Document:

Exhibit 10.2

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

                                  PURCHASER,

                                    CIBC INC.

                                    SELLER

                        MORTGAGE LOAN PURCHASE AGREEMENT

                          Dated as of June 20, 2006

                              $1,073,803,608.47

                          Fixed Rate Mortgage Loans

                              Series 2006-CIBC15

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            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of June 20, 2006, is between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as purchaser (the "Purchaser"), and CIBC Inc., as seller ("CIBC" or the
"Seller").

            Capitalized terms used in this Agreement not defined herein shall
have the meanings ascribed to them in the Pooling and Servicing Agreement dated
as of June 20, 2006 (the "Pooling and Servicing Agreement") among the Purchaser,
as depositor (the "Depositor"), Wells Fargo Bank, National Association, as
master servicer ("Master Servicer"), J.E. Robert Company, Inc., as special
servicer ("Special Servicer") and LaSalle Bank National Association as trustee
(in such capacity, the "Trustee") and as paying agent (in such capacity, the
"Paying Agent"), pursuant to which the Purchaser will sell the Mortgage Loans
(as defined herein) to a trust fund and certificates representing ownership
interests in the Mortgage Loans will be issued by the trust fund. For purposes
of this Agreement, the term "Mortgage Loans" refers to the mortgage loans listed
on Exhibit A and the term "Mortgaged Properties" refers to the properties
securing such Mortgage Loans.

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

            SECTION 1. Sale and Conveyance of Mortgages; Possession of Mortgage
File. Effective as of the Closing Date and upon receipt of the purchase price
set forth in the immediately succeeding paragraph, the Seller does hereby sell,
transfer, assign, set over and convey to the Purchaser, without recourse, all of
its right, title, and interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase
Agreement, dated as of June 12, 2006, between the Master Servicer and the
Seller) in and to the Mortgage Loans described in Exhibit A, including all
interest and principal received on or with respect to the Mortgage Loans after
the Cut-off Date (other than payments of principal and interest first due on the
Mortgage Loans on or before the Cut-off Date). Upon the sale of the Mortgage
Loans, the ownership of each related Mortgage Note, the Mortgage and the other
contents of the related Mortgage File will be vested in the Purchaser and
immediately thereafter the Trustee and the ownership of records and documents
with respect to the related Mortgage Loan prepared by or which come into the
possession of the Seller (other than the records and documents described in the
proviso to Section 3(a) hereof) shall immediately vest in the Purchaser and
immediately thereafter the Trustee. The Seller's records will accurately reflect
the sale of each Mortgage Loan to the Purchaser. On the Closing Date, the Seller
shall also deliver to the Depositor an amount equal to $363,895.92, which amount
represents the aggregate amount of interest that would have accrued at the
related Net Mortgage Rates during the Due Period ending in July 2006, for those
Mortgage Loans that do not have their first Monthly Payment due until August
2006. The Depositor will sell the Class A-1, Class A-3, Class A-4, Class A-SB,
Class A-1A, Class A-M, Class A-J, Class X-1, Class X-2, Class B, Class C and
Class D Certificates (the "Offered Certificates") to the underwriters specified
in the underwriting agreement dated June 12, 2006 (the "Underwriting Agreement")
between the Depositor and J.P. Morgan Securities Inc. ("JPMSI") for itself and
as representative of CIBC World Markets Corp. ("CIBCWMC") and Morgan Stanley &
Co. Incorporated (together with JPMSI, and CIBCWMC, the "Underwriters"), and the
Depositor will sell the Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class P and Class NR Certificates (the "Private
Certificates") to JPMSI, as the initial purchaser (together with the
Underwriters, the "Dealers") specified in the certificate purchase agreement,
dated June 12, 2006 (the "Certificate Purchase Agreement"), between the
Depositor and JPMSI.

            The sale and conveyance of the Mortgage Loans is being conducted on
an arms-length basis and upon commercially reasonable terms. As the purchase
price for the Mortgage Loans, the Purchaser shall pay to the Seller or at the
Seller's direction $1,091,645,108.19 (which amount is inclusive of accrued
interest) in immediately available funds minus the costs set forth in Section 9
hereof. The purchase and sale of the Mortgage Loans shall take place on the
Closing Date.

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

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

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

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

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

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

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

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

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

            (c) if, during such period of time after the first date of the
public offering of the Offered Certificates as in the opinion of counsel for the
Underwriters, a prospectus relating to the Offered Certificates is required by
applicable law to be delivered in connection with sales thereof by an
Underwriter or a dealer, any event shall occur as a result of which it is
necessary to amend or supplement the Prospectus Supplement, including Annex A-1,
A-2, A-3, B and D thereto and the Diskette included therewith, with respect to
any information relating to the Mortgage Loans or the Seller, in order to make
the statements therein, in the light of the circumstances when the Prospectus
Supplement is delivered to a purchaser, not misleading, or if it is necessary to
amend or supplement the Prospectus Supplement, including Annex A-1, A-2, A-3, B
and D thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the Seller, to comply with
applicable law, the Seller shall do all things necessary to assist the Depositor
to prepare and furnish, at the expense of the Seller (to the extent that such
amendment or supplement relates to the Seller, the Mortgage Loans listed on
Exhibit A and/or any information relating to the same, as provided by the
Seller), to the Underwriters such amendments or supplements to the Prospectus
Supplement as may be necessary, so that the statements in the Prospectus
Supplement as so amended or supplemented, including Annex A-1, A-2, A-3, B and D
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will not, in the light of the
circumstances when the Prospectus is delivered to a purchaser, be misleading or
so that the Prospectus Supplement, including Annex A-1, A-2, A-3, B and D
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will comply with applicable law.
All terms used in this clause (c) and not otherwise defined herein shall have
the meaning set forth in the Indemnification Agreement, dated as of June 12,
2006 among the Purchaser, the Seller and the Dealers (the "Indemnification
Agreement").

            SECTION 6. Representations and Warranties.

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

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

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

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

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

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

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

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

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

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

                  (x) it has either (A) not dealt with any Person (other than
      the Purchaser or the Dealers) that may be entitled to any commission or
      compensation in connection with the sale or purchase of the Mortgage Loans
      or entering into this Agreement or (B) paid in full any such commission or
      compensation;

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

                  (xii) for so long as the Trust is subject to the reporting
      requirements of the Exchange Act, the Seller shall provide the Purchaser
      (or with respect to any Companion Loan that is deposited into an Other
      Securitization, the depositor in such Other Securitization) and the Paying
      Agent with any Additional Form 10-D Disclosure and any Additional Form
      10-K Disclosure which the Purchaser is required to provide with respect to
      the Seller in its capacity as a "sponsor" pursuant to Exhibit Y and
      Exhibit Z of the Pooling and Servicing Agreement within the time periods
      set forth in the Pooling and Servicing Agreement.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            If any Breach pertains to a representation or warranty that the
related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Mortgagor to bear the costs and expenses associated with
any particular action or matter under such Mortgage Loan document(s), then
Seller shall not be required to repurchase such Mortgage Loan and the sole
remedy with respect to any Breach of such representation shall be to cure such
Breach within the applicable cure period (as the same may be extended) by
reimbursing the Trust Fund (by wire transfer of immediately available funds) the
reasonable amount of any such costs and expenses incurred by the Master
Servicer, the Special Servicer, the Trustee or the Trust Fund that are the basis
of such Breach and have not been reimbursed by the related Mortgagor; provided,
however, that in the event any such costs and expenses exceed $10,000, the
Seller shall have the option to either repurchase or substitute for the related
Mortgage Loan as provided above or pay such costs and expenses. Except as
provided in the proviso to the immediately preceding sentence, the Seller shall
remit the amount of such costs and expenses and upon its making such remittance,
the Seller shall be deemed to have cured such Breach in all respects. To the
extent any fees or expenses that are the subject of a cure by the Seller are
subsequently obtained from the related Mortgagor, the portion of the cure
payment equal to such fees or expenses obtained from the Mortgagor shall be
returned to the Seller pursuant to Section 2.03(f) of the Pooling and Servicing
Agreement.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a Defect and to be conclusively presumed to materially and
adversely affect the interests of Certificateholders in a Mortgage Loan and to
be deemed to materially and adversely affect the interests of the
Certificateholders in and the value of a Mortgage Loan: (a) the absence from the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with a copy of the Mortgage
Note that appears to be regular on its face; (b) the absence from the Mortgage
File of the original signed Mortgage that appears to be regular on its face,
unless there is included in the Mortgage File a certified copy of the Mortgage
and a certificate stating that the original signed Mortgage was sent for
recordation; (c) the absence from the Mortgage File of the lender's title
insurance policy (or if the policy has not yet been issued, an original or copy
of a "marked up" written commitment or the pro forma or specimen title insurance
policy) called for by clause (ix) of the definition of "Mortgage File" in the
Pooling and Servicing Agreement; (d) the absence from the Mortgage File of any
required letter of credit; (e) with respect to any leasehold mortgage loan, the
absence from the related Mortgage File of a copy (or an original, if available)
of the related Ground Lease; or (f) the absence from the Mortgage File of any
intervening assignments required to create a complete chain of assignments to
the Trustee on behalf of the Trust, unless there is included in the Mortgage
File a certified copy of the intervening assignment and a certificate stating
that the original intervening assignments were sent for recordation; provided,
however, that no Defect (except a Defect previously described in clauses (a)
through (f) above) shall be considered to materially and adversely affect the
value of the related Mortgage Loan, the related Mortgaged Property or the
interests of the Trustee or Certificateholders unless the document with respect
to which the Defect exists is required in connection with an imminent
enforcement of the Mortgagee's rights or remedies under the related Mortgage
Loan, defending any claim asserted by any borrower or third party with respect
to the Mortgage Loan, establishing the validity or priority of any lien on any
collateral securing the Mortgage Loan or for any immediate significant servicing
obligation. Notwithstanding the foregoing, the delivery of executed escrow
instructions or a commitment to issue a lender's title insurance policy, as
provided in clause (ix) of the definition of "Mortgage File" in the Pooling and
Servicing Agreement, in lieu of the delivery of the actual policy of lender's
title insurance, shall not be considered a Defect or Breach with respect to any
Mortgage File if such actual policy is delivered to the Trustee or a Custodian
on its behalf within 18 months from the Closing Date.

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

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

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

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

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

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

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

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

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

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

                  (i) copies of the Seller's certificate of incorporation and
      by-laws, certified as of a recent date by the Assistant Secretary of the
      Seller;

                  (ii) a certificate as of a recent date of the Secretary of
      State of the State of Delaware to the effect that the Seller is duly
      organized, existing and in good standing in the State of Delaware;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            SECTION 13. Assignment. The Seller hereby acknowledges that the
Purchaser has, concurrently with the execution hereof, executed and delivered
the Pooling and Servicing Agreement and that, in connection therewith, it has
assigned its rights hereunder to the Trustee for the benefit of the
Certificateholders to the extent set forth in the Pooling and Servicing
Agreement. The Seller hereby acknowledges its obligations, including that of
expense reimbursement, pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling
and Servicing Agreement. This Agreement shall bind and inure to the benefit of,
and be enforceable by, the Seller, the Purchaser and their permitted successors
and permitted assigns. The warranties and representations and the agreements
made by the Seller herein shall survive delivery of the Mortgage Loans to the
Trustee until the termination of the Pooling and Servicing Agreement.

            SECTION 14. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given upon
receipt by the intended recipient if personally delivered at or couriered, sent
by facsimile transmission or mailed by first class or registered mail, postage
prepaid, to (i) in the case of the Purchaser, J.P. Morgan Chase Commercial
Mortgage Securities Corp., 270 Park Avenue, New York, New York 10017, Attention:
Dennis Schuh, Vice President, telecopy number (212) 834-6593, (ii) in the case
of the Seller, CIBC Inc., 300 Madison Avenue, 8th Floor, New York, New York
10017, Attention: Real Estate Finance Group, telecopy number: (212) 667-5676 and
(iii) in the case of any of the preceding parties, such other address as may
hereafter be furnished to the other party in writing by such parties.

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

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

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

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

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

                                 * * * * * *

<PAGE>

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

                                       J.P. MORGAN CHASE COMMERCIAL MORTGAGE
                                          SECURITIES CORP.

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

                                       CIBC INC.

                                       By:/s/ Todd H. Roth
                                          --------------------------------------
                                          Name: Todd H. Roth
                                          Title: Authorized Signatory

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

JPMCC 2006-CIBC15
Mortgage Loan Schedule (CIBC)

<TABLE>
<CAPTION>
       Loan #
----   ------
<S>    <C>
CIBC        4
CIBC     4.01
CIBC     4.02
CIBC     4.03
CIBC     4.04
CIBC     4.05
CIBC     4.06
CIBC     4.07
CIBC     4.08
CIBC     4.09
CIBC      4.1
CIBC     4.11
CIBC     4.12
CIBC        5
CIBC        6
CIBC     6.01
CIBC     6.02
CIBC     6.03
CIBC     6.04
CIBC        7
CIBC        8
CIBC       16
CIBC       17
CIBC       20
CIBC       21
CIBC       22
CIBC       23
CIBC       24
CIBC       26
CIBC    26.01
CIBC    26.02
CIBC    26.03
CIBC    26.04
CIBC    26.05
CIBC       27
CIBC       29
CIBC    29.01
CIBC    29.02
CIBC    29.03
CIBC    29.04
CIBC       30
CIBC       31
CIBC       32
CIBC    32.01
CIBC    32.02
CIBC    32.03
CIBC       33
CIBC       36
CIBC       37
CIBC       38
CIBC       41
CIBC       42
CIBC       43
CIBC       45
CIBC       46
CIBC       49
CIBC       50
CIBC       51
CIBC       52
CIBC       53
CIBC    53.01
CIBC    53.02
CIBC       54
CIBC       56
CIBC       59
CIBC       60
CIBC       63
CIBC       65
CIBC       67
CIBC       68
CIBC       76
CIBC       77
CIBC       79
CIBC       80
CIBC       81
CIBC       84
CIBC       86
CIBC       89
CIBC       92
CIBC       95
CIBC       96
CIBC       97
CIBC       98
CIBC       99
CIBC      100
CIBC      105
CIBC      106
CIBC      109
CIBC      110
CIBC      111
CIBC      113
CIBC      115
CIBC      116
CIBC      118
CIBC      119
CIBC      120
CIBC      121
CIBC      122

<CAPTION>
       Mortgagor Name
----   -----------------------------------------------------------------------------------------------------------------------------
<S>    <C>
CIBC   FPG-STIP Greenville, LLC, FPG-STIP Hagerstown, LLC, FPG-STIP Austin, LP, FPG-STIP Lewisville, LP, FPG-STIP Mason, LLC,
       FPG-STIP Fayetteville, LLC, FPG-STIP Clearwater, LLC, FPG-STIP Irving, LP, FPG-STIP Knoxville, LLC, FPG-STIP Claremont, LLC,
       FPG-STIP Middlesboro, LLC, FPG-STIP
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC   LIC Crown Fee Owner LLC and LIC Crown Leasehold Owner LLC
CIBC   Martinsburg Mall LLC, Shenango Valley Mall LLC, Bradley Square Mall LLC, Mount Berry Square Mall LLC
CIBC
CIBC
CIBC
CIBC
CIBC   The Scottsdale Plaza Resort, L.L.C.
CIBC   Carmel Indy Properties, LLC
CIBC   Avenue P Venture, LLC and Brody Newark, LLC
CIBC   Columbia Properties Williamsburg, LLC
CIBC   Columbia Properties Knoxville, LLC
CIBC   Denver Realty Associates LLC
CIBC   CP Jackson, LLC
CIBC   EA Morgantown, LLC
CIBC   Collington Plaza LLC
CIBC   Greene Keystone LLC, Hamilton Keystone LLC, Olde Cape Keystone LLC, Woodcrest Keystone LLC, & Waterstone Keystone LLC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC   Columbia Properties Orlando, LLC
CIBC   WB (U.S.) Portfolio, L.P.
CIBC
CIBC
CIBC
CIBC
CIBC   4725-34 Associates LLC
CIBC   Precision Estates, LLC
CIBC   Corning Big Flats LLC, STI05 Franklin NJ LLC, and YorkTC05 Eatontown NJ LLC
CIBC
CIBC
CIBC
CIBC   AG/Virtu Vintage Park, L.L.C.
CIBC   BOBS (CT) QRS 16-25, Inc.
CIBC   Woodbridge Hotel Investors Inc.
CIBC   NTK Hotel Group II, LLC
CIBC   Value Way Distribution, LLC
CIBC   Hilcom Partners, Ltd.
CIBC   Paragon 150 Pierce Street, L.L.C.
CIBC   Southington/Route 10 Associates Limited Partnership
CIBC   Chase Crossroads Waterford Square, LLC
CIBC   TMI Hotel LLC
CIBC   Indy Associates of Virginia, L.L.C.
CIBC   Boyd Market Center, Inc.
CIBC   Beverly Place Partners, LLC
CIBC   Amherst Plaza, LLC, Park Center, LLC and Park Center 2, LLC
CIBC
CIBC
CIBC   Walnutport Associates, L.P.
CIBC   Stagecoach Apartment Development, Ltd.
CIBC   Sun City Promenade LLC
CIBC   243 North Meridian, LLC
CIBC   Big Lots Plaza Limited
CIBC   609 Science Drive, LLC
CIBC   Signature First, LLC
CIBC   EJ Codd Waterway, LLC
CIBC   Corporate Center V LLC
CIBC   Shiron Rainbow LLC
CIBC   Noro Stonecrest Village, LLC
CIBC   SK West Killeen, L.P. and Susac-Williams II, LP
CIBC   New Berlin Retail, LLC and New Berlin, WI Limited Partnership
CIBC   Nye Square Limited Partnership
CIBC   Sun Valley Mesquite Apartments, LLC
CIBC   SW Kirkwood, L.P.
CIBC   Redford Center I, LLC, Redford Center II, LLC and Redford Center III, LLC
CIBC   7 Broadway Place, LLC
CIBC   Lausch Lane Associates, LP
CIBC   Realmark-Wayne, L.L.C.
CIBC   Aurum L.L.C.
CIBC   Rancho Viewridge Executive Center, LLC
CIBC   Humble Partners Limited Partnership
CIBC   Voorhees Realty Associates, LLC
CIBC   Premier Storage Solutions of West Islip, LLC
CIBC   The Eureka 331 Properties, LP
CIBC   AWG Mt. Washington Portfolio, L.P.
CIBC   AP-Amsterdam 2917 Grand Concourse LLC
CIBC   AP-Amsterdam 1973 Amsterdam LLC
CIBC   Nye Road Partners, LLC
CIBC   AP-Amsterdam 2715 Webb LLC
CIBC   The Royal Pines 330-331 Eureka Properties, LP
CIBC   City Station Realty Associates, LLC
CIBC   AP-Amsterdam 505 West 161st LLC
CIBC   AP-Amsterdam 526 West 161st LLC
CIBC   AP-Amsterdam 529 West 151st LLC

<CAPTION>
       Property Address                    City                 State     Zip Code   County
----   ---------------------------------   ------------------   -------   --------   ------------------------
<S>    <C>                                 <C>                  <C>       <C>        <C>
CIBC   Various                             Various              Various    Various   Various
CIBC   130 Commerce Center                 Greenville           SC           29615   Greenville
CIBC   2000-2020 Westridge Drive           Irving               TX           75038   Dallas
CIBC   1301 Ridgeview Drive                Lewisville           TX           75057   Denton
CIBC   880 Technology Drive                Fayetteville         NC           28306   Cumberland
CIBC   5155 Financial Way                  Mason                OH           45040   Warren
CIBC   1307 Smith Road                     Austin               TX           78721   Travis
CIBC   1704 Midpark Road                   Knoxville            TN           37921   Knox
CIBC   14015-55 U.S. Highway 19 North      Clearwater           FL           33764   Pinellas
CIBC   272 River Road                      Claremont            NH           03743   Sullivan
CIBC   19224 Longmeadow Road               Hagerstown           MD           21742   Washington
CIBC   4060 Business Park Drive            Columbus             OH           43204   Franklin
CIBC   804 South 23rd Street               Middlesboro          KY           40965   Bell
CIBC   47-44 31st Street                   Long Island City     NY           11101   Queens
CIBC   Various                             Various              Various    Various   Various
CIBC   800 Foxcroft Avenue                 Martinsburg          WV           25401   Berkeley
CIBC   993 Mount Berry Square Northeast    Rome                 GA           30165   Floyd
CIBC   3303 East State Street              Hermitage            PA           16148   Mercer
CIBC   200 Paul Huff Parkway Northwest     Cleveland            TN           37312   Bradley
CIBC   7200 North Scottsdale Road          Scottsdale           AZ           85253   Maricopa
CIBC   10330 North Meridian Street         Indianapolis         IN           46290   Hamilton
CIBC   340-406 Avenue P                    Newark               NJ           07105   Essex
CIBC   50 Kingsmill Road                   Williamsburg         VA           23185   James City
CIBC   500 South East Hill Avenue          Knoxville            TN           37915   Knox
CIBC   10 Weaver Road                      Denver               PA           17517   Lancaster
CIBC   200 East Amite Street               Jackson              MS           39201   Hinds
CIBC   1000 District Drive                 Morgantown           WV           26505   Monongalia
CIBC   3500 Crain Highway                  Bowie                MD           20716   Prince Georges
CIBC   Various                             Various              Various    Various   Various
CIBC   2755 Merlin Lake Drive              Indianapolis         IN           46229   Marion
CIBC   1250 Kelburn Road                   Columbus             OH           43227   Franklin
CIBC   5420-B Lonsdale Place North         Columbus             OH           43232   Franklin
CIBC   480-C Candlestick Court             Galloway             OH           43119   Franklin
CIBC   3425 Olde Cape East                 Columbus             OH           43232   Franklin
CIBC   5555 Hazeltine National Drive       Orlando              FL           32812   Orange
CIBC   Various                             Various              Various    Various   Various
CIBC   11 Cermak Boulevard                 St. Peters           MO           63376   St. Charles
CIBC   15573 Oakwood Drive                 Romulus              MI           48174   Wayne
CIBC   200 Rock Run Road                   Fairless Hills       PA           19030   Bucks
CIBC   827 Graham Drive                    Fremont              OH           43420   Sandusky
CIBC   47-25 34th Street                   Long Island City     NY           11101   Queens
CIBC   100 Precision Drive                 Shirley              NY           11967   Suffolk
CIBC   Various                             Various              Various    Various   Various
CIBC   17& 20 Veronica Avenue              Franklin Township    NJ           08873   Somerset
CIBC   199 Sing Sing Road                  Big Flats            NY           14845   Chemung
CIBC   81 Corbett Way                      Eatontown            NJ           07724   Monmouth
CIBC   13608 12th Avenue Southwest         Burien               WA           98146   King
CIBC   70 Jewett City Road                 Norwich              CT           06380   New London
CIBC   370 Route 9 North                   Woodbridge           NJ           07095   Middlesex
CIBC   501 North High Street               Columbus             OH           43215   Franklin
CIBC   2560 Value Way Drive                Columbus             OH           43224   Franklin
CIBC   7979 Willow Chase Boulevard         Houston              TX           77070   Harris
CIBC   150 Pierce Street                   Franklin Township    NJ           08873   Somerset
CIBC   698, 750 & 800 Queen Street         Southington          CT           06489   Hartford
CIBC   167 Waterford Parkway North         Waterford            CT           06385   New London
CIBC   2004 Greenspring Drive              Timonium             MD           21093   Baltimore
CIBC   600 Independence Parkway            Chesapeake           VA           23320   Chesapeake City
CIBC   2800 Southwest 24th Avenue          Ocala                FL           34474   Marion
CIBC   312-326 South Beverly Drive         Beverly Hills        CA           90212   Los Angeles
CIBC   Various                             Various              Various    Various   Various
CIBC   462-470 Washington Street           Brighton             MA           02135   Suffolk
CIBC   449 Amherst Street                  Nashua               NH           03063   Hillsborough
CIBC   200 South Best Avenue               Walnutport Borough   PA           18088   Northhampton County
CIBC   250 South Stagecoach Trail          San Marcos           TX           78666   Hays
CIBC   10001 West Bell Road                Sun City             AZ           85351   Maricopa
CIBC   243 North Meridian Avenue           San Bernardino       CA           92410   San Bernardino
CIBC   7501 Northwest 57th Street          Tamarac              FL           33319   Broward
CIBC   609 Science Drive                   Moorpark             CA           93021   Ventura
CIBC   985 Damonte Ranch Parkway           Reno                 NV           89502   Washoe
CIBC   700 South Caroline Street           Baltimore            MD           21231   Baltimore City
CIBC   4425 Corporation Lane               Virginia Beach       VA           23462   Virginia Beach City
CIBC   5415-5479 South Rainbow Boulevard   Las Vegas            NV           89118   Clark
CIBC   7301 Stonecrest Concourse           Lithonia             GA           30038   Dekalb
CIBC   4201 Clear Creek Road               Killeen              TX           76549   Bell
CIBC   15333 West National Avenue          New Berlin           WI           53151   Waukesha
CIBC   655 West 23rd Street                Fremont              NE           68025   Dodge
CIBC   261 Sun Valley Drive                Mesquite             NV           89027   Clark
CIBC   3410 Gulf Freeway                   Dickinson            TX           77539   Galveston
CIBC   401-411 South Main Street           Rolesville           NC           27571   Wake
CIBC   707 Northeast Broadway Boulevard    Alburquerque         NM           87102   Bernalillo
CIBC   570 Lausch Lane                     Lancaster            PA           17601   Lancaster
CIBC   6851 Wayne Estates Boulevard        Hubert Heights       OH           45424   Montgomery
CIBC   5345 South 4015 West                Taylorsville         UT           84118   Salt Lake
CIBC   4747 Viewridge Boulevard            San Diego            CA           92123   San Diego
CIBC   520 Atascocita Road                 Humble               TX           77396   Harris
CIBC   91 Route 73                         Voorhees             NJ           08043   Camden
CIBC   175 Union Boulevard                 West Islip           NY           11795   Suffolk
CIBC   1525 East Eureka Street             San Bernardino       CA           92404   San Bernardino
CIBC   205 Oakbrook Drive                  Mount Washington     KY           40047   Bullitt
CIBC   2917 Grand Concourse                Bronx                NY           10468   Bronx
CIBC   1973 Amsterdam Avenue               New York             NY           10032   New York
CIBC   50 & 55 Nye Road                    Glastonbury          CT           06033   Hartford
CIBC   2715 Webb Avenue                    Bronx                NY           10468   Bronx
CIBC   26350 Delano Drive                  Idyllwild            CA           92549   Unincorporated Riverside
CIBC   7991 Beechmont Avenue               Cincinnati           OH           45255   Hamilton
CIBC   505 West 161st Street               New York             NY           10032   New York
CIBC   526 West 161st Street               New York             NY           10032   New York
CIBC   529 West 151st Street               New York             NY           10031   New York

<CAPTION>
       Property Name                                   Size      Measure       Interest Rate (%)
----   ---------------------------------------------   -------   -----------   -----------------
<S>    <C>                                             <C>       <C>           <C>
CIBC   FPG Portfolio I                                 1832897   Square Feet             6.10900
CIBC   130 Commerce Center                              320427   Square Feet             6.10900
CIBC   2000-2020 Westridge Drive                         91649   Square Feet             6.10900
CIBC   1301 Ridgeview Drive                             116647   Square Feet             6.10900
CIBC   880 Technology Drive                             182900   Square Feet             6.10900
CIBC   5155 Financial Way                                68000   Square Feet             6.10900
CIBC   1307 Smith Road                                  120347   Square Feet             6.10900
CIBC   1704 Mid Park Road                               157207   Square Feet             6.10900
CIBC   14015-55 U.S. Highway 19N                        113040   Square Feet             6.10900
CIBC   272 River Road                                   251564   Square Feet             6.10900
CIBC   19224 Longmeadow Road                            287300   Square Feet             6.10900
CIBC   4060 Business Park Drive                          45000   Square Feet             6.10900
CIBC   804 South 23rd Street                             78816   Square Feet             6.10900
CIBC   The Factory Building                            1024908   Square Feet             6.71000
CIBC   Lightstone Portfolio                            1905421   Square Feet             5.93000
CIBC   Martinsburg                                      552335   Square Feet             5.93000
CIBC   Mount Berry Square                               477380   Square Feet             5.93000
CIBC   Shenango Valley                                  490492   Square Feet             5.93000
CIBC   Bradley Square                                   385214   Square Feet             5.93000
CIBC   Scottsdale Plaza Resort                             404   Rooms                   6.32000
CIBC   Thomson Consumer Electronics Headquarters        570856   Square Feet             5.38000
CIBC   Preferred Freezer Services Headquarters          201239   Square Feet             5.81000
CIBC   Marriott - Williamsburg                             295   Rooms                   6.27000
CIBC   Marriott - Knoxville                                378   Rooms                   6.40000
CIBC   10 Weaver Road                                   629011   Square Feet             6.41000
CIBC   Marriott - Jackson                                  303   Rooms                   6.44000
CIBC   The District Apartments                             924   Beds                    5.44000
CIBC   Collington Plaza                                 121790   Square Feet             5.67000
CIBC   GHOWW Portfolio                                     746   Units                   6.33000
CIBC   Waterstone Place                                    192   Units                   6.33000
CIBC   Hamilton Arms                                       172   Units                   6.33000
CIBC   Woodcrest                                           160   Units                   6.33000
CIBC   Greene Countrie                                     120   Units                   6.33000
CIBC   Olde Cape                                           102   Units                   6.33000
CIBC   Crowne Plaza - Orlando Airport                      353   Rooms                   6.41000
CIBC   Woodbridge Foam Portfolio                        437104   Square Feet             6.09000
CIBC   St. Peters, MO                                   142000   Square Feet             6.09000
CIBC   Romulus, MI                                      100475   Square Feet             6.09000
CIBC   Fairless Hills, PA                               108225   Square Feet             6.09000
CIBC   Fremont, OH                                       86404   Square Feet             6.09000
CIBC   47-25 34th Street                                279835   Square Feet             6.14000
CIBC   Rockwell Automation                              130000   Square Feet             6.13780
CIBC   Gladstone NY/NJ Portfolio                        333268   Square Feet             5.92000
CIBC   Stull                                            183000   Square Feet             5.92000
CIBC   Corning                                          120000   Square Feet             5.92000
CIBC   York Telecom                                      30268   Square Feet             5.92000
CIBC   Vintage Park Apartments                             544   Units                   5.49000
CIBC   70 Jewett City Road                              638000   Square Feet             6.61000
CIBC   Hampton Inn - Woodbridge                            154   Rooms                   6.69000
CIBC   Hampton Inn & Suites                                179   Rooms                   6.47000
CIBC   Value City Warehouse                             410307   Square Feet             6.37000
CIBC   Hilton Garden Inn                                   171   Rooms                   7.38000
CIBC   150 Pierce Street                                133686   Square Feet             6.16000
CIBC   Southington Plaza                                151829   Square Feet             5.86000
CIBC   Waterford Square                                 283840   Square Feet             5.50000
CIBC   Holiday Inn Select - Baltimore North                246   Rooms                   6.76000
CIBC   600 Independence Parkway                          97359   Square Feet             6.19000
CIBC   Boyd Center & Shoppes                            102066   Square Feet             6.23000
CIBC   312-326 S. Beverly Drive                          23096   Square Feet             6.56000
CIBC   Amherst Plaza and Park Center Plaza Portfolio     42380   Square Feet             6.23000
CIBC   Park Center Plaza                                 26645   Square Feet             6.23000
CIBC   Amherst Plaza                                     15735   Square Feet             6.23000
CIBC   Walnutport Shopping Center                       104918   Square Feet             6.18000
CIBC   Savannah Club Apartments                            180   Units                   5.50000
CIBC   The Promenade                                     70219   Square Feet             6.36000
CIBC   Meridian Terrace MHP                                257   Pads                    5.73000
CIBC   Big Lots Plaza                                    87950   Square Feet             6.40000
CIBC   609 Science Drive                                134300   Square Feet             6.19000
CIBC   Landmark Building                                 48225   Square Feet             6.10000
CIBC   EJ Codd Building                                  38796   Square Feet             5.76000
CIBC   Corporate Center V                                70760   Square Feet             5.96000
CIBC   Rainbow Square                                    29434   Square Feet             6.19000
CIBC   Stonecrest Village                                37730   Square Feet             6.00000
CIBC   Storage Kings of West Killeen                      1248   Units                   6.01000
CIBC   Walmart - New Berlin                             104231   Square Feet             5.87000
CIBC   Nye Retirement Community                            178   Units                   6.42000
CIBC   Sun Valley Apartments                               136   Units                   5.90000
CIBC   Dickinson Village                                 87631   Square Feet             6.10000
CIBC   Redford Place Shopping Center                     71260   Square Feet             6.42000
CIBC   707 Broadway                                      70238   Square Feet             6.27000
CIBC   Union National Bank                               30500   Square Feet             5.93000
CIBC   Wayne Estates Apartments                            158   Units                   5.79000
CIBC   Gold's Gym                                        57662   Square Feet             5.94000
CIBC   Rancho Viewridge                                  24543   Square Feet             5.88000
CIBC   Atascocita Mobile Home Community                    245   Pads                    5.79000
CIBC   Eckerd - Voorhees                                 13813   Square Feet             5.77000
CIBC   Premiers Storage Solutions of West Islip            425   Units                   6.31000
CIBC   Eureka Manor                                         64   Units                   5.83000
CIBC   Valu Market                                       47311   Square Feet             5.98000
CIBC   2917 Grand Concourse Avenue                          56   Units                   5.34000
CIBC   1973 Amsterdam Avenue                                32   Units                   5.61000
CIBC   50-55 Nye Road                                    43095   Square Feet             6.26000
CIBC   2715 Webb Avenue                                     52   Units                   5.48000
CIBC   Royal Pines                                         111   Pads                    5.96000
CIBC   City Station                                      18258   Square Feet             5.55000
CIBC   505 West 161st Street                                29   Units                   5.46000
CIBC   526 West 161st Street                                25   Units                   5.54000
CIBC   529 West 151st Street                                20   Units                   5.45000

<CAPTION>
       Net Mortgage Interest Rate   Original Balance   Cutoff Balance   Term         Rem. Term    Maturity/ARD Date   Amort. Term
----   --------------------------   ----------------   --------------   ----------   ----------   -----------------   -----------
<S>    <C>                          <C>                <C>              <C>          <C>          <C>                 <C>
CIBC                      6.08800         79,210,000       79,210,000          120          120            06/01/16           360
CIBC                                       9,650,227        9,650,227          120          120            06/01/16           360
CIBC                                       8,946,971        8,946,971          120          120            06/01/16           360
CIBC                                       8,009,298        8,009,298          120          120            06/01/16           360
CIBC                                       8,009,298        8,009,298          120          120            06/01/16           360
CIBC                                       7,892,088        7,892,088          120          120            06/01/16           360
CIBC                                       6,930,973        6,930,973          120          120            06/01/16           360
CIBC                                       6,329,299        6,329,299          120          120            06/01/16           360
CIBC                                       6,251,159        6,251,159          120          120            06/01/16           360
CIBC                                       6,251,159        6,251,159          120          120            06/01/16           360
CIBC                                       6,094,880        6,094,880          120          120            06/01/16           360
CIBC                                       2,891,161        2,891,161          120          120            06/01/16           360
CIBC                                       1,953,487        1,953,487          120          120            06/01/16           360
CIBC                      6.68900         77,000,000       77,000,000           84           84            06/01/13           360
CIBC                      5.90900         73,900,000       73,900,000          120          120            07/01/16           360
CIBC                                      27,285,000       27,285,000          120          120            07/01/16           360
CIBC                                      20,530,000       20,530,000          120          120            07/01/16           360
CIBC                                      13,470,000       13,470,000          120          120            07/01/16           360
CIBC                                      12,615,000       12,615,000          120          120            07/01/16           360
CIBC                      6.29900         65,000,000       65,000,000          120          120            06/01/16           360
CIBC                      5.35900         50,000,000       50,000,000          120          112            10/01/15           360
CIBC                      5.78900         37,000,000       37,000,000          120          117            03/01/16           360
CIBC                      6.24900         36,000,000       36,000,000          120          120            06/01/16           360
CIBC                      6.37900         30,825,000       30,825,000          120          120            06/01/16           360
CIBC                      6.38900         29,600,000       29,600,000          120          120            06/01/16           360
CIBC                      6.41900         28,500,000       28,500,000          120          120            06/01/16           360
CIBC                      5.41900         28,240,000       28,240,000          120          117            03/01/16           360
CIBC                      5.64900         25,100,000       25,100,000          120          118            04/01/16           360
CIBC                      6.30900         23,100,000       23,082,480          120          119            05/01/16           360
CIBC                                       6,650,000        6,644,956          120          119            05/01/16           360
CIBC                                       5,275,000        5,270,999          120          119            05/01/16           360
CIBC                                       5,250,000        5,246,018          120          119            05/01/16           360
CIBC                                       3,200,000        3,197,573          120          119            05/01/16           360
CIBC                                       2,725,000        2,722,933          120          119            05/01/16           360
CIBC                      6.38900         20,850,000       20,850,000          120          120            06/01/16           360
CIBC                      6.06900         19,650,000       19,597,248          120          118            04/01/16           300
CIBC                                       6,975,000        6,956,275          120          118            04/01/16           300
CIBC                                       4,975,000        4,961,644          120          118            04/01/16           300
CIBC                                       4,275,000        4,263,523          120          118            04/01/16           300
CIBC                                       3,425,000        3,415,805          120          118            04/01/16           300
CIBC                      6.11900         18,000,000       18,000,000          120          120            06/01/16           360
CIBC                      6.11680         17,300,000       17,300,000          120          119            05/01/16           360
CIBC                      5.89900         17,000,000       17,000,000          120          118            04/01/16           360
CIBC                                       6,790,000        6,790,000          120          118            04/01/16           360
CIBC                                       5,630,000        5,630,000          120          118            04/01/16           360
CIBC                                       4,580,000        4,580,000          120          118            04/01/16           360
CIBC                      5.46900         17,000,000       17,000,000          120          117            03/01/16           360
CIBC                      6.58900         16,000,000       16,000,000          240          240            06/01/26           240
CIBC                      6.66900         16,000,000       16,000,000          120          120            06/01/16           360
CIBC                      6.44900         16,000,000       15,988,327          120          119            05/01/16           360
CIBC                      6.34900         14,945,000       14,945,000          120          120            06/01/16           360
CIBC                      7.35900         14,600,000       14,600,000          120          120            06/01/16           360
CIBC                      6.13900         13,280,000       13,212,788          120          117            03/01/16           264
CIBC                      5.83900         13,000,000       13,000,000          120          118            04/01/16             0
CIBC                      5.47900         13,000,000       13,000,000          120          118            04/01/16             0
CIBC                      6.73900         12,450,000       12,420,321          120          118            04/01/16           300
CIBC                      6.16900         11,960,000       11,960,000          120          120            06/01/16           360
CIBC                      6.20900         11,190,000       11,190,000          120          120            06/01/16           360
CIBC                      6.53900         11,000,000       11,000,000           60           58            04/01/11             0
CIBC                      6.20900         11,000,000       11,000,000          120          118            04/01/16           360
CIBC                                       8,225,000        8,225,000          120          118            04/01/16           360
CIBC                                       2,775,000        2,775,000          120          118            04/01/16           360
CIBC                      6.15900         11,000,000       11,000,000          120          120            06/01/16           360
CIBC                      5.47900         10,700,000       10,689,923          126          115            01/01/16           360
CIBC                      6.33900         10,000,000       10,000,000          120          120            06/01/16           360
CIBC                      5.70900          9,900,000        9,891,200          120          119            05/01/16           360
CIBC                      6.37900          9,330,000        9,330,000          120          120            06/01/16           360
CIBC                      6.16900          8,806,000        8,806,000          120          120            06/01/16           360
CIBC                      6.07900          8,500,000        8,500,000          120          120            06/01/16           360
CIBC                      5.73900          8,200,000        8,200,000          120          117            03/01/16           360
CIBC                      5.93900          7,415,000        7,415,000          120          118            04/01/16           360
CIBC                      6.16900          7,238,000        7,238,000          120          120            06/01/16           360
CIBC                      5.97900          7,150,000        7,150,000          120          118            04/01/16           360
CIBC                      5.92900          7,000,000        6,994,213          120          119            05/01/16           360
CIBC                      5.84900          7,000,000        6,986,818          120          118            04/01/16           360
CIBC                      6.30900          6,710,000        6,710,000          120          120            06/01/16           300
CIBC                      5.87900          6,250,000        6,250,000          120          120            06/01/16           360
CIBC                      6.07900          5,815,000        5,815,000          120          119            05/01/16           360
CIBC                      6.39900          5,550,000        5,550,000          120          120            06/01/16           360
CIBC                      6.24900          5,200,000        5,200,000          120          120            06/01/16           360
CIBC                      5.90900          5,200,000        5,195,610          120          119            05/01/16           360
CIBC                      5.76900          5,100,000        5,100,000          120          119            05/01/16           360
CIBC                      5.91900          5,050,000        5,020,340          120          116            02/01/16           300
CIBC                      5.85900          4,900,000        4,895,809          126          119            05/01/16           360
CIBC                      5.76900          4,800,000        4,800,000          120          117            03/01/16           360
CIBC                      5.74900          4,200,000        4,162,348          240          233            11/01/25           240
CIBC                      6.28900          4,110,000        4,110,000          120          120            06/01/16           360
CIBC                      5.80900          3,800,000        3,792,781          120          118            04/01/16           360
CIBC                      5.95900          3,790,000        3,783,035          120          118            04/01/16           360
CIBC                      5.31900          3,614,000        3,614,000          120          119            05/01/16           360
CIBC                      5.58900          3,200,000        3,200,000          120          118            04/01/16           360
CIBC                      6.23900          3,000,000        3,000,000          120          119            05/01/16           360
CIBC                      5.45900          2,927,000        2,927,000          120          119            05/01/16           360
CIBC                      5.93900          2,510,000        2,505,367          120          118            04/01/16           360
CIBC                      5.52900          2,150,000        2,150,000          120          115            01/01/16           360
CIBC                      5.43900          2,140,000        2,140,000          120          118            04/01/16           360
CIBC                      5.51900          2,125,000        2,125,000          120          118            04/01/16           360
CIBC                      5.42900          2,035,000        2,035,000          120          118            04/01/16           360

<CAPTION>
       Rem. Amort.   Monthly Debt Service   Servicing Fee Rate   Accrual Type   ARD (Y/N)   ARD Step Up (%)
----   -----------   --------------------   ------------------   ------------   ---------   ---------------
<S>    <C>           <C>                    <C>                  <C>            <C>         <C>
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                475,432                        Actual/360     No
CIBC           360                497,375                        Actual/360     No
CIBC           360                439,748                        Actual/360     No
CIBC           360                439,748                        Actual/360     No
CIBC           360                439,748                        Actual/360     No
CIBC           360                439,748                        Actual/360     No
CIBC           360                439,748                        Actual/360     No
CIBC           360                403,180                        Actual/360     No
CIBC           360                280,141                        Actual/360     No
CIBC           360                217,334                        Actual/360     No
CIBC           360                222,127                        Actual/360     No
CIBC           360                192,812                        Actual/360     No
CIBC           360                185,344                        Actual/360     No
CIBC           360                179,016                        Actual/360     No
CIBC           360                159,282                        Actual/360     No
CIBC           360                145,204                        Actual/360     No
CIBC           359                143,435                        Actual/360     No
CIBC           359                143,435                        Actual/360     No
CIBC           359                143,435                        Actual/360     No
CIBC           359                143,435                        Actual/360     No
CIBC           359                143,435                        Actual/360     No
CIBC           359                143,435                        Actual/360     No
CIBC           360                130,555                        Actual/360     No
CIBC           298                127,688                        Actual/360     No
CIBC           298                127,688                        Actual/360     No
CIBC           298                127,688                        Actual/360     No
CIBC           298                127,688                        Actual/360     No
CIBC           298                127,688                        Actual/360     No
CIBC           360                109,545                        Actual/360     No
CIBC           360                105,260                        Actual/360     No
CIBC           360                101,051                        Actual/360     No
CIBC           360                101,051                        Actual/360     No
CIBC           360                101,051                        Actual/360     No
CIBC           360                101,051                        Actual/360     No
CIBC           360                 96,418                        Actual/360     No
CIBC           240                120,330                        Actual/360     No
CIBC           360                103,138                        Actual/360     No
CIBC           359                100,815                        Actual/360     No
CIBC           360                 93,188                        Actual/360     No
CIBC           360                100,888                        Actual/360     No
CIBC           261                 91,972                        Actual/360     No
CIBC             0                 64,365                        Actual/360     No
CIBC             0                 60,411                        Actual/360     No
CIBC           298                 86,097                        Actual/360     No
CIBC           360                 73,174                        Actual/360     No
CIBC           360                 68,753                        Actual/360     No
CIBC             0                 60,969                        Actual/360     No
CIBC           360                 67,586                        Actual/360     No
CIBC           360                 67,586                        Actual/360     No
CIBC           360                 67,586                        Actual/360     No
CIBC           360                 67,229                        Actual/360     No
CIBC           359                 60,753                        Actual/360     No
CIBC           360                 62,289                        Actual/360     No
CIBC           359                 57,648                        Actual/360     No
CIBC           360                 58,360                        Actual/360     No
CIBC           360                 53,877                        Actual/360     No
CIBC           360                 51,510                        Actual/360     No
CIBC           360                 47,905                        Actual/360     No
CIBC           360                 44,266                        Actual/360     No
CIBC           360                 44,284                        Actual/360     No
CIBC           360                 42,868                        Actual/360     No
CIBC           359                 42,014                        Actual/360     No
CIBC           358                 41,385                        Actual/360     No
CIBC           300                 44,972                        Actual/360     No
CIBC           360                 37,071                        Actual/360     No
CIBC           360                 35,239                        Actual/360     No
CIBC           360                 34,788                        Actual/360     No
CIBC           360                 32,085                        Actual/360     No
CIBC           359                 30,943                        Actual/360     No
CIBC           360                 29,892                        Actual/360     No
CIBC           296                 32,352                        Actual/360     No
CIBC           359                 29,001                        Actual/360     No
CIBC           360                 28,134                        Actual/360     No
CIBC           236                 29,535                        Actual/360     No
CIBC           360                 25,467                        Actual/360     No
CIBC           358                 22,369                        Actual/360     No
CIBC           358                 22,674                        Actual/360     No
CIBC           360                 20,159                        Actual/360     No
CIBC           360                 18,391                        Actual/360     No
CIBC           360                 18,491                        Actual/360     No
CIBC           360                 16,582                        Actual/360     No
CIBC           358                 14,984                        Actual/360     No
CIBC           360                 12,275                        Actual/360     No
CIBC           360                 12,097                        Actual/360     No
CIBC           360                 12,119                        Actual/360     No
CIBC           360                 11,491                        Actual/360     No

<CAPTION>
       Title Type          Crossed Loan   Originator/Loan Seller
----   -----------------   ------------   ----------------------
<S>    <C>                 <C>            <C>
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee and Leasehold                  CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Leasehold                          CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee and Leasehold                  CIBC
CIBC   Fee                                CIBC
CIBC   Leasehold                          CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                 B              CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                 B              CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC
CIBC   Fee                                CIBC

<CAPTION>
       Guarantor
----   ----------------------------------------------------------------------------------------------------
<S>    <C>
CIBC   Joel Kestenbaum, Margaret Kestenbaum
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC   Mark Karasick
CIBC   Lightstone Holdings, LLC
CIBC
CIBC
CIBC
CIBC
CIBC   John W. Dawson
CIBC   Peyman Daneshrad
CIBC   Sherwin N. Jarol
CIBC   Columbia Sussex Corporation
CIBC   Columbia Sussex Corporation
CIBC   Samuel Kirschenbaum, Michael V. Petrillo and Felix J. Petrillo
CIBC   Columbia Sussex Corporation
CIBC   Edwin Llwyd Ecclestone, Jr., Nicholas Anderson, Derek Anderson
CIBC   Andrew Hochberg, George Galloway
CIBC   Kenneth P. Braun, Charles G. Burckle, Charles Makula, Narinder Parasher
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC   Columbia Sussex Corporation
CIBC   H&R REIT (U.S.) Holdings Inc.
CIBC
CIBC
CIBC
CIBC
CIBC   Mark Karasick
CIBC   Joshua Safrin, Sholom Drizin
CIBC   Gladstone Commercial Corporation
CIBC
CIBC
CIBC
CIBC   Michael Green, Scott McWhorter, A.C. Wilden Holdings, LLC
CIBC   Corporate Property Associates 16-Global Incorporated
CIBC   William Thomas Juliano
CIBC   David Patel, David Kozar, James Hendrix
CIBC   Moses Mizrahi, Jeno Guttman
CIBC   Mitchell J. Kobernick, Allan Klein
CIBC   Mark Schaevitz
CIBC   David Chase, Debra Fischman, and Margaret Sandberg
CIBC   David Chase
CIBC   Raymond T. White
CIBC   Herbert Klein, Benjamin Geller
CIBC   Roy T. Boyd, III
CIBC   Bahador Mahboubi, Behrouz Mahboubi-Fardi, Daryoush Mahboubi-Fardi, Kamyar Mahboubi-Fardi
CIBC   Nicolas Heras, Jr.
CIBC
CIBC
CIBC   Walter R. Samuels
CIBC   Charles S. Leyendecker
CIBC   Daryoush Dayan
CIBC   Allen Alevy
CIBC   Meir Yuval, Jack Sofer
CIBC   Avi Ruimi
CIBC   James F. Bawden
CIBC   SBER Development Services LLC and H&S Properties Development Corporation
CIBC   David Grunberger and Michael Fischer
CIBC   Avi Ruimi
CIBC   Atlanta Investments, N.V.
CIBC   Gregory J. Drennan, Christoff C. Vaterlaus, Timothy E. Wright, John Anthony Susac, David E. Williams
CIBC   John Callahan, Paul Green, Walter R. Samuels, Charles Yassky
CIBC   Russell V. Peterson, Jr.
CIBC   John S. Bentley
CIBC   Brian M. Cuje, Mark D. Campbell, Mark Donahue
CIBC   Tammy Doan, Linda Tai Nguyen, Thanh Doan
CIBC   Ram L. Kathuria
CIBC   Joseph W. Deerin, Richard Welkowitz, William M. Nies
CIBC   Joseph M. Jayson
CIBC   W. Richards Woodbury, Kevin B. Hawkins, Scott R. Felsted
CIBC   Behnam Badiee
CIBC   Mark Coleman
CIBC   Bruce A. Goodman
CIBC   Nicholas H. Racanelli, James G. Williams
CIBC   Swaranjit Nijjar
CIBC   H&R Real Estate Investment Trust
CIBC   Mitchel Maidman, Gregory Maidman
CIBC   Mitchel Maidman, Gregory Maidman
CIBC   Stephen P. Lawrence, Henry Von Kohorn
CIBC   Mitchel Maidman, Gregory Maidman
CIBC   Swaranjit Nijjar
CIBC   Andrew J. Cohen
CIBC   Mitchel Maidman, Gregory Maidman
CIBC   Mitchel Maidman, Gregory Maidman
CIBC   Mitchel Maidman, Gregory Maidman

<CAPTION>
             Letter of Credit   Upfront CapEx Reserve   Upfront Eng. Reserve   Upfront Envir. Reserve
----   ----------------------   ---------------------   --------------------   ----------------------
<S>    <C>                      <C>                     <C>                    <C>
CIBC                       No                    0.00              18,796.25                     0.00
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No                    0.00              32,500.00                12,000.00
CIBC                       No                    0.00             252,075.00                     0.00
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No              101,733.00                   0.00                     0.00
CIBC   $7,992,000; $8,658,000                9,514.00               6,250.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No               43,000.00               6,563.00                     0.00
CIBC                       No               42,170.00                   0.00                     0.00
CIBC                       No                5,242.00                   0.00                     0.00
CIBC                       No               37,295.00              18,750.00                     0.00
CIBC                       No                7,000.00                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No               15,666.00                   0.00                     0.00
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No               34,931.00                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No
CIBC                       No               28,303.35                   0.00                     0.00
CIBC                       No                1,083.00                   0.00                     0.00
CIBC                500,000.0                4,167.00             279,140.00                     0.00
CIBC                500,000.0
CIBC                500,000.0
CIBC                500,000.0
CIBC                       No               11,313.00              29,848.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No               15,781.83                   0.00                37,500.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No               18,195.00                   0.00                     0.00
CIBC              4,211,109.0                2,228.00                   0.00                     0.00
CIBC                       No               92,853.00                   0.00                     0.00
CIBC                       No                2,985.67                   0.00                     0.00
CIBC                       No            2,512,861.67                   0.00                     0.00
CIBC                       No                1,632.00                   0.00                     0.00
CIBC                       No                1,276.00                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No
CIBC                       No
CIBC                       No                1,311.00                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No                  878.00                   0.00                     0.00
CIBC                       No                1,071.00              28,062.50                     0.00
CIBC                       No                1,099.00              29,125.00                     0.00
CIBC                692,500.0                    0.00              10,625.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No               20,952.00                   0.00                     0.00
CIBC                       No                  368.00                   0.00                     0.00
CIBC                       No                  472.00              13,750.00                     0.00
CIBC                       No                1,249.00                   0.00                     0.00
CIBC                       No                1,303.00                   0.00                     0.00
CIBC                       No                3,729.00                   0.00                     0.00
CIBC                       No               50,000.00                   0.00                     0.00
CIBC                       No                  873.00              25,000.00                     0.00
CIBC                       No                  891.00                   0.00                     0.00
CIBC                       No                1,173.00                   0.00                     0.00
CIBC                       No                  508.33                   0.00                     0.00
CIBC                       No                3,318.00                   0.00                     0.00
CIBC                       No                  721.00                   0.00                     0.00
CIBC                       No                  408.00                   0.00                     0.00
CIBC                       No                1,021.00              22,500.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No                  353.00                   0.00                     0.00
CIBC                       No                1,333.33                   0.00                     0.00
CIBC                       No                    0.00                   0.00                     0.00
CIBC                       No                1,167.00                   0.00                     0.00
CIBC                       No                  688.00                   0.00                     0.00
CIBC                       No                  718.00              90,000.00                     0.00
CIBC                       No                1,083.00                   0.00                     0.00
CIBC                       No                  462.50                   0.00                     0.00
CIBC                       No                  228.25                   0.00                     0.00
CIBC                       No                  604.00                   0.00                     0.00
CIBC                       No                  521.00                   0.00                     0.00
CIBC                       No                  417.00                   0.00                     0.00

<CAPTION>
       Upfront TI/LC Reserve   Upfront RE Tax Reserve   Upfront Ins. Reserve   Upfront Other Reserve
----   ---------------------   ----------------------   --------------------   ---------------------
<S>    <C>                     <C>                      <C>                    <C>
CIBC            1,345,000.00                     0.00              16,496.00                    0.00
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC            5,000,000.00               413,068.83             209,388.41            2,827,231.68
CIBC                    0.00               834,354.17             156,288.27               87,500.00
CIBC
CIBC
CIBC
CIBC
CIBC                    0.00               324,646.81             113,221.50                    0.00
CIBC            1,000,000.00                     0.00                   0.00                    0.00
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC                    0.00                60,753.58              25,512.00                    0.00
CIBC                    0.00               216,641.00              20,475.00                    0.00
CIBC                5,625.00               158,001.51              30,905.00                    0.00
CIBC                    0.00               144,968.00              18,492.00                    0.00
CIBC                    0.00                37,833.33              82,753.67                    0.00
CIBC                    0.00               169,880.00               6,084.25                    0.00
CIBC                    0.00               202,688.81              98,035.00            4,400,000.00
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC                    0.00               113,484.35             153,656.00                    0.00
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC
CIBC
CIBC
CIBC
CIBC                    0.00               204,455.22             129,346.69                    0.00
CIBC                5,958.00                     0.00                   0.00                    0.00
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC
CIBC
CIBC
CIBC                    0.00               162,819.99              15,473.02                    0.00
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC                    0.00                77,960.03              70,075.00                    0.00
CIBC                    0.00               112,719.00              41,702.25              836,823.00
CIBC                4,166.67                     0.00                   0.00                    0.00
CIBC                    0.00               179,971.72              35,838.36                    0.00
CIBC            4,147,888.00                83,980.00              10,838.44                    0.00
CIBC                    0.00               122,812.00              21,891.00                    0.00
CIBC              324,000.00                65,940.00              23,072.25                    0.00
CIBC                    0.00               170,500.00             131,729.87                    0.00
CIBC                7,383.00                24,927.24               9,501.42                    0.00
CIBC                2,083.00               121,941.75              25,730.76                    0.00
CIBC                    0.00                 5,981.43              11,026.67                    0.00
CIBC                    0.00                45,207.94               3,250.00               75,000.00
CIBC
CIBC
CIBC                2,063.00                39,695.17               9,279.33                3,559.36
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC              150,000.00                30,148.90               6,100.67              300,000.00
CIBC                    0.00                43,766.75              28,341.67                    0.00
CIBC              100,000.00               119,086.67              76,926.58                    0.00
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC                2,009.00                29,196.61               8,210.33                    0.00
CIBC                    0.00                29,200.00              20,024.58                3,471.00
CIBC            1,469,619.00                39,204.62               2,455.50                    0.00
CIBC                2,500.00                17,434.23               2,638.75                    0.00
CIBC              150,000.00                70,390.83              13,238.50                    0.00
CIBC                    0.00                38,916.00              10,453.00                    0.00
CIBC                    0.00                     0.00               7,795.08                    0.00
CIBC                    0.00                66,916.67              34,459.07                    0.00
CIBC                    0.00                20,484.91               8,066.67                    0.00
CIBC                    0.00                79,649.25              33,875.67                    0.00
CIBC               63,333.33                33,630.83               2,078.75                    0.00
CIBC                5,899.42                21,063.89               3,862.33                    0.00
CIBC                    0.00                30,375.00               5,181.67              130,000.00
CIBC                    0.00                54,855.84              28,934.58                    0.00
CIBC                    0.00                18,052.92               6,045.00                    0.00
CIBC              251,000.00                25,793.51               1,360.75                    0.00
CIBC                    0.00                11,667.05              14,985.67                    0.00
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC                    0.00                23,710.29               7,250.25                    0.00
CIBC                    0.00                21,341.67              13,206.42              300,000.00
CIBC                    0.00                     0.00                   0.00                    0.00
CIBC                    0.00                32,911.50              27,249.83                    0.00
CIBC                    0.00                17,701.67              17,374.50                    0.00
CIBC                3,333.33                42,134.46               2,221.75               36,000.00
CIBC                    0.00                32,668.50              30,009.00                    0.00
CIBC                    0.00                12,065.67              10,847.83               89,775.00
CIBC                1,250.00                28,585.15               3,877.89                    0.00
CIBC                    0.00                11,282.08              14,996.58                    0.00
CIBC                    0.00                11,718.33              13,565.50                    0.00
CIBC                    0.00                10,160.42              11,815.92                    0.00

<CAPTION>
       Monthly Capex Reserve   Monthly Envir. Reserve   Monthly TI/LC Reserve   Monthly RE Tax Reserve
----   ---------------------   ----------------------   ---------------------   ----------------------
<S>    <C>                     <C>                      <C>                     <C>
CIBC                12219.31                     0.00                12219.33                     0.00
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC                    0.00                     0.00                    0.00                 59009.83
CIBC                32033.00                     0.00                32033.00                115178.27
CIBC
CIBC
CIBC
CIBC
CIBC               101733.00                     0.00                    0.00                 64929.36
CIBC                 9514.00                     0.00                    0.00                     0.00
CIBC                    0.00                     0.00                    0.00                     0.00
CIBC                43993.00                     0.00                    0.00                 14960.12
CIBC                42170.00                     0.00                    0.00                 36106.83
CIBC                 5242.00                     0.00                 5625.00                 19206.17
CIBC                37295.00                     0.00                    0.00                 24161.33
CIBC                 7000.00                     0.00                    0.00                 18916.67
CIBC                  676.11                     0.00                 6250.00                 21235.00
CIBC                15666.00                     0.00                    0.00                 27209.85
CIBC
CIBC
CIBC
CIBC
CIBC
CIBC                34931.00                     0.00                    0.00                 22696.87
CIBC                    0.00                     0.00                    0.00                     0.00
CIBC
CIBC
CIBC
CIBC
CIBC                 2344.00                     0.00                10417.00                 34075.87
CIBC                 1083.00                     0.00                 5958.00                     0.00
CIBC                 4167.00                     0.00                    0.00                     0.00
CIBC
CIBC
CIBC
CIBC                11313.00                     0.00                    0.00                 23260.00
CIBC                    0.00                     0.00                    0.00                     0.00
CIBC                15781.83                     0.00                    0.00                 25986.68
CIBC                19573.00                     0.00                    0.00                 18786.50
CIBC                    0.00                     0.00                 4166.67                     0.00
CIBC                18195.00                     0.00                    0.00                 25710.25
CIBC                 2228.00                     0.00                    0.00                 27993.33
CIBC                 2353.00                     0.00                    0.00                 24562.40
CIBC                 2985.67                     0.00                    0.00                 13188.00
CIBC                12861.67                     0.00                    0.00                 15500.00
CIBC                 1632.00                     0.00                 7383.00                 12463.62
CIBC                 1276.00                     0.00                 2083.00                 13549.08
CIBC                    0.00                     0.00                    0.00                  5981.43
CIBC                    0.00                     0.00                    0.00                 15069.31
CIBC
CIBC
CIBC                 1311.00                     0.00                 2063.00                  3664.36
CIBC                 4125.00                     0.00                    0.00                  9938.45
CIBC                  878.00                     0.00                    0.00                  6029.78
CIBC                 1071.00                     0.00                    0.00                 14588.92
CIBC                 1099.00                     0.00                 3333.00                 14885.83
CIBC                    0.00                     0.00                    0.00                     0.00
CIBC                    0.00                     0.00                 2009.00                  5839.32
CIBC                    0.00                     0.00                    0.00                  3650.00
CIBC                 1192.00                     0.00                    0.00                  6534.10
CIBC                  368.00                     0.00                 2500.00                  3486.85
CIBC                  472.00                     0.00                    0.00                 10055.83
CIBC                 1249.00                     0.00                    0.00                  6486.00
CIBC                 1303.00                     0.00                    0.00                     0.00
CIBC                 3729.00                     0.00                    0.00                 13383.33
CIBC                 2834.00                     0.00                    0.00                  4096.98
CIBC                  873.00                     0.00                    0.00                  8849.92
CIBC                  891.00                     0.00                 3333.33                  3363.08
CIBC                 1173.00                     0.00                 5899.42                  7021.30
CIBC                  508.33                     0.00                    0.00                  3375.00
CIBC                 3318.00                     0.00                    0.00                  9142.64
CIBC                  721.00                     0.00                    0.00                  3610.58
CIBC                  408.00                     0.00                 2332.00                  2865.95
CIBC                 1021.00                     0.00                    0.00                  2333.41
CIBC                  115.00                     0.00                    0.00                     0.00
CIBC                  353.00                     0.00                    0.00                  7903.43
CIBC                 1333.33                     0.00                    0.00                  5335.42
CIBC                    0.00                     0.00                    0.00                     0.00
CIBC                 1167.00                     0.00                    0.00                  5485.25
CIBC                  688.00                     0.00                    0.00                  3540.33
CIBC                  718.00                     0.00                 3333.33                  7022.41
CIBC                 1083.00                     0.00                    0.00                  5444.75
CIBC                  462.50                     0.00                    0.00                  3016.42
CIBC                  228.25                     0.00                 1250.00                  3176.13
CIBC                  604.00                     0.00                    0.00                  2256.42
CIBC                  521.00                     0.00                    0.00                  2343.67
CIBC                  417.00                     0.00                    0.00                  2032.08

<CAPTION>
       Monthly Ins. Reserve   Monthly Other Reserve   Grace Period   Lockbox In-place   Property Type
----   --------------------   ---------------------   ------------   ----------------   --------------------
<S>    <C>                    <C>                     <C>            <C>                <C>
CIBC                8248.00                    0.00              7   Yes                Various
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Office
CIBC                                                             7                      Industrial
CIBC                                                             7                      Office
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC               19035.31                    0.00              7   Yes                Industrial
CIBC               39072.07                    0.00              7   No                 Retail
CIBC                                                             7                      Retail
CIBC                                                             7                      Retail
CIBC                                                             7                      Retail
CIBC                                                             7                      Retail
CIBC               28644.08                    0.00              7   No                 Hotel
CIBC                   0.00                    0.00              7   Yes                Office
CIBC                   0.00                    0.00              7   Yes                Industrial
CIBC                   0.00                    0.00              7   No                 Hotel
CIBC                   0.00                    0.00              7   No                 Hotel
CIBC                7726.25                    0.00              7   Yes                Industrial
CIBC                   0.00                    0.00              7   No                 Hotel
CIBC                6365.67                    0.00              7   No                 Multifamily
CIBC                2028.08                    0.00              7   No                 Retail
CIBC               12943.75                    0.00              7   No                 Multifamily
CIBC                                                             7                      Multifamily
CIBC                                                             7                      Multifamily
CIBC                                                             7                      Multifamily
CIBC                                                             7                      Multifamily
CIBC                                                             7                      Multifamily
CIBC                   0.00                    0.00              7   No                 Hotel
CIBC                   0.00                    0.00              7   No                 Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC               14851.06                    0.00              7   No                 Industrial
CIBC                   0.00                    0.00              7   Yes                Industrial
CIBC                   0.00                    0.00              7   No                 Various
CIBC                                                             7                      Industrial
CIBC                                                             7                      Industrial
CIBC                                                             7                      Office
CIBC               13474.26                    0.00              7   No                 Multifamily
CIBC                   0.00                    0.00              7   No                 Industrial
CIBC                7007.50                    0.00              7   No                 Hotel
CIBC                4633.58                16666.67              7   Yes                Hotel
CIBC                   0.00                    0.00              7   No                 Industrial
CIBC                7167.67                    0.00              7   No                 Hotel
CIBC                3612.81                    0.00              7   No                 Office
CIBC                3372.75                    0.00              7   No                 Retail
CIBC                4207.75                    0.00              7   No                 Retail
CIBC               10133.07                    0.00              7   No                 Hotel
CIBC                1195.92                    0.00              7   No                 Office
CIBC                3416.82                    0.00              7   No                 Retail
CIBC                2205.33                    0.00              7   No                 Retail
CIBC                1083.33                    0.00              7   No                 Retail
CIBC                                                             7                      Retail
CIBC                                                             7                      Retail
CIBC                2319.83                  889.84              7   No                 Retail
CIBC                3219.76                    0.00              7   No                 Multifamily
CIBC                1525.17                    0.00              7   No                 Retail
CIBC                3591.67                    0.00              7   No                 Manufactured Housing
CIBC               11161.04                    0.00              7   No                 Retail
CIBC                   0.00                    0.00              7   No                 Industrial
CIBC                1277.58                    0.00              7   No                 Office
CIBC                2209.25                  905.59              7   Yes                Retail
CIBC                 818.50                    0.00              7   No                 Office
CIBC                 879.58                    0.00              7   No                 Retail
CIBC                1203.50                    0.00              7   No                 Retail
CIBC                1742.17                    0.00              7   No                 Self Storage
CIBC                1113.58                    0.00              7   No                 Retail
CIBC               11486.36                    0.00              7   No                 Senior Housing
CIBC                2016.67                    0.00              7   No                 Multifamily
CIBC                4728.09                    0.00              7   No                 Retail
CIBC                 692.92                    0.00             15   No                 Retail
CIBC                 965.58                    0.00              7   No                 Office
CIBC                 518.17                    0.00              7   No                 Office
CIBC                2630.42                    0.00              7   No                 Multifamily
CIBC                 671.67                    0.00              7   No                 Retail
CIBC                 453.58                    0.00              7   No                 Office
CIBC                1257.34                    0.00              7   No                 Manufactured Housing
CIBC                   0.00                    0.00              7   No                 Retail
CIBC                1035.75                    0.00              7   No                 Self Storage
CIBC                1200.58                    0.00              7   No                 Multifamily
CIBC                   0.00                    0.00              7   No                 Retail
CIBC                1946.42                    0.00              7   No                 Multifamily
CIBC                1336.50                    0.00              7   No                 Multifamily
CIBC                 532.25                    0.00              7   No                 Office
CIBC                2143.50                    0.00              7   No                 Multifamily
CIBC                 986.17                    0.00              7   No                 Manufactured Housing
CIBC                 387.79                    0.00              7   No                 Retail
CIBC                1153.58                    0.00              7   No                 Multifamily
CIBC                1043.50                    0.00              7   No                 Multifamily
CIBC                 908.92                    0.00              7   No                 Multifamily

<CAPTION>
       Defeasance Permitted   Interest Accrual Period   Loan Group   Final Maturity Date
----   --------------------   -----------------------   ----------   -------------------
<S>    <C>                    <C>                       <C>          <C>
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   No                     Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   No                     Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         1
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2
CIBC   Yes                    Actual/360                         2

<CAPTION>
       Remaining Amortization Term for Balloon Loans
----   ---------------------------------------------
<S>    <C>
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             300
CIBC                                             300
CIBC                                             300
CIBC                                             300
CIBC                                             300
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             240
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             264
CIBC
CIBC
CIBC                                             300
CIBC                                             360
CIBC                                             360
CIBC
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             300
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             300
CIBC                                             360
CIBC                                             360
CIBC                                             240
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
CIBC                                             360
</TABLE>

<PAGE>

                                    EXHIBIT B

                  REPRESENTATIONS AND WARRANTIES OF THE SELLER

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

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

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

            (4) At the time of the assignment of the Mortgage Loans to the
Purchaser, the Seller had good and marketable title to and was the sole owner
and holder of, each Mortgage Loan, free and clear of any pledge, lien,
encumbrance or security interest (subject to certain agreements regarding
servicing as provided in the Pooling and Servicing Agreement, subservicing
agreements permitted thereunder and that certain Servicing Rights Purchase
Agreement, dated as of June 12, 2006, between Master Servicer and Seller) and
such assignment validly and effectively transfers and conveys all legal and
beneficial ownership of the Mortgage Loans to the Purchaser free and clear of
any pledge, lien, encumbrance or security interest (subject to certain
agreements regarding servicing as provided in the Pooling and Servicing
Agreement, subservicing agreements permitted thereunder and that certain
Servicing Rights Purchase Agreement, dated as of June 12, 2006, between Master
Servicer and Seller).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            (22) As of the date of origination of the related Mortgage Loan,
and, as of the Closing Date, the Mortgaged Property is covered by insurance
policies providing the coverage described below and the Mortgage Loan documents
permit the mortgagee to require the coverage described below. All premiums with
respect to the Insurance Policies insuring each Mortgaged Property have been
paid in a timely manner or escrowed to the extent required by the Mortgage Loan
documents, and the Seller has not received any notice of cancellation or
termination. The relevant Servicing File contains the Insurance Policy required
for such Mortgage Loan or a certificate of insurance for such Insurance Policy.
Each Mortgage requires that the related Mortgaged Property and all improvements
thereon are covered by Insurance Policies or providing coverage for losses
(subject to customary deductibles) sustained by (A) fire and extended perils
included within the classification "All Risk of Physical Loss" in an amount
sufficient to prevent the Mortgagor from being deemed a co-insurer and to
provide coverage in an amount equal to the lesser of the full replacement cost
of such Mortgaged Property (in some cases exclusive of excavations, underground
utilities, foundations and footings) and the outstanding principal balance of
the related Mortgage Loan with an appropriate endorsement to avoid application
of any coinsurance provision; such policies contain a standard mortgage clause
naming mortgagee and its successor in interest as additional insureds or loss
payee, as applicable; (B) business interruption or rental loss insurance in an
amount at least equal to (a) 12 months of operations or (b) in some cases all
rents and other amounts customarily insured under this type of insurance of the
Mortgaged Property; (C) flood insurance (if any portion of the improvements on
the Mortgaged Property is located in an area identified by the Federal Emergency
Management Agency ("FEMA"), with respect to certain Mortgage Loans and the
Secretary of Housing and Urban Development with respect to other Mortgage Loans,
as having special flood hazards) in an amount not to exceed amounts prescribed
by FEMA; (D) workers' compensation, if required by law; (E) comprehensive
general liability insurance in an amount consistent with the standard utilized
by the Seller with respect to loans it holds for its own account, but not less
than $1 million; all such Insurance Policies contain clauses providing they are
not terminable and may not be terminated, without thirty (30) days prior written
notice to the mortgagee (except where applicable law requires a shorter period
or except for nonpayment of premiums, in which case not less than ten (10) days
prior written notice to the mortgagee is required). In addition, each Mortgage
permits the related mortgagee to make premium payments to prevent the
cancellation thereof and shall entitle such mortgagee to reimbursement therefor.
Any insurance proceeds in respect of a casualty loss or taking will be applied
either to the repair or restoration of all or part of the related Mortgaged
Property or the payment of the outstanding principal balance of the related
Mortgage Loan together with any accrued interest thereon. The related Mortgaged
Property is insured by an Insurance Policy, issued by an insurer meeting the
requirements of such Mortgage Loan and having a claims-paying or financial
strength rating of at least "A-:VIII" from A.M. Best Company or "A-" (or the
equivalent) from Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., Fitch, Inc. or Moody's Investors Service, Inc. An
architectural or engineering consultant has performed an analysis of each of the
Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the
structural and seismic condition of such property, for the sole purpose of
assessing the probable maximum loss ("PML") for the Mortgaged Property in the
event of an earthquake. In such instance, the PML was based on a 450 or 475 year
return period, an exposure period of 50 years and a 10% probability of
exceedence. If the resulting report concluded that the PML would exceed 20% of
the amount of the replacement costs of the improvements, earthquake insurance on
such Mortgaged Property was obtained by an insurer rated at least "A-:VIII" by
A.M. Best Company or "A-" (or the equivalent) from Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies, Inc., Fitch, Inc. or Moody's
Investors Service, Inc. To the Seller's actual knowledge, the insurer issuing
each of the foregoing insurance policies is qualified to write insurance in the
jurisdiction where the related Mortgaged Property is located.

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

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

            (25) Each Mortgage Loan complied at origination, in all material
respects, with all of the terms, conditions and requirements of the Seller, or
if the Seller is not the originator, then, to the knowledge of the Seller, the
originator's or the Seller's, underwriting standards applicable to such Mortgage
Loan and since origination, the Mortgage Loan has been serviced in all material
respects in a legal manner in conformance with customary industry standards.

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

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

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

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

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

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

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

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

            (34) Each Mortgage Loan containing provisions for defeasance of
mortgage collateral provides that: defeasance may not occur any earlier than two
years after the Closing Date; and requires or provides (A) the replacement
collateral consist of U.S. "government securities," within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(i), in an amount sufficient to make
all scheduled payments under the Mortgage Note when due (up to the maturity date
for the related Mortgage Loan, the Anticipated Repayment Date for ARD Loans or
the date on which the Mortgagor may prepay the related Mortgage Loan without
payment of any prepayment penalty); (B) the loan may be assumed by a Single
Purpose Entity approved by the holder of the Mortgage Loan; (C) counsel provide
an opinion that the trustee has a perfected security interest in such collateral
prior to any other claim or interest; and (D) such other documents and
certifications as the mortgagee may reasonably require which may include,
without limitation, (i) a certification that the purpose of the defeasance is to
facilitate the disposition of the mortgaged real property or any other customary
commercial transaction and not to be part of an arrangement to collateralize a
REMIC offering with obligations that are not real estate mortgages and (ii) a
certification from an independent certified public accountant that the
collateral is sufficient to make all scheduled payments under the Mortgage Note
when due. Each Mortgage Loan containing provisions for defeasance provides that,
in addition to any cost associated with defeasance, the related Mortgagor shall
pay, as of the date the mortgage collateral is defeased, all scheduled and
accrued interest and principal due as well as an amount sufficient to defease in
full the Mortgage Loan. In addition, if the related Mortgage Loan permits
defeasance, then the Mortgage Loan documents provide that the related Mortgagor
shall (a) pay all reasonable fees associated with the defeasance of the Mortgage
Loan and all other reasonable expenses associated with the defeasance, or (b)
provide all opinions required under the related Mortgage Loan documents, and in
the case of loans comprising at least 2% of the pool as measured by outstanding
principal balance as of the Cut-off Date, (1) a REMIC opinion and (2) rating
agency letters confirming that no downgrade or qualification shall occur as a
result of the defeasance.

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

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

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

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

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

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

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

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

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

Defined Terms:

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

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

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

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

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

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

            The term "in reliance on" shall mean that:

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

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

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

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

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

            The term "Permitted Encumbrances" shall mean:

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

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

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

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

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

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

<PAGE>

                                   SCHEDULE I

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

                                      NONE

<PAGE>

                                   SCHEDULE II

                          MORTGAGED PROPERTY FOR WHICH
                      ENVIRONMENTAL INSURANCE IS MAINTAINED

Loan No. 4 (FPG Portfolio I)

<PAGE>

                                    EXHIBIT C

           EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

Rep. #

6.    Loan No. 41 (Value City Warehouse) - The Mortgaged Property also secures
      indebtedness in the amount of $975,000 (the "Value City B Note"), which
      Value City B Note was sold as of the closing date of the Mortgage Loan to
      CBA-Mezzanine Capital, LLC or an affiliate thereof. The Value City B Note
      is secured by the Mortgage, and is subordinate to the Mortgage Loan being
      sold hereby pursuant to an Intercreditor Agreement, a copy of which is
      included in the Mortgage File. A failure to make a payment due under the
      Value City B Note constitutes a default under this Mortgage Loan.

      Loan No. 86 (Sun Valley Apartments) - The Mortgaged Property also secures
      indebtedness in the amount of $250,000 (the "Sun Valley B Note"), which
      Sun Valley B Note was sold as of the closing date of the Mortgage Loan to
      CBA-Mezzanine Capital, LLC or an affiliate thereof. The Sun Valley B Note
      is secured by the Mortgage, and is subordinate to the Mortgage Loan being
      sold hereby pursuant to an Intercreditor Agreement, a copy of which is
      included in the Mortgage File. A failure to make a payment due under the
      Sun Valley B Note constitutes a default under this Mortgage Loan.

      Loan No. 100 (Atascocita Mobile Home Community) - The Mortgaged Property
      also secures indebtedness in the amount of $300,000 (the "Atascocita B
      Note"), which Atascocita B Note was sold as of the closing date of the
      Mortgage Loan to CBA-Mezzanine Capital, LLC or an affiliate thereof. The
      Atascocita B Note is secured by the Mortgage, and is subordinate to the
      Mortgage Loan being sold hereby pursuant to an Intercreditor Agreement, a
      copy of which is included in the Mortgage File. A failure to make a
      payment due under the Atascocita B Note constitutes a default under this
      Mortgage Loan.

      Loan No. 6 (Lightstone Portfolio) - The Mortgaged Property also secures
      indebtedness in the amount of $7,000,000 (the "Lightstone B Note"), which
      Lightstone B Note was sold as of the closing date of the Mortgage Loan to
      CBA-Mezzanine Capital, LLC or an affiliate thereof. The Lightstone B Note
      is secured by the Mortgage, and is subordinate to the Mortgage Loan being
      sold hereby pursuant to an Intercreditor Agreement, a copy of which is
      included in the Mortgage File. A failure to make a payment due under the
      Lightstone B Note constitutes a default under this Mortgage Loan.

      Loan No. 17 (Marriot - Williamsburg) - The information below summarizes
      certain provisions of the following documents which are applicable to the
      Mortgaged Property: (i) a deed (the "Deed") dated as of July 25, 1977
      issued by Busch Properties, Inc. ("Grantor") in connection with the sale
      of the Mortgaged Property and (ii) the Declaration of Covenants and
      Restrictions issued by Grantor as of June 14, 1976 in connection with the
      sale of the Mortgaged Property to James River Associates (the
      "Declaration"). Copies of the Deed and the Declaration are included in the
      related Mortgage File.

      Restrictions on Transfer Rights

      Any owner, including an Approved Lender (as defined below), must give
      Grantor notice of any proposed transfer or sale of the Mortgaged Property
      pursuant to ss.4 of the Deed. Grantor has the right to either (i) consent
      to the transfer or sale, (ii) purchase the Mortgaged Property at the price
      set forth in such notice, or (iii) reject the sale if the Transferee
      Conditions (as defined below) are not met.

      ss.4 of the Deed does not apply when an Approved Lender forecloses or
      takes title to the Mortgaged Property in lieu of foreclosure however,
      Grantor has the right, pursuant to ss.7(b)(i) of the Deed, to purchase the
      Mortgaged Property from the Approved Lender for the Specified Price (as
      defined below) following such Approved Lender's acquisition of title.

      Should Grantor decline to exercise its right to purchase the Mortgaged
      Property pursuant to ss.7(b)(i) of the Deed and the Approved Lender wishes
      to sell the Mortgaged Property at a non-public sale: (i) Approved Lender
      must give Grantor 60 days written notice of a proposed distribution
      pursuant to ss.4 of the Deed; (ii) Grantor shall have no right to withhold
      consent or acquire the Mortgaged Property pursuant to ss.4 of the Deed
      when the proposed transferee meets the Transferee Conditions; and (iii)
      Grantor shall not have the option to withhold consent, but shall only have
      the right to acquire the Mortgaged Property, should the transferee not
      meet the Transferee Conditions.

      Transfer Obligations Triggered by Violation of Use Restrictions

      In addition, pursuant to Article 3, Section 9 of the Declaration, if any
      purchaser of any portion of the Mortgaged Property deviates from the uses
      approved for the building site and improvements within a period of 5 years
      from the date of closing without the written consent of Grantor, Grantor
      may require said purchaser to reconvey the Mortgaged Property. While this
      section appears to only apply to the purchaser of the Mortgaged Property
      from Grantor, ss.7(c) of the Deed provides that Grantor's rights under
      Section 9 of Article 3 of the Declaration shall apply to all subsequent
      transferees of any third party acquiring title either in a public
      foreclosure or from an Approved Lender which has itself acquired title to
      the Mortgaged Property.

      "Transferee Conditions" shall mean a transferee that (i) is acquiring all
      of the Mortgaged Property, (ii) assumes and agrees to be bound by all of
      the terms, conditions and provisions of the Deed, (iii) is a bona fide,
      reputable and financially responsible investor and (iv) has entered into a
      franchise agreement with a national hotel system such as Marriott.

      "Specified Purchase Price" shall mean a purchase price equal to the sum
      of: (a) the total unpaid principal balance due under the mortgage as of
      the date of such foreclosure proceedings, and (b) the total amount of
      interest accrued on the indebtedness secured by such mortgage to the date
      of the foreclosure proceedings, and (c) all amounts actually expended by
      such Approved Lender, to the time of the conveyance to Grantor, in
      connection with or as a result of such foreclosure proceedings or other
      transaction.

      "Approved Lender" is defined in the Deed as a reputable bank, insurance
      company, pension fund or other institutional lender.

      Loan No. 4 (FPG Portfolio I) - Texas Linen Company, Ltd., the sole tenant
      at the 1307 Smith Road, Austin, Texas property, has a right of first
      refusal ("ROFR") to purchase this property pursuant to its lease. The ROFR
      was subordinated to the Mortgage pursuant to a Subordination,
      Non-Disturbance and Attornment Agreement ("SNDA") executed by the tenant
      at the closing of the Mortgage Loan. The tenant further agreed in the SNDA
      that the ROFR would not be exerciseable in connection with a transfer of
      the Mortgaged Property by foreclosure of the Mortgage or deed in lieu
      thereof, or the first transfer of the Mortgaged Property following such
      foreclosure or deed in lieu thereof.

7.    Loan Nos. 41, 86, 100, 6, 17 and 4 (Value City Warehouse, Sun Valley
      Apartments, Atascocita Mobile Home Community, Lightstone Portfolio,
      Marriot - Williamsburg and FPG Portfolio I) - See exceptions to
      Representation #6 above.

      Loan No. 32, 31 and 81 (Gladstone NY/NJ Portfolio - Corning property,
      Rockwell Automation and Walmart - New Berlin) - The following applies to
      each of these Mortgage Loans: The Mortgagor owns all or a portion of a
      leasehold estate in the Mortgaged Property. One or more of (x) the
      Mortgagor and (y) a person other than the Mortgagor own, collectively,
      100% of the fee estate in the Mortgaged Property, and 100% of the fee
      interest in the Mortgaged Property is encumbered by the Mortgage.

      Loan Nos. 49 and 68 (Holiday Inn Select - Baltimore North and EJ Codd
      Building) - The following applies to each of these Mortgage Loans: Because
      the Mortgage Loan is structured for tax purposes with an indemnity deed of
      trust ("IDOT"), the guarantor of the related Mortgage Note (instead of the
      related Mortgagor) is the owner of the related Mortgaged Property and the
      related Mortgage encumbers such guarantor's fee interest in the related
      Mortgaged Property.

8.    Loan Nos. 41, 86, 100, 6, 17 and 4 (Value City Warehouse, Sun Valley
      Apartments, Atascocita Mobile Home Community, Lightstone Portfolio,
      Marriot - Williamsburg and FPG Portfolio I) - See exceptions to
      Representation #6 above.

10(a). Loan No. 81 (Walmart - New Berlin) -The related Mortgagors for the
      related Mortgage Loan include one Mortgagor that holds the fee interest in
      the related Mortgaged Property and one Mortgagor that holds the leasehold
      interest in the related Mortgaged Property pursuant to a ground lease with
      the related Mortgagor that holds the fee interest. Only the related
      Mortgagor holding the fee interest in the related Mortgaged Property is
      liable for the exceptions to non-recourse set forth in the related
      Mortgage Loan documents.

17.   Loan No. 42 (Hilton Garden Inn) - The related Mortgaged Property consists
      of two (2) tax parcels, one of which covers property other than the
      related Mortgage Property. Seller has been advised by the Harris County
      Assessor's Department that it has received the application to cause the
      related Mortgaged Property to be one or more separate tax parcels and will
      process such application. The related Mortgage Loan Documents require the
      related Mortgagor to escrow for real estates tax payments on both tax
      parcels until the related Mortgaged Property is separately assessed for
      real estate taxes at which time the related Mortgagor shall be required to
      only escrow for real estate taxes against the related Mortgage Property.

19(a). Loan No. 29 (Woodbridge Foam Portfolio) - In lieu of the Mortgagor
       depositing cash reserves for payment of deferred maintenance, capital
       repairs and leasing costs at the Mortgaged Property, an entity holding a
       direct or indirect interest in the Mortgagor has guaranteed, on a
       recourse basis, the payment of such costs. The maximum liability with
       respect to such guaranty is $1,545,000.

      Loan No. 30 (47-25 34th  Street) - the  engineering  report with respect
      to the Mortgaged Property was prepared March 21, 2005.

20.   Loan No. 45 (Southington Plaza) - A portion of the Mortgaged Property is a
      leasehold estate consisting of approximately 35 parking spaces. The Ground
      Lease does not satisfy various of the requirements set forth in
      Representation #20; however, the ground leased premises was not given any
      material value in the underwriting of the Mortgage Loan and the parking
      spaces located in the ground leased premises are not required to meet
      parking requirements under any tenant leases or under the zoning
      requirements of the Town of Southington.

      Loan No. 49 (Holiday Inn Select - Baltimore North) - Representation #20(f)
      - The holder of the Mortgage Loan is afforded a cure period concurrent
      with the Mortgagor's cure period under the Ground Lease. The Ground Lease
      cure period is 15 days for monetary default and 30 days for non-monetary
      default, as may be extended for such time as is necessary to complete the
      cure with diligence provided the cure is commenced within the initial 30
      day period, but there is no express provision stating that this includes a
      reasonable time to obtain possession of the property. However, the holder
      of the Mortgage Loan is provided the right to obtain a new lease in the
      event of a termination of the Ground Lease.

      Loan No. 6 (Lightstone Portfolio - Shenango Valley Mall property)

      Representation #20(g). The term of the Ground Lease (inclusive of
      available extension options) extends not less than 16 years beyond the
      stated maturity date of the Mortgage Loan.

      Representation #20(f)(ii)(B) - The Ground Lease provides that upon a
      termination of the Ground Lease, the holder of the Mortgage Loan can enter
      into a new lease with the ground lessor; however, the Ground Lease does
      not specifically provide that holder of the Mortgage Loan is entitled to a
      new lease upon a rejection of the Ground Lease in bankruptcy.

21.   Loan No. 37 (Hampton Inn - Woodbridge) - The Mortgaged Property is listed
      in the New Jersey Department of Environmental Protection (NJDEP) data base
      as an open "Voluntary Cleanup Program" (VCP) site. The property site
      conditions were investigated in 2001 and non-indigenous fill material
      containing certain metal contaminants was identified. According to the
      NJDEP files, the extent and quality of the fill material has not been
      fully delineated. The Mortgage Loan Seller obtained an Opinion of Probable
      Cost of $25,000 to complete any necessary investigation and file the
      required reports to achieve a letter of closure and No Further Action from
      the NJDEP. An escrow of $37,500 has been established, and pursuant to the
      Mortgage Loan documents, the Mortgagor is required to take all necessary
      steps to achieve closure and a letter of No Further Action from the NJDEP.

      Loan No. 30 (47-25 34th Street) - the Environmental Site Assessment with
      respect to the Mortgaged Property was prepared May 11, 2005.

22.   Loan No. 30 (47-25 34th Street) - The general liability insurance in
      effect with respect to the Mortgaged Property is with an insurer rated
      A-:VII by A.M. Best Company.

      Loan No. 7 (Scottsdale Plaza Resort) - a $1,500,000 portion of the
      $500,000,000 property insurance policy in effect with respect to the
      Mortgaged Property is with an insurer rated BBB by S&P.

      Loan Nos. 17, 20, 22 and 27 (Marriot - Williamsburg, Marriot - Knoxville,
      Marriot - Jackson and Crowne Plaza - Orlando Airport) - The following
      applies to each of these Mortgage Loans: $100,000 deductibles are
      permitted for all coverages. In addition, for so long as Columbia Sussex
      Corporation is in control of the Mortgagor, the Mortgagor may have
      deductibles or self-insured retention of up to $1,000,000 provided that
      the Mortgagor and an affiliate of Mortgagor shall remain liable to the
      holder of the Mortgage Loan for any shortfall between the amount actually
      paid under any such policies and the amount that would have been paid if
      the deductibles were $100,000.

29.   Loan Nos. 17, 20, 22 and 27 (Marriott - Williamsburg, Marriott -
      Knoxville, Marriott - Jackson and Crowne Plaza - Orlando Airport) - the
      Mortgagors under these Mortgage Loans totaling$116,175,000 are under
      common control.

30.   Loan Nos. 41 and 6 (Value City Warehouse and Lightstone Portfolio) - See
      exceptions to Representation #6 above.

      Loan No. 37 (Hampton Inn - Woodbridge) - The related Mortgagor is not a
      Single Purpose Entity. In addition to owning the related Mortgaged
      Property, the related Mortgagor owns 100% of the equity interests in an
      entity that owns a retail center adjacent to the related Mortgaged
      Property.

      Loan No. 38 (Hampton Inn & Suites) - The City of Columbus is the holder of
      an unsecured debt payable by the Mortgagor. The outstanding principal
      balance of the unsecured debt as of the closing date of the Mortgage Loan
      was approximately $197,500. A subordination and standstill agreement was
      entered into by The City of Columbus with respect to such unsecured debt,
      a copy of which is included in the related Mortgage File.

32.   Loan Nos. 41, 86, 100 and 6 (Value City Warehouse, Sun Valley Apartments,
      Atascocita Mobile Home Community and Lightstone Portfolio) - See
      exceptions to Representation #6 above.

      Loan Nos. 4, 6, 5 and 31 (FPG Portfolio I, Lightstone Portfolio, The
      Factory Building and Rockwell Automation) - The following applies to each
      of these Mortgage Loans: Holders of direct or indirect equity interests in
      the Mortgagor have pledged their direct or indirect interests in the
      Mortgagor to secure a mezzanine loan (a "Mezzanine Loan"). In connection
      with such Mezzanine Loan, the Seller and the mezzanine lender entered into
      an intercreditor agreement, a copy of which is included in the related
      Mortgage File. With respect to the FPG Portfolio I Mortgage Loan, the
      Mortgage Loan Seller is the holder of the Mezzanine Loan.

      The following applies to each of the Mortgage Loans listed below: The
      related Mortgage provides that direct or indirect equity interests in the
      related Mortgagor may be pledged as security for indebtedness of the
      owners of direct or indirect equity interests in the related Mortgagor,
      under certain conditions more fully set forth in the related Mortgage
      (including, without limitation, limits on the maximum aggregate
      loan-to-value ratio (inclusive of both the Mortgage Loan and such
      mezzanine indebtedness) and the minimum debt service coverage ratio
      (inclusive of both the Mortgage Loan and such mezzanine indebtedness) and
      the requirement of an intercreditor agreement satisfactory to the holder
      of the Mortgage Loan).

            (a)   Loan No. 33 - Vintage Park Apartments
            (b)   Loan No. 49 - Holiday Inn Select - Baltimore North
            (c)   Loan No. 65 - 609 Science Drive
            (d)   Loan No. 77 - Rainbow Square
            (e)   Loan No. 96 - Union National Bank
            (f)   Loan No. 111 - 2917 Grand Concourse Avenue
            (g)   Loan No. 113 - 1973 Amsterdam Avenue
            (h)   Loan No. 116 - 2715 Webb Avenue
            (i)   Loan No. 119 - City Station
            (j)   Loan No. 120 - 505 West 161st Street
            (k)   Loan No. 121 - 526 West 161st Street
            (l)   Loan No. 122 - 529 West 151st Street
            (m)   Loan No. 37 - Hampton Inn - Woodbridge

      Loan No. 36 (70 Jewett City Road) - The Mortgage Loan Documents provide
      that the sale or transfer of stock or interest in (or any mergers between)
      the following affiliates of Mortgagor: (i) Corporate Property Associates
      14 Incorporated, (ii) Corporate Property Associates 15 Incorporated, (iii)
      Corporate Property Associates 12 Incorporated, (iv) Corporate Property
      Associates 16-Global Incorporated, (v) W.P. Carey & Co. LLC, (vi) any
      entity which is controlled, as of the date of such sale or transfer of
      stock or interest or merger, pursuant to an advisory agreement, by W.P.
      Carey & Co. LLC or Carey Asset Management Corp. (so long as Carey Asset
      Management Corp. is a wholly owned subsidiary of W.P. Carey & Co. LLC)
      (each of the entities in the foregoing clauses (i) through (vi) are
      hereinafter referred to as a member of the "Carey Group") or (vii) any
      wholly owned subsidiary of a member of the Carey Group (a "Carey Member
      Subsidiary"), shall not require the consent of the holder of the Mortgage
      Loan so long as the applicable company whose stock or interest is being
      sold or transferred (or (x) the surviving entity in the case of a merger
      among members of the Carey Group or (y) the parent of the surviving entity
      in the case of a merger between a Carey Member Subsidiary and a member of
      the Carey Group if the surviving entity is the Carey Member Subsidiary) is
      required to file, with respect to the equity interests of such company,
      periodic reports with the Securities and Exchange Commission under Section
      13 or Section 15(d) of the Securities Exchange Act of 1934, as amended.

      Loan No. 32 (Gladstone NY/NJ Portfolio) - The related Mortgage Loan
      documents provide that the following transfers of interest shall not
      require the consent of the holder of the related Mortgage Loan: any direct
      or indirect transfer of stock in a Publicly Held Corporation (as defined
      in the related Mortgage Loan documents), or the issuance of new stock in
      such corporation.

      Loan No. 29 (Woodbridge Foam Portfolio) - The related Mortgage Loan
      documents provide that the following transfers of interest shall not
      require the consent of the holder of the related Mortgage Loan: any
      transfer of units of H&R Real Estate Investment Trust ("H&R") over the
      Toronto Stock Exchange, or over any other nationally recognized stock
      exchange, while H&R is listed on any such exchange.

      Loan No. 8 (Thomson Consumer Electronics Headquarters) -The Mortgage Loan
      documents permit the transfer of tenant-in common interests in the
      Mortgaged Property, subject to the requirements set forth in the Mortgage
      Loan documents with respect to such tenant-in-common interest transfers.

35.   Loan No. 4 (FPG Portfolio I) - The Mortgage Loan documents permit partial
      defeasance of an individual property (a "Parcel"). The amount defeased
      shall be the greatest of: (a) 120% of the Allocated Loan Amount with
      respect to such Parcel, (b) an amount such that, after giving effect to
      such partial defeasance and the concurrent partial defeasance of the
      Mezzanine Loan, the Debt Service Coverage Ratio for the Undefeased Note
      and Undefeased Mezzanine Note, based on income from the Remaining Parcel,
      shall be not less than the greater of (x) 1.10:1.00, and (y) the Debt
      Service Coverage Ratio for the Note and the Mezzanine Note, based on
      income from both the Release Parcel and the Remaining Parcel, determined
      immediately prior to the Partial Defeasance Date and (c) an amount such
      that, after giving effect to such partial defeasance and the concurrent
      partial defeasance of the Mezzanine Loan, the Loan-to-Value Ratio after
      the Partial Defeasance Date based on the aggregate principal indebtedness
      under the Undefeased Note and the Undefeased Mezzanine Note, shall be not
      greater than the lesser of (x) eighty-five percent (85%), and (y) the
      Loan-to-Value Ratio based on the aggregate principal indebtedness under
      this Note and the Mezzanine Note, from both the Release Parcel and the
      Remaining Parcel, determined immediately prior to the Partial Defeasance
      Date. Capitalized terms not defined in this paragraph shall have the
      meaning given to such terms in the Mortgage Note with respect to this
      Mortgage Loan.

      Loan Nos. 109 and 118 (Eureka Manor and Royal Pines) - These Mortgage
      Loans are subject to a cross-collateralization agreement. Pursuant to the
      cross-collateralization agreement, the cross collateralization
      automatically terminates upon the simultaneous satisfaction of the
      following conditions: (a) no default or event of default shall be
      continuing with respect to any of these Mortgage Loans; (b) with respect
      to the Eureka Manor Mortgage Loan, for each of six (6) consecutive
      calendar months prior to the date of termination of the
      cross-collateralization agreement, (i) the occupancy rate is not less than
      ninety percent (90%), and (ii) the DSCR (as defined in the related
      Mortgage Loan documents) is not less than 1.30:1.00; and (c) with respect
      to the Royal Pines Mortgage Loan, for each of six (6) consecutive calendar
      months prior to the date of termination of the cross-collateralization
      agreement, the occupancy rate is not less than eighty percent (80%), and
      (ii) the DSCR (as defined in the related Mortgage Loan documents) is not
      less than 1.50:1.00.

      Loan No. 6 (Lightstone Portfolio - Shenango Valley property) - The
      Mortgage Loan documents permit the release of the Shenango Valley property
      through partial defeasance of not less than 120% of the allocated loan
      amount set forth in the Mortgage Loan documents for the Shenango Valley
      property.

42.   Loan No. 23 (The District Apartments) - The Mortgage Loan documents
      provide that in the event that terrorism insurance rates rise
      significantly or such coverage is not available with an all-risk policy,
      Lender shall not require that Borrower expend more than $50,000.00 for the
      annual premium associated with terrorism insurance. In the event that the
      $50,000.00 limit does not enable Borrower to purchase full terrorism
      coverage, Borrower shall purchase the maximum amount of terrorism coverage
      available with said amount.

      Loan Nos. 17, 20, 22 and 27 (Marriot - Williamsburg, Marriot -Knoxville,
      Marriot - Jackson and Crowne Plaza - Orlando Airport) - The following
      applies to each of these Mortgage Loans: The Mortgage Loan documents
      provide that in the event that terrorism insurance rates rise
      significantly or such coverage is not available with an all-risk policy,
      then the cost of the annual premium associated with terrorism insurance
      that the Mortgagor shall be required to incur shall be limited to 200% of
      the cost of the then current premium for all-risk casualty insurance
      without terrorism coverage.

      Loan No. 8 (Thomson Consumer Electronics Headquarters) - if Thomson
      Consumer Electronics, Inc. ("Thomson") or the guarantor of its leases at
      the Mortgaged Property maintain a credit rating of (x) "BBB-" or higher
      from Standard and Poor's Rating Services or from Fitch, Inc. or (y) Baa3
      or higher from Moody's Investors Service, Inc., then terrorism insurance
      shall not be required. As of the closing date of the Mortgage Loan and as
      of the Closing Date, terrorism insurance was not in effect with respect to
      the Mortgaged Property. Thomson is responsible under its leases at the
      Mortgaged Property for the restoration of the Mortgage Property following
      a casualty.

      Loan No. 110 (Valu Market) - The Mortgage Loan documents do not require
      the Mortgagor to maintain terrorism insurance with respect to the
      Mortgaged Property. As of the closing date of the Mortgage Loan and as of
      the Closing Date, terrorism insurance was not in effect with respect to
      the Mortgaged Property.

      Loan No. 33 (Vintage Park Apartments) - The Mortgage Loan documents
      provide that if terrorism insurance coverage is no longer available at
      commercially reasonable rates, Mortgagor shall be required to purchase
      terrorism insurance up to an amount that is 100% of the premiums for the
      property insurance coverage required under the Loan Documents.

      Loan No. 6 (Lightstone Portfolio) - The Mortgage Loan documents provide
      that if terrorism coverage is excluded from the Mortgagor's casualty
      insurance policy, Mortgagor shall be required to purchase a stand-alone
      terrorism insurance policy; provided that the Mortgagor is not required to
      spend an amount in excess of 200% of the premiums for the casualty
      insurance coverage otherwise required.

      Loan No. 37 (Hampton Inn - Woodbridge) - The Mortgage Loan documents
      provide that the Mortgagor is not obligated to incur a cost for terrorism
      insurance that is in excess of two (2) times the cost of the "all-risk"
      insurance required under the Mortgage Loan documents.

      Loan No. 99 (Rancho Viewridge) - The Mortgage Loan documents provide that
      the Mortgagor is not obligated to incur a cost for terrorism insurance
      that is in excess of two (2) times the cost of the "all-risk" insurance
      required under the Mortgage Loan documents. As of the closing date of the
      Mortgage Loan and as of the Closing Date, terrorism insurance was not in
      effect with respect to the Mortgaged Property.

      Loan No. 4 (FPG Portfolio I) - The Mortgage Loan documents provide that in
      the event terrorism insurance is not generally included within "all-risk"
      policies provided by insurers acceptable to the holder of the Mortgage
      Loan, Mortgagor will only be responsible for obtaining terrorism coverage
      to the extent available at an annual premium cost of one hundred fifty
      percent (150%) of the cost of the premium for the "all-risk" casualty
      insurance required under the Mortgage Loan documents (exclusive of
      terrorism coverage) during the first year of the Mortgage Loan.

<PAGE>

                                  EXHIBIT D

                        FORM OF OFFICER'S CERTIFICATE

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

1.    I have examined the Mortgage Loan Purchase Agreement, dated as of June 20,
      2006 (the "Agreement"), between the Company and J.P. Morgan Chase
      Commercial Mortgage Securities Corp., and all of the representations and
      warranties of the Company under the Agreement are true and correct in all
      material respects on and as of the date hereof with the same force and
      effect as if made on and as of the date hereof.

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

3.    I have examined the information regarding the Mortgage Loans in each Free
      Writing Prospectus (as defined in the Indemnification Agreement), when
      read in conjunction with the other Time of Sale Information (as defined in
      the Indemnification Agreement), the Prospectus, dated May 26, 2006, as
      supplemented by the Prospectus Supplement, dated June 12, 2006
      (collectively, the "Prospectus"), relating to the offering of the Class
      A-1, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J,
      Class X-1, Class X-2, Class B, Class C and Class D Certificates, the
      Private Placement Memorandum, dated June 12, 2006 (the "Privately Offered
      Certificate Private Placement Memorandum"), relating to the offering of
      the Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class
      M, Class N, Class P and Class NR Certificates, and the Residual Private
      Placement Memorandum, dated June 12, 2006 (together with the Privately
      Offered Certificate Private Placement Memorandum, the "Private Placement
      Memoranda"), relating to the offering of the Class R and Class LR
      Certificates, and nothing has come to my attention that would lead me to
      believe that any Free Writing Prospectus, including any diskette attached
      thereto, when read in conjunction with the other Time of Sale Information,
      as of the Time of Sale (as defined in the Indemnification Agreement) or as
      of the date hereof, the Prospectus, as of the date of the Prospectus
      Supplement or as of the date hereof, or the Private Placement Memoranda,
      as of the date of the Private Placement Memoranda or as of the date
      hereof, included or includes any untrue statement of a material fact
      relating to the Mortgage Loans or in the case of any Free Writing
      Prospectus, when read in conjunction with the other Time of Sale
      Information, omitted or omits to state therein a material fact necessary
      in order to make the statements therein relating to the Mortgage Loans, in
      light of the circumstances under which they were made, not misleading.

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

<PAGE>

            IN WITNESS  WHEREOF,  I have  signed my name this __ day of ______
2006.

                                       By:_____________________________
                                          Name:
                                          Title:Alfano Employment Agreement

     

    Exhibit
      10.1

    

    This
      EMPLOYMENT AGREEMENT (this "Agreement") is made this 28th
      day of
      June, 2006, by and between MTM Technologies, Inc., a New York corporation
      (the "Company"), and Francis J. Alfano (the "Executive"). 

    

    WHEREAS,
      the parties entered into an Employment Agreement, dated May 21, 2004 (the
“Original Agreement”).

    

    WHEREAS,
      the parties hereto wish to enter into a new employment agreement to employ
      the
      Executive as the Chief Executive Officer of the Company and to set forth the
      terms and conditions of such employment. 

    

    NOW,
      THEREFORE, in consideration of the mutual covenants and representations
      contained herein, and for other good and valuable consideration the receipt
      and
      adequacy of which is hereby acknowledged, the parties hereto agree as follows:
      

    

    1.    Employment
      Period.

    

    The
      Company hereby employs the Executive, and the Executive agrees to serve the
      Company, under the terms of this Agreement for a term commencing as of the
      date
      of this Agreement (the "Commencement Date") and ending on June 30, 2009 (the
      “Initial Term”). Notwithstanding the foregoing, the Executive's employment
      hereunder may be earlier terminated, subject to Section 4 hereof. On each
      anniversary of the Commencement Date following the Initial Term, the term of
      this Agreement shall automatically be extended for an additional period of
      twelve (12) months provided,
      however,
      that
      either party hereto may elect not to extend this Agreement by giving written
      notice to the other party at least twelve (12) months prior to any such
      anniversary date. The Initial Term and any renewal periods thereafter, until
      the
      termination of the Executive's employment hereunder, shall be referred to herein
      as the "Employment Period." 

    

    2.    Duties
      and Status.

    

    The
      Company hereby engages the Executive as the Chief Executive Officer of the
      Company on the terms and conditions set forth in this Agreement. Additionally,
      the Company shall nominate the Executive to serve as a director on the Company's
      Board of Directors (the "Board") during the Employment Period. During the
      Employment Period, the Executive shall report directly to the Board and exercise
      such authority, perform such executive duties and functions and discharge such
      executive responsibilities as are reasonably associated with the Executive's
      position, consistent with the responsibilities assigned to officers of companies
      comparable to the Company, commensurate with the authority vested in the
      Executive pursuant to this Agreement and consistent with the By-laws of the
      Company. The Executive will render such business and professional services
      in
      the performance of his duties, consistent with the Executive's position within
      the Company, as shall reasonably be assigned to him by the Board. During the
      Employment Period, the Executive shall devote substantially all of his business
      time and his full skill and efforts to the business of the Company.

    

    3.    Compensation;
      Benefits and Expenses.

    

    (a)   Salary. 
      Subject
      to this Section 3(a), during the Employment Period, the Company shall pay
      to the Executive, as compensation for the performance of his duties
      and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    obligations
      under this Agreement, a base salary at the rate of $350,000 per annum, payable
      in arrears not less frequently than monthly in accordance with the normal
      payroll practices of the Company. The Executive's base salary shall be subject
      to review each year for possible increase by the Board in its sole discretion,
      but in no event shall such base salary be decreased from its then existing
      level
      during the Employment Period. 

    

    (b)    Bonus. 
      During the Employment Period, in addition to the base salary payable to the
      Executive hereunder, the Executive shall also be eligible to receive, as
      additional compensation, an annual bonus equal to seventy-five percent (75%)
      of
      his base salary as set forth in Section 3(a) hereof (the “Annual Bonus”). Such
      bonus shall be payable (x) sixty-seven percent (67%) in cash (the “Cash
      Portion”)and (y) thirty-three percent (33%) in common stock issued under the
      Company’s equity incentive plans (the “Stock Portion”). The parties agree that
      the Stock Portion shall be satisfied through the delivery of 35,000 shares
      of
      common stock . Notwithstanding the foregoing, the number of shares issued as
      part of the Stock Portion will, if necessary, be adjusted downward to limit
      the
      Total Value (as defined below) of the bonus paid in any year to the amount
      of
      Executive’s base salary as set forth in Section 3(a) hereof. As used herein
“Total Value” shall mean the value of the Cash Portion plus the value of the
      Stock Portion, where the value of the Stock Portion is determined using the
      closing price of the Company’s common stock on the original date is issuance of
      such shares. Such bonus will be subject to achievement of performance targets
      agreed to by the Board, or the Compensation Committee thereof, and the
      Executive, and shall be consistent with the targets set for the management
      bonus
      plan of the Company in effect from time to time for senior executives, if any.
      All shares of common stock issued as part of the Stock Portion will be subject
      to a one year lock-up agreement.

    

    (c)    Stock
      Options. 
      The
      Executive shall be entitled to receive awards under any stock option or equity
      based incentive compensation plan or arrangement adopted by the Company during
      the Employment Period for which senior executives are eligible. The level of
      the
      Executive's participation in any such plan or arrangement shall be determined
      in
      the sole discretion of the Board and the Compensation Committee thereof in
      consultation with the Executive. Concurrently with the execution of this
      Agreement, the Company shall grant to the Executive an option to purchase
      200,000 shares of common stock on the terms set forth on Exhibit
      C
      attached
      hereto. The exercise price for such options shall be the greater of the closing
      price of the Company’s common stock on (x) the date hereof, or (y) the second
      full trading day following the release of the Company’s earnings for the fiscal
      year ended March 31, 2006.

    

    (d)    Vacation
      and Sick Leave. 
      The
      Executive shall be entitled to four (4) weeks paid vacation time per
      calendar year and such paid sick leave as is in accordance with the normal
      Company policies and practices in effect from time to time for senior
      executives; provided,
      however
      ,
      that no
      more than two weeks of such vacation time may be used consecutively, and
provided,
      further,
      that
      any accrued but unused vacation time and paid sick leave remaining at the end
      of
      each calendar year shall be forfeited. 

    

    (e)    Other
      Benefits. 
      During
      the Employment Period, the Executive shall be entitled to participate in all
      of
      the employee benefit plans, programs and arrangements of the Company in effect
      during the Employment Period which are generally available to the most senior
      executives of the Company (including, without limitation, 401(k) and group
      medical insurance plans), subject to and on a basis consistent with the terms,
      conditions and overall administration of such plans, programs and arrangements.
      

    

    (f)    Expenses. 
      In
      addition to any amounts payable to the Executive pursuant to this
      Section 3, the Company shall reimburse the Executive upon production of
      accounts and vouchers

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    or
      other
      reasonable evidence of payment by the Executive, all in accordance with the
      Company's regular procedures in effect from time to time, all reasonable and
      ordinary expenses as shall have been incurred by him in the performance of
      his
      duties hereunder. 

    

    4.    Termination
      of Employment.

    

    (a)   Termination
      for Cause. 
      The Company may terminate the Executive's employment hereunder for cause. For
      purposes of this Agreement and subject to the Executive's opportunity to cure
      as
      provided in Section 4(c) hereof, the Company shall have "cause" to
      terminate the Executive's employment hereunder if such termination shall be
      the
      result of: 

    

    (i)  the
      Executive's failure to comply in any material manner with the reasonable
      policies and rules of the Company or the directives of the Board; or

    

    (ii)  the
      Executive's performance of any material act of fraud or dishonesty in connection
      with the performance of his duties hereunder; or 

    

    (iii)  the
      Executive's gross negligence or willful misconduct in the performance of his
      duties hereunder; or 

    

    (iv)  the
      Executive's conviction for, or plea of nolo
      contendere to,
      a
      felony or misdemeanor resulting in a jail sentence or any crime involving moral
      turpitude; or 

    

    (v)  any
      material breach by the Executive of the obligations set forth below in
      Section 7. 

    

    (b)    Termination
      for Good Reason. 
      The
      Executive shall have the right at any time to terminate his employment with
      the
      Company for any reason. For purposes of this Agreement and subject to the
      Company's opportunity to cure as provided in Section 4(c) hereof, the
      Executive shall have "good reason" to terminate his employment hereunder if
      such
      termination shall be the result of: 

    

    (i)  a
      reduction by the Company of the Executive's base salary; or 

    

    (ii)  a
      material diminution during the Employment Period in the Executive's duties
      or
      responsibilities, as set forth in Section 2 hereof; or 

    

    (iii)  the
      relocation, without the Executive's prior written consent, of the Executive's
      principal work location beyond 50 miles from its current location; or

    

    (iv)  the
      failure to nominate the Executive to serve as a director of the Board.

    

    (c)    Notice
      and Opportunity to Cure. 
      Notwithstanding
      the provisions of Sections 4(a) and 4(b) hereof, it shall be a condition
      precedent to the Company's right to terminate the Executive's employment for
      "cause" and the Executive's right to terminate his employment for "good reason"
      that (1) the party seeking the termination shall first have given the other
      party written notice stating with reasonable specificity the reason for the
      termination ("breach") and (2) if such breach is susceptible of cure or
      remedy, a period of thirty days from and after the giving of such notice shall
      have elapsed without the breaching party having effectively cured or remedied
      such breach during such 30-day period, unless such breach cannot be cured or
      remedied within thirty days, in which case the period for remedy or cure shall
      be extended for a reasonable

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    time
      (not
      to exceed an additional thirty days) provided the breaching party has made
      and
      continues to make a diligent effort to effect such remedy or cure.
      Notwithstanding anything to the contrary contained herein, the right to cure
      set
      forth in this Section 4(c) shall not apply if there are habitual or
      repeated breaches by either party. 

    

    (d)    Termination
      Upon Death or Permanent and Total Disability. 
      The Employment Period shall be terminated by the death of the Executive. The
      Employment Period may be terminated by the Board if the Executive shall be
      rendered incapable of performing his duties to the Company by reason of any
      medically determined physical or mental impairment for a period of either
      (i) six (6) or more consecutive months from the first date of the
      Executive's absence due to the disability or (ii) nine (9) months
      during any eighteen (18) month period (a "Permanent and Total Disability").
      If the Employment Period is terminated by reason of Permanent and Total
      Disability of the Executive, the Company shall give 30 days' advance
      written notice to that effect to the Executive. Until the effective date of
      the
      termination as a result of a Permanent and Total Disability, the Company shall
      continue to pay to the Executive the compensation set forth in Section 3
      hereof; provided,
      however, that
      to
      the extent that the Executive receives payments pursuant to any disability
      insurance policy for which the Company pays the premium, the Company may deduct
      the amounts received by the Executive pursuant to that policy from the
      compensation payable to him. 

    

    5.    Consequences
      of Termination.

    

    (a)   Without
      Cause or for Good Reason.  In
      the event of a termination of the Executive's employment during the Employment
      Period by the Company other than for "cause" (as provided for in
      Section 4(a) hereof) or by the Executive for "good reason" (as provided for
      in Section 4(b) hereof) or as a result of death or Permanent and Total
      Disability (as provided for in Section 4(d) hereof), the Company shall
      provide to the Executive (or his legal representative) (i) the rights,
      payments and benefits payable at such times as set forth herein, and (ii) a
      release and waiver of claims in favor of the Executive, substantially in the
      form attached hereto as Exhibit A,
      as
      consideration for the execution and non-revocation by the Executive of a release
      agreement in favor
      of
      the Company and its shareholders and their respective directors, officers and
      employees, substantially in the form attached hereto as Exhibit B:
      

    

    (i)
         Salary.
         A
      continuance of his salary at one hundred percent (100%) of his then current
      base
      salary, as a severance payment, for a period equal to the greater of
      (i) one (1) year from the date of termination of the Executive's
      employment or (ii) the period ending on the last day of the Initial Term
      (the "Severance Period"). The Executive, in his sole discretion, shall have
      the
      right to demand and receive such severance payments as a single, lump-sum cash
      payment. Any payments pursuant to this Section 5(a)(i) shall be in
      lieu of any other severance benefits to which the Executive is entitled pursuant
      to any other severance plans, programs, arrangements, or policies of the
      Company. 

    

    (ii)
         Options.
         The
      impact of the Executive's termination of employment on the stock options held
      by
      the Executive (including, without limitation, the maximum period that any such
      option shall remain exercisable) shall be governed by the applicable stock
      option plan and agreement. Notwithstanding the foregoing, any stock options
      granted to the Executive on or after the Commencement Date shall provide that,
      upon termination of the Executive's employment by the Company other than for
      "cause" (as provided for in Section 4(a) hereof) or by the Executive for
      "good reason" (as provided for in Section 4(b) hereof), any unvested shares
      subject to such options shall become fully

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    vested
      and immediately exercisable in connection with such termination. 

    

    (iii)
         Other
      Benefits.
         During
      the Severance Period, the Executive will be entitled to a continuance of
      coverage under all health, life, disability and similar employee benefit plans
      and programs of the Company on the same basis as the Executive was entitled
      to
      participate immediately prior to the Severance Period, provided that the
      Executive's continued participation is possible under the general terms and
      provisions of such plans and programs. In the event that the Executive's
      participation in any such plan or program is barred for any reason, the Company
      shall arrange to provide the Executive with benefits substantially similar
      to
      those which the Executive would otherwise have been entitled to receive under
      such plans and programs from which his continued participation is barred;
provided,
      however,
      that
      the aggregate cost of providing benefits to the Executive pursuant to this
      Section 5(a)(iii) shall not be materially increased as a result of
      providing such alternative coverage. In the event that the Executive is covered
      under substitute benefit plans of another employer prior to the expiration
      of
      the Severance Period, the Company will no longer be obligated to continue the
      respective coverages provided for in this Section 5(a)(iii). 

    

    (b)    Other
      Termination of Employment.
         In
      the event that the Executive's employment with the Company is terminated during
      the Employment Period by the Company for "cause" (as provided for in
      Section 4(a) hereof), or by the Executive other than for "good reason" (as
      provided for in Section 4(b) hereof), the Company shall pay the Executive
      (or his legal representative) any earned but unpaid salary amounts and any
      unreimbursed expenses through the Executive's final date of employment with
      the
      Company, and the Company shall have no further obligations to the Executive,
      except under the plans, programs and arrangements described in Section 3(e)
      hereof in accordance with the terms of such plans. 

    

    (c)    Withholding
      of Taxes.
         All
      payments required to be made by the Company to the Executive under this
      Agreement shall be subject to the withholding of such amounts, if any, relating
      to tax, excise tax and other payroll deductions as the Company may reasonably
      determine it should withhold pursuant to any applicable law or regulation.
      

    

    (d)    No
      Other Obligations.
         The
      benefits payable to the Executive under this Agreement are not in lieu of any
      benefits payable under any employee benefit plan, program or arrangement of
      the
      Company, except as provided specifically herein, and upon termination, the
      Executive will receive
      such benefits or payments, if any, as he may be entitled to receive pursuant
      to
      the terms of such plans, programs and arrangements. Except for the obligations
      of the Company provided by this Agreement (including, without limitation,
      pursuant to the preceding sentence hereof), the Company shall have no further
      obligations to the Executive upon his termination of employment.

    

    (e)    Reduction
      for "Parachute Payments".
         Notwithstanding
      anything in this Agreement to the contrary, any amounts payable hereunder to
      the
      Executive in connection with a change in control, as well as any other
      "parachute payments," as such term is defined under Section 280G of the
      Internal Revenue Code of 1986, as amended (the "Code"), payable under any other
      plans, agreements or policies of the Company, shall be reduced to the extent
      necessary to assure that the Executive does not become subject to the excess
      parachute payment excise tax under Section 4999 of the Code and the Company
      does not lose all or part of its compensation deduction for such payments.
      

    

    6.   Indemnity.    
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    The
      Company shall, during his employment with the Company and thereafter, indemnify
      the Executive to the fullest extent permitted by law and by its Certificate
      of
      Incorporation and By-laws and shall assure that the Executive is covered by
      the
      Company's directors' and officers' insurance policies and any other insurance
      policies that protect employees, as in effect from time to time. 

    

    7.   Restrictive
      Covenants.

    

    (a)        
      Proprietary
      Information.

    

    (i)  The
      Executive agrees that
      all information and know-how, whether or not in writing, of a private, secret
      or
      confidential nature concerning the business or financial affairs of the Company
      or any of the Company's Affiliates is and shall be the exclusive property of
      the
      Company or the Company's Affiliates. Such information and know-how shall
      include, but not be limited to, inventions, products, processes, methods,
      techniques, formulas, compositions, compounds, projects, developments, plans,
      research data, clinical data, financial data, personnel data, computer programs,
      and customer and supplier lists (collectively, "Proprietary Information.").
      Except in connection with, and on a basis consistent with, the performance
      of
      his duties hereunder, the Executive shall not disclose any Proprietary
      Information to others outside the Company or the Company's Affiliates or use
      the
      same for any unauthorized purposes without written approval by the Board, either
      during or after the Employment Period. 

    

    (ii)   The
      Executive agrees that
      all files, letters, memoranda, reports, records, data, sketches, drawings,
      laboratory notebooks, program listings, customer lists, customer solicitations
      or other written, photographic, or other tangible material containing
      Proprietary Information, whether created by the Executive or others, which
      shall
      come into his custody or possession, shall be and are the exclusive property
      of
      the Company or the Company's Affiliates to be used by the Executive only in
      the
      performance of his duties for the Company. The Executive agrees to deliver
      to
      the Company upon the expiration of the Employment Period such material
      containing Proprietary Information. 

    

    (iii)  The
      Executive agrees that
      his obligation not to disclose or use information, know-how and records of
      the
      types set forth in paragraphs (i) and (ii) above, also extends to such
      types of information, know-how, records and tangible property of customers
      of
      the Company or the Company's Affiliates or suppliers to the Company or the
      Company's Affiliates or other third parties who may have disclosed or entrusted
      the same to the Company or the Company's Affiliates or to the Executive in
      the
      course of the Company's business. 

    

    (iv)  Notwithstanding
      the
      foregoing, such Proprietary Information shall not include information which
      (A) is or becomes generally available or known to the public, other than as
      a result of any disclosure by the Executive in violation hereof; or (B) is
      or becomes available to the Executive on a non-confidential basis from any
      source other than the Company, other than any such source that the Executive
      knows is prohibited by a legal, contractual, or fiduciary obligation to the
      Company from disclosing such information. 

    

    (v)  Other
      than in connection
      with any requirements pursuant to applicable "whistleblower" statutes, in the
      event that the Executive is requested pursuant to, or

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    becomes
      compelled by, any applicable law, regulation, or legal process to disclose
      any
      Proprietary Information, the Executive shall provide the Company with prompt
      written notice thereof so that the Company may seek a protective order or other
      appropriate remedy or, in the Company's sole and absolute discretion, waive
      compliance with the terms hereof. In the event that no such protective order
      or
      other remedy is obtained, or the Company waives compliance with the terms
      hereof, the Executive shall furnish only that portion of such Proprietary
      Information which the Executive is advised by counsel is legally required.
      The
      Executive will cooperate with the Company, at the Company's sole cost and
      expense, in its efforts to obtain reliable assurance that confidential treatment
      will be accorded such Proprietary Information. 

    

    (b)   Developments.

    

    (i)  The
      Executive shall make
      full and prompt disclosure to the Company of all inventions, improvements,
      discoveries, methods, developments, software, and works of authorship, whether
      patentable or not, which are created, made, conceived or reduced to practice
      by
      the Executive or under his direction or jointly with others during the
      Employment Period, whether or not during normal working hours or on the premises
      of the Company or the Company's Affiliates (collectively, "Developments").
      

    

    (ii)  The
      Executive agrees to
      assign and does hereby assign to the Company (or any entity designated by the
      Company) all his right, title and interest in and to all Developments and all
      related patents, patent applications, copyrights and copyright applications.
      The
      Executive also hereby waives all claims to moral rights in any Developments.
      

    

    (iii)  Notwithstanding
      anything
      to the contrary contained herein, the provisions of Sections 7(b)(i) and
      7(b)(ii) hereof shall not apply to Developments which consist of products
      (and not of services) which do not relate to the present or planned business
      or
      research and development of the Company or the Company's Affiliates and which
      are made and conceived by the Executive not during normal working hours, not
      on
      the premises of the Company or the Company's Affiliates and not using the tools,
      devices, equipment or personnel of the Company or the Company's Affiliates
      or
      Proprietary Information. 

    

    (iv)  The
      Executive agrees to
      cooperate fully with the Company or the Company's Affiliates, both during and
      after the Employment Period, with respect to the procurement, maintenance and
      enforcement of copyrights and patents (both in the United States and foreign
      countries) relating to Developments. The Executive shall sign all papers,
      including, without limitation, copyright applications, patent applications,
      declarations, oaths, formal assignments, assignment of priority rights, and
      powers of attorney, which the Company or the Company's Affiliates may deem
      reasonably necessary or desirable in order to protect their rights and interests
      in any Development. 

    

    (c)  Other
      Agreements.
         The
      Executive represents that his performance of all the terms of this Agreement
      and
      as an employee of the Company does not and will not breach any agreement, other
      than agreements with the Company's Affiliates, (i) to keep in confidence
      proprietary information, knowledge or data acquired by him in confidence or
      in
      trust prior to his employment with
      the
      Company, (ii) to refrain from competing, directly or indirectly, with the
      business of his previous employer or any other party, and (iii) to refrain
      from soliciting the employment of any employees of his previous employer or
      any
      other party. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (d)  Non-Competition
      and Non-Solicitation.
         During
      the Executive's employment hereunder and for a period of: (i) two
      (2) years thereafter upon the Executive's termination of employment by
      giving notice of non-renewal as set forth in Section 1 hereto,
      (ii) one (1) year thereafter upon the Company's termination of the
      Executive's employment by giving notice of non-renewal as set forth in
      Section 1 hereto, or (iii) two (2) years thereafter upon the
      Executive's termination of employment for any reason other than those set forth
      in (i) and (ii), without the prior written consent of the Company, the
      Executive shall not engage (whether as an employee, consultant, director or
      independent contractor) in any Business Activities on behalf of any person,
      firm
      or corporation, and the Executive shall not acquire any financial interest
      (except for equity interests in publicly-held companies that will not be
      significant and that, in any event, will not exceed five percent (5%) of equity
      of that company) in any entity which engages in Business Activities within
      200
      miles of any of the Company's offices in operation on the Commencement Date
      and
      within 100 miles of any office of the Company established after the Commencement
      Date. During the period that the above noncompetition restriction applies,
      the
      Executive shall not, without the written consent of the Company:
      (i) solicit any employee of the Company or any of the Company's Affiliates
      to terminate his employment, or (ii) solicit any customers, partners,
      resellers, vendors or suppliers of the Company on behalf of any individual
      or
      entity other than the Company or its Affiliates. As used herein, the term
      "Business Activities" shall mean conduct of business as a computer and
      communications technology management and/or consulting business providing
      information technology networking and data center services, including secure
      access, voice over internet protocol (“VOIP”), storage, security, messaging
      solutions, network and mainframe connectivity consulting, remote network
      monitoring and management, network and system diagnostics, product maintenance
      and support, training, and product procurement solutions

    

    (e)  Enforcement.
         The
      Company shall be entitled to seek a restraining order or injunction in any
      court
      of competent jurisdiction to prevent any continuation of any violation of the
      provisions of this Section 7. 

    

    (f)  Affiliates.    For
      purposes hereof, the Company's Affiliates shall mean any individual or entity
      that directly or indirectly, through one or more intermediaries, controls,
      is
      controlled by or is under common control with the Company. For purposes of
      this
      definition, "control" means the power to direct the management and policies
      of
      another, whether through the ownership of voting securities, by contract or
      otherwise. 

    

    8.  
Notice.

    

    All
      notices, requests and other communications pursuant to this Agreement shall
      be
      in writing and shall be deemed to have been duly given, if delivered in person
      against written receipt therefor, or by overnight courier, or sent by express,
      registered or certified mail, postage prepaid, addressed as follows:

    

    
      	
              If
                to the Executive:

            	
              Francis
                J. Alfano

              15
                Tory Road

              Riverside,
                CT 06878

               

            
	
              If
                to the Company:

            	
              MTM
                Technologies, Inc.

              1200
                High Ridge Road

              Stamford,
                CT 06905

              Attn:
                General Counsel

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
Either
      party may, by written notice to the other, change the address to which notices
      to such party are to be delivered or mailed. 

    

    9.   Dispute
      Resolution; Mediation and Arbitration.

    

    Except
      as
      specifically provided herein, any dispute or controversy arising under or in
      connection with this Agreement shall be, upon the demand of either party,
      subject to a non-binding mediation proceeding before a mediator on the panel
      of
      the CPR Institute for Dispute Resolution, such mediator to
      be
      agreed upon by the parties. If a mediator is not agreed upon or if mediation
      is
      not successful, the matter shall be settled exclusively by arbitration,
      conducted before a single arbitrator mutually selected by the parties, in the
      State of New York, in accordance with the rules of the American Arbitration
      Association then in effect. If the parties are unable to agree on a single
      arbitrator, each party shall select an arbitrator and the two arbitrators
      selected by the parties shall select a third arbitrator. If three arbitrators
      are selected, they shall act by majority vote. Judgment may be entered on the
      arbitrator's award in any court having jurisdiction. Each party shall bear
      their
      own costs and expenses of any such mediation or arbitration proceeding and
      shall
      split evenly any common costs; provided, however, that if the dispute concerns
      the issue of termination for "cause" or resignation for "good reason," the
      non-prevailing party shall pay for all of the prevailing party's costs and
      expenses, including legal fees relating to such mediation or arbitration
      proceeding. 

    

    10.   Waiver
      of Breach.

    

    Any
      waiver of any breach of this Agreement shall not be construed to be a continuing
      waiver or consent to any subsequent breach on the part either of the Executive
      or of the Company. 

    

    11.   Non-Assignment;
      Successors.

    

    Neither
      party hereto may assign his or its rights or delegate his or its duties under
      this Agreement without the prior written consent of the other party;
provided
      ,
      however
      ,
      that
      (i) this Agreement shall inure to the benefit of and be binding upon the
      successors and assigns of the Company upon any sale of all or substantially
      all
      of the Company's assets, or upon any merger, consolidation or reorganization
      of
      the Company with or into any other corporation, all as though such successors
      and assigns of the Company and their respective successors and assigns were
      the
      Company; and (ii) this Agreement shall inure to the benefit of and be
      binding upon the heirs, assigns or designees of the Executive to the extent
      of
      any payments due to them hereunder. As used in this Agreement, the term
      "Company" shall be deemed to refer to any such successor or assign of the
      Company referred to in the preceding sentence. 

    

    12.   Severability.

    

    To
      the
      extent any provision of this Agreement or portion thereof shall be invalid
      or
      unenforceable, it shall be considered deleted therefrom and the remainder of
      such provision and of this Agreement shall be unaffected and shall continue
      in
      full force and effect. 

    

    13.   Counterparts.

    

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original but all of which together will constitute one and
      the
      same instrument. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    14.   Governing
      Law.

    

    This
      Agreement shall be construed, interpreted and enforced in accordance with the
      laws of the State of New York, without giving effect to the choice of law
      principles thereof. 

    

    15.   Entire
      Agreement.

    

    This
      Agreement constitutes the entire agreement by the Company and the Executive
      with
      respect to the subject matter hereof and except as specifically provided herein,
      supersedes and terminates any and all prior agreements or understandings between
      the Executive and the Company, with respect to the subject matter hereof,
      including the Original Agreement, whether written or oral; provided that the
      foregoing shall not apply to any stock option agreements and restricted stock
      unit agreements between the Company and the Executive which agreements shall
      continue in full force and effect. This Agreement may be amended or modified
      only by a written instrument executed by the Executive and the Company.

    

    

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        10

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of June
      28,
      2006. 

     

    

    
      	 	/s/
              Francis J. Alfano
	 	
              Francis
                J. Alfano

               

            
	 	 	 
	 	
              MTM
                TECHNOLOGIES, INC.

               

            
	 	
              By:

            	
              /s/
                John F. Kohler

            
	 	
               

              Print
                Name:  John F. Kohler

               

              Print
                Title:  SVP & General
                Counsel

            

    

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Exhibit A

    

    RELEASE
      OF CLAIMS AND COVENANT NOT TO SUE

    

    

    This
      RELEASE OF CLAIMS AND COVENANT NOT TO SUE is executed and delivered by MTM
      Technologies, Inc., a New York corporation (the "Company"), to Francis J.
      Alfano (the "Executive"). 

    

    Pursuant
      to the provisions of Section 5(a) of the employment agreement between the
      Company and the Executive dated June __, 2006 (the " Employment
      Agreement ")
      the
      Company hereby agrees as follows: 

    

    The
      Company and its affiliates release and forever discharge the Executive from,
      and
      covenant not to sue or proceed against the Executive on the basis of, any and
      all past or present causes of action, suits, agreements or other claims which
      the Company or its affiliates have against the Executive upon or by reason
      of
      any matter, cause or thing whatsoever, including, but not limited to, any
      matters arising out of his employment by the Company and the cessation of said
      employment. This release shall not, however, constitute a waiver of any of
      the
      Company's rights under the Employment Agreement. The Company hereby covenants
      that it has not transferred or assigned to any person or entity any of the
      claims that are subject to this release and covenant. 

    

    This
      RELEASE OF CLAIMS AND COVENANT NOT TO SUE is executed by the Company and
      delivered to the Executive on ____________, 200__

    

    

    
      	 	
              MTM
                TECHNOLOGIES, INC.

               

            
	 	
              By:

            	______________________________ 
	 	
               

              Print
                Name:______________________________

               

              Print
                Title:_______________________________

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit B

    

    RELEASE
      AGREEMENT

    

    This
      RELEASE AGREEMENT (the " Agreement
      ")
      is
      made as of ____________,
      20__
      by and
      between MTM Technologies, Inc., a New York corporation (the " Company
      "),
      and
      Francis J. Alfano (the " Executive
      ").
      

    

    Recitals:

    

    A.  The
      Company and the Executive are parties to an Employment Agreement dated June
      __,
      2006 (the " Employment
      Agreement ").
      Capitalized terms that are not otherwise defined herein shall have the meanings
      ascribed to such terms in the Employment Agreement. 

    

    B.  Effective
      as of ____________,
      20__
      (the " Separation
      Date "),
      the
      Executive's employment with the Company was or will be terminated. 

    

    C.  The
      Company is not obligated to pay the Executive any additional compensation or
      benefits other than that which has been earned as of the Executive's Separation
      Date and other than that which is set forth in the Employment Agreement. This
      Agreement is the Release Agreement referenced in the Employment Agreement and
      the payment of the severance benefits set forth in the Employment Agreement
      is
      conditioned upon the execution and delivery by the Executive of this Agreement.
      

    

    Agreement:

    

    NOW,
      THEREFORE, in return for good and valuable consideration and in consideration
      of
      the premises and the mutual promises made hereafter, the Executive and the
      Company agree as follows: 

    

    1.   Employment
      Agreement.
         Subject
      to the terms and conditions of the Employment Agreement; (a) the Company
      agrees to pay the Executive the severance payments and to otherwise comply
      with
      the provisions of the Employment Agreement, as the case may be, and (b) the
      Executive agrees to comply with the restrictive covenants in Section 7 of
      the Employment Agreement and to otherwise comply with the provisions of the
      Employment Agreement. 

    

    2.   Acknowledgment.
         The
      Executive and the Company acknowledge that the amounts to be paid pursuant
      to
      the Employment Agreement are in excess of any earned wages or benefits due
      and
      owing the Executive through his Separation Date. 

    

    3.   Release.    In
      exchange for the good and valuable consideration set forth in Section 1 of
      this Agreement, the Executive, on behalf of himself, his heirs, executors and
      assigns, releases, waives and discharges any and all manner of action, causes
      of
      action, claims, rights, charges, suits, damages, debts, demands, obligations,
      attorneys' fees, or any and all other liabilities or claims of whatsoever
      nature, whether in law or in equity, known or unknown, including, but not
      limited to, any claim and/or claim of damages or other relief for tort, breach
      of contract, personal injury, negligence, age discrimination under The Age
      Discrimination In Employment Act of 1967, any alleged violation of the Civil
      Rights Acts of 1964 and 1991, the 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Equal
      Pay
      Act of 1963, the Rehabilitation Act of 1973, the Older Workers Benefit
      Protection Act of 1990, the Americans with Disabilities Act of 1990, the Family
      and Medical Leave Act of 1993, any employment discrimination prohibited by
      other
      federal, state or local laws, including, but not limited to, sex, race, national
      origin, marital status, age, handicap, height, weight, or religious
      discrimination, and any other claims for unlawful employment practices which
      the
      Executive has claimed or may claim or could claim in any local, state or federal
      forum, against the Company, its shareholders and their respective directors,
      officers, employees, successors and assigns, affiliates and all others, as
      a
      result of the Executive's employment at, and separation of employment from,
      the
      Company; provided
      that ,
      the
      Executive and the Company retain the right to enforce this Agreement and the
      provisions of Section 5(a) of the Employment Agreement. The Executive
      hereby covenants that he has
      not
      transferred or assigned to any person or entity any of the claims that are
      subject to this release and covenant. 

    

    4.   Irrevocable
      Bar.
         The
      parties intend that this Agreement will irrevocably bar any action or claim
      whatsoever by the Executive against the Company for any resultant injuries
      or
      damages, whether known or unknown, sustained or to be sustained, as a result
      of
      any of the Company's acts, omissions and conduct having occurred up to the
      present date, including, but not limited to, the Executive's employment with
      the
      Company and the termination of that employment, other than those concerning
      this
      Agreement and the provisions of Section 5(a) of the Employment Agreement.

    

    5.   Rights
      or Claims Arising After the Date Hereof.
         The
      Executive and the Company understand that the Executive is not waiving rights
      or
      claims that may arise as a result of any act, omission or conduct of the Company
      occurring after the date this Agreement is executed. 

    

    6.   Review
      of Agreement.
         The
      Executive understands and agrees that he has read this Agreement carefully
      and
      understands all of its terms. 

    

    7.   Advice
      to Consult Attorney.
         The
      Executive understands and agrees that he is advised to consult with an attorney
      prior to executing this Agreement. 

    

    8.   Period
      within which to Consider Agreement.
         The
      Executive understands and agrees that he has been given 21 days (or more)
      within which to consider this Agreement. 

    

    9.   Revocation.
         The
      Executive understands and agrees that he may revoke this Agreement for a period
      of seven (7) calendar days following the execution of this Agreement.
      Neither this Agreement nor the Company's obligations under Section 5(a) of
      the Employment Agreement shall be effective until this revocation period has
      expired (at which time such obligations shall be effective, retroactive to
      the
      time contemplated in the Employment Agreement). Without limiting the generality
      of the foregoing, the provisions of Section 7 of the Employment Agreement
      (relative to restrictive covenants) shall not be terminated or otherwise
      affected by any revocation of this Agreement. The Executive understands that
      any
      revocation, to be effective, must be in writing and received, within seven
      (7) days of execution of this Agreement, by the Company at its principal
      executive offices. 

    

    10.   Voluntary
      Action; No Reliance.
         In
      agreeing to sign this Agreement, the Executive is doing so completely
      voluntarily and agrees that he has not relied on any oral statements or
      explanations made by the Company or its representatives. 

    

    11.   Nondisclosure.
         Both
      parties agree not to disclose the terms of this Agreement 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    to
      any
      third party, except as is required by law, or as is necessary for purposes
      of
      securing counsel from either parties' attorneys or accountants. 

    

    12.   No
      Disparaging Statements.
         The
      Executive and the Company agree not to make any disparaging statements about
      the
      other. 

    

    13.   Full
      Accord and Satisfaction.
         This
      Agreement is in full accord and satisfaction and compromise of the claims of
      the
      Executive and the Company and is not to be construed as an admission of
      liability on the part of the Company. 

    

    14.   Miscellaneous.
         The
      headings in this Agreement are inserted for convenience of reference only and
      shall not be a part of or control or affect the meaning of any provision hereof.
      This Agreement maybe executed in counterparts, each of which shall be deemed
      an
      original but all of which together shall constitute one and the same instrument,
      and shall bind and shall inure to the benefit of the parties hereto, and their
      respective successors and assigns. Copies (photostatic, facsimile or otherwise)
      of this Agreement and signatures hereto shall be deemed to be originals and
      may
      be relied on to the same extent as the manually-signed originals. This Agreement
      shall be governed by, and construed in accordance with, the laws of the State
      of
      New York. 

    

    15.   Entire
      Agreement, Modification.
         This
      Agreement contains the entire agreement between the Executive and the Company
      with respect to the subject matter hereof. Any modification of this Agreement
      must be made in writing and signed by the Executive and an officer specifically
      authorized to do so by the Board of Directors of the Company. 

    

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    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
      first written above. 

    

    
      	
              Witness:

               

            	 	 
	________________________________ 	________________________________ 
	 	Francis
              J. Alfano
	 	 	 
	 	
              MTM
                TECHNOLOGIES, INC.

               

            
	 	
              By:

            	________________________________ 
	 	
               

              Print
                Name:________________________________

               

              Print
                Title:_________________________________

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      C

    

    MTM
      TECHNOLOGIES, INC.

    2004
      EQUITY INCENTIVE PLAN

    

    STOCK
      OPTION AWARD AGREEMENT

    

    MTM
      Technologies, Inc., a New York corporation formerly known as
      Micros-to-Mainframes, Inc. (the "Company"), pursuant to the
      Micros-to-Mainframes, Inc. 2004 Equity Incentive Plan (the "Plan"), has granted
      to Francis J. Alfano (the "Optionee") a stock option (the "Option") to purchase
      a total of 200,000 shares (the "Shares") of the common stock, par value $.01
      per
      share (the "Common Stock"), of the Company, at the exercise price of $[●] per
      Share (the "Exercise Price"), on the terms and conditions set forth herein
      and,
      in all respects, subject to the terms and conditions of the Plan. The date
      of
      grant of the Option is June 28, 2006 (the "Date of Grant"). The Option is
      intended to be an incentive stock option ("ISO") within the meaning of Section
      422 of the Internal Revenue Code of 1986, as amended (the "Code"); provided,
      however, to the extent that the aggregate fair market value of the Common Stock
      with respect to which ISO's are exercisable for the first time by Optionee
      during any calendar year under all plans of the Company and its Parent and
      all
      subsidiaries exceed $100,000, only that portion of the Option in excess of
      such
      $100,000 limitation shall be treated as an option that does not qualify as
      an
      ISO under the Code. Unless otherwise defined herein, capitalized terms defined
      in the Plan shall have the same defined meanings herein.

    

    1. 
      Duration.

    

    Subject
      to the earlier termination as provided herein or under the Plan, the Option
      shall expire at the close of business on June 28, 2016 (the “Termination
      Date”).

    

    2. 
      Written Notice of Exercise.

    

    The
      Option may be exercised only by delivery to the General Counsel or Secretary
      of
      the Company, the Company’s principal executive offices, of a written notice of
      exercise substantially in the form described in section 8 hereof.

    

    3. 
      Anti-Dilution Provisions.

    

    (a) 
      If there is any stock dividend, stock split, or combination of shares of Common
      Stock, the number and amount of Shares then subject to the Option shall be
      proportionately and appropriately adjusted as determined by the Committee,
      whose
      determination shall be final, conclusive and binding upon Optionee and the
      Company.

    

    (b)
       If there is any other change in the Common Stock, including a
      recapitalization, reorganization, sale or exchange of assets, exchange of
      shares, offering of subscription rights, or a merger or consolidation, whether
      or not the Company is the surviving corporation, an adjustment, if any, shall
      be
      made in the Shares then subject to the Option as the Board or Committee may
      deem
      equitable, and whose determination shall be final, conclusive and binding upon
      Optionee and the Company. Failure of the Board or the Committee to provide
      for
      an adjustment pursuant to this subparagraph prior to the effective date of
      any
      Company action referred to herein shall be conclusive evidence that no
      adjustment is required in consequence of such action.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) 
      If the Company is merged into or consolidated with any other corporation and
      the
      Company is not the surviving corporation, or if it sells all or substantially
      all of its assets to any other corporation, then either (i) the Company shall
      cause provisions to be made for the continuance of the Option after such event,
      or for the substitution for the Option of an option covering the number and
      class of securities which the Optionee would have been entitled to receive
      in
      such merger or consolidation by virtue of such sale if the Optionee has been
      the
      holder of record of a number of shares of Common Stock equal to the number
      of
      Shares covered by the unexercised portion of the Option, or (ii) the Company
      shall give to Optionee written notice of its election not to cause such
      provision to be made and the Option shall become exercisable in full (or, a
      the
      election of the Optionee, in part) at any time during a period of forty-five
      (45) days, to be designated by the Company, ending not more than ten (10) days
      prior to the effective date of the merger, consolidation or sale, in which
      case
      the Option shall not be exercisable to any extent after the expiration of such
      forty-five (45) day period. In no event, however, shall the Option be
      exercisable after the Termination Date.

    

    4. 
      Investment Representation and Legend Certificates.

    

    Optionee
      acknowledges and agrees that, for any period in which a registration statement
      with respect to the Option and/or Shares under the Securities Act, is not
      effective, Optionee shall hold the Option and will purchase and/or own the
      Shares for investment and not for resale or distribution. The Company shall
      have
      the right to place upon the face and/or reverse side of any stock certificate
      or
      certificates evidencing the Shares such legend as the Committee may prescribe
      for the purpose of preventing disposition of such Shares in violation of the
      Securities Act.

    

    5. 
      Non-Transferability.

    

    The
      Option shall not be transferable by Optionee other than by will or by the laws
      of descent or distribution, and is exercisable during the lifetime of Optionee
      only by Optionee. The terms of this agreement shall be binding upon the
      executors, administrators, heirs, successors and assigns of
      Optionee.

    

    6. 
      Certain Rights Not Conferred by Option.

    

    Optionee
      shall not, by virtue of holding the Option, be entitled to any rights of a
      shareholder in the Company.

    

    7. 
      Expenses.

    

    The
      Company shall pay all original issue and transfer taxes with respect to the
      issuance of the Shares pursuant hereto and all other fees and expenses
      necessarily incurred by the Company in connection therewith.

    

    8. 
      Exercise of Options.

    

    (a) 
      The Option shall become exercisable as follows:

    (i) 
      On the first anniversary of the Date of Grant, the Option shall become
      exercisable to the extent of 50,000
      Shares;

    (ii)
      On
      the second anniversary of the Date of Grant, the Option shall become exercisable
      to the extent of 50,000 Shares (in addition to any Shares made exercisable
      pursuant to subparagraph (a)(i) of this section 8);

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (iii) 
      On the third anniversary of the Date of Grant, the Option shall become
      exercisable to the extent of 50,000 Shares (in addition to any Shares made
      exercisable pursuant to subparagraphs (a)(i) and a(ii) of this Section 8);
      and

    (iv) 
      On the fourth anniversary of the Date of Grant, the Option shall become
      exercisable to the extent of 50,000 Shares (in addition to any Shares made
      exercisable pursuant to subparagraphs (a)(i), (a)(ii) and (a)(iii) of this
      section 8).

    

    (b) 
      Notwithstanding the exercisability schedule set forth in paragraph (a) of this
      section 8, the Option shall become fully exercisable, and shall remain
      exercisable up to and including the Termination Date in the event of either
      (i)
      the termination of Optionee’s employment by the Company for any reason other
      than termination by the Company for “cause” or (ii) termination of Optionee’s
      employment by Optionee for “good reason” as such terms are defined in the
      Employment Agreement, dated June 28, 2006 (the “Employment Agreement”), between
      the Company and Optionee, as in effect on the Date of Grant without giving
      effect to any termination, amendment or modification of the Employment Agreement
      after the Date of Grant that may affect the definitions of “cause” and/or “good
      reason” contained in the Employment Agreement. If, as a result of such a
      termination of employment event and to the extent applicable under the Code,
      the
      Option no longer qualifies as an ISO, the Option (or such applicable portion)
      shall be treated as an option that does not qualify as an ISO under the
      Code.

    

    (c) 
      The Option shall be exercisable, in whole or part and from time to time, by
      written notice of such exercise, delivered to the General Counsel or Secretary
      of the Company, at the Company's principal office by personal delivery, against
      written receipt therefor, or by pre-paid, certified or registered mail, return
      receipt requested. Such notice shall specify the number of Shares for which
      the
      Option is being exercised (which number, if less than all of the Shares then
      subject to exercise, shall be fifty (50) or an integral multiple thereof) and
      shall be accompanied by payment of the full exercise price for the Shares for
      which the Option is being exercised.

    

    (d) 
      The form of payment of the Exercise Price for Shares purchased pursuant to
      the
      Option shall consist of (i) cash, (ii) check (subject to collection), (iii)
      by
      any of the methods enumerated in paragraphs (a), (b), (d) and/or (e) of section
      10.1 of the Plan or (iv) any combination of such methods of
      payment.

    

    (e) 
      No Shares shall be delivered upon exercise of the Option until all laws, rules
      and regulations which the Committee may deem applicable have been complied
      with.
      If a registration statement under the Securities Act is not then in effect
      with
      respect to the shares issuable upon such exercise, the Company may require
      as a
      condition precedent that Optionee, upon exercising the Option, deliver to the
      Company a written representation and undertaking, satisfactory in form and
      substance to the Committee, that, among other things, Optionee is acquiring
      the
      shares for her own account for investment and not with a view to the
      distribution thereof.

    

    (f) 
      Optionee shall not be considered a record holder of the Shares so purchased
      for
      any purpose until the date on which Optionee is actually recorded as the holder
      of such Shares in the records of the Company.

    

    (g) 
      In the event of (x) Optionee's termination for “cause” (as defined in the
      Employment Agreement as in effect on the Date of Grant without giving effect
      to
      any termination, amendment or modification of the Employment Agreement after
      the
      Date of Grant that may affect the definition of “cause” contained in the
      Employment Agreement), (y) Optionee's voluntary termination of Optionee's
      employment with the Company other than for “good reason” (as 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    defined
      in the Employment Agreement as in effect on the Date of Grant without giving
      effect to any termination, amendment or modification of the Employment Agreement
      after the Date of Grant that may affect the definition of “good reason”
contained in the Employment Agreement), or (z) Optionee's death or Disability,
      the exercisability of the Option shall be subject to the provisions of section
      5.7 of the Plan.

    

    9. 
      Acceptance of the Terms and Conditions of the Plan.

     

    The
      acceptance by Optionee of this Stock Option Award Agreement and the Option
      shall
      constitute the acceptance of and agreement to all of the terms and conditions
      contained herein and in the Plan.

    

    10. 
      Continued Employment.

    

    Nothing
      herein shall be deemed to create any employment or guaranty of continued
      employment or limit in any way the Company's right to terminate Optionee's
      employment at any time.

    

    11. 
      Early Disposition of Stock.

    

    Optionee
      understands that if Optionee disposes of any Shares received under the Option
      within two years after the Date of Grant or within one year after such Shares
      were transferred to Optionee, Optionee may be treated for federal and state
      income tax purposes as having received ordinary income at the time of such
      disposition as determined in accordance with the Code and applicable state
      law.
      Optionee hereby agrees to notify the Company in writing within thirty days
      after
      the date of any such disposition. Optionee authorizes the Company to withhold
      tax from Optionee's current compensation with respect to any income recognized
      as a result of any such disposition.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                MTM
                  TECHNOLOGIES, INC.

                 

                 

              
	 	
                By:

              	
                 

              
	 	
                Name:  
                  John F. Kohler

                Title:    
                  SVP & General Counsel

              

      

       

    

    OPTIONEE
      ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS STOCK OPTION AWARD AGREEMENT,
      NOR
      IN THE PLAN WHICH IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON
      OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT BY THE COMPANY,
      NOR SHALL IT INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT
      TO TERMINATE EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.

    

    Optionee
      acknowledges receipt of a copy of the Plan and certain information related
      thereto and represents that Optionee is familiar with the terms and provisions
      thereof, and hereby accepts the Option subject to all of the terms and
      provisions thereof. Optionee has reviewed the Plan and this agreement in their
      entirety, has had an opportunity to obtain the advice of counsel prior to
      executing this agreement and fully understands all of the terms and provisions
      of the Option and this agreement. Optionee hereby agrees to accept as binding,
      conclusive and final all decisions or interpretations of the Committee upon
      any
      questions rising under the Plan. Optionee further agrees to notify the Company
      upon any change in the residence address indicated below.

    

    Accepted
      and agreed

    as
      of the
      Date of Grant:

     

    

    
      	
              By:

            	 	 
	
               

              Name:

            	
               

              Francis
                J. Alfano

            	 
	
               

              Address:

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