Document:

Exhibit 10.3
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             J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.,

                                    PURCHASER

                         NOMURA CREDIT & CAPITAL, INC.,

                                     SELLER

                        MORTGAGE LOAN PURCHASE AGREEMENT

                          Dated as of September 1, 2006

                            Fixed Rate Mortgage Loans

                                Series 2006-LDP8

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           This Mortgage Loan Purchase Agreement (this "Agreement"), dated as of
September 1, 2006, is between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as purchaser (the "Purchaser"), and Nomura Credit & Capital, Inc., as
seller (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 September 1, 2006 (the "Pooling and Servicing Agreement") among the
Purchaser, as depositor (the "Depositor"), Wells Fargo Bank N.A. and Midland
Loan Services, Inc., as master servicers (each, a "Master Servicer"), J.E.
Robert Company, Inc., as special servicer (the "Special Servicer"), and LaSalle
Bank National Association, as trustee (the "Trustee"), 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
(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 the Closing Date
between the applicable Master Servicer and the Seller) all of its right, title,
and interest in and to the Mortgage Loans including all interest and principal
received on or with respect to the Mortgage Loans after the Cut-off Date (other
than payments of principal and interest first due on the Mortgage Loans on or
before the Cut-off Date). Upon the sale of the Mortgage Loans, the ownership of
each related Mortgage Note, the Mortgage and the other contents of the related
Mortgage File will be vested in the Purchaser and immediately thereafter the
Trustee and the ownership of records and documents with respect to the related
Mortgage Loan prepared by or which come into the possession of the Seller (other
than the records and documents described in the proviso to Section 3(a) hereof)
shall immediately vest in the Purchaser and immediately thereafter the Trustee.
The Seller's records will accurately reflect the sale of each Mortgage Loan to
the Purchaser. The Depositor will sell the Class A-1, Class A-2, Class A-3A,
Class A-3FL, Class A-3B, Class A-4, Class A-SB, Class A-1A, Class X, Class A-M,
Class A-J, Class B, Class C and Class D Certificates (the "Offered
Certificates") to the underwriters (the "Underwriters") specified in the
underwriting agreement dated September 22, 2006 (the "Underwriting Agreement")
between the Depositor and J.P. Morgan Securities Inc. ("JPMSI") for itself and
as representative of the several underwriters identified therein, 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, the initial purchaser (together with the Underwriters,
the "Dealers") specified in the certificate purchase agreement dated September
22, 2006 (the "Certificate Purchase Agreement"), between the Depositor and JPMSI
for itself and as representative of the initial purchasers identified therein.

           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 in immediately available funds the sum of $378,490,058.59
(which amount is inclusive of accrued interest and exclusive of the Seller's pro
rata share of 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 applicable Master Servicer. 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 a 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
2.01(c) of the Pooling and Servicing Agreement, and meeting all the requirements
of such Sections 2.01(b) and 2.01(c), and such other documents, instruments and
agreements as the Purchaser or the Trustee shall reasonably request. In
addition, the Seller agrees to deliver or cause to be delivered to the
applicable 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, or any attorney client communications
which are privileged communications or constitute legal or other due diligence
analyses, or internal communications of the Seller or its affiliates, or credit
underwriting or other 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 Trustee 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 applicable 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
applicable Master Servicer shall give the Seller notice of such failure and the
amount of such Transfer Modification costs 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 applicable Master Servicer, in order to assist and facilitate
in the transfer of the servicing of the Mortgage Loans to the applicable Master
Servicer, including effectuating the transfer of any letters of credit with
respect to any Mortgage Loan to the Trustee (in care of the applicable Master
Servicer) for the benefit of Certificateholders. Prior to the date that a letter
of credit, if any, with respect to any Mortgage Loan is transferred to the
Trustee (in care of the applicable Master Servicer), the Seller will cooperate
with the reasonable requests of the applicable 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;

           (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 Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect to
any information relating to the Mortgage Loans or the Seller, in order to make
the statements therein, in the light of the circumstances when the Prospectus
Supplement is delivered to a purchaser, not misleading, or if it is necessary to
amend or supplement the Prospectus Supplement, including Annexes A-1, A-2, A-3
and B thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the Seller, to comply with
applicable law, the Seller shall do all things necessary to assist the Depositor
to prepare and furnish, at the expense of the Seller (to the extent that such
amendment or supplement relates to the Seller, the Mortgage Loans listed on
Exhibit A and/or any information relating to the same, as provided by the
Seller), to the Underwriters such amendments or supplements to the Prospectus
Supplement as may be necessary, so that the statements in the Prospectus
Supplement as so amended or supplemented, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will not, in the light of the
circumstances when the Prospectus is so amended or supplemented, be misleading
or so that the Prospectus Supplement, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will comply with applicable law.
All terms used in this clause (c) and not otherwise defined herein shall have
the meaning set forth in the Indemnification Agreement, dated as of September
22, 2006 between the Purchaser and the Seller (the "Indemnification Agreement");
and

           (d) 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 related to a Serviced Whole Loan or any
Serviced Securitized Companion Loan that is deposited into an Other
Securitization or a Regulation AB Companion Loan Securitization, the depositor
in such Other Securitization or Regulation AB Companion Loan Securitization) and
the Trustee with any Additional Form 10-D Disclosure and any Additional Form
10-K Disclosure set forth next to the Purchaser's name on Exhibit X and Exhibit
Y of the Pooling and Servicing Agreement within the time periods set forth in
the Pooling and Servicing 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 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 legally authorized 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 have 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 as contemplated herein,
        (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 do
        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 or their respective affiliates or any servicer
        of a Mortgage Loan) 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 (except with respect to any servicer of a
        Mortgage Loan, any commission or compensation that may be due and
        payable to such servicer if such servicer is terminated and does not
        continue to act as a servicer); and

                 (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.

           (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 or agreement 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 or agreement;

                 (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 any 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 purchase and 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 if 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, any Master Servicer, the
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 any Mortgage
Loan, the value of 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 applicable Master Servicer for deposit into the Certificate
Account, any Substitution Shortfall Amount (as defined below) in connection
therewith; provided, however, that except with respect to a Defect resulting
solely from the failure by the Seller to deliver to the Trustee or Custodian the
actual policy of lender's title insurance required pursuant to clause (ix) of
the definition of Mortgage File by a date not later than 18 months following the
Closing Date, if such Breach or Defect is capable of being cured but is not
cured 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 Rating Agencies, the applicable Master Servicer, the Special Servicer, the
Trustee and the Directing Certificateholder 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 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 applicable 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. Notwithstanding the foregoing, the sole remedy
with respect to any breach of the representation set forth in the second to last
sentence of clause (32) of Exhibit B hereto shall be payment by the Seller of
such costs and expenses without respect to the materiality of such breach.

           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 or a commitment to issue the same pursuant to written escrow instructions
signed by the title insurance company) 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
the Defects previously described in clauses (a) through (f)) shall be considered
to materially and adversely affect the value of any Mortgage Loan, the value of
the related Mortgaged Property or the interests of the Trustee or any
Certificateholder therein 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 its Custodian within 18 months after 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 the Mortgage Loan affected by the applicable Defect or
Breach and the Qualified Substitute Mortgage Loan, if any, satisfy all other
criteria for repurchase or substitution, as applicable, 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 by the applicable Master Servicer 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).

           To the extent that the Seller is required to repurchase or substitute
for a Crossed Loan hereunder in the manner prescribed above while the Trustee
continues to hold any other Crossed Loans in such Crossed Group, neither the
Seller nor the Trustee shall enforce any remedies against the other's Primary
Collateral, but each is permitted to exercise remedies against the Primary
Collateral securing its respective Crossed Loans, including with respect to the
Trustee, the Primary Collateral securing Crossed Loans still held by the
Trustee.

           If the exercise of remedies by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then the Seller and
the Trustee shall forbear from exercising such remedies until the Mortgage Loan
documents evidencing and securing the relevant Crossed Loans can be modified in
a manner that removes the threat of material impairment as a result of the
exercise of remedies or some other accommodation can be reached. Any reserve or
other cash collateral or letters of credit securing the Crossed Loans shall be
allocated between such Crossed Loans in accordance with the Mortgage Loan
documents, or otherwise on a pro rata basis based upon their outstanding Stated
Principal Balances. Notwithstanding the foregoing, if a Crossed Loan that
remains in the Trust Fund is modified to terminate the related cross
collateralization and/or cross default provisions, as a condition to such
modification, the Seller shall furnish to the Trustee an Opinion of Counsel that
any modification shall not cause an Adverse REMIC Event. Any expenses incurred
by the Purchaser in connection with such modification or accommodation
(including but not limited to recoverable attorney fees) shall be paid by the
Seller.

           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, 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 (including
the Servicing File) 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 for
the affected Mortgage Loan pursuant to Section 6(e) herein shall constitute the
sole remedy available to the Purchaser in connection with a Breach or Defect
(subject to the last sentence of the second paragraph of Section 6(e)). It is
acknowledged and agreed that the representations and warranties are being made
for risk allocation purposes only; 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 Secretary or Assistant
        Secretary of the Seller;

                 (ii) an original or copy of a certificate of good standing of
        the Seller issued by the Secretary of the State of Delaware dated not
        earlier than sixty days prior to the Closing Date;

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

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

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

                      (C) all necessary 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 articles of association 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 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 (without duplication thereof), but not limited to: (i) the
costs and expenses of the Purchaser in connection with the purchase of the
Mortgage Loans and other mortgage loans; (ii) the costs and expenses of
reproducing and delivering the Pooling and Servicing 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, other mortgage loans and the Certificates
included in the Prospectus, 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, Prospectus and Memoranda, and the reproduction and
delivery of this Agreement and the furnishing to the Underwriters of such copies
of the Registration Statement, Prospectus, Memoranda 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 and that the rights so assigned may be further assigned to, and shall
inure to the benefit of, any successor trustee under the Pooling and Servicing
Agreement. The Seller hereby acknowledges its obligations (subject to the
provisions hereof), including that of expense reimbursement, pursuant to
Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement. Except as
set forth hereinabove and in Sections 2.01, 2.02 and 2.03 of the Pooling and
Servicing Agreement, the representations and warranties of the Seller made
hereunder and the remedies provided hereunder with respect to Breaches or
Defects may not be further assigned by the Purchaser, the Trustee or any
successor trustee. No owner of a Certificate issued pursuant to the Pooling and
Servicing Agreement shall be deemed a successor or permitted assign because of
such ownership. 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, fax number (212) 834-6593 with a copy to Bianca Russo, fax number
(212) 834-6593, (ii) in the case of the Seller, Nomura Credit & Capital, Inc., 2
World Financial Center, Building B, New York, New York 10281-1198, Attention: N.
Dante LaRocca, fax number: (646) 587-9804 and (iii) in the case of any of the
preceding parties, such other address or fax number as may hereafter be
furnished to the other party in writing by such party.

           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. Except as set forth in Section 6
herein, 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., as
                                            Purchaser

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

                                        NOMURA CREDIT & CAPITAL, INC., as Seller

                                        By:  /s/ N. Dante LaRocca
                                            ------------------------------------
                                            Name: N. Dante LaRocca
                                            Title: Managing Director

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>
Loan #    Mortgagor Name
-------   -------------------------------------------------------------------------------
<S>       <C>
4         Maguire Properties- 555 W. Fifth, LLC, Maguire Properties- 350 S. Figueroa, LLC
26*
26        Sun Villa MHC LLC
27        Sun Countryside Lake Lanier, LLC
28        Sun Countryside Atlanta, LLC
38        Inland Western Tampa Walters, L.L.C.
55        RIF I - Walnut, LLC, Rexford Business Center - Fullerton, LLC
65        Inland Western Burleson South Towne Limited Partnership
79        Maple Tower Fashion Mart, LLC
80        JMF Sedona I LLC, JMF Sedona II LLC
83        Madison Sqaure Hotel, L.L.C.
90        Holly Hill Village Resort LLC
93        Park at Summerhill LLC
104       OS Properties, L.P.
104.01
104.02
104.03
104.04
105       Hillside-Clearwater, Inc.
109       120-124 Enterprise Avenue, L.L.C.
130       Mobile Estates Investment Partners
153       DCL-Ken Caryl, LLC
156       Bholenath, Inc.
158       Haddam Self-Storage, LLC
160       CSH Davenport Partnership
161       Lancaster Lido MHP LLC
162       CSH Avon Park Partnership
163       CSH B&B Partnership

<CAPTION>
Loan #    Property Address                     City               State     Zip Code   County
-------   ----------------------------------   ----------------   -------   --------   ------------
<S>       <C>                                  <C>                <C>       <C>        <C>
4         555 West Fifth Street                Los Angeles        CA           90013   Los Angeles
26*       Various                              Various            Various    Various   Various
26        91 Cabernet Parkway                  Reno               NV           89512   Washoe
27        4802 Friendship Road                 Buford             GA           30518   Hall
28        10 Sweetwater Way                    Lawrenceville      GA           30044   Gwinnett
38        1518-1580 North Dale Mabry Highway   Tampa              FL           33607   Hillsborough
55        2300-2386 East Walnut Avenue         Fullerton          CA           92831   Orange
65        140 Northwest John Jones Drive       Burleson           TX           76028   Johnson
79        1216-1224 Maple Avenue               Los Angeles        CA           90015   Los Angeles
80        5717 Laurel Canyon Boulevard         Valley Village     CA           91607   Los Angeles
83        5903 University Drive North West     Huntsville         AL           35806   Madison
90        39610 U.S. Highway 27                Davenport          FL           33837   Polk
93        5201 Summerhill Road                 Texarkana          TX           75503   Bowie
104       Various                              Apache Junction    AZ         Various   Pinal
104.01    1371 East 4th Avenue                 Apache Junction    AZ           85219   Pinal
104.02    1804 West Tepee Street               Apache Junction    AZ           85220   Pinal
104.03    1280 North Ironwood Drive            Apache Junction    AZ           85220   Pinal
104.04    1700 West Shiprock Street            Apache Junction    AZ           85220   Pinal
105       3301 58th Avenue North               Saint Petersburg   FL           33714   Pinellas
109       120-124 Enterprise Avenue            Secaucus           NJ           07094   Hudson
130       828 Inverness Drive                  Peoria             IL           61615   Peoria
153       12652 West Ken Caryl Avenue          Littleton          CO           80127   Jefferson
156       2351 West Roosevelt Boulevard        Monroe             NC           28110   Union
158       88 Bridge Road                       Haddam             CT           06438   Middlesex
160       2323 Holly Hill Tank Road            Davenport          FL           33837   Polk
161       45125 30th Street East               Lancaster          CA           93535   Los Angeles
162       1866 South Wilburn Drive             Avon Park          FL           33825   Highlands
163       735 Creative Drive                   Lakeland           FL           33813   Polk

<CAPTION>
Loan #    Property Name                               Size       Measure       Interest Rate (%)
-------   -----------------------------------------   --------   -----------   -----------------
<S>       <C>                                         <C>        <C>           <C>
4         Gas Company Tower                            1313409   Square Feet             5.10200
26*       Sun Community Portfolio                         1143   Pads                    6.15900
26        Sun Villa Estates                                324   Pads                    6.15900
27        Countryside of Lake Lanier                       548   Pads                    6.15900
28        Countryside Atlanta                              271   Pads                    6.15900
38        Walter's Crossing                             119412   Square Feet             4.91600
55        Rexford Business Center                       161167   Square Feet             6.23000
65        South Towne Crossing                           49896   Square Feet             5.52100
79        Maple Tower Fashion Mart                      149505   Square Feet             5.91000
80        Sedona on Laurel Apartments                       54   Units                   6.18000
83        Holiday Inn - Research Park                      200   Rooms                   6.01000
90        Village of La Casa del Sol                       309   Pads                    6.45000
93        Park at Summerhill Apartments                    184   Units                   6.01000
104       Apache Junction Pool                             507   Pads                    6.30000
104.01    Superstition Lookout                             188   Pads                    6.30000
104.02    Sierra Leone MHC                                  94   Pads                    6.30000
104.03    Ironwood MH & RV                                 105   Pads                    6.30000
104.04    Shiprock RV Resort                               120   Pads                    6.30000
105       Palm Haven                                       271   Pads                    6.15000
109       120-124 Enterprise Avenue                      89019   Square Feet             6.13000
130       Royal Highlander MHC                             280   Pads                    6.29000
153       Ken Caryl Retail Center                        10000   Square Feet             6.21000
156       Quality Inn and Suites                            65   Rooms                   6.61000
158       Haddam Self Storage                              345   Units                   6.65000
160       CSH 1st Security Storage Davenport               592   Units                   6.58000
161       Lido MHP                                          55   Pads                    6.30000
162       CSH - 1st Security Self storage Avon Park        486   Units                   6.58000
163       CSH B & B Stor With Us                           208   Units                   6.58000

<CAPTION>
Loan #    Net Mortgage Interest Rate   Original Balance   Cutoff Balance   Term   Rem. Term
-------   --------------------------   ----------------   --------------   ----   ---------
<S>       <C>                          <C>                <C>              <C>    <C>
4                            5.08140        229,000,000      229,000,000    120         119
26*                          6.13840         48,100,000       48,100,000    120         119
26                           6.13840         18,300,000       18,300,000    120         119
27                           6.13840         16,850,000       16,850,000    120         119
28                           6.13840         12,950,000       12,950,000    120         119
38                           4.89540         20,626,400       20,626,400     84          83
55                           6.20940         11,350,000       11,350,000     84          84
65                           5.50040          8,818,047        8,818,047     60          60
79                           5.88940          7,000,000        7,000,000    120         120
80                           6.11940          6,972,000        6,972,000    120         120
83                           5.98940          6,500,000        6,487,034    120         119
90                           6.42940          6,000,000        6,000,000    120         120
93                           5.98940          5,780,000        5,780,000     84          84
104                          6.27940          5,200,000        5,196,023     84          83
104.01                       6.27940          1,560,000        1,558,807     84          83
104.02                       6.27940          1,508,000        1,506,847     84          83
104.03                       6.27940          1,196,000        1,195,085     84          83
104.04                       6.27940            936,000          935,284     84          83
105                          6.12940          5,155,000        5,155,000     60          60
109                          6.10940          5,000,000        5,000,000    120         119
130                          6.26940          4,000,000        4,000,000     60          60
153                          6.18940          2,427,000        2,427,000    120         120
156                          6.51940          1,950,000        1,950,000    120         120
158                          6.62940          1,600,000        1,598,891    120         119
160                          6.55940          1,200,000        1,200,000    120         120
161                          6.27940          1,000,000        1,000,000    120         120
162                          6.55940            995,000          995,000    120         120
163                          6.55940            890,000          890,000    120         120

<CAPTION>
Loan #    Maturity/ARD Date   Amort. Term   Rem. Amort.   Monthly Debt Service  Servicing Fee Rate
-------   -----------------   -----------   -----------   -------------------   ------------------
<S>       <C>                 <C>           <C>           <C>                   <C>
4         08/11/16                      0             0               987,154              0.02000
26*       08/06/16                      0             0               250,302              0.02000
26        08/06/16                      0             0                95,229              0.02000
27        08/06/16                      0             0                87,684              0.02000
28        08/06/16                      0             0                67,389              0.02000
38        08/11/13                      0             0                84,499              0.02000
55        09/01/13                      0             0                59,744              0.02000
65        09/11/11                      0             0                40,570              0.02000
79        09/01/16                      0             0                34,954              0.02000
80        09/06/16                      0             0                36,404              0.01000
83        08/11/16                    240           239                46,606              0.02000
90        09/11/16                    360           360                37,727              0.02000
93        09/11/13                    360           360                34,691              0.02000
104       08/11/13                    360           359                32,187              0.02000
104.01    08/11/13                    360           359                                    0.02000
104.02    08/11/13                    360           359                                    0.02000
104.03    08/11/13                    360           359                                    0.02000
104.04    08/11/13                    360           359                                    0.02000
105       09/11/11                    360           360                31,406              0.02000
109       08/11/16                    360           360                30,397              0.02000
130       09/11/11                    360           360                24,733              0.02000
153       09/11/16                    360           360                14,880              0.02000
156       09/01/16                    300           300                13,301              0.01000
158       08/11/16                    360           359                10,271              0.02000
160       09/11/16                    360           360                 7,648              0.02000
161       09/11/16                    360           360                 6,190              0.02000
162       09/11/16                    360           360                 6,342              0.02000
163       09/11/16                    360           360                 5,672              0.02000

<CAPTION>
Loan #    Accrual Type   ARD (Y/N)   ARD Step Up (%)   Title Type   Crossed Loan   Originator/Loan Seller
-------   ------------   ---------   ---------------   ----------   ------------   ----------------------
<S>       <C>            <C>         <C>               <C>          <C>            <C>
4         Actual/360     No                            Fee                         NCCI
26*       Actual/360     No                            Fee                         NCCI
26        Actual/360     No                            Fee          01/02/00       NCCI
27        Actual/360     No                            Fee          01/02/00       NCCI
28        Actual/360     No                            Fee          01/02/00       NCCI
38        30/360         No                            Fee                         NCCI
55        Actual/360     No                            Fee                         NCCI
65        30/360         No                            Fee                         NCCI
79        Actual/360     No                            Fee                         NCCI
80        Actual/360     No                            Fee                         NCCI
83        Actual/360     No                            Fee                         NCCI
90        Actual/360     No                            Fee                         NCCI
93        Actual/360     No                            Fee                         NCCI
104       Actual/360     No                            Fee                         NCCI
104.01                   No                            Fee                         NCCI
104.02                   No                            Fee                         NCCI
104.03                   No                            Fee                         NCCI
104.04                   No                            Fee                         NCCI
105       Actual/360     No                            Fee                         NCCI
109       Actual/360     No                            Fee                         NCCI
130       Actual/360     No                            Fee                         NCCI
153       Actual/360     No                            Fee                         NCCI
156       Actual/360     No                            Fee                         NCCI
158       Actual/360     No                            Fee                         NCCI
160       Actual/360     No                            Fee                         NCCI
161       Actual/360     No                            Fee                         NCCI
162       Actual/360     No                            Fee                         NCCI
163       Actual/360     No                            Fee                         NCCI

<CAPTION>
Loan #    Guarantor
-------   ----------------------------------------------------------------------------------------------
<S>       <C>
4         Maguire Properties, L.P.
26*       Sun Communities Operating Limited Partnership
26        Sun Communities Operating Limited Partnership
27        Sun Communities Operating Limited Partnership
28        Sun Communities Operating Limited Partnership
38        Inland Western Tampa Walters, L.L.C., Inland Western Retail Real Estate Trust, Inc.
55        Rexford Industrial Fund I, LLC
65        Inland Western Retail Real Estate Trust, Inc.
79        Siavash Showghi, Mehrzad Naim, Behzad Naim
80        Jeffrey M. Fish
83        Douglas L. Owings
90        Lewis B. Jones, Russell C. Schnell
93        David C. Lindahl
104       Scott M. LaRose & Olaf Isachsen
104.01
104.02
104.03
104.04
105       Adam E. McGavin, Austin W. McGavin, Joseph D. McGavin
109       Hartz Financial Corp.
130       Charles R. Catalano
153       David B. Geist
156       Dinesh A. Patel, Dinesh B. Patel
158       Mark W. Epright, Matthew W. Epright, Randall W. Epright, Michael W. Epright, Brenda L. Marinan
160       John I. Sutmire, Philip Simolari
161       Keith Metter
162       John I. Sutmire, Philip Simolari
163       John I. Sutmire, Janet D. Sutmire, Vivian L. Roy, Nicholas R. Mabry

<CAPTION>
Loan #    Letter of Credit   Upfront CapEx Reserve   Upfront Eng. Reserve   Upfront Envir. Reserve
-------   ----------------   ---------------------   --------------------   ----------------------
<S>       <C>                <C>                     <C>                    <C>
4         No                                  0.00              35,500.00                 3,750.00
26*       No                                  0.00                   0.00                     0.00
26        No                                  0.00                   0.00                     0.00
27        No                                  0.00                   0.00                     0.00
28        No                                  0.00                   0.00                     0.00
38        No                                  0.00                   0.00                     0.00
55        No                                  0.00                   0.00                     0.00
65        No                                  0.00                   0.00                     0.00
79        No                                  0.00              22,093.75                     0.00
80        No                                  0.00               2,000.00                     0.00
83        No                                  0.00                   0.00                     0.00
90        No                                  0.00                   0.00                     0.00
93        No                                  0.00             164,674.00                     0.00
104       No                                  0.00                   0.00                     0.00
104.01    No
104.02    No
104.03    No
104.04    No
105       No                                  0.00                   0.00                     0.00
109       No                                  0.00              25,938.00                     0.00
130       No                                  0.00                   0.00                     0.00
153       No                                  0.00                   0.00                     0.00
156       No                                  0.00              10,875.00                     0.00
158       No                                  0.00               1,250.00                     0.00
160       No                                  0.00              10,000.00                     0.00
161       No                                  0.00               3,750.00                     0.00
162       No                                  0.00                   0.00                     0.00
163       No                                  0.00                   0.00                     0.00

<CAPTION>
Loan #    Upfront TI/LC Reserve   Upfront RE Tax Reserve   Upfront Ins. Reserve   Upfront Other Reserve
-------   ---------------------   ----------------------   --------------------   ---------------------
<S>       <C>                     <C>                      <C>                    <C>
4                  4,500,000.00             2,029,336.48             288,259.50                    0.00
26*                        0.00               174,054.54                   0.00                    0.00
26                         0.00                40,630.47                   0.00                    0.00
27                         0.00                56,097.41                   0.00                    0.00
28                         0.00                77,326.66                   0.00                    0.00
38                         0.00                     0.00                   0.00                    0.00
55                         0.00                81,652.02              14,906.25                    0.00
65                         0.00                     0.00                   0.00                    0.00
79                         0.00                     0.00                   0.00                    0.00
80                         0.00                55,187.66              12,018.42               13,687.50
83                         0.00                     0.00                   0.00              900,000.00
90                         0.00                41,046.86               7,271.54              200,000.00
93                         0.00                60,185.54               4,772.15                    0.00
104                        0.00                24,529.41               9,330.35               32,857.14
104.01
104.02
104.03
104.04
105                        0.00                88,091.09              17,312.36                3,482.50
109                        0.00                     0.00                   0.00                    0.00
130                        0.00                 6,943.00                   0.00                    0.00
153                        0.00                22,132.63               4,302.75                    0.00
156                        0.00                12,467.36               2,509.00                    0.00
158                        0.00                 4,583.17               4,038.00                    0.00
160                        0.00                15,369.76               3,277.67                    0.00
161                        0.00                 9,760.21               1,163.00                    0.00
162                        0.00                12,904.83               3,234.00                    0.00
163                        0.00                 6,444.47               3,455.25                    0.00

<CAPTION>
Loan #    Monthly Capex Reserve   Monthly Envir. Reserve   Monthly TI/LC Reserve
-------   ---------------------   ----------------------   ---------------------
<S>       <C>                     <C>                      <C>
4                          0.00                     0.00                 4166.67
26*                        0.00                     0.00                    0.00
26                         0.00                     0.00                    0.00
27                         0.00                     0.00                    0.00
28                         0.00                     0.00                    0.00
38                         0.00                     0.00                    0.00
55                      1343.00                     0.00                13430.58
65                         0.00                     0.00                    0.00
79                      2491.75                     0.00                    0.00
80                      1125.00                     0.00                    0.00
83                     19036.58                     0.00                    0.00
90                      6437.50                     0.00                    0.00
93                      3833.33                     0.00                    0.00
104                        0.00                     0.00                    0.00
104.01
104.02
104.03
104.04
105                        0.00                     0.00                    0.00
109                        0.00                     0.00                    0.00
130                        0.00                     0.00                    0.00
153                      125.00                     0.00                  625.00
156                     3504.00                     0.00                    0.00
158                      287.50                     0.00                    0.00
160                      503.25                     0.00                    0.00
161                        0.00                     0.00                    0.00
162                      471.25                     0.00                    0.00
163                      286.17                     0.00                    0.00

<CAPTION>
Loan #    Monthly RE Tax Reserve   Monthly Ins. Reserve   Monthly Other Reserve   Grace Period

-------   ----------------------   --------------------   ---------------------   ------------
<S>       <C>                      <C>                    <C>                     <C>
4                      344461.78              144129.75                    0.00              0
26*                     22766.34                   0.00                    0.00              0
26                      10157.62                   0.00                    0.00              0
27                       5579.03                   0.00                    0.00              0
28                       7029.70                   0.00                    0.00              0
38                          0.00                   0.00                    0.00              0
55                      13608.67                1656.25                    0.00              5
65                          0.00                   0.00                    0.00              0
79                          0.00                   0.00                    0.00             10
80                       7883.95                1716.92                    0.00              0
83                          0.00                   0.00                    0.00              0
90                       6841.14                3635.77                    0.00              0
93                       8597.93                4772.15                    0.00              0
104                      4088.24                2332.59                    0.00              0
104.01                                                                                       0
104.02                                                                                       0
104.03                                                                                       0
104.04                                                                                       0
105                      8008.28                2473.19                    0.00              0
109                         0.00                   0.00                    0.00              0
130                      6943.00                   0.00                    0.00              0
153                      4426.53                 478.08                    0.00              0
156                      1246.74                 627.25                    0.00              0
158                      2291.58                 336.50                    0.00              0
160                      1397.25                 819.42                    0.00              0
161                      1220.03                 387.67                    0.00              0
162                      1173.17                 808.50                    0.00              0
163                       586.04                 383.92                    0.00              0

<CAPTION>
Loan #    Lockbox In-place   Property Type          Defeasance Permitted   Interest Accrual Period
-------   ----------------   --------------------   --------------------   -----------------------
<S>       <C>                <C>                    <C>                    <C>
4         Yes                Office                 Yes                    Actual/360
26*       Yes                Manufactured Housing   Yes                    Actual/360
26        Yes                Manufactured Housing   Yes                    Actual/360
27        Yes                Manufactured Housing   Yes                    Actual/360
28        Yes                Manufactured Housing   Yes                    Actual/360
38        No                 Retail                 No                     30/360
55        No                 Industrial             No                     Actual/360
65        No                 Retail                 No                     30/360
79        No                 Office                 Yes                    Actual/360
80        No                 Multifamily            Yes                    Actual/360
83        No                 Hotel                  Yes                    Actual/360
90        No                 Manufactured Housing   Yes                    Actual/360
93        No                 Multifamily            Yes                    Actual/360
104       No                 Manufactured Housing   Yes                    Actual/360
104.01                       Manufactured Housing
104.02                       Manufactured Housing
104.03                       Manufactured Housing
104.04                       Manufactured Housing
105       No                 Manufactured Housing   Yes                    Actual/360
109       No                 Industrial             Yes                    Actual/360
130       No                 Manufactured Housing   No                     Actual/360
153       No                 Retail                 Yes                    Actual/360
156       No                 Hotel                  No                     Actual/360
158       No                 Self Storage           Yes                    Actual/360
160       No                 Self Storage           Yes                    Actual/360
161       No                 Manufactured Housing   Yes                    Actual/360
162       No                 Self Storage           Yes                    Actual/360
163       No                 Self Storage           Yes                    Actual/360

<CAPTION>
Loan #    Loan Group   Final Maturity Date   Remaining Amortization Term for Balloon Loans
-------   ----------   -------------------   ---------------------------------------------
<S>       <C>          <C>                   <C>
4                  1
26*             1, 2
26                 2
27                 1
28                 2
38                 1
55                 1
65                 1
79                 1
80                 1
83                 1                                                                   240
90                 1                                                                   360
93                 2                                                                   360
104                2                                                                   360
104.01             2                                                                   360
104.02             2                                                                   360
104.03             2                                                                   360
104.04             2                                                                   360
105                2                                                                   360
109                1                                                                   360
130                1                                                                   360
153                1                                                                   360
156                1                                                                   300
158                1                                                                   360
160                1                                                                   360
161                2                                                                   360
162                1                                                                   360
163                1                                                                   360
</TABLE>

<PAGE>

                                    EXHIBIT B

                  MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

           (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) 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 the Closing Date between the applicable 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 the Closing Date between the
applicable 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
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) and except for Permitted Encumbrances. No (a) Mortgaged Property
secures any mortgage loan not represented on the Mortgage Loan Schedule other
than a Companion Loan, (b) Mortgage Loan is cross-collateralized or
cross-defaulted with any other mortgage loan, other than a Mortgage Loan listed
on the Mortgage Loan Schedule or a Companion Loan, or (c) Mortgage Loan is
secured by property that is not a Mortgaged Property.

           (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 or otherwise approved 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 and Rents 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 and Rents 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 and Rents, 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 intentional misrepresentation, (ii) misapplication or misappropriation of
rents, insurance proceeds or condemnation awards, (iii) either (i) any act of
actual waste or (ii) damage or destruction to the Mortgaged Property caused by
the acts or omissions of the borrower, its agents, employees or contractors, 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 or one form of action 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 and 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 to
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, 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, 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 (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 materially 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 and regulations, and the Seller has complied with all material
requirements pertaining to the origination 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, the related Mortgaged Property was, 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 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, enjoyment, 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 actual 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) 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) satisfy the following conditions:

                  (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 or other
        agreement 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 or other agreement 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 or other agreement 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 or other agreement 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 in existence as of the Closing Date, 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 or other agreement
        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 commercial mortgage 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, 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. 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 providing (a) coverage in the amount of the lesser
of full replacement cost of such Mortgaged Property and the outstanding
principal balance of the related Mortgage Loan (subject to customary
deductibles) for losses sustained by fire and against loss or damage by other
risks and hazards covered by a standard extended coverage insurance policy
providing "special" form coverage in an amount sufficient to prevent the
Mortgagor from being deemed a co-insurer and to provide coverage on a full
replacement cost basis of such Mortgaged Property (in some cases exclusive of
foundations and footings) with an agreed amount 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 (i) 12 months of operations or (ii) 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-:V" from A.M. Best Company or "A" (or the
equivalent) from Standard & Poor's Ratings Services, 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 return period of not less than 100 years, 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-:V" by A.M. Best Company or "A" (or the equivalent)
from Standard & Poor's Ratings Services, 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 subsequent 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) The origination, servicing and collection practices used by the
Seller or, to its knowledge, any prior holder of the related Mortgage Note with
respect to such Mortgage Loan have been in all material respects legal and have
met 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 (except
to the extent they have been disbursed for their intended purposes), 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, in the aggregate,
more than 5% of the aggregate outstanding principal amount of all the mortgage
loans included in the Trust Fund have 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 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 (i) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (ii) 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 (A) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (B) 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 sub-clauses (a)(i) and (a)(ii) of this clause (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 (x) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (y) satisfies the provisions of
either sub-clause (a)(i) above (substituting the date of the last such
modification for the date the Mortgage Loan was originated) or sub-clause
(a)(ii), 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) Each of the Mortgage Loans contains 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
Mortgagors 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). The Mortgage or Mortgage Note requires the Mortgagor to pay all
reasonable fees and expenses associated with securing the consent or approval of
the holder of the Mortgage for a waiver of a "due on sale" or "due on
encumbrance" clause or a defeasance provision. 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 (i) the replacement
collateral consist of U.S. "government securities," within the meaning of
Treasury Regulations Section 1.860 G-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); (ii) the loan may be assumed by a Single
Purpose Entity approved by the holder of the Mortgage Loan; (iii) counsel
provide an opinion that the trustee has a perfected security interest in such
collateral prior to any other claim or interest; and (iv) such other documents
and certifications as the mortgagee may reasonably require which may include,
without limitation, (A) 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 (B) 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 (except as contemplated in clause (35) hereof). In
addition, if the related Mortgage Loan permits defeasance, then the Mortgage
Loan documents provide that the related Mortgagor shall (x) pay all reasonable
fees associated with the defeasance of the Mortgage Loan and all other
reasonable expenses associated with the defeasance, or (y) provide all opinions
required under the related Mortgage Loan documents, and in the case of any
Mortgage Loan with an outstanding principal balance as of the Cut-off Date of
$40,000,000 or greater, (a) a REMIC opinion and (b) 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 material non-conformity with applicable zoning laws
constitutes a legal non-conforming use or structure 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 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) If the related Mortgage or other Mortgage Loan documents provide
for a grace period for delinquent Monthly Payments, such grace period is no
longer than ten (10) days from the applicable payment date or, with respect to
acceleration or the commencement of the accrual of default interest under any
Mortgage Loan, five (5) days after notice to the Mortgagor of default.

           (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 a "standard extended coverage" 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 applicable
Master 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 other Mortgage Loans or
        Companion Loans that are cross-collateralized with the related Mortgage
        Loan.

           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
is 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 an 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>

                                    EXHIBIT C
                                 JPMCC 2006-LDP8
                 Exceptions to Representations for Nomura Loans

Representation # (4)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Gas Company Tower     The property also secures a $229,000,000 pari
                                passu note.
--------------------------------------------------------------------------------
          120-124 Enterprise    There is a deed restriction which requires
                                payment by Mortgagor to the seller therein
                                (Racine Associates) of $2,671 per annum. This
                                amount is subordinate to the loan and has been
                                included in the underwriting.
--------------------------------------------------------------------------------

Representation # (6)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Gas Company Tower     The property also secures a $229,000,000 pari
                                passu note.
--------------------------------------------------------------------------------
          120-124 Enterprise    There is a deed restriction which requires
                                payment by Mortgagor to the seller therein
                                (Racine Associates) of $2,671 per annum. This
                                amount is subordinate to the loan and has been
                                included in the underwriting.
--------------------------------------------------------------------------------

Representation # (10(a))
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          South Towne           Only the mortgagor is liable for a breach of
          Crossing, Walter's    the environmental covenants. Liability does not
          Crossing              go to actual waste but to acts related to the
                                removal or disposal of any portion of the
                                property after an event of default.
--------------------------------------------------------------------------------
          Sedona on Laurel      Liability for each tenant in common is limited
          Apartments            to their contribution.
--------------------------------------------------------------------------------

Representation # (12)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Apache Junction       Mortgagor is permitted to obtain a partial
          Portfolio             release via partial defeasance of any one or
                                more of the four mobile home parks constituting
                                the property upon payment or defeasance of an
                                allocated loan amount of 120% and further
                                provided that the LTV is no more than 80% and
                                the DSCR is at least 1.20:1.00.
--------------------------------------------------------------------------------
          Sun Portfolio         Mortgagor is permitted to obtain a partial
          (Countryside          release via partial defeasance of one of the
          Atlanta; Countryside  cross collateralized properties provided:
          Lake Lanier; Sun      (i) the LTV is no more than 80%, (ii) the DSCR
          Villa)                of the remaining loans is at least 1.20:1.0,
                                and (iii) Mortgagor provides Lender with a
                                partial defeasance amount of 110% (defeasance
                                amount will be 100% if the DSCR at least
                                1.30:1.0 and the LTV is no more than 70% for
                                the remaining loans).
--------------------------------------------------------------------------------
          Village of La Casa    The mobile homes owned by Sun Home Village, LLC
          del Sol               are additional collateral for the Loan. These
                                mobile homes can be released as collateral if
                                they are sold and the tenants sign agreements
                                not to remove the homes from the property for a
                                period lasting two years beyond the remaining
                                term of the Loan. Additionally, any sales
                                proceeds and payments made on promissory notes
                                made in conjunction with those sales will be
                                escrowed with Lender (the "Sales Escrow"). The
                                current DSCR and Sales Escrow will be analyzed
                                quarterly to determine the amount of the Sales
                                Escrow which can be released to the Mortgagor,
                                based upon the lost home rent and the current
                                DSCR, such that a minimum DSCR of 1.25 will be
                                maintained through the maturity of the Loan.
--------------------------------------------------------------------------------

Representation # (16)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Apache Junction       The certificate of occupancy for the club house
          Portfolio             currently being built at Superstition Lookout
                                is not currently available. The Mortgagor is
                                liable for the same.
--------------------------------------------------------------------------------

Representation # (19(a))
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          South Towne           An immediate repair reserve was not collected
          Crossing, Walter's    at closing; however, the Mortgagor is required
          Crossing              to repair all items that are life safety or
                                code violations within nine months of closing.
                                If Mortgagor fails to repair items that are
                                life safety, code violations or are greater
                                than 0.10% of the loan amount within nine
                                months of closing, the Mortgagor is required to
                                escrow funds equivalent to the related Deferred
                                Maintenance costs identified by Engineer.
--------------------------------------------------------------------------------
          Apache Junction       The club house at Superstition Lookout is
          Portfolio             currently being completed. Mortgagor is liable
                                for the completion.
--------------------------------------------------------------------------------

Representation # (22)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          All Nomura Loans      Nomura generally requires an AM Best rating of
                                A:IX.
--------------------------------------------------------------------------------
          Maple Tower Fashion   The seismic report concluded a PML in excess of
          Mart                  20%. Earthquake insurance was not required. The
                                appraiser concluded a land value in excess of
                                the loan amount.
--------------------------------------------------------------------------------
          Lido MHP              Lender has agreed that the 12 month Business
                                Interruption Insurance shall be waived as such
                                insurance is not commercially available and
                                Mortgagor and any guarantor have personal
                                liability for the amounts that would have been
                                paid had such insurance been in place. The
                                current carrier for primary property insurance
                                and casualty insurance is rated A:VII by AM
                                Best.
--------------------------------------------------------------------------------
          Holiday Inn -         Lender has agreed that the 12 month Business
          Research Park         Interruption Insurance shall be waived if such
                                insurance is not commercially available and
                                Mortgagor and any guarantor have personal
                                liability for the amounts that would have been
                                paid had such insurance been in place.
--------------------------------------------------------------------------------
          Village of La Casa    With regard to full replacement insurance for
          del Sol               loss or damage to the Property, Lender agreed
                                that this requirement would be waived with
                                respect to the insurance on the Sun Homes
                                mobile homes (the mobile homes owned by Sun
                                Home Village, LLC which are additional
                                collateral for the Loan) so long as such
                                insurance is not commercially available and
                                Mortgagor and any guarantor have personal
                                liability for the amounts that would have been
                                paid had such insurance been in place. Lender
                                has agreed that the 12 month Business
                                Interruption Insurance shall be waived as such
                                insurance is not commercially available and
                                Mortgagor and any guarantor have personal
                                liability for the amounts that would have been
                                paid had such insurance been in place. The
                                insurance provider for flood coverage has an AM
                                Best rating of A-:V.
--------------------------------------------------------------------------------
          South Towne           If any of the policies of insurance contain an
          Crossing, Walter's    exclusion from coverage for acts of terrorism,
          Crossing              Mortgagor shall not be required to obtain such
                                coverage provided (I) an Inland entity executes
                                a guaranty, in form and substance satisfactory
                                to Lender, guaranteeing in the event of any act
                                of terrorism, payment to Lender of any sums
                                that would have been payable to Lender under
                                such coverage (which shall be applied by Lender
                                in accordance with 6.4 hereof), and (II) the
                                Inland entity maintains a net worth of at least
                                $300,000,000 (as determined by such entity's
                                most recent audited financial statements), such
                                entity maintains a direct or indirect ownership
                                interest in Mortgagor, and the aggregate loan
                                to value ratio (as determined by Lender)
                                ("LTV") for all properties on which such entity
                                has a direct or indirect ownership interest
                                shall not exceed 60%, however, the Inland
                                entity may exceed the 60% LTV for a period not
                                to exceed six (6) months out of any twelve (12)
                                month period either (1) during the time period
                                when the Inland entity is offering securities
                                to the public or (2) when in the business
                                judgment of the Inland entity, exceeding an LTV
                                of 60% is necessary given existing
                                circumstances of the credit environment, but in
                                no event shall the LTV exceed 65% if the Inland
                                entity maintains a net worth greater than or
                                equal to $300,000,000, but less than
                                $400,000,000, or 70% if the Inland entity
                                maintains a net worth of at least $400,000,000.
--------------------------------------------------------------------------------
          B & B Stor With Us    A small portion of the property is located in a
                                flood zone. Flood insurance was not required as
                                none of the material improvements are located
                                within the flood zone.
--------------------------------------------------------------------------------
          Palm Haven            The insurance provider has an AM Best rating of
                                A-:VIII. The policy is terminable upon notice
                                and provides for four (4) months of Business
                                Interruption Insurance.

Representation # (32)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Sun Portfolio         Direct or indirect ownership interests in
          (Countryside          Mortgagor and its affiliates Sun QRS
          Atlanta; Countryside  Countryside Manager, inc., or Indemnitor may be
          Lake Lanier; Sun      freely transferable so long as Sun Communities,
          Villa)                Inc., maintains at least a 51% ultimate
                                beneficial ownership interest in the Mortgagor.
--------------------------------------------------------------------------------
          Gas Company Tower     The property also secures a $229,000,000 pari
                                passu note.

                                The following transfers shall not be deemed as
                                to be a Transfer and shall not require Lender's
                                consent: (i) the sale or transfer, in one or a
                                series of transactions, of not more than 49% of
                                the stock in a Restricted Party; and (ii) the
                                sale or transfer, directly or indirectly, in
                                one or a series of transactions, of not more
                                than 49% of the limited partnership interests
                                or non-managing limited liability company
                                interests in a restricted party provided A) no
                                such sales or transfers shall result in the
                                change of voting control in the restricted
                                party; B) Lender shall receive not less than 30
                                days of prior notice; C) no such sale or
                                transfers of any direct ownership interests in
                                Mortgagor or Mezzanine Borrower shall be
                                permitted. The sale, transfer or issuance of
                                stock in the REIT shall not be deemed a
                                transfer provided the stock is traded on a
                                nationally recognized stock exchange.
--------------------------------------------------------------------------------
          Holiday Inn -         Future unsecured subordinate financing is
          Research Park         permitted provided the LTV is no more than 65%
                                and the DSCR is at least 1.40:1.0 based on a
                                11.33% constant.
--------------------------------------------------------------------------------
          Rexford               Future mezzanine debt is permitted provided the
                                LTV is no more than 75% and the DSCR is at
                                lease 1.20:1.0.
--------------------------------------------------------------------------------
          South Towne           A prohibited transfer does not include a) any
          Crossing, Walter's    issuance, sale or transfer of interests in Sole
          Crossing              Member or any successor entity resulting from
                                any merger permitted hereunder, b) a transfer
                                by devise or descent or by operation of law
                                upon the death of a member or partner of
                                Mortgagor, or c) the merger of the Sole Member
                                with any of the following entities: Inland
                                Retail Real Estate Trust, Inc., a Maryland
                                corporation, Inland Real Estate Investment
                                Corporation, a Delaware corporation, Inland
                                American Real Estate Trust, Inc., a Maryland
                                Corporation, any other real estate investment
                                trust sponsored by Inland Real Estate
                                Investment Corporation, or any other entity
                                composed entirely of any of the foregoing by
                                merger. On or after the Closing Date, Mortgagor
                                may transfer greater than 49% of the direct or
                                indirect interests in the Mortgagor, provided
                                that the transfer is to a Qualified Entity. A
                                Qualified Entity is an entity with x) a net
                                worth of $200,000,000 y) sufficient experience
                                as determined by Lender, and z) which owns or
                                manages retail properties containing at least
                                1,000,000 square feet of gross leasable area.
--------------------------------------------------------------------------------
          Sedona on Laurel      Subject to the satisfaction of the typical
          Apartments            requirements for transfers, as more
                                specifically set forth in the related loan
                                documents (e.g. prospective buyer of a TIC
                                interest to be a single purpose, bankruptcy
                                remote entity), transfers of interest in
                                Mortgagor are permitted to any entity that is
                                party to or will be party to the related TIC
                                Agreement.
--------------------------------------------------------------------------------

Representation # (33)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Gas Company Tower     The property also secures a $229,000,000 pari
                                passu note.
--------------------------------------------------------------------------------

Representation # (35)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Apache Junction       Mortgagor is permitted to obtain a partial
          Portfolio             release via partial defeasance of any one or
                                more of the four mobile home parks constituting
                                the property upon payment or defeasance of an
                                allocated loan amount of 120% and further
                                provided that the LTV is no more than 80% and
                                the DSCR is at least 1.20:1.00.
--------------------------------------------------------------------------------
          Sun Portfolio         Mortgagor is permitted to obtain a partial
          (Countryside          release via partial defeasance of one of the
          Atlanta; Countryside  cross collateralized properties provided:
          Lake Lanier; Sun      (i) the LTV is no more than 80%, (ii) the DSCR
          Villa)                of the remaining loans is at least 1.20:1.0,
                                and (iii) Mortgagor provides Lender with a
                                partial defeasance amount of 110% (defeasance
                                amount will be 100% if the DSCR at least
                                1.30:1.0 and the LTV is no more than 70% for
                                the remaining loans).
--------------------------------------------------------------------------------
          Village of La Casa    The mobile homes owned by Sun Home Village, LLC
          del Sol               are additional collateral for the Loan. These
                                mobile homes can be released as collateral if
                                they are sold and the tenants sign agreements
                                not to remove the homes from the property for a
                                period lasting two years beyond the remaining
                                term of the Loan. Additionally, any sales
                                proceeds and payments made on promissory notes
                                made in conjunction with those sales will be
                                escrowed with Lender (the "Sales Escrow"). The
                                current DSCR and Sales Escrow will be analyzed
                                quarterly to determine the amount of the Sales
                                Escrow which can be released to the Mortgagor,
                                based upon the lost home rent and the current
                                DSCR, such that a minimum DSCR of 1.25 will be
                                maintained through the maturity of the Loan.
--------------------------------------------------------------------------------

Representation # (37)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          Palm Haven            Law and ordinance insurance was obtained in the
                                amount of $100,000. The property is a
                                manufactured housing community with limited
                                improvements.

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

Representation # (42)
--------------------------------------------------------------------------------
  Loan        Loan Name                     Description of Exception
 Number
--------------------------------------------------------------------------------
          South Towne           If any of the policies of insurance contain an
          Crossing, Walter's    exclusion from coverage for acts of terrorism,
          Crossing              Mortgagor shall not be required to obtain such
                                coverage provided (i) an Inland entity executes
                                a guaranty, in form and substance satisfactory
                                to Lender, guaranteeing in the event of any act
                                of terrorism, payment to Lender of any sums
                                that would have been payable to Lender under
                                such coverage (which shall be applied by Lender
                                in accordance with 6.4 hereof), and (ii) the
                                Inland entity maintains a net worth of at least
                                $300,000,000 (as determined by such entity's
                                most recent audited financial statements), such
                                entity maintains a direct or indirect ownership
                                interest in Mortgagor, and the aggregate loan
                                to value ratio (as determined by Lender) for
                                all properties on which such entity has a
                                direct or indirect ownership interest shall not
                                exceed 60%, however, the Inland entity may
                                exceed the 60% LTV for a period not to exceed
                                six (6) months out of any twelve (12) month
                                period either (1) during the time period when
                                the Inland entity is offering securities to the
                                public or (2) when in the business judgment of
                                the Inland entity, exceeding an LTV of 60% is
                                necessary given existing circumstances of the
                                credit environment, but in no event shall the
                                LTV exceed 65% if the Inland entity maintains a
                                net worth greater than or equal to
                                $300,000,000, but less than $400,000,000, or
                                70% if the Inland entity maintains a net worth
                                of at least $400,000,000.
--------------------------------------------------------------------------------
          Palm Haven            In-place insurance does not currently cover
                                terrorism. Borrower is required to add
                                terrorism at the time of policy renewal.
--------------------------------------------------------------------------------

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

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

           1. I have examined the Mortgage Loan Purchase Agreement, dated as of
September 1, 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 (or, in the case of any
particular representation or warranty set forth on Exhibit B to the Agreement,
as of such other date provided for in such representation or warranty) with the
same force and effect as if made on and as of the date hereof, subject to the
exceptions set forth in the Agreement (including Exhibit C thereto).

           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
the Prospectus, dated September 12, 2006, as supplemented by the Prospectus
Supplement, dated September 22, 2006 (collectively, the "Prospectus"), relating
to the offering of the Class A-1, Class A-2, Class A-3A, Class A-3FL, Class
A-3B, Class A-4, Class A-SB, Class A-1A, Class A-J, Class X, Class B, Class C
and Class D Certificates, the Private Placement Memorandum, dated September 22,
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 September 22, 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 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 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.

                    [SIGNATURE APPEARS ON THE FOLLOWING PAGE]

<PAGE>

           IN WITNESS WHEREOF, I have signed my name this ___ day of September,
2006.

                                               By:
                                                   -----------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                   SCHEDULE I

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

Reference is made to the Representations and Warranties set forth in Exhibit B
attached hereto corresponding to the Paragraph number set forth below.

Paragraph 21(a) and (e):

                                      None.

<PAGE>

                                   SCHEDULE II

                       MORTGAGED PROPERTY FOR WHICH OTHER
                      ENVIRONMENTAL INSURANCE IS MAINTAINED

Reference is made to the Representations and Warranties set forth in Exhibit B
attached hereto corresponding to the Paragraph numbers set forth below:

                                      None.Exhibit 10.4

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

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

                                    PURCHASER

                         IXIS REAL ESTATE CAPITAL INC.,

                                     SELLER

                        MORTGAGE LOAN PURCHASE AGREEMENT

                          Dated as of September 1, 2006

                            Fixed Rate Mortgage Loans

                                Series 2006-LDP8

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

<PAGE>

            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of September 1, 2006, is between J.P. Morgan Chase Commercial Mortgage
Securities Corp., as purchaser (the "Purchaser"), and IXIS Real Estate Capital
Inc., as seller (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 September 1, 2006 (the "Pooling and Servicing Agreement") among the
Purchaser, as depositor (the "Depositor"), Wells Fargo Bank N.A. and Midland
Loan Services, Inc., as master servicers (each, a "Master Servicer"), J.E.
Robert Company, Inc., as special servicer (the "Special Servicer"), and LaSalle
Bank National Association, as trustee (the "Trustee"), 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
(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 the Closing Date
between the applicable Master Servicer and the Seller) all of its right, title,
and interest in and to the Mortgage Loans including all interest and principal
received on or with respect to the Mortgage Loans after the Cut-off Date (other
than payments of principal and interest first due on the Mortgage Loans on or
before the Cut-off Date). Upon the sale of the Mortgage Loans, the ownership of
each related Mortgage Note, the Mortgage and the other contents of the related
Mortgage File will be vested in the Purchaser and immediately thereafter the
Trustee and the ownership of records and documents with respect to the related
Mortgage Loan prepared by or which come into the possession of the Seller (other
than the records and documents described in the proviso to Section 3(a) hereof)
shall immediately vest in the Purchaser and immediately thereafter the Trustee.
The Seller's records will accurately reflect the sale of each Mortgage Loan to
the Purchaser. The Depositor will sell the Class A-1, Class A-2, Class A-3A,
Class A-3FL, Class A-3B, Class A-4, Class A-SB, Class A-1A, Class X, Class A-M,
Class A-J, Class B, Class C and Class D Certificates (the "Offered
Certificates") to the underwriters (the "Underwriters") specified in the
underwriting agreement dated September 22, 2006 (the "Underwriting Agreement")
between the Depositor and J.P. Morgan Securities Inc. ("JPMSI") for itself and
as representative of the several underwriters identified therein, 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, the initial purchaser (together with the Underwriters,
the "Dealers") specified in the certificate purchase agreement dated September
22, 2006 (the "Certificate Purchase Agreement"), between the Depositor and JPMSI
for itself and as representative of the initial purchasers identified therein.

            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 in immediately available funds the sum of $653,963,630.13
(which amount is inclusive of accrued interest and exclusive of the Seller's pro
rata share of 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 applicable Master Servicer. 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 a 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
2.01(c) of the Pooling and Servicing Agreement, and meeting all the requirements
of such Sections 2.01(b) and 2.01(c), and such other documents, instruments and
agreements as the Purchaser or the Trustee shall reasonably request. In
addition, the Seller agrees to deliver or cause to be delivered to the
applicable 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, or any attorney client communications
which are privileged communications or constitute legal or other due diligence
analyses, or internal communications of the Seller or its affiliates, or credit
underwriting or other 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 Trustee 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 applicable 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
applicable Master Servicer shall give the Seller notice of such failure and the
amount of such Transfer Modification costs 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;
provided that, if the related Mortgage has been recorded in the name of Mortgage
Electronic Registration Systems, Inc. ("MERS") or its designee, no assignment of
Mortgage Loans, Assignment of Mortgage or other recorded document in favor of
the Trustee will be required to be prepared or delivered and instead, the Seller
shall take all actions as are necessary to cause the Trustee to be shown as, and
shall deliver evidence of any such transfers to the Master Servicer and the
Special Servicer, and the Trustee shall take all actions necessary to confirm
that it is shown as, the owner of the related Mortgage on the records of MERS
for purposes of the system of recording transfers of beneficial ownership of
mortgages maintained by MERS. 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 applicable Master Servicer, in order to assist and facilitate
in the transfer of the servicing of the Mortgage Loans to the applicable Master
Servicer, including effectuating the transfer of any letters of credit with
respect to any Mortgage Loan to the Trustee (in care of the applicable Master
Servicer) for the benefit of Certificateholders. Prior to the date that a letter
of credit, if any, with respect to any Mortgage Loan is transferred to the
Trustee (in care of the applicable Master Servicer), the Seller will cooperate
with the reasonable requests of the applicable 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;

            (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 Annexes
A-1, A-2, A-3 and B thereto and the Diskette included therewith, with respect to
any information relating to the Mortgage Loans or the Seller, in order to make
the statements therein, in the light of the circumstances when the Prospectus
Supplement is delivered to a purchaser, not misleading, or if it is necessary to
amend or supplement the Prospectus Supplement, including Annexes A-1, A-2, A-3
and B thereto and the Diskette included therewith, with respect to any
information relating to the Mortgage Loans or the Seller, to comply with
applicable law, the Seller shall do all things necessary to assist the Depositor
to prepare and furnish, at the expense of the Seller (to the extent that such
amendment or supplement relates to the Seller, the Mortgage Loans listed on
Exhibit A and/or any information relating to the same, as provided by the
Seller), to the Underwriters such amendments or supplements to the Prospectus
Supplement as may be necessary, so that the statements in the Prospectus
Supplement as so amended or supplemented, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will not, in the light of the
circumstances when the Prospectus is so amended or supplemented, be misleading
or so that the Prospectus Supplement, including Annexes A-1, A-2, A-3 and B
thereto and the Diskette included therewith, with respect to any information
relating to the Mortgage Loans or the Seller, will comply with applicable law.
All terms used in this clause (c) and not otherwise defined herein shall have
the meaning set forth in the Indemnification Agreement, dated as of September
22, 2006 between the Purchaser and the Seller (the "Indemnification Agreement");
and

            (d) 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 related to a Serviced Whole Loan or any
Serviced Securitized Companion Loan that is deposited into an Other
Securitization or a Regulation AB Companion Loan Securitization, the depositor
in such Other Securitization or Regulation AB Companion Loan Securitization) and
the Trustee with any Additional Form 10-D Disclosure and any Additional Form
10-K Disclosure set forth next to the Purchaser's name on Exhibit X and Exhibit
Y of the Pooling and Servicing Agreement within the time periods set forth in
the Pooling and Servicing 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 corporation, duly organized, validly existing and in
      good standing under the laws of the State of New York;

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

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

            (iv) it is legally authorized to transact business in the 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 have 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 as contemplated herein, (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 do 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 or their respective affiliates or any servicer of
      a Mortgage Loan) 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 (except with respect to any servicer of a Mortgage Loan, any
      commission or compensation that may be due and payable to such servicer if
      such servicer is terminated and does not continue to act as a servicer);
      and

            (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.

            (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 or agreement 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 or agreement;

            (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 any 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 purchase and 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 if 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, any Master Servicer, the
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 any Mortgage
Loan, the value of 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 applicable Master Servicer for deposit into the Certificate
Account, any Substitution Shortfall Amount (as defined below) in connection
therewith; provided, however, that except with respect to a Defect resulting
solely from the failure by the Seller to deliver to the Trustee or Custodian the
actual policy of lender's title insurance required pursuant to clause (ix) of
the definition of Mortgage File by a date not later than 18 months following the
Closing Date, if such Breach or Defect is capable of being cured but is not
cured 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 Rating Agencies, the applicable Master Servicer, the Special Servicer, the
Trustee and the Directing Certificateholder 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 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 applicable 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. Notwithstanding the foregoing, the sole remedy
with respect to any breach of the representation set forth in the second to last
sentence of clause (32) of Exhibit B hereto shall be payment by the Seller of
such costs and expenses without respect to the materiality of such breach.

            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 or a commitment to issue the same pursuant to written escrow instructions
signed by the title insurance company) 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
the Defects previously described in clauses (a) through (f)) shall be considered
to materially and adversely affect the value of any Mortgage Loan, the value of
the related Mortgaged Property or the interests of the Trustee or any
Certificateholder therein 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 its Custodian within 18 months after 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 the Mortgage Loan affected by the applicable
Defect or Breach and the Qualified Substitute Mortgage Loan, if any, satisfy all
other criteria for repurchase or substitution, as applicable, 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 by the applicable Master Servicer 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).

            To the extent that the Seller is required to repurchase or
substitute for a Crossed Loan hereunder in the manner prescribed above while the
Trustee continues to hold any other Crossed Loans in such Crossed Group, neither
the Seller nor the Trustee shall enforce any remedies against the other's
Primary Collateral, but each is permitted to exercise remedies against the
Primary Collateral securing its respective Crossed Loans, including with respect
to the Trustee, the Primary Collateral securing Crossed Loans still held by the
Trustee.

            If the exercise of remedies by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then the Seller and
the Trustee shall forbear from exercising such remedies until the Mortgage Loan
documents evidencing and securing the relevant Crossed Loans can be modified in
a manner that removes the threat of material impairment as a result of the
exercise of remedies or some other accommodation can be reached. Any reserve or
other cash collateral or letters of credit securing the Crossed Loans shall be
allocated between such Crossed Loans in accordance with the Mortgage Loan
documents, or otherwise on a pro rata basis based upon their outstanding Stated
Principal Balances. Notwithstanding the foregoing, if a Crossed Loan that
remains in the Trust Fund is modified to terminate the related cross
collateralization and/or cross default provisions, as a condition to such
modification, the Seller shall furnish to the Trustee an Opinion of Counsel that
any modification shall not cause an Adverse REMIC Event. Any expenses incurred
by the Purchaser in connection with such modification or accommodation
(including but not limited to recoverable attorney fees) shall be paid by the
Seller.

            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, 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 (including
the Servicing File) 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 for
the affected Mortgage Loan pursuant to Section 6(e) herein shall constitute the
sole remedy available to the Purchaser in connection with a Breach or Defect
(subject to the last sentence of the second paragraph of Section 6(e)). It is
acknowledged and agreed that the representations and warranties are being made
for risk allocation purposes only; provided, however, that no limitation of
remedy is implied with respect to the Seller's breach of its obligation to cure,
repurchase or substitute in accordance with the terms and conditions of this
Agreement.

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

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

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

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

            (ii) an original or copy of a certificate of good standing of the
      Seller issued by the Secretary of the State of New York dated not earlier
      than sixty days prior to the Closing Date;

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

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

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

                  (C) all necessary 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 articles of association 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 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 (without duplication thereof), but not limited to: (i) the
costs and expenses of the Purchaser in connection with the purchase of the
Mortgage Loans and other mortgage loans; (ii) the costs and expenses of
reproducing and delivering the Pooling and Servicing 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, other mortgage loans and the Certificates
included in the Prospectus, 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, Prospectus and Memoranda, and the reproduction and
delivery of this Agreement and the furnishing to the Underwriters of such copies
of the Registration Statement, Prospectus, Memoranda 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 and that the rights so assigned may be further assigned to, and shall
inure to the benefit of, any successor trustee under the Pooling and Servicing
Agreement. The Seller hereby acknowledges its obligations (subject to the
provisions hereof), including that of expense reimbursement, pursuant to
Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement. Except as
set forth hereinabove and in Sections 2.01, 2.02 and 2.03 of the Pooling and
Servicing Agreement, the representations and warranties of the Seller made
hereunder and the remedies provided hereunder with respect to Breaches or
Defects may not be further assigned by the Purchaser, the Trustee or any
successor trustee. No owner of a Certificate issued pursuant to the Pooling and
Servicing Agreement shall be deemed a successor or permitted assign because of
such ownership. 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, fax number (212) 834-6593 with a copy to Bianca Russo, fax number
(212) 834-6593, (ii) in the case of the Seller, IXIS Real Estate Capital Inc., 9
West 57th Street, 36th Floor, New York, New York 10019, Attention: Albert Zakes,
fax number: (212) 891-1922 and (iii) in the case of any of the preceding
parties, such other address or fax number as may hereafter be furnished to the
other party in writing by such party.

            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. Except as set forth in Section 6
herein, 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., as Purchaser

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

                                       IXIS REAL ESTATE CAPITAL INC., as Seller

                                       By: /s/ Scott Douglass
                                          --------------------------------------
                                          Name: Scott Douglass
                                          Title: Managing Director

                                       By:  /s/ Gregory A. Murphy
                                          --------------------------------------
                                          Name: Gregory A. Murphy
                                          Title: Managing Director

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>
Loan #   Mortgagor Name
------   ------------------------------------------------------------
<S>      <C>
     1   Prime / Park LaBrea Titleholder, LLC.
    24   San Carlos Associates LLC
    31   The Lodge at Balfour Operations, LLC
    33   Surrey Fondren Investors, LLC
    34   TIH Bonneville LLC, Bonneville 1 LLC, Bonneville 2 LLC,
         Bonneville 3 LLC, Bonneville 4 LLC, Bonneville 5 LLC,
         Bonneville 6 LLC, Bonneville 7 LLC, Bonneville 8 LLC,
         Bonneville 9 LLC, Bonneville 10 LLC, Bonneville 12 LLC,
         Bonneville 11 LLC
    42   New Ionia- Paramus, LLC, Caterina- Ridgewood, LLC, Lucerne-
         Ridgewood, LLC, Milridge Realty, LLC
 42.01
 42.02
 42.03
 42.04
    43   901 Corporate Center, LP
    45   CI05 Clintonville WI LLC, 2525 N Woodlawn VSTRM Wichita KS,
         LLC, MSI05-3 LLC
 45.01
 45.02
 45.03
 45.04
 45.05
    46   Boan LLC, 910 W. Lawrence, LLC
 46.01
 46.02
    95   706 South Tonopah, LLC, 5325 Cartwright Ave., LLC, 5224
         Cartwright Avenue, LLC
   113   8441 Melrose Place, LLC
   117   Samay Hospitality, LLC
   119   Bermuda Palms, LLC
   125   La Quinta Ridge, LLC
   136   Mesquite Plaza 1, LLC, Mesquite Plaza 2, LLC, Mesquite Plaza
         3, LLC, Mesquite Plaza 4, LLC, Mesquite Plaza 5, LLC,
         Mesquite Plaza 6, LLC, Mesquite Plaza 7, LLC
   139   Forest Oaks Enterprises, LLC
   142   Spring Meadows, LLC
   157   9775 Santa Monica Blvd., LLC

<CAPTION>
Loan #   Property Address                                         City            State     Zip Code   County
------   ------------------------------------------------------   -------------   -------   --------   -----------
<S>      <C>                                                      <C>             <C>       <C>        <C>
     1   6200 West Third Street                                   Los Angeles     CA           90036   Los Angeles
    24   350 Calle Principal                                      Monterey        CA           93940   Monterey
    31   1331 Hecla Drive                                         Louisville      CO           80027   Boulder
    33   11092-11240 Fondren Road                                 Houston         TX           77071   Harris
    34   411 E. Bonneville Avenue                                 Las Vegas       NV           89101   Clark
    42   Various                                                  Various         NJ        Various    Bergen
 42.01   222-262 East Ridgewood Avenue and 2-8 & 30 South Maple   Ridgewood       NJ           07450   Bergen
         Avenue
 42.02   175-197 East Ridgewood Avenue and 30-32 Cottage Place    Ridgewood       NJ           07450   Bergen
 42.03   594-600 Winters Avenue                                   Paramus         NJ           07652   Bergen
 42.04   119-123 East Ridgewood Avenue                            Ridgewood       NJ           07450   Bergen
    43   901 Corporate Center Drive                               Monterey Park   CA           91754   Los Angeles
    45   Various                                                  Various         Various   Various    Various
 45.01   2525 North Woodlawn Avenue                               Wichita         KS           67220   Sedgwick
 45.02   225 Spring Street                                        Clintonville    WI           54929   Waupaca
 45.03   800 Growth Parkway                                       Angola          IN           46703   Steuben
 45.04   914 Wohlert Street                                       Angola          IN           46703   Steuben
 45.05   802 East 11th Street                                     Rock Falls      IL           61071   Whiteside
    46   Various                                                  Chicago         IL        Various    Cook
 46.01   11 West Division Street                                  Chicago         IL           60610   Cook
 46.02   910 West Lawrence Avenue                                 Chicago         IL           60640   Cook
    95   710 South Tonopah Drive                                  Las Vegas       NV           89106   Clark
   113   8441 Melrose Place                                       Los Angeles     CA           90069   Los Angeles
   117   272 North DuPont Highway                                 Dover           DE           19901   Kent
   119   80-870 Highway 111                                       Indio           CA           92201   Riverside
   125   51-555 Monroe Street                                     Indio           CA           92201   Riverside
   136   300, 330 & 360 N. Sandhill Blvd                          Mesquite        NV           89027   Clark
   139   7285 Forest Oaks Blvd.                                   Spring Hill     FL           34606   Hernando
   142   5854 Route 96                                            Romulus         NY           14541   Seneca
   157   9775-9777 Little Santa Monica Boulevard                  Beverly Hills   CA           90210   Los Angeles

<CAPTION>
Loan #   Property Name                                 Size     Measure       Interest Rate (%)   Net Mortgage Interest Rate
------   -------------------------------------------   ------   -----------   -----------------   --------------------------
<S>      <C>                                           <C>      <C>           <C>                 <C>
     1   Park La Brea Apartments                         4238   Units                   6.07000                      6.04940
    24   Marriott Monterey                                341   Rooms                   6.08000                      6.05940
    31   Lodge at Balfour                                 103   Units                   6.38000                      6.35940
    33   Fondren Southwest Village                     272908   Square Feet             6.30000                      6.27940
    34   Bonneville Square                              89143   Square Feet             5.36000                      5.33940
    42   Milanos Portfolio 2                           103091   Square Feet             6.05600                      6.03540
 42.01   Milridge                                       30027   Square Feet             6.05600                      6.03540
 42.02   Lucerne                                        20817   Square Feet             6.05600                      6.03540
 42.03   New Iona                                       48247   Square Feet             6.05600                      6.03540
 42.04   Catarina                                        4000   Square Feet             6.05600                      6.03540
    43   901 Corporate Center Dr.                      100890   Square Feet             6.14500                      6.12440
    45   Gladstone (Midwest)                           514509   Square Feet             6.58000                      6.52940
 45.01   T-Mobile                                       69287   Square Feet             6.58000                      6.55940
 45.02   Converting, Inc.                              291142   Square Feet             6.58000                      6.55940
 45.03   Metal Spinners - 800 Growth Pkwy               50000   Square Feet             6.58000                      6.55940
 45.04   Metal Spinners - 914 Wohlert St                52080   Square Feet             6.58000                      6.55940
 45.05   Metal Spinners - 802 East 11th St              52000   Square Feet             6.58000                      6.55940
    46   11 West Division Street and Lakeside Towers      199   Units                   6.80190                      6.78130
 46.01   11 West Division Street                          110   Units                   6.80190                      6.78130
 46.02   Lakeside Tower                                    89   Units                   6.80190                      6.78130
    95   Tonopah Office                                 19566   Square Feet             6.20700                      6.18640
   113   8441 Melrose Place                              3372   Square Feet             6.36000                      6.33940
   117   Days Inn Dover                                    81   Rooms                   6.07500                      6.05440
   119   Bermuda Palms                                    185   Pads                    5.97400                      5.95340
   125   La Quinta Ridge                                  151   Pads                    5.97400                      5.95340
   136   Bowler Plaza                                   24668   Square Feet             6.12700                      6.10640
   139   Forest Oaks Plaza 1                            37250   Square Feet             6.49500                      6.42440
   142   Spring Meadows Apartments                        124   Units                   5.67000                      5.64940
   157   9775-77 Santa Monica Blvd.                      1800   Square Feet             6.36000                      6.33940

<CAPTION>
Loan #   Original Balance   Cutoff Balance   Term   Rem. Term   Maturity/ARD Date   Amort. Term   Rem. Amort.   Monthly Debt Service
------   ----------------   --------------   ----   ---------   -----------------   -----------   -----------   --------------------
<S>      <C>                <C>              <C>    <C>         <C>                 <C>           <C>           <C>
     1        387,500,000      387,500,000    120         119   08/09/16                      0             0              1,987,328
    24         61,500,000       61,500,000    120         120   09/05/16                      0             0                315,928
    31         25,600,000       25,580,849    120         119   08/05/16                    360           359                159,794
    33         24,500,000       24,500,000    120         120   09/05/16                    360           360                151,648
    34         23,800,000       23,800,000    120         117   06/05/16                    360           360                133,051
    42         17,500,000       17,500,000    120         120   09/01/16                    360           360                105,552
 42.01          8,400,000        8,400,000    120         120   09/01/16                    360           360
 42.02          4,550,000        4,550,000    120         120   09/01/16                    360           360
 42.03          3,500,000        3,500,000    120         120   09/01/16                    360           360
 42.04          1,050,000        1,050,000    120         120   09/01/16                    360           360
    43         16,000,000       16,000,000    120         120   09/05/16                    360           360                 97,425
    45         14,900,000       14,828,963    120         116   05/06/16                    300           296                101,352
 45.01          9,032,280        8,989,218    120         116   05/06/16                    300           296
 45.02          3,625,910        3,608,623    120         116   05/06/16                    300           296
 45.03            779,760          776,042    120         116   05/06/16                    300           296
 45.04            747,270          743,707    120         116   05/06/16                    300           296
 45.05            714,780          711,372    120         116   05/06/16                    300           296
    46         14,650,000       14,650,000    120         120   09/01/16                    360           360                 95,526
 46.01          9,653,654        9,653,654    120         120   09/01/16                    360           360
 46.02          4,996,346        4,996,346    120         120   09/01/16                    360           360
    95          5,650,000        5,650,000    120         119   08/07/16                    360           360                 34,630
   113          4,950,000        4,942,533    120         118   07/07/16                    360           358                 30,833
   117          4,850,000        4,775,790    120         111   12/05/15                    270           261                 32,992
   119          4,710,000        4,710,000    120         119   08/05/16                    360           360                 28,160
   125          4,290,000        4,290,000    120         119   08/05/16                    360           360                 25,649
   136          3,450,000        3,450,000    120         118   07/05/16                    360           360                 20,967
   139          3,250,000        3,250,000    120         120   09/05/16                    360           360                 20,532
   142          3,160,000        3,160,000    120         114   03/05/16                    300           300                 19,727
   157          1,850,000        1,847,209    120         118   07/07/16                    360           358                 11,523

<CAPTION>
Loan #   Servicing Fee Rate   Accrual Type   ARD (Y/N)   ARD Step Up (%)                              Title Type
------   ------------------   ------------   ---------   ------------------------------------------   ----------
<S>      <C>                  <C>            <C>         <C>                                          <C>
     1              0.02000   Actual/360     No                                                       Fee
    24              0.02000   Actual/360     No                                                       Fee
    31              0.02000   Actual/360     No                                                       Fee
    33              0.02000   Actual/360     No                                                       Fee
    34              0.02000   Actual/360     No                                                       Fee
    42              0.02000   Actual/360     No                                                       Fee
 42.01              0.02000                  No                                                       Fee
 42.02              0.02000                  No                                                       Fee
 42.03              0.02000                  No                                                       Fee
 42.04              0.02000                  No                                                       Fee
    43              0.02000   Actual/360     No                                                       Fee
    45              0.01000   Actual/360     No                                                       Various
 45.01              0.02000                  No                                                       Leasehold
 45.02              0.02000                  No                                                       Fee
 45.03              0.02000                  No                                                       Fee
 45.04              0.02000                  No                                                       Fee
 45.05              0.02000                  No                                                       Fee
    46              0.02000   Actual/360     No                                                       Fee
 46.01              0.02000                  No                                                       Fee
 46.02              0.02000                  No                                                       Fee
    95              0.02000   Actual/360     Yes         5% plus the greater of: (a) the Interest     Fee
                                                         Rate or (b) the sum of (i) the then
                                                         prevailing yield on U.S. Treasuries having
                                                         maturities closest to the Stated Maturity
                                                         Date and (ii) 1.25%.
   113              0.02000   Actual/360     No                                                       Fee
   117              0.02000   Actual/360     No                                                       Fee
   119              0.02000   Actual/360     No                                                       Fee
   125              0.02000   Actual/360     No                                                       Fee
   136              0.02000   Actual/360     No                                                       Fee
   139              0.01000   Actual/360     No                                                       Fee
   142              0.02000   Actual/360     No                                                       Fee
   157              0.02000   Actual/360     No                                                       Fee

<CAPTION>
Loan #   Crossed Loan   Originator/Loan Seller   Guarantor                                                      Letter of Credit
------   ------------   ----------------------   ------------------------------------------------------------   ----------------
<S>      <C>            <C>                      <C>                                                            <C>
     1                  IXIS                     John Atwater and Daniel James                                  No
    24                  IXIS                     Peter J. Coniglio, Frank K. Finneran, Howard S. Wright III     No
                                                 and their successors as officers of Franklin Street Group, a
                                                 California corporation and Coast hotels Management and
                                                 Development Corporation, a Washington Corporation.
    31                  IXIS                     Michael K. Schonbrun                                           No
    33                  IXIS                     Edward Silvera, Leon Silvera and Jacob Frydman                 No
    34                  IXIS                     Jeff Pori, David Stubbs, David G. Buck, The John Gray Gubler   No
                                                 Trust, Jerry L. Kallop, R.W. Taylor Jr. Living Trust Under
                                                 Agreement Dated February 8, 2000, Jack and Ruth Ann LaPoint
                                                 Trust, James M. & Anna C. Lombard Trust, Lee Ariota, Barbara
                                                 Arioto, Bosio Revocable Trust, George Dzieciol, Christine
                                                 Dziecol, J. Doo 2000 Trust, Frances Ueunten, and Senyu
                                                 Ueunten
    42                  IXIS                     Jane Milanos and Nina Alexandra Milanos                        No
 42.01                  IXIS
 42.02                  IXIS
 42.03                  IXIS
 42.04                  IXIS
    43                  IXIS                     David Y. Lee                                                   No
    45                  IXIS                     Gladstone Commercial Corporation                               No
 45.01                  IXIS
 45.02                  IXIS
 45.03                  IXIS
 45.04                  IXIS
 45.05                  IXIS
    46                  IXIS                     Dragoljub Giljen                                               No
 46.01                  IXIS
 46.02                  IXIS
    95                  IXIS                     Eric Waterman and David Robinson                               No
   113                  IXIS                     Ramesh Ohebsion Akhtarzad                                      No
   117                  IXIS                     Mukesh Patel                                                   No
   119                  IXIS                     Carolyn Artis                                                  No
   125                  IXIS                     Carolyn Artis                                                  No
   136                  IXIS                     Lawrence B. Miller, Chris Emanuel, Kitty Campbell, Frank A.    No
                                                 Brambila, Ronald F. Caya, Mary Z. Quaresma and Paul Vincent.
   139                  IXIS                     John G. Moore, Jr. and Steven K. Maddox                        No
   142                  IXIS                     Roy Korins, Stephen Swiatkiewicz and Bernard McElhone.         No
   157                  IXIS                     Ramesh Ohebsion Akhtarzad                                      No

<CAPTION>
Loan #   Upfront CapEx Reserve   Upfront Eng. Reserve   Upfront Envir. Reserve   Upfront TI/LC Reserve   Upfront RE Tax Reserve
------   ---------------------   --------------------   ----------------------   ---------------------   ----------------------
<S>      <C>                     <C>                    <C>                      <C>                     <C>
     1                    0.00                   0.00                     0.00                    0.00             1,582,063.33
    24                    0.00                   0.00                     0.00                    0.00                     0.00
    31                    0.00                   0.00                     0.00                    0.00                49,354.00
    33                    0.00                   0.00                     0.00              451,994.00               213,560.00
    34                    0.00                   0.00                     0.00                    0.00                62,903.00
    42                    0.00               9,375.00               164,375.00                    0.00               100,275.50
 42.01
 42.02
 42.03
 42.04
    43                    0.00                   0.00                     0.00                    0.00               153,241.00
    45                    0.00                   0.00                     0.00                    0.00                     0.00
 45.01
 45.02
 45.03
 45.04
 45.05
    46                    0.00             639,375.00                     0.00                    0.00                     0.00
 46.01
 46.02
    95                    0.00                   0.00                     0.00                    0.00                 3,977.00
   113                    0.00                   0.00                 1,250.00                    0.00                25,475.00
   117                    0.00               1,500.00                     0.00                    0.00                 6,160.00
   119                    0.00               2,687.50                 1,700.00                    0.00                57,453.00
   125                    0.00                   0.00                 1,700.00                    0.00                32,982.00
   136                    0.00                 625.00                     0.00               81,000.00                12,075.00
   139                    0.00                   0.00                     0.00               50,000.00                36,500.00
   142                    0.00                   0.00                13,750.00                    0.00                 9,849.78
   157                    0.00                   0.00                   625.00                    0.00                 9,200.00

<CAPTION>
Loan #   Upfront Ins. Reserve   Upfront Other Reserve   Monthly Capex Reserve   Monthly Envir. Reserve   Monthly TI/LC Reserve
------   --------------------   ---------------------   ---------------------   ----------------------   ---------------------
<S>      <C>                    <C>                     <C>                     <C>                      <C>
     1             247,213.00                    0.00                    0.00                     0.00                    0.00
    24                   0.00                    0.00                    0.00                     0.00                    0.00
    31              49,366.00                    0.00                 2360.42                     0.00                    0.00
    33              19,378.00               10,500.00                 1334.00                     0.00                    0.00
    34               5,861.00                    0.00                 1450.00                     0.00                12500.00
    42              44,390.14                    0.00                    0.00                     0.00                    0.00
 42.01
 42.02
 42.03
 42.04
    43              22,679.00                    0.00                 1681.50                     0.00                10261.00
    45                   0.00                    0.00                    0.00                     0.00                    0.00
 45.01
 45.02
 45.03
 45.04
 45.05
    46                   0.00                    0.00                 4146.67                     0.00                    0.00
 46.01
 46.02
    95               1,366.00                    0.00                  250.00                     0.00                 3000.00
   113               2,088.00                    0.00                   53.42                     0.00                  281.00
   117              29,369.00                    0.00                 6732.23                     0.00                    0.00
   119               2,549.00                    0.00                  770.83                     0.00                    0.00
   125               1,897.00                    0.00                  629.17                     0.00                    0.00
   136               1,730.00                    0.00                  300.00                     0.00                 2250.00
   139              30,692.00                    0.00                  465.63                     0.00                    0.00
   142               2,703.38                    0.00                 2650.26                     0.00                    0.00
   157                 479.00                    0.00                   66.00                     0.00                  150.00

<CAPTION>
Loan #   Monthly RE Tax Reserve   Monthly Ins. Reserve   Monthly Other Reserve   Grace Period   Lockbox In-place
------   ----------------------   --------------------   ---------------------   ------------   ----------------
<S>      <C>                      <C>                    <C>                     <C>            <C>
     1                316413.00              123607.00                    0.00              0   No
    24                     0.00                   0.00                    0.00              0   No
    31                  9871.00                9873.00                    0.00              0   Yes
    33                 26695.05                9688.62                    0.00              0   Yes
    34                 12600.00                2960.00                    0.00              0   No
    42                     0.00                   0.00                    0.00              6   No
 42.01                                                                                      6
 42.02                                                                                      6
 42.03                                                                                      6
 42.04                                                                                      6
    43                 21900.00                2800.00                    0.00   10 (maximum    No
                                                                                 of 2 times
                                                                                 per year)
    45                     0.00                   0.00                    0.00              0   Yes
 45.01                                                                                      0
 45.02                                                                                      0
 45.03                                                                                      0
 45.04                                                                                      0
 45.05                                                                                      0
    46                 21361.54                5736.50                    0.00              5   Yes
 46.01                                                                                      5
 46.02                                                                                      5
    95                  4850.00                 750.00                    0.00              0   No
   113                  5200.00                 209.00                    0.00              0   No
   117                  3555.12                2569.74                    0.00              0   No
   119                 11700.00                 510.00                    0.00              0   No
   125                  6600.00                 474.00                    0.00              0   No
   136                  2100.00                 800.00                    0.00              0   No
   139                  3650.00                2776.54                    0.00              0   No
   142                  4924.89                2714.01                    0.00              0   No
   157                  1900.00                  47.92                    0.00              0   No

<CAPTION>
Loan #   Property Type          Defeasance Permitted   Interest Accrual Period   Loan Group   Final Maturity Date
------   --------------------   --------------------   -----------------------   ----------   -------------------
<S>      <C>                    <C>                    <C>                       <C>          <C>
     1   Multifamily            Yes                    Actual/360                         2
    24   Hotel                  No                     Actual/360                         1
    31   Multifamily            Yes                    Actual/360                         1
    33   Retail                 Yes                    Actual/360                         1
    34   Office                 Yes                    Actual/360                         1
    42   Retail                 Yes                    Actual/360                         1
 42.01   Retail                                                                           1
 42.02   Retail                                                                           1
 42.03   Retail                                                                           1
 42.04   Retail                                                                           1
    43   Office                 Yes                    Actual/360                         1
    45   Various                Yes                    Actual/360                         1
 45.01   Office                                                                           1
 45.02   Industrial                                                                       1
 45.03   Industrial                                                                       1
 45.04   Industrial                                                                       1
 45.05   Industrial                                                                       1
    46   Multifamily            Yes                    Actual/360                         2
 46.01   Multifamily                                                                      2
 46.02   Multifamily                                                                      2
    95   Office                 Yes                    Actual/360                         1   08/07/36
   113   Retail                 Yes                    Actual/360                         1
   117   Hotel                  Yes                    Actual/360                         1
   119   Manufactured Housing   Yes                    Actual/360                         2
   125   Manufactured Housing   Yes                    Actual/360                         2
   136   Retail                 Yes                    Actual/360                         1
   139   Retail                 Yes                    Actual/360                         1
   142   Multifamily            Yes                    Actual/360                         2
   157   Retail                 Yes                    Actual/360                         1

<CAPTION>
Loan #   Remaining Amortization Term for Balloon Loans
------   ---------------------------------------------
<S>      <C>
     1
    24
    31                                             360
    33                                             360
    34                                             360
    42                                             360
 42.01                                             360
 42.02                                             360
 42.03                                             360
 42.04                                             360
    43                                             360
    45                                             300
 45.01                                             300
 45.02                                             300
 45.03                                             300
 45.04                                             300
 45.05                                             300
    46                                             360
 46.01                                             360
 46.02                                             360
    95                                             360
   113                                             360
   117                                             270
   119                                             360
   125                                             360
   136                                             360
   139                                             360
   142                                             300
   157                                             360
</TABLE>

<PAGE>

                                    EXHIBIT B

                  MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

            (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) 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 the Closing Date between the applicable 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 the Closing Date between the
applicable 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
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) and except for Permitted Encumbrances. No (a) Mortgaged Property
secures any mortgage loan not represented on the Mortgage Loan Schedule other
than a Companion Loan, (b) Mortgage Loan is cross-collateralized or
cross-defaulted with any other mortgage loan, other than a Mortgage Loan listed
on the Mortgage Loan Schedule or a Companion Loan, or (c) Mortgage Loan is
secured by property that is not a Mortgaged Property. 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 recordation
of the Mortgage or the Assignment of Leases and Rents or 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 or otherwise approved 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 and Rents 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 and Rents 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 and Rents, 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 intentional material misrepresentation, (ii) misapplication or
misappropriation of rents, insurance proceeds or condemnation awards, (iii)
either (x) any act of actual waste by or (y) damage or destruction to the
Mortgaged Property caused by the acts or omissions of the borrower, its agents,
employees or contractors, 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 or one form of action 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 may be 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 and 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) Except by a written instrument that has been delivered to the
Purchaser as a part of the related Mortgage File with respect to any immaterial
releases of the Mortgaged Property, 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 to
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 proceeding or power of
sale proceeding has been initiated under the terms of the related Mortgage Loan
documents. 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 (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 materially 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 and regulations, and the Seller has complied with all material
requirements pertaining to the origination 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, the related Mortgaged Property was, 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 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, enjoyment, 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 actual knowledge, such Mortgaged Property has not been damaged by fire,
wind or other casualty or physical condition that would materially and adversely
affect its value as security for the related Mortgage Loan (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) 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) satisfy the following conditions:

            (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 or such other agreement received by the
      originator of the Mortgage Loan from the ground lessor 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 or such other agreement received by the
      originator of the Mortgage Loan from the ground lessor 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 or other agreement 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 in existence as of the Closing Date, 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 or other agreement 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
      commercial mortgage 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 maturity date (or, in the case of an ARD Loan, the final maturity
      date) of the related Mortgage Loan. 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 (1) any notice of non payment of
premiums that has not been cured in a timely manner by the related Mortgagor or
(2) any notice of cancellation or termination of such Insurance Policies. 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 providing (a) coverage in the amount of the lesser
of full replacement cost of such Mortgaged Property and the outstanding
principal balance of the related Mortgage Loan (subject to customary
deductibles) for losses sustained by fire and against loss or damage by other
risks and hazards covered by a standard extended coverage insurance policy
providing "special" form coverage in an amount sufficient to prevent the
Mortgagor from being deemed a co-insurer and to provide coverage on a full
replacement cost basis of such Mortgaged Property (in some cases exclusive of
excavations, underground utilities, foundations and footings) with an agreed
amount 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 (i) 12
months of operations or (ii) 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 less than 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-:V" from A.M. Best Company or "A" (or the equivalent) from Standard &
Poor's Ratings Services, 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 return period
of not less than 100 years, 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-:V" by
A.M. Best Company or "A" (or the equivalent) from Standard & Poor's Ratings
Services, 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) The origination practices used by the Seller or, to its
knowledge, any prior holder of the related Mortgage Note with respect to such
Mortgage Loan have been in all material respects legal and have met customary
industry standards 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 (except
to the extent they have been disbursed for their intended purposes), 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, in the aggregate,
more than 5% of the aggregate outstanding principal amount of all the mortgage
loans included in the Trust Fund have 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 related 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 (i) at the date the Mortgage Loan
was originated at least equal to 80% of the original principal balance of the
Mortgage Loan or (ii) 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 (A) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (B) 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 sub-clauses (a)(i) and (a)(ii) of this clause (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 (x) was modified as a result of the default or reasonably
foreseeable default of such Mortgage Loan or (y) satisfies the provisions of
either sub-clause (a)(i) above (substituting the date of the last such
modification for the date the Mortgage Loan was originated) or sub-clause
(a)(ii), 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) Each of the Mortgage Loans contains 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 transfers subject to the Mortgage Loan holder's approval of
transferee, transfers of worn out or obsolete furnishings, fixtures, or
equipment promptly replaced with property of equivalent value and functionality,
transfers of leases entered into in accordance with the Mortgage Loan documents,
transfers to affiliates, transfers to family members for estate planning
purposes, transfers among existing members, partners or shareholders in
Mortgagors 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). The Mortgage or Mortgage Note requires the Mortgagor to pay all
reasonable out-of-pocket fees and expenses associated with securing the consent
or approval of the holder of the Mortgage for a waiver of a "due on sale" or
"due on encumbrance" clause or a defeasance provision. 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 (i) the replacement
collateral consist of U.S. "government securities," within the meaning of
Treasury Regulations Section 1.860 G-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); (ii) the loan may be assumed by a Single
Purpose Entity approved by the holder of the Mortgage Loan; (iii) counsel
provide an opinion that the trustee has a perfected security interest in such
collateral prior to any other claim or interest; and (iv) such other documents
and certifications as the mortgagee may reasonably require which may include,
without limitation, (A) 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 (B) 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 (except as contemplated in clause (35) hereof). In
addition, if the related Mortgage Loan permits defeasance, then the Mortgage
Loan documents provide that the related Mortgagor shall (x) pay all reasonable
fees associated with the defeasance of the Mortgage Loan and all other
reasonable expenses associated with the defeasance, or (y) provide all opinions
required under the related Mortgage Loan documents, and in the case of any
Mortgage Loan with an outstanding principal balance as of the Cut-off Date of
$40,000,000 or greater, (a) a REMIC opinion and (b) 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 material non-conformity with applicable zoning laws
constitutes a legal non-conforming use or structure 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 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) If the related Mortgage or other Mortgage Loan documents
provide for a grace period for delinquent Monthly Payments, such grace period is
no longer than ten (10) days from the applicable payment date or, with respect
to acceleration or the commencement of the accrual of default interest under any
Mortgage Loan, five (5) days after notice to the Mortgagor of default.

            (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) 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 or, 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 a "standard extended coverage" 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 applicable
Master 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 other Mortgage Loans or Companion
      Loans that are cross-collateralized with the related Mortgage Loan.

            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 is 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 an 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>

                          EXHIBIT C

 EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

Exception to Representation 4

Loan Number and Name               Exception

45.01: Gladstone (Midwest)         Ground lease payments on one of the
                                   Mortgaged Properties leased to T-Mobile
                                   Corp. are subject to a lien created in
                                   favor of the holders of industrial
                                   revenue bonds issued by the ground
                                   lessor (the City of Wichita) under the
                                   trust indenture. The Mortgagor is the
                                   tenant under the ground lease, the
                                   holder of the industrial revenue bonds
                                   and the beneficiary of the trust
                                   indenture.

Exception to Representation 10

Loan Number and Name              Exception

1: Park LaBrea Apartments         There is no guaranty of the non-recourse carve
                                  outs in the Mortgage Loan documents. Recourse
                                  is limited to the Mortgagor.

                                  With respect to any loses, liabilities, costs
                                  and damages arising from any acts of actual
                                  waste or any damage or destruction to the
                                  Mortgaged Property described in clause
                                  (a)(iii), the Mortgagor is liable only to the
                                  extent that such acts of actual waste were
                                  committed by, or such damage or destruction to
                                  the Mortgaged Property was caused by the acts
                                  or omissions of, the Mortgagor and its
                                  "Affiliates" (as defined in the related
                                  Mortgage Loan document). The "Affiliates" is
                                  defined in the Mortgage Loan document as
                                  follows: "As to any person, any other person
                                  that, directly or indirectly, is in Control
                                  of, is Controlled by or is under common
                                  Control with such person or is a director or
                                  officer of such person or of an Affiliate of
                                  such person." The term "Control" is defined in
                                  the Mortgage Loan document as follows: "With
                                  respect to any person, either (i) ownership,
                                  directly or indirectly, of forty-nine percent
                                  (49%) or more of all equity interests in such
                                  person or (ii) the possession, directly or
                                  indirectly, of the power to direct or cause
                                  the direction of the management and policies
                                  of such person, though the ownership of voting
                                  securities, by contract or otherwise."

                                  The trustee under the related deed of trust is
                                  entitled to reimbursement for actual expenses
                                  incurred in connection with its duties under
                                  the deed of trust as well as "reasonable
                                  compensation" for services rendered under the
                                  deed of trust.

Exception to Representation 12

Loan Number and Name               Exception

1: Park LaBrea Apartments          The related Mortgage Loan documents allow the
                                  Mortgagor to obtain a release of the portion
                                  of the Mortgaged Property known as "East of
                                  Hauser" (the "East Hauser Property") securing
                                  the Mortgage Loan without effecting a partial
                                  defeasance of the Mortgage Loan or making a
                                  prepayment of principal provided that, among
                                  other things, after giving effect to such
                                  release, (i) the underwritten debt service
                                  coverage ratio shall not be less than 1.85x
                                  and (ii) the loan to value ratio shall not be
                                  more than fifty percent (50%); provided,
                                  however, if either of both of the foregoing
                                  financial conditions are not satisfied, the
                                  Mortgagor may effect a partial defeasance of
                                  the Mortgage Loan or make a prepayment of
                                  principal in order to satisfy such financial
                                  conditions.

                                  The Mortgage Loan documents permit the
                                  Mortgagor to obtain a release of the East
                                  Hauser Property or a release of the portion of
                                  the Mortgaged Property known as "West of
                                  Hauser" in connection with (i) a sale of
                                  either property to a special purpose entity
                                  meeting certain criteria set forth in the
                                  Mortgage Loan documents or a conveyance of
                                  either property to an affiliate of the
                                  Mortgagor (in either case, the "Severed
                                  Property Borrower") and (ii) the assumption by
                                  the Severed Property Borrower of a portion of
                                  the loan allocated to such released property
                                  pursuant to the terms of the Mortgage Loan
                                  documents and such loan documents as shall be
                                  required to reflect the terms of the severed
                                  loan; provided that, among other things, (A)
                                  after giving effect to the severance of the
                                  Mortgage Loan, (a) the underwritten debt
                                  service coverage ratio of each loan shall not
                                  be less than 1.85x and (b) the loan to value
                                  ratio of each loan shall not be more than 50%;
                                  provided, however, that if either of both of
                                  the foregoing financial conditions are not
                                  satisfied, the Mortgagor may effect a partial
                                  defeasance of the Mortgage Loan or make a
                                  prepayment of principal in order to satisfy
                                  such financial conditions and (B) after giving
                                  effect to the severance of the Mortgage Loan,
                                  the aggregate outstanding principal balance of
                                  the loans is not less than 17% of the
                                  outstanding principal balance of the Mortgage
                                  Loan immediately prior to the severance of the
                                  Mortgage Loan.

                                  The related Mortgage Loan documents also allow
                                  the Mortgagor to obtain a release of the East
                                  Hauser Property by (A) partial defeasance of
                                  principal in an amount equal to $162,000,000
                                  or (B) prepayment of the Mortgage Loan in an
                                  amount equal to $162,000,000, provided that,
                                  among other things, after giving effect to
                                  such release, the underwritten debt service
                                  coverage ratio being not less than the greater
                                  of (a) the underwritten debt service coverage
                                  ratio on the closing date of the Mortgage Loan
                                  and (b) the underwritten debt service coverage
                                  ratio immediately preceding such release.

Exception to Representation 16

Loan Number and Name              Exception

142: Spring Meadow Apartments     The use of the Mortgaged Property is permitted
                                  only with a special permit, which has not been
                                  obtained. However, the Mortgaged Property is
                                  considered grandfathered because the Mortgaged
                                  Property was formerly under the control of the
                                  federal government and was sold prior to
                                  enactment of the zoning code. Thus, absence of
                                  such a permit is not considered a deficiency
                                  and will not trigger enforcement action. Also,
                                  the Mortgagor does not have a certificate of
                                  occupancy for the Mortgaged Property, but
                                  according to the zoning consultant and the
                                  Mortgagor's counsel such certificate of
                                  occupancy is not required and is not
                                  considered a violation and will not trigger
                                  enforcement action.

139: Forest Oaks Plaza 1          There were some minor fire code violations on
                                  the Mortgaged Property. The Mortgagor has
                                  until October 31, 2006 to resolve those
                                  violations under the post closing agreement.

33: Fondren Southwest Village     There were a number of building code
                                  violations on the Mortgaged Property. The
                                  Mortgagor was given one year from the closing
                                  date of the Mortgage Loan to resolve those
                                  issues (with additional time if certain
                                  conditions are met).

Exception to Representation 22

Loan Number and Name              Exception

1: Park LaBrea Apartments         All policies of insurance required pursuant to
                                  the related Mortgage Loan documents are
                                  required to be issued by companies licensed to
                                  do business in the state in which the
                                  Mortgaged Property is located, with a claims
                                  paying ability rating of "A-" or better by S&P
                                  (provided, however, that for multi-layered
                                  policies, (A) if four (4) or less insurance
                                  companies issue the policies, then at least
                                  75% of the insurance coverage represented by
                                  the policies must be provided by insurance
                                  companies with a claims paying ability rating
                                  of "A-" or better by S&P, with no carrier
                                  below "BBB" (and the equivalent by any other
                                  rating agency) or (B) if five (5) or more
                                  insurance companies issue the policies, then
                                  at least 60% of the insurance coverage
                                  represented by the policies must be provided
                                  by insurance companies with a claims paying
                                  ability rating of "A-" or better by S&P, with
                                  no carrier below "BBB", and a rating of A:VII
                                  or better in the current A.M. Best Company's
                                  Insurance Reports.

42: Milanos 2 Portfolio           The current insurers (PA Natl Mutual Casualty
                                  Ins Co. and Pennsylvania Nat'l (Milridge)) are
                                  each rated BBB by Standard & Poor's Ratings
                                  Services and A-: IX by A.M. Best Company. The
                                  Mortgage Loan documents require the Mortgagor
                                  to renew policies with an insurer that has a
                                  claims-paying ability rating of at least "A-:
                                  VII" from A.M. Best Company or "BBB" by
                                  Standard & Poor's Ratings Services.

                                  The Mortgage Loan documents require that the
                                  Insurance Policy for the Mortgage Loan contain
                                  a rental loss and/or business interruption
                                  insurance with an extended period of indemnity
                                  endorsement which provides that after the
                                  physical loss to the Mortgaged Property has
                                  been repaired, the continued loss of income
                                  will be insured until such income either
                                  returns to the same level it was at prior to
                                  the loss, or the expiration of fifteen (15)
                                  months from the date that the Mortgaged
                                  Property is damaged, whichever first occurs,
                                  and notwithstanding that the policy may expire
                                  prior to the end of such period.

34:Bonneville Square              The Mortgage Loan documents require the
                                  insurer to have a claims-paying ability rating
                                  of at least "A-: VII" from A.M. Best Company
                                  or "A" by Standard & Poor's Ratings Services.

95: Tonopah Office                The Mortgage Loan documents require the
                                  insurer to have a claims-paying ability rating
                                  of at least "A-: VII" from A.M. Best Company
                                  or "A" by Standard & Poor's Ratings Services.

43: 901 Corporate Center Dr.      The Mortgage Loan documents require the
                                  insurer to have a claims-paying ability rating
                                  of at least "A-: VII" from A.M. Best Company
                                  or "A" by Standard & Poor's Ratings Services.

33: Fondren Southwest Village     The insurer of the Insurance Policy for the
                                  Mortgage Loan may be unrated; provided that
                                  the Insurance Policy is reinsured by General
                                  Re Corporation and the current rating of
                                  General Re Corporation ("A++:XV" from A.M.
                                  Best Company and "AAA" by Standard & Poor's
                                  Ratings Services) is not downgraded.

142: Spring Meadows Apartments    The Mortgage Loan documents require the
                                  insurer to have a claims-paying ability rating
                                  of at least "A-: VII" from A.M. Best Company
                                  or "A" by Standard & Poor's Ratings Services.

24:Marriott Monterey              The Mortgage Loan documents require the
                                  insurer to have a claims-paying ability rating
                                  of at least "A-: VII" from A.M. Best Company
                                  or "A" by Standard & Poor's Ratings Services.

Exception to Representation 32

Loan Number and Name              Exception

1: Park LaBrea Apartments         The Mortgage Loan documents permit the
                                  Mortgagor to obtain a release of the East
                                  Hauser Property or a release of the West
                                  Hauser Property in connection with (i) a sale
                                  of either property to a special purpose entity
                                  meeting certain criteria set forth in the
                                  Mortgage Loan documents or a conveyance of
                                  either property to an affiliate of the
                                  Mortgagor (in either case, the "Severed
                                  Property Borrower") and (ii) the assumption by
                                  the Severed Property Borrower of a portion of
                                  the loan allocated to such released property
                                  pursuant to the terms of the Mortgage Loan
                                  documents and such loan documents as shall be
                                  required to reflect the terms of the severed
                                  loan; provided that, among other things, (A)
                                  after giving effect to the severance of the
                                  Mortgage Loan, (a) the underwritten debt
                                  service coverage ratio of each loan shall not
                                  be less than 1.85x and (b) the loan to value
                                  ratio of each loan shall not be more than 50%;
                                  provided, however, that if either of both of
                                  the foregoing financial conditions are not
                                  satisfied, the Mortgagor may effect a partial
                                  defeasance of the Mortgage Loan or make a
                                  prepayment of principal in order to satisfy
                                  such financial conditions and (B) after giving
                                  effect to the severance of the Mortgage Loan,
                                  the aggregate outstanding principal balance of
                                  the loans is not less than 17% of the
                                  outstanding principal balance of the Mortgage
                                  Loan immediately prior to the severance of the
                                  Mortgage Loan.

                                  The Mortgage Loan documents also allow the
                                  Mortgagor to issue preferred equity interests
                                  in any entity owning a direct or indirect
                                  interest in the Mortgagor, subject to and in
                                  accordance with the terms of the Loan
                                  Agreement (including the satisfaction of the
                                  requirement that the preferred equity
                                  investment is at all times held by a permitted
                                  mezzanine loan lender). The Mortgagor is not
                                  required to obtain a rating agency
                                  confirmation with respect to any preferred
                                  equity investment. However, the lender must
                                  confirm that the conditions precedent to the
                                  issuance of the preferred equity have been
                                  satisfied. If each of the conditions has not
                                  been satisfied, the Mortgagor will be required
                                  to obtain a rating agency confirmation with
                                  respect to the proposed preferred equity
                                  investment.

                                  The Mortgage Loan documents permit the equity
                                  holders of the Mortgagor to pledge their
                                  interests in the Mortgagor to secure a
                                  mezzanine loan, subject to the satisfaction of
                                  certain criteria, including the combined debt
                                  service coverage ratio being no less than
                                  1.10x and the combined loan to value ratio
                                  being no greater than eighty percent (80%).
                                  The Mortgagor is not required to obtain a
                                  rating agency confirmation letter; however,
                                  the lender must confirm that the conditions
                                  precedent to the mezzanine loan have been
                                  satisfied. If each of the conditions has not
                                  been satisfied, the Mortgagor will be required
                                  to obtain a rating agency confirmation letter
                                  with respect to the proposed mezzanine loan.

                                  In addition, the Mortgage Loan documents
                                  permit the direct and indirect equity holders
                                  of the Mortgagor and certain affiliates of the
                                  Mortgagor to pledge their respective equity
                                  interest in the Mortgagor or certain
                                  affiliates of the Mortgagor, as applicable, to
                                  a permitted mezzanine lender, subject to the
                                  satisfaction of certain conditions set forth
                                  therein, including without limitation, (i)
                                  delivery of a non-consolidation opinion in
                                  connection with the proposed exercise of any
                                  remedies available under such pledge (if such
                                  pledge would transfer a controlling interest
                                  in the Mortgagor), (ii) the grant of such
                                  pledge or the exercise of any remedies
                                  available under such pledge not resulting in a
                                  change in the manager of the Mortgaged
                                  Property (unless a replacement manager is a
                                  qualified manager satisfying certain
                                  eligibility criteria set forth in the Mortgage
                                  Loan documents) and (iii) delivery of such
                                  subordination agreements with respect to the
                                  pledge as the lender shall reasonably require.

                                  The Mortgagor has a one time right to sell the
                                  Mortgaged Property to a new special purpose
                                  entity and the lender's consent will not be
                                  unreasonably withheld; provided that, among
                                  other things, (i) the transferee is a
                                  "Qualified Equityholder" meeting certain
                                  financial criteria set forth in the Mortgage
                                  Loan documents (or if such transferee is not a
                                  "Qualified Equityholder," an entity approved
                                  by the lender in its reasonable discretion)
                                  and (ii) the Mortgagor pays to the lender an
                                  assumption fee equal to $500,000. In addition,
                                  the lender may, as a condition to approving
                                  any proposed transferee that is not a
                                  "Qualified Equityholder," require a rating
                                  agency confirmation letter.

142: Spring Meadows Apartment     The Mortgage Loan documents permit the equity
                                  holders of the Mortgagor to pledge their
                                  interests in the Mortgagor to secure a
                                  mezzanine loan, subject to the satisfaction of
                                  certain criteria, including the combined debt
                                  service coverage ratio being no less than
                                  1.25x and the combined loan to value ratio
                                  being no greater than eighty percent (80%).

43: 901 Corporate Center Dr.      The sponsor of the related borrower has
                                  outstanding a $5,200,000 million revolving
                                  credit facility with the Seller, as lender,
                                  secured by, among other things, 99% of the
                                  equity interests in the borrower.

Exception to Representation 34

Loan Number and Name              Exception

1: Park LaBrea Apartments         The Mortgage Loan documents provides that the
                                  replacement collateral may be other
                                  non-callable instruments, which if a
                                  securitization has occurred, will not cause
                                  the REMIC trust formed pursuant to such
                                  securitization to fail to maintain its status
                                  as a "real estate mortgage investment conduit"
                                  within the meaning of Section 860D of the Code
                                  and which will not result in a reduction,
                                  downgrade or withdrawal of the ratings for the
                                  securities or any classes thereof issued in
                                  connection with a security which are then
                                  outstanding; provided that any such
                                  obligations or instruments described above
                                  shall not constitute a "significant
                                  modification" for REMIC purposes and shall be
                                  subject to the lender's reasonable approval.

                                  The Mortgage Loan may be assumed by any Single
                                  Purpose Entity. The lender does not have the
                                  right to approve the Single Purpose Entity.

                                  The Mortgagor is not required to reimburse the
                                  mortgagee for costs and expenses in excess of
                                  $20,000 for each defeasance by the Mortgagor.
                                  In addition, in connection with any release of
                                  the East Hauser Property (whether in
                                  connection with a partial defeasance of the
                                  Mortgage Loan, a prepayment of principal or a
                                  "free" release), neither the lender nor any
                                  servicer may charge the Mortgagor any consent,
                                  review, processing or other fee in excess of
                                  $5,000 in the aggregate in connection with any
                                  such proposed transaction.

Exception to Representation 42

Loan Number and Name              Exception

1:Park LaBrea Apartments          The Mortgage Loan documents provide that the
                                  Mortgagor is not required to maintain
                                  terrorism insurance unless required by law.

<PAGE>

                                    EXHIBIT D

                          FORM OF OFFICER'S CERTIFICATE

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

            1.____I have examined the Mortgage Loan Purchase Agreement, dated as
of September 1, 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 (or, in the case of any
particular representation or warranty set forth on Exhibit B to the Agreement,
as of such other date provided for in such representation or warranty) with the
same force and effect as if made on and as of the date hereof, subject to the
exceptions set forth in the Agreement (including Exhibit C thereto).

            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
the Prospectus, dated September 22, 2006, as supplemented by the Prospectus
Supplement, dated September 22, 2006 (collectively, the "Prospectus"), relating
to the offering of the Class A-1, Class A-2, Class A-3A, Class A-3FL, Class
A-3B, Class A-4, Class A-SB, Class A-1A, Class A-J, Class X, Class B, Class C
and Class D Certificates, the Private Placement Memorandum, dated September 22,
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 September 22, 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 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 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.

                    [SIGNATURE APPEARS ON THE FOLLOWING PAGE]

<PAGE>

            IN WITNESS WHEREOF, I have signed my name this ___ day of September,
2006.

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   SCHEDULE I

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

Reference is made to the Representations and Warranties set forth in Exhibit B
attached hereto corresponding to the Paragraph number set forth below.

Paragraph 21(a) and (e):

                                      None.

<PAGE>

                                   SCHEDULE II

                       MORTGAGED PROPERTY FOR WHICH OTHER
                      ENVIRONMENTAL INSURANCE IS MAINTAINED

Reference is made to the Representations and Warranties set forth in Exhibit B
attached hereto corresponding to the Paragraph numbers set forth below.

                                      None.

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