marshaling of assets and  liabilities  or similar  proceedings,  or for the
     winding-up or liquidation of its affairs,  shall have been entered  against
     the Fiscal  Agent and such  decree or order  shall have  remained  in force
     undischarged or unstayed for a period of 60 days; or

          (iii)  The  Fiscal  Agent  shall  consent  to  the  appointment  of  a
     conservator,  receiver,  liquidator,  trustee  or similar  official  in any
     bankruptcy,  insolvency,  readjustment  of debt,  marshaling  of assets and
     liabilities or similar proceedings or relating to the Fiscal Agent or of or
     relating to all or substantially all of its property; or

          (iv) The Fiscal Agent shall admit in writing its  inability to pay its
     debts  generally as they become due,  file a petition to take  advantage of
     any applicable  bankruptcy,  insolvency or reorganization  statute, make an
     assignment for the benefit of

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     its creditors,  voluntarily suspend payment of its obligations, or take any
     corporate action in furtherance of the foregoing; or

          (v) Any Rating Agency shall indicate its intent to reduce,  qualify or
     withdraw the outstanding  rating of any Class of  Certificates  because the
     prospective  financial condition or capacity to make Advances of the Fiscal
     Agent is insufficient to maintain such rating; or

          (vi) The long-term  unsecured  debt of the Fiscal Agent is rated below
     "AA" or "Aa2", as applicable, by any Rating Agency.

     SECTION 8.16 Procedure Upon Termination Event.

     On the date  specified  in a  written  notice of  termination  given to the
Fiscal Agent pursuant to Section 8.07,  all  authority,  power and rights of the
Fiscal Agent under this Agreement, whether with respect to the Mortgage Loans or
otherwise,  shall  terminate and a successor  Fiscal Agent shall be appointed by
the Trustee, with the consent of the Depositor;  provided that in no event shall
the   termination  of  the  Fiscal  Agent  be  effective   until  Rating  Agency
Confirmation  shall have been obtained with respect to a successor  fiscal agent
from each of Moody's and FITCH IBCA.  The Fiscal Agent agrees to cooperate  with
the Trustee in effecting the termination of the Fiscal Agent's  responsibilities
and rights hereunder as Fiscal Agent.

                                   ARTICLE IX

                                   TERMINATION

     SECTION 9.01  Termination  Upon  Repurchase or  Liquidation of All Mortgage
                   Loans.

     Subject to Section 9.02, the Trust Fund and the respective  obligations and
responsibilities under this Agreement of the Depositor, the Master Servicer, the
Special  Servicer,  the Fiscal Agent and the Trustee (other than the obligations
of the  Trustee  to  provide  for and make  payments  to  Certificateholders  as
hereafter set forth) shall  terminate upon payment (or provision for payment) to
the  Certificateholders  of all amounts  held by or on behalf of the Trustee and
required  hereunder to be so paid on the Distribution Date following the earlier
to occur of (i) the  purchase  by the Master  Servicer or the  Depositor  of all
Mortgage  Loans  and each REO  Property  remaining  in REMIC I at a price (to be
determined  as of the end of the  Collection  Period for the  anticipated  Final
Distribution Date) equal to (A) the aggregate Purchase Price of all the Mortgage
Loans included in REMIC I, plus (B) the appraised value of each REO Property, if
any,  included in REMIC I (such  appraisal  to be  conducted  by an  Independent
MAI-designated  appraiser  selected by the Master  Servicer  and approved by the
Trustee),  minus (C) solely in the case where the Master  Servicer is  effecting
such purchase, the aggregate amount of unreimbursed Advances,  together with any

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Advance  Interest  accrued and payable to the Master Servicer in respect of such
Advances and any unpaid Servicing Fees, remaining outstanding (which items shall
be deemed to have been paid or reimbursed  to the Master  Servicer in connection
with such purchase);  provided,  however, that any such purchase with respect to
the  Additional  Servicing Fee Mortgage  Loans shall be subject to the rights of
the applicable Designated  Sub-Servicer to continue to sub-service such Mortgage
Loans and the rights of Archon  Financial,  L.P.  or the  applicable  Designated
Sub-Servicer  to receive the Additional  Servicing Fee from the Master  Servicer
pursuant to the applicable Designated Sub-Servicer Agreement, and (ii) the final
payment or other  liquidation (or any advance with respect  thereto) of the last
Mortgage Loan or REO Property remaining in REMIC I; provided,  however,  that in
no event shall the trust 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.

     The Master  Servicer or the  Depositor  each may,  at its option,  elect to
purchase all of the Mortgage Loans and each REO Property  remaining in the Trust
Fund as contemplated by clause (i) of the preceding  paragraph by giving written
notice  to the  other  parties  hereto  no  later  than  60  days  prior  to the
anticipated date of purchase; provided, however, that the Master Servicer or the
Depositor  may so elect  to  purchase  all of the  Mortgage  Loans  and each REO
Property  remaining in REMIC I only if the aggregate Stated Principal Balance of
the Mortgage Loans and any REO Loans  remaining in the Trust Fund at the time of
such election is less than 1% of the aggregate Cut-off Date Principal Balance of
the Mortgage Loans set forth in the Preliminary Statement.  Such option shall be
exercisable  by each such Person in the  priority in which such Person is listed
in the immediately  foregoing sentence. In the event that the Master Servicer or
the  Depositor  purchases  all of the  Mortgage  Loans  and  each  REO  Property
remaining  in REMIC I in  accordance  with the  preceding  sentence,  the Master
Servicer or the  Depositor,  as  applicable,  shall deposit in the  Distribution
Account  not later than the Master  Servicer  Remittance  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  above-described
purchase  price  (exclusive of any portion  thereof that would be payable to any
Person  other than the  Certificateholders  pursuant  to  Section  3.05(a) if on
deposit in the  Certificate  Account,  which  portion  shall be deposited in the
Certificate  Account).  In addition,  the Master  Servicer shall transfer to the
Distribution  Account all amounts  required  to be  transferred  thereto on such
Master Servicer  Remittance Date from the  Certificate  Account  pursuant to the
second paragraph of Section 3.04(b),  together with any other amounts on deposit
in the Certificate Account that would otherwise be held for future distribution.
Upon  confirmation  that such final  deposits have been made,  the Trustee shall
release or cause to be released  to the Master  Servicer  or the  Depositor,  as
applicable,  the Mortgage Files for the remaining Mortgage Loans and any Reserve
Funds and Escrow  Payments in any  Reserve  Accounts or  Servicing  Account,  as
applicable,   and  shall  execute  all   assignments,   endorsements  and  other
instruments  furnished  to it by  the  Master  Servicer  or  the  Depositor,  as
applicable,  as shall be necessary to effectuate  transfer of the Mortgage Loans
and REO  Properties  remaining  in REMIC I. All Credit  Files for the  remaining
Mortgage Loans and REO Properties shall be delivered to the purchasing entity.

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     Notice of any termination  shall be given promptly by the Trustee by letter
to Certificateholders  and, if not previously notified pursuant to the preceding
paragraph,  to the other  parties  hereto mailed (a) in the event such notice is
given in connection with the Master  Servicer's or the  Depositor's  purchase of
all of the  Mortgage  Loans  and each  REO  Property  remaining  in REMIC I, not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding  the  month  of the  final  distribution  on the  Certificates  or (b)
otherwise  during  the  month  of  such  final  distribution  on or  before  the
Determination  Date in such month, in each case specifying (i) the  Distribution
Date  upon  which  the  Trust  Fund will  terminate  and  final  payment  of the
Certificates  will be made,  (ii) the amount of any such final payment and (iii)
that the Record  Date  otherwise  applicable  to such  Distribution  Date is not
applicable,  payments  being made only upon  presentation  and  surrender of the
Certificates at the offices of the Certificate  Registrar or such other location
therein designated.

     Upon    presentation   and   surrender   of   the   Certificates   by   the
Certificateholders  on the final Distribution Date, the Trustee shall distribute
to each  Certificateholder  so presenting and surrendering its Certificates such
Certificateholder's  Percentage  Interest of that portion of the amounts then on
deposit in the Distribution  Account that are allocable to payments on the Class
to which the  Certificates  so  presented  and  surrendered  belong.  Amounts on
deposit in the Distribution Account as of the final Distribution Date (exclusive
of any portion of such amounts payable or reimbursable to any Person pursuant to
clauses  (ii)-(vii) of Section 3.05(b)) shall be allocated for the purposes,  in
the amounts and in accordance  with the priority set forth in Section 4.01.  Any
funds not  distributed  on such  Distribution  Date  shall be set aside and held
uninvested in trust for the benefit of  Certificateholders  not  presenting  and
surrendering  their  Certificates in the aforesaid manner, and shall be disposed
of in accordance with the last paragraph of Section 4.01(g).

     SECTION 9.02 Additional Termination Requirements.

     (a) In the event the Master Servicer or the Depositor  purchases all of the
Mortgage Loans and each REO Property remaining in REMIC I as provided in Section
9.01, the Trust Fund (and,  accordingly,  REMIC I, REMIC II and REMIC III) shall
be terminated in accordance with the following additional  requirements,  unless
the Master  Servicer or the  Depositor,  as the case may be,  obtains at its own
expense and  delivers to the  Trustee an Opinion of  Counsel,  addressed  to the
Depositor,  the Master Servicer and the Trustee,  to the effect that the failure
of the Trust Fund to comply with the  requirements of this Section 9.02 will not
(subject to Section  10.01(f))  result in the imposition of taxes on "prohibited
transactions"  of REMIC I, REMIC II or REMIC III as  defined in Section  860F of
the Code or cause  REMIC I,  REMIC II or REMIC III to fail to qualify as a REMIC
at any time that any Certificates are outstanding:

          (i) the Trustee shall specify the first day in the 90-day  liquidation
     period in a statement attached to the final Tax Return for each of REMIC I,
     REMIC II and REMIC III pursuant to Treasury regulation Section 1.860F-1 and
     shall satisfy all  requirements  of a qualified  liquidation  under Section
     860F of the Code and any regulations thereunder;

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          (ii) during such 90-day liquidation period and at or prior to the time
     of making of the final payment on the Certificates,  the Trustee shall sell
     all of the assets of REMIC I to the Master  Servicer or the  Depositor,  as
     applicable, for cash; and

          (iii)  immediately  following  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 the  related  REMIC  (other  than  cash
     retained  to meet  claims),  and  REMIC I,  REMIC II and  REMIC  III  shall
     terminate at that time.

     (b) By their acceptance of  Certificates,  the Holders thereof hereby agree
to  authorize  the Trustee to adopt a plan of complete  liquidation  of REMIC I,
REMIC II and REMIC III, which  authorization shall be binding upon all successor
Certificateholders.

                                    ARTICLE X

                           ADDITIONAL REMIC PROVISIONS

     SECTION 10.01 REMIC Administration.

     (a) The  Trustee  shall make an election to treat each of REMIC I, REMIC II
and REMIC III as a REMIC  under the Code and,  if  necessary,  under  applicable
state law. Such election will be made on Form 1066 or other appropriate  federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates are issued.  The REMIC I Regular Interests are hereby designated as
the "regular  interests" (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" (within the meaning of Section 860G(a)(2) of the Code), in
REMIC I. The REMIC II Regular  Interests  are hereby  designated as the "regular
interests" (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"  (within the meaning of Section 860G(a)(2) of the Code), in REMIC II.
The REMIC  III  Regular  Certificates  are  hereby  designated  as the  "regular
interests"  (within the meaning of Section 860G(a)(1) of the Code) and the Class
R-III  Certificates will be the sole class of "residual  interests"  (within the
meaning of Section  860G(a)(2) of the Code), in REMIC III. The Master  Servicer,
the Special Servicer and the Trustee shall not (to the extent within the control
of each) permit the creation of any  "interests"  (within the meaning of Section
860G of the Code) in REMIC I, REMIC II or REMIC III other than the Certificates.

     (b) The Closing Date is hereby  designated  as the "startup day" of each of
REMIC I, REMIC II and REMIC III within the meaning of Section  860G(a)(9) of the
Code.

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     (c) The  Trustee,  as agent for the tax matters  person of each of REMIC I,
REMIC II and REMIC III,  shall (i) act on behalf of the REMIC in relation to any
tax matter or controversy  involving the Trust Fund and (ii) represent the Trust
Fund in any administrative or judicial  proceeding relating to an examination or
audit by any  governmental  taxing  authority  with respect  thereto.  The legal
expenses,  including  without  limitation  attorneys' or accountants'  fees, and
costs of any such  proceeding  and any liability  resulting  therefrom  shall be
expenses  of the Trust Fund and the Trustee  shall be entitled to  reimbursement
therefor  out of  amounts  attributable  to  the  Mortgage  Loans  and  any  REO
Properties on deposit in the Certificate  Account as provided by Section 3.05(a)
unless such legal  expenses  and costs are  incurred by reason of the  Trustee's
willful misfeasance, bad faith or negligence or otherwise payable by the Trustee
pursuant  to Section  10.01(g)(i).  In the case of each of REMIC I, REMIC II and
REMIC  III,  the  Holder  of  Residual  Certificates  representing  the  largest
Percentage  Interest in the related Class thereof  shall be  designated,  in the
manner  provided under Treasury  Regulations  Section  1.860F-4(d) and temporary
Treasury Regulations Section 301.6231(a)(7)-1, as the tax matters person of such
REMIC.  By  its  acceptance  thereof,   the  Holder  of  Residual   Certificates
representing the largest Percentage Interest in each Class thereof hereby agrees
to irrevocably  appoint the Trustee as its agent to perform all of the duties of
the tax matters person for the related REMIC created hereunder.

     (d) The Trustee shall prepare or cause to be prepared,  sign and file, in a
timely  manner,  all of the Tax Returns that it  determines  are  required  with
respect to the Grantor Trust and each REMIC created  hereunder.  The expenses of
preparing  such  returns  shall be borne by the  Trustee  without  any  right of
reimbursement therefor.

     (e)  The  Trustee  shall  provide  (i)  to  any  Transferor  of a  Residual
Certificate  such  information  as is necessary for the  application  of any tax
relating to the transfer of such Residual Certificate to any Person who is not a
Permitted  Transferee  as  provided  in  Section   5.02(d)(iii),   (ii)  to  the
Certificateholders  such  information  or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will  serve as the  representative  of each of REMIC I,
REMIC II and REMIC III.

     (f) The Trustee  shall take such actions and shall cause each REMIC created
hereunder to take such actions as are  reasonably  within the Trustee's  control
and the scope of its  duties  more  specifically  set  forth  herein as shall be
necessary to maintain the status thereof as a REMIC under the REMIC  Provisions.
The Trustee shall not knowingly or intentionally take any action, cause REMIC I,
REMIC II or REMIC III to take any action or fail to take (or fail to cause to be
taken) any action  reasonably  within its  control  and the scope of duties more
specifically set forth herein, that, under the REMIC Provisions, if taken or not
taken,  as the case may be,  could (i)  adversely  affect the status of REMIC I,
REMIC  II or REMIC  III as a REMIC  or (ii)  result  (subject  to the  following
sentence)  in the  imposition  of a tax  upon  REMIC I,  REMIC  II or REMIC  III
(including but not limited to the tax on prohibited  transactions  as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
in Section  860G(d) of the Code) (either

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such event, an "Adverse REMIC Event") unless the Trustee  receives an Opinion of
Counsel  (at the  expense of the party  seeking to take such  action or, if such
party fails to pay such  expense,  and the Trustee  determines  that taking such
action  is in the  best  interest  of REMIC  I,  REMIC  II or REMIC  III and the
Certificateholders,  at the  expense of the Trust  Fund,  but in no event at the
expense of the  Trustee)  to the effect that the  contemplated  action will not,
with respect to any REMIC  created  hereunder  adversely  affect such status or,
unless the Master Servicer,  the Trustee, or the Special Servicer, as applicable
(or  other  Person  acceptable  to the  Trustee),  determine  that the  monetary
exposure to REMIC I, REMIC II and REMIC III is not  material and in its or their
sole  discretion  to  indemnify,  to the  extent  reasonably  acceptable  to the
Trustee,  the Trust Fund against the  imposition  of such tax.  Wherever in this
Agreement  a  contemplated  action may not be taken  because  the timing of such
action might result in the imposition of a tax on the Trust Fund, or may only be
taken  pursuant to an Opinion of Counsel that such action would not impose a tax
on the Trust  Fund,  such  action may  nonetheless  be taken  provided  that the
indemnity  given in the preceding  sentence with respect to any taxes that might
be imposed on the Trust Fund has been given and that all other  preconditions to
the taking of such action  have been  satisfied.  The Trustee  shall not take or
fail to take any action  (whether or not  authorized  hereunder) as to which the
Master  Servicer  has advised it in writing  that it has  received an Opinion of
Counsel to the effect that an Adverse  REMIC  Event could occur with  respect to
such action.  In addition,  prior to taking any action with respect to the Trust
Fund or its assets,  or causing the Trust Fund to take any action,  which is not
expressly  permitted  under the  terms of this  Agreement,  each of the  parties
hereto will consult with the Trustee or its designee,  in writing,  with respect
to whether such action could cause an Adverse  REMIC Event to occur with respect
to  REMIC I,  REMIC II or REMIC  III,  and such  party  shall  not take any such
action,  or cause REMIC I, REMIC II or REMIC III to take any such action,  as to
which the Trustee has  advised it in writing  that an Adverse  REMIC Event could
occur. The Trustee may consult with counsel to make such written advice, and the
cost of same  shall  be borne  by the  party  seeking  to take  the  action  not
expressly  permitted by this  Agreement.  At all times as may be required by the
Code,  the  Trustee  will to the extent  within its control and the scope of its
duties as  specifically  set forth  herein,  maintain  substantially  all of the
assets of REMIC I as "qualified  mortgages" as defined in Section  860G(a)(3) of
the Code and  "permitted  investments"  as defined in Section  860G(a)(5) of the
Code.

     (g) In the event that any tax is imposed on  "prohibited  transactions"  of
REMIC I, REMIC II or REMIC III as defined in Section  860F(a)(2) of the Code, on
"net  income  from  foreclosure  property"  of REMIC I, REMIC II or REMIC III as
defined in  Section  860G(c) of the Code,  or on any  contributions  to REMIC I,
REMIC II or REMIC III after the Startup Day therefor pursuant to Section 860G(d)
of the  Code,  or any  other  tax is  imposed  by  the  Code  or any  applicable
provisions of state or local laws, such tax shall be charged (i) to the Trustee,
if such tax arises out of or results  from a breach by the Trustee of any of its
obligations  under this Agreement,  (ii) to any other party hereto,  if such tax
arises out of or results  from a breach by such party of any of its  obligations
under this Agreement, or (iii) otherwise (including,  without limitation, in the
case of any tax permitted to be incurred  pursuant to Section  3.17(a))  against
amounts on deposit in the Distribution Account as provided by Section 3.05(b).

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<PAGE>

     (h) The Trustee shall, for federal income tax purposes,  maintain books and
records  with  respect  to each of REMIC I, REMIC II and REMIC III on a calendar
year and on an  accrual  basis or as  otherwise  may be  required  by the  REMIC
Provisions.

     (i)   Following   the  Startup  Day,  the  Trustee  shall  not  accept  any
contributions of assets to the Trust Fund unless the Trustee shall have received
an  Opinion  of  Counsel  (at the  expense  of the  party  seeking  to make 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 such REMIC to any tax under the REMIC  Provisions or
other applicable provisions of federal, state and local law or ordinances.

     (j) None of the Master Servicer,  the Special Servicer or the Trustee shall
enter into any  arrangement by which REMIC I, REMIC II or REMIC III will receive
a fee or other  compensation for services nor (to the extent within its control)
permit  REMIC I, REMIC II or REMIC III to receive any income  from assets  other
than  "qualified  mortgages"  as defined in  Section  860G(a)(3)  of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.

     (k) Within 30 days after the Closing  Date,  the Trustee  shall prepare and
file with the Internal Revenue Service Form 8811,  "Information  Return for Real
Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized Debt
Obligations" for each of REMIC I, REMIC II and REMIC III.

     (l) None of the Trustee,  the Fiscal  Agent,  the Master  Servicer,  or the
Special  Servicer  shall sell,  dispose of or substitute for any of the Mortgage
Loans  (except  in  connection  with  (i)  the  default,   imminent  default  or
foreclosure of a Mortgage Loan, including but not limited to, the acquisition or
sale of a Mortgaged  Property acquired by deed in lieu of foreclosure,  (ii) the
bankruptcy of REMIC I, REMIC II or REMIC III, (iii) the termination of the Trust
Fund  pursuant  to Article IX of this  Agreement  or (iv) a purchase of Mortgage
Loans pursuant to or as  contemplated by Section 2.03 or 3.18 of this Agreement)
or acquire  any assets for the Trust Fund or sell or dispose of any  investments
in the Certificate  Account,  the Distribution  Account,  or the REO Account for
gain,  or accept any  contributions  to the Trust Fund after the  Closing  Date,
unless it has  received  an  Opinion of  Counsel  that such  sale,  disposition,
substitution or acquisition will not (a) affect adversely the status of REMIC I,
REMIC II or REMIC III as a REMIC or,  (b)  subject to  Section  10.01(f),  cause
REMIC  I,  REMIC  II  or  REMIC  III  to be  subject  to a  tax  on  "prohibited
transactions" or "contributions" pursuant to the REMIC Provisions.

     SECTION 10.02 Depositor,  Master Servicer,  Special Servicer, Fiscal Agent,
                   Trustee to Cooperate.

     (a) The  Depositor  shall  provide or cause to be provided to the  Trustee,
within ten days after the Closing Date, all information or data that the Trustee
reasonably  determines to be relevant for tax purposes as to the  valuations and
issue prices of the  Certificates,  including,  without  limitation,  the price,
yield, prepayment assumption and projected cash flow of the Certificates.

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     (b) The Master  Servicer,  the Special  Servicer,  the Fiscal Agent and the
Depositor shall each furnish such reports,  certifications and information,  and
access to such  books  and  records  maintained  thereby,  as may  relate to the
Certificates  or the  Trust  Fund and as shall be  reasonably  requested  by the
Trustee in order to enable it to perform its duties hereunder.

     SECTION 10.03 Grantor Trust Administration.

     (a) The Trustee shall treat the Grantor Trust,  for tax return  preparation
purposes, as a grantor trust under the Code and, if necessary,  under applicable
state law and will  file  appropriate  federal  or state  Tax  Returns  for each
taxable year ending on or after the last day of the  calendar  year in which the
Certificates are issued.

     (b) The  Trustee  shall pay out of its own funds  any and all  routine  tax
administration  expenses of the Trust Fund  incurred with respect to the Grantor
Trust (but not including any professional  fees or expenses related to audits or
any  administrative or judicial  proceedings with respect to the Trust Fund that
involve  the  Internal   Revenue   Service  or  state  tax   authorities   which
extraordinary  expenses shall be payable or reimbursable to the Trustee from the
Trust Fund unless otherwise provided in Section 10.01(e) or 10.01(f)).

     (c) The  Trustee  shall  prepare,  sign  and  file  when due all of the Tax
Returns in respect of the Grantor  Trust.  The expenses of preparing  and filing
such returns  shall be borne by the Trustee  without any right of  reimbursement
therefor.  The other  parties  hereto  shall  provide  on a timely  basis to the
Trustee or its designee such information with respect to the Grantor Trust as is
in its  possession  and  reasonably  requested  by the  Trustee  to enable it to
perform  its  obligations  under  this  Section  10.02.   Without  limiting  the
generality  of the  foregoing,  the  Depositor,  within ten days  following  the
Trustee's  request  therefor,  shall  provide  in writing  to the  Trustee  such
information as is reasonably requested by the Trustee for tax purposes,  and the
Trustee's  duty to perform its  reporting and other tax  compliance  obligations
under this Section 10.03 shall be subject to the condition that it receives from
the Depositor such  information  possessed by the Depositor that is necessary to
permit the Trustee to perform such obligations.

     (d) The Trustee  shall perform on behalf of the Grantor Trust all reporting
and other tax compliance  duties that are required in respect  thereof under the
Code, the Grantor Trust  Provisions or other  compliance  guidance issued by the
Internal Revenue Service or any state or local taxing authority.

     (e) The Trustee  shall  perform its duties  hereunder so as to maintain the
status  of the  Grantor  Trust  as a  grantor  trust  under  the  Grantor  Trust
Provisions  (and the Master  Servicer and the Special  Servicer shall assist the
Trustee to the extent  reasonably  requested by the Trustee and to the extent of
information  within  the  Trustee's,   the  Master  Servicer's  or  the  Special
Servicer's  possession or control).  None of the Trustee,  Master Servicer,  the
Special  Servicer shall  knowingly take (or cause the Grantor Trust to take) any
action or fail to take (or fail to cause to be taken) any action that, under the
Grantor  Trust  Provisions,  if taken or not  taken,  as the case may be,  could

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adversely  affect the status of the Grantor  Trust as a grantor  trust under the
Grantor Trust  Provisions  (any such adverse effect on grantor trust status,  an
"Adverse  Grantor Trust Event"),  unless the Trustee has obtained or received an
Opinion of Counsel (at the expense of the party requesting such action or at the
expense of the Trust Fund if the Trustee seeks to take such action or to refrain
from taking any action for the benefit of the  Certificateholders) to the effect
that the contemplated  action will not result in an Adverse Grantor Trust Event.
None of the  other  parties  hereto  shall  take any  action or fail to take any
action (whether or not authorized hereunder) as to which the Trustee has advised
it in writing that the Trustee has received or obtained an Opinion of Counsel to
the effect that an Adverse  Grantor Trust Event could result from such action or
failure to act.  In  addition,  prior to taking any action  with  respect to the
Grantor  Trust,  or  causing  the  Trust  Fund to take any  action,  that is not
expressly  permitted under the terms of this Agreement,  the Master Servicer and
the Special Servicer shall consult with the Trustee or its designee, in writing,
with respect to whether such action could cause an Adverse  Grantor  Trust Event
to occur.  Neither the Master  Servicer nor the Special  Servicer shall have any
liability  hereunder for any action taken by it in  accordance  with the written
instructions  of the Trustee.  The Trustee may consult with counsel to make such
written advice, and the cost of same shall be borne by the party seeking to take
the  action  not  permitted  by this  Agreement,  but in no event at the cost or
expense of the Trust Fund or the Trustee.  Notwithstanding any provision of this
Agreement to the contrary,  the Grantor Trust Assets shall not be subject to any
expenses,  costs or  other  charges  that  are  attributable  to the  assets  or
activities of REMIC I, REMIC II or REMIC III.

     (f) 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  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 Section 10.03; (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  Section
10.03; (iii) 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 VIII or this
Section 10.03;  or (iv) the portion of the Trust Fund  constituting  the Grantor
Trust in all other instances.

     (g) The Trustee shall, for federal income tax purposes,  maintain books and
records with respect to the Grantor  Trust on a calendar  year and on an accrual
basis.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

     SECTION 11.01 Amendment.

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     (a) This Agreement may be amended from time to time by the parties  hereto,
without the consent of any of the Certificateholders:

          (i) to cure any ambiguity,

          (ii) to correct or supplement any provisions herein or therein,  which
     may be  inconsistent  with any other  provisions  herein or  therein  or to
     correct any error,

          (iii) to modify,  eliminate  or add to any of its  provisions  to such
     extent as shall be necessary or desirable to maintain the  qualification of
     REMIC I, REMIC II or REMIC III as a REMIC at all times that any Certificate
     is  outstanding  or to avoid or minimize the risk of the  imposition of any
     tax on REMIC I, REMIC II or REMIC III  pursuant to the Code that would be a
     claim  against the Trust Fund,  provided  that the Trustee has  received an
     Opinion  of  Counsel to the effect  that (A) such  action is  necessary  or
     desirable to maintain such  qualification  or to avoid or minimize the risk
     of the  imposition  of any such tax and (B) such action will not  adversely
     affect in any material respect the interests of any Certificateholder,

          (iv)  to  change  the  timing  and/or  nature  of  deposits  into  the
     Certificate  Account or the  Distribution  Account or to change the name in
     which  the  Certificate  Account  is  maintained,  provided  that  (A)  the
     Delinquency Advance Date or the Master Servicer Remittance Date shall in no
     event be later than the related  Distribution  Date,  (B) such change shall
     not,  as  evidenced  by an  Opinion  of  Counsel,  adversely  affect in any
     material respect the interests of any Certificateholder and (C) such change
     shall not result in the downgrade, qualification or withdrawal of the then-
     current  rating  assigned to any Class of  Certificates,  as evidenced by a
     letter from each Rating Agency to such effect,

          (v) to modify,  eliminate or add to the provisions of Section  5.02(d)
     or  any  other  provision  hereof  restricting  transfer  of  the  Residual
     Certificates  by virtue of their  being  the  REMIC  "residual  interests,"
     provided that such change shall not, as evidenced by an Opinion of Counsel,
     cause  either the Trust Fund or any of the  Certificateholders  (other than
     the  transferor)  to be subject to a federal  tax caused by a transfer to a
     Person that is not a United States Person and a Permitted Transferee, or

          (vi) to modify,  eliminate or add any  provision to this  Agreement to
     provide for a book-entry  registration system for the Private Certificates,
     or

          (vii)  to make  any  other  provisions  with  respect  to  matters  or
     questions  arising  under  this  Agreement  which  shall not be  materially
     inconsistent  with the  provisions  of this  Agreement,  provided that such
     action shall not, as evidenced by an Opinion of Counsel,  adversely  affect
     in any material respect the interests of any Certificateholder.

     (b) This  Agreement  may also be amended  from time to time by the  parties
hereto  with the  consent  of the  Holders  of  Certificates  evidencing  in the
aggregate  not less than 66 2/3% of the  Percentage  Interests  of each Class of
Certificates  affected  thereby for the purpose of adding any

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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  Holders of
Certificates of such Class; provided, however, that no such amendment shall:

          (i)  reduce in any  manner  the  amount  of, or delay the  timing  of,
     payments which are required to be distributed  on any  Certificate  without
     the consent of the Holder of such Certificate, or

          (ii) reduce the aforesaid  percentage of Certificates of any Class the
     Holders of which are required to consent to any such amendment, in any such
     case without the consent of the Holders of all  Certificates  of such Class
     then outstanding; or

          (iii)  modify the  definition  of  "Servicing  Standard"  without  the
     consent of the Holders of all Certificates then outstanding.

     (c)  Notwithstanding  the  foregoing,  the Trustee  will not be entitled to
consent to any  amendment  hereto  without  having first  received an Opinion or
Opinions of Counsel to the effect that (i) such amendment is permitted  pursuant
to the terms of this  Agreement  and (ii) such  amendment or the exercise of any
power granted to the Master Servicer, the Special Servicer,  the Depositor,  the
Trustee or any other specified person in accordance with such amendment will not
result in the  imposition of a tax on REMIC I, REMIC II or REMIC III pursuant to
the REMIC  Provisions or cause REMIC I, REMIC II or REMIC III to fail to qualify
as a REMIC.

     (d) Promptly after the execution of any such  amendment,  the Trustee shall
furnish a statement describing the amendment to each Certificateholder.

     (e) It shall not be necessary for the consent of  Certificateholders  under
this Section 11.01 to approve the particular form of any proposed amendment, but
it shall be sufficient if such consent shall approve the substance thereof.  The
manner 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.

     (f) The Trustee may but shall not be obligated to enter into any  amendment
pursuant to this Section that affects its rights,  duties and  immunities  under
this Agreement or otherwise.

     (g) The cost of any Opinion of Counsel to be delivered  pursuant to Section
11.01(a)  or (c) shall be borne by the Person  seeking  the  related  amendment,
except that if the Master Servicer or the Trustee requests any amendment of this
Agreement in furtherance of the rights and interests of Certificateholders,  the
cost of any Opinion of Counsel  required  in  connection  therewith  pursuant to
Section 11.01(a) or (c) shall be payable out of the Certificate Account.

                                      185

<PAGE>

     SECTION 11.02 Recordation of Agreement; Counterparts.

     (a) To the extent permitted by applicable law, this Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master  Servicer at the expense of the Trust Fund on  direction  by the Trustee,
such direction to be given by the Trustee only upon the Trustee's  receipt of an
Opinion of Counsel to be obtained by the party  requesting such recordation (the
cost of which may be paid out of the  Certificate  Account)  to the effect  that
such  recordation  materially  and  beneficially  affects the  interests  of the
Certificateholders.

     (b) For the purpose of  facilitating  the  recordation of this Agreement as
herein  provided  and  for  other  purposes,  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 11.03 Limitation on Rights of Certificateholders.

     (a) 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.

     (b) 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 party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

     (c) No Certificateholder shall have any right by virtue of any provision of
this  Agreement to institute any suit,  action or proceeding in equity or at law
upon or under or with respect to this  Agreement or any Mortgage  Loan,  unless,
with respect to any suit,  action or proceeding upon or under or with respect to
this Agreement, such Holder previously shall have given to the Trustee a written
notice of default  hereunder,  and of the continuance  thereof,  as hereinbefore
provided,  and unless also  (except in the case of a default by the Trustee) the
Holders of Certificates of any Class evidencing not less than 25% of the related
Percentage  Interests  in such Class 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 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or

                                      186

<PAGE>

refused to institute any such action,  suit or proceeding.  The Trustee shall be
under no  obligation  to exercise any of the trusts or powers vested in it under
this  Section  11.03(c)  or to  institute,  conduct  or  defend  any  litigation
hereunder or in relation hereto at the request, order or direction of any of the
Holders  of  Certificates  unless  such  Holders  have  offered  to the  Trustee
reasonable  security  against the costs,  expenses and liabilities  which may be
incurred  therein  or hereby.  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 shall have any right in any
manner  whatsoever  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,  which  priority or preference is not otherwise  provided for
herein,  or to  enforce  any right  under this  Agreement,  except in the manner
herein  provided  and  for  the  equal,   ratable  and  common  benefit  of  all
Certificateholders. For the protection and enforcement of the provisions of this
Section  11.03(c),  each and every  Certificateholder  and the Trustee  shall be
entitled to such relief as can be given either at law or in equity.

     SECTION 11.04 GOVERNING LAW.

     THIS AGREEMENT AND THE  CERTIFICATES  SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS OF THE STATE OF NEW YORK  APPLICABLE TO AGREEMENTS MADE AND TO
BE  PERFORMED  IN SAID STATE,  AND THE  OBLIGATIONS,  RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.05 Notices.

     Any communications  provided for or permitted hereunder shall be in writing
and, unless otherwise  expressly  provided herein,  shall be deemed to have been
duly given if  personally  delivered at or mailed by  registered  mail,  postage
prepaid  (except for  notices to the Trustee  which shall be deemed to have been
duly  given  only when  received),  to:  (i) in the case of the  Depositor,  650
Dresher  Road,  Horsham,  Pennsylvania  19044,  Attention:   Structured  Finance
Manager,  telecopy  number:  (215)  328-1775;  (ii) in the  case  of the  Master
Servicer,  650 Dresher Road, Horsham,  Pennsylvania 19044,  Attention:  Managing
Director, Commercial Servicing Operations, telecopy number: (215) 328-3478 (with
copies to General Counsel (telecopy number: (215) 328-3620));  (iii) in the case
of the Trustee and the Fiscal  Agent,  the Corporate  Trust Office;  (iv) in the
case of the Special Servicer,  550 California Street, San Francisco,  California
94101, telecopy number (415) 391- 2949, Attention:  CMBS Portfolio Manager (with
a copy to General Counsel);  (v) in the case of the Rating Agencies, (A) Moody's
Investors Services, Inc., 99 Church Street, New York, New York 10007, Attention:
CMBS Rating and Monitoring,  telecopy number: (212) 553-1350 and (B) FITCH IBCA,
Inc., One State Street Plaza,  New York, New York 10004,  Attention:  Commercial
Mortgage  Surveillance Dept.,  telecopy number: (212) 635-0295;  and (vi) in the
case of the Underwriters,  (A) Goldman,  Sachs & Co., 85 Broad Street, New York,
NY 10004,  Attention  Rolf  Edwards  telecopy  number:  (212)  346-3594  and (B)
Deutsche  Bank  Securities  Inc.,  31 West  52nd  Street,  New  York,  NY 10019,
Attention Greg Hartch, telecopy number: (212) 469-4579 or as to each such Person
such

                                      187

<PAGE>

other address as may hereafter be furnished by such Person to the parties hereto
in  writing.  Any  communication  required or  permitted  to be  delivered  to a
Certificateholder  shall be deemed to have been duly  given  when  mailed  first
class,  postage  prepaid,  to  the  address  of  such  Holder  as  shown  in the
Certificate  Register.  Any notice so mailed within the time  prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not
the Certificateholder receives such notice.

     SECTION 11.06 Severability of Provisions.

     If any one or more of the  covenants,  agreements,  provisions  or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

     SECTION 11.07 Grant of a Security Interest.

     The Depositor intends that the conveyance of the Depositor's  right,  title
and  interest in and to the  Mortgage  Loans  pursuant to this  Agreement  shall
constitute a sale and not a pledge of security for a loan. If such conveyance is
deemed to be a pledge of security for a loan,  however,  the  Depositor  intends
that the rights and obligations of the parties to such loan shall be established
pursuant to the terms of this  Agreement.  The Depositor also intends and agrees
that, in such event,  (i) the  Depositor  shall be deemed to have granted to the
Trustee (in such capacity) a first priority security interest in the Depositor's
entire right, title and interest in and to the assets comprising the Trust Fund,
including  without  limitation,  the Mortgage Loans  (including all  Replacement
Mortgage Loans),  all principal and interest received or receivable with respect
to the  Mortgage  Loans  (other than  principal  and  interest  payments due and
payable prior to the Cut-off Date and Principal  Prepayments  received  prior to
the Cut-off Date), all amounts held from time to time in the Certificate Account
and the Distribution Account and all reinvestment  earnings on such amounts, and
all of the Depositor's  right,  title and interest in and to the proceeds of any
title,  hazard or other Insurance  Policies  related to such Mortgage Loans, and
(ii) this Agreement shall constitute a security  agreement under applicable law.
The Depositor shall file or cause to be filed, as a precautionary filing, a Form
UCC-1  substantially in the form attached as Exhibit E hereto in all appropriate
locations in the  Commonwealth  of Pennsylvania  promptly  following the initial
issuance of the Certificates,  and the Master Servicer shall prepare and file at
each  such  office,  and the  Trustee  shall  execute,  continuation  statements
thereto,  in each case within six months prior to the fifth  anniversary  of the
immediately  preceding  filing.  The Depositor  shall  cooperate in a reasonable
manner  with the Trustee and the Master  Servicer in  preparing  and filing such
continuation  statements.  This  Section  11.07 shall  constitute  notice to the
Trustee pursuant to any of the requirements of the applicable Uniform Commercial
Code.

                                      188

<PAGE>

     SECTION 11.08 Successors and Assigns; Beneficiaries.

     The  provisions  of this  Agreement  shall be binding upon and inure to the
benefit of the parties hereto, their respective successors and permitted assigns
and all such provisions shall inure to the benefit of the Certificateholders. No
other person, including, without limitation, any Mortgagor, shall be entitled to
any benefit or equitable right, remedy or claim under this Agreement.

     SECTION 11.09 Article and Section Headings.

     The article and section  headings  herein are for  convenience of reference
only, and shall not limit or otherwise affect the meaning hereof.

     SECTION 11.10 Notices to the Rating Agencies.

     (a) The Trustee shall use reasonable  efforts promptly to provide notice or
a copy of the listed  item to each  Rating  Agency  with  respect to each of the
following of which it has actual knowledge:

          (i) any material change or amendment to this Agreement;

          (ii) the occurrence of any Event of Default that has not been cured;

          (iii) the  resignation,  termination  or merger  (with an entity other
     than an  Affiliate)  of the Master  Servicer,  the Special  Servicer or the
     Trustee or the Fiscal Agent;

          (iv) any change in the location of the Distribution Account;

          (v) a copy of the notice  given  pursuant  to Section  2.03(a) and the
     repurchase of Mortgage Loans by a Mortgage Loan Seller  pursuant to Section
     6 of the Mortgage Loan Purchase Agreement; and

          (vi) the final payment to any Class of Certificateholders.

     (b) Each of the Master  Servicer and the Special  Servicer  shall  promptly
furnish to each Rating Agency copies of the following:

          (i)  each of its  annual  statements  as to  compliance  described  in
     Section 3.13; and

          (ii) each of its  annual  independent  public  accountants'  servicing
     reports described in Section 3.14.

     (c) To the extent it is not already  required to do so under  Section  4.02
hereof,  the Trustee shall promptly furnish to each Rating Agency copies of each
report prepared and/or delivered by it pursuant to Section 4.02 hereof.

                                      189

<PAGE>

     (d) Each of the Master Servicer, the Special Servicer and the Trustee shall
provide such additional information to each Rating Agency upon request is in its
possession or reasonably available to it.

                                      190

<PAGE>

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

                                      GMAC COMMERCIAL MORTGAGE SECURITIES, INC.,
                                          Depositor

                                      By: /s/ David Lazarus
                                          -----------------------------------
                                      Name:   David Lazarus
                                      Title: Vice President

                                      GMAC COMMERCIAL MORTGAGE CORPORATION,
                                          Master Servicer and Special Servicer

                                      By: /s/ David Lazarus
                                          -----------------------------------
                                      Name: David Lazarus
                                      Title: Vice President

                                      LASALLE BANK NATIONAL ASSOCIATION,
                                          Trustee

                                      By: /s/ Barbara A. Wolf
                                          -----------------------------------
                                      Name: Barbara A. Wolf
                                      Title: Vice President

                                      ABN AMRO BANK N.V.,
                                          Fiscal Agent

                                      By: /s/ Barbara A. Wolf
                                          -----------------------------------
                                      Name: Barbara A. Wolf
                                      Title: Vice President

                                      By: /s/ Cynthia Reis
                                          -----------------------------------
                                      Name: Cynthia Reis
                                      Title: First Vice President

                                       S-1

<PAGE>

STATE OF NEW YORK    )
                     ) ss.
COUNTY OF NEW YORK   )

     On the 16th day of March,  2000, before me, a notary public in and for said
State,  personally  appeared David Lazarus known to me to be a Vice President of
GMAC COMMERCIAL MORTGAGE SECURITIES, INC., one of the corporations that executed
the within instrument,  and also known to me to be the person who executed it on
behalf  of  such  corporation,  and  acknowledged  to me that  such  corporation
executed the within instrument.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                        /s/ Ellen Reeman
                                                        ------------------------
                                                              Notary Public

[Notarial Seal]

<PAGE>

STATE OF NEW YORK    )
                     ) ss.
COUNTY OF NEW YORK   )

     On the 16th day of March,  2000, before me, a notary public in and for said
State,  personally  appeared David Lazarus known to me to be a Vice President of
GMAC COMMERCIAL MORTGAGE CORPORATION,  one of the corporations that executed the
within  instrument,  and also known to me to be the person  who  executed  it on
behalf  of  such  corporation,  and  acknowledged  to me that  such  corporation
executed the within instrument.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                        /s/ Ellen Reeman
                                                        ------------------------
                                                              Notary Public

[Notarial Seal]

<PAGE>

STATE OF ILLINOIS    )
                     )ss.
COUNTY OF COOK       )

     On the 16th day of March, 2000, before me, a notary public in and for
said  State,  personally  appeared  Barbara  A.  Wolf  known  to me to be a Vice
President of LASALLE BANK NATIONAL  ASSOCIATION,  a national chartered bank duly
organized,  validly  existing and in good  standing  under the United  States of
America  that  executed  the within  instrument,  and also known to me to be the
person  who  executed  it on  behalf  of such  nationally  chartered  bank,  and
acknowledged  to me that such  nationally  chartered  bank  executed  the within
instrument.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                        /s/ Vanessa Bethea
                                                        ------------------------
                                                              Notary Public

[Notarial Seal]

<PAGE>

STATE OF ILLINOIS    )
                     )  ss.
COUNTY OF COOK       )

     On the 16th day of March, 2000, before me, a notary public in and for
said State, personally appeared Barbara A. Wolf/Cynthia Reis known to me to be a
Vice President/1st  Vice President of AMRO BANK N.V., an organization  organized
under the laws of the Netherlands, that executed the within instrument, and also
known to me to be the person who executed it on behalf of such  organization and
acknowledged tome that such organization executed the within instrument.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                        /s/ Vanessa Bethea
                                                        ------------------------
                                                              Notary Public

[Notarial Seal]

<PAGE>

                                                 TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                         Page
<S>                                                                                                      <C>
ARTICLE I

         DEFINITIONS ...................................................................................    5
         SECTION 1.01 Defined Terms ....................................................................    5
         SECTION 1.02 Certain Calculations in Respect of the Mortgage Pool .............................   62

ARTICLE II

         CONVEYANCE OF MORTGAGE LOANS;
         ORIGINAL ISSUANCE OF CERTIFICATES .............................................................   63

         SECTION 2.01 Establishment of Trust; Conveyance of Mortgage Loans .............................   63

         SECTION 2.02 Acceptance by Trustee ............................................................   66

         SECTION 2.03 Mortgage Loan Sellers' Repurchase of Mortgage Loans for
                      Defects in Mortgage Files and Breaches of Representations
                      and Warranties ...................................................................   68

         SECTION 2.04 Issuance of Class R-I Certificates; Creation of REMIC I
                      Regular Interests ................................................................   70

         SECTION 2.05 Conveyance of REMIC I Regular Interests; Acceptance of
                      REMIC II by the Trustee ..........................................................   71

         SECTION 2.06 Issuance of Class R-II Certificates; Creation of REMIC II
                      Regular Interest .................................................................   71

         SECTION 2.07 Conveyance of REMIC II Regular Interests; Acceptance of
                      REMIC III by Trustee .............................................................   71

         SECTION 2.08 Issuance of REMIC III Certificates ...............................................   71

ARTICLE III

         ADMINISTRATION AND SERVICING
         OF THE TRUST FUND
            ............................................................................................   72
         SECTION 3.01 Servicing and Administration of the Mortgage Loans ...............................   72

         SECTION 3.02 Collection of Mortgage Loan Payments .............................................   74
</TABLE>

                                        i

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                                        <C>
         SECTION 3.03 Collection of Taxes, Assessments and Similar Items;
                      Servicing Accounts and Reserve Accounts ..........................................    74

         SECTION 3.04 Certificate Account, Distribution Account and Interest
                      Reserve Account ..................................................................    76

         SECTION 3.05 Permitted Withdrawals From the Certificate Account, the
                      Distribution Account, the Interest Reserve Account and the
                      Excess Liquidation Proceeds Reserve Account ......................................    80

         SECTION 3.06 Investment of Funds in the Certificate Account, the
                      Distribution Account, the Excess Liquidation Proceeds
                      Reserve Account, the Interest Reserve Account and the
                      REO Account ......................................................................    84

         SECTION 3.07 Maintenance of Insurance Policies; Errors and Omissions
                      and Fidelity Coverage ............................................................    86

         SECTION 3.08 Enforcement of Due-On-Sale Clauses; Assumption
                      Agreements; Subordinate Financing; Defeasance ....................................    89

         SECTION 3.09 Realization Upon Defaulted Mortgage Loans ........................................    92

         SECTION 3.10 Trustee to Cooperate; Release of Mortgage Files ..................................    95

         SECTION 3.11 Servicing Compensation; Nonrecoverable Servicing
                      Advances .........................................................................    96

         SECTION 3.12 Inspections; Collection of Financial Statements ..................................   100

         SECTION 3.13 Annual Statement as to Compliance ................................................   101

         SECTION 3.14 Reports by Independent Public Accountants ........................................   102

         SECTION 3.15 Access to Certain Information ....................................................   102

         SECTION 3.16 Title to REO Property; REO Account ...............................................   103

         SECTION 3.17 Management of REO Property; Independent Contractors ..............................   104

         SECTION 3.18 Sale of Defaulted Mortgage Loans and REO Properties ..............................   107

         SECTION 3.19 Additional Obligations of the Master Servicer and the
                      Special Servicer .................................................................   113

         SECTION 3.20 Modifications, Waivers, Amendments and Consents ..................................   115

         SECTION 3.21 Transfer of Servicing Between Master Servicer and Special
                      Servicer; Record Keeping .........................................................   117

         SECTION 3.22 Sub-Servicing Agreements .........................................................   119

         SECTION 3.23 Designation of Special Servicer by the Majority
                      Certificateholder of the Controlling Class .......................................   120

         SECTION 3.24 Lock-Box Accounts and Servicing Accounts .........................................   122

         SECTION 3.25 Representations and Warranties of the Master Servicer and
                      the Special Servicer .............................................................   122
</TABLE>

<TABLE>
<CAPTION>
<S>                                                                                                        <C>
ARTICLE IV

                                       ii

<PAGE>

         PAYMENTS TO CERTIFICATEHOLDERS
         AND RELATED MATTERS ...........................................................................   123

         SECTION 4.01 Distributions ....................................................................   123

         SECTION 4.02 Statements to Certificateholders; Certain Reports by the
                      Master Servicer and the Special Servicer .........................................   134

         SECTION 4.03 Delinquency Advances .............................................................   142

         SECTION 4.04 Allocation of Realized Losses and Additional Trust Fund
                      Expenses .........................................................................   144

ARTICLE V
         THE CERTIFICATES ..............................................................................   146

         SECTION 5.01 The Certificates .................................................................   146

         SECTION 5.02 Registration of Transfer and Exchange of Certificates ............................   146

         SECTION 5.03 Book-Entry Certificates ..........................................................   152

         SECTION 5.04 Mutilated, Destroyed, Lost or Stolen Certificates ................................   154

         SECTION 5.05 Persons Deemed Owners ............................................................   154

ARTICLE VI
         THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER ...................................   155

         SECTION 6.01 Liability of the Depositor, the Master Servicer and the
                      Special Servicer .................................................................   155

         SECTION 6.02 Merger, Consolidation or Conversion of the Depositor, the
                      Master Servicer and the Special Servicer; Assignment of
                      Rights and Delegation of Duties by the Master Servicer and
                      the Special Servicer .............................................................   155

         SECTION 6.03 Limitation on Liability of the Depositor, the Master
                      Servicer, the Special Servicer and Others ........................................   156

         SECTION 6.04 Depositor, Master Servicer and Special Servicer Not to
                      Resign ...........................................................................   157

         SECTION 6.05 Rights of the Depositor in Respect of the Master Servicer
                      and the Special Servicer .........................................................   157

ARTICLE VII
         DEFAULT .......................................................................................   158

         SECTION 7.01 Events of Default ................................................................   158

         SECTION 7.02 Trustee to Act; Appointment of Successor .........................................   160

         SECTION 7.03 Notification to Certificateholders ...............................................   161

         SECTION 7.04 Waiver of Events of Default ......................................................   162
</TABLE>

                                       iii

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                                        <C>
ARTICLE VIII
         CONCERNING THE TRUSTEE ........................................................................   162

         SECTION 8.01 Duties of Trustee and Fiscal Agent ...............................................   162

         SECTION 8.02 Certain Matters Affecting the Trustee ............................................   163

         SECTION 8.03 Trustee and Fiscal Agent not Liable for Validity or
                      Sufficiency of Certificates or Mortgage Loans ....................................   165

         SECTION 8.04 Trustee and Fiscal Agent May Own Certificates ....................................   165

         SECTION 8.05 Fees and Expenses of Trustee; Indemnification of Trustee
                      and Fiscal Agent .................................................................   165

         SECTION 8.06 Eligibility Requirements for Trustee and Fiscal Agent ............................   166

         SECTION 8.07 Resignation and Removal of the Trustee and the Fiscal
                      Agent ............................................................................   167

         SECTION 8.08 Successor Trustee ................................................................   168

         SECTION 8.09 Merger or Consolidation of Trustee and Fiscal Agent ..............................   168

         SECTION 8.10 Appointment of Co-Trustee or Separate Trustee ....................................   169

         SECTION 8.11 Appointment of Custodians ........................................................   170

         SECTION 8.12 Access to Certain Information ....................................................   170

         SECTION 8.13 Representations and Warranties of the Trustee ....................................   172

         SECTION 8.14 Filings with the Securities and Exchange Commission ..............................   174

         SECTION 8.15 Fiscal Agent Termination Event ...................................................   174

         SECTION 8.16 Procedure Upon Termination Event .................................................   175

ARTICLE IX
         TERMINATION ...................................................................................   175

         SECTION 9.01 Termination Upon Repurchase or Liquidation of All
                      Mortgage Loans ...................................................................   175

         SECTION 9.02 Additional Termination Requirements ..............................................   177

ARTICLE X
         ADDITIONAL REMIC PROVISIONS ...................................................................   178

         SECTION 10.01 REMIC Administration ............................................................   178

         SECTION 10.02 Depositor, Master Servicer, Special Servicer, Fiscal Agent,
                       Trustee to Cooperate ............................................................   181

         SECTION 10.03 Grantor Trust Administration ....................................................   182

ARTICLE XI

         MISCELLANEOUS PROVISIONS ......................................................................   183

         SECTION 11.01 Amendment .......................................................................   183

         SECTION 11.02 Recordation of Agreement; Counterparts ..........................................   186

         SECTION 11.03 Limitation on Rights of Certificateholders ......................................   186
</TABLE>

                                       iv
<PAGE>

<TABLE>
<S>                                                                                                        <C>
         SECTION 11.04 GOVERNING LAW ...................................................................   187

         SECTION 11.05 Notices .........................................................................   187

         SECTION 11.06 Severability of Provisions ......................................................   188

         SECTION 11.07 Grant of a Security Interest ....................................................   188

         SECTION 11.08 Successors and Assigns; Beneficiaries ...........................................   189

         SECTION 11.09 Article and Section Headings ....................................................   189

         SECTION 11.10 Notices to the Rating Agencies ..................................................   189
</TABLE>

                                       V

<PAGE>

                                      INDEX
                                                                          Page

Accrued Certificate Interest ...........................................    5
Acquisition Date .......................................................    5
Additional Information .................................................    6
Additional Servicing Fee ...............................................    6
Additional Servicing Fee Mortgage Loans ................................    6
Additional Trust Fund Expense ..........................................    6
Adjustable Rate Mortgage Loan ..........................................    6
Advance ................................................................    6
Advance Interest .......................................................    6
Adverse Grantor Trust Event ............................................    6
Adverse REMIC Event ....................................................    6
Affiliate ..............................................................    6
Agreement ..............................................................    6
Anticipated Repayment Date .............................................    7
Applicable State Law ...................................................    7
Appraisal ..............................................................    7
Appraisal Reduction Amount .............................................    7
Appraised Value ........................................................    8
ARD Loan ...............................................................    8
Assignment of Leases ...................................................    8
Assumed Monthly Payment ................................................    8
Available Distribution Amount ..........................................    9
Balloon Mortgage Loan ..................................................    9
Balloon Payment ........................................................    9
Balloon Payment Interest Excess ........................................    9
Balloon Payment Interest Shortfall .....................................   10
Bankruptcy Code ........................................................   10
Bloomberg ..............................................................   10
Book-Entry Certificate .................................................   10
Breach .................................................................   10
Broker Strip Amount ....................................................   10
Broker Strip Loans .....................................................   10
Business Day ...........................................................   10
Cash Collateral Account ................................................   11
Cash Collateral Account Agreement ......................................   11
CERCLA .................................................................   11
Certificate ............................................................   11

                                       vi

<PAGE>

Certificate Account .......................................................   11
Certificate Factor ........................................................   11
Certificate Notional Amount ...............................................   12
Certificate Owner .........................................................   12
Certificate Principal Balance .............................................   12
Certificate Register and Certificate Registrar ............................   12
Certificateholder or Holder ...............................................   11
Class .....................................................................   12
Class A Certificate .......................................................   12
Class A-1 .................................................................   12
Class A-1 Certificate .....................................................   12
Class A-2 Certificate .....................................................   12
Class B Certificate .......................................................   13
Class C Certificate .......................................................   12
Class D Certificate .......................................................   13
Class E Certificate .......................................................   13
Class F Certificate .......................................................   13
Class G Certificate .......................................................   13
Class H Certificate .......................................................   13
Class J Certificate .......................................................   13
Class K Certificate .......................................................   13
Class L Certificate .......................................................   13
Class LA-1 Component ......................................................   14
Class LA-1 Component Rate .................................................   16
Class LA-2 Component ......................................................   14
Class LA-2 Component Rate .................................................   16
Class LB Component ........................................................   14
Class LB Component Rate ...................................................   16
Class LC Component ........................................................   14
Class LC Component Rate ...................................................   16
Class LD Component ........................................................   14
Class LD Component Rate ...................................................   16
Class LE Component ........................................................   14
Class LE Component Rate ...................................................   16
Class LF Component ........................................................   15
Class LF Component Rate ...................................................   16
Class LG Component ........................................................   15
Class LG Component Rate ...................................................   16
Class LH Component ........................................................   15
Class LH Component Rate ...................................................   16

                                      vii

<PAGE>

Class LJ Component ........................................................   15
Class LJ Component Rate ...................................................   16
Class LK Component ........................................................   15
Class LK Component Rate ...................................................   17
Class LL Component ........................................................   15
Class LL Component Rate ...................................................   17
Class LM Component ........................................................   15
Class LM Component Rate ...................................................   17
Class LN Component ........................................................   15
Class LN Component Rate ...................................................   17
Class LO Component ........................................................   16
Class LO Component Rate ...................................................   17
Class M Certificate .......................................................   14
Class N Certificate .......................................................   14
Class Notional Amount .....................................................   17
Class O Certificate .......................................................   14
Class Principal Balance ...................................................   17
Class R-I Certificate .....................................................   17
Class R-I Distribution Amount .............................................   17
Class R-II Certificate ....................................................   18
Class R-II Distribution Amount ............................................   18
Class R-III Certificate ...................................................   18
Class R-III Distribution Amount ...........................................   18
Class X Certificate .......................................................   18
Class X Component .........................................................   18
Closing Date ..............................................................   18
CMSA Periodic Loan File ...................................................   18
Code ......................................................................   18
Collection Period .........................................................   18
Collection Report .........................................................   18
Commission ................................................................   18
Compensating Interest Payments ............................................   19
Component Notional Amount .................................................   19
Component Rate ............................................................   19
Controlling Class .........................................................   19
Corporate Trust Office ....................................................   19
Corrected Mortgage Loan ...................................................   19
CPR .......................................................................   19
Credit File ...............................................................   19
Credit Lease ..............................................................   20

                                      viii

<PAGE>

Credit Lease Loan .........................................................   20
Cross-Collateralized Mortgage Loans .......................................   20
Current Principal Distribution Amount .....................................   20
Custodian .................................................................   21
Cut-off Date ..............................................................   21
Cut-off Date Principal Balance ............................................   21
Debt Service Coverage Ratio ...............................................   21
Debt Service Reduction ....................................................   21
Debt Service Reserve Loans ................................................   21
Default Interest ..........................................................   21
Defaulted Mortgage Loan ...................................................   21
Defaulting Party ..........................................................   21
Defeasance Collateral .....................................................   22
Defeasance Loan ...........................................................   22
Defeasance Option .........................................................   22
Defect ....................................................................   22
Deficient Valuation .......................................................   22
Definitive Certificate ....................................................   22
Deleted Mortgage Loan .....................................................   22
Delinquency Advance .......................................................   22
Delinquency Advance Date ..................................................   22
Delinquent Loan Status Report .............................................   22
Depositor .................................................................   22
Depository ................................................................   23
Depository Participant ....................................................   22
Designated Sub-Servicer ...................................................   23
Designated Sub-Servicer Agreement .........................................   23
Determination Date ........................................................   23
Directly Operate ..........................................................   23
Discount Rate .............................................................   23
Discount Rate Fraction ....................................................   24
Distributable Certificate Interest ........................................   24
Distribution Account ......................................................   24
Distribution Date .........................................................   24
Distribution Date Statement ...............................................   24
Due Date ..................................................................   25
Eligible Account ..........................................................   25
Emergency Advance .........................................................   25
Environmental Assessment ..................................................   25
ERISA .....................................................................   25

                                       ix

<PAGE>

Escrow Payment ..........................................................    25
Event of Default ........................................................    25
Excess Interest .........................................................    25
Excess Liquidation Proceeds .............................................    26
Excess Liquidation Proceeds Reserve Account .............................    26
Excess Rate .............................................................    26
Exchange Act ............................................................    26
Extraordinary Prepayment Interest Shortfall .............................    26
FDIC ....................................................................    26
FHLMC ...................................................................    26
Final Distribution Date .................................................    26
Final Recovery Determination ............................................    26
Fiscal Agent ............................................................    27
Fiscal Agent Termination Event ..........................................27,174
FITCH IBCA ..............................................................    27
Fixed Rate Mortgage Loan ................................................    27
FNMA ....................................................................    27
GMACCM ..................................................................    27
Grantor Trust ...........................................................    27
Grantor Trust Assets ....................................................    27
Grantor Trust Provisions ................................................    27
Gross Margin ............................................................    28
Ground Lease ............................................................    28
Guarantor ...............................................................    28
Guaranty ................................................................    28
Hazardous Materials .....................................................    28
Historical Loan Modification Report .....................................    28
Historical Loss Report ..................................................    28
Independent .............................................................    28
Independent Contractor ..................................................    29
Index ...................................................................    29
Initial Balance .........................................................    29
Initial Class Notional Amount ...........................................    29
Initial Class Principal Balance .........................................    30
Insurance Policy ........................................................    30
Insurance Proceeds ......................................................    30
Interest Accrual Period .................................................    30
Interest Rate Adjustment Date ...........................................    30
Interest Reserve Account ................................................    30
Interest Reserve Loans ..................................................    30

                                       x

<PAGE>

Interested Person .........................................................   30
Investment Account ........................................................   30
Investor Certification ....................................................   30
Issue Price ...............................................................   31
Late Collections ..........................................................   31
Late Due Date Mortgage Loan ...............................................   31
Liquidation Event .........................................................   31
Liquidation Expenses ......................................................   31
Liquidation Fee ...........................................................   31
Liquidation Fee Rate ......................................................   32
Liquidation Proceeds ......................................................   32
Loan-to-Value Ratio .......................................................   32
Lock-Box Account ..........................................................   32
Lock-Box Agreement ........................................................   32
Loss Reimbursement Amount .................................................   33
MAI .......................................................................   32
Majority Certificateholder ................................................   32
Master Servicer ...........................................................   33
Master Servicer Remittance Date ...........................................   33
Master Servicing Fee ......................................................   33
Master Servicing Fee Rate .................................................   33
Maturity Date .............................................................   33
Modified Mortgage Loan ....................................................   34
Monthly Payment ...........................................................   34
Moody's ...................................................................   34
Mortgage ..................................................................   34
Mortgage File .............................................................   34
Mortgage Loan .............................................................   37
Mortgage Loan Purchase Agreement ..........................................   37
Mortgage Loan Schedule ....................................................   37
Mortgage Loan Seller ......................................................   38
Mortgage Note .............................................................   38
Mortgage Pool .............................................................   38
Mortgage Rate .............................................................   38
Mortgaged Property ........................................................   39
Mortgagor .................................................................   39
Net Aggregate Prepayment Interest Shortfall ...............................   39
Net Investment Earnings ...................................................   39
Net Investment Loss .......................................................   39
Net Mortgage Rate .........................................................   39

                                       xi

<PAGE>

Net Operating Income ......................................................   40
Non-Registered Certificate ................................................   40
Nonrecoverable Advance ....................................................   40
Nonrecoverable Delinquency Advance ........................................   40
Nonrecoverable Servicing Advance ..........................................   40
Officer's Certificate .....................................................   40
Opinion of Counsel ........................................................   40
OTS .......................................................................   40
Ownership Interest ........................................................   41
Participation Agreement ...................................................   41
Participation Interest ....................................................   41
Pass-Through Rate .........................................................   41
Payment Adjustment Date ...................................................   41
Payment Priority ..........................................................   41
Penalty Charges ...........................................................   42
Percentage Interest .......................................................   42
Permitted Investments .....................................................   42
Permitted Transferee ......................................................   44
Person ....................................................................   44
Plan ......................................................................   44
Preliminary Statement .....................................................   44
Prepayment Assumption .....................................................   44
Prepayment Interest Excess ................................................   45
Prepayment Interest Shortfall .............................................   45
Prepayment Premium ........................................................   45
Primary Servicing Office ..................................................   45
Principal Allocation Fraction .............................................   45
Principal Balance Certificate .............................................   45
Principal Distribution Amount .............................................   45
Principal Prepayment ......................................................   46
Private Book-Entry Certificate ............................................   46
Proposed Plan .............................................................   46
Prospectus ................................................................   46
PTCE 95-60 ................................................................   46
Purchase Price ............................................................   46
Qualified Appraiser .......................................................   46
Qualified Insurer .........................................................   46
Qualifying Substitute Mortgage Loan .......................................   47
Rated Final Distribution Date .............................................   47
Rating Agency .............................................................   47

                                      xii

<PAGE>

Rating Agency Confirmation ................................................   47
Rating Agency Monitoring Fee ..............................................   48
Realized Loss .............................................................   48
Record Date ...............................................................   48
Registered Certificates ...................................................   48
Reimbursement Rate ........................................................   49
Related Borrower Group ....................................................   49
Release Date ..............................................................   49
REMIC .....................................................................   49
REMIC I ...................................................................   49
REMIC I Regular Interest ..................................................   49
REMIC I Remittance Rate ...................................................   49
REMIC II ..................................................................   50
REMIC II Distribution Amount ..............................................   50
REMIC II Regular Interest .................................................   50
REMIC II Remittance Rate ..................................................   51
REMIC III .................................................................   51
REMIC III Certificate .....................................................   51
REMIC III Regular Certificate .............................................   51
REMIC Provisions ..........................................................   51
Rents from Real Property ..................................................   51
REO Account ...............................................................   52
REO Acquisition ...........................................................   52
REO Disposition ...........................................................   52
REO Extension .............................................................   52
REO Loan ..................................................................   52
REO Property ..............................................................   53
REO Revenues ..............................................................   53
REO Status Report .........................................................   53
REO Tax ...................................................................   53
Replacement Mortgage Loan .................................................   53
Request for Release .......................................................   53
Required Appraisal Loan ...................................................   53
Reserve Account ...........................................................   53
Reserve Funds .............................................................   53
Residual Certificate ......................................................   54
Responsible Officer .......................................................   54
Revised Rate ..............................................................   54
Securities Act ............................................................   54
Security Agreement ........................................................   54

                                      xiii

<PAGE>

Senior Certificate ........................................................   54
Servicer Watch List .......................................................   54
Servicing Account .........................................................   54
Servicing Advances ........................................................   54
Servicing Fee Rate ........................................................   55
Servicing Fees ............................................................   55
Servicing File ............................................................   55
Servicing Officer .........................................................   55
Servicing Standard ........................................................   55
Servicing Transfer Event ..................................................   55
Special Servicer ..........................................................   55
Special Servicing Fee .....................................................   55
Special Servicing Fee Rate ................................................   55
Specially Serviced Mortgage Loan ......................................... 20,56
Specified Debt Service Reserve Loans ......................................   57
Startup Day ...............................................................   57
Stated Maturity Date ......................................................   57
Stated Principal Balance ..................................................   58
Strip Holder ..............................................................   58
Sub-Servicer ..............................................................   58
Sub-Servicing Agreement ...................................................   58
Subordinated Certificate ..................................................   58
Substitution Shortfall Amount .............................................   58
Supplemental Agreement ....................................................   58
Tax Returns ...............................................................   58
Tenant ....................................................................   59
Transfer ..................................................................   59
Transfer Affidavit and Agreement ..........................................   59
Transferee ................................................................   59
Transferor ................................................................   59
Trust Fund ................................................................   59
Trustee ...................................................................   59
Trustee Fee ...............................................................   59
Trustee Fee Rate ..........................................................   59
UCC .......................................................................   59
UCC Financing Statement ...................................................   59
Uncertificated Accrued Interest ...........................................   60
Uncertificated Distributable Interest .....................................   60
Uncertificated Principal Balance ..........................................   60
Underwriter ...............................................................   61
Uninsured Cause ...........................................................   61

                                      xiv

<PAGE>

United States Person ......................................................   61
USPAP .....................................................................   61
Voting Rights .............................................................   61
Weighted Average Net Mortgage Rate ........................................   61
Withheld Amount ...........................................................   61
Workout Fee ...............................................................   62
Workout Fee Rate ..........................................................   62

                                       xv

<PAGE>

EXHIBITS

Exhibit A-1  Form of Class X Certificate ..............................    A-1-1
Exhibit A-2  Form of Class A-1 Certificate ............................    A-2-1
Exhibit A-3  Form of Class A-2 Certificate ............................    A-3-1
Exhibit A-4  Form of Class B Certificate ..............................    A-4-1
Exhibit A-5  Form of Class C Certificate ..............................    A-5-1
Exhibit A-6  Form of Class D Certificate ..............................    A-6-1
Exhibit A-7  Form of Class E Certificate ..............................    A-7-1
Exhibit A-8  Form of Class F Certificate ..............................    A-8-1
Exhibit A-9  Form of Class G Certificate ..............................    A-9-1
Exhibit A-10 Form of Class H Certificate ..............................   A-10-1
Exhibit A-11 Form of Class J Certificate ..............................   A-11-1
Exhibit A-12 Form of Class K Certificate ..............................   A-12-1
Exhibit A-13 Form of Class L Certificate ..............................   A-13-1
Exhibit A-14 Form of Class M Certificate ..............................   A-14-1
Exhibit A-15 Form of Class N Certificate ..............................   A-15-1
Exhibit A-16 Form of Class O Certificate ...............................  A-16-1
Exhibit A-17 Form of Class R-I Certificate ............................   A-16-1
Exhibit A-18 Form of Class R-II Certificate ...........................   A-17-1
Exhibit A-19 Form of Class R-III Certificate ..........................   A-18-1
Exhibit B-1  Form of Transferor Certificate ...........................    B-1-1
Exhibit B-2  Form of Transferee Certificate ...........................    B-2-1
Exhibit B-3  Form of Transferee Certificate ...........................    B-3-1
Exhibit C-1  Form of Transfer Affidavit and Agreement .................    C-1-1
Exhibit C-2  Form of Transferor Certificate ...........................    C-2-1
Exhibit D Form of Request for Release .................................      D-1
Exhibit E Form of UCC-1 Financing Statement ...........................      E-1
Exhibit F Methodology to Normalize Net Operating Income and
          Debt Service Coverage .......................................      F-1
Exhibit G Form of Distribution Date Statement .........................      G-1
Exhibit H Form of Master Servicer Report ..............................      H-1
Exhibit I Certain Reports .............................................      I-1
Exhibit J Form of CMSA Periodic Loan File .............................      J-1
Exhibit K Form of Investor Certification ..............................      K-1
Exhibit L Schedule of Designated Sub-Servicers ........................      L-1

SCHEDULES

Schedule I Mortgage Loan Schedule .................................    Sch. I-1

                                      xvi

<PAGE>

                                                                     EXHIBIT A-1

                           FORM OF CLASS X CERTIFICATE

                                CLASS X MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Variable

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan,
the Due Date for such Mortgage Loan in March,
2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. X-___

Certificate Notional Amount of this Class X
Certificate as of the Issue Date: $_______________

Class  Notional  Amount of all the Class X  Certificates  as of the Issue  Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Loans as of their respective
Cut-off Dates, after deducting payments of principal due on or before such date,
whether or not received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KL 5

ISIN No. US361849KL53

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

                                      A-1-1

<PAGE>

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE  HAS BEEN ISSUED WITH NO MORE THAN $22.58 OF OID PER $1,000 OF
INITIAL  CERTIFICATE  NOTIONAL AMOUNT, THE YIELD TO MATURITY IS 10.43% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$.33 PER $1,000 OF INITIAL CERTIFICATE NOTIONAL AMOUNT, COMPUTED UNDER THE EXACT
METHOD.  NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE
BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

THIS  CERTIFICATE  DOES NOT HAVE A  CERTIFICATE  PRINCIPAL  BALANCE AND DOES NOT
ENTITLE THE HOLDER HEREOF TO ANY  DISTRIBUTIONS OF PRINCIPAL.  THE HOLDER HEREOF
WILL BE  ENTITLED  TO  DISTRIBUTIONS  OF  INTEREST  ACCRUED AS  PROVIDED  IN THE
AGREEMENT ON THE CERTIFICATE  NOTIONAL AMOUNT OF THIS CERTIFICATE,  WHICH AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class X  Certificate  (obtained  by  dividing  the
notional principal amount of this Class X Certificate (its "Certificate Notional
Amount") as of the Issue Date by the aggregate notional principal balance of all
the Class X Certificates  (their "Class Notional  Amount") as of the Issue Date)
in that  certain  beneficial  ownership  interest  evidenced  by all the Class X
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class  X  Certificates  on the  applicable  Distribution  Date  pursuant  to the
Agreement. All distributions made under the Agreement on any Class X Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well) and
such  Certificateholder is the registered owner of all the Class X Certificates,
or otherwise by check mailed to the address of such Certificateholder  appearing
in the Certificate  Register.  Notwithstanding the above, the final distribution
on this Certificate will be made after due notice by the Trustee of the pendency
     of such  distribution  and only upon  presentation  and  surrender  of this
Certificate
at the  offices  of the  Certificate  Registrar  appointed  as  provided  in the
Agreement or such other location as may be specified in such notice.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes other than, and, in certain cases,

                                      A-1-2

<PAGE>

prior to,  distributions  to  Certificateholders,  such  purposes  including the
reimbursement  of advances made, or certain expenses  incurred,  with respect to
the Mortgage Loans and the payment of interest on such advances and expenses.

     The Class X Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class X
Certificates  are  exchangeable  for new  Class  X  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class X  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of a Senior  Certificate or any interest  therein shall be made
(i) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan"), or (ii) 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,  unless:  (1) such Plan  qualifies for the
exemptive relief available under the terms of Prohibited  Transaction  Exemption
94-29 (granted to GMAC and certain of its affiliates) or Prohibited  Transaction
Exemption 89-88 or FAN 97-03-E granted to the  underwriters of the  Certificates
and (2) at the time of such  transfer,  the Senior  Certificates  continue to be
rated in one of the top three rating categories by at least one Rating Agency.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class X Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
X Certificates.

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and

                                      A-1-3

<PAGE>

the Fiscal Agent thereunder and the rights of the Certificateholders thereunder,
at any time by the Depositor,  the Master Servicer,  the Special  Servicer,  the
Trustee and the Fiscal  Agent with the  consent of the  Holders of  Certificates
entitled to at least  66-2/3% of the Voting  Rights  allocated  to the  affected
Classes.  Any such consent by the Holder of this Certificate shall be conclusive
and binding on such Holder and upon all future Holders of this  Certificate  and
of any Certificate  issued upon the transfer hereof or in exchange herefor or in
lieu  hereof  whether  or not  notation  of  such  consent  is  made  upon  this
Certificate.  The  Agreement  also  permits the  amendment  thereof,  in certain
circumstances,  including  any  amendment  necessary  to maintain  the status of
designated  portions  of the Trust Fund as a REMIC,  without  the consent of the
Holders of any of the Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-1-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class X Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-1-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-1-6

<PAGE>

                                                                     EXHIBIT A-2

                          FORM OF CLASS A-1 CERTIFICATE

                               CLASS A-1 MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
7.5840%

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. A-1-___

Certificate Principal Balance of this Class A-1
Certificate as of the Issue Date:  $_______________

Certificate  Principal Balance of all the Class A-1 Certificates as of the Issue
Date: $_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KM 3

ISIN No. US361849KM37

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

                                      A-2-1

<PAGE>

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. IN ADDITION,  FOLLOWING THE
DATE ON WHICH THE AGGREGATE  CERTIFICATE PRINCIPAL BALANCE 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  OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this Class A-1  Certificate  (obtained  by dividing  the
principal  balance of this Class A-1  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class A-1 Certificates  (their "Class Principal  Balance") as of the Issue Date)
in that certain  beneficial  ownership  interest  evidenced by all the Class A-1
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class A-1  Certificates  on the  applicable  Distribution  Date  pursuant to the
Agreement.  All  distributions  made  under  the  Agreement  on  any  Class  A-1
Certificate  will  be made  by the  Trustee  by  wire  transfer  in  immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such  Certificateholder  shall
have  provided the Trustee with wiring  instructions  no less than five Business
Days prior to the Record Date for such distribution  (which wiring  instructions
may  be  in  the  form  of  a  standing  order   applicable  to  all  subsequent
distributions  as well),  or  otherwise  by check  mailed to the address of such
Certificateholder  appearing in the Certificate  Register.  Notwithstanding  the
above, the final distribution on this Certificate  (determined without regard to
any possible future  reimbursement of any Realized Loss or Additional Trust Fund
Expense previously  allocated to this Certificate) will be made after due notice
by the Trustee of the pendency of such  distribution and only upon  presentation
and surrender of this  Certificate at the offices of the  Certificate  Registrar
appointed  as  provided  in the  Agreement  or  such  other  location  as may be
specified in such notice. Also  notwithstanding the foregoing,  any distribution
that may be made  with  respect  to this  Certificate  in  reimbursement  of any
Realized  Loss or  Additional  Trust Fund Expense  previously  allocated to this
Certificate,  which  reimbursement  is to occur  after  the  date on which  this
Certificate is surrendered as  contemplated by the preceding  sentence,  will be
made  by  check  mailed  to the  address  of the  Holder  that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions

                                      A-2-2

<PAGE>

to  Certificateholders,  such purposes  including the  reimbursement of advances
made, or certain expenses  incurred,  with respect to the Mortgage Loans and the
payment of interest on such advances and expenses.

     The Class A-1  Certificates  are  issuable  in fully  registered  form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class A-1
Certificates  are  exchangeable  for new Class A-1  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new Class A-1  Certificates  in authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of a Senior  Certificate or any interest  therein shall be made
(i) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan"), or (ii) 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,  unless:  (1) such Plan  qualifies for the
exemptive relief available under the terms of Prohibited  Transaction  Exemption
94-29 (granted to GMAC and certain of its affiliates) or Prohibited  Transaction
Exemption 89-88 or FAN 97-03-E granted to the  underwriters of the  Certificates
and (2) at the time of such  transfer,  the Senior  Certificates  continue to be
rated in one of the top three rating categories by at least one Rating Agency.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class A-1 Certificates, but the Trustee or the Certificate Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
A-1 Certificates.

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master

                                      A-2-3

<PAGE>

Servicer,  the Special Servicer, the Trustee and the Fiscal Agent thereunder and
the rights of the Certificateholders  thereunder,  at any time by the Depositor,
the Master Servicer, the Special Servicer, the Trustee and the Fiscal Agent with
the consent of the Holders of  Certificates  entitled to at least  662/3% of the
Voting Rights allocated to the affected Classes.  Any such consent by the Holder
of this Certificate  shall be conclusive and binding on such Holder and upon all
future  Holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon this  Certificate.  The Agreement  also permits the
amendment thereof, in certain  circumstances,  including any amendment necessary
to  maintain  the status of  designated  portions  of the Trust Fund as a REMIC,
without the consent of the Holders of any of the Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-2-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This  is  one  of  the  Class   A-1   Certificates   referred   to  in  the
within-mentioned Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-2-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-2-6

<PAGE>

                                                                     EXHIBIT A-3

                          FORM OF CLASS A-2 CERTIFICATE

                               CLASS A-2 MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.7240% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. A-2-___

Certificate Principal Balance of this Class A-2
Certificate as of the Issue Date:  $_______________

Certificate  Principal Balance of all the Class A-2 Certificates as of the Issue
Date: $_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KN 1

ISIN No. US361849KN10

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

                                      A-3-1

<PAGE>

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN. IN ADDITION,  FOLLOWING THE
DATE ON WHICH THE AGGREGATE  CERTIFICATE PRINCIPAL BALANCE 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  OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this Class A-2  Certificate  (obtained  by dividing  the
principal  balance of this Class A-2  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class A-2 Certificates  (their "Class Principal  Balance") as of the Issue Date)
in that certain  beneficial  ownership  interest  evidenced by all the Class A-2
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class A-2  Certificates  on the  applicable  Distribution  Date  pursuant to the
Agreement.  All  distributions  made  under  the  Agreement  on  any  Class  A-2
Certificate  will  be made  by the  Trustee  by  wire  transfer  in  immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such  Certificateholder  shall
have  provided the Trustee with wiring  instructions  no less than five Business
Days prior to the Record Date for such distribution  (which wiring  instructions
may  be  in  the  form  of  a  standing  order   applicable  to  all  subsequent
distributions  as well),  or  otherwise  by check  mailed to the address of such
Certificateholder  appearing in the Certificate  Register.  Notwithstanding  the
above, the final distribution on this Certificate  (determined without regard to
any possible future  reimbursement of any Realized Loss or Additional Trust Fund
Expense previously  allocated to this Certificate) will be made after due notice
by the Trustee of the pendency of such  distribution and only upon  presentation
and surrender of this  Certificate at the offices of the  Certificate  Registrar
appointed  as  provided  in the  Agreement  or  such  other  location  as may be
specified in such notice. Also  notwithstanding the foregoing,  any distribution
that may be made  with  respect  to this  Certificate  in  reimbursement  of any
Realized  Loss or  Additional  Trust Fund Expense  previously  allocated to this
Certificate,  which  reimbursement  is to occur  after  the  date on which  this
Certificate is surrendered as  contemplated by the preceding  sentence,  will be
made  by  check  mailed  to the  address  of the  Holder  that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

                                      A-3-2

<PAGE>

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class A-2  Certificates  are  issuable  in fully  registered  form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class A-2
Certificates  are  exchangeable  for new Class A-2  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new Class A-2  Certificates  in authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of a Senior  Certificate or any interest  therein shall be made
(i) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan"), or (ii) 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,  unless:  (1) such Plan  qualifies for the
exemptive relief available under the terms of Prohibited  Transaction  Exemption
94-29 (granted to GMAC and certain of its affiliates) or Prohibited  Transaction
Exemption 89-88 or FAN 97-03-E granted to the  underwriters of the  Certificates
and (2) at the time of such  transfer,  the Senior  Certificates  continue to be
rated in one of the top three rating categories by at least one Rating Agency.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class A-2 Certificates, but the Trustee or the Certificate Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
A-2 Certificates.

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

                                      A-3-3

<PAGE>

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-3-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This  is  one  of  the  Class   A-2   Certificates   referred   to  in  the
within-mentioned Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-3-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-3-6

<PAGE>

                                                                     EXHIBIT A-4

                           FORM OF CLASS B CERTIFICATE

                                CLASS B MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.8500% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. B-___

Certificate Principal Balance of this Class B Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class B Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KP 6

ISIN No. US361849KP67

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

                                      A-4-1

<PAGE>

THIS  CERTIFICATE  IS  SUBORDINATE  TO THE  CLASS  A-1,  CLASS  A-2 AND  CLASS X
CERTIFICATES  OF THE SAME  SERIES,  AS AND TO THE EXTENT  PROVIDED IN  AGREEMENT
REFERRED TO HEREIN.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS A-1 AND CLASS A-2 CERTIFICATES OF THE SAME SERIES. IN ADDITION,  FOLLOWING
THE DATE ON WHICH THE AGGREGATE  CERTIFICATE  PRINCIPAL  BALANCE OF THE 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  OF THE SAME  SERIES IS REDUCED  TO ZERO,  THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class B  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class B  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class B Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  B
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class  B  Certificates  on the  applicable  Distribution  Date  pursuant  to the
Agreement. All distributions made under the Agreement on any Class B Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss or Additional  Trust Fund Expense  previously  allocated to
this  Certificate)  will be made after due notice by the Trustee of the pendency
of  such   distribution  and  only  upon  presentation  and  surrender  of  this
Certificate at the offices of the Certificate Registrar appointed as provided in
the  Agreement or such other  location as may be specified in such notice.  Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund

                                      A-4-2

<PAGE>

Expense  previously  allocated to this  Certificate,  which  reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the  preceding  sentence,  will be made by check  mailed to the  address  of the
Holder that  surrenders  this  Certificate  as such address last appeared in the
Certificate  Register  or to any such  other  address  of which the  Trustee  is
subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class B Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class B
Certificates  are  exchangeable  for new  Class  B  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class B  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     Any purchaser of a Class B Certificate  will be deemed to have  represented
by such purchase that either (a) such purchaser is not an 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,  that is subject to
ERISA or Section 4975 of the Code (each,  a "Plan") and is not  purchasing  such
Certificate  by or on behalf of, or with "plan  assets"  of, any Plan or (b) the
purchase of any such  Certificate  by or on behalf of, or with "plan assets" of,
any Plan is permissible  under applicable law, will not result in any non-exempt
prohibited  transaction  under ERISA or Section  4975 of the Code,  and will not
subject the  Depositor,  the  Trustee,  the Fiscal  Agent or the Servicer to any
obligation in addition to those  undertaken in the Agreement,  and the following
conditions are met: (a) the source of funds used to purchase such Certificate is
an "insurance  company general  account" (as such term is defined in PTCE 95-60)
and (b) the  conditions  set forth in Sections I and III of PTCE 95-60 have been
satisfied as of the date of the acquisition of such Certificate. The Trustee may
require that any prospective transferee of a Class B Certificate that is held as
a Definitive  Certificate,  provide such  certifications as the Trustee may deem
desirable or necessary in order to establish that such  transferee or the Person
in whose name such  registration  is  requested is not a Plan or a Person who is
directly  or  indirectly  purchasing  such  Certificate  on behalf  of, as named
fiduciary of, as trustee of, or with assets of a Plan.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class B Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
B Certificates.

                                      A-4-3

<PAGE>

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-4-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class B Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-4-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-4-6

<PAGE>

                                                                     EXHIBIT A-5

                           FORM OF CLASS C CERTIFICATE

                                CLASS C MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.9670% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. C-___

Certificate Principal Balance of this Class C Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class C Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KQ 4

ISIN No. US361849KQ41

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

                                      A-5-1

<PAGE>

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X AND CLASS B
CERTIFICATES OF THE SAME SERIES,  AS AND TO THE EXTENT PROVIDED IN THE AGREEMENT
REFERRED TO HEREIN.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS A-1, CLASS A-2 AND CLASS B CERTIFICATES  OF THE SAME SERIES.  IN ADDITION,
FOLLOWING THE DATE ON WHICH THE AGGREGATE  CERTIFICATE  PRINCIPAL BALANCE OF THE
CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M,
CLASS N AND CLASS O  CERTIFICATES  OF THE SAME  SERIES IS REDUCED  TO ZERO,  THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class C  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class C  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class C Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  C
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class  C  Certificates  on the  applicable  Distribution  Date  pursuant  to the
Agreement. All distributions made under the Agreement on any Class C Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss or Additional Trust Fund

                                      A-5-2

<PAGE>

Expense previously  allocated to this Certificate) will be made after due notice
by the Trustee of the pendency of such  distribution and only upon  presentation
and surrender of this  Certificate at the offices of the  Certificate  Registrar
appointed  as  provided  in the  Agreement  or  such  other  location  as may be
specified in such notice. Also  notwithstanding the foregoing,  any distribution
that may be made  with  respect  to this  Certificate  in  reimbursement  of any
Realized  Loss or  Additional  Trust Fund Expense  previously  allocated to this
Certificate,  which  reimbursement  is to occur  after  the  date on which  this
Certificate is surrendered as  contemplated by the preceding  sentence,  will be
made  by  check  mailed  to the  address  of the  Holder  that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class C Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class C
Certificates  are  exchangeable  for new  Class  C  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class C  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     Any purchaser of a Class C Certificate  will be deemed to have  represented
by such purchase that either (a) such purchaser is not an 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,  that is subject to
ERISA or Section 4975 of the Code (each,  a "Plan") and is not  purchasing  such
Certificate  by or on behalf of, or with "plan  assets"  of, any Plan or (b) the
purchase of any such  Certificate  by or on behalf of, or with "plan assets" of,
any Plan is permissible  under applicable law, will not result in any non-exempt
prohibited  transaction  under ERISA or Section  4975 of the Code,  and will not
subject the  Depositor,  the  Trustee,  the Fiscal  Agent or the Servicer to any
obligation in addition to those  undertaken in the Agreement,  and the following
conditions are met: (a) the source of funds used to purchase such Certificate is
an "insurance  company general  account" (as such term is defined in PTCE 95-60)
and (b) the  conditions  set forth in Sections I and III of PTCE 95-60 have been
satisfied as of the date of the acquisition of such Certificate. The Trustee may
require that any prospective transferee of a Class C Certificate that is held as
a Definitive  Certificate,  provide such  certifications as the Trustee may deem
desirable or necessary in order to establish that such  transferee or the Person
in whose name such  registration  is  requested is not a Plan or a Person who is
directly  or  indirectly  purchasing  such  Certificate  on behalf  of, as named
fiduciary of, as trustee of, or with assets of a Plan.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class C Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
C Certificates.

                                      A-5-3

<PAGE>

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-5-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class C Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-5-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-5-6

<PAGE>

                                                                     EXHIBIT A-6

                           FORM OF CLASS D CERTIFICATE

                                CLASS D MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 8.0450% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. D-___

Certificate Principal Balance of this Class D Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class D Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KR 2

ISIN No. US361849KR24

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

                                      A-6-1

<PAGE>

THIS  CERTIFICATE  IS  SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X, CLASS B
AND CLASS C CERTIFICATES  OF THE SAME SERIES,  AS AND TO THE EXTENT  PROVIDED IN
THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS A-1, CLASS A-2, CLASS B AND CLASS C  CERTIFICATES  OF THE SAME SERIES.  IN
ADDITION,  FOLLOWING  THE  DATE ON WHICH  THE  AGGREGATE  CERTIFICATE  PRINCIPAL
BALANCE  OF THE CLASS E,  CLASS F,  CLASS G, CLASS H, CLASS J, CLASS K, CLASS L,
CLASS M, CLASS N AND CLASS O CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS  CERTIFICATE  MAY BE  REDUCED  IN
CONNECTION WITH LOSSES ON THE MORTGAGE LOANS AND CERTAIN UNANTICIPATED EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class D  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class D  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class D Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  D
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding  the  month  of  such  distribution  (as to the  Class  D
Certificates,  the  "Record  Date"),  in an amount  equal to the  product of the
Percentage  Interest evidenced by this Certificate and the amount required to be
distributed  to the  Holders  of the  Class  D  Certificates  on the  applicable
Distribution Date pursuant to the Agreement.  All  distributions  made under the
Agreement  on any  Class D  Certificate  will be  made  by the  Trustee  by wire
transfer in immediately  available  funds to the account of the Person  entitled
thereto at a bank or other entity having  appropriate  facilities  therefor,  if
such Certificateholder  shall have provided the Trustee with wiring instructions
no less than five Business  Days prior to the Record Date for such  distribution
(which wiring  instructions may be in the form of a standing order applicable to
all  subsequent  distributions  as well),  or  otherwise  by check mailed to the
address  of  such  Certificateholder  appearing  in  the  Certificate  Register.
Notwithstanding   the  above,   the  final   distribution  on  this  Certificate
(determined without regard to any possible future reimbursement of any Realized

                                      A-6-2

<PAGE>

Loss or Additional Trust Fund Expense previously  allocated to this Certificate)
will  be  made  after  due  notice  by the  Trustee  of  the  pendency  of  such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate  Registrar  appointed as provided in the Agreement or
such other location as may be specified in such notice. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional  Trust Fund Expense  previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class D Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class D
Certificates  are  exchangeable  for new  Class  D  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class D  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     Any purchaser of a Class D Certificate  will be deemed to have  represented
by such purchase that either (a) such purchaser is not an 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,  that is subject to
ERISA or Section 4975 of the Code (each,  a "Plan") and is not  purchasing  such
Certificate  by or on behalf of, or with "plan  assets"  of, any Plan or (b) the
purchase of any such  Certificate  by or on behalf of, or with "plan assets" of,
any Plan is permissible  under applicable law, will not result in any non-exempt
prohibited  transaction  under ERISA or Section  4975 of the Code,  and will not
subject the  Depositor,  the  Trustee,  the Fiscal  Agent or the Servicer to any
obligation in addition to those  undertaken in the Agreement,  and the following
conditions are met: (a) the source of funds used to purchase such Certificate is
an "insurance  company general  account" (as such term is defined in PTCE 95-60)
and (b) the  conditions  set forth in Sections I and III of PTCE 95-60 have been
satisfied as of the date of the acquisition of such Certificate. The Trustee may
require that any prospective transferee of a Class D Certificate that is held as
a Definitive  Certificate,  provide such  certifications as the Trustee may deem
desirable or necessary in order to establish that such  transferee or the Person
in whose name such  registration  is  requested is not a Plan or a Person who is
directly  or  indirectly  purchasing  such  Certificate  on behalf  of, as named
fiduciary of, as trustee of, or with assets of a Plan.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class D Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
D Certificates.

                                      A-6-3

<PAGE>

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-6-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class D Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-6-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-6-6

<PAGE>

                                                                     EXHIBIT A-7

                           FORM OF CLASS E CERTIFICATE

                                CLASS E MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. E-___

Certificate Principal Balance of this Class E Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class E Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KS 0

ISIN No. US361849KS07

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X, CLASS B,
CLASS C AND  CLASS D  CERTIFICATES  OF THE  SAME  SERIES,  AS AND TO THE  EXTENT
PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

                                      A-7-1

<PAGE>

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS A-1,  CLASS A-2,  CLASS B,  CLASS C AND CLASS D  CERTIFICATES  OF THE SAME
SERIES.  IN  ADDITION,  FOLLOWING  THE DATE ON WHICH THE  AGGREGATE  CERTIFICATE
PRINCIPAL  BALANCE  OF THE CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L,
CLASS M, CLASS N AND CLASS O CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS  CERTIFICATE  MAY BE  REDUCED  IN
CONNECTION WITH LOSSES ON THE MORTGAGE LOANS AND CERTAIN UNANTICIPATED EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class E  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class E  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class E Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  E
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class  E  Certificates  on the  applicable  Distribution  Date  pursuant  to the
Agreement. All distributions made under the Agreement on any Class E Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss

                                      A-7-2

<PAGE>

or Additional Trust Fund Expense previously  allocated to this Certificate) will
be made after due notice by the Trustee of the pendency of such distribution and
only upon  presentation  and surrender of this Certificate at the offices of the
Certificate  Registrar  appointed  as  provided in the  Agreement  or such other
location as may be specified in such notice. Also notwithstanding the foregoing,
any  distribution  that  may  be  made  with  respect  to  this  Certificate  in
reimbursement of any Realized Loss or Additional  Trust Fund Expense  previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class E Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class E
Certificates  are  exchangeable  for new  Class  E  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class E  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     Any purchaser of a Class E Certificate  will be deemed to have  represented
by such purchase that either (a) such purchaser is not an 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,  that is subject to
ERISA or Section 4975 of the Code (each,  a "Plan") and is not  purchasing  such
Certificate  by or on behalf of, or with "plan  assets"  of, any Plan or (b) the
purchase of any such  Certificate  by or on behalf of, or with "plan assets" of,
any Plan is permissible  under applicable law, will not result in any non-exempt
prohibited  transaction  under ERISA or Section  4975 of the Code,  and will not
subject the  Depositor,  the  Trustee,  the Fiscal  Agent or the Servicer to any
obligation in addition to those  undertaken in the Agreement,  and the following
conditions are met: (a) the source of funds used to purchase such Certificate is
an "insurance  company general  account" (as such term is defined in PTCE 95-60)
and (b) the  conditions  set forth in Sections I and III of PTCE 95-60 have been
satisfied as of the date of the acquisition of such Certificate. The Trustee may
require that any prospective transferee of a Class E Certificate that is held as
a Definitive  Certificate,  provide such  certifications as the Trustee may deem
desirable or necessary in order to establish that such  transferee or the Person
in whose name such  registration  is  requested is not a Plan or a Person who is
directly  or  indirectly  purchasing  such  Certificate  on behalf  of, as named
fiduciary of, as trustee of, or with assets of a Plan.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class E Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
E Certificates.

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

                                      A-7-3

<PAGE>

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-7-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class E Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-7-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-7-6

<PAGE>

                                                                     EXHIBIT A-8

                          FORM OF CLASS F CERTIFICATE

                                CLASS F MORTGAGE
                           PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date: With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date: March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. F-___

Certificate Principal Balance of this Class F Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class F Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

CUSIP No. 361849 KT 8

ISIN No. US361849KT89

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X, CLASS B,
CLASS C,  CLASS D AND CLASS E  CERTIFICATES  OF THE SAME  SERIES,  AS AND TO THE
EXTENT PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

                                      A-8-1

<PAGE>

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE  HAS BEEN ISSUED WITH NO MORE THAN $28.48 OF OID PER $1,000 OF
INITIAL  CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 8.81% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$.03 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED  UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS A-1, CLASS A-2, CLASS B, CLASS C, CLASS D AND CLASS E CERTIFICATES  OF THE
SAME SERIES. IN ADDITION,  FOLLOWING THE DATE ON WHICH THE AGGREGATE CERTIFICATE
PRINCIPAL  BALANCES OF THE CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M,
CLASS N AND CLASS O  CERTIFICATES  OF THE SAME SERIES ARE  REDUCED TO ZERO,  THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY  BE  LESS  THAN  THE  AMOUNT  SHOWN  ABOVE.  ACCORDINGLY,   THE  OUTSTANDING
CERTIFICATE  PRINCIPAL  BALANCE  HEREOF AT ANY TIME MAY BE LESS THAN THE  AMOUNT
SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class F  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class F  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class F Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  F
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is registered

                                      A-8-2

<PAGE>

at the close of  business  on the last  Business  Day of the  month  immediately
preceding the month of such distribution (the "Record Date"), in an amount equal
to the product of the Percentage  Interest evidenced by this Certificate and the
amount  required to be distributed to the Holders of the Class F Certificates on
the applicable  Distribution  Date pursuant to the Agreement.  All distributions
made under the Agreement on any Class F Certificate  will be made by the Trustee
by wire  transfer in  immediately  available  funds to the account of the Person
entitled  thereto  at a bank  or  other  entity  having  appropriate  facilities
therefor, if such Certificateholder  shall have provided the Trustee with wiring
instructions  no less than five  Business Days prior to the Record Date for such
distribution  (which wiring  instructions may be in the form of a standing order
applicable  to all  subsequent  distributions  as well),  or  otherwise by check
mailed to the address of such  Certificateholder  appearing  in the  Certificate
Register.  Notwithstanding the above, the final distribution on this Certificate
(determined without regard to any possible future  reimbursement of any Realized
Loss or Additional Trust Fund Expense previously  allocated to this Certificate)
will  be  made  after  due  notice  by the  Trustee  of  the  pendency  of  such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate  Registrar  appointed as provided in the Agreement or
such other location as may be specified in such notice. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional  Trust Fund Expense  previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class F Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class F
Certificates  are  exchangeable  for new  Class  F  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class F  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     Any purchaser of a Class F Certificate  will be deemed to have  represented
by such purchase that either (a) such purchaser is not an 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,  that is subject to
ERISA or Section 4975 of the Code (each,  a "Plan") and is not  purchasing  such
Certificate  by or on behalf of, or with "plan  assets"  of, any Plan or (b) the
purchase of any such  Certificate  by or on behalf of, or with "plan assets" of,
any Plan is permissible  under applicable law, will not result in any non-exempt
prohibited  transaction  under ERISA or Section  4975 of the Code,  and will not
subject the  Depositor,  the  Trustee,  the Fiscal  Agent or the Servicer to any
obligation in addition to those  undertaken in the Agreement,  and the following
conditions are met: (a) the source of funds used to purchase such Certificate is
an "insurance  company general  account" (as such term is defined in PTCE 95-60)
and (b) the  conditions  set forth in Sections I and III of PTCE 95-60 have been
satisfied as of the date of the acquisition of such Certificate. The Trustee may
require that any prospective transferee

                                      A-8-3

<PAGE>

of a Class F Certificate that is held as a Definitive Certificate,  provide such
certifications  as the  Trustee  may deem  desirable  or  necessary  in order to
establish that such transferee or the Person in whose name such  registration is
requested  is not a Plan or a Person who is  directly or  indirectly  purchasing
such  Certificate  on behalf of, as named  fiduciary  of, as trustee of, or with
assets of a Plan.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class F Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
F Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-8-4

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class F Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-8-5

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-8-6

<PAGE>

                                                                     EXHIBIT A-9

                           FORM OF CLASS G CERTIFICATE

                                CLASS G MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% or the Weighted Average Net
Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date: March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. G-___

Certificate Principal Balance of this Class G Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class G Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 KU 5

144A ISIN No. US361849KU52

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

                                      A-9-1

<PAGE>

THIS  CERTIFICATE  IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X, CLASS B,
CLASS C, CLASS D, CLASS E AND CLASS F CERTIFICATES OF THE SAME SERIES, AS AND TO
THE EXTENT PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $253.20 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 11.25% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$1.13 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS  A-1,  CLASS  A-2,  CLASS  B,  CLASS  C,  CLASS  D,  CLASS  E AND  CLASS F
CERTIFICATES  OF THE SAME SERIES.  IN ADDITION,  FOLLOWING THE DATE ON WHICH THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS H, CLASS J, CLASS K, CLASS
L, CLASS M, CLASS N AND CLASS O  CERTIFICATES  OF THE SAME SERIES ARE REDUCED TO
ZERO, THE CERTIFICATE  PRINCIPAL  BALANCE OF THIS  CERTIFICATE MAY BE REDUCED IN
CONNECTION WITH LOSSES ON THE MORTGAGE LOANS AND CERTAIN UNANTICIPATED EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY  BE  LESS  THAN  THE  AMOUNT  SHOWN  ABOVE.  ACCORDINGLY,   THE  OUTSTANDING
CERTIFICATE  PRINCIPAL  BALANCE  HEREOF AT ANY TIME MAY BE LESS THAN THE  AMOUNT
SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class G  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class G  Certificate  (its  "Certificate  Principal
Balance")

                                      A-9-2

<PAGE>

as of the  Issue  Date by the  aggregate  principal  balance  of all the Class G
Certificates  (their  "Class  Principal  Balance") as of the Issue Date) in that
certain beneficial  ownership interest evidenced by all the Class G Certificates
in the Trust Fund created pursuant to a Pooling and Servicing  Agreement,  dated
as specified above (the "Agreement"), among GMAC Commercial Mortgage Securities,
Inc., as Depositor, GMAC Commercial Mortgage Corporation, as Master Servicer and
Special  Servicer,  LaSalle Bank National  Association,  as Trustee and ABN AMRO
Bank N.V., as Fiscal Agent.  To the extent not defined  herein,  the capitalized
terms used herein have the respective  meanings assigned in the Agreement.  This
Certificate  is  issued  under  and is  subject  to the  terms,  provisions  and
conditions of the Agreement,  to which Agreement the Holder of this  Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class  G  Certificates  on the  applicable  Distribution  Date  pursuant  to the
Agreement. All distributions made under the Agreement on any Class G Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss or Additional  Trust Fund Expense  previously  allocated to
this  Certificate)  will be made after due notice by the Trustee of the pendency
of  such   distribution  and  only  upon  presentation  and  surrender  of  this
Certificate at the offices of the Certificate Registrar appointed as provided in
the  Agreement or such other  location as may be specified in such notice.  Also
notwithstanding the foregoing, any distribution that may be made with respect to
this  Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense  previously  allocated to this  Certificate,  which  reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the  preceding  sentence,  will be made by check  mailed to the  address  of the
Holder that  surrenders  this  Certificate  as such address last appeared in the
Certificate  Register  or to any such  other  address  of which the  Trustee  is
subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class G Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class G
Certificates  are  exchangeable  for new  Class  G  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,

                                      A-9-3

<PAGE>

and thereupon one or more new Class G Certificates  in authorized  denominations
evidencing  the  same  aggregate  Percentage  Interest  will  be  issued  to the
designated transferee or transferees.

     No transfer of any Class G  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class G  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master Servicer,  the Special Servicer, the Trustee or the Certificate Registrar
in their respective capacities as such).  Notwithstanding the foregoing, so long
as the Class G Certificates  (or any portion thereof) are registered in the name
of Cede & Co., as nominee of DTC, transfers of a beneficial  interest therein in
accordance  with the  rules  and  procedures  of the  Depository  applicable  to
transfers by its respective  participants  will be permitted if such transfer is
made in accordance  with Rule 144A  promulgated  under the  Securities  Act. Any
transfer of a beneficial  interest in any Class G Certificate that is registered
in the name of Cede & Co., as nominee of DTC,  other than pursuant to Rule 144A,
or to a transferee  that wishes to take  delivery of such interest in definitive
form,  will be permitted  upon:  (A) receipt by the Trustee and the Depositor of
the documentation required by Section 5.02(b)(i)(A) or (B) of the Agreement; (B)
the  execution  by the  Trustee,  and the  authentication  and  delivery  by the
Certificate   Registrar  to  the   transferee,   of  a  Definitive   Certificate
representing such beneficial interest; and (C) to the extent that the beneficial
interest being transferred does not represent the entire  Certificate  Principal
Balance of the Class G  Certificates,  the  execution  by the  Trustee,  and the
authentication and delivery by the Certificate Registrar to the Depository of, a
Class G Certificate representing the remaining beneficial interest of such Class
G Certificates.  None of the Depositor, the Trustee or the Certificate Registrar
is  obligated  to  register  or  qualify  the  Class G  Certificates  under  the
Securities  Act or any other  securities law or to take any action not otherwise
required  under the  Agreement to permit the transfer of any Class G Certificate
without registration or qualification. Any Class G Certificateholder desiring to
effect such a transfer  shall,  and by the acceptance of its Class G Certificate
agrees to,  indemnify the Depositor,  the Trustee and the Certificate  Registrar
against any liability that may result if the transfer is not so exempt or is not
made in accordance with such federal and state laws.

     No transfer of a Class G Certificate  that is not registered in the name of
Cede & Co. or any interest  therein  shall be made to (A) 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,  that is subject to
ERISA or  Section  4975 of the Code  (each,  a "Plan")  or (B) any Person who is
directly or indirectly purchasing the Class G Certificate or interest therein on
behalf  of, as named  fiduciary  of, as  trustee  of, or with  assets of a Plan,
unless the prospective  transferee provides the Trustee, the Master Servicer and
the  Depositor  with a  certification  of facts and an Opinion of Counsel  which
establish  to the  satisfaction  of the  Trustee,  the Master  Servicer  and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute  or result in a violation  of Section 406 of ERISA or Section 4975 of
the Code and will not subject the Depositor,  the Trustee or the Master Servicer
to any obligation in addition to those  undertaken in the Agreement.  In lieu of
such opinion of counsel, the prospective transferee of a Class G Certificate may
provide a certification  of facts  substantially to the effect that the purchase
of  such  Certificate  by or on  behalf  of,  or with  assets  of,  any  Plan is
permissible  under  applicable  law,  will  not  constitute  or  result  in  any
non-exempt prohibited  transaction under ERISA or Section 4975 of the Code, will
not subject the Depositor,  the Trustee or the Master Servicer to any obligation
in addition to those undertaken in the Agreement,  and the following  conditions
are met:  (a) the  source  of funds  used to  purchase  such  Certificate  is an
"insurance  company  general  account" (as such term is defined in United States
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60) and
(b) the  conditions  set forth in  Sections  I and III of PTCE  95-60  have been
satisfied  as of the  date

                                      A-9-4

<PAGE>

of the  acquisition of such  Certificate  and the condition set forth in Section
I(a) of PTCE 95-60 will be satisfied  throughout  the  prospective  transferees'
holding of such  Certificate.  In addition,  so long as the Class G Certificates
(or any portion thereof) are registered in the name of Cede & Co., as nominee of
DTC, any purchaser of such  Certificates  will be deemed to have  represented by
such purchase that either (a) such purchaser is not a Plan and is not purchasing
such  Certificates by or on behalf of, or with "plan assets" of, any Plan or (b)
the purchase of any such  Certificate  by or on behalf of, or with "plan assets"
of,  any Plan is  permissible  under  applicable  law,  will not  result  in any
non-exempt  prohibited  transaction under ERISA or Section 4975 of the Code, and
will not subject the Depositor, the Trustee or the Servicer to any obligation in
addition to those undertaken in the Agreement,  and the following conditions are
met: (a) the source of funds used to purchase such Certificates is an "insurance
company  general  account"  (as such term is defined in PTCE  95-60) and (b) the
conditions  set forth in Sections I and III of PTCE 95-60 have been satisfied as
of the date of the acquisition of such  Certificates and the condition set forth
in Section  I(a) of PTCE  95-60 will be  satisfied  throughout  the  prospective
transferees'  holding of such  Certificates.  The Trustee  may require  that any
prospective  transferee  of a Class G  Certificate  that is held as a Definitive
Certificate,  provide such  certifications  as the Trustee may deem desirable or
necessary in order to establish that such transferee or the Person in whose name
such  registration  is  requested  is not a Plan or a Person who is  directly or
indirectly  purchasing such  Certificate on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class G Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
G Certificates.

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

                                      A-9-5

<PAGE>

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                      A-9-6

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class G Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                      A-9-7

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                      A-9-8

<PAGE>

                                                                    EXHIBIT A-10

                           FORM OF CLASS H CERTIFICATE

                                CLASS H MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date: March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. H-___

Certificate Principal Balance of this Class H Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class H Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 KW 1

144A ISIN No. US361849KW19

UNLESS THIS  CERTIFICATE  IS PRESENTED BY AN  AUTHORIZED  REPRESENTATIVE  OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,  THE
TRUSTEE,  THE  CERTIFICATE  REGISTRAR OR ANY AGENT THEREOF 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.

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

                                     A-10-1

<PAGE>

THIS  CERTIFICATE  IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X, CLASS B,
CLASS C, CLASS D, CLASS E, CLASS F AND CLASS G CERTIFICATES  OF THE SAME SERIES,
AS AND TO THE EXTENT PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $253.20 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 11.25% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$1.13 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS A-1,  CLASS  A-2,  CLASS B, CLASS C, CLASS D, CLASS E, CLASS F AND CLASS G
CERTIFICATES  OF THE SAME SERIES.  IN ADDITION,  FOLLOWING THE DATE ON WHICH THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS J, CLASS K, CLASS L, CLASS
M, CLASS N AND CLASS O CERTIFICATES  OF THE SAME SERIES ARE REDUCED TO ZERO, THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies  that Cede & Co. is the  registered  owner of the Percentage
Interest  evidenced  by this  Class H  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class H  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class H Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  H
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among

                                     A-10-2

<PAGE>

GMAC  Commercial  Mortgage  Securities,  Inc.,  as  Depositor,  GMAC  Commercial
Mortgage  Corporation,  as Master  Servicer and Special  Servicer,  LaSalle Bank
National Association, as Trustee and ABN AMRO Bank N.V., as Fiscal Agent. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings  assigned in the  Agreement.  This  Certificate  is issued under and is
subject to the terms,  provisions  and  conditions  of the  Agreement,  to which
Agreement  the Holder of this  Certificate  by virtue of the  acceptance  hereof
assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class  H  Certificates  on the  applicable  Distribution  Date  pursuant  to the
Agreement. All distributions made under the Agreement on any Class H Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss or Additional  Trust Fund Expense  previously  allocated to
this  Certificate)  will be made after due notice by the Trustee of the pendency
of  such   distribution  and  only  upon  presentation  and  surrender  of  this
Certificate at the offices of the Certificate Registrar appointed as provided in
the  Agreement or such other  location as may be specified in such notice.  Also
notwithstanding the foregoing, any distribution that may be made with respect to
this  Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense  previously  allocated to this  Certificate,  which  reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the  preceding  sentence,  will be made by check  mailed to the  address  of the
Holder that  surrenders  this  Certificate  as such address last appeared in the
Certificate  Register  or to any such  other  address  of which the  Trustee  is
subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class H Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class H
Certificates  are  exchangeable  for new  Class  H  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class H  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

                                     A-10-3

<PAGE>

     No transfer of any Class H  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class H  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master  Servicer,  the Special  Servicer,  the Trustee,  the Fiscal Agent or the
Certificate Registrar in their respective  capacities as such).  Notwithstanding
the foregoing,  so long as the Class H Certificates (or any portion thereof) are
registered  in the  name of  Cede & Co.,  as  nominee  of  DTC,  transfers  of a
beneficial  interest  therein in accordance with the rules and procedures of the
Depository  applicable  to  transfers  by its  respective  participants  will be
permitted  if such  transfer is made in  accordance  with Rule 144A  promulgated
under the Securities  Act. Any transfer of a beneficial  interest in any Class H
Certificate  that is  registered  in the name of Cede & Co.,  as nominee of DTC,
other  than  pursuant  to Rule  144A,  or to a  transferee  that  wishes to take
delivery of such  interest in  definitive  form,  will be  permitted  upon:  (A)
receipt by the  Trustee  and the  Depositor  of the  documentation  required  by
Section 5.02(b)(i)(A) or (B) of the Agreement; (B) the execution by the Trustee,
and  the  authentication  and  delivery  by  the  Certificate  Registrar  to the
transferee,  of a Definitive Certificate  representing such beneficial interest;
and (C) to the extent that the beneficial  interest being  transferred  does not
represent the entire Certificate  Principal Balance of the Class H Certificates,
the  execution  by the  Trustee,  and the  authentication  and  delivery  by the
Certificate  Registrar to the Depository of, a Class H Certificate  representing
the  remaining  beneficial  interest of such Class H  Certificates.  None of the
Depositor,  the  Trustee,  the  Fiscal  Agent or the  Certificate  Registrar  is
obligated to register or qualify the Class H  Certificates  under the Securities
Act or any other  securities  law or to take any action not  otherwise  required
under the  Agreement to permit the transfer of any Class H  Certificate  without
registration or qualification.  Any Class H Certificateholder desiring to effect
such a transfer shall,  and by the acceptance of its Class H Certificate  agrees
to, indemnify the Depositor,  the Trustee,  the Fiscal Agent and the Certificate
Registrar against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

     No transfer of a Class H Certificate  that is not registered in the name of
Cede & Co. or any interest  therein  shall be made to (A) 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,  that is subject to
ERISA or  Section  4975 of the Code  (each,  a "Plan")  or (B) any Person who is
directly or indirectly purchasing the Class H Certificate or interest therein on
behalf  of, as named  fiduciary  of, as  trustee  of, or with  assets of a Plan,
unless the prospective  transferee  provides the Trustee,  the Fiscal Agent, the
Master Servicer and the Depositor with a  certification  of facts and an Opinion
of Counsel which establish to the satisfaction of the Trustee, the Fiscal Agent,
the Master  Servicer and the Depositor that such transfer is  permissible  under
applicable  law, will not  constitute or result in a violation of Section 406 of
ERISA or  Section  4975 of the Code and will  not  subject  the  Depositor,  the
Trustee,  the Fiscal Agent or the Master  Servicer to any obligation in addition
to those  undertaken in the Agreement.  In lieu of such opinion of counsel,  the
prospective  transferee of a Class H Certificate may provide a certification  of
facts substantially to the effect that the purchase of such Certificate by or on
behalf of, or with assets of, any Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited transaction under ERISA or
Section  4975 of the Code,  will not subject the  Depositor,  the  Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken in the Agreement, and the following conditions are met (a) the source
of funds used to purchase  such  Certificate  is an "insurance  company  general
account"  (as  such  term is  defined  in  United  States  Department  of  Labor
Prohibited  Transaction  Class Exemption  ("PTCE") 95-60) and (b) the conditions
set forth in Sections I and III of PTCE 95-60 have been satisfied as of the date
of the  acquisition of such  Certificate  and the condition set forth in Section
I(a) of PTCE 95-60 will be satisfied  throughout  the  prospective  transferees'
holding of such  Certificate.  In addition,  so long as the Class H Certificates
(or any portion thereof) are registered in the name of Cede

                                     A-10-4

<PAGE>

& Co., as nominee of DTC, any purchaser of such  Certificates  will be deemed to
have  represented  by such purchase that either (a) such purchaser is not a Plan
and is not  purchasing  such  Certificates  by or on behalf  of,  or with  "plan
assets" of, any Plan or (b) the purchase of any such Certificate by or on behalf
of, or with "plan assets" of, any Plan is permissible under applicable law, will
not result in any non-exempt prohibited  transaction under ERISA or Section 4975
of the Code, and will not subject the Depositor,  the Trustee or the Servicer to
any  obligation  in  addition  to those  undertaken  in the  Agreement,  and the
following  conditions  are met:  (a) the source of funds used to  purchase  such
Certificates is an "insurance  company general account" (as such term is defined
in PTCE  95-60) and (b) the  conditions  set forth in Sections I and III of PTCE
95-60 have been satisfied as of the date of the acquisition of such Certificates
and the  condition  set forth in Section  I(a) of PTCE  95-60 will be  satisfied
throughout  the  prospective  transferees'  holding  of such  Certificates.  The
Trustee may require that any  prospective  transferee  of a Class H  Certificate
that is held as a Definitive  Certificate,  provide such  certifications  as the
Trustee  may  deem  desirable  or  necessary  in order to  establish  that  such
transferee or the Person in whose name such  registration  is requested is not a
Plan or a Person who is directly or indirectly  purchasing  such  Certificate on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class H Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
H Certificates.

     Notwithstanding  the  foregoing,   for  so  long  as  this  Certificate  is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized  representative  of DTC,  transfers of interests in this  Certificate
shall be made through the book-entry facilities of DTC.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                     A-10-5

<PAGE>

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-10-6

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class H Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-10-7

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-10-8

<PAGE>

                                                                    EXHIBIT A-11

                           FORM OF CLASS J CERTIFICATE

                                CLASS J MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date: March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. J-___

Certificate Principal Balance of this Class J Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class J Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 KY 7

144A ISIN No. US361849KY74

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X, CLASS B,
CLASS C, CLASS D, CLASS E, CLASS F, CLASS G AND CLASS H CERTIFICATES OF THE SAME
SERIES, AS AND TO THE EXTENT PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT

                                     A-11-1

<PAGE>

INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"),  OR THE INTERNAL REVENUE CODE
OF 1986 (THE "CODE"), OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING
THIS  CERTIFICATE OR ANY 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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $309.22 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 12.44% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$1.28 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS A-1,  CLASS A-2,  CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G AND
CLASS H  CERTIFICATES  OF THE SAME SERIES.  IN ADDITION,  FOLLOWING  THE DATE ON
WHICH THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS K, CLASS L, CLASS
M, CLASS N AND CLASS O CERTIFICATES  OF THE SAME SERIES ARE REDUCED TO ZERO, THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies that Salkeld & Co. is the registered owner of the Percentage
Interest  evidenced  by this  Class J  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class J  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class J Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  J
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class J Certificates on the applicable Distribution Date pursuant to the

                                     A-11-2

<PAGE>

Agreement. All distributions made under the Agreement on any Class J Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss or Additional  Trust Fund Expense  previously  allocated to
this  Certificate)  will be made after due notice by the Trustee of the pendency
of  such   distribution  and  only  upon  presentation  and  surrender  of  this
Certificate at the offices of the Certificate Registrar appointed as provided in
the  Agreement or such other  location as may be specified in such notice.  Also
notwithstanding the foregoing, any distribution that may be made with respect to
this  Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense  previously  allocated to this  Certificate,  which  reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the  preceding  sentence,  will be made by check  mailed to the  address  of the
Holder that  surrenders  this  Certificate  as such address last appeared in the
Certificate  Register  or to any such  other  address  of which the  Trustee  is
subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class J Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class J
Certificates  are  exchangeable  for new  Class  J  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class J  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of any Class J  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class J  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master  Servicer,  the Special  Servicer,  the Trustee,  the Fiscal Agent or the
Certificate

                                     A-11-3

<PAGE>

Registrar in their respective  capacities as such).  None of the Depositor,  the
Trustee, the Fiscal Agent or the Certificate  Registrar is obligated to register
or  qualify  the  Class J  Certificates  under the  Securities  Act or any other
securities law or to take any action not otherwise  required under the Agreement
to permit  the  transfer  of any Class J  Certificate  without  registration  or
qualification.  Any Class J Certificateholder desiring to effect such a transfer
shall, and by the acceptance of its Class J Certificate agrees to, indemnify the
Depositor,  the Trustee, the Fiscal Agent and the Certificate  Registrar against
any liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws.

     No transfer of a Class J Certificate or any interest  therein shall be made
to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class J Certificate or interest  therein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan, unless the prospective transferee provides
the Trustee,  the Fiscal Agent,  the Master  Servicer and the  Depositor  with a
certification  of  facts  and an  Opinion  of  Counsel  which  establish  to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute or result in any non- exempt prohibited transaction under Section 406
of ERISA or Section  4975 of the Code and will not  subject the  Depositor,  the
Trustee,  the Fiscal Agent or the Master  Servicer to any obligation in addition
to those  undertaken in the Agreement.  In lieu of such opinion of counsel,  the
prospective  transferee of a Class J Certificate may provide a certification  of
facts substantially to the effect that the purchase of such Certificate by or on
behalf of, or with assets of, any Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited transaction under ERISA or
Section  4975 of the Code,  will not subject the  Depositor,  the  Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken in the Agreement, and the following conditions are met (a) the source
of funds used to purchase  such  Certificate  is an "insurance  company  general
account"  (as  such  term is  defined  in  United  States  Department  of  Labor
Prohibited  Transaction  Class Exemption  ("PTCE") 95-60) and (b) the conditions
set forth in Sections I and III of PTCE 95-60 have been satisfied as of the date
of the acquisition of such Certificate.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class J Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
J Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this

                                     A-11-4

<PAGE>

Certificate  shall be conclusive  and binding on such Holder and upon all future
Holders of this  Certificate  and of any  Certificate  issued upon the  transfer
hereof or in exchange  herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain circumstances, including any amendment necessary to maintain
the status of  designated  portions  of the Trust Fund as a REMIC,  without  the
consent of the Holders of any of the Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-11-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class J Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-11-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-11-7

<PAGE>

                                                                    EXHIBIT A-12

                           FORM OF CLASS K CERTIFICATE

                                CLASS K MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date: March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. K-___

Certificate Principal Balance of this Class K Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class K Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LA 8

144A ISIN No. US361849LA89

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS X, CLASS B,
CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H AND CLASS J CERTIFICATES OF
THE SAME  SERIES,  AS AND TO THE EXTENT  PROVIDED IN THE  AGREEMENT  REFERRED TO
HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT

                                     A-12-1

<PAGE>

INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"),  OR THE INTERNAL REVENUE CODE
OF 1986 (THE "CODE"), OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING
THIS  CERTIFICATE OR ANY 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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $360.69 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 13.60% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$1.36 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS  A-1,  CLASS  A-2,  CLASS B,  CLASS C, CLASS D, CLASS E, CLASS F, CLASS G,
CLASS H AND CLASS J CERTIFICATES OF THE SAME SERIES. IN ADDITION,  FOLLOWING THE
DATE ON WHICH THE AGGREGATE  CERTIFICATE PRINCIPAL BALANCE OF THE CLASS L, CLASS
M, CLASS N AND CLASS O CERTIFICATES  OF THE SAME SERIES ARE REDUCED TO ZERO, THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies that Salkeld & Co. is the registered owner of the Percentage
Interest  evidenced  by this  Class K  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class K  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class K Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  K
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class K Certificates on the applicable Distribution Date pursuant to the

                                     A-12-2

<PAGE>

Agreement. All distributions made under the Agreement on any Class K Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss or Additional  Trust Fund Expense  previously  allocated to
this  Certificate)  will be made after due notice by the Trustee of the pendency
of  such   distribution  and  only  upon  presentation  and  surrender  of  this
Certificate at the offices of the Certificate Registrar appointed as provided in
the  Agreement or such other  location as may be specified in such notice.  Also
notwithstanding the foregoing, any distribution that may be made with respect to
this  Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense  previously  allocated to this  Certificate,  which  reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the  preceding  sentence,  will be made by check  mailed to the  address  of the
Holder that  surrenders  this  Certificate  as such address last appeared in the
Certificate  Register  or to any such  other  address  of which the  Trustee  is
subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class K Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class K
Certificates  are  exchangeable  for new  Class  K  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class K  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of any Class K  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class K  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master Servicer, the Special Servicer, the Trustee, the Fiscal Agent or the

                                     A-12-3

<PAGE>

Certificate  Registrar  in their  respective  capacities  as such).  None of the
Depositor,  the  Trustee,  the  Fiscal  Agent or the  Certificate  Registrar  is
obligated to register or qualify the Class K  Certificates  under the Securities
Act or any other  securities  law or to take any action not  otherwise  required
under the  Agreement to permit the transfer of any Class K  Certificate  without
registration or qualification.  Any Class K Certificateholder desiring to effect
such a transfer shall,  and by the acceptance of its Class K Certificate  agrees
to, indemnify the Depositor,  the Trustee,  the Fiscal Agent and the Certificate
Registrar against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

     No transfer of a Class K Certificate or any interest  therein shall be made
to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class K Certificate or interest  therein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan, unless the prospective transferee provides
the Trustee,  the Fiscal Agent,  the Master  Servicer and the  Depositor  with a
certification  of  facts  and an  Opinion  of  Counsel  which  establish  to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute or result in any non- exempt prohibited transaction under Section 406
of ERISA or Section  4975 of the Code and will not  subject the  Depositor,  the
Trustee,  the Fiscal Agent or the Master  Servicer to any obligation in addition
to those  undertaken in the Agreement.  In lieu of such opinion of counsel,  the
prospective  transferee of a Class K Certificate may provide a certification  of
facts substantially to the effect that the purchase of such Certificate by or on
behalf of, or with assets of, any Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited transaction under ERISA or
Section  4975 of the Code,  will not subject the  Depositor,  the  Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken in the Agreement, and the following conditions are met (a) the source
of funds used to purchase  such  Certificate  is an "insurance  company  general
account"  (as  such  term is  defined  in  United  States  Department  of  Labor
Prohibited  Transaction  Class Exemption  ("PTCE") 95-60) and (b) the conditions
set forth in Sections I and III of PTCE 95-60 have been satisfied as of the date
of the acquisition of such Certificate.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class K Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
K Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this

                                     A-12-4

<PAGE>

Certificate  shall be conclusive  and binding on such Holder and upon all future
Holders of this  Certificate  and of any  Certificate  issued upon the  transfer
hereof or in exchange  herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain circumstances, including any amendment necessary to maintain
the status of  designated  portions  of the Trust Fund as a REMIC,  without  the
consent of the Holders of any of the Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-12-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class K Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-12-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-12-7

<PAGE>

                                                                    EXHIBIT A-13

                           FORM OF CLASS L CERTIFICATE

                                CLASS L MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date: March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. L-___

Certificate Principal Balance of this Class L Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class L Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LC 4

144A ISIN No. US361849LC46

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO 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 AND  CLASS K
CERTIFICATES OF THE SAME SERIES,  AS AND TO THE EXTENT PROVIDED IN THE AGREEMENT
REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT

                                     A-13-1

<PAGE>

INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"),  OR THE INTERNAL REVENUE CODE
OF 1986 (THE "CODE"), OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING
THIS  CERTIFICATE OR ANY 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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $389.06 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 14.06% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$1.28 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT OF THE
CLASS  A-1,  CLASS  A-2,  CLASS B,  CLASS C, CLASS D, CLASS E, CLASS F, CLASS G,
CLASS H,  CLASS J AND CLASS K  CERTIFICATES  OF THE SAME  SERIES.  IN  ADDITION,
FOLLOWING THE DATE ON WHICH THE AGGREGATE  CERTIFICATE  PRINCIPAL BALANCE OF THE
CLASS M, CLASS N AND CLASS O  CERTIFICATES  OF THE SAME  SERIES  ARE  REDUCED TO
ZERO, THE CERTIFICATE  PRINCIPAL  BALANCE OF THIS  CERTIFICATE MAY BE REDUCED IN
CONNECTION WITH LOSSES ON THE MORTGAGE LOANS AND CERTAIN UNANTICIPATED EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies that Salkeld & Co. is the registered owner of the Percentage
Interest  evidenced  by this  Class L  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class L  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class L Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  L
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount  required  to be  distributed  to the Holders of the
Class L Certificates on the applicable Distribution Date pursuant to the

                                     A-13-2

<PAGE>

Agreement. All distributions made under the Agreement on any Class L Certificate
will be made by the Trustee by wire transfer in immediately  available  funds to
the  account of the Person  entitled  thereto at a bank or other  entity  having
appropriate facilities therefor, if such  Certificateholder  shall have provided
the Trustee with wiring  instructions  no less than five  Business Days prior to
the Record Date for such distribution  (which wiring  instructions may be in the
form of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder  appearing in
the Certificate  Register.  Notwithstanding the above, the final distribution on
this Certificate (determined without regard to any possible future reimbursement
of any Realized Loss or Additional  Trust Fund Expense  previously  allocated to
this  Certificate)  will be made after due notice by the Trustee of the pendency
of  such   distribution  and  only  upon  presentation  and  surrender  of  this
Certificate at the offices of the Certificate Registrar appointed as provided in
the  Agreement or such other  location as may be specified in such notice.  Also
notwithstanding the foregoing, any distribution that may be made with respect to
this  Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense  previously  allocated to this  Certificate,  which  reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the  preceding  sentence,  will be made by check  mailed to the  address  of the
Holder that  surrenders  this  Certificate  as such address last appeared in the
Certificate  Register  or to any such  other  address  of which the  Trustee  is
subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class L Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class L
Certificates  are  exchangeable  for new  Class  L  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class L  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of any Class L  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the  Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class L  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master Servicer, the Special Servicer, the Trustee, the Fiscal Agent or the

                                     A-13-3

<PAGE>

Certificate  Registrar  in their  respective  capacities  as such).  None of the
Depositor,  the  Trustee,  the  Fiscal  Agent or the  Certificate  Registrar  is
obligated to register or qualify the Class L  Certificates  under the Securities
Act or any other  securities  law or to take any action not  otherwise  required
under the  Agreement to permit the transfer of any Class L  Certificate  without
registration or qualification.  Any Class L Certificateholder desiring to effect
such a transfer shall,  and by the acceptance of its Class L Certificate  agrees
to, indemnify the Depositor,  the Trustee,  the Fiscal Agent and the Certificate
Registrar against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

     No transfer of a Class L Certificate or any interest  therein shall be made
to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class L Certificate or interest  therein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan, unless the prospective transferee provides
the Trustee,  the Fiscal Agent,  the Master  Servicer and the  Depositor  with a
certification  of  facts  and an  Opinion  of  Counsel  which  establish  to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute or result in any non- exempt prohibited transaction under Section 406
of ERISA or Section  4975 of the Code and will not  subject the  Depositor,  the
Trustee,  the Fiscal Agent or the Master  Servicer to any obligation in addition
to those  undertaken in the Agreement.  In lieu of such opinion of counsel,  the
prospective  transferee of a Class L Certificate may provide a certification  of
facts substantially to the effect that the purchase of such Certificate by or on
behalf of, or with assets of, any Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited transaction under ERISA or
Section  4975 of the Code,  will not subject the  Depositor,  the  Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken in the Agreement, and the following conditions are met (a) the source
of funds used to purchase  such  Certificate  is an "insurance  company  general
account"  (as  such  term is  defined  in  United  States  Department  of  Labor
Prohibited  Transaction  Class Exemption  ("PTCE") 95-60) and (b) the conditions
set forth in Sections I and III of PTCE 95-60 have been satisfied as of the date
of the acquisition of such Certificate.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class L Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
L Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this

                                     A-13-4

<PAGE>

Certificate  shall be conclusive  and binding on such Holder and upon all future
Holders of this  Certificate  and of any  Certificate  issued upon the  transfer
hereof or in exchange  herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain circumstances, including any amendment necessary to maintain
the status of  designated  portions  of the Trust Fund as a REMIC,  without  the
consent of the Holders of any of the Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-13-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class L Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-13-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-13-7

<PAGE>

                                                                    EXHIBIT A-14

                           FORM OF CLASS M CERTIFICATE

                                CLASS M MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date: March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. M-___

Certificate Principal Balance of this Class M Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class M Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LE 0

144A ISIN No. US361849LE02

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO 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 AND CLASS
L  CERTIFICATES  OF THE  SAME  SERIES,  AS AND TO  THE  EXTENT  PROVIDED  IN THE
AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

                                     A-14-1

<PAGE>

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $441.31 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 15.47% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$1.33 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT 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 AND  CLASS L  CERTIFICATES  OF THE SAME  SERIES.  IN
ADDITION,  FOLLOWING  THE  DATE ON WHICH  THE  AGGREGATE  CERTIFICATE  PRINCIPAL
BALANCE OF THE CLASS N AND CLASS O  CERTIFICATES  OF THE SAME SERIES ARE REDUCED
TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN
CONNECTION WITH LOSSES ON THE MORTGAGE LOANS AND CERTAIN UNANTICIPATED EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies that Salkeld & Co. is the registered owner of the Percentage
Interest  evidenced  by this  Class M  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class M  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class M Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  M
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the

                                     A-14-2

<PAGE>

"Record  Date"),  in an amount equal to the product of the  Percentage  Interest
evidenced by this  Certificate  and the amount required to be distributed to the
Holders of the Class M Certificates on the applicable Distribution Date pursuant
to the  Agreement.  All  distributions  made under the  Agreement on any Class M
Certificate  will  be made  by the  Trustee  by  wire  transfer  in  immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such  Certificateholder  shall
have  provided the Trustee with wiring  instructions  no less than five Business
Days prior to the Record Date for such distribution  (which wiring  instructions
may  be  in  the  form  of  a  standing  order   applicable  to  all  subsequent
distributions  as well),  or  otherwise  by check  mailed to the address of such
Certificateholder  appearing in the Certificate  Register.  Notwithstanding  the
above, the final distribution on this Certificate  (determined without regard to
any possible future  reimbursement of any Realized Loss or Additional Trust Fund
Expense previously  allocated to this Certificate) will be made after due notice
by the Trustee of the pendency of such  distribution and only upon  presentation
and surrender of this  Certificate at the offices of the  Certificate  Registrar
appointed  as  provided  in the  Agreement  or  such  other  location  as may be
specified in such notice. Also  notwithstanding the foregoing,  any distribution
that may be made  with  respect  to this  Certificate  in  reimbursement  of any
Realized  Loss or  Additional  Trust Fund Expense  previously  allocated to this
Certificate,  which  reimbursement  is to occur  after  the  date on which  this
Certificate is surrendered as  contemplated by the preceding  sentence,  will be
made  by  check  mailed  to the  address  of the  Holder  that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class M Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class M
Certificates  are  exchangeable  for new  Class  M  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class M  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of any Class M  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class M  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel satisfactory to the Trustee and the Depositor to the

                                     A-14-3

<PAGE>

effect that such transfer may be made without such  registration  (which Opinion
of Counsel  shall not be an expense of the Trust Fund or of the  Depositor,  the
Master  Servicer,  the Special  Servicer,  the Trustee,  the Fiscal Agent or the
Certificate  Registrar  in their  respective  capacities  as such).  None of the
Depositor,  the  Trustee,  the  Fiscal  Agent or the  Certificate  Registrar  is
obligated to register or qualify the Class M  Certificates  under the Securities
Act or any other  securities  law or to take any action not  otherwise  required
under the  Agreement to permit the transfer of any Class M  Certificate  without
registration or qualification.  Any Class M Certificateholder desiring to effect
such a transfer shall,  and by the acceptance of its Class M Certificate  agrees
to, indemnify the Depositor,  the Trustee,  the Fiscal Agent and the Certificate
Registrar against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

     No transfer of a Class M Certificate or any interest  therein shall be made
to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class M Certificate or interest  therein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan, unless the prospective transferee provides
the Trustee,  the Fiscal Agent,  the Master  Servicer and the  Depositor  with a
certification  of  facts  and an  Opinion  of  Counsel  which  establish  to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute or result in any non- exempt prohibited transaction under Section 406
of ERISA or Section  4975 of the Code and will not  subject the  Depositor,  the
Trustee,  the Fiscal Agent or the Master  Servicer to any obligation in addition
to those  undertaken in the Agreement.  In lieu of such opinion of counsel,  the
prospective  transferee of a Class M Certificate may provide a certification  of
facts substantially to the effect that the purchase of such Certificate by or on
behalf of, or with assets of, any Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited transaction under ERISA or
Section  4975 of the Code,  will not subject the  Depositor,  the  Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken in the Agreement, and the following conditions are met (a) the source
of funds used to purchase  such  Certificate  is an "insurance  company  general
account"  (as  such  term is  defined  in  United  States  Department  of  Labor
Prohibited  Transaction  Class Exemption  ("PTCE") 95-60) and (b) the conditions
set forth in Sections I and III of PTCE 95-60 have been satisfied as of the date
of the acquisition of such Certificate.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class M Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
M Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master

                                     A-14-4

<PAGE>

Servicer,  the  Special  Servicer,  the  Trustee  and the Fiscal  Agent with the
consent of the Holders of Certificates entitled to at least 662/3% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate  shall be conclusive  and binding on such Holder and upon all future
Holders of this  Certificate  and of any  Certificate  issued upon the  transfer
hereof or in exchange  herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain circumstances, including any amendment necessary to maintain
the status of  designated  portions  of the Trust Fund as a REMIC,  without  the
consent of the Holders of any of the Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-14-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class M Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-14-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-14-7

<PAGE>

                                                                    EXHIBIT A-15

                           FORM OF CLASS N CERTIFICATE

                                CLASS N MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. N-___

Certificate Principal Balance of this Class N Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class N Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LG 5

144A ISIN No. US361849LG59

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO 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
AND CLASS M CERTIFICATES OF THE SAME SERIES,  AS AND TO THE EXTENT  PROVIDED IN
THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

                                     A-15-1

<PAGE>

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS  CERTIFICATE  EVIDENCES (1) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE,
AND (2) AN  INTEREST  IN A  PORTION  OF THE  TRUST  FUND  CONSISTING  OF  EXCESS
INTEREST.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $698.50 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 27.05% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$.93 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED  UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT 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 AND CLASS M CERTIFICATES  OF THE SAME SERIES.
IN ADDITION,  FOLLOWING  THE DATE ON WHICH THE AGGREGATE  CERTIFICATE  PRINCIPAL
BALANCE OF THE CLASS O CERTIFICATES  OF THE SAME SERIES ARE REDUCED TO ZERO, THE
CERTIFICATE  PRINCIPAL  BALANCE OF THIS CERTIFICATE MAY BE REDUCED IN CONNECTION
WITH  LOSSES  ON  THE  MORTGAGE  LOANS  AND  CERTAIN   UNANTICIPATED   EXPENSES.
ACCORDINGLY,  THE OUTSTANDING  CERTIFICATE  PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies that Salkeld & Co. is the registered owner of the Percentage
Interest  evidenced  by this  Class N  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class N  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class N Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  N
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered

                                     A-15-2

<PAGE>

at the close of  business  on the last  Business  Day of the  month  immediately
preceding the month of such distribution (the "Record Date"), in an amount equal
to the product of the Percentage  Interest evidenced by this Certificate and the
amount  required to be distributed to the Holders of the Class N Certificates on
the applicable  Distribution  Date pursuant to the Agreement.  All distributions
made under the Agreement on any Class N Certificate  will be made by the Trustee
by wire  transfer in  immediately  available  funds to the account of the Person
entitled  thereto  at a bank  or  other  entity  having  appropriate  facilities
therefor, if such Certificateholder  shall have provided the Trustee with wiring
instructions  no less than five  Business Days prior to the Record Date for such
distribution  (which wiring  instructions may be in the form of a standing order
applicable  to all  subsequent  distributions  as well),  or  otherwise by check
mailed to the address of such  Certificateholder  appearing  in the  Certificate
Register.  Notwithstanding the above, the final distribution on this Certificate
(determined without regard to any possible future  reimbursement of any Realized
Loss or Additional Trust Fund Expense previously  allocated to this Certificate)
will  be  made  after  due  notice  by the  Trustee  of  the  pendency  of  such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate  Registrar  appointed as provided in the Agreement or
such other location as may be specified in such notice. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional  Trust Fund Expense  previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class N Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class N
Certificates  are  exchangeable  for new  Class  N  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class N  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of any Class N  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class N  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and

                                     A-15-3

<PAGE>

(B) unless the Depositor directs otherwise,  an Opinion of Counsel  satisfactory
to the Trustee and the  Depositor  to the effect that such  transfer may be made
without such  registration  (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor,  the Master Servicer,  the Special Servicer,
the Trustee,  the Fiscal Agent or the Certificate  Registrar in their respective
capacities as such). None of the Depositor, the Trustee, the Fiscal Agent or the
Certificate   Registrar  is  obligated  to  register  or  qualify  the  Class  N
Certificates under the Securities Act or any other securities law or to take any
action not otherwise  required under the Agreement to permit the transfer of any
Class  N  Certificate  without  registration  or  qualification.   Any  Class  N
Certificateholder  desiring  to  effect  such  a  transfer  shall,  and  by  the
acceptance of its Class N Certificate  agrees to,  indemnify the Depositor,  the
Trustee,  the Fiscal Agent and the Certificate  Registrar  against any liability
that may result if the  transfer  is not so exempt or is not made in accordance
with such federal and state laws.

     No transfer of a Class N Certificate or any interest  therein shall be made
to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class N Certificate or interest  therein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan, unless the prospective transferee provides
the Trustee,  the Fiscal Agent,  the Master  Servicer and the  Depositor  with a
certification  of  facts  and an  Opinion  of  Counsel  which  establish  to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute or result in any non- exempt prohibited transaction under Section 406
of ERISA or Section  4975 of the Code and will not  subject the  Depositor,  the
Trustee,  the Fiscal Agent or the Master  Servicer to any obligation in addition
to those  undertaken in the Agreement.  In lieu of such opinion of counsel,  the
prospective  transferee of a Class N Certificate may provide a certification  of
facts substantially to the effect that the purchase of such Certificate by or on
behalf of, or with assets of, any Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited transaction under ERISA or
Section  4975 of the Code,  will not subject the  Depositor,  the  Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken in the Agreement, and the following conditions are met (a) the source
of funds used to purchase  such  Certificate  is an "insurance  company  general
account"  (as  such  term is  defined  in  United  States  Department  of  Labor
Prohibited  Transaction  Class Exemption  ("PTCE") 95-60) and (b) the conditions
set forth in Sections I and III of PTCE 95-60 have been satisfied as of the date
of the acquisition of such Certificate.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class N Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
N Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and

                                     A-15-4

<PAGE>

the Fiscal Agent thereunder and the rights of the Certificateholders thereunder,
at any time by the Depositor,  the Master Servicer,  the Special  Servicer,  the
Trustee and the Fiscal  Agent with the  consent of the  Holders of  Certificates
entitled  to at least  662/3% of the Voting  Rights  allocated  to the  affected
Classes.  Any such consent by the Holder of this Certificate shall be conclusive
and binding on such Holder and upon all future Holders of this  Certificate  and
of any Certificate  issued upon the transfer hereof or in exchange herefor or in
lieu  hereof  whether  or not  notation  of  such  consent  is  made  upon  this
Certificate.  The  Agreement  also  permits the  amendment  thereof,  in certain
circumstances,  including  any  amendment  necessary  to maintain  the status of
designated  portions  of the Trust Fund as a REMIC,  without  the consent of the
Holders of any of the Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-15-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class N Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-15-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-15-7

<PAGE>

                                                                    EXHIBIT A-16

                           FORM OF CLASS O CERTIFICATE

                                CLASS O MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Pass-Through Rate:
Lesser of 7.0000% per annum or the
Weighted Average Net Mortgage Rate

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. O-___

Certificate Principal Balance of this Class O Certificate
as of the Issue Date:  $_______________

Class  Principal  Balance of all the Class O Certificates  as of the Issue Date:
$_______________

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LQ 3

144A ISIN No. US361849LQ32

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO 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 AND  CLASS N  CERTIFICATES  OF THE  SAME  SERIES,  AS AND TO THE  EXTENT
PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

                                     A-16-1

<PAGE>

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING  THIS
CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS  CERTIFICATE  EVIDENCES (1) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE,
AND (2) AN  INTEREST  IN A  PORTION  OF THE  TRUST  FUND  CONSISTING  OF  EXCESS
INTEREST.

THE FOLLOWING  INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MARCH 16, 2000. ASSUMING THAT
THE MORTGAGE  LOANS PREPAY AT AN ASSUMED RATE OF PREPAYMENT  USED SOLELY FOR THE
PURPOSES OF APPLYING  THE OID RULES TO THE  CERTIFICATES  EQUAL TO A CPR (WITHIN
THE MEANING OF THE PROSPECTUS  SUPPLEMENT) OF 0% (THE "PREPAYMENT  ASSUMPTION"),
THIS  CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $720.06 OF OID PER $1,000 OF
INITIAL CERTIFICATE  PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS 28.43% PER ANNUM
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$.77 PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  AMOUNT,  COMPUTED  UNDER THE
EXACT METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.

DISTRIBUTIONS  IN  REDUCTION  OF  THE  CERTIFICATE  PRINCIPAL  BALANCE  OF  THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH HEREIN FOLLOWING  RETIREMENT 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 AND CLASS N CERTIFICATES OF THE SAME
SERIES. IN ADDITION,  THE CERTIFICATE  PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
BE  REDUCED  IN  CONNECTION  WITH  LOSSES  ON THE  MORTGAGE  LOANS  AND  CERTAIN
UNANTICIPATED  EXPENSES.  ACCORDINGLY,  THE  OUTSTANDING  CERTIFICATE  PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

     This certifies that Salkeld & Co. is the registered owner of the Percentage
Interest  evidenced  by this  Class O  Certificate  (obtained  by  dividing  the
principal  balance  of this  Class O  Certificate  (its  "Certificate  Principal
Balance")  as of the Issue Date by the  aggregate  principal  balance of all the
Class O Certificates  (their "Class Principal Balance") as of the Issue Date) in
that  certain  beneficial  ownership  interest  evidenced  by all  the  Class  O
Certificates  in the Trust Fund  created  pursuant  to a Pooling  and  Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately following (each, a "Distribution Date"), commencing on the First
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last  Business  Day of the month
immediately  preceding the month of such distribution (the "Record Date"), in an
amount  equal  to the  product  of the  Percentage  Interest  evidenced  by this
Certificate  and the amount

                                     A-16-2

<PAGE>

required to be  distributed  to the Holders of the Class O  Certificates  on the
applicable  Distribution Date pursuant to the Agreement.  All distributions made
under the  Agreement on any Class O  Certificate  will be made by the Trustee by
wire  transfer  in  immediately  available  funds to the  account  of the Person
entitled  thereto  at a bank  or  other  entity  having  appropriate  facilities
therefor, if such Certificateholder  shall have provided the Trustee with wiring
instructions  no less than five  Business Days prior to the Record Date for such
distribution  (which wiring  instructions may be in the form of a standing order
applicable  to all  subsequent  distributions  as well),  or  otherwise by check
mailed to the address of such  Certificateholder  appearing  in the  Certificate
Register.  Notwithstanding the above, the final distribution on this Certificate
(determined without regard to any possible future  reimbursement of any Realized
Loss or Additional Trust Fund Expense previously  allocated to this Certificate)
will  be  made  after  due  notice  by the  Trustee  of  the  pendency  of  such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate  Registrar  appointed as provided in the Agreement or
such other location as may be specified in such notice. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional  Trust Fund Expense  previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that  surrenders  this
Certificate as such address last appeared in the Certificate  Register or to any
such other address of which the Trustee is subsequently notified in writing.

     Any  distribution  to the Holder of this  Certificate  in  reduction of the
Certificate  Principal  Balance  hereof is binding on such Holder and all future
Holders of this Certificate and any Certificate  issued upon the transfer hereof
or in  exchange  herefor  or in lieu  hereof  whether  or not  notation  of such
distribution is made upon this Certificate.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and the Distribution  Account may be made from time to time
for purposes  other than,  and, in certain  cases,  prior to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class O Certificates are issuable in fully registered form only without
coupons in minimum denominations  specified in the Agreement. As provided in the
Agreement  and  subject  to  certain  limitations  therein  set  forth,  Class O
Certificates  are  exchangeable  for new  Class  O  Certificates  in  authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new  Class O  Certificates  in  authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of any Class O  Certificate  shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration  or  qualification.  If such a transfer of any Class O  Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel shall not be an expense of

                                     A-16-3

<PAGE>

the Trust Fund or of the Depositor,  the Master Servicer,  the Special Servicer,
the Trustee,  the Fiscal Agent or the Certificate  Registrar in their respective
capacities as such). None of the Depositor, the Trustee, the Fiscal Agent or the
Certificate   Registrar  is  obligated  to  register  or  qualify  the  Class  O
Certificates under the Securities Act or any other securities law or to take any
action not otherwise  required under the Agreement to permit the transfer of any
Class  O  Certificate  without  registration  or  qualification.   Any  Class  O
Certificateholder  desiring  to  effect  such  a  transfer  shall,  and  by  the
acceptance of its Class O Certificate  agrees to,  indemnify the Depositor,  the
Trustee,  the Fiscal Agent and the Certificate  Registrar  against any liability
that may result if the  transfer  is not so exempt or is not made in accordance
with such federal and state laws.

     No transfer of a Class O Certificate or any interest  therein shall be made
to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class O Certificate or interest  therein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan, unless the prospective transferee provides
the Trustee,  the Fiscal Agent,  the Master  Servicer and the  Depositor  with a
certification  of  facts  and an  Opinion  of  Counsel  which  establish  to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute or result in any non- exempt prohibited transaction under Section 406
of ERISA or Section  4975 of the Code and will not  subject the  Depositor,  the
Trustee,  the Fiscal Agent or the Master  Servicer to any obligation in addition
to those  undertaken in the Agreement.  In lieu of such opinion of counsel,  the
prospective  transferee of a Class O Certificate may provide a certification  of
facts substantially to the effect that the purchase of such Certificate by or on
behalf of, or with assets of, any Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited transaction under ERISA or
Section  4975 of the Code,  will not subject the  Depositor,  the  Trustee,  the
Fiscal  Agent or the Master  Servicer  to any  obligation  in  addition to those
undertaken in the Agreement, and the following conditions are met (a) the source
of funds used to purchase  such  Certificate  is an "insurance  company  general
account"  (as  such  term is  defined  in  United  States  Department  of  Labor
Prohibited  Transaction  Class Exemption  ("PTCE") 95-60) and (b) the conditions
set forth in Sections I and III of PTCE 95-60 have been satisfied as of the date
of the acquisition of such Certificate.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class O Certificates,  but the Trustee or the Certificate  Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
O Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled

                                     A-16-4

<PAGE>

to at least 662/3% of the Voting Rights allocated to the affected  Classes.  Any
such consent by the Holder of this  Certificate  shall be conclusive and binding
on such  Holder  and upon all  future  Holders  of this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment  necessary to maintain the status of designated portions
of the Trust Fund as a REMIC,  without  the consent of the Holders of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-16-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Class O Certificates referred to in the within-mentioned
Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-16-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-16-7

<PAGE>

                                                                    EXHIBIT A-17

                          FORM OF CLASS R-I CERTIFICATE

                               CLASS R-I MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. R-I-___

Percentage Interest evidenced by this Certificate in the related Class: _____%

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LJ 9

144A ISIN No. 361849LJ98

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO 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  OF THE SAME  SERIES,  AS AND TO THE
EXTENT PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

     NO  TRANSFER  OF THIS  CERTIFICATE  OR ANY  INTEREST  HEREIN TO AN EMPLOYEE
BENEFIT PLAN OR OTHER RETIREMENT  ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"),  OR THE INTERNAL REVENUE CODE
OF 1986 (THE "CODE"), OR TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY  PURCHASING
THIS  CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS
TRUSTEE

                                     A-17-1

<PAGE>

OF,  OR WITH  ASSETS  OF ANY SUCH  EMPLOYEE  BENEFIT  PLAN OR  OTHER  RETIREMENT
ARRANGEMENT,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS  ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G  AND  860D OF THE  CODE.
CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX
RELATED TRANSFER RESTRICTIONS SET FORTH IN THE AGREEMENT.  IF ANY PERSON BECOMES
THE  REGISTERED  HOLDER  OF THIS  CERTIFICATE  IN  VIOLATION  OF  SUCH  TRANSFER
RESTRICTIONS,  SUCH  REGISTRATION  SHALL BE  DEEMED  TO BE OF NO LEGAL  FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE AGREEMENT REFERRED TO HEREIN,  INCLUDING,
BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

     This certifies  that First Union  National Bank is the registered  owner of
the Percentage  Interest  evidenced by this Class R-I  Certificate (as specified
above) in that certain beneficial  ownership interest evidenced by all the Class
R-I  Certificates in the Trust Fund created  pursuant to a Pooling and Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.A.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately  following  (each, a "Distribution  Date"),  commencing upon the
First  Distribution  Date  specified  above,  to the  Person in whose  name this
Certificate  is  registered at the close of business on the last Business Day of
the month  immediately  preceding  the month of such  distribution  (the "Record
Date"), in an amount equal to the product of the Percentage  Interest  evidenced
by this  Certificate and the amount required to be distributed to the Holders of
the Class R-I Certificates on the applicable  Distribution  Date pursuant to the
Agreement.  All  distributions  made  under  the  Agreement  on  any  Class  R-I
Certificate  will be made by the  Trustee by check  mailed to the address of the
Person  entitled  thereto,  as such name and address  appear in the  Certificate
Register.  Notwithstanding the above, the final distribution on this Certificate
will  be  made  after  due  notice  by the  Trustee  of  the  pendency  of  such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate  Registrar  appointed as provided in the Agreement or
such other location as may be specified in such notice.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and Distribution  Account may be made from time to time for
purposes  other  than,  and,  in  certain  cases,  prior  to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class R-I  Certificates  are  issuable  in fully  registered  form only
without  coupons  in minimum  denominations  representing  Percentage  Interests
specified in the Agreement.  As provided in the Agreement and subject to certain
limitations  therein set forth,  Class R-I Certificates are exchangeable for new
Class R-I Certificates in authorized denominations evidencing the same aggregate
Percentage Interest, as requested by the Holder surrendering the same.

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the

                                     A-17-2

<PAGE>

offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon  one or more new Class R-I  Certificates  in authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No transfer of any Class R-I Certificate shall be made unless that transfer
is made pursuant to an effective  registration  statement  under the  Securities
Act,  and  effective   registration  or  qualification  under  applicable  state
securities  laws,  or is  made in a  transaction  that  does  not  require  such
registration or  qualification.  If such a transfer of any Class R-I Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master  Servicer,  the Special  Servicer,  the Trustee,  the Fiscal Agent or the
Certificate  Registrar  in their  respective  capacities  as such).  None of the
Depositor,  the  Trustee,  the  Fiscal  Agent or the  Certificate  Registrar  is
obligated to register or qualify the Class R-I Certificates under the Securities
Act or any other  securities  law or to take any action not  otherwise  required
under the Agreement to permit the transfer of any Class R-I Certificate  without
registration  or  qualification.  Any Class R-I  Certificateholder  desiring  to
effect such a transfer shall, and by the acceptance of its Class R-I Certificate
agrees to,  indemnify  the  Depositor,  the  Trustee,  the Fiscal  Agent and the
Certificate  Registrar  against any liability that may result if the transfer is
not so exempt or is not made in accordance with such federal and state laws.

     No transfer of a Class R-I  Certificate  or any interest  therein  shall be
made to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class R-I  Certificate or interest  therein on behalf of, as named fiduciary of,
as  trustee  of, or with  assets of a Plan,  unless the  prospective  transferee
provides the Trustee,  the Fiscal Agent,  the Master  Servicer and the Depositor
with a  certification  of facts and an Opinion of Counsel which establish to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute  or result in a violation  of Section 406 of ERISA or Section 4975 of
the Code and will not subject the  Depositor,  the Trustee,  the Fiscal Agent or
the Master  Servicer to any  obligation  in addition to those  undertaken in the
Agreement.

     Each  Person  who  has or who  acquires  any  Ownership  Interest  in  this
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of Section  5.02(d) of the
Agreement  and,  if any  purported  Transferee  shall  become a  Holder  of this
Certificate  in violation of the  provisions  of such Section  5.02(d),  to have
irrevocably  authorized the Trustee under clause (ii)(A) of such Section 5.02(d)
to deliver  payments to a Person other than such Person and to have  irrevocably
authorized the Trustee under clause (ii)(B) of such Section 5.02(d) to negotiate
the terms of any mandatory  sale and to execute all  instruments of Transfer and
to do all other things  necessary in connection  with any such sale. Each Person
holding or  acquiring  any  Ownership  Interest  in this  Certificate  must be a
Permitted  Transferee and a United States Person and shall  promptly  notify the
Trustee  of any  change  or  impending  change  in  its  status  as a  Permitted
Transferee or United States Person.  In connection with any proposed Transfer of
any Ownership  Interest in this Certificate,  the Trustee shall require delivery
to it, and shall not register the Transfer of this Certificate until its receipt
of, an affidavit and agreement substantially in the form attached as Exhibit C-1
to the  Agreement  (a  "Transfer  Affidavit  and  Agreement")  from the proposed
Transferee, in form and substance satisfactory to the Trustee,  representing and
warranting,  among other things, that such Transferee is a Permitted  Transferee
and a United States Person,  that it is not acquiring its Ownership  Interest in
this  Certificate  as a nominee,  trustee or agent for any Person  that is not a
Permitted Transferee or is not a United States Person, that for so

                                     A-17-3

<PAGE>

long as it retains its Ownership Interest in this Certificate,  it will endeavor
to remain a Permitted  Transferee  and a United States  Person,  and that it has
reviewed the  provisions  of Section  5.02(d) of the  Agreement and agrees to be
bound  by  them.  Notwithstanding  the  delivery  of a  Transfer  Affidavit  and
Agreement by a proposed Transferee, if the Trustee has actual knowledge that the
proposed  Transferee  is not a Permitted  Transferee  or is not a United  States
Person,  the Trustee shall not register the Transfer of an Ownership Interest in
this Certificate to such proposed Transferee.

     Each Person holding or acquiring any Ownership Interest in this Certificate
shall  agree  (x) to  require  a  Transfer  Affidavit  and  Agreement  from  any
prospective  Transferee  to whom such Person  attempts to transfer its Ownership
Interest  herein  and (y) not to  transfer  its  Ownership  Interest  unless  it
provides  to the Trustee a  certificate  substantially  in the form  attached as
Exhibit C-2 to the Agreement  stating that, among other things, it has no actual
knowledge that such prospective  Transferee is not a Permitted  Transferee or is
not a United  States  Person.  Each Person  holding or  acquiring  an  Ownership
Interest in this  Certificate,  by purchasing  such Ownership  Interest  herein,
agrees to give the Trustee  written notice that it is a  "pass-through  interest
holder"   within  the  meaning  of   temporary   Treasury   regulation   Section
1.67-3T(a)(2)(i)(A)  immediately upon acquiring such Ownership  Interest,  if it
is, or is holding such Ownership Interest on behalf of, a "pass-through interest
holder".

     The provisions of Section  5.02(d) of the Agreement may be modified,  added
to or  eliminated,  provided that there shall have been delivered to the Trustee
the following:  (a) written  notification  from each Rating Agency to the effect
that the modification of, addition to or elimination of such provisions will not
cause such Rating  Agency to  withdraw,  qualify or downgrade  its  then-current
rating of any Class of Certificates;  and (b) an Opinion of Counsel, in form and
substance satisfactory to the Trustee and the Depositor, to the effect that such
modification  of,  addition to or elimination of such  provisions will not cause
either  REMIC I, REMIC II or REMIC III to (x) cease to qualify as a REMIC or (y)
be  subject  to an  entity-level  tax  caused by the  Transfer  of any Class R-I
Certificate to a Person which is not a Permitted  Transferee,  or cause a Person
other than the  prospective  Transferee  to be subject  to a  REMIC-related  tax
caused by the  Transfer of a Class R-I  Certificate  to a Person  which is not a
Permitted Transferee.

     A  "Permitted  Transferee"  is any  Transferee  other  than (i) the  United
States, any State or political subdivision thereof, any possession of the United
States, or any agency or  instrumentality of any of the foregoing (other than an
instrumentality  which is a corporation  if all of its activities are subject to
tax and,  except for FHLMC, a majority of its board of directors is not selected
by  such  governmental  unit),  (ii) a  foreign  government,  any  international
organization,  or any agency or instrumentality  of any of the foregoing,  (iii)
any organization (other than certain farmers' cooperatives  described in Section
521 of the Code)  which is exempt  from the tax imposed by Chapter 1 of the Code
(including  the tax  imposed by Section  511 of the Code on  unrelated  business
taxable  income),  (iv) rural electric and telephone  cooperatives  described in
Section  1381(a)(2)(C) of the Code, and (v) any electing large partnership under
Section 775 of the Code  and/or any other  Person so  designated  by the Trustee
based upon an Opinion of Counsel that the holding of an Ownership  Interest in a
Class R-I  Certificate  by such  Person  may cause the Trust  Fund or any Person
having an  Ownership  Interest  in any Class of  Certificates  (other  than such
Person) to incur a liability  for any  federal  tax imposed  under the Code that
would not otherwise be imposed but for the Transfer of an Ownership  Interest in
a Class R-I Certificate to such Person.  The terms "United States",  "State" and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

     A "United States  Person" is a citizen or resident of the United States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision thereof (except, in the
case of a  partnership,  to the extent  provided  in Treasury  regulations),  an
estate whose  income from sources  without the United  States is  includable  in
gross income for United  States  federal  income tax purposes  regardless of its
connection with the conduct of a trade or business within the United States,  or
a trust  if a court  within  the  United  States  is  able to  exercise  primary
supervision over the  administration  of the trust and one or more United States
Persons have the authority to control all substantial decisions of the trust.

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange of Class R-I Certificates, but the Trustee or the Certificate Registrar
may require  payment of a sum sufficient to cover any tax or other  governmental
charge that may be imposed in connection  with any transfer or exchange of Class
R-I Certificates.

                                     A-17-4

<PAGE>

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment necessary to maintain the status of REMIC I, REMIC II or
REMIC  III  as a  REMIC,  without  the  consent  of  the  Holders  of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-17-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This  is  one  of  the  Class   R-I   Certificates   referred   to  in  the
within-mentioned Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-17-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-17-7

<PAGE>

                                                                    EXHIBIT A-18

                         FORM OF CLASS R-II CERTIFICATE

                               CLASS R-II MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. R-II-___

Percentage Interest evidenced by this Certificate in the related Class: _____%

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LL 4

144A ISIN No. 361849LL45

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO 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  OF THE SAME  SERIES,  AS AND TO THE
EXTENT PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986
(THE "CODE"), OR TO ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS

                                     A-18-1

<PAGE>

CERTIFICATE  OR ANY  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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS  ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G  AND  860D OF THE  CODE.
CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX
RELATED TRANSFER RESTRICTIONS SET FORTH IN THE AGREEMENT.  IF ANY PERSON BECOMES
THE  REGISTERED  HOLDER  OF THIS  CERTIFICATE  IN  VIOLATION  OF  SUCH  TRANSFER
RESTRICTIONS,  SUCH  REGISTRATION  SHALL BE  DEEMED  TO BE OF NO LEGAL  FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE AGREEMENT REFERRED TO HEREIN,  INCLUDING,
BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

     This certifies  that First Union  National Bank is the registered  owner of
the Percentage  Interest  evidenced by this Class R-II Certificate (as specified
above) in that certain beneficial  ownership interest evidenced by all the Class
R-II  Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately  following  (each, a "Distribution  Date"),  commencing upon the
First  Distribution  Date  specified  above,  to the  Person in whose  name this
Certificate  is  registered at the close of business on the last Business Day of
the month immediately  preceding the month of such distribution (as to the Class
R-II Certificates,  the "Record Date"), in an amount equal to the product of the
Percentage  Interest evidenced by this Certificate and the amount required to be
distributed  to the  Holders of the Class R-II  Certificates  on the  applicable
Distribution Date pursuant to the Agreement.  All  distributions  made under the
Agreement  on any Class R-II  Certificate  will be made by the  Trustee by check
mailed to the address of the Person entitled  thereto,  as such name and address
appear  in the  Certificate  Register.  Notwithstanding  the  above,  the  final
distribution on this Certificate will be made after due notice by the Trustee of
the pendency of such  distribution  and only upon  presentation and surrender of
this  Certificate  at the  offices of the  Certificate  Registrar  appointed  as
provided in the  Agreement  or such other  location as may be  specified in such
notice.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and Distribution  Account may be made from time to time for
purposes  other  than,  and,  in  certain  cases,  prior  to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class R-II  Certificates  are  issuable in fully  registered  form only
without  coupons  in minimum  denominations  representing  Percentage  Interests
specified in the Agreement.  As provided in the Agreement and subject to certain
limitations  therein set forth, Class R-II Certificates are exchangeable for new
Class  R-II  Certificates  in  authorized   denominations  evidencing  the  same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

                                     A-18-2

<PAGE>

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and  thereupon one or more new Class R-II  Certificates  in authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No  transfer  of any  Class  R-II  Certificate  shall be made  unless  that
transfer  is made  pursuant to an  effective  registration  statement  under the
Securities Act, and effective  registration or  qualification  under  applicable
state  securities  laws, or is made in a transaction  that does not require such
registration or qualification.  If such a transfer of any Class R-II Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master  Servicer,  the Special  Servicer,  the Trustee,  the Fiscal Agent or the
Certificate  Registrar  in their  respective  capacities  as such).  None of the
Depositor,  the  Trustee,  the  Fiscal  Agent or the  Certificate  Registrar  is
obligated  to  register  or  qualify  the  Class  R-II  Certificates  under  the
Securities  Act or any other  securities law or to take any action not otherwise
required  under  the  Agreement  to  permit  the  transfer  of  any  Class  R-II
Certificate   without   registration   or   qualification.    Any   Class   R-II
Certificateholder  desiring  to  effect  such  a  transfer  shall,  and  by  the
acceptance of its Class R-II Certificate agrees to, indemnify the Depositor, the
Trustee,  the Fiscal Agent, and the Certificate  Registrar against any liability
that may result if the  transfer  is not so exempt or is not made in  accordance
with such federal and state laws.

     No transfer of a Class R-II  Certificate  or any interest  therein shall be
made to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class R-II  Certificate or interest therein on behalf of, as named fiduciary of,
as  trustee  of, or with  assets of a Plan,  unless the  prospective  transferee
provides the Trustee,  the Fiscal Agent,  the Master  Servicer and the Depositor
with a  certification  of facts and an Opinion of Counsel which establish to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute  or result in a violation  of Section 406 of ERISA or Section 4975 of
the Code and will not subject the  Depositor,  the Trustee,  the Fiscal Agent or
the Master  Servicer to any  obligation  in addition to those  undertaken in the
Agreement.

     Each  Person  who  has or who  acquires  any  Ownership  Interest  in  this
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of Section  5.02(d) of the
Agreement  and,  if any  purported  Transferee  shall  become a  Holder  of this
Certificate  in violation of the  provisions  of such Section  5.02(d),  to have
irrevocably  authorized the Trustee under clause (ii)(A) of such Section 5.02(d)
to deliver  payments to a Person other than such Person and to have  irrevocably
authorized the Trustee under clause (ii)(B) of such Section 5.02(d) to negotiate
the terms of any mandatory  sale and to execute all  instruments of Transfer and
to do all other things  necessary in connection  with any such sale. Each Person
holding or  acquiring  any  Ownership  Interest  in this  Certificate  must be a
Permitted  Transferee and a United States Person and shall  promptly  notify the
Trustee  of any  change  or  impending  change  in  its  status  as a  Permitted
Transferee or United States Person.  In connection with any proposed Transfer of
any Ownership  Interest in this in this  Certificate,  the Trustee shall require
delivery to it, and shall not register the  Transfer of this  Certificate  until
its receipt of, an affidavit and agreement substantially in the form attached as
Exhibit C-1 to the  Agreement (a "Transfer  Affidavit and  Agreement")  from the
proposed  Transferee,  in  form  and  substance  satisfactory  to  the  Trustee,
representing and warranting, among other things, that such Transferee is a

                                     A-18-3

<PAGE>

Permitted  Transferee and a United States  Person,  that it is not acquiring its
Ownership  Interest in this  Certificate as a nominee,  trustee or agent for any
Person that is not a Permitted Transferee or is not a United States Person, that
for so long as it retains its Ownership  Interest in this  Certificate,  it will
endeavor to remain a Permitted  Transferee and a United States Person,  and that
it has reviewed the provisions of Section 5.02(d) of the Agreement and agrees to
be bound by them.  Notwithstanding  the  delivery  of a Transfer  Affidavit  and
Agreement by a proposed Transferee, if the Trustee has actual knowledge that the
proposed  Transferee  is not a Permitted  Transferee  or is not a United  States
Person,  the Trustee shall not register the Transfer of an Ownership Interest in
this Certificate to such proposed Transferee.

     Each Person holding or acquiring any Ownership Interest in this Certificate
shall  agree  (x) to  require  a  Transfer  Affidavit  and  Agreement  from  any
prospective  Transferee  to whom such Person  attempts to transfer its Ownership
Interest  herein  and (y) not to  transfer  its  Ownership  Interest  unless  it
provides  to the Trustee a  certificate  substantially  in the form  attached as
Exhibit C-2 to the Agreement  stating that, among other things, it has no actual
knowledge that such prospective  Transferee is not a Permitted  Transferee or is
not a United  States  Person.  Each Person  holding or  acquiring  an  Ownership
Interest in this  Certificate,  by purchasing  such Ownership  Interest  herein,
agrees to give the Trustee  written notice that it is a  "pass-through  interest
holder"   within  the  meaning  of   temporary   Treasury   regulation   Section
1.67-3T(a)(2)(i)(A)  immediately upon acquiring such Ownership  Interest,  if it
is, or is holding such Ownership Interest on behalf of, a "pass-through interest
holder".

     The provisions of Section  5.02(d) of the Agreement may be modified,  added
to or  eliminated,  provided that there shall have been delivered to the Trustee
the following:  (a) written  notification  from each Rating Agency to the effect
that the modification of, addition to or elimination of such provisions will not
cause such Rating  Agency to  withdraw,  qualify or downgrade  its  then-current
rating of any Class of Certificates;  and (b) an Opinion of Counsel, in form and
substance satisfactory to the Trustee and the Depositor, to the effect that such
modification  of,  addition to or elimination of such  provisions will not cause
either  REMIC I, REMIC II or REMIC III to (x) cease to qualify as a REMIC or (y)
be  subject to an  entity-level  tax  caused by the  Transfer  of any Class R-II
Certificate to a Person which is not a Permitted  Transferee,  or cause a Person
other than the  prospective  Transferee  to be subject  to a  REMIC-related  tax
caused by the  Transfer of a Class R-II  Certificate  to a Person which is not a
Permitted Transferee.

     A  "Permitted  Transferee"  is any  Transferee  other  than (i) the  United
States, any State or political subdivision thereof, any possession of the United
States, or any agency or  instrumentality of any of the foregoing (other than an
instrumentality  which is a corporation  if all of its activities are subject to
tax and,  except for FHLMC, a majority of its board of directors is not selected
by  such  governmental  unit),  (ii) a  foreign  government,  any  international
organization,  or any agency or instrumentality  of any of the foregoing,  (iii)
any organization (other than certain farmers' cooperatives  described in Section
521 of the Code)  which is exempt  from the tax imposed by Chapter 1 of the Code
(including  the tax  imposed by Section  511 of the Code on  unrelated  business
taxable  income),  (iv) rural electric and telephone  cooperatives  described in
Section  1381(a)(2)(C) of the Code, and (v) any electing large partnership under
Section 775 of the Code  and/or any other  Person so  designated  by the Trustee
based upon an Opinion of Counsel that the holding of an Ownership  Interest in a
Class  R-II  Certificate  by such  Person may cause the Trust Fund or any Person
having an  Ownership  Interest  in any Class of  Certificates  (other  than such
Person) to incur a liability  for any  federal  tax imposed  under the Code that
would not otherwise be imposed but for the Transfer of an Ownership  Interest in
a Class R-II Certificate to such Person. The terms "United States",  "State" and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

     A "United States  Person" is a citizen or resident of the United States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision thereof (except, in the
case of a  partnership,  to the extent  provided  in Treasury  regulations),  an
estate whose  income from sources  without the United  States is  includable  in
gross income for United  States  federal  income tax purposes  regardless of its
connection with the conduct of a trade or business within the United States,  or
a trust  if a court  within  the  United  States  is  able to  exercise  primary
supervision over the  administration  of the trust and one or more United States
Persons have the authority to control all substantial decisions of the trust.

                                     A-18-4

<PAGE>

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange  of  Class  R-II  Certificates,  but  the  Trustee  or the  Certificate
Registrar  may  require  payment of a sum  sufficient  to cover any tax or other
governmental  charge  that may be imposed in  connection  with any  transfer  or
exchange of Class R-II Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment necessary to maintain the status of REMIC I, REMIC II or
REMIC  III  as a  REMIC,  without  the  consent  of  the  Holders  of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-18-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This  is  one  of  the  Class  R-II   Certificates   referred   to  in  the
within-mentioned Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-18-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-18-7

<PAGE>

                                                                    EXHIBIT A-19

                         FORM OF CLASS R-III CERTIFICATE

                              CLASS R-III MORTGAGE
                            PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-C1

evidencing a beneficial  ownership  interest in a trust fund (the "Trust  Fund")
consisting  primarily  of a  pool  (the  "Mortgage  Pool")  of  multifamily  and
commercial  mortgage  loans (the "Mortgage  Loans"),  such pool being formed and
sold by

                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.

Date of Pooling and Servicing Agreement:
March 1, 2000

Cut-off Date:  With respect to any Mortgage Loan, the
Due Date for such Mortgage Loan in March, 2000

Issue Date:  March 16, 2000

First Distribution Date:  April 17, 2000

Master Servicer and Special Servicer:
GMAC Commercial Mortgage Corporation

Certificate No. R-III-___

Percentage Interest evidenced by this Certificate in the related Class: _____%

Aggregate unpaid principal  balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date, whether or not
received: $879,890,172

Trustee:   LaSalle Bank National Association

144A CUSIP No. 361849 LN 0

144A ISIN No. 361849LN01

THIS  CERTIFICATE  DOES NOT  REPRESENT  AN  OBLIGATION  OF OR  INTEREST  IN GMAC
COMMERCIAL  MORTGAGE  SECURITIES,  INC., GMAC COMMERCIAL  MORTGAGE  CORPORATION,
LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V. OR ANY OF THEIR RESPECTIVE
AFFILIATES.  NEITHER THIS  CERTIFICATE  NOR THE MORTGAGE LOANS ARE GUARANTEED BY
ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS  CERTIFICATE  IS SUBORDINATE TO 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, AND  CLASS N  CERTIFICATES  OF THE SAME  SERIES,  AS AND TO THE  EXTENT
PROVIDED IN THE AGREEMENT REFERRED TO HEREIN.

THIS  CERTIFICATE  HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE,  TRANSFER OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  WITHOUT  SUCH
REGISTRATION OR QUALIFICATION  MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS  CERTIFICATE OR ANY INTEREST  HEREIN TO AN EMPLOYEE  BENEFIT
PLAN OR OTHER RETIREMENT  ARRANGEMENT  SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF

                                     A-19-1

<PAGE>

1986 (THE  "CODE"),  OR TO ANY PERSON WHO IS DIRECTLY OR  INDIRECTLY  PURCHASING
THIS  CERTIFICATE OR ANY 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,  WILL BE REGISTERED  EXCEPT IN COMPLIANCE  WITH THE  PROCEDURES SET
FORTH IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE  MORTGAGE  INVESTMENT  CONDUIT" (A "REMIC") AS THOSE
TERMS  ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G  AND  860D OF THE  CODE.
CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX
RELATED TRANSFER RESTRICTIONS SET FORTH IN THE AGREEMENT.  IF ANY PERSON BECOMES
THE  REGISTERED  HOLDER  OF THIS  CERTIFICATE  IN  VIOLATION  OF  SUCH  TRANSFER
RESTRICTIONS,  SUCH  REGISTRATION  SHALL BE  DEEMED  TO BE OF NO LEGAL  FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE AGREEMENT REFERRED TO HEREIN,  INCLUDING,
BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

     This certifies  that First Union  National Bank is the registered  owner of
the Percentage  Interest evidenced by this Class R-III Certificate (as specified
above) in that certain beneficial  ownership interest evidenced by all the Class
R-III Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement,  dated as specified  above (the  "Agreement"),  among GMAC Commercial
Mortgage Securities,  Inc., as Depositor,  GMAC Commercial Mortgage Corporation,
as Master Servicer and Special Servicer,  LaSalle Bank National Association,  as
Trustee  and ABN AMRO Bank N.V.,  as Fiscal  Agent.  To the  extent not  defined
herein, the capitalized terms used herein have the respective  meanings assigned
in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

     Pursuant to the terms of the Agreement,  distributions  will be made on the
15th day of each month or, if such 15th day is not a Business  Day, the Business
Day immediately  following  (each, a "Distribution  Date"),  commencing upon the
First  Distribution  Date  specified  above,  to the  Person in whose  name this
Certificate  is  registered at the close of business on the last Business Day of
the month immediately  preceding the month of such distribution (as to the Class
R-III Certificates, the "Record Date"), in an amount equal to the product of the
Percentage  Interest evidenced by this Certificate and the amount required to be
distributed  to the Holders of the Class R-III  Certificates  on the  applicable
Distribution Date pursuant to the Agreement.  All  distributions  made under the
Agreement  on any Class R-III  Certificate  will be made by the Trustee by check
mailed to the address of the Person entitled  thereto,  as such name and address
appear  in the  Certificate  Register.  Notwithstanding  the  above,  the  final
distribution on this Certificate will be made after due notice by the Trustee of
the pendency of such  distribution  and only upon  presentation and surrender of
this  Certificate  at the  offices of the  Certificate  Registrar  appointed  as
provided in the  Agreement  or such other  location as may be  specified in such
notice.

     The Depositor's  Mortgage  Pass-Through  Certificates,  Series 2000-C1 (the
"Certificates")  are limited in right of distribution to certain collections and
recoveries  respecting the Mortgage Loans,  all as more  specifically  set forth
herein and in the Agreement. As provided in the Agreement,  withdrawals from the
Certificate  Account and Distribution  Account may be made from time to time for
purposes  other  than,  and,  in  certain  cases,  prior  to,  distributions  to
Certificateholders,  such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

     The Class R-III  Certificates  are issuable in fully  registered  form only
without  coupons  in minimum  denominations  representing  Percentage  Interests
specified in the Agreement.  As provided in the Agreement and subject to certain
limitations therein set forth, Class R-III Certificates are exchangeable for new
Class  R-III  Certificates  in  authorized  denominations  evidencing  the  same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

                                     A-19-2

<PAGE>

     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices of the  Certificate  Registrar,  duly endorsed by, or  accompanied  by a
written  instrument  of transfer  in the form  satisfactory  to the  Certificate
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing,  and thereupon one or more new Class R-III  Certificates  in authorized
denominations  evidencing the same aggregate  Percentage Interest will be issued
to the designated transferee or transferees.

     No  transfer  of any Class  R-III  Certificate  shall be made  unless  that
transfer  is made  pursuant to an  effective  registration  statement  under the
Securities Act, and effective  registration or  qualification  under  applicable
state  securities  laws, or is made in a transaction  that does not require such
registration or qualification. If such a transfer of any Class R-III Certificate
(other  than a  transfer  thereof  by the  Depositor  or  any  Affiliate  of the
Depositor) is to be made without registration under the Securities Act, then the
Trustee shall require,  in order to assure compliance with such laws, receipt by
it and the  Depositor  of: (i) if such  transfer  is  purportedly  being made in
reliance  upon Rule 144A  under  the  Securities  Act,  a  certificate  from the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached  as  Exhibit  B-1  to  the  Agreement  and  a  certificate   from  such
Certificateholder's prospective transferee substantially in the form attached as
Exhibit B-2 to the  Agreement;  and (ii) in all other cases,  (A) a  certificate
from the Certificateholder desiring to effect such transfer substantially in the
form  attached  to the  Agreement  as Exhibit  B-1 and a  certificate  from such
Certificateholder's prospective transferee substantially in the form attached to
the Agreement as Exhibit B-3, and (B) unless the Depositor directs otherwise, an
Opinion of Counsel  satisfactory  to the Trustee and the Depositor to the effect
that such  transfer  may be made  without such  registration  (which  Opinion of
Counsel  shall not be an  expense  of the Trust  Fund or of the  Depositor,  the
Master  Servicer,  the Special  Servicer,  the Trustee,  the Fiscal Agent or the
Certificate  Registrar  in their  respective  capacities  as such).  None of the
Depositor,  the  Trustee,  the  Fiscal  Agent or the  Certificate  Registrar  is
obligated  to  register  or  qualify  the  Class  R-III  Certificates  under the
Securities  Act or any other  securities law or to take any action not otherwise
required  under  the  Agreement  to  permit  the  transfer  of any  Class  R-III
Certificate   without   registration   or   qualification.   Any   Class   R-III
Certificateholder  desiring  to  effect  such  a  transfer  shall,  and  by  the
acceptance of its Class R-III  Certificate  agrees to,  indemnify the Depositor,
the  Trustee,  the  Fiscal  Agent  and the  Certificate  Registrar  against  any
liability  that may  result if the  transfer  is not so exempt or is not made in
accordance with such federal and state laws.

     No transfer of a Class R-III  Certificate or any interest  therein shall be
made to (A) 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,  that is subject to ERISA or Section 4975 of the Code
(each, a "Plan") or (B) any Person who is directly or indirectly  purchasing the
Class R-III Certificate or interest therein on behalf of, as named fiduciary of,
as  trustee  of, or with  assets of a Plan,  unless the  prospective  transferee
provides the Trustee,  the Fiscal Agent,  the Master  Servicer and the Depositor
with a  certification  of facts and an Opinion of Counsel which establish to the
satisfaction  of the  Trustee,  the Fiscal  Agent,  the Master  Servicer and the
Depositor  that such  transfer is  permissible  under  applicable  law, will not
constitute  or result in a violation  of Section 406 of ERISA or Section 4975 of
the Code and will not subject the  Depositor,  the Trustee,  the Fiscal Agent or
the Master  Servicer to any  obligation  in addition to those  undertaken in the
Agreement.

     Each  Person  who  has or who  acquires  any  Ownership  Interest  in  this
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of Section  5.02(d) of the
Agreement  and,  if any  purported  Transferee  shall  become a  Holder  of this
Certificate  in violation of the  provisions  of such Section  5.02(d),  to have
irrevocably  authorized the Trustee under clause (ii)(A) of such Section 5.02(d)
to deliver  payments to a Person other than such Person and to have  irrevocably
authorized the Trustee under clause (ii)(B) of such Section 5.02(d) to negotiate
the terms of any mandatory  sale and to execute all  instruments of Transfer and
to do all other things  necessary in connection  with any such sale. Each Person
holding or  acquiring  any  Ownership  Interest  in this  Certificate  must be a
Permitted  Transferee and a United States Person and shall  promptly  notify the
Trustee  of any  change  or  impending  change  in  its  status  as a  Permitted
Transferee or United States Person.  In connection with any proposed Transfer of
any Ownership  Interest in this Certificate,  the Trustee shall require delivery
to it, and shall not register the Transfer of this Certificate until its receipt
of, an affidavit and agreement substantially in the form attached as Exhibit C-1
to the  Agreement  (a  "Transfer  Affidavit  and  Agreement")  from the proposed
Transferee, in form and substance satisfactory to the Trustee,  representing and
warranting, among other things, that such Transferee is a

                                     A-19-3

<PAGE>

Permitted  Transferee and a United States  Person,  that it is not acquiring its
Ownership  Interest in this  Certificate as a nominee,  trustee or agent for any
Person that is not a Permitted Transferee or is not a United States Person, that
for so long as it retains its Ownership  Interest in this  Certificate,  it will
endeavor to remain a Permitted  Transferee and a United States Person,  and that
it has reviewed the provisions of Section 5.02(d) of the Agreement and agrees to
be bound by them.  Notwithstanding  the  delivery  of a Transfer  Affidavit  and
Agreement by a proposed Transferee, if the Trustee has actual knowledge that the
proposed  Transferee  is not a Permitted  Transferee  or is not a United  States
Person,  the  Certificate  Registrar  shall  not  register  the  Transfer  of an
Ownership Interest in this Certificate to such proposed Transferee.

     Each Person holding or acquiring any Ownership Interest in this Certificate
shall  agree  (x) to  require  a  Transfer  Affidavit  and  Agreement  from  any
prospective  Transferee  to whom such Person  attempts to transfer its Ownership
Interest  herein  and (y) not to  transfer  its  Ownership  Interest  unless  it
provides  to the Trustee a  certificate  substantially  in the form  attached as
Exhibit C-2 to the Agreement  stating that, among other things, it has no actual
knowledge that such prospective  Transferee is not a Permitted  Transferee or is
not a United  States  Person.  Each Person  holding or  acquiring  an  Ownership
Interest in this  Certificate,  by purchasing  such Ownership  Interest  herein,
agrees to give the Trustee  written notice that it is a  "pass-through  interest
holder"   within  the  meaning  of   temporary   Treasury   regulation   Section
1.67-3T(a)(2)(i)(A)  immediately upon acquiring such Ownership  Interest,  if it
is, or is holding such Ownership Interest on behalf of, a "pass-through interest
holder".

     The provisions of Section  5.02(d) of the Agreement may be modified,  added
to or  eliminated,  provided that there shall have been delivered to the Trustee
the following:  (a) written  notification  from each Rating Agency to the effect
that the modification of, addition to or elimination of such provisions will not
cause such Rating  Agency to  withdraw,  qualify or downgrade  its  then-current
rating of any Class of Certificates;  and (b) an Opinion of Counsel, in form and
substance satisfactory to the Trustee and the Depositor, to the effect that such
modification  of,  addition to or elimination of such  provisions will not cause
either  REMIC I, REMIC II or REMIC III to (x) cease to qualify as a REMIC or (y)
be subject to an  entity-level  tax caused by the  Transfer  of any Class  R-III
Certificate to a Person which is not a Permitted  Transferee,  or cause a Person
other than the  prospective  Transferee  to be subject  to a  REMIC-related  tax
caused by the Transfer of a Class R-III  Certificate  to a Person which is not a
Permitted Transferee.

     A  "Permitted  Transferee"  is any  Transferee  other  than (i) the  United
States, any State or political subdivision thereof, any possession of the United
States, or any agency or  instrumentality of any of the foregoing (other than an
instrumentality  which is a corporation  if all of its activities are subject to
tax and,  except for FHLMC, a majority of its board of directors is not selected
by  such  governmental  unit),  (ii) a  foreign  government,  any  international
organization,  or any agency or instrumentality  of any of the foregoing,  (iii)
any organization (other than certain farmers' cooperatives  described in Section
521 of the Code)  which is exempt  from the tax imposed by Chapter 1 of the Code
(including  the tax  imposed by Section  511 of the Code on  unrelated  business
taxable  income),  (iv) rural electric and telephone  cooperatives  described in
Section  1381(a)(2)(C) of the Code, and (v) any electing large partnership under
Section 775 of the Code  and/or any other  Person so  designated  by the Trustee
based upon an Opinion of Counsel that the holding of an Ownership  Interest in a
Class  R-III  Certificate  by such Person may cause the Trust Fund or any Person
having an  Ownership  Interest  in any Class of  Certificates  (other  than such
Person) to incur a liability  for any  federal  tax imposed  under the Code that
would not otherwise be imposed but for the Transfer of an Ownership  Interest in
a Class R-III Certificate to such Person. The terms "United States", "State" and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

     A "United States  Person" is a citizen or resident of the United States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision thereof (except, in the
case of a  partnership,  to the extent  provided  in Treasury  regulations),  an
estate whose  income from sources  without the United  States is  includable  in
gross income for United  States  federal  income tax purposes  regardless of its
connection with the conduct of a trade or business within the United States,  or
a trust  if a court  within  the  United  States  is  able to  exercise  primary
supervision over the  administration  of the trust and one or more United States
Persons have the authority to control all substantial decisions of the trust.

                                     A-19-4

<PAGE>

     No service  charge  will be imposed  for any  registration  of  transfer or
exchange  of  Class  R-III  Certificates,  but the  Trustee  or the  Certificate
Registrar  may  require  payment of a sum  sufficient  to cover any tax or other
governmental  charge  that may be imposed in  connection  with any  transfer  or
exchange of Class R-III Certificates.

     Prior to due presentment of this  Certificate for registration of transfer,
the Depositor,  the Master  Servicer,  the Special  Servicer,  the Trustee,  the
Fiscal Agent, the Certificate  Registrar and any agents 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,  the Trustee, the Fiscal Agent, the Certificate  Registrar or any such
agent shall be affected by notice to the contrary.

     The Trust Fund and the obligations created by the Agreement shall terminate
upon distribution (or provision for distribution) to the  Certificateholders  of
all amounts held by or on behalf of the Trustee and  required to be  distributed
to them pursuant to the Agreement following the earlier of (i) the final payment
or other  liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property  remaining in the Trust Fund,  and (ii) the purchase by the
Master  Servicer  or the  Depositor  at a price  determined  as  provided in the
Agreement of all Mortgage  Loans and any REO  Properties  remaining in the Trust
Fund. The Agreement permits,  but does not require,  the Depositor or the Master
Servicer  to  purchase  from the  Trust  Fund  all  Mortgage  Loans  and any REO
Properties  remaining  therein.  The  exercise of such right will  effect  early
retirement of the  Certificates;  however,  such right to purchase is subject to
the  aggregate  Stated  Principal  Balance of the  Mortgage  Pool at the time of
purchase being less than 1% of the aggregate  Cut-off Date Principal  Balance of
the Mortgage Pool specified on the face hereof.

     The  Agreement  permits,  with certain  exceptions  therein  provided,  the
amendment  thereof,  and the  modification  of the rights and obligations of the
Depositor,  the Master Servicer,  the Special Servicer,  the Trustee, the Fiscal
Agent  thereunder and the rights of the  Certificateholders  thereunder,  at any
time by the Depositor,  the Master Servicer,  the Special Servicer,  the Trustee
and the Fiscal Agent with the consent of the Holders of Certificates entitled to
at least 662/3% of the Voting Rights allocated to the affected Classes. Any such
consent by the Holder of this  Certificate  shall be  conclusive  and binding on
such  Holder  and  upon  all  future  Holders  of  this  Certificate  and of any
Certificate  issued upon the transfer  hereof or in exchange  herefor or in lieu
hereof  whether or not notation of such  consent is made upon this  Certificate.
The Agreement  also permits the  amendment  thereof,  in certain  circumstances,
including any amendment necessary to maintain the status of REMIC I, REMIC II or
REMIC  III  as a  REMIC,  without  the  consent  of  the  Holders  of any of the
Certificates.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

     The registered Holder hereof, by its acceptance hereof, agrees that it will
look  solely  to the  Trust  Fund (to the  extent  of its  rights  therein)  for
distributions hereunder.

     This Certificate shall be construed in accordance with the internal laws of
the State of New York  applicable to agreements made and to be performed in said
State,  and the  obligations,  rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

                                     A-19-5

<PAGE>

     IN WITNESS  WHEREOF,  the Trustee has caused  this  Certificate  to be duly
executed.

                                   LaSalle Bank National Association,
                                   as Trustee

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

     This  is  one  of  the  Class  R-III   Certificates   referred  to  in  the
within-mentioned Agreement.

Dated:  March 16, 2000

                                   LaSalle Bank National Association,
                                   as Certificate Registrar

                                   By:
                                      ------------------------------------------
                                                  Authorized Officer

                                     A-19-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
    (please print or typewrite name and address including postal zip code of
                                   assignee)

the  beneficial  ownership  interest in the Trust Fund  evidenced  by the within
Mortgage  Pass-Through  Certificate and hereby  authorize(s) the registration of
transfer  of such  interest  to the  above  named  assignee  on the  Certificate
Register of the Trust Fund.

     I  (we)  further  direct  the  issuance  of  a  new  Mortgage  Pass-Through
Certificate of a like Percentage  Interest and Class to the above named assignee
and delivery of such Mortgage Pass-Through Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Dated:

                               ----------------------------------------
                               Signature by or on behalf of Assignor

                               ----------------------------------------
                               Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions  shall, if permitted,  be made by wire transfer or otherwise,
in immediately available funds, to _____________________________________________
for the account of _____________________________________________________________
_______________________________________________________________________________.

     Distributions   made   by   check   (such   check   to  be   made   payable
to ____________________________________________________________________________)
and all applicable statements and notices should be mailed to __________________
_______________________________________________________________________________.

     This  information  is provided by  _______________________________________,
the assignee named above, or ___________________________________________, as its
agent.

                                     A-19-7

<PAGE>

                                                                     EXHIBIT B-1

                         FORM OF TRANSFEROR CERTIFICATE

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Asset Backed Securities Trust Services Group,
           GMAC Mortgage Pass-Through Certificates Series, 2000-C1

     Re:  GMAC  Commercial  Mortgage  Securities,  Inc.,  Mortgage  Pass-Through
          Certificates,  Series  2000-C1,[Class  G][Class  H]  [Class  J] [Class
          K][Class  L][Class  M][Class  N] [Class O] [Class  R-I]  [Class  R-II]
          [Class R-III],  [having an initial principal balance as of [________],
          2000 of $ ________]  [evidencing a ____%  Percentage  Interest in such
          Class].

Dear Sirs:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
_______________________  (the  "Transferor") to  _________________________  (the
"Transferee") of the captioned  Certificates (the  "Certificates"),  pursuant to
Section 5.02 of the Pooling and Servicing  Agreement (the "Pooling and Servicing
Agreement"),  dated  as  of  March  1,  2000,  among  GMAC  Commercial  Mortgage
Securities,  Inc., as Depositor, GMAC Commercial Mortgage Corporation, as Master
Servicer  and  Special  Servicer,  and LaSalle  Bank  National  Association,  as
Trustee,  and ABN AMRO Bank N.V., as Fiscal Agent. All terms used herein and not
otherwise  defined shall have the  respective  meanings set forth in the Pooling
and  Servicing  Agreement.  The  Transferor  hereby  certifies,  represents  and
warrants to you, as Certificate Registrar, that:

     1. The  Transferor  is the lawful owner of the  Certificates  with the full
right to transfer the Certificates free from any and all claims and encumbrances
whatsoever.

     2. Neither the  Transferor nor anyone acting on its behalf has (a) offered,
transferred,  pledged,  sold or  otherwise  disposed  of the  Certificates,  any
interest in the  Certificates or any other similar security to any person in any
manner,  (b)  solicited  any offer to buy or accept a transfer,  pledge or other
disposition of the  Certificates,  any interest in the Certificates or any other
similar  security  from any person in any manner,  (c)  otherwise  approached or
negotiated with respect to the Certificates, any interest in the Certificates or
any other similar  security with any person in any manner,  (d) made any general
solicitation with respect to the Certificates,  any interest in the Certificates
or any

                                      B-1-1

<PAGE>

other similar  security by means of general  advertising or in any other manner,
or (e) taken any other action with respect to the Certificates,  any interest in
the Certificates or any other similar security, which (in the case of any of the
acts   described  in  clauses  (a)  through  (e)  hereof)  would   constitute  a
distribution  under the Securities Act of 1933 (the "Securities  Act"), or would
render the  disposition  of the  Certificates  a  violation  of Section 5 of the
Securities Act or any state  securities  laws, or would require  registration or
qualification  of the  Certificates  pursuant to the Securities Act or any state
securities laws.

     3. The Transferor and any person acting on behalf of the Transferor in this
matter  reasonably  believe  that the  Transferee  is  either  (a) a  "qualified
institutional  buyer" (as that term is defined in Rule 144A ("Rule  144A") under
the  Securities  Act)  purchasing  for  its own  account  or (b)  either  (i) an
"accredited  investor"  within the meaning of paragraph  (1), (2), (3) or (7) of
Rule 501(a) under the  Securities  Act or (ii) an entity in which all the equity
owners are "accredited  investors" within the meaning of paragraph (1), (2), (3)
or (7) of Rule 501(a)  under the  Securities  Act,  and has such  knowledge  and
experience in financial and business  matters as to be capable of evaluating the
merits and risks of an investment in the Certificates.

     4. Unless the Transferee is either (a) an "accredited  investor" within the
meaning of Rule  501(a)(1),  (2), (3) or (7) under the  Securities Act or (b) an
entity in which all the equity  owners  are  "accredited  investors"  within the
meaning of paragraph  (1),  (2), (3) or (7) of Rule 501(a) under the  Securities
Act that is  furnishing a Transferee  Certificate  in the form of Exhibit B-3 to
the Pooling and Servicing  Agreement,  the  Transferor or a person acting on its
behalf has taken  reasonable  steps to ensure that the  Transferee is aware that
the  Transferor is relying on the exemption  from the provisions of Section 5 of
the Securities Act provided by Rule 144A.

     5. The Transferor or a person acting on its behalf has furnished, or caused
to  be  furnished,   to  the  Transferee  all  information   regarding  (a)  the
Certificates  and  distributions  thereon,  (b)  the  nature,   performance  and
servicing of the Mortgage Loans,  (c) the Pooling and Servicing  Agreement,  and
(d) any credit enhancement mechanism associated with the Certificates,  that the
Transferee has requested.

                                Very truly yours,

                                Print Name of Transferor

                                ------------------------------------------------

                                By:
                                Name: __________________________________________
                                Title: _________________________________________

                                      B-1-2

<PAGE>

                                                                     EXHIBIT B-2

                        FORM I OF TRANSFEREE CERTIFICATE

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Asset Backed Securities Trust Services Group,
           GMAC Mortgage Pass-Through Certificates, Series 2000-C1

     Re:  GMAC  Commercial  Mortgage  Securities,  Inc.,  Mortgage  Pass-Through
          Certificates,  Series  2000-C1,  [Class  G][Class  H] [Class J] [Class
          K][Class L][Class M][Class N][Class O] [Class R-I] [Class R-II] [Class
          R-III], [having an initial principal balance as of [________], 2000 of
          $ ________] [evidencing a ____% Percentage Interest in such Class].

Dear Sirs:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
___________ (the "Transferor") to __________ (the "Transferee") of the captioned
Certificates (the  "Certificates"),  pursuant to Section 5.02 of the Pooling and
Servicing Agreement (the "Pooling and Servicing  Agreement"),  dated as of March
1, 2000 among GMAC  Commercial  Mortgage  Securities,  Inc., as Depositor,  GMAC
Commercial Mortgage  Corporation,  as Master Servicer and Special Servicer,  and
LaSalle Bank National Association, as Trustee, and ABN AMRO Bank N.V., as Fiscal
Agent. All terms used herein and not otherwise defined 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, that:

     1. The  Transferee  is a  "qualified  institutional  buyer" as that term is
defined  in Rule  144A  ("Rule  144A")  under  the  Securities  Act of 1933 (the
"Securities  Act") and has completed one of the forms of  certification  to that
effect  attached hereto as Annex 1 and Annex 2. The Transferee is aware that the
sale to it is being made in reliance on Rule 144A.  The  Transferee is acquiring
the  Certificates  for  its  own  account  or for  the  account  of a  qualified
institutional  buyer,  and  understands  that such  Certificates  may be resold,
pledged  or  transferred  only  (a)  to a  person  reasonably  believed  to be a
qualified  institutional  buyer that  purchases  for its own  account or for the
account  of a  qualified  institutional  buyer to whom  notice is given that the
resale,  pledge or  transfer  is being made in  reliance  on Rule  144A,  or (b)
pursuant to another exemption from registration under the Securities Act.

2. The Transferee has been furnished with all information regarding (a) the
Certificates  and  distributions  thereon,  (b)  the  nature,   performance  and
servicing of the Mortgage Loans,  (c) the

                                      B-2-1

<PAGE>

Pooling  and  Servicing  Agreement,  and (d) any  credit  enhancement  mechanism
associated with the Certificates, that it has requested.

     3. If the Transferee  proposes that the  Certificates  be registered in the
name of a nominee, such nominee has completed the Nominee Acknowledgment below.

     4. The Transferee  hereby  certifies to the Trustee,  the Depositor and the
Master  Servicer that such transfer is  permissible  under  applicable  law, and
either (a) such Transferee is not an "employee  benefit plan" within the meaning
of Section 3(3) of ERISA that is subject to ERISA,  a "plan"  within the meaning
of Section 4975 of the Code,  or any entity  deemed to hold "plan assets" of the
foregoing  within  the  meaning  of  the  Regulation   published  at  29  C.F.R.
2510.3-101,  (b) such transfer will not  constitute or result in any  non-exempt
prohibited  transaction  under  Section 406 of ERISA or Section 4975 of the Code
and will not subject the  Depositor,  the Trustee or the Master  Servicer to any
obligation  in  addition  to  those  undertaken  in the  Pooling  and  Servicing
Agreement and the Transferee  has attached  hereto an opinion of counsel to such
effect,  or (c) such  transfer will not  constitute or result in any  non-exempt
prohibited transaction under ERISA or Section 4975 of the Code, will not subject
the Depositor,  the Trustee or the Master Servicer to any obligation in addition
to those  undertaken in the Pooling and Servicing  Agreement,  and the following
conditions are met: (i) the source of funds used to purchase the  Certificate is
an "insurance company general account" (as such term is defined in United States
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60) and
(ii) the  conditions set forth in Sections I and III of PTCE 95-60 are satisfied
with respect to the Transferee's purchase and holding of the Certificate,  as of
the date of acquisition of such Certificate.

                                Very truly yours,

                                Print Name of Transferee

                                ------------------------------------------------
                                By:
                                Name: __________________________________________
                                Title: _________________________________________

                                      B-2-2

<PAGE>

                             Nominee Acknowledgment

The undersigned hereby  acknowledges and agrees that as to the Certificate being
registered  in its  name,  the sole  beneficial  owner  thereof  is and shall be
_______________,  the Transferee  identified  above, for whom the undersigned is
acting as nominee.

                                Very truly yours,

                                Print Name of Nominee

                                ------------------------------------------------
                                By:
                                Name: __________________________________________
                                Title: _________________________________________

                                      B-2-3

<PAGE>

                                                          ANNEX 1 TO EXHIBIT B-2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

     The undersigned hereby certifies as follows to  ___________________________
(the "Transferor") and ______________________________, as Certificate Registrar,
with  respect  to the  mortgage  pass-through  certificate  (the  "Certificate")
described in the Transferee  Certificate to which this certification relates and
to which this certification is an Annex:

     1. As indicated  below, the undersigned is the chief financial  officer,  a
person  fulfilling an equivalent  function,  or other  executive  officer of the
entity purchasing the Certificates (the "Transferee").

     2. The  Transferee  is a  "qualified  institutional  buyer" as that term is
defined in Rule 144A under the Securities Act of 1933 ("Rule 144A"), because (i)
the  Transferee  owned and/or  invested on a  discretionary  basis  $________ in
securities (1) (other than the excluded  securities referred to below) as of the
end of the Transferee's most recent fiscal year (such amount being calculated in
accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the
category marked below.

     _____Corporation,  etc. The Transferee is a corporation (other than a bank,
savings and loan association or similar  institution),  Massachusetts or similar
business trust, partnership,  or any organization described in Section 501(c)(3)
of the Internal Revenue Code of 1986.

     _____Bank.  The Transferee (a) is a national bank or a banking  institution
organized  under  the laws of any  State,  U.S.  territory  or the  District  of
Columbia,  the  business  of which is  substantially  confined to banking and is
supervised by the State or territorial banking commission or similar official or
is a foreign bank or equivalent institution, and (b) has an audited net worth of
at least $25,000,000 as demonstrated in its latest annual financial  statements,
a copy of which  is  attached  hereto,  as of a date  not  more  than 16  months
preceding the date of sale of the  Certificate  in the case of a U.S.  bank, and
not more  than 18  months  preceding  such  date of sale for a  foreign  bank or
equivalent institution.

     _____Savings   and  Loan.   The  Transferee  (a)  is  a  savings  and  loan
association,   building  and  loan  association,   cooperative  bank,  homestead
association or similar institution,  which is supervised and examined by a State
or Federal  authority  having  supervision over any such  institutions,  or is a
foreign  savings and loan  association or equivalent  institution and (b) has an
audited net worth of at

--------------------------------

(1)  Transferee  must  own  and/or  invest  on a  discretionary  basis  at least
     $100,000,000  in securities  unless  Transferee  is a dealer,  and, in that
     case,  Transferee must own and/or invest on a discretionary  basis at least
     $10,000,000 in securities.

                                      B-2-4

<PAGE>

least $25,000,000 as demonstrated in its latest annual financial  statements,  a
copy of which is attached hereto, as of a date not more than 16 months preceding
the  date of sale of the  Certificate  in the  case of a U.S.  savings  and loan
association,  and not more  than 18  months  preceding  such  date of sale for a
foreign savings and loan association or equivalent institution.

     _____Broker-dealer.  The  Transferee  is a dealer  registered  pursuant  to
Section 15 of the Securities Exchange Act of 1934.

     _____Insurance  Company.  The  Transferee  is an  insurance  company  whose
primary and  predominant  business  activity is the writing of  insurance or the
reinsuring of risks underwritten by insurance  companies and which is subject to
supervision by the insurance  commissioner or a similar  official or agency of a
State, U.S. territory or the District of Columbia.

     _____State  or  Local  Plan.  The  Transferee  is a  plan  established  and
maintained  by  a  State,   its  political   subdivisions,   or  any  agency  or
instrumentality of the State or its political  subdivisions,  for the benefit of
its employees.

     _____ERISA  Plan.  The  Transferee  is an employee  benefit plan within the
meaning of Title I of the Employee Retirement Income Security Act of 1974.

     _____Investment Advisor. The Transferee is an investment advisor registered
under the Investment Advisers Act of 1940.

     _____Other.  (Please  supply a brief  description of the entity and a cross
reference to the paragraph and subparagraph under subsection (a)(1) of Rule 144A
pursuant to which it qualifies. Note that registered investment companies should
complete Annex 2 rather than this Annex 1).

     3. The term  "securities" as used herein does not include (i) securities of
issuers that are affiliated with the  Transferee,  (ii) securities that are part
of an unsold  allotment to or subscription by the Transferee,  if the Transferee
is a dealer,  (iii) bank deposit notes and  certificates  of deposit,  (iv) loan
participations,  (v) repurchase agreements, (vi) securities owned but subject to
a repurchase  agreement and (vii) currency,  interest rate and commodity  swaps.
For purposes of  determining  the aggregate  amount of  securities  owned and/or
invested on a  discretionary  basis by the  Transferee,  the  Transferee did not
include any of the securities referred to in this paragraph.

     4. For purposes of  determining  the aggregate  amount of securities  owned
and/or invested on a discretionary basis by the Transferee,  the Transferee used
the cost of such securities to the Transferee, unless the Transferee reports its
securities  holdings in its  financial  statements  on the basis of their market
value,  and no current  information with respect to the cost of those securities
has been published, in which case the securities were valued at market. Further,
in  determining  such  aggregate  amount,   the  Transferee  may  have  included
securities   owned  by  subsidiaries  of  the  Transferee,   but  only  if  such
subsidiaries  are consolidated  with the Transferee in its financial  statements
prepared in accordance with generally accepted accounting  principles and if the
investments of such  subsidiaries are managed under the Transferee's  direction.
However, such

                                      B-2-5

<PAGE>

securities were not included if the Transferee is a majority owned, consolidated
subsidiary of another  enterprise  and the  Transferee is not itself a reporting
company under the Securities Exchange Act of 1934.

     5. The  Transferee  acknowledges  that it is  familiar  with  Rule 144A and
understands  that the Transferor and other parties  related to the  Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Transferee may be in reliance on Rule 144A.

     Will  the   Transferee  be  purchasing  the   Certificates   only  for  the
Transferee's own account?

     Yes _____ No _____

     6. If the answer to the foregoing question is "no," then in each case where
the  Transferee  is  purchasing  for an account other than its own, such account
belongs to a third party that is itself a "qualified institutional buyer" within
the meaning of Rule 144A, and the "qualified institutional buyer" status of such
third party has been  established by the  Transferee  through one or more of the
appropriate methods contemplated by Rule 144A.

     7.  The  Transferee   will  notify  each  of  the  parties  to  which  this
certification is made of any changes in the information and conclusions  herein.
Until such notice is given,  the  Transferee's  purchase of the Certificate will
constitute  a  reaffirmation  of  this  certification  as of the  date  of  such
purchase.  In  addition,  if the  Transferee  is a bank or  savings  and loan as
provided above,  the Transferee  agrees that it will furnish to such parties any
updated annual financial  statements that become available on or before the date
of such purchase, promptly after they become available.

                                Print Name of Transferee

                                ------------------------------------------------

                                By:
                                Name: __________________________________________
                                Title: _________________________________________

Date: _______________________

                                      B-2-6

<PAGE>

                                                          ANNEX 2 TO EXHIBIT B-2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That Are Registered Investment Companies]

     The undersigned hereby certifies as follows to _______________________ (the
"Transferor")  and  _________________________,  as Certificate  Registrar,  with
respect to the mortgage pass-through  certificate (the "Certificate")  described
in the Transferee  Certificate to which this certification  relates and to which
this certification is an Annex:

     1. As indicated  below, the undersigned is the chief financial  officer,  a
person  fulfilling an equivalent  function,  or other  executive  officer of the
entity purchasing the Certificates (the "Transferee") or, if the Transferee is a
"qualified  institutional  buyer" as that term is defined in Rule 144A under the
Securities  Act of 1933 ("Rule 144A") because the Transferee is part of a Family
of  Investment  Companies  (as defined  below),  is an executive  officer of the
investment adviser (the "Adviser").

     2. The Transferee is a "qualified  institutional  buyer" as defined in Rule
144A because (i) the Transferee is an investment  company  registered  under the
Investment  Company Act of 1940, and (ii) as marked below,  the Transferee alone
owned and/or invested on a discretionary  basis, or the  Transferee's  Family of
Investment  Companies owned, at least $100,000,000 in securities (other than the
excluded  securities  referred to below) as of the end of the Transferee's  most
recent fiscal year. For purposes of determining  the amount of securities  owned
by the Transferee or the Transferee's Family of Investment  Companies,  the cost
of such  securities  was  used,  unless  the  Transferee  or any  member  of the
Transferee's  Family of Investment  Companies,  as the case may be,  reports its
securities  holdings in its  financial  statements  on the basis of their market
value,  and no current  information with respect to the cost of those securities
has been  published,  in which case the securities of such entity were valued at
market.

     The Transferee owned and/or invested on a discretionary  basis $___________
in securities (other than the excluded  securities  referred to below) as of the
end of the Transferee's most recent fiscal year (such amount being calculated in
accordance with Rule 144A).

     The Transferee is part of a Family of Investment  Companies  which owned in
the aggregate  $___________  in securities  (other than the excluded  securities
referred to below) as of the end of the  Transferee's  most  recent  fiscal year
(such amount being calculated in accordance with Rule 144A).

     3. The term "Family of  Investment  Companies"  as used herein means two or
more  registered  investment  companies  (or series  thereof) that have the same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

                                      B-2-7

<PAGE>

     4. The term  "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Transferee or are part of the  Transferee's
Family of  Investment  Companies,  (ii) bank deposit notes and  certificates  of
deposit, (iii) loan participations,  (iv) repurchase agreements,  (v) securities
owned but subject to a repurchase agreement and (vi) currency, interest rate and
commodity  swaps. For purposes of determining the aggregate amount of securities
owned and/or  invested on a discretionary  basis by the Transferee,  or owned by
the Transferee's Family of Investment  Companies,  the securities referred to in
this paragraph were excluded.

     5. The  Transferee  is  familiar  with Rule 144A and  understands  that the
parties to which this  certification is being made are relying and will continue
to  rely  on the  statements  made  herein  because  one or  more  sales  to the
Transferee will be in reliance on Rule 144A.

     Will  the   Transferee  be  purchasing  the   Certificates   only  for  the
Transferee's own account?

     Yes _____ No _____

     6. If the answer to the foregoing question is "no," then in each case where
the  Transferee  is  purchasing  for an account other than its own, such account
belongs to a third party that is itself a "qualified institutional buyer" within
the meaning of Rule 144A, and the "qualified institutional buyer" status of such
third party has been  established by the  Transferee  through one or more of the
appropriate methods contemplated by Rule 144A.

                                      B-2-8

<PAGE>

     7. The undersigned  will notify the parties to which this  certification is
made of any  changes  in the  information  and  conclusions  herein.  Until such
notice,  the  Transferee's  purchase  of  the  Certificates  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                Print Name of Transferee or Adviser

                                ------------------------------------------------

                                By:
                                   Name: _______________________________________
                                   Title:_______________________________________

Date: _______________________

                                IF AN ADVISER:

                                Print Name of Transferee

                                ------------------------------------------------

Date: _______________________

                                      B-2-9

<PAGE>

                                                                     EXHIBIT B-3

                        FORM II OF TRANSFEREE CERTIFICATE

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Asset Backed Securities Trust Services Group,
           GMAC Mortgage Pass-Through Certificates, Series 2000-C1

     Re:  GMAC  Commercial  Mortgage  Securities,  Inc.,  Mortgage  Pass-Through
          Certificates,   Series  2001-C1,  [Class  G][Class  H][Class  J][Class
          K][Class L][Class  M][Class N][Class O][Class  R-I][Class R-II] [Class
          R-III], [having an initial principal balance as of [________], 2000 of
          $ ________] [evidencing a ____% Percentage Interest in such Class].

Dear Sirs:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
___________________  (the  "Transferor") to  _____________________________  (the
"Transferee") of the captioned  Certificates (the  "Certificates"),  pursuant to
Section 5.02 of the Pooling and Servicing  Agreement (the "Pooling and Servicing
Agreement"),  dated  as  of  March  1,  2000,  among  GMAC  Commercial  Mortgage
Securities,  Inc., as Depositor, GMAC Commercial Mortgage Corporation, as Master
Servicer and as Special  Servicer,  and LaSalle Bank  National  Association,  as
Trustee, and ABN AMRO Bank, N.V., as Fiscal Agent. All terms used herein and not
otherwise  defined 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, that:

     1. The Transferee (1) is acquiring the Certificates for its own account for
investment and not with a view to or for sale or transfer in connection with any
distribution thereof, in whole or in part, in any manner which would violate the
Securities  Act of 1933, as amended (the  "Securities  Act"),  or any applicable
state securities laws.

     2. The Transferee  understands that (a) the Certificates  have not been and
will not be registered under the Securities Act or registered or qualified under
any applicable  state

--------------------------------

(1)  Transferee  must  own  and/or  invest  on a  discretionary  basis  at least
     $100,000,000  in securities  unless  Transferee  is a dealer,  and, in that
     case,  Transferee must own and/or invest on a discretionary  basis at least
     $10,000,000 in securities.

                                      B-3-1

<PAGE>

securities  laws,  (b) neither the  Depositor nor the Trustee is obligated so to
register or qualify the  Certificates  and (c) neither the  Certificates nor any
security  issued  in  exchange  therefor  or in lieu  thereof  may be  resold or
transferred  unless it is (i)  registered  pursuant  to the  Securities  Act and
registered or qualified pursuant to any applicable state securities laws or (ii)
sold or transferred in transactions  that are exempt from such  registration and
qualification  requirements and the Trustee and the Depositor have received: (A)
if such transfer is purportedly  being made in reliance upon Rule 144A under the
Securities Act, a certificate from the Certificateholder desiring to effect such
transfer  substantially  in the form  attached as Exhibit B-1 to the Pooling and
Servicing Agreement and a certificate from such Certificateholder's  prospective
transferee  substantially in the form attached as Exhibit B-2 to the Pooling and
Servicing  Agreement;  and  (B) in all  other  cases,  a  certificate  from  the
Certificateholder  desiring to effect such  transfer  substantially  in the form
attached to the Pooling and Servicing Agreement as Exhibit B-1 and a certificate
from such  Certificateholder's  prospective transferee substantially in the form
attached hereto as Exhibit B-3, and, unless the Depositor directs otherwise,  an
opinion of counsel  satisfactory  to the Trustee and the Depositor to the effect
that such transfer may be made without registration under the Securities Act.

     3. The Transferee  understands  that it may not sell or otherwise  transfer
the Certificate,  any security issued in exchange therefor or in lieu thereof or
any  interest in the  foregoing  except in  compliance  with the  provisions  of
Section 5.02 of the Pooling and  Servicing  Agreement,  which  provisions it has
carefully reviewed,  and that the Certificate will bear legends substantially to
the following effect:

     THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER
THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR
OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION
MAY BE MADE ONLY IN A TRANSACTION  WHICH DOES NOT REQUIRE SUCH  REGISTRATION  OR
QUALIFICATION  AND IN  ACCORDANCE  WITH THE  PROVISIONS  OF SECTION  5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

  -AND-

     NO  TRANSFER  OF THIS  CERTIFICATE  TO AN  EMPLOYEE  BENEFIT  PLAN OR OTHER
RETIREMENT  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 TO ANY  PERSON  WHO IS  DIRECTLY  OR
INDIRECTLY  PURCHASING THIS  CERTIFICATE ON BEHALF OF, AS NAMED FIDUCIARY OF, AS
TRUSTEE OF, OR WITH "PLAN  ASSETS" OF ANY SUCH  EMPLOYEE  BENEFIT  PLAN OR OTHER
RETIREMENT  ARRANGEMENT,  WILL BE  REGISTERED  EXCEPT  IN  COMPLIANCE  WITH  THE
PROCEDURES DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.

     4. Neither the  Transferee nor anyone acting on its behalf has (a) offered,
pledged,  sold,  disposed  of or  otherwise  transferred  the  Certificate,  any
interest in the  Certificate or any other

                                      B-3-2

<PAGE>

similar security to any person in any manner,  (b) solicited any offer to buy or
accept a pledge, disposition or other transfer of the Certificate,  any interest
in the Certificate or any other similar  security from any person in any manner,
(c)  otherwise  approached or negotiated  with respect to the  Certificate,  any
interest in the Certificate or any other similar security with any person in any
manner, (d) made any general  solicitation by means of general advertising or in
any other manner, or (e) taken any other action, that (in the case of any of the
acts described in clauses (a) through (e) above) would constitute a distribution
of the Certificate under the Securities Act, would render the disposition of the
Certificate  a  violation  of  Section  5 of the  Securities  Act  or any  state
securities law or would require registration or qualification of the Certificate
pursuant thereto.  The Transferee will not act, nor has it authorized or will it
authorize any person to act, in any manner set forth in the  foregoing  sentence
with respect to the Certificate,  any security issued in exchange therefor or in
lieu thereof or any interest in the foregoing.

     5. The Transferee has been furnished with all information regarding (a) the
Depositor,  (b) the  Certificate  and  distributions  thereon,  (c) the Mortgage
Loans,  (d) the Pooling and Servicing  Agreement,  and (e) all related  matters,
that it has requested.

     6. The Transferee is either (i) an "accredited investor" within the meaning
of paragraph  (1),  (2), (3) or (7) of Rule 501(a) under the  Securities  Act or
(ii) an entity in which all the equity owners are "accredited  investors" within
the  meaning  of  paragraph  (1),  (2),  (3) or (7) of  Rule  501(a)  under  the
Securities  Act, and has such knowledge and experience in financial and business
matters as to be capable of evaluating  the merits and risks of an investment in
the  Certificates;  the  Transferee  has sought such  accounting,  legal and tax
advice as it has considered  necessary to make an informed investment  decision;
and the  Transferee is able to bear the economic risks of such an investment and
can afford a complete loss of such investment.

                                      B-3-3

<PAGE>

     7. The Transferee  hereby  certifies to the Trustee,  the Depositor and the
Master  Servicer that such transfer is  permissible  under  applicable  law, and
either (a) such Transferee is not an "employee  benefit plan" within the meaning
of Section 3(3) of ERISA that is subject to ERISA,  a "plan"  within the meaning
of Section 4975 of the Code,  or any entity  deemed to hold "plan assets" of the
foregoing  within  the  meaning  of  the  Regulation   published  at  29  C.F.R.
2510.3-101,  (b) such  transfer  will not  constitute or result in any nonexempt
prohibited  transaction  under  Section 406 of ERISA or Section 4975 of the Code
and will not subject the  Depositor,  the Trustee or the Master  Servicer to any
obligation  in  addition  to  those  undertaken  in the  Pooling  and  Servicing
Agreement and the Transferee  has attached  hereto an opinion of counsel to such
effect,  or (c) such  transfer will not  constitute or result in any  non-exempt
prohibited transaction under ERISA or Section 4975 of the Code, will not subject
the Depositor,  the Trustee or the Master Servicer to any obligation in addition
to those  undertaken in the Pooling and Servicing  Agreement,  and the following
conditions are met: (i) the source of funds used to purchase the  Certificate is
an "insurance company general account" (as such term is defined in United States
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60) and
(ii) the  conditions set forth in Sections I and III of PTCE 95-60 are satisfied
with respect to the Transferee's purchase and holding of the Certificate,  as of
the date of acquisition of such Certificate.

                                Very truly yours,

                                Print Name of Transferee

                                ------------------------------------------------

                                By:
                                   Name: _______________________________________
                                   Title: ______________________________________

                                      B-3-4

<PAGE>

                                                                     EXHIBIT C-1

            FORM OF TRANSFER AFFIDAVIT AND AGREEMENT FOR TRANSFERS OF
                           REMIC RESIDUAL CERTIFICATES

State of               )
                       )    ss:
County of              )

  ______________________________, being first duly sworn, deposes and says that:

     1. He/She is the ________________________ of _________________________ (the
prospective   transferee  (the   "Transferee")   of  GMAC  Commercial   Mortgage
Securities,  Inc., Mortgage Pass-Through  Certificates,  Series 2000-C1,  [Class
R-I] [Class R-II] [Class R-III], evidencing a _____% Percentage Interest in such
Class  (the  "Residual  Certificates"),   a   ___________________________   duly
organized and validly existing under the laws of ___________________________, on
behalf of which he/she makes this affidavit.  All capitalized terms used but not
otherwise  defined  herein shall have the  respective  meanings set forth in the
Pooling and Servicing Agreement pursuant to which the Residual Certificates were
issued (the "Pooling and Servicing Agreement").

     2.  The  Transferee  (i) is,  and as of the  date of  transfer  will  be, a
"Permitted  Transferee" and will endeavor to remain a "Permitted Transferee" for
so long as it  holds  the  Residual  Certificates,  and  (ii) is  acquiring  the
Residual  Certificates  for its own  account.  A "Permitted  Transferee"  is any
Person other than a  "disqualified  organization"  or a possession of the United
States.  (For this  purpose,  a  "disqualified  organization"  means the  United
States,   any  state  or   political   subdivision   thereof,   any   agency  or
instrumentality of any of the foregoing (other than an  instrumentality,  all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation,  a majority of whose board of directors is not selected by
any  such  governmental   entity)  or  any  foreign  government,   international
organization  or any agency or  instrumentality  of such foreign  government  or
organization,  an electing large  partnership under Section 775 of the Code, any
rural electric or telephone cooperative, or any organization (other than certain
farmers'  cooperatives)  that is generally exempt from federal income tax unless
such organization is subject to the tax on unrelated business taxable income.

     3.  The  Transferee  is  aware  (i) of the tax that  would  be  imposed  on
transfers of the Residual Certificates to "disqualified organizations" under the
Code that applies to all transfers of the Residual Certificates;  (ii) that such
tax would be on the transferor  (or, with respect to transfers to electing large
partnerships,  on such  partnership)  or, if such  transfer  is through an agent
(which  Person  includes a broker,  nominee or  middleman)  for a  non-Permitted
Transferee,  on the agent;  (iii) that the Person  otherwise  liable for the tax
shall be relieved of liability for the tax if the  transferee  furnishes to such
Person (other than transfers with respect to electing large

                                      C-1-1

<PAGE>

partnerships) an affidavit that the transferee is a Permitted Transferee and, at
the time of  transfer,  such  Person  does not have  actual  knowledge  that the
affidavit  is  false;  and  (iv)  that  the  Residual   Certificates  may  be  a
"noneconomic  residual  interest"  within  the  meaning of  Treasury  regulation
Section 1.860E1(c) and that the transferor of a "noneconomic  residual interest"
will remain liable for any taxes due with respect to the income on such residual
interest,  unless no  significant  purpose  of the  transfer  is to  enable  the
transferor to impede the assessment or collection of tax.

     4. The  Transferee is aware of the tax imposed on a  "pass-through  entity"
holding the Residual  Certificates if at any time during the taxable year of the
pass-through  entity a non-  Permitted  Transferee  is the  record  holder of an
interest in such entity.  (For this purpose, a "pass- through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

     5. The Transferee is aware that the Certificate Registrar will not register
any  transfer  of  the  Residual  Certificates  by  the  Transferee  unless  the
Transferee's transferee, or such transferee's agent, delivers to the Certificate
Registrar,  among other things,  an affidavit and agreement in substantially the
same form as this affidavit and agreement.  The Transferee expressly agrees that
it will not  consummate  any such  transfer  if it  knows or  believes  that any
representation contained in such affidavit and agreement is false.

     6. The Transferee  consents to any additional  restrictions or arrangements
that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Residual Certificate will only be owned, directly
or indirectly, by a Permitted Transferee.

     7.    The     Transferee's     taxpayer     identification     number    is
_______________________________.

     8. The  Transferee  has reviewed the  provisions of Section  5.02(d) of the
Pooling and Servicing Agreement,  a description of which provisions is set forth
in the Residual  Certificates (in particular,  clause (ii)(A) of Section 5.02(d)
which authorizes the Trustee to deliver payments on the Residual  Certificate to
a Person other than the Transferee  and clause (ii)(B) of Section  5.02(d) which
authorizes   the  Trustee  to  negotiate  a  mandatory   sale  of  the  Residual
Certificates,  in either  case,  in the event  that the  Transferee  holds  such
Residual  Certificates  in violation  of Section  5.02(d));  and the  Transferee
expressly agrees to be bound by and to comply with such provisions.

     9. No purpose of the Transferee relating to its purchase or any sale of the
Residual  Certificates  is or will be to impede the  assessment or collection of
any tax.

     10.  The  Transferee  hereby  represents  to and  for  the  benefit  of the
transferor  that the  Transferee  intends  and  reasonably  expects  to have the
ability to pay any taxes  associated  with holding the Residual  Certificates as
they become due, fully understanding that it may incur tax liabilities in excess
of any cash flows  generated by the Residual  Certificates.  The  Transferee has

                                      C-1-2

<PAGE>

provided financial  statements or other financial  information  requested by the
Transferor  in  connection  with the  transfer of the Residual  Certificates  to
permit the  Transferor to assess the financial  capability of the  Transferor to
pay any such taxes.

     11. The Transferee  will, in connection  with any transfer that it makes of
the Residual Certificates, deliver to the Certificate Registrar a representation
letter  substantially  in the form of Exhibit C-2 to the  Pooling and  Servicing
Agreement.

     12.  The  Transferee  is a citizen or  resident  of the  United  States,  a
corporation, a partnership or other entity created or organized in, or under the
laws of, the United States or any political  subdivision thereof (except, in the
case of a  partnership,  to the extent  provided  in Treasury  regulations),  an
estate whose  income from sources  without the United  States is  includible  in
gross income for United  States  federal  income tax purposes  regardless of its
connection with the conduct of a trade or business within the United States,  or
a trust for which a court within the United  States is able to exercise  primary
supervision  over its  administration  and for which one or more  United  States
Persons have the authority to control all substantial decisions of the trust.

     13. The  Transferee is not acquiring the Residual  Certificates  with "plan
assets" of any plan subject to Title I of ERISA or Section 4975 of the Code.

     IN WITNESS  WHEREOF,  the  Transferee  has  caused  this  instrument  to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its  ________________________  and its corporate  seal to be hereunto  attached,
attested by its [Assistant] Secretary, this ____ day of __________, ____.

                                Print Name of Transferee

                                ------------------------------------------------

                                By: ____________________________________________
                                Name: __________________________________________
                                Title: _________________________________________

                                      C-1-3

<PAGE>

[Corporate Seal]

ATTEST:

[Assistant] Secretary

     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  Transferee,  and
acknowledged  to me that he/she  executed  the same as his/her free act and deed
and the free act and deed of the Transferee.

Subscribed and sworn before me this ____ day of  __________, ____.

                                           -------------------------------------
                                           NOTARY PUBLIC
                                           COUNTY OF
                                           STATE OF
                                           My Commission expires the ____ day of
                                           __________, ____.

                                      C-1-4

<PAGE>

                                                                     EXHIBIT C-2

                  FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS
                         OF REMIC RESIDUAL CERTIFICATES

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1625
Chicago, Illinois 60674
Attention: Asset Backed Securities Trust Services,
           GMAC Mortgage Pass-Through Certificates, Series 2000-C1

     Re:  GMAC  Commercial  Mortgage  Securities,  Inc.,  Mortgage  Pass-Through
          Certificates, Series 2000-C1 (the "Certificates")

Dear Sirs:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
___________________  (the "Transferor") to  ______________________________  (the
"Transferee") of [Class R-I] [Class R-II] [Class R-III] Certificates  evidencing
a ______% Percentage Interest in such Class (the "Residual  Certificates").  The
Certificates,  including the Residual Certificates,  were issued pursuant to the
Pooling and  Servicing  Agreement,  dated as of March 1, 2000 (the  "Pooling and
Servicing  Agreement"),  among GMAC  Commercial  Mortgage  Securities,  Inc., as
Depositor, GMAC Commercial Mortgage Corporation,  as Master Servicer and Special
Servicer, and LaSalle Bank National Association,  as Trustee, and ABN AMRO 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 Transferor hereby certifies,  represents and warrants to you, as
Certificate Registrar, that:

     1. No purpose of the  Transferor  relating to the  transfer of the Residual
Certificates  by the  Transferor  to the  Transferee is or will be to impede the
assessment or collection of any tax.

     2. The  Transferor  understands  that the Transferee has delivered to you a
Transfer  Affidavit  and  Agreement  in the form  attached  to the  Pooling  and
Servicing  Agreement.   The  Transferor  does  not  know  or  believe  that  any
representation contained therein is false.

     3. The Transferor at the time of this transfer either (i) (A) has conducted
a reasonable  investigation  of the  financial  condition of the  Transferee  as
contemplated by Treasury

                                      C-2-1

<PAGE>

regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the
Transferor has determined that the Transferee has historically paid its debts as
they  became due and has found no  significant  evidence  to  indicate  that the
Transferee  will not continue to pay its debts as they become due in the future,
and (B) has determined that the present value of the anticipated tax liabilities
associated with the holding of the Residual  Certificate does not exceed the sum
of (1) the present value of any consideration given to the Transferee to acquire
the Certificate,  (2) the present value of the expected future  distributions on
the  Certificate,  and (3) the  present  value of the  anticipated  tax  savings
associated with holding the  Certificate as the REMIC  generates  losses (having
made such  determination  by (I) assuming that the Transferee pays tax at a rate
equal to the highest rate of tax  specified in Section  11(b)(1) of the Internal
Revenue Code ("Code"), and (II) utilizing a discount rate for present valuations
equal to the applicable  Federal rate  prescribed by Section 1274(d) of the Code
compounded  semi-annually  (or a lower  discount  rate  based on the  Transferee
having  demonstrated  that it regularly  borrows,  in the course of its trade or
business,  substantial  funds at such lower rate from unrelated third parties)),
or (ii) based on an adequate  review of the  relevant  facts and  circumstances,
neither knows nor should know that the  Transferee  would be unwilling or unable
to pay any taxes due on its share of the taxable income of the REMIC.

     4.  The   Transferor   understands   that  the  transfer  of  the  Residual
Certificates may not be respected for United States income tax purposes (and the
Transferor  may continue to be liable for United States income taxes  associated
therewith)  at least one of the tests as described  above in Paragraph  3(i) and
3(ii) has been met as to any transfer.

                                Very truly yours,

                                Print Name of Transferor

                                ------------------------------------------------

                                By: ____________________________________________
                                Name: __________________________________________
                                Title: _________________________________________

                                      C-2-2

<PAGE>

                                                                       EXHIBIT D

                           FORM OF REQUEST FOR RELEASE

DATE:

TO:

RE:      REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (indicate one)

                                [ ] Mortgage Loan Prepaid in Full

                                [ ] Mortgage Loan Repurchased or Sold

                                [  ] Other (specify) ___________________________
                                ________________________________________________
                                ________________________________________________

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

[GMAC COMMERCIAL MORTGAGE CORPORATION]
Authorized Signature

********************************************************************************
TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

                                       D-1

<PAGE>

Enclosed Documents:          [ ] Promissory Note

                             [ ] Primary Insurance Policy

                             [ ] Mortgage or Deed of Trust

                             [ ] Assignment(s) of Mortgage or Deed of Trust

                             [ ] Title Insurance Policy

                             [ ] Other:

Name
Title
Date

                                       D-2

<PAGE>

                                                                       EXHIBIT E

                                 FORMS OF UCC-1

                                       E-1

<PAGE>

                     SCHEDULE 1 TO UCC-1 FINANCING STATEMENT

All right  (including the power to convey title thereto),  title and interest of
the Debtor as more particularly described on Exhibit A attached hereto:

              EXHIBIT A OF SCHEDULE 1 TO UCC-1 FINANCING STATEMENT

     All right (including the power to convey title thereto), title and interest
of the Debtor,  including any security  interest  therein for the benefit of the
Debtor,  in and to the Trust Fund created  pursuant to the Pooling and Servicing
Agreement, dated as of March 1, 2000, among the Debtor as Depositor, the Secured
Party as  Trustee*,  ABN AMRO Bank  N.V.  as  Fiscal  Agent and GMAC  Commercial
Mortgage  Corporation  as Master  Servicer and Special  Servicer with respect to
Mortgage Pass-Through  Certificates,  Series 2000-C1 (the "Pooling and Servicing
Agreement (Series 2000-C1)), including:

     (1) the  Mortgage  Loans  listed on the  Mortgage  Loan  Schedule  attached
hereto;

     (2) all principal and interest  received or receivable  with respect to the
Mortgage Loans (other than principal and interest payments due and payable prior
to the Cut-off  Date and  Principal  Prepayments  received  prior to the Cut-off
Date);

     (3) all amounts held from time to time in the Certificate  Account,  Excess
Liquidation  Proceeds  Reserve Account,  the Interest  Reserve Account,  the REO
Account and the Distribution Account;

     (4) all of the Debtor's right, title and interest in and to the proceeds of
any title, hazard or other Insurance Policies related to such Mortgage Loans;

     (5) any and all general  intangibles (as defined in the Uniform  Commercial
Code) consisting of, arising from or relating to any of the foregoing; and

     (6) any and all  income,  payments,  proceeds  and  products  of any of the
foregoing.

     Capitalized terms used herein,  but not defined,  shall have the respective
meanings  assigned to such terms in the Pooling and Servicing  Agreement (Series
2000-C1).

     THE DEBTOR AND THE SECURED PARTY INTEND THE  TRANSACTIONS  CONTEMPLATED  BY
THE POOLING AND  SERVICING  AGREEMENT  TO  CONSTITUTE A SALE OF THE INTEREST IN,
WITH RESPECT TO THE MORTGAGE LOANS,  THE MORTGAGE NOTES,  THE RELATED  MORTGAGES
AND THE RELATED  MORTGAGE  FILES,  AND THIS FILING  SHOULD NOT BE CONSTRUED AS A
CONCLUSION THAT A SALE HAS NOT OCCURRED. THE REFERENCES HEREIN TO MORTGAGE NOTES
SHOULD  NOT BE  CONSTRUED  AS A  CONCLUSION  THAT  ANY  MORTGAGE  NOTE IS NOT AN
INSTRUMENT WITHIN THE MEANING OF THE UNIFORM COMMERCIAL

                                       E-2

<PAGE>

CODE, AS IN EFFECT IN ANY APPLICABLE JURISDICTION, OR THAT A FILING IS NECESSARY
TO PERFECT THE  SECURITY  INTEREST OF THE SECURED  PARTY*,  WITH  RESPECT TO THE
MORTGAGE LOANS,  IN ANY MORTGAGE NOTE,  MORTGAGE OR DOCUMENT IN A MORTGAGE FILE.
WITH RESPECT TO THE FOREGOING, THIS FILING IS MADE ONLY IN THE EVENT OF CONTRARY
ASSERTIONS BY THIRD PARTIES.

     *Not in its individual  capacity,  but solely as Trustee for the benefit of
the  Certificateholders  pursuant to the Pooling and Servicing Agreement (Series
2000-C1).

                                       E-3

<PAGE>

                     SCHEDULE 1 TO UCC-1 FINANCING STATEMENT

All right  (including the power to convey title thereto),  title and interest of
the Debtor as more particularly described on Exhibit A attached hereto:

              EXHIBIT A OF SCHEDULE 1 TO UCC-1 FINANCING STATEMENT

All right  (including the power to convey title thereto),  title and interest of
the  Debtor,  including  any  security  interest  therein for the benefit of the
Debtor,  in and to the Trust Fund created  pursuant to the Pooling and Servicing
Agreement, dated as of March 1, 2000, among the Debtor as Depositor, the Secured
Party as  Trustee*,  ABN AMRO Bank  N.V.  as  Fiscal  Agent and GMAC  Commercial
Mortgage  Corporation  as Master  Servicer and Special  Servicer with respect to
Mortgage Pass-Through  Certificates,  Series 2000-C1 (the "Pooling and Servicing
Agreement (Series 2000-C1)), including:

     (1) the Mortgage Loans (except for the Equity Inns Mortgage Loan) listed on
the Mortgage Loan Schedule  attached  hereto and a  participation  interest (the
"Participation  Interest")  in the Equity Inns  Mortgage  Loan created under the
Participation Agreement;

     (2) all principal and interest  received or receivable  with respect to the
Mortgage Loans and the Participation Interest (other than principal and interest
payments  due and payable  prior to the Cut-off Date and  Principal  Prepayments
received prior to the Cut-off Date);

     (3) all amounts held from time to time in the Certificate  Account,  Excess
Liquidation  Proceeds  Reserve Account,  the Interest  Reserve Account,  the REO
Account and the Distribution Account;

     (4) all of the Debtor's right, title and interest in and to the proceeds of
any title, hazard or other Insurance Policies related to such Mortgage Loans and
the Participation Interest;

     (5) any and all general  intangibles (as defined in the Uniform  Commercial
Code) consisting of, arising from or relating to any of the foregoing; and

     (6) any and all  income,  payments,  proceeds  and  products  of any of the
foregoing.

     Capitalized terms used herein,  but not defined,  shall have the respective
meanings  assigned to such terms in the Pooling and Servicing  Agreement (Series
2000-C1).

     THE DEBTOR AND THE SECURED PARTY INTEND THE  TRANSACTIONS  CONTEMPLATED  BY
THE POOLING AND  SERVICING  AGREEMENT  TO  CONSTITUTE A SALE OF THE INTEREST IN,
WITH RESPECT TO THE MORTGAGE LOANS,  THE MORTGAGE NOTES,  THE RELATED  MORTGAGES
AND THE RELATED  MORTGAGE  FILES,  AND THIS FILING  SHOULD NOT BE CONSTRUED AS A
CONCLUSION THAT A SALE HAS NOT OCCURRED. THE REFERENCES HEREIN TO MORTGAGE NOTES

                                       E-4

<PAGE>

SHOULD  NOT BE  CONSTRUED  AS A  CONCLUSION  THAT  ANY  MORTGAGE  NOTE IS NOT AN
INSTRUMENT  WITHIN THE MEANING OF THE UNIFORM  COMMERCIAL  CODE, AS IN EFFECT IN
ANY  APPLICABLE  JURISDICTION,  OR THAT A FILING IS  NECESSARY  TO  PERFECT  THE
SECURITY INTEREST OF THE SECURED PARTY*,  WITH RESPECT TO THE MORTGAGE LOANS, IN
ANY MORTGAGE NOTE,  MORTGAGE OR DOCUMENT IN A MORTGAGE FILE. WITH RESPECT TO THE
FOREGOING, THIS FILING IS MADE ONLY IN THE EVENT OF CONTRARY ASSERTIONS BY THIRD
PARTIES.

     *Not in its individual  capacity,  but solely as Trustee for the benefit of
the  Certificateholders  pursuant to the Pooling and Servicing Agreement (Series
2000-C1).

                                       E-5

<PAGE>

               MORTGAGE LOAN SCHEDULE TO UCC-1 FINANCING STATEMENT

                                       E-6

<PAGE>

                                                                       EXHIBIT F

     Methodology to Normalize Net Operating Income and Debt Service Coverage

o    GMAC Commercial  Mortgage  Corporation  ("GMACCM")  applies the methodology
     presented  below to arrive  at a  servicer  adjusted  or  "Normalized"  Net
     Operating  Income ("NOI").  The items described below highlight some of the
     major categories requiring  adjustment.  There may, however, be others, and
     GMACCM  will  use  its  market  knowledge  and  discretion  in  making  and
     sufficiently footnoting the necessary adjustments.

o    GMACCM  chooses to use the actual  management  fee stated in the  financial
     statement.

o    Where they are clearly identifiable, GMACCM will remove any capital expense
     from any above  the line  categories  (such as  extraordinary  repairs  and
     maintenance)  and put them below the line in the  capital  expense  comment
     section.

o    Replacement  reserves,  tenant improvement and leasing commission  reserves
     will be treated as above the line expenses.  A  determination  will be made
     whether  there have been credits for the  disbursements  from a reserve and
     that expenses are not overstated due to exclusion of credits.

o    Property  taxes should be the annual amount due,  excluding any  delinquent
     taxes or credits from prior years which would cause the number to be higher
     or lower.  The amount for  property  taxes will be  adjusted  if the period
     under analysis is less than one year.

o    GMAC Commercial Mortgage will exclude non-recurring,  extraordinary income.
     For example,  a tax refund,  lease  buyout or income  received for a period
     other than the year in question should be adjusted.  If past due rent for a
     prior year was paid and recorded in the current year,  GMACCM would back it
     out  and  footnote  it  accordingly.  Care  will be  used  when  reflecting
     percentage/overage  rents to  ensure  that it  relates  to the  appropriate
     period and that the numbers are supported by tenant sales information.

o    GMAC  Commercial  Mortgage  will  remove  any items not  pertaining  to the
     operation of the property such as, fees for closing the loan restructure, a
     distribution to owners or a charitable contribution.

o    When  necessary,  income  and  expenses  will be  analyzed  by  looking  at
     variances by category. Unusual income and expense items will be researched.
     If there are significant variances, inquiries to the borrower will be made.
     Appropriate  adjustments  will be made and  footnotes  provided  to clearly
     explain the situation.

                                       F-1

<PAGE>

o    The debt  service  should be an actual  amount  the  borrower  paid per the
     servicing records for the period  associated with the operating  statement.
     If GMACCM does not have a full year of payments,  it will use the principal
     and interest  constant in the case of a fixed rate loan and, in the case of
     an adjustable  rate loan, will estimate a full year amount from the payment
     history information available.

                                       F-2

<PAGE>

                                                                       EXHIBIT G

                       FORM OF DISTRIBUTION DATE STATEMENT

                                       G-1

<PAGE>

                                                                       EXHIBIT H

                         FORM OF MASTER SERVICER REPORT

                                       H-1

<PAGE>

                                                                       EXHIBIT I

                                 CERTAIN REPORTS

                                       I-1

<PAGE>

                                                                       EXHIBIT J

                         FORM OF CMSA PERIODIC LOAN FILE

                                       J-1

<PAGE>

                                                                       EXHIBIT K

                         FORM OF INVESTOR CERTIFICATION

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois   60603

Attention: Corporate Trust Services Group,
           GMAC Mortgage Pass-Through Certificates Series 2000-C1

     In  accordance  with Section 4.02 of the Pooling and  Servicing  Agreement,
dated as of March 1,  2000  (the  "Agreement"),  by and  among  GMAC  Commercial
Mortgage Securities,  Inc. as Depositor, GMAC Commercial Mortgage Corporation 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  GMAC   Commercial   Mortgage   Securities,   Inc.   Mortgage   Pass-Through
Certificates,  Series  2000-C1  (the  "Certificates"),  the  undersigned  hereby
certifies and agrees as follows:

     1.   The undersigned is a beneficial owner or prospective  purchaser of the
          Class ___ Certificates.

     2.   The  undersigned is requesting a password  pursuant to Section 4.02 of
          the Agreement for access to certain information (the "Information") on
          the Trustee's website and/or is requesting the information  identified
          on the schedule attached hereto (also, the "Information")  pursuant to
          Section ___ of the Agreement.

     3.   In consideration of the Trustee's disclosure to the undersigned of the
          Information,  or the password in connection therewith, the undersigned
          will keep the  Information  confidential  (except  from  such  outside
          persons as are assisting it in making an evaluation in connection with
          purchasing  the  related   Certificates,   from  its  accountants  and
          attorneys, and otherwise from such governmental or banking authorities
          or agencies to which the undersigned is subject), and such Information
          will not,  without  the  prior  written  consent  of the  Trustee,  be
          otherwise disclosed by the undersigned or by its officers,  directors,
          partners,  employees,  agents or  representatives  (collectively,  the
          "Representatives") in any manner whatsoever, in whole or in part.

                                       K-1

<PAGE>

     4.   The undersigned will not use or disclose the Information in any manner
          which could result in a violation of any  provision of the  Securities
          Act of 1933,  as amended (the  "Securities  Act"),  or the  Securities
          Exchange Act of 1934, as amended, or would require registration of any
          Certificate pursuant to Section 5 of the Securities Act.

     5.   The undersigned shall be fully liable for any breach of this agreement
          by  itself  or any of its  Representatives  and  shall  indemnify  the
          Depositor,  the Trustee and the Trust Fund for any loss,  liability or
          expense  incurred  thereby  with  respect  to any such  breach  by the
          undersigned or any of its Representatives.

     Capitalized  terms used but not defined  herein  shall have the  respective
meanings assigned thereto in the Agreement.

     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 or Prospective Purchaser

                                By: ____________________________________________
                                Title: _________________________________________

                                       K-2

<PAGE>

                                   Schedule I

                             Mortgage Loan Schedule

                                  Schedule I-1

2000C1 Mortgage Loan Schedule

<TABLE>
<CAPTION>

Loan
Number               Name                                              Address
<S>                  <C>                                               <C>
18652                Morgan Square Shopping Center                     200 Morgan Square
19810                The Point at Saranac Lake                         HCR #1, Box 65, Beaverwood Road
20220                Today's Man Retail Building                       1528 Chestnut Street
21094                Whale Square                                      14 53rd Street
21708                Henderson Commons                                 2720-3010 Henderson Ave.; 5103 Miller St.; 5107-5113 Willis
22102                Equity Inns - AmeriSuites (Indianapolis)          9104 Keystone Crossing
22103                Equity Inns Portfolio                             Various
22103-A              Equity Inns - AmeriSuites (Overland Park)         6801 West 112th Street
22103-B              Equity Inns - AmeriSuites (Columbus)              7490 Vantage Drive
22103-C              Equity Inns - AmeriSuites (Memphis)               7905 Giacosa Place
22103-D              Equity Inns - AmeriSuites (Glen Allen)            4100 Cox Road
22103-E              Equity Inns - Hampton Inn (Overland Park)         10591 East Metcalf Frontage Road
22103-F              Equity Inns - Hampton Inn (Kansas City)           11212 North Newark Circle
22103-G              Equity Inns - Hampton Inn (Memphis)               5320 Poplar Avenue
22103-H              Equity Inns - Hampton Inn (Richardson)            1577 Gateway Boulevard
22103-I              Equity Inns - Hampton Inn (Morgantown)            1053 Van Voorhis Road
22103-J              Equity Inns - Homewood Suites (Phoenix)           2001 East Highland Avenue
22103-K              Equity Inns - Homewood Suites (Sharonville)       2670 East Kemper Road
22103-L              Equity Inns - Homewood Suites (San Antonio)       4323 Spectrum One
22103-M              Equity Inns - Residence Inn (Tucson)              6477 East Speedway Boulevard
22103-N              Equity Inns - Residence Inn (Eagan)               3040 Eagandale Place
22103-O              Equity Inns - Residence Inn (Tinton Falls)        90 Park Road
22103-P              Equity Inns - Residence Inn (Portland)            1710 Northeast Multnomah Street
22103-Q              Equity Inns - Hampton Inn (Northville)            20600 Haggerty Road
22103-R              Equity Inns - Residence Inn (Princeton)           4225 Route 1
22283                North Batavia Business Center                     1401-1415 North Batavia Street
22648                For Eyes Optical                                  3122 East Colonial Drive
22709                Newport Center Medical Building II                1401 Avocado Avenue
22759                Toluca Terrace Apartments                         333 North Screenland Drive
22829                Highland Office Building                          2211 East Highland Avenue
23086                Wendover Business Park                            3400-3410 West Wendover Avenue
23118                Pin Oaks & Bur Oaks Apartments                    Various
23118-A              Pin Oaks Apartments                               216 & 224 South Kellogg Avenue
23118-B              Bur Oak Apartments                                219 South Sherman Avenue
23155                Four Expressway Plaza                             4 Expressway Plaza
23273                Building 100 (Main Street NoviProject)            42705 Grand River Avenue
23311                Broad Street Medical Building                     1701-03 S. Broad Street
23384                Concorde Place Apartments                         2135 Godby Road
23439                Citation Club on Palmer Ranch                     4110 Winners Circle
23452                Maverick Creek Villas                             15651 Chase Hill Boulevard
23523                Hampton Park Retail Center                        17-31 Hampton Park Road
23625                Blue Bell West & Plymouth Crossing                Various
23625-A              Blue Bell West                                    653 Skippack Pike
23625-B              Plymouth Crossing                                 4130 Butler Pike
23628                Vista Place Shopping Center                       1830, 1850, 1876 Hacienda Drive
23666                Nisky Center & Vitraco                            Various
23666-A              Nisky Center                                      Parcels 45 - A and 45 - B Estate Nisky No. 6
23666-B              Vitraco Mall                                      Parcels 3, 7 & 8 Estate Thomas, Kings Quarter
23717                Gatherings Apartments                             3961 Gathering Drive
23725                Newport Medical Center Building I                 400 Newport Center Drive
23837                University Club Apartments                        2900 Southwest 23rd Terrace
23875                Northland Gardens Apartments                      2950 North Clifford Street
23888                Interbelt North Business Center                   14310-14320 Interdrive East
23947                Parkway Plaza I & II                              24041-24063 Dequindre Rd., 1721 Maple & 24040-24050 Vance
24028                80 Lafayette Street                               80 Lafayette Street
24057                Sentinel Pointe Apartments                        1235 East Mulberry Avenue
24095                CT Produce                                        1450 West La Quinta Road
24099                Meadows Apartments                                100, 104 & 108 NW 5th Avenue
24108                JW Floor Coverings Building                       9881 Carroll Centre Road
24140                Singing Oaks Apartments                           307 North Loop 288
24154                Galyan's-Lombard                                  810 Butterfield Road
24158                Galyan's-Kennesaw                                 691 Ernest W. Barrett Parkway NW
24200                DeKalb Corner Office Center                       3469 Lawrenceville Highway
24307                Medina & Massillon Villas                         Various
24307-A              Golden Villas of Medina                           800 Nottingham Drive
24307-B              Golden Villas of Massillon                        1602 1st Street, NE
24317                Freeman Webb Portfolio                            Various
24317-A              British Woods Apartments                          264 British Woods Drive
24317-B              Windover Apartments                               301 Cheshire Drive NW
24317-C              Highland Ridge Apartments                         721 Due West Avenue
24340                Cotton Farm Manufactured Housing Community        75 Cotton Farm Road
24573                Galyan's-Richfield                                1700 West 78th Street
24681                For Eyes-Valley View                              4757 Valley View Boulevard
24737                Highland Village Shopping Center                  6929 Airport Boulevard
24788                For Eyes Optical-Snellville & Humble              Various
24788-A              For Eyes Shopping Center - Snellville             2055 Scenic Highway
24788-B              Men's Wearhouse Retail Store                      20125 Highway 59 North
25196                SunTrust/Gateway Operations Center                8750 Northwest 21st Terrace
25246                Balboa Village                                    4411 Mercury Street
25247                El Cajon Cadillac                                 1375, 1385, 1405 East Main Street
25254                Commons of Valwood                                14208 Heritage Circle
25494                Village at Red Clay Apartments                    2150 Melson Road
25545                Atrium Company Portfolio                          Various
</TABLE>

<TABLE>
<CAPTION>

Loan                                                                                    Interest Rate           Original
Number               City                         State                    Zip          Rate     Type           Balance
<S>                  <C>                          <C>                      <C>          <C>      <C>            <C>
18652                Berkeley Springs             West Virginia              25411      8.770    Fixed           2,369,000.00
19810                Saranac Lake                 New York                   12983      9.125    Fixed           3,400,000.00
20220                Philadelphia                 Pennsylvania               19102      8.480    Fixed           2,800,000.00
21094                Brooklyn                     New York                   11232      8.875    Fixed           4,210,000.00
21708                Dallas                       Texas                      75206      8.600    Fixed           2,740,000.00
22102                Indianapolis                 Indiana                    46240      8.370    Fixed           1,920,000.00
22103                Various                      Various                  Various      8.370    Fixed          46,590,000.00
22103-A              Overland Park                Kansas                     66211
22103-B              Columbus                     Ohio                       43235
22103-C              Memphis                      Tennessee                  38133
22103-D              Glen Allen                   Virginia                   23060
22103-E              Overland Park                Kansas                     66212
22103-F              Kansas City                  Missouri                   64153
22103-G              Memphis                      Tennessee                  38119
22103-H              Richardson                   Texas                      75080
22103-I              Morgantown                   West Virginia              26505
22103-J              Phoenix                      Arizona                    85026
22103-K              Sharonville                  Ohio                       45241
22103-L              San Antonio                  Texas                      78230
22103-M              Tucson                       Arizona                    85710
22103-N              Eagan                        Minnesota                  55121
22103-O              Tinton Falls                 New Jersey                  7724
22103-P              Portland                     Oregon                     97232
22103-Q              Northville                   Michigan                   48167
22103-R              Princeton                    New Jersey                  8543
22283                Orange                       California                 92867      8.480    Fixed           6,350,000.00
22648                Orlando                      Florida                    32803      8.800    Fixed           1,250,000.00
22709                Newport Beach                California                 92660      8.680    Fixed          11,200,000.00
22759                Burbank                      California                 91505      7.740    Fixed           5,400,000.00
22829                Phoenix                      Arizona                    85016      8.530    Fixed           1,100,000.00
23086                Greensboro                   North Carolina             27404      8.120    Fixed           5,450,000.00
23118                Various                      Various                  Various      7.830    Fixed           1,625,000.00
23118-A              Ames                         Iowa                       50010
23118-B              Ames                         Iowa                       50010
23155                Roslyn Heights               New York                   11577      8.400    Fixed           3,525,000.00
23273                Novi                         Michigan                   48375      8.470    Fixed           4,440,000.00
23311                Philadelphia                 Pennsylvania               19148      8.380    Fixed           2,014,000.00
23384                College Park                 Georgia                    30349      8.130    Fixed          12,950,000.00
23439                Sarasota                     Florida                    34238      7.796    Fixed          17,050,000.00
23452                San Antonio                  Texas                      78256      7.910    Fixed          14,885,000.00
23523                Capital Heights              Maryland                   20743      8.910    Fixed             950,000.00
23625                Various                      Various                  Various      8.410    Fixed          10,280,000.00
23625-A              Whitpain Township            Pennsylvania               19422
23625-B              Whitemarsh Township          Pennsylvania               19462
23628                Vista                        California                 92083      8.690    Fixed           1,500,000.00
23666                Various                      Various                  Various      9.010    Fixed          12,000,000.00
23666-A              St Thomas, U.S.              Virgin Islands               802
23666-B              St Thomas, U.S.              Virgin Islands               802
23717                Orlando                      Florida                    32817      8.050    Fixed           8,200,000.00
23725                Newport Beach                California                 92660      8.680    Fixed           8,300,000.00
23837                Gainesville                  Florida                    32608      7.880    Fixed           9,000,000.00
23875                Las Vegas                    Nevada                     89115      8.290    Fixed           6,470,000.00
23888                Houston                      Texas                      77032      8.875    Fixed           2,045,000.00
23947                Hazel Park                   Michigan                   48030      8.440    Fixed           2,950,000.00
24028                New York                     New York                   10013      8.135    Fixed          48,576,876.00
24057                San Antonio                  Texas                      78209      7.630    Fixed           2,150,000.00
24095                Nogales                      Arizona                    85621      8.160    Fixed           1,421,000.00
24099                Altoona                      Iowa                       50009      8.000    Fixed           1,460,000.00
24108                San Diego                    California                 92126      8.630    Fixed           1,680,000.00
24140                Denton                       Texas                      76201      7.875    Fixed           2,500,000.00
24154                Lombard                      Illinois                   60148      8.753    Fixed           8,375,000.00
24158                Kennesaw                     Georgia                    30144      8.847    Fixed           6,225,000.00
24200                Tucker                       Georgia                    30084      8.620    Fixed           1,150,000.00
24307                Various                      Various                  Various      7.910    Fixed           8,450,000.00
24307-A              Medina                       Ohio                       44256
24307-B              Massillon                    Ohio                       44646
24317                Various                      Various                  Various      7.730    Fixed          28,500,000.00
24317-A              Nashville                    Tennessee                  37217
24317-B              Knoxville                    Tennessee                  37919
24317-C              Madison                      Tennessee                  37115
24340                Danville                     New Hampshire               3819      8.300    Fixed           3,490,000.00
24573                Richfield                    Minnesota                  55423      8.748    Fixed           9,300,000.00
24681                Roanoke                      Virginia                   24012      9.030    Fixed           1,480,000.00
24737                Austin                       Texas                      78752      9.500    Fixed           3,350,000.00
24788                Various                      Various                  Various      8.930    Fixed           2,220,000.00
24788-A              Snellville                   Georgia                    30078
24788-B              Humble                       Texas                      77338
25196                Miami                        Florida                    33172      9.150    Fixed           6,400,000.00
25246                San Diego                    California                 92111      8.160    Fixed           3,159,000.00
25247                El Cajon                     California                 92021      8.160    Fixed           3,296,000.00
25254                Farmers Branch               Texas                      75234      8.590    Fixed           8,600,000.00
25494                Wilmington                   Delaware                   19808      7.940    Fixed           5,395,000.00
25545                Various                      Various                  Various      8.700    Fixed          13,123,000.00
</TABLE>

<TABLE>
<CAPTION>

               Cut-Off                                                   Anticipated        Day                           Credit
Loan           Date                  Remaining        Maturity           Repayment          Payment   Monthly      ARD    Lease
Number         Balance               Term             Date               Date               Due       Payment      Loan   Loan
<S>             <C>                       <C>         <C>                 <C>                <C>       <C>          <C>    <C>
18652            2,366,279.81              118          1/5/10                                  5       18,670.78   No     No
19810            3,393,423.22              118          1/1/25             1/1/10               1       29,133.67   Yes    No
20220            2,783,301.77              114         9/10/09                                 10       22,741.97   No     No
21094            4,198,342.06              117        12/10/09                                 10       35,345.15   No     No
21708            2,731,842.74              115        10/10/09                                 10       21,509.43   No     No
22102            1,904,942.11              112          7/1/24             7/1/09               1       15,453.86   Yes    No
22103           46,224,610.85              112          7/1/24             7/1/09               1      374,997.71   Yes    No
22103-A
22103-B
22103-C
22103-D
22103-E
22103-F
22103-G
22103-H
22103-I
22103-J
22103-K
22103-L
22103-M
22103-N
22103-O
22103-P
22103-Q
22103-R
22283            6,338,165.55              117        12/10/09                                 10       49,296.24   No     No
22648            1,246,427.35              127        10/10/10                                 10        9,994.31   No     No
22709           11,179,929.40              117        12/10/09                                 10       88,568.87   No     No
22759            5,380,878.26              115        10/10/09                                 10       39,074.01   No     No
22829            1,097,196.97              116        11/10/09                                 10        8,578.33   No     No
23086            5,427,978.03              114         9/10/09                                 10       40,899.09   No     No
23118            1,618,054.81              114         9/10/09                                 10       11,860.35   No     No
23118-A
23118-B
23155            3,514,070.56              115        10/10/09                                 10       27,162.81   No     No
23273            4,421,066.29              113         8/10/09                                 10       34,438.50   No     No
23311            2,008,722.69              116        11/10/09                                 10       15,488.41   No     No
23384           12,897,773.92              114         9/10/09                                 10       97,274.59   No     No
23439           17,050,000.00              116        11/10/09                                 10      124,015.92   No     No
23452           14,871,557.98              119         2/10/10                                 10      108,288.41   No     No
23523              946,421.03              116        11/10/09                                 10        7,998.00   No     No
23625           10,260,576.78              117        12/10/09                                 10       79,286.96   No     No
23625-A
23625-B
23628            1,496,289.66              116        11/10/09                                 10       11,871.54   No     No
23666           11,955,484.32              116        11/10/09                                 10      101,863.36   No     No
23666-A
23666-B
23717            8,183,377.70              117        12/10/09                                 10       61,131.78   No     No
23725            8,285,126.25              117        12/10/09                                 10       65,635.86   No     No
23837            8,974,118.18              116        11/10/09                                 10       66,004.26   No     No
23875            6,441,371.82              113         8/10/09                                 10       49,346.36   No     No
23888            2,043,349.39              119          2/5/10                                  5       16,270.94   No     No
23947            2,944,458.86              117        12/10/09                                 10       22,816.32   No     No
24028           48,443,653.44              116        11/10/09                                 10      365,050.85   No     No
24057            2,142,225.02              115        10/10/09                                 10       15,389.69   No     No
24095            1,414,991.68              116        11/10/09                                 10       11,230.96   No     No
24099            1,455,894.08              116        11/10/09                                 10       10,831.50   No     No
24108            1,675,797.82              116        11/10/09                                 10       13,223.01   No     No
24140            2,489,407.57              114         9/10/09                                 10       18,326.17   No     No
24154            8,345,079.43              114         9/10/09                                 10       66,668.19   No     No
24158            6,203,164.75              114         9/10/09                                 10       49,979.64   No     No
24200            1,147,914.76              117        12/10/09                                 10        9,044.08   No     No
24307            8,432,397.35              117        12/10/29           12/10/09              10       62,155.97   Yes    No
24307-A
24307-B
24317           28,500,000.00              115        10/10/09                                 10      206,000.05   No     No
24317-A
24317-B
24317-C
24340            3,483,262.48              117        12/10/09                                 10       26,641.58   No     No
24573            9,266,742.32              114         9/10/09                                 10       73,997.72   No     No
24681            1,477,524.08              129        12/10/10                                 10       12,081.77   No     No
24737            3,347,468.19              119         2/10/10                                 10       28,168.62   No     No
24788            2,217,119.52              130         1/10/11                                 10       17,957.55   No     No
24788-A
24788-B
25196            6,389,543.25               81        12/10/06                                 10       52,809.79   No     No
25246            3,150,376.60              116        11/10/09                                 10       23,795.96   No     No
25247            3,282,063.75              116        11/10/09                                 10       26,050.14   No     No
25254            8,592,833.73              119          2/5/10                                  5       66,675.88   No     No
25494            5,385,148.46              117        12/10/09                                 10       39,361.17   No     No
25545           13,123,000.00              118          1/5/10                                  5      102,785.73   No     No
</TABLE>

<TABLE>
<CAPTION>
                                                                  Broker       Additional
Loan                                                              Strip        Servicing         Servicing
Number               Defeasance                                   Loan         Fee Loan          Fee
<S>                  <C>                                          <C>          <C>               <C>
18652                Lock/26_Defeasance/92_0%/2                                                  0.1276
19810                Lock/47_Defeasance/71_0%/2                                                  0.1276
20220                Lock/30_Defeasance/86_0%/4                                                  0.1276
21094                Lock/27_Defeasance/89_0%/4                                                  0.1276
21708                Lock/29_Defeasance/89_0%/2                                                  0.1276
22102                Lock/35_Defeasance/81_0%/4                                                  0.1276
22103                Lock/35_Defeasance/81_0%/4                                                  0.1276
22103-A
22103-B
22103-C
22103-D
22103-E
22103-F
22103-G
22103-H
22103-I
22103-J
22103-K
22103-L
22103-M
22103-N
22103-O
22103-P
22103-Q
22103-R
22283                Lock/27_Defeasance/91_0%/2                                                  0.1276
22648                Lock/29_Defeasance/99_0%/4                                                  0.1276
22709                Lock/27_Defeasance/91_0%/2                                                  0.1276
22759                Lock/29_Defeasance/90_0%/1                                                  0.1276
22829                Lock/28_Defeasance/91_0%/1                                                  0.1276
23086                Lock/30_Defeasance/88_0%/2                                                  0.1276
23118                Lock/30_Defeasance/88_0%/2                                                  0.1276
23118-A
23118-B
23155                Lock/29_Defeasance/88_0%/3                                                  0.1276
23273                Lock/31_Defeasance/88_0%/1                                                  0.1276
23311                Lock/28_Defeasance/90_0%/2                                                  0.1276
23384                Lock/30_Defeasance/90                                                       0.1276
23439                Lock/28_Defeasance/89_0%/3                                                  0.0426
23452                Lock/25_Defeasance/93_0%/2                                                  0.1276
23523                Lock/28_Defeasance/91_0%/1                                                  0.1276
23625                Lock/27_Defeasance/92_0%/1                                                  0.0826
23625-A
23625-B
23628                Lock/28_Defeasance/90_0%/2                                                  0.1276
23666                Lock/28_Defeasance/90_0%/2                                                  0.1276
23666-A
23666-B
23717                Lock/27_Defeasance/92_0%/1                                                  0.1276
23725                Lock/27_Defeasance/91_0%/2                                                  0.1276
23837                Lock/28_Defeasance/90_0%/2                                                  0.0226
23875                Lock/31_Defeasance/87_0%/2                                                  0.1276
23888                Lock/25_Defeasance/93_0%/2                                                  0.1276
23947                Lock/27_Defeasance/89_0%/4                                                  0.1276
24028                Lock/28_Defeasance/89_0%/3                                                  0.1276
24057                Lock/29_Defeasance/89_0%/2                                                  0.1276
24095                Lock/28_Defeasance/90_0%/2                                                  0.1276
24099                Lock/28_Defeasance/90_0%/2                                                  0.1276
24108                Lock/28_Defeasance/90_0%/2                                                  0.1276
24140                Lock/30_Defeasance/87_0%/3                                                  0.1276
24154                Lock/30_Defeasance/88_0%/2                                                  0.1276
24158                Lock/30_Defeasance/88_0%/2                                                  0.1276
24200                Lock/27_Defeasance/92_0%/1                                                  0.1276
24307                Lock/27_Defeasance/91_0%/2                                                  0.0776
24307-A
24307-B
24317                Lock/29_Defeasance/89_0%/2                                                  0.0776
24317-A
24317-B
24317-C
24340                Lock/27_Defeasance/91_0%/2                                                  0.0876
24573                Lock/30_Defeasance/88_0%/2                                                  0.1276
24681                Lock/27_Defeasance/103_0%/2                                                 0.1276
24737                Lock/25_Defeasance/93_0%/2                                                  0.1276
24788                Lock/26_Defeasance/104_0%/2                                                 0.1276
24788-A
24788-B
25196                Lock/27_Defeasance/55_0%/2                                                  0.1276
25246                Lock/28_Defeasance/90_0%/2                                                  0.1276
25247                Lock/28_Defeasance/90_0%/2                                                  0.1276
25254                Lock/25_Defeasance/93_0%/2                                                  0.1276
25494                Lock/27_Defeasance/89_0%/4                                                  0.1276
25545                Lock/26_Defeasance/90_0%/4                                                  0.1276
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Loan
Number               Name                                              Address
<S>                  <C>                                               <C>
25545-A              Ambassador Row                                    9001 Ambassador Row
25545-B              Ed Rutherford Road                                1001 Ed Rutherford Road
25545-C              Industrial Drive                                  6202 Industrial Drive
25580                Crossroads Shopping Center                        1128-1298 Vierling Drive
25893                Colchester Courtyard Apartments                   14-65 Balaban Road
25912                Bandywood Apartments                              5111 Orchard Road
25936                521 Broadway                                      521 Broadway
25942                Casa Cortez Apartments                            1834 Jackson Bluff Road
26070                Arrowood Manufactured Housing Community           4477 Wrightsboro Road
DBM10098             Winthrop Portfolio                                32 Main St, 14-21 Federal St, 2 E. Chestnut St,
DBM10477             Linden Portfolio                                  Various
DBM10477-A           789 Linden Avenue                                 789 Linden Avenue
DBM10477-B           1901 Lac DeVille                                  1901 Lac DeVille Boulevard
DBM10477-C           2101 Lac DeVille                                  2102 Lac DeVille Boulevard
DBM10642             Madiera Beach Office Center                       14955 Gulf Boulevard
DBM10646             Pacific Avenue Parking Garage                     1512-1514 Pacific Avenue
DBM10653             Ridgedale Plaza                                   33-43 Ridgedale Avenue
DBM10988             First Union Tower                                 7 St. Paul Street
DBM9650              Fairlane Commerce Park                            15080 Commerce Drive N, & 15100-200 Mercantile Drive
TA4930               Days Inn Asheville Hotel                          120 Patton Avenue
TA5900               10 New Bond Street                                10 New Bond Street
TA6655               Red Roof Lane/Depot Crossing                      9-13 Red Roof Lane
TA6975               175 Remsen Street                                 175 Remsen Street
TA7163               11-17 Beach Street                                11-17 Beach Street
TA7176               Linde Building                                    50 Powhattan Avenue
TA7189               Executive Court                                   1730, 1734, & 1738 Elton Road
TA7233               Parsippany Crossroads Office Center               300 Littleton Road
TA7314               106 Apple Street                                  106 Apple Street
TA7328               Commerce Tech Center                              50 East Commerce Drive
TA7381               Seguin Super 8 Motel                              1525 North Highway 46
TA7538               Northfield Marketplace                            5365-5407 Crooks Road
TA7885               Smithtown Executive Plaza                         222 Jericho Turnpike
TA8486               Renaissance Apartments                            3403 Winkler Avenue
TA8565               Manito Shopping Center                            802 - 820 East 29th Avenue & 3007 - 3017 Grand Blvd.
TA8645               Pine View Apartments                              3910 West Walnut Street
TA8747               750 Grand Street                                  750 Grand Street
TA8800               Sports Authority Norwalk                          444 Connecticut Avenue
TA8802               Sports Authority St. Petersburg                   3700 Tyrone Blvd. N
TA9001               Laguna Vista Apartments                           555 Belcher Road South
TA9068               Waterford Place Apartments                        4000 North Center Street
09-0001250           814 King Street                                   814 King Street
09-0001252           McCrory Buildings                                 Various
09-0001252-A         McCrory Buildings                                 8 Palisade Avenue
09-0001252-B         McCrory Buildings                                 2914 Third Avenue
09-0001269           Carlsbad Research Center                          1908 Aston Avenue
09-0001272           Enclave Medical Office Plaza                      4726-4730 North Habana Avenue
09-0001278           47-50 West Street & 80 Washington Street          47-50 West Street & 80 Washington Street
09-0001282           Brookscrossing Apartments                         8050 Taylor Road
09-0001284           Preston Valley Phase II                           5850 LBJ Freeway
09-0001285           Yukon Building                                    3150 C Street
09-0001286           Buckingham Place Apartments                       14 D Windsor Circle
09-0001289           Bridgewater Industrial Park                       East & West Side of Chimney Rock Road
09-0001290           Brentwood Park Apartments                         2510 Farnsworth Drive
09-0001291           Executive Airport Business Ctr                    1875-1895 West Commercial Boulevard
09-0001292           Aurora Medical Center I                           1421 South Potomac Street
09-0001293           Aurora Medical Center II                          1411 S. Potomac
09-0001294           Beach Club Apartments                             2350 South 8th Avenue
09-0001295           Vista Way Apartments                              3522 Vista Way Village Drive
09-0001296           Schoolcraft Business Park                         38035 Schoolcraft Road, 13112 & 13115 Waco Road
09-0001297           Lakeridge Village Shopping Center                 9600 Audelia Road
09-0001298           85 Madison Street                                 85 Madison Street
09-0001299           Cranbury Road Medical Building                    579A Cranbury Road
09-0001300           Milestone Manor Apartments                        14706 Normandy Court
09-0001301           Bealeton Village Shopping Cntr                    6346-6394 Village Center Drive
09-0001302           Corporate Center                                  600 & 700 Corporate Circle (Bldgs. I & J)
09-0001303           World Savings Center                              1901 Harrison Street
09-0001304           Syringa Terrace Apartments                        2101-2158 Marigold Street
09-0001305           Fry's Continental Ranch                           7850 North Silverbell Road
09-0001306           Laurel Technology Center                          14900 Sweitzer Lane
09-0001307           Plum Tree Center                                  3350 NW Boca Raton Blvd.
09-0001308           Superstition Springs Center                       SWC of E. Baseline Road and South Power Road
09-0001309           420 Feheley Drive                                 420 Feheley Drive
09-0001310           Berkley Place Apartments                          100 Berkeley Place Circle
09-0001311           Summer Wind Apartments                            833 Fairfield Drive
09-0001312           Plantation Corporate Center                       2 South University Drive
09-0001313           The Village at Timarron                           511 E. Southlake Boulevard
09-0001314           Featherstone Industrial                           15005 Farm Creek Drive
09-0001315           Taft Hills Plaza                                  NWC Kern Street & 10th Street
09-0001316           333 Sunset Avenue                                 333 Sunset Avenue
09-0001317           Madison Crossing Apartments                       1600-1610 East Madison Street
09-0001318           2070 Maple Street                                 2070 Maple Street
09-0001319           Wards Corner Research Center                      455 Wards Corner Road
09-0001320           Cornerstone Shopping Center                       4400 N. Midland Drive
</TABLE>

<TABLE>
<CAPTION>

Loan                                                                                    Interest Rate           Original
Number               City                         State                    Zip          Rate     Type           Balance
<S>                  <C>                          <C>                      <C>          <C>      <C>            <C>
25545-A              Dallas                       Texas                      75247
25545-B              Greenville                   Texas                      75401
25545-C              Greenville                   Texas                      75401
25580                Shakopee                     Minnesota                  55379      8.450    Fixed          12,780,000.00
25893                Colchester                   Connecticut                 6415      8.510    Fixed           3,250,000.00
25912                Pascagoula                   Mississippi                39581      8.390    Fixed           1,775,000.00
25936                New York                     New York                   10012      9.480    Fixed           2,500,000.00
25942                Tallahassee                  Florida                    32304      8.090    Fixed           2,350,000.00
26070                Grovetown                    Georgia                    30813      8.300    Fixed           1,628,000.00
DBM10098             Nantucket                    Massachusetts               2554      9.030    Fixed           7,000,000.00
DBM10477             Various                      Various                  Various      8.530    Fixed           1,881,000.00
DBM10477-A           Pittsford (Rochester)        New York                   14625
DBM10477-B           Brighton (Rochester)         New York                   14618
DBM10477-C           Brighton (Rochester)         New York                   14618
DBM10642             Madiera Beach                Florida                    33708      9.625    Fixed             437,000.00
DBM10646             Dallas                       Texas                      75201      9.000    Fixed           1,000,000.00
DBM10653             East Hanover                 New Jersey                  7936      8.500    Fixed           1,945,000.00
DBM10988             Baltimore                    Maryland                   21202      9.030    Fixed          37,000,000.00
DBM9650              Dearborn                     Michigan                   48120      8.540    Fixed          13,129,000.00
TA4930               Ashville                     North Carolina             28801      9.430    Fixed           1,800,000.00
TA5900               Worcester                    Massachusetts               1606      8.450    Fixed           7,402,500.00
TA6655               Salem                        New Hampshire               3079      7.760    Fixed           2,250,000.00
TA6975               Brooklyn                     New York                   11201      8.030    Fixed          11,500,000.00
TA7163               New York                     New York                   10013      7.560    Fixed           8,350,000.00
TA7176               Essington                    Pennsylvania               19029      8.310    Fixed           4,875,000.00
TA7189               Silver Spring                Maryland                   20903      8.440    Fixed           5,000,000.00
TA7233               Parsippany                   New Jersey                  7054      7.620    Fixed           5,150,000.00
TA7314               Tinton Falls                 New Jersey                  7224      8.430    Fixed           8,150,000.00
TA7328               Schaumberg                   Illinois                   60173      8.220    Fixed          10,000,000.00
TA7381               Seguin                       Texas                      78155      9.520    Fixed           1,400,000.00
TA7538               Troy                         Michigan                   48098      8.500    Fixed           3,975,000.00
TA7885               Smithtown                    New York                   11787      8.140    Fixed           3,300,000.00
TA8486               Fort Myers                   Florida                    33916      7.580    Fixed           4,900,000.00
TA8565               Spokane                      Washington                 99203      8.205    Fixed           4,125,000.00
TA8645               Garland                      Texas                      75042      7.730    Fixed           2,720,000.00
TA8747               Brooklyn                     New York                   11211      8.490    Fixed           3,500,000.00
TA8800               Norwalk                      Connecticut                 6850      8.345    Fixed           6,874,000.00
TA8802               St. Petersburg               Florida                    33710      8.345    Fixed           3,375,000.00
TA9001               Largo                        Florida                    33771      8.280    Fixed           5,000,000.00
TA9068               Hickory                      North Carolina             28601      7.770    Fixed           8,250,000.00
09-0001250           Alexandria                   Virginia                   22314      8.670    Fixed           2,057,000.00
09-0001252                                                                              9.340    Fixed           4,150,000.00
09-0001252-A         Yonkers                      New York                   10701
09-0001252-B         Bronx                        New York                   10455
09-0001269           Carlsbad                     California                 92008      8.000    Fixed           4,297,000.00
09-0001272           Tampa                        Florida                    33614      8.450    Fixed           5,416,000.00
09-0001278           New York                     New York                   10006      8.290    Fixed          11,000,000.00
09-0001282           Riverdale                    Georgia                    30274      7.920    Fixed           5,900,000.00
09-0001284           Dallas                       Texas                      75240      8.920    Fixed           2,400,000.00
09-0001285           Anchorage                    Alaska                     99503      8.480    Fixed           3,700,000.00
09-0001286           Newark                       Delaware                   19702      7.800    Fixed          11,700,000.00
09-0001289           Bridgewater                  New Jersey                  8807      8.530    Fixed           8,500,000.00
09-0001290           Ft. Wayne                    Indiana                    46815      8.130    Fixed           2,800,000.00
09-0001291           Ft. Lauderdale               Florida                    33309      8.300    Fixed           4,200,000.00
09-0001292           Aurora                       Colorado                   80012      8.350    Fixed           4,900,000.00
09-0001293           Aurora                       Colorado                   80012      8.150    Fixed           5,500,000.00
09-0001294           Yuma                         Arizona                    85364      8.070    Fixed           3,765,000.00
09-0001295           Oceanside                    California                 92056      8.030    Fixed          18,960,000.00
09-0001296           Livonia                      Michigan                   48150      8.400    Fixed           7,029,000.00
09-0001297           Dallas                       Texas                      75238      8.740    Fixed           3,200,000.00
09-0001298           Hoboken                      New Jersey                  7030      8.130    Fixed           4,000,000.00
09-0001299           East Brunswick               New Jersey                  8816      8.090    Fixed           4,550,000.00
09-0001300           Laurel                       Maryland                   20708      7.780    Fixed           6,500,000.00
09-0001301           Bealeton                     Virginia                   22712      8.080    Fixed           2,850,000.00
09-0001302           Golden                       Colorado                   80401      8.160    Fixed           4,940,000.00
09-0001303           Oakland                      California                 94612      7.910    Fixed          29,500,000.00
09-0001304           Pocatello                    Idaho                      83201      8.040    Fixed           1,450,000.00
09-0001305           Marana                       Arizona                    85743      8.200    Fixed           2,359,000.00
09-0001306           Laurel                       Maryland                   20707      8.460    Fixed           2,732,000.00
09-0001307           Boca Raton                   Florida                    33431      8.290    Fixed           3,400,000.00
09-0001308           Gilbert                      Arizona                    85234      8.310    Fixed           8,500,000.00
09-0001309           King of Prussia              Pennsylvania               19406      8.510    Fixed           2,580,000.00
09-0001310           Clemson                      South Carolina             29631      8.250    Fixed          11,400,000.00
09-0001311           Austin                       Texas                      78758      8.570    Fixed           4,130,000.00
09-0001312           Plantation                   Florida                    33324      8.410    Fixed           4,750,000.00
09-0001313           Southlake                    Texas                      76092      8.520    Fixed           4,345,000.00
09-0001314           Woodbridge                   Virginia                   22191      8.180    Fixed           3,000,000.00
09-0001315           Taft                         California                 93268      8.530    Fixed           4,500,000.00
09-0001316           Suisun City                  California                 94585      8.450    Fixed           6,350,000.00
09-0001317           Seattle                      Washington                 98112      8.090    Fixed           3,600,000.00
09-0001318           Des Plaines                  Illinois                   60018      8.070    Fixed           4,000,000.00
09-0001319           Miami Township               Ohio                       45140      8.320    Fixed           2,450,000.00
09-0001320           Midland                      Texas                      79707      8.870    Fixed           3,300,000.00
</TABLE>

<TABLE>
<CAPTION>

               Cut-Off                                                   Anticipated        Day                           Credit
Loan           Date                  Remaining        Maturity           Repayment          Payment   Monthly      ARD    Lease
Number         Balance               Term             Date               Date               Due       Payment      Loan   Loan
<S>             <C>                       <C>          <C>               <C>                <C>       <C>          <C>    <C>
25545-A
25545-B
25545-C
25580          12,764,322.89              118          1/5/10                                  5       97,814.64   No     No
25893           3,247,266.93              119          2/5/10                                  5       25,012.72   No     No
25912           1,775,000.00              118         1/10/10                                 10       13,510.08   No     No
25936           2,498,106.79              119          2/5/10                                  5       20,984.88   No     No
25942           2,346,896.90              118         1/10/10                                 10       17,391.14   No     No
26070           1,624,857.11              117        12/10/09                                 10       12,427.65   No     No
DBM10098        7,000,000.00              120          3/1/30             3/1/10               1       56,474.75   Yes    No
DBM10477        1,879,421.81              119          2/1/30             2/1/10               1       14,503.27   Yes    No
DBM10477-A
DBM10477-B
DBM10477-C
DBM10642          434,534.35              113          8/1/09                                  1        3,899.49   No     No
DBM10646          983,877.40              174          9/1/14                                  1       10,220.76   No     No
DBM10653        1,937,700.09              114          9/1/09                                  1       15,126.35   No     No
DBM10988       36,959,752.61              118          1/1/30             1/1/10               1      298,509.40   Yes    No
DBM9650        13,113,190.45              118          1/1/10                                  1      101,323.07   No     No
TA4930          1,796,101.12              118          7/1/22             1/1/10               1       16,088.85   Yes    No
TA5900          7,378,390.25              114          9/1/29             9/1/09               1       56,656.72   Yes    No
TA6655          2,236,195.34              110          5/1/09                                  1       16,134.83   No     No
TA6975         11,395,492.00              105         12/1/08                                  1       84,623.56   No     No
TA7163          8,296,081.57              110          5/1/09                                  1       58,727.86   No     No
TA7176          4,843,761.56              108          3/1/09                                  1       36,830.80   No     No
TA7189          4,981,697.56              113          8/1/09                                  1       38,233.26   No     No
TA7233          5,117,247.55              110          5/1/09                                  1       36,433.67   No     No
TA7314          8,116,828.83              112          7/1/09                                  1       62,262.58   No     No
TA7328          9,965,511.88              114          9/1/09                                  1       74,915.87   No     No
TA7381          1,394,820.56              113          8/1/09                                  1       11,989.35   No     No
TA7538          3,960,681.73              113          8/1/09                                  1       30,564.31   No     No
TA7885          3,286,928.36              113          8/1/09                                  1       24,537.07   No     No
TA8486          4,874,983.61              112          7/1/09                                  1       34,530.33   No     No
TA8565          4,113,468.92              115         10/1/29            10/1/09               1       30,859.35   Yes    No
TA8645          2,711,431.73              115         10/1/09                                  1       19,448.83   No     No
TA8747          3,495,741.78              118          1/1/10                                  1       26,887.17   No     No
TA8800          6,855,468.26              115         10/1/09                                  1       52,101.87   No     No
TA8802          3,365,901.29              115         10/1/09                                  1       25,581.00   No     No
TA9001          4,988,366.47              116         11/1/29            11/1/09               1       37,668.83   Yes    No
TA9068          8,218,274.56              114          9/1/09                                  1       59,218.07   No     No
09-0001250      2,052,640.77              116         11/1/09                                  1       16,065.04   No     No
09-0001252      4,142,987.62              118          1/1/10                                  1       35,797.92   No     No
09-0001252-A
09-0001252-B
09-0001269      4,279,354.99              113          8/1/09                                  1       31,529.86   No     No
09-0001272      5,409,356.24              118          1/1/10                                  1       41,452.59   No     No
09-0001278     10,962,713.75              114          9/1/09                                  1       82,948.86   No     No
09-0001282      5,878,110.68              114          9/1/09                                  1       42,963.52   No     No
09-0001284      2,387,958.13              114          9/1/09                                  1       20,009.40   No     No
09-0001285      3,688,039.85              114          9/1/09                                  1       28,397.37   No     No
09-0001286     11,663,775.20              115         10/1/09                                  1       84,224.85   No     No
09-0001289      8,462,563.34              115         10/1/09                                  1       68,616.22   No     No
09-0001290      2,790,127.63              114          9/1/09                                  1       20,799.72   No     No
09-0001291      4,188,543.87              115         10/1/09                                  1       31,700.95   No     No
09-0001292      4,886,807.24              115         10/1/09                                  1       37,157.10   No     No
09-0001293      5,484,406.87              115         10/1/09                                  1       40,933.65   No     No
09-0001294      3,754,106.00              115         10/1/09                                  1       27,810.18   No     No
09-0001295     18,904,580.54              115         10/1/09                                  1      139,518.49   No     No
09-0001296      7,010,320.84              115         10/1/09                                  1       53,549.57   No     No
09-0001297      3,192,233.40              115         10/1/09                                  1       25,151.56   No     No
09-0001298      3,990,359.22              116         11/1/09                                  1       29,713.89   No     No
09-0001299      4,536,901.32              115         10/1/09                                  1       33,672.20   No     No
09-0001300      6,479,775.27              115         10/1/09                                  1       46,701.62   No     No
09-0001301      2,841,774.47              115         10/1/09                                  1       21,071.45   No     No
09-0001302      4,928,176.94              116         11/1/09                                  1       36,800.48   No     No
09-0001303     29,425,174.32              128         11/1/10                                  1      214,612.59   No     No
09-0001304      1,446,431.11              116         11/1/09                                  1       10,680.05   No     No
09-0001305      2,353,406.86              116         11/1/09                                  1       17,639.53   No     No
09-0001306      2,725,909.68              116         11/1/09                                  1       20,929.32   No     No
09-0001307      3,392,107.85              116         11/1/09                                  1       25,638.74   No     No
09-0001308      8,480,362.78              116         11/1/09                                  1       64,216.55   No     No
09-0001309      2,574,317.02              116         11/1/09                                  1       19,856.26   No     No
09-0001310     11,373,287.09              116         11/1/09                                  1       85,644.39   No     No
09-0001311      4,121,033.22              116         11/1/09                                  1       31,961.24   No     No
09-0001312      4,742,277.89              117         12/1/09                                  1       36,220.85   No     No
09-0001313      4,338,130.52              117         12/1/09                                  1       33,470.89   No     No
09-0001314      2,994,834.53              117         12/1/09                                  1       22,390.54   No     No
09-0001315      4,492,903.53              117         12/1/09                                  1       34,696.83   No     No
09-0001316      6,339,780.55              117         12/1/09                                  1       48,601.17   No     No
09-0001317      3,593,662.45              117         12/1/09                                  1       26,641.74   No     No
09-0001318      3,994,696.61              118          1/1/10                                  1       29,546.01   No     No
09-0001319      2,445,925.92              117         12/1/09                                  1       18,526.74   No     No
09-0001320      3,296,288.67              118          1/1/10                                  1       26,244.45   No     No

</TABLE>

<TABLE>
<CAPTION>
                                                                  Broker       Additional
Loan                                                              Strip        Servicing         Servicing
Number               Defeasance                                   Loan         Fee Loan          Fee
<S>                  <C>                                          <C>          <C>               <C>
25545-A
25545-B
25545-C
25580                Lock/26_Defeasance/91_0%/3                                                  0.1276
25893                Lock/25_Defeasance/93_0%/2                                                  0.1276
25912                Lock/26_Defeasance/92_0%/2                                                  0.1276
25936                Lock/25_Defeasance/93_0%/2                                                  0.1276
25942                Lock/26_Defeasance/90_0%/4                                                  0.1276
26070                Lock/27_Defeasance/91_0%/2                                                  0.1276
DBM10098             Lock/24_Defeasance/92_0%/4                                                  0.0526
DBM10477             Lock/35_Defeasance/81_0%/4                                                  0.0526
DBM10477-A
DBM10477-B
DBM10477-C
DBM10642             Lock/59_>1% or Yield Maintenance/57_0%/4                                    0.0526
DBM10646             Lock/120_3%/12_2%/12_1%/24_0%/12                                            0.0526
DBM10653             Lock/47_Defeasance/69_0%/4                                                  0.0526
DBM10988             Lock/47_Defeasance/69_0%/4                                                  0.0526
DBM9650              Lock/26_Defeasance/90_0%/4                                                  0.0526
TA4930               Lock/47_Defeasance/69_0%/4                                                  0.0526
TA5900               Lock/35_Defeasance/81_0%/4                                                  0.0526
TA6655               Lock/47_Defeasance/69_0%/4                                                  0.0526
TA6975               Lock/47_Defeasance/70_0%/3                                                  0.0526
TA7163               Lock/34_Defeasance/82_0%/4                                                  0.0526
TA7176               Lock/36_Defeasance/80_0%/4                                                  0.0526
TA7189               Lock/47_Defeasance/69_0%/4                                                  0.0526
TA7233               Lock/34_Defeasance/86                                                       0.0526
TA7314               Lock/47_Defeasance/69_0%/4                                                  0.0526
TA7328               Lock/30_Defeasance/85_0%/5                                                  0.0526
TA7381               Lock/31_Defeasance/85_0%/4                                                  0.0526
TA7538               Lock/31_Defeasance/85_0%/4                                                  0.0526
TA7885               Lock/35_Defeasance/81_0%/4                                                  0.0526
TA8486               Lock/32_Defeasance/84_0%/4                                                  0.0526
TA8565               Lock/29_Defeasance/87_0%/4                                                  0.0526
TA8645               Lock/35_Defeasance/81_0%/4                                                  0.0526
TA8747               Lock/26_Defeasance/90_0%/4                                                  0.0526
TA8800               Lock/29_Defeasance/87_0%/4                                                  0.0526
TA8802               Lock/29_Defeasance/87_0%4                                                   0.0526
TA9001               Lock/28_Defeasance/88_0%/4                                                  0.0526
TA9068               Lock/30_Defeasance/86_0%/4                                                  0.0526
09-0001250           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001252           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001252-A
09-0001252-B
09-0001269           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001272           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001278           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001282           Lock/30_Defeasance/86_0%/4                                                  0.0526
09-0001284           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001285           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001286           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001289           Lock/29_Defeasance/87_0%/4                                                  0.0526
09-0001290           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001291           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001292           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001293           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001294           Lock/29_Defeasance/87_0%/4                                                  0.0526
09-0001295           Lock/29_Defeasance/87_0%/4                                                  0.0526
09-0001296           Lock/29_Defeasance/87_0%/4                                Yes               0.1026
09-0001297           Lock/29_Defeasance/87_0%/4                                                  0.0526
09-0001298           Lock/28_Defeasance/88_0%/4                                                  0.0526
09-0001299           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001300           Lock/29_Defeasance/87_0%/4                                                  0.0526
09-0001301           Lock/29_Defeasance/87_0%/4                                                  0.0526
09-0001302           Lock/28_Defeasance/88_0%/4                                                  0.0526
09-0001303           Lock/28_Defeasance/97_0%/7                                Yes               0.0926
09-0001304           Lock/28_Defeasance/88_0%/4                                                  0.0526
09-0001305           Lock/28_Defeasance/88_0%/4                                                  0.0526
09-0001306           Lock/28_Defeasance/88_0%/4                                                  0.0526
09-0001307           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001308           Lock/28_Defeasance/88_0%/4                                                  0.0526
09-0001309           Lock/28_Defeasance/88_0%/4                                                  0.0526
09-0001310           Lock/28_Defeasance/87_0%/5                                                  0.0526
09-0001311           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001312           Lock/27_Defeasance/89_0%/4                                                  0.0526
09-0001313           Lock/27_Defeasance/89_0%/4                   Yes                            0.1026
09-0001314           Lock/27_Defeasance/89_0%/4                                                  0.0526
09-0001315           Lock/27_Defeasance/89_0%/4                                                  0.0526
09-0001316           Lock/27_Defeasance/89_0%/4                                                  0.0526
09-0001317           Lock/27_Defeasance/89_0%/4                                                  0.0526
09-0001318           Lock/26_Defeasance/90_0%/4                                                  0.0526
09-0001319           Lock/27_Defeasance/89_0%/4                   Yes                            0.1226
09-0001320           Lock/26_Defeasance/90_0%/4                                                  0.0526
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Loan
Number               Name                                              Address
<S>                  <C>                                               <C>
09-0001321           Syndee's Industrial Building                      975 American Pacific Drive
09-0001322           35 West 31st Street                               35 West 31st Street
09-0001323           West Park Plaza                                   Annapolis Lane & 24th Avenue North
09-0001324           Minnesota Industrial Venture                      Various
09-0001324-A         Minnesota Industrial Venture                      2579-2605 Fairview Avenue North
09-0001324-B         Minnesota Industrial Venture                      2770-2812 Fairview Avenue North
09-0001324-C         Minnesota Industrial Venture                      2805-2823 Fairview Avenue North
09-0001324-D         Minnesota Industrial Venture                      2825 Fairview Avenue North
09-0001324-E         Minnesota Industrial Venture                      2833 Fairview Avenue North
09-0001324-F         Minnesota Industrial Venture                      1929-1957 County Road C-2
09-0001324-G         Minnesota Industrial Venture                      501-515 County Road E
09-0001324-H         Minnesota Industrial Venture                      502-512 Shoreview Park Road
09-0001324-I         Minnesota Industrial Venture                      507-525 Shoreview Park Road
09-0001324-J         Minnesota Industrial Venture                      1620-1646 Terrace Drive
09-0001324-K         Minnesota Industrial Venture                      1720-1746 Terrace Drive
09-0001324-L         Minnesota Industrial Venture                      1752-1758 Terrace Drive
09-0001324-M         Minnesota Industrial Venture                      1120 Red Fox Road
09-0001324-N         Minnesota Industrial Venture                      3070 Long Lake Road
09-0001325           Boardwalk Shopping Center                         NE Quadrant of IH 35 and Louis Henna Blvd.
09-0001326           Dillon Ridge Marketplace Shopping Center          282-336 US Highway 6
09-0001328           Northgate Square                                  9530-9620 Colerain Avenue
09-0001330           Valley Plaza Shopping Center                      9206-9350 SW Beaverton-Hillsdale Highway
902803901            15 Dutch Street                                   15 Dutch Street
</TABLE>

<TABLE>
<CAPTION>

Loan                                                                                    Interest Rate           Original
Number               City                         State                    Zip          Rate     Type           Balance
<S>                  <C>                          <C>                      <C>          <C>      <C>            <C>
09-0001321           Henderson                    Nevada                     89014      8.140    Fixed           3,500,000.00
09-0001322           New York                     New York                   10001      8.660    Fixed           2,199,000.00
09-0001323           Plymouth                     Minnesota                  55441      8.500    Fixed           3,975,000.00
09-0001324                                                                              8.550    Fixed          23,000,000.00
09-0001324-A         Roseville                    Minnesota                  55113
09-0001324-B         Roseville                    Minnesota                  55113
09-0001324-C         Roseville                    Minnesota                  55113
09-0001324-D         Roseville                    Minnesota                  55113
09-0001324-E         Roseville                    Minnesota                  55113
09-0001324-F         Roseville                    Minnesota                  55113
09-0001324-G         Shoreview                    Minnesota                  55126
09-0001324-H         Shoreview                    Minnesota                  55126
09-0001324-I         Shoreview                    Minnesota                  55126
09-0001324-J         Roseville                    Minnesota                  55113
09-0001324-K         Roseville                    Minnesota                  55113
09-0001324-L         Roseville                    Minnesota                  55113
09-0001324-M         Arden Hills                  Minnesota                  55112
09-0001324-N         Roseville                    Minnesota                  55113
09-0001325           Round Rock                   Texas                      78664      8.330    Fixed          14,600,000.00
09-0001326           Dillon                       Colorado                   80435      8.980    Fixed           6,750,000.00
09-0001328           Colerain Township            Ohio                       45251      8.880    Fixed           5,050,000.00
09-0001330           Beaverton                    Oregon                     97005      8.730    Fixed           2,300,000.00
902803901            New York                     New York                   10038      8.250    Fixed           4,440,000.00
</TABLE>

<TABLE>
<CAPTION>

               Cut-Off                                                   Anticipated        Day                           Credit
Loan           Date                  Remaining        Maturity           Repayment          Payment   Monthly      ARD    Lease
Number         Balance               Term             Date               Date               Due       Payment      Loan   Loan
<S>             <C>                       <C>          <C>               <C>                <C>       <C>          <C>    <C>
09-0001321       3,495,425.22              118          1/1/10                                  1       26,024.17   No     No
09-0001322       2,186,652.74              178          1/1/15                                  1       22,023.46   No     No
09-0001323       3,970,173.82              118          1/1/10                                  1       30,564.31   No     No
09-0001324      22,972,361.14              118          1/1/10                                  1      177,665.75   No     No
09-0001324-A
09-0001324-B
09-0001324-C
09-0001324-D
09-0001324-E
09-0001324-F
09-0001324-G
09-0001324-H
09-0001324-I
09-0001324-J
09-0001324-K
09-0001324-L
09-0001324-M
09-0001324-N
09-0001325      14,600,000.00               58          1/1/05                                  1      103,037.47   No     No
09-0001326       6,744,613.84              119          2/1/10                                  1       54,214.91   No     No
09-0001328       5,042,841.58              119          2/1/10                                  1       43,282.75   No     No
09-0001330       2,300,000.00              120          3/1/10                                  1       18,061.27   No     No
902803901        4,422,909.48              113          8/1/09                                  1       33,356.24   No     No
               879,890,172.00
</TABLE>

<TABLE>
<CAPTION>
                                                                  Broker       Additional
Loan                                                              Strip        Servicing         Servicing
Number               Defeasance                                   Loan         Fee Loan          Fee
<S>                  <C>                                          <C>          <C>               <C>
09-0001321           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001322           Lock/26_Defeasance/150_0%/4                                                 0.0526
09-0001323           Lock/26_Defeasance/90_0%/4                                                  0.0526
09-0001324           Lock/26_Defeasance/90_0%/4                                                  0.0526
09-0001324-A
09-0001324-B
09-0001324-C
09-0001324-D
09-0001324-E
09-0001324-F
09-0001324-G
09-0001324-H
09-0001324-I
09-0001324-J
09-0001324-K
09-0001324-L
09-0001324-M
09-0001324-N
09-0001325           Lock/26_Defeasance/30_0%/4                   Yes                            0.1226
09-0001326           Lock/35_Defeasance/81_0%/4                                                  0.0526
09-0001328           Lock/25_Defeasance/91_0%/4                                                  0.0526
09-0001330           Lock/24_Defeasance/92_0%/4                                                  0.0526
902803901            Lock/35_Defeasance/81_0%/4                                                  0.0526
</TABLE>KAYE GROUP INC.
                     RESTATED SUPPLEMENTAL STOCK OPTION PLAN

                                    ARTICLE I

                                 Purpose of Plan

     The Stock Option Plan (the "Plan") of Kaye Group Inc. ("KGI" and,  together
with its  subsidiaries,  the  "Company"),  adopted by the Board of Directors and
stockholders  of KGI  effective  May,  1996,  is  intended  to advance  the best
interests of KGI by providing  executives,  directors and other employees of the
Company with  additional  incentives  by allowing  such  employees to acquire an
ownership interest in KGI.

                                   ARTICLE II

                                   Definitions

     For purposes of the Plan the following terms have the indicated meanings:

     "Board" means the Board of Directors of KGI.

     "Code"  means  the  Internal  Revenue  Code of 1986,  as  amended,  and any
successor statute.

     "Committee" means the Compensation Committee or such other committee of the
Board as the Board may designate to administer the Plan. The Committee  shall be
composed solely of two or more disinterested persons (as that term is defined in
Rule 16b-3 under the Securities  Exchange Act of 1934) as appointed from time to
time by the Board.

     "Common Stock" means the Common Stock, par value $.Ol per share, of KGI.

     "Fair  Market  Value" of the Common Stock as of any date shall be deemed to
be the closing price of the Common Stock on the principal securities exchange or
market on which the Common Stock is listed or quoted for trading on (or the last
trading  day  before)  the date that such  determination  is to be made.  If the
Common  Stock is not listed or quoted on any  exchange  or market as of the date
such determination is to be made or the Committee  determines in good faith that
the price  determined  in the  previous  sentence  should not be used,  then the
Committee shall  determine the fair market value of the Common Stock  (expressed
on a  per-share  basis) as of such date,  based on the  consolidated  results of
operations,  financial  condition  and future  prospects of the Company and such
other factors as the Committee may deem appropriate.  Fair Market Value shall be
determined  without regard to any restriction on  transferability  of the Common
Stock other than any such restriction which by its terms will never lapse.

                                       A-l

<PAGE>

     "Participant"  means  any  director,  executive  or other  employee  of the
Company who has been selected to participate in the Plan by the Committee or the
Board.

     "Sale of KGI" means a merger or consolidation effecting a change in control
of KGI, a sale of all or  substantially  all of the assets of KGI or a sale of a
majority  of the  outstanding  voting  securities  of KGI  effecting a change in
control of KGI.

     "Subsidiary"  means any subsidiary  corporation (as such term is defined in
Section 424(f) of the Code) of KGI.

                                   ARTICLE III

                                 Administration

     The Plan shall be administered by the Committee. Subject to the limitations
of the Plan,  the Committee  shall have the sole and complete  authority to: (i)
select  Participants,  (ii) grant  Options to  Participants  (each as defined in
Article IV) in such forms and amounts as it shall  determine,  (iii) impose such
limitations,  restrictions  and  conditions  upon such  Options as it shall deem
appropriate, (iv) interpret the Plan and adopt, amend and rescind administrative
guidelines and other rules and regulations relating to the Plan, (v) correct any
defect or omission or reconcile any  inconsistency in the Plan or in any Options
granted under the Plan and (vi) make all other determinations and take all other
actions necessary or advisable for the  implementation and administration of the
Plan. The  Committee's  determinations  on matters within its authority shall be
conclusive and binding upon the Participants, the Company and all other persons.
All expenses  associated with the  administration  of the Plan shall be borne by
the  Company.  The  Committee  may,  as  approved by the Board and to the extent
permissible by law,  delegate any of its authority  hereunder to such persons or
entities as it deems appropriate.

                                   ARTICLE IV

                         Limitation on Aggregate Shares

     The number of shares of Common Stock with  respect to which stock  purchase
options  ("Options")  may be  granted  under the Plan shall not  exceed,  in the
aggregate,  650,000  shares,  subject to adjustment in accordance with paragraph
6.4. To the extent any Options expire  unexercised or are cancelled,  terminated
or forfeited in any manner without the issuance of Common Stock thereunder, such
shares  shall  again be  available  under the Plan.  The shares of Common  Stock
available under the Plan may consist of authorized and unissued shares, treasury
shares or a combination thereof, as the Committee shall determine.

                                      A-2

<PAGE>

                                    ARTICLE V

                                     Awards

     5.1 Grant of Options.  The Committee may grant Options to Participants from
time to time in  accordance  with  this  Article  V.  Subject  to the  preceding
sentence,  the  Committee  may grant all  available  options under the Plan to a
single  Participant in one or more grants.  Options wanted under the Plan may be
nonqualified  stock options or "incentive  stock options"  within the meaning of
Section  422 of the  Code  or  any  successor  provision,  as  specified  by the
Committee;  provided,  however, that no incentive stock option may be granted to
any  Participant  who,  at the time of grant,  owns stock of the Company (or any
Subsidiary) representing more than 10% of the total combined voting power of all
classes of stock of the Company (or such  Subsidiary,  unless the exercise price
of such incentive  stock option equals at least 110% of the Fair Market Value of
the Common Stock determined as of the date of Option grant).  The exercise price
per share of Common Stock under each Option  shall be fixed by the  Committee at
the time of grant of the Option and shall equal at least 100% of the Fair Market
Value of a share of Common Stock on the date of grant, but not less than the par
value per share (as  adjusted  pursuant  to  paragraph  6.4).  Options  shall be
exercisable at such time or times as the Committee  shall  determine;  provided,
however, that the aggregate Fair Market Value of the Common Stock (determined as
of the date of Option grant) with respect to which  incentive  stock options are
exercisable  for the first  time by any  Participant  during any  calendar  year
(under all stock  option  plans of the  Company)  may not exceed  $100,000.  The
Committee shall  determine the term of each Option,  which term shall not exceed
ten years from the date of grant of the Option.

     5.2 Exercise  Procedure.  Options shall be exercisable by written notice to
the Company (to the attention of the Company's Secretary) accompanied by payment
in full of the applicable exercise price.  Payment of such exercise price may be
made (i) in cash  (including  check,  bank  draft or money  order),  (ii) at the
discretion  of the  Committee,  by delivery of a full recourse  promissory  note
bearing interest at a rate not less than the applicable  federal rate determined
pursuant  to Section  1274 of the Code as of the date of purchase or exercise (a
"Note"), (iii) in shares of Common Stock valued at their Fair Market Value as of
the date of exercise as provided in Section 5.3 below or (iv) a  combination  of
the foregoing.

     5.3  Exchange of  Previously  Acquired  Stock.  The option price for shares
being  acquired  upon the exercise of an Option may be paid, in full or in part,
by the  delivery to the Company of a number of shares of Common  Stock having an
aggregate  Fair  Market  Value  as  of  the  "exercise   measurement  date"  (as
hereinafter defined) equal to the exercise price for the shares being acquired.

     5.4 Withholding Tax  Requirements.  It shall be a condition of the exercise
of any Option  (including any exercise of an alternative cash settlement  right)
that the  Participant  exercising the Option make  appropriate  payment or other
provision  acceptable  to  the  Company  with  respect  to any  withholding  tax
requirement arising from such exercise.  The amount of withholding tax required,
if any, with respect to any Option exercise (the "Withholding  Amount") shall be
determined by the Treasurer or other appropriate officer of the Company, and the
Participant shall furnish such information and make such representations as such
officer  requires to make such  determination.  If the Company  determines  that
withholding  tax is required  with respect to any Option  exercise,  the Company
shall notify the Participant

                                       A-3

<PAGE>

of the  Withholding  Amount,  and the  Participant  shall pay to the  Company an
amount not less than the Withholding Amount. In lieu of making such payment, the
Participant may elect to pay the Withholding  Amount by either (i) delivering to
the Company a number of shares of Common Stock  having an aggregate  Fair Market
Value as of the  "measurement  date" (as hereinafter  defined) not less than the
Withholding Amount or (ii) directing the Company to withhold (and not to deliver
or issue to the  Participant)  a number  of shares  of  Common  Stock  otherwise
issuable upon the Option  exercise  having an aggregate  Fair Market Value as of
the  measurement  date not less  than the  Withholding  Amount.  If the  Company
approves,  a Participant  may elect pursuant to the prior sentence to deliver or
direct the withholding of shares of Common Stock having an aggregate Fair Market
Value in  excess  of the  minimum  Withholding  Amount  but not in excess of the
Participant's  applicable  highest  marginal  combined  federal income and state
income tax rate, as estimated in good faith by such Participant.  Any fractional
share  interests  resulting from the delivery or withholding of shares of Common
Stock to meet withholding tax requirements shall be settled in cash. All amounts
paid to or withheld  by the Company and the value of all shares of Common  Stock
delivered  to or withheld by the Company  pursuant to this  Section 5.4 shall be
deposited in accordance  with  applicable law by the Company as withholding  tax
for the Participant's  account. If the Treasurer or other appropriate officer of
the Company  determines  that no withholding tax is required with respect to the
exercise of any Option  (because  such Option is an  incentive  stock  option or
otherwise),  but  subsequently  it is determined  that the exercise  resulted in
taxable income as to which withholding is required (as a result of a disposition
of shares or otherwise),  the Participant shall promptly, upon being notified of
the  withholding  requirement,  pay to the  Company by means  acceptable  to the
Company the amount required to be withheld;  and at its election the Company may
condition  any transfer of shares  issued upon  exercise of an  incentive  stock
option upon receipt of such payment. The term "measurement date" as used in this
Section 5.4 shall mean the date on which any taxable  income  resulting from the
exercise of an Option is determined under applicable federal income tax law.

     5.5  Conditions  and  Limitations  on Exercise.  At the  discretion  of the
Committee,  Options may be made exercisable,  in one or more installments,  upon
(i) the happening of certain events,  (ii) the passage of a specified  period of
time,  (iii) the fulfillment of certain  conditions,  or (iv) the achievement by
the Company or any Subsidiary of certain  performance  goals.  In the event of a
Sale of the Company,  the Committee  may provide,  in its  discretion,  that the
outstanding  Options shall become immediately  exercisable and that such Options
shall  terminate  if not  exercised as of the date of the Sale of the Company or
any other designated date or that such Options shall  thereafter  represent only
the right to receive the excess of the  consideration  per share of Common Stock
offered in such Sale of the Company over the exercise price of such Options.

     5.6 Expiration of Options.

     (a)  Normal  Expiration.  In no  event  shall  any  part of any  Option  be
exercisable after the stated date of expiration thereof.

     (b) Early  Expiration Upon  Termination of Employment.  Except as otherwise
provided by the Committee at the time of grant of such Options, upon termination
for  any  reason  of  a   Participant's   employment  by  the  Company  and  its
Subsidiaries, all Options or portions thereof held by

                                       A-4

<PAGE>

such  Participant  that  are not  vested  and  exercisable  on the  date of such
termination shall expire and be forfeited as of such date and all vested Options
held by such Participant shall expire to the extent not theretofore exercised on
the first anniversary of (or, in the case of any incentive stock option, 90 days
following) the date of such termination.

                                   ARTICLE VI

                               General Provisions

     6.1 Written Agreement. Each Option granted hereunder shall be embodied in a
written option  agreement  which shall be signed by the  Participant to whom the
Option is granted  and shall be subject  to the terms and  conditions  set forth
herein.

     6.2  Listing,  Registration  and  Legal  Compliance.  If at  any  time  the
Committee  determines,  in its  discretion,  that the listing,  registration  or
qualification  of the shares subject to Options upon any securities  exchange or
under any state or federal securities or other law or regulation, or the consent
or approval of any governmental  regulatory body, is necessary or desirable as a
condition  to or in  connection  with the granting of Options or the purchase or
issuance of shares thereunder,  no Options may be granted or exercised, in whole
or in  part,  unless  such  listing,  registration,  qualification,  consent  or
approval  shall  have been  effected  or  obtained  free of any  conditions  not
acceptable to the Committee. The holders of such Options will supply the Company
with such  certificates,  representations  and  information as the Company shall
request  and shall  otherwise  cooperate  with the  Company  in  obtaining  such
listing,  registration,  qualification,  consent  or  approval.  In the  case of
officers and other persons  subject to Section 16(b) of the Securities  Exchange
Act of 1934, as amended,  the  Committee may at any time impose any  limitations
upon the exercise of Options that, in the Committee's discretion,  are necessary
or  desirable  in order to  comply  with  such  Section  16(b) and the rules and
regulations thereunder.  If the Company, as part of an offering of securities or
otherwise,   finds  it  desirable   because  of  federal  or  state   regulatory
requirements to reduce the period during which any Options may be exercised, the
Committee  may, in its  discretion  and without the  Participant's  consent,  so
reduce  such  period on not less  than 15 days'  written  notice to the  holders
thereof.

     6.3 Options Not Transferrable. Options may not be transferred other than by
will or the laws of descent and  distribution  and,  during the  lifetime of the
Participant to whom they were granted, may be exercised only by such Participant
(or his or her  legal  guardian  or legal  representative).  In the event of the
death of a Participant  Options which are not vested and exercisable on the date
of  death  shall  terminate;  exercise  of  Options  granted  hereunder  to such
Participant,  which are vested as of the date of death,  may be made only by the
executor or administrator of such Participant's  estate or the person or persons
to whom such  Participant's  rights  under the Options  will pass by will or the
laws of descent and distribution.

     6.4 Adjustments. In the event of a reorganization,  recapitalization, stock
dividend or stock split,  or combination or other change in the shares of Common
Stock,  the Board or the  Committee  may,  in order to prevent  the  dilution or
enlargement of rights under  outstanding  Options,  make such adjustments in the
number and type of shares  authorized by the Plan, the number and type of shares
covered by outstanding  Options and the exercise prices specified therein as may
be determined to be

                                       A-5

<PAGE>

appropriate and equitable.

     6.5 Rights of  Participants.  Nothing in the Plan shall  interfere  with or
limit in any way the right of the Company or any  Subsidiary  to  terminate  any
Participant's employment at any time (with or without cause), or confer upon any
Participant any right to continue in the employ of the Company or any Subsidiary
for any period of time or to continue to receive such Participant's  current (or
other) rate of compensation.  No employee shall have a right to be selected as a
Participant or, having been so selected, to be selected again as a Participant.

     6.6  Amendment,  Suspension  and  Termination  of  Plan.  The  Board or the
Committee may suspend or terminate  the Plan or any portion  thereof at any time
and may  amend  it from  time to time  in  such  respects  as the  Board  or the
Committee may deem advisable; provided, however, that no such amendment shall be
made  without  stockholder  approval to the extent such  approval is required by
law,  agreement  or the rules of any  exchange  upon which the  Common  Stock is
listed, and no such amendment, suspension or termination shall impair the rights
of  Participants   under   outstanding   Options  without  the  consent  of  the
Participants  affected  thereby,  except as provided  below. No Options shall be
granted hereunder after the tenth anniversary of the approval of the Plan by the
stockholders of the Company.

     6.7 Amendment of Outstanding Options. The Committee may amend or modify any
Option  in any  manner  to the  extent  that the  Committee  would  have had the
authority under the Plan initially to grant such Option;  provided that,  except
as expressly  contemplated  elsewhere herein or in any agreement evidencing such
Option,  no such  amendment  or  modification  shall  impair  the  rights of any
Participant   under  any   outstanding   Option  without  the  consent  of  such
Participant.

     6.8 Indemnification. In addition to such other rights of indemnification as
they may have as  members  of the Board or the  Committee,  the  members  of the
Committee  shall be  indemnified  by the Company  against all costs and expenses
reasonably incurred by them in connection with any action, suit or proceeding to
which they or any of them may be party by reason of any action  taken or failure
to act under or in  connection  with the Plan or any  Option  granted  under the
Plan, and against all amounts paid by them in settlement  thereof (provided such
settlement is approved by independent  legal counsel selected by the Company) or
paid  by  them  in  satisfaction  of a  judgment  in any  such  action,  suit or
proceeding;  provided, however, that any such Committee member shall be entitled
to the  indemnification  rights  set  forth in this  paragraph  6.8 only if such
member  has acted in good  faith and in a manner  that  such  member  reasonably
believed to be in or not opposed to the best  interests of the Company and, with
respect to any criminal action or proceeding, had no reasonable cause to believe
that such conduct was unlawful,  and further  provided that upon the institution
of any such action, suit or proceeding a Committee member shall give the Company
written  notice  thereof and an opportunity to handle and defend the same before
such Committee member undertakes to handle and defend it on his own behalf.

                                   * * * * *

                                       A-6

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