Document:

EXHIBIT 4.2

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              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                                   (Depositor)

                                       and

                             COLUMN FINANCIAL, INC.
                                    (Seller)

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                        MORTGAGE LOAN PURCHASE AGREEMENT

                          Dated as of November 1, 2004

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                                TABLE OF CONTENTS

Section 1.  Transactions on or Prior to the Closing Date....................

Section 2.  Closing Date Actions............................................

Section 3.  Conveyance of Mortgage Loans....................................

Section 4.  Depositor's Conditions to Closing...............................

Section 5.  Seller's Conditions to Closing..................................

Section 6.  Representations and Warranties of Seller........................

Section 7.  Obligations of Seller...........................................

Section 8.  Crossed Mortgage Loans..........................................

Section 9.  Rating Agency Fees; Costs and Expenses Associated with
            a Defeasance....................................................

Section 10. Representations and Warranties of Depositor.....................

Section 11. Survival of Certain Representations, Warranties and Covenants...

Section 12. Transaction Expenses............................................

Section 13. Recording Costs and Expenses....................................

Section 14. Notices.........................................................

Section 15. Examination of Mortgage Files...................................

Section 16. Successors......................................................

Section 17. Governing Law...................................................

Section 18. Severability....................................................

Section 19. Further Assurances..............................................

Section 20. Counterparts....................................................

Section 21. Treatment as Security Agreement.................................

Section 22. Recordation of Agreement........................................

Schedule I        Schedule of Transaction Terms

Schedule II       Mortgage Loan Schedule

Schedule III      Mortgage Loans Constituting Mortgage Groups

Schedule IV       Mortgage Loans with Lost Notes

Schedule V        Exceptions to Seller's Representations and Warranties

Exhibit A         Representations and Warranties Regarding the Mortgage Loans

Exhibit B         Form of Lost Note Affidavit

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                        MORTGAGE LOAN PURCHASE AGREEMENT

            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of November 1, 2004, is made by and between COLUMN FINANCIAL, INC., a Delaware
corporation ("Seller"), and CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP., a Delaware corporation ("Depositor").

                                    RECITALS

            I. Capitalized terms used herein without definition have the
meanings ascribed to them in the Schedule of Transaction Terms attached hereto
as Schedule I, which is incorporated herein by this reference, or, if not
defined therein, in the Pooling and Servicing Agreement specified on such
Schedule of Transaction Terms.

            II. On the Closing Date, and on the terms set forth herein, Seller
has agreed to sell to Depositor and Depositor has agreed to purchase from Seller
the mortgage loans identified on the schedule (the "Mortgage Loan Schedule")
annexed hereto as Schedule II (each such mortgage loan, a "Mortgage Loan" and,
collectively, the "Mortgage Loans"). Depositor intends to deposit the Mortgage
Loans and other assets into a trust fund (the "Trust Fund") created pursuant to
the Pooling and Servicing Agreement and to cause the issuance of the
Certificates.

                                    AGREEMENT

            NOW, THEREFORE, on the terms and conditions set forth below and for
good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Depositor and Seller agree as follows:

            Section 1. Transactions on or Prior to the Closing Date. On or prior
to the Closing Date, Seller shall have delivered the Mortgage Files with respect
to each of the Mortgage Loans listed in the Mortgage Loan Schedule to Wells
Fargo Bank, N.A. as trustee (the "Trustee") or its designee, against receipt by
Seller of a written receipt, pursuant to an arrangement between Seller and the
Trustee; provided, however, that item (xvi) in the definition of Mortgage File
(below) shall be delivered to the applicable Master Servicer for inclusion in
the Servicer File (defined below) with a copy delivered to the Trustee for
inclusion in the Mortgage File; and provided, further, that Seller shall pay (or
cause the related Borrower to pay) any costs of the assignment or amendment of
each letter of credit described under said item (xvi) required in order for the
Trustee to draw on such letter of credit pursuant to the terms of the Pooling
and Servicing Agreement and shall deliver the related assignment or amendment
documents within thirty (30) days after the Closing Date. In addition, prior to
such assignment or amendment of a letter of credit, Seller will take all
necessary steps to enable the applicable Master Servicer to draw on the related
letter of credit on behalf of the Trustee pursuant to the terms of the Pooling
and Servicing Agreement, including, if necessary, drawing on the letter of
credit in its own name pursuant to written instructions to draw from the
applicable Master Servicer and upon receipt, immediately remitting the proceeds
of such draw (or causing such proceeds to be remitted) to the applicable Master
Servicer.

            Section 2. Closing Date Actions. The sale of the Mortgage Loans
shall take place on the Closing Date, subject to and simultaneously with the
deposit of the Mortgage Loans into the Trust Fund, the issuance of the
Certificates and the sale of (a) the Publicly Offered Certificates by Depositor
to the Underwriters pursuant to the Underwriting Agreement and (b) the Private
Certificates by Depositor to the Initial Purchaser pursuant to the Certificate
Purchase Agreement. The closing (the "Closing") shall take place at the offices
of Cadwalader, Wickersham & Taft LLP, 100 Maiden Lane, New York, New York 10038,
or such other location as agreed upon between the parties hereto. On the Closing
Date, the following actions shall take place in sequential order on the terms
set forth herein:

            (i) Seller shall sell to Depositor, and Depositor shall purchase
      from Seller, the Mortgage Loans pursuant to this Agreement for the
      Mortgage Loan Purchase Price payable in accordance with instructions
      previously provided to Depositor by Seller. The Mortgage Loan Purchase
      Price shall be paid by Depositor to Seller or at its direction by wire
      transfer in immediately available funds to an account designated by Seller
      on or prior to the Closing Date. The "Mortgage Loan Purchase Price" shall
      be the price mutually agreed upon as such in writing between Depositor and
      Seller.

            (ii) Pursuant to the terms of the Pooling and Servicing Agreement,
      Depositor shall sell all of its right, title and interest in and to the
      Mortgage Loans to the Trustee for the benefit of the Holders of the
      Certificates.

            (iii) Depositor shall sell to the Underwriters, and the Underwriters
      shall purchase from Depositor, the Publicly Offered Certificates pursuant
      to the Underwriting Agreement, and Depositor shall sell to the Initial
      Purchaser, and the Initial Purchaser shall purchase from Depositor, the
      Private Certificates pursuant to the Certificate Purchase Agreement.

            (iv) The Underwriters will offer the Publicly Offered Certificates
      for sale to the public pursuant to the Prospectus and the Prospectus
      Supplement and the Initial Purchaser will privately place certain classes
      of the Private Certificates pursuant to the Offering Circular.

            Section 3. Conveyance of Mortgage Loans. On the Closing Date, Seller
shall sell, convey, assign and transfer, subject to any related servicing rights
of any applicable Master Servicer under, and/or any applicable Primary Servicer
contemplated by, the Pooling and Servicing Agreement, without recourse except as
provided herein, to Depositor, free and clear of any liens, claims or other
encumbrances, all of Seller's right, title and interest in, to and under: (i)
each of the Mortgage Loans identified on the Mortgage Loan Schedule and (ii) all
property of Seller described in Section 21(b) of this Agreement, including,
without limitation, (A) all scheduled payments of interest and principal due on
or with respect to the Mortgage Loans after the Cut-off Date and (B) all other
payments of interest, principal or prepayment premiums received on or with
respect to the Mortgage Loans after the Cut-off Date, other than any such
payments of interest or principal or prepayment premiums that were due on or
prior to the Cut-off Date. The Mortgage File for each Mortgage Loan shall
contain the following documents on a collective basis:

            (i) the original Note (or with respect to those Mortgage Loans
      listed in Schedule IV hereto, a "lost note affidavit" substantially in the
      form of Exhibit B hereto and a true and complete copy of the Note),
      bearing, or accompanied by, all prior and intervening endorsements or
      assignments showing a complete chain of endorsement or assignment from the
      Mortgage Loan Originator either in blank or to Seller, and further
      endorsed (at the direction of Depositor given pursuant to this Agreement)
      by Seller, on its face or by allonge attached thereto, without recourse,
      either in blank or to the order of the Trustee in the following form: "Pay
      to the order of Wells Fargo Bank, N.A., as trustee for the registered
      Holders of Credit Suisse First Boston Mortgage Securities Corp.,
      Commercial Mortgage Pass-Through Certificates, Series 2004-C4, without
      recourse, representation or warranty, express or implied";

            (ii) a duplicate original Mortgage or a counterpart thereof or, if
      such Mortgage has been returned by the related recording office, (A) an
      original, (B) a certified copy or (C) a copy thereof from the applicable
      recording office, and originals or counterparts (or originals, certified
      copies or copies from the applicable recording office) of any intervening
      assignments thereof from the Mortgage Loan Originator to Seller, in each
      case in the form submitted for recording or, if recorded, with evidence of
      recording indicated thereon;

            (iii) an original assignment of the Mortgage, in recordable form
      (except for any missing recording information and, if applicable,
      completion of the name of the assignee), from Seller (or the Mortgage Loan
      Originator) either in blank or to "Wells Fargo Bank, N.A., as trustee for
      the registered Holders of Credit Suisse First Boston Mortgage Securities
      Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4";

            (iv) an original, counterpart or copy of any related Assignment of
      Leases (if such item is a document separate from the Mortgage), and the
      originals, counterparts or copies of any intervening assignments thereof
      from the Mortgage Loan Originator of the Loan to Seller, in each case in
      the form submitted for recording or, if recorded, with evidence of
      recording thereon;

            (v) an original assignment of any related Assignment of Leases (if
      such item is a document separate from the Mortgage), in recordable form
      (except for any missing recording information and, if applicable,
      completion of the name of the assignee), from Seller (or the Mortgage Loan
      Originator), either in blank or to "Wells Fargo Bank, N.A., as trustee for
      the registered Holders of Credit Suisse First Boston Mortgage Securities
      Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4";

            (vi) an original or true and complete copy of any related Security
      Agreement (if such item is a document separate from the Mortgage), and the
      originals or copies of any intervening assignments thereof from the
      Mortgage Loan Originator to Seller;

            (vii) an original assignment of any related Security Agreement (if
      such item is a document separate from the Mortgage), from Seller (or the
      Mortgage Loan Originator) either in blank or to "Wells Fargo Bank, N.A.,
      as trustee for the registered Holders of Credit Suisse First Boston
      Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
      Series 2004-C4," which assignment may be included as part of an omnibus
      assignment covering other documents relating to the Mortgage Loan
      (provided that such omnibus assignment is effective under applicable law);

            (viii) originals or copies of all (A) assumption agreements, (B)
      modifications, (C) written assurance agreements and (D) substitution
      agreements, together with any evidence of recording thereon or in the form
      submitted for recording, in those instances where the terms or provisions
      of the Mortgage, Note or any related security document have been modified
      or the Mortgage Loan has been assumed;

            (ix) the original lender's title insurance policy or a copy thereof
      (together with all endorsements or riders that were issued with or
      subsequent to the issuance of such policy), or if the policy has not yet
      been issued, the original or a copy of a binding written commitment (which
      may be a pro forma or specimen title insurance policy which has been
      accepted or approved in writing by the related title insurance company) or
      interim binder that is marked as binding and countersigned by the title
      company, insuring the priority of the Mortgage as a first lien on the
      related Mortgaged Property, relating to such Mortgage Loan;

            (x) the original or a counterpart of any guaranty of the obligations
      of the Borrower under the Mortgage Loan;

            (xi) UCC acknowledgement, certified or other copies of all UCC
      Financing Statements and continuation statements which show the filing or
      recording thereof (including the filing number or other similar filing
      information) or, alternatively, other evidence of filing or recording
      (including the filing number or other similar filing information)
      acceptable to the Trustee (including, without limitation, evidence of such
      filed or recorded UCC Financing Statement as shown on a written UCC search
      report from a reputable search firm, such as Corporation Service Company,
      CT Corporation System and the like or printouts of on-line confirmations
      from such UCC filing or recording offices or authorized agents thereof),
      sufficient to perfect (and maintain the perfection of) the security
      interest held by the Mortgage Loan Originator (and each assignee of record
      prior to the Trustee) in and to the personalty of the Borrower at the
      Mortgaged Property, and original UCC Financing Statement assignments, in a
      form suitable for filing or recording, sufficient to assign each such UCC
      Financing Statement to the Trustee;

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

            (xiii) with respect to any debt of a Borrower or mezzanine borrower
      permitted under the related Mortgage Loan, an original or copy of a
      subordination agreement, standstill agreement or other intercreditor,
      co-lender or similar agreement relating to such other debt, if any,
      including any mezzanine loan documents or preferred equity documents, and
      a copy of the promissory note relating to such other debt (if such other
      debt is also secured by the related Mortgage);

            (xiv) with respect to any Cash Collateral Accounts and Lock-Box
      Accounts, an original or copy of any related account control agreement and
      a copy of the UCC Financing Statements, if any, submitted for filing with
      respect to Seller's security interest in the Cash Collateral Accounts and
      Lock-Box Accounts and all funds contained therein (together with UCC
      Financing Statement assignments in a form suitable for filing or
      recording, sufficient to transfer such security interest to the Trustee on
      behalf of the Certificateholders);

            (xv) an original or copy of any related Loan Agreement (if separate
      from the related Mortgage), and an original or copy of any related
      Lock-Box Agreement or Cash Collateral Account Agreement (if separate from
      the related Mortgage and Loan Agreement);

            (xvi) the originals and copies of letters of credit, if any,
      relating to the Mortgage Loans and amendments thereto which entitles the
      Trust to draw thereon; provided that in connection with the delivery of
      the Mortgage File to the Trust, such originals shall be delivered to the
      applicable Master Servicer and copies thereof shall be delivered to the
      Trustee;

            (xvii) any related environmental insurance policy and any
      environmental guarantee or indemnity agreement or copies thereof;

            (xviii) the original or a copy of the ground lease, ground lease
      memorandum and ground lease estoppels, if any, and any amendments,
      modifications or extensions thereto, if any, or certified copies thereof;

            (xix) the original or copy of any property management agreement;

            (xx) copies of franchise agreements and franchisor comfort letters,
      if any, for hospitality properties and any applicable transfer/assignment
      documents; and

            (xxi) a checklist of the documents included in the subject Mortgage
      File.

            Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii), (iv), (viii),
(xi) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement) and (xii) of the
last sentence of the first paragraph of this Section 3, with evidence of
recording or filing thereon on the Closing Date, solely because of a delay
caused by the public recording or filing office where such document or
instrument has been delivered for recordation or filing, Seller: (i) shall
deliver, or cause to be delivered, to the Trustee or its designee a duplicate
original or true copy of such document or instrument certified by the applicable
public recording or filing office, the applicable title insurance company or
Seller to be a true and complete duplicate original or copy of the original
thereof submitted for recording or filing; and (ii) shall deliver, or cause to
be delivered, to the Trustee or its designee either the original of such
non-delivered document or instrument, or a photocopy thereof (certified by the
appropriate public recording or filing office to be a true and complete copy of
the original thereof submitted for recording or filing), with evidence of
recording or filing thereon, within 120 days after the Closing Date, which
period may be extended up to two times, in each case for an additional period of
45 days (provided that Seller, as certified in writing to the Trustee prior to
each such 45-day extension, is in good faith attempting to obtain from the
appropriate recording or filing office such original or photocopy). Compliance
with this paragraph will satisfy Seller's delivery requirements under this
Section 3 with respect to the subject document(s) and instrument(s).

            Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii), (iv), (viii),
(xi) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement) and (xii) of the
last sentence of the first paragraph of this Section 3, with evidence of
recording or filing thereon for any other reason, including without limitation,
that such non-delivered document or instrument has been lost, the delivery
requirements of this Agreement shall be deemed to have been satisfied and such
non-delivered document or instrument shall be deemed to have been included in
the related Mortgage File if a photocopy of such non-delivered document or
instrument (with evidence of recording or filing thereon and certified by the
appropriate recording or filing office to be a true and complete copy of the
original thereof as filed or recorded) is delivered to the Trustee or its
designee on or before the Closing Date.

            Notwithstanding the foregoing, in the event that Seller cannot
deliver any UCC Financing Statement assignment with the filing or recording
information of the related UCC Financing Statement with respect to any Mortgage
Loan, solely because such UCC Financing Statement has not been returned by the
public filing or recording office where such UCC Financing Statement has been
delivered for filing or recording, Seller shall so notify the Trustee or its
designee and shall not be in breach of its obligations with respect to such
delivery, provided that Seller promptly forwards such UCC Financing Statement to
the Trustee or its designee upon its return, together with the related original
UCC Financing Statement assignment in a form appropriate for filing or
recording.

            Notwithstanding the foregoing, Seller may, at its sole cost and
expense, but is not obligated to, engage a third-party contractor to prepare or
complete in proper form for filing or recording any and all assignments of
Mortgage, assignments of Assignments of Leases and assignments of UCC Financing
Statements to the Trustee to be delivered pursuant to clauses (iii), (v) and
(xi) of the last sentence of the first paragraph of this Section 3
(collectively, the "Assignments"), to submit those Assignments for filing and
recording, as the case may be, in the applicable public filing and recording
offices and to deliver those Assignments to the Trustee or its designee as those
Assignments (or certified copies thereof) are received from the applicable
filing and recording offices with evidence of such filing or recording indicated
thereon. However, in the event Seller engages a third-party contractor as
contemplated in the immediately preceding sentence, the rights, duties and
obligations of Seller pursuant to this Agreement remain binding on Seller; and,
if Seller does not engage a third party as contemplated by the immediately
preceding sentence, then Seller will still be liable for recording and filing
fees and expenses of the Assignments as and to the extent contemplated by
Section 13 hereof.

            Within ten (10) Business Days after the Closing Date, Seller shall
deliver the Servicer Files with respect to each of the Mortgage Loans to the
applicable Master Servicer (or, if applicable, to a Sub-Servicer (with a copy to
the applicable Master Servicer) at the direction of the applicable Master
Servicer), under the Pooling and Servicing Agreement on behalf of the Trustee in
trust for the benefit of the Certificateholders. Each such Servicer File shall
contain all documents and records in Seller's possession relating to such
applicable Mortgage Loans (including reserve and escrow agreements, cash
management agreements, lockbox agreements, financial statements, operating
statements and any other information provided by the respective Borrower from
time to time, but excluding any documents and other writings not enumerated in
this parenthetical that have been prepared by Seller or any of its Affiliates
solely for internal credit analysis or other internal uses or any
attorney-client privileged communication) that are not required to be a part of
a Mortgage File in accordance with the definition thereof, together with copies
of all instruments and documents which are required to be a part of the related
Mortgage File in accordance with the definition thereof.

            For purposes of this Section 3, and notwithstanding any contrary
provision hereof or of the definition of "Mortgage File," if there exists with
respect to any group of Crossed Mortgage Loans only one original or certified
copy of any document or instrument described in the definition of "Mortgage
File" which pertains to all of the Crossed Mortgage Loans in such group of
Crossed Mortgage Loans, the inclusion of the original or certified copy of such
document or instrument in the Mortgage File for any of such Crossed Mortgage
Loans and the inclusion of a copy of such original or certified copy in each of
the Mortgage Files for the other Crossed Mortgage Loans in such group of Crossed
Mortgage Loans, shall be deemed the inclusion of such original or certified
copy, as the case may be, in the Mortgage File for each such Crossed Mortgage
Loan.

            Seller shall, promptly after the Closing Date, but in all events
within three (3) Business Days after the Closing Date, cause all funds on
deposit in escrow accounts maintained with respect to the Mortgage Loans in the
name of Seller or any other name, to be transferred to or at the direction of
the applicable Master Servicer (or, if applicable, to a Sub-Servicer at the
direction of the applicable Master Servicer).

            The Trustee, as assignee or transferee of Depositor, shall be
entitled to all scheduled principal payments due after the Cut-off Date, all
other payments of principal due and collected after the Cut-off Date, and all
payments of interest on the Mortgage Loans, minus that portion of any such
payment which is allocable to the period on or prior to the Cut-off Date. All
scheduled payments of principal due on or before the Cut-off Date and collected
after the Cut-off Date, together with the accompanying interest payments, shall
belong to Seller.

            Upon the sale of the Mortgage Loans from Seller to Depositor
pursuant hereto, the ownership of each Note, the related Mortgage and the
contents of the related Mortgage File shall be vested in Depositor and the
ownership of all records and documents with respect to the related Mortgage Loan
prepared by or which come into the possession of Seller as seller of the
Mortgage Loans hereunder, exclusive in each case of documents prepared by Seller
or any of its Affiliates solely for internal credit analysis or other internal
uses or any attorney-client privileged communication, shall immediately vest in
Depositor. All Monthly Payments, Principal Prepayments and other amounts
received by Seller and not otherwise belonging to Seller pursuant to this
Agreement shall be sent by Seller within three (3) Business Days after Seller's
receipt thereof to the applicable Master Servicer via wire transfer for deposit
by the applicable Master Servicer into the Collection Account.

            Upon the sale of Certificates representing at least 10% of the fair
value of all the Certificates to unaffiliated third parties, Seller shall, under
generally accepted accounting principles ("GAAP"), report its transfer of the
Mortgage Loans to Depositor, as provided herein, as a sale of the Mortgage Loans
to Depositor in exchange for the consideration specified in Section 2 hereof. In
connection with the foregoing, upon sale of Certificates representing at least
10% of the fair value of all the Certificates to unaffiliated third parties,
Seller shall cause all of its financial and accounting records to reflect such
transfer as a sale (as opposed to a secured loan). Seller shall at all times
following the Closing Date cause all of its records and financial statements and
any relevant consolidated financial statements of any direct or indirect parent
to clearly reflect that the Mortgage Loans have been transferred to Depositor
and are no longer available to satisfy claims of Seller's creditors.

            After Seller's transfer of the Mortgage Loans to Depositor, as
provided herein, Seller shall not take any action inconsistent with Depositor's
ownership (or the ownership by any of Depositor's assignees) of the Mortgage
Loans. Except for actions that are the express responsibility of another party
hereunder or under the Pooling and Servicing Agreement, and further except for
actions that Seller is expressly permitted to complete subsequent to the Closing
Date, Seller shall, on or before the Closing Date, take all actions required
under applicable law to effectuate the transfer of the Mortgage Loans by Seller
to Depositor.

            Section 4. Depositor's Conditions to Closing. The obligations of
Depositor to purchase the Mortgage Loans and pay the Mortgage Loan Purchase
Price at the Closing Date under the terms of this Agreement are subject to the
satisfaction of each of the following conditions at or before the Closing:

            (a) Each of the obligations of Seller required to be performed by it
on or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects; all of the
representations and warranties of Seller under this Agreement (subject to the
exceptions set forth in the Exception Report) shall be true and correct in all
material respects as of the Closing Date; no event shall have occurred with
respect to Seller or any of the Mortgage Loans and related Mortgage Files which,
with notice or the passage of time, would constitute a material default under
this Agreement; and Depositor shall have received certificates to the foregoing
effect signed by authorized officers of Seller.

            (b) Depositor, or if directed by Depositor, the Trustee or
Depositor's attorneys or other designee, shall have received in escrow, all of
the following closing documents, in such forms as are agreed upon and reasonably
acceptable to Depositor and Seller, duly executed by all signatories other than
Depositor, as required pursuant to the respective terms thereof:

            (i) the Mortgage Files, subject to the provisos of Section 1 of this
      Agreement, which shall have been delivered to and held by the Trustee or
      its designee on behalf of Seller;

            (ii) the Mortgage Loan Schedule;

            (iii) the certificate of Seller confirming its representations and
      warranties set forth in Section 6(a) (subject to the exceptions set forth
      in the Exception Report) as of the Closing Date;

            (iv) an opinion or opinions of Seller's counsel, dated the Closing
      Date, covering various corporate matters and such other matters as shall
      be reasonably required by Depositor;

            (v) such other certificates of Seller's officers or others and such
      other documents to evidence fulfillment of the conditions set forth in
      this Agreement as Depositor or its counsel may reasonably request; and

            (vi) all other information, documents, certificates, or letters with
      respect to the Mortgage Loans or Seller and its Affiliates as are
      reasonably requested by Depositor in order for Depositor to perform any of
      it obligations or satisfy any of the conditions on its part to be
      performed or satisfied pursuant to any sale of Mortgage Loans by Depositor
      as contemplated herein.

            (c) Seller shall have performed or complied with all other terms and
conditions of this Agreement which it is required to perform or comply with at
or before the Closing and shall have the ability to perform or comply with all
duties, obligations, provisions and terms which it is required to perform or
comply with after the Closing.

            (d) Seller shall have delivered to the Trustee, on or before the
Closing Date, five limited powers of attorney in favor of the Trustee and
Special Servicer empowering the Trustee and, in the event of the failure or
incapacity of the Trustee, the Special Servicer, to record, at the expense of
Seller, any Mortgage Loan Documents required to be recorded and any intervening
assignments with evidence of recording thereon that are required to be included
in the Mortgage Files. Seller shall reasonably cooperate with the Trustee and
the Special Servicer in connection with any additional powers or revisions
thereto that are requested by such parties.

            Section 5. Seller's Conditions to Closing. The obligations of Seller
under this Agreement shall be subject to the satisfaction, on the Closing Date,
of the following conditions:

            (a) Each of the obligations of Depositor required to be performed by
it on or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects; and all of
the representations and warranties of Depositor under this Agreement shall be
true and correct in all material respects as of the Closing Date; and no event
shall have occurred with respect to Depositor which, with notice or the passage
of time, would constitute a material default under this Agreement, and Seller
shall have received certificates to that effect signed by authorized officers of
Depositor.

            (b) Seller shall have received all of the following closing
documents, in such forms as are agreed upon and reasonably acceptable to Seller
and Depositor, duly executed by all signatories other than Seller, as required
pursuant to the respective terms thereof:

            (i) an officer's certificate of Depositor, dated as of the Closing
      Date, with the resolutions of Depositor authorizing the transactions set
      forth therein, together with copies of the charter, by-laws and
      certificate of good standing dated as of a recent date of Depositor; and

            (ii) such other certificates of its officers or others, such
      opinions of Depositor's counsel and such other documents required to
      evidence fulfillment of the conditions set forth in this Agreement as
      Seller or its counsel may reasonably request.

            (c) Depositor shall have performed or complied with all other terms
and conditions of this Agreement which it is required to perform or comply with
at or before the Closing and shall have the ability to perform or comply with
all duties, obligations, provisions and terms which it is required to perform or
comply with after Closing.

            Section 6. Representations and Warranties of Seller.

            (a) Seller represents and warrants to Depositor as of the date
hereof, as follows:

            (i) Seller is duly organized and is validly existing as a
      corporation in good standing under the laws of the State of Delaware.
      Seller has conducted and is conducting its business so as to comply in all
      material respects with all applicable statutes and regulations of
      regulatory bodies or agencies having jurisdiction over it, except where
      the failure so to comply would not have a materially adverse effect on the
      performance by Seller of this Agreement, and there is no charge, action,
      investigation, suit or proceeding before or by any court, regulatory
      authority or governmental agency or body pending or, to the knowledge of
      Seller, threatened, which is reasonably likely to materially and adversely
      affect the performance by Seller of this Agreement or the consummation of
      transactions contemplated by this Agreement.

            (ii) Seller has the full power, authority and legal right to hold,
      transfer and convey the Mortgage Loans and to execute and deliver this
      Agreement (and all agreements and documents executed and delivered by
      Seller in connection herewith) and to perform all transactions of Seller
      contemplated by this Agreement (and all agreements and documents executed
      and delivered by Seller in connection herewith). Seller has duly
      authorized the execution, delivery and performance of this Agreement (and
      all agreements and documents executed and delivered by Seller in
      connection herewith), and has duly executed and delivered this Agreement
      (and all agreements and documents executed and delivered by Seller in
      connection herewith). This Agreement (and each agreement and document
      executed and delivered by Seller in connection herewith), assuming due
      authorization, execution and delivery thereof by each other party thereto,
      constitutes the legal, valid and binding obligation of Seller enforceable
      in accordance with its terms, except as such enforcement may be limited by
      bankruptcy, fraudulent transfer, insolvency, reorganization, receivership,
      moratorium or other laws relating to or affecting the rights of creditors
      generally, by general principles of equity (regardless of whether such
      enforcement is considered in a proceeding in equity or at law) and by
      considerations of public policy.

            (iii) Neither the execution, delivery and performance of this
      Agreement, nor the fulfillment of or compliance with the terms and
      conditions of this Agreement by Seller, will (A) conflict with or result
      in a breach of any of the terms, conditions or provisions of Seller's
      articles or certificate of incorporation and bylaws or similar type
      organizational documents, as applicable; (B) conflict with, result in a
      breach of, or constitute a default or result in an acceleration under, any
      agreement or instrument to which Seller is now a party or by which it (or
      any of its properties) is bound if compliance therewith is necessary (1)
      to ensure the enforceability of this Agreement or (2) for Seller to
      perform its duties and obligations under this Agreement (or any agreement
      or document executed and delivered by Seller in connection herewith); (C)
      conflict with or result in a breach of any legal restriction if compliance
      therewith is necessary (1) to ensure the enforceability of this Agreement
      or (2) for Seller to perform its duties and obligations under this
      Agreement (or any agreement or document executed and delivered by Seller
      in connection herewith); (D) result in the violation of any law, rule,
      regulation, order, judgment or decree to which Seller or its property is
      subject if compliance therewith is necessary (1) to ensure the
      enforceability of this Agreement or (2) for Seller to perform its duties
      and obligations under this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith); or (E) result in
      the creation or imposition of any lien, charge or encumbrance that would
      have a material adverse effect upon Seller's ability to perform its duties
      and obligations under this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith), or materially
      impair the ability of Depositor to realize on the Mortgage Loans.

            (iv) Seller is solvent and the sale of the Mortgage Loans (1) will
      not cause Seller to become insolvent and (2) is not intended by Seller to
      hinder, delay or defraud any of its present or future creditors. After
      giving effect to its transfer of the Mortgage Loans, as provided herein,
      the value of Seller's assets, either taken at their present fair saleable
      value or at fair valuation, will exceed the amount of Seller's debts and
      obligations, including contingent and unliquidated debts and obligations
      of Seller, and Seller will not be left with unreasonably small assets or
      capital with which to engage in and conduct its business. Seller does not
      intend to, and does not believe that it will, incur debts or obligations
      beyond its ability to pay such debts and obligations as they mature. No
      proceedings looking toward liquidation, dissolution or bankruptcy of
      Seller are pending or contemplated.

            (v) No consent, approval, authorization or order of, or registration
      or filing with, or notice to, any court or governmental agency or body
      having jurisdiction or regulatory authority over Seller is required for
      (A) Seller's execution, delivery and performance of this Agreement (or any
      agreement or document executed and delivered by Seller in connection
      herewith), (B) Seller's transfer and assignment of the Mortgage Loans, or
      (C) the consummation by Seller of the transactions contemplated by this
      Agreement (or any agreement or document executed and delivered by Seller
      in connection herewith) or, to the extent so required, such consent,
      approval, authorization, order, registration, filing or notice has been
      obtained, made or given (as applicable), except for the filing or
      recording of assignments and other Mortgage Loan Documents contemplated by
      the terms of this Agreement and except that Seller may not be duly
      qualified to transact business as a foreign corporation or licensed in one
      or more states if such qualification or licensing is not necessary to
      ensure the enforceability of this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith).

            (vi) In connection with its sale of the Mortgage Loans, Seller is
      receiving new value. The consideration received by Seller upon the sale of
      the Mortgage Loans constitutes at least fair consideration and reasonably
      equivalent value for the Mortgage Loans.

            (vii) Seller does not believe, nor does it have any reason or cause
      to believe, that it cannot perform each and every covenant of Seller
      contained in this Agreement (or any agreement or document executed and
      delivered by Seller in connection herewith).

            (viii) There are no actions, suits or proceedings pending or, to
      Seller's knowledge, threatened in writing against Seller which are
      reasonably likely to draw into question the validity of this Agreement (or
      any agreement or document executed and delivered by Seller in connection
      herewith) or which, either in any one instance or in the aggregate, are
      reasonably likely to materially impair the ability of Seller to perform
      its duties and obligations under this Agreement (or any agreement or
      document executed and delivered by Seller in connection herewith).

            (ix) Seller's performance of its duties and obligations under this
      Agreement (and each agreement or document executed and delivered by Seller
      in connection herewith) is in the ordinary course of business of Seller
      and Seller's transfer, assignment and conveyance of the Mortgage Loans
      pursuant to this Agreement are not subject to the bulk transfer or similar
      statutory provisions in effect in any applicable jurisdiction. The
      Mortgage Loans do not constitute all or substantially all of Seller's
      assets.

            (x) Seller has not dealt with any Person that may be entitled, by
      reason of any act or omission of Seller, to any commission or compensation
      in connection with the sale of the Mortgage Loans to Depositor hereunder
      except for (A) the reimbursement of expenses as described herein or
      otherwise in connection with the transactions described in Section 2
      hereof and (B) the commissions or compensation owed to the Underwriters or
      the Initial Purchaser.

            (xi) Seller is not in default or breach of any agreement or
      instrument to which Seller is now a party or by which it (or any of its
      properties) is bound which breach or default would materially and
      adversely affect the ability of Seller to perform its obligations under
      this Agreement.

            (xii) The representations and warranties contained in Exhibit A
      hereto, subject to the exceptions to such representations and warranties
      set forth on Schedule V hereto, are true and correct in all material
      respects as of the date hereof with respect to the Mortgage Loans
      identified on Schedule II.

            (b) Seller hereby agrees that it shall be deemed to make, as of the
date of substitution, to and for the benefit of the Trustee as the holder of the
Mortgage Loan to be replaced, with respect to any replacement mortgage loan (a
"Replacement Mortgage Loan") that is substituted for a Mortgage Loan affected by
a Material Defect or a Material Breach, pursuant to Section 7 of this Agreement,
each of the representations and warranties set forth in Exhibit A hereto
(references therein to "Closing Date" being deemed to be references to the "date
of substitution" and references therein to "Cut-off Date" being deemed to be
references to the "most recent due date for the subject Replacement Mortgage
Loan on or before the date of substitution"). From and after the date of
substitution, each Replacement Mortgage Loan, if any, shall be deemed to
constitute a "Mortgage Loan" hereunder for all purposes.

            Section 7. Obligations of Seller. Each of the representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall survive the sale of the Mortgage Loans and shall
continue in full force and effect, notwithstanding any restrictive or qualified
endorsement on the Notes and notwithstanding subsequent termination of this
Agreement or the Pooling and Servicing Agreement. The representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall not be impaired by any review or examination of the
Mortgage Files or other documents evidencing or relating to the Mortgage Loans
or any failure on the part of Depositor to review or examine such documents and
shall inure to the benefit of the initial transferee of the Mortgage Loans from
Depositor including, without limitation, the Trustee for the benefit of the
Holders of the Certificates, notwithstanding (1) any restrictive or qualified
endorsement on any Note, assignment of Mortgage or reassignment of Assignment of
Leases or (2) any termination of this Agreement prior to the Closing, but shall
not inure to the benefit of any subsequent transferee thereafter.

            If Seller receives notice of a breach of any of the representations
or warranties made by Seller with respect to the Mortgage Loans (subject to the
exceptions to such representations and warranties set forth in the Exception
Report), as of the date hereof in Section 6(a)(xii) or as of the Closing Date
pursuant to Section 4(b)(iii) or, in the case of any Replacement Mortgage Loan,
as of the date of substitution pursuant to Section 6(b) (in any such case, a
"Breach"), or receives notice that (a) any document required to be included in
the Mortgage File related to any Mortgage Loan is not in the Trustee's (or its
designee's) possession within the time period required herein or (b) such
document has not been properly executed or is otherwise defective on its face
(clause (a) and clause (b) each, a "Defect" (which term shall include the
"Defects" detailed in the immediately following paragraph) in the related
Mortgage File), and if such Breach or Defect, as the case may be, materially and
adversely affects, or is deemed hereby to materially and adversely affect, the
value of any Mortgage Loan or any successor REO Loan with respect thereto or the
interests of the Holders of any Class of Certificates (in which case such Breach
or Defect shall be a "Material Breach" or a "Material Defect," as applicable),
then Seller shall, upon written request of Depositor, the Trustee, the
applicable Master Servicer or the applicable Special Servicer, not later than 90
days after the receipt by Seller of such written request (subject to the second
succeeding paragraph, the "Initial Resolution Period"): (i) cure such Breach or
Defect in all material respects; (ii) repurchase the affected Mortgage Loan at
the applicable Purchase Price (as defined in the Pooling and Servicing
Agreement); or (iii) substitute, in accordance with the Pooling and Servicing
Agreement, one or more Qualified Substitute Mortgage Loans (as defined in the
Pooling and Servicing Agreement) for such affected Mortgage Loan (provided that
in no event shall any substitution occur later than the second anniversary of
the Closing Date) and pay the applicable Master Servicer for deposit into the
applicable Collection Account any Substitution Shortfall Amount (as defined in
the Pooling and Servicing Agreement) in connection therewith; provided, however,
that if (i) such Material Breach or Material Defect is capable of being cured
but not within the Initial Resolution Period, (ii) such Material Breach or
Material Defect does not cause the related Mortgage Loan not to be a "qualified
mortgage" (within the meaning of Section 860G(a)(3) of the Code), (iii) Seller
has commenced and is diligently proceeding with the cure of such Material Breach
or Material Defect within the Initial Resolution Period and (iv) Seller has
delivered to the Rating Agencies, the applicable Master Servicer, the applicable
Special Servicer and the Trustee an Officer's Certificate that describes the
reasons that the cure was not effected within the Initial Resolution Period and
the actions that it proposes to take to effect the cure and that states that it
anticipates the cure will be effected within the additional 90-day period, then
Seller shall have an additional 90 days to cure such Material Defect or Material
Breach. If any Breach pertains to a representation or warranty that the related
Mortgage Loan Documents or any particular Mortgage Loan Document requires the
related Borrower 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 Initial Resolution Period 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
applicable Special Servicer, the Trustee or the Trust Fund that are the basis of
such Breach and have not been reimbursed by the related Borrower; provided,
however, that in the event any such costs and expenses exceed $10,000, Seller
shall have the option to either repurchase the related Mortgage Loan at the
applicable Purchase Price or pay such costs and expenses. Except as provided in
the proviso to the immediately preceding sentence, Seller shall remit the amount
of such costs and expenses and upon its making such remittance, Seller shall be
deemed to have cured such Breach in all respects. With respect to any repurchase
of a Mortgage Loan hereunder or any substitution of one or more Qualified
Substitute Mortgage Loans for a Mortgage Loan hereunder, (A) no such
substitution may be made in any calendar month after the Determination Date for
such month; (B) scheduled payments of principal and interest due with respect to
the Qualified Substitute Mortgage Loan(s) after the month of substitution, and
scheduled payments of principal and interest due with respect to each Mortgage
Loan being repurchased or replaced after the related Cut-off Date and received
by the applicable Master Servicer or the applicable Special Servicer on behalf
of the Trust on or prior to the related date of repurchase or substitution,
shall be part of the Trust Fund; and (C) scheduled payments of principal and
interest due with respect to such Qualified Substitute Mortgage Loan(s) during
or prior to the month of substitution, and scheduled payments of principal and
interest due with respect to each Mortgage Loan being repurchased or replaced
and received by the applicable Master Servicer or the applicable Special
Servicer on behalf of the Trust after the related date of repurchase or
substitution, shall not be part of the Trust Fund, and Seller (or, if
applicable, any person effecting the related repurchase or substitution in the
place of Seller) shall be entitled to receive such payments promptly following
receipt by the applicable Master Servicer or the applicable Special Servicer, as
applicable, under the Pooling and Servicing Agreement.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a "Material Defect": (a) the absence from the Mortgage File of
the original signed Note, unless the Mortgage File contains a signed lost note
affidavit and indemnity; (b) the absence from the Mortgage File of the original
signed Mortgage, unless there is included in the Mortgage File a certified copy
of the Mortgage as recorded or as sent for recordation, together with a
certificate stating that the original signed Mortgage was sent for recordation,
or a copy of the Mortgage and the related recording information; (c) the absence
from the Mortgage File of the item called for by clause (ix) of the last
sentence of the first paragraph of Section 3 hereof; (d) the absence from the
Mortgage File of any intervening assignments required to create an effective
assignment to the Trustee on behalf of the Trust, unless there is included in
the Mortgage File a certified copy of the intervening assignment as recorded or
as sent for recordation, together with a certificate stating that the original
intervening assignment was sent for recordation, or a copy of the intervening
assignment and the related recording information; or (e) the absence from the
Servicer File of any required original letter of credit, provided that such
Defect may be cured by any substitute letter of credit or cash reserve on behalf
of the related Borrower; or (f) the absence from the Mortgage File of the
original or a copy of any required ground lease. In addition, Seller shall cure
any Defect described in clause (b), (c), (e) or (f) of the immediately preceding
sentence as required in Section 2.02(b) of the Pooling and Servicing Agreement.
Notwithstanding anything herein to the contrary, the failure to include a
document checklist in a Mortgage File shall in no event constitute a Material
Defect.

            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)
shall be deemed a "Material Defect" or "Material Breach," as applicable, and the
Initial Resolution Period for the affected Mortgage Loan shall be 90 days
following the earlier of Seller's receipt of notice pursuant to this Section 7
or its discovery of such Defect or Breach (which period shall not be subject to
extension).

            If Seller does not, as required by this Section 7, correct or cure a
Material Breach or a Material Defect in all material respects within the
applicable Initial Resolution Period (as extended pursuant to this Section 7),
or if such Material Breach or Material Defect is not capable of being so
corrected or cured within such period, then Seller shall repurchase or
substitute for the affected Mortgage Loan as provided in this Section 7. If (i)
any Mortgage Loan is required to be repurchased or substituted for as provided
above, (ii) such Mortgage Loan is a Crossed Mortgage Loan that is a part of a
Mortgage Group (as defined below) and (iii) the applicable Breach or Defect does
not constitute a Breach or Defect, as the case may be, as to any other Crossed
Mortgage Loan in such Mortgage Group (without regard to this paragraph), then
the applicable Breach or Defect, as the case may be, will be deemed to
constitute a Breach or Defect, as the case may be, as to any other Crossed
Mortgage Loan in the Mortgage Group for purposes of the above provisions, and
Seller will be required to repurchase or substitute for such other Crossed
Mortgage Loan(s) in the related Mortgage Group in accordance with the provisions
of this Section 7 unless such other Crossed Mortgage Loans satisfy the Crossed
Mortgage Loan Repurchase Criteria (as defined in the Pooling and Servicing
Agreement) and Seller can satisfy all other criteria for substitution or
repurchase of the affected Mortgage Loan(s) set forth in the Pooling and
Servicing Agreement. In the event that one or more of such other Crossed
Mortgage Loans satisfy the Crossed Mortgage Loan Repurchase Criteria, Seller may
elect either to repurchase or substitute for only the affected Crossed Mortgage
Loan as to which the related Breach or Defect exists or to repurchase or
substitute for all of the Crossed Mortgage Loans in the related Mortgage Group.
Seller shall be responsible for the cost of any Appraisal required to be
obtained by the applicable Master Servicer to determine if the Crossed Mortgage
Loan Repurchase Criteria have been satisfied, so long as the scope and cost of
such Appraisal has been approved by Seller (such approval not to be unreasonably
withheld). For purposes of this paragraph, a "Mortgage Group" is any group of
Mortgage Loans identified as a Mortgage Group on Schedule III to this Agreement.

            Notwithstanding the foregoing, if there is a Material Breach or
Material Defect with respect to one or more Mortgaged Properties (but not all of
the Mortgaged Properties) with respect to a Mortgage Loan, Seller will not be
obligated to repurchase or substitute for the Mortgage Loan if the affected
Mortgaged Property may be released pursuant to the terms of any partial release
provisions in the related Mortgage Loan Documents and the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the Mortgage Loan
Documents and (i) Seller provides an opinion of counsel to the effect that such
partial release would not cause an Adverse REMIC Event (as defined in the
Pooling and Servicing Agreement) to occur, (ii) Seller pays (or causes to be
paid) the applicable release price required under the Mortgage Loan Documents
and, to the extent not reimbursable out of the release price pursuant to the
related Mortgage Loan Documents, any additional amounts necessary to cover all
reasonable out-of-pocket expenses reasonably incurred by the applicable Master
Servicer, the applicable Special Servicer, the Trustee or the Trust Fund in
connection therewith, including any unreimbursed advances and interest thereon
made with respect to the Mortgaged Property that is being released and (iii)
such cure by release of such Mortgaged Property is effected within the time
periods specified for cure of a Material Breach or Material Defect in this
Section 7.

            The Purchase Price or Substitution Shortfall Amount for any
repurchased or substituted Mortgage Loan shall be payable to Depositor or,
subsequent to the assignment of the Mortgage Loans to the Trustee, the Trustee
as its assignee, by wire transfer of immediately available funds to the account
designated by Depositor or the Trustee, as the case may be, and Depositor or the
Trustee, as the case may be, upon receipt of such funds (and, in the case of a
substitution, receipt of the Mortgage File(s) for the related Qualified
Substitute Mortgage Loans(s)), shall promptly release the related Mortgage File
and Servicer File or cause them to be released, to Seller and shall execute and
deliver such instruments of transfer or assignment as shall be necessary to vest
in Seller the legal and beneficial ownership of such Mortgage Loan (including
any property acquired in respect thereof or proceeds of any insurance policy
with respect thereto) and the related Mortgage Loan Documents.

            It is understood and agreed that the obligations of Seller set forth
in this Section 7 constitute the sole remedies available to Depositor and its
successors and assigns against Seller respecting any Breach or Defect affecting
a Mortgage Loan.

            Section 8. Crossed Mortgage Loans. With respect to any Crossed
Mortgage Loan conveyed hereunder, to the extent that Seller repurchases or
substitutes for an affected Crossed Mortgage Loan in the manner prescribed above
while the Trustee continues to hold any related Crossed Mortgage Loans, Seller
and Depositor (on behalf of its successors and assigns) agree to modify upon
such repurchase or substitution, the related Mortgage Loan Documents in a manner
such that such affected Crossed Mortgage Loan repurchased or substituted by
Seller, on the one hand, and any related Crossed Mortgage Loans still held by
the Trustee, on the other, would no longer be cross-defaulted or
cross-collateralized with one another; provided that Seller shall have furnished
the Trustee, at Seller's expense, with an Opinion of Counsel that such
modification shall not cause an Adverse REMIC Event; and provided, further, that
if such Opinion of Counsel cannot be furnished, Seller and Depositor hereby
agree that such repurchase or substitution of only the affected Crossed Mortgage
Loans, notwithstanding anything to the contrary herein, shall not be permitted.
Any reserve or other cash collateral or letters of credit securing the subject
Crossed Mortgage Loans shall be allocated between such Mortgage Loans in
accordance with the Mortgage Loan Documents. All other terms of the Mortgage
Loans shall remain in full force and effect, without any modification thereof.

            Section 9. Rating Agency Fees; Costs and Expenses Associated with a
Defeasance. Seller shall pay all Rating Agency fees associated with an
assumption of a Mortgage Loan to the extent such fees have not been paid by the
related Borrower and such Borrower is not required to pay them under the terms
of the related Mortgage Loan Documents in effect on or before the Closing Date,
the payment of which fees shall constitute the sole remedy of any breach by
Seller of the parenthetical in representation (xxviii)(1) set forth on Exhibit A
hereto. Seller shall pay all reasonable costs and expenses associated with a
defeasance of a Mortgage Loan to the extent such costs and expenses have not
been paid by the related Borrower and such Borrower is not required to pay them
under the terms of the related Mortgage Loan Documents in effect on or before
the Closing Date, the payment of which fees shall constitute the sole remedy of
any breach by Seller of representation (liii)(F) set forth on Exhibit A hereto.

            Section 10. Representations and Warranties of Depositor. Depositor
hereby represents and warrants to Seller as of the date hereof, as follows:

            (a) Depositor is duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with full
corporate power and authority to own its assets and conduct its business as it
is conducted, and is duly qualified as a foreign corporation in good standing in
all jurisdictions in which the ownership or lease of its property or the conduct
of its business requires such qualification (except where the failure to qualify
would not have a materially adverse effect on the consummation of any
transactions contemplated by this Agreement).

            (b) The execution and delivery by Depositor of this Agreement and
the performance of Depositor's obligations hereunder are within the corporate
power of Depositor and have been duly authorized by Depositor and neither the
execution and delivery by Depositor of this Agreement nor the compliance by
Depositor with the provisions hereof, nor the consummation by Depositor of the
transactions contemplated by this Agreement, will (i) conflict with or result in
a breach of, or constitute a default under, the certificate of incorporation or
by-laws of Depositor or, after giving effect to the consents or taking of the
actions contemplated by clause (ii) of this paragraph (b), any of the provisions
of any law, governmental rule, regulation, judgment, decree or order binding on
Depositor or its properties, or any of the provisions of any material indenture
or mortgage or any other material contract or other instrument to which
Depositor is a party or by which it is bound or result in the creation or
imposition of any lien, charge or encumbrance upon any of its properties
pursuant to the terms of any such indenture, mortgage, contract or other
instrument or (ii) require any consent of, notice to, or filing with any person,
entity or governmental body, which has not been obtained or made by Depositor,
except where, in any of the instances contemplated by clause (i) above or this
clause (ii), the failure to do so will not have a material and adverse effect on
the consummation of any transactions contemplated by this Agreement.

            (c) This Agreement has been duly executed and delivered by Depositor
and this Agreement constitutes a legal, valid and binding instrument,
enforceable against Depositor in accordance with its terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium and other laws affecting the rights of creditors generally and to
general principles of equity and the discretion of the court (regardless of
whether enforcement of such remedies is considered in a proceeding in equity or
at law) and, as to rights of indemnification hereunder, subject to limitations
of public policy under applicable securities laws.

            (d) There is no litigation, charge, investigation, action, suit or
proceeding by or before any court, regulatory authority or governmental agency
or body pending or, to the knowledge of Depositor, threatened against Depositor
the outcome of which could be reasonably expected to materially and adversely
affect the consummation of any transactions contemplated by this Agreement.

            Section 11. Survival of Certain Representations, Warranties and
Covenants. The respective representations and warranties set forth in or made
pursuant to this Agreement, and the respective obligations of the parties hereto
under Sections 7 and 13 of this Agreement, will remain in full force and effect,
regardless of any investigation or statement as to the result thereof made by or
on behalf of any party and will survive payment for the various transfers
referred to herein and delivery of the Certificates or termination of this
Agreement.

            Section 12. Transaction Expenses. In connection with the Closing
(and unless otherwise expressly provided herein, including, without limitation,
in Section 13 of this Agreement), Seller shall be responsible for the fees and
expenses of its own counsel, and Depositor and Seller agree to pay the other
transaction expenses incurred in connection with the transactions herein
contemplated as set forth in the Closing Statement (or, if not covered thereby,
shall be paid by the party incurring the subject expense).

            Section 13. Recording Costs and Expenses. Seller agrees to reimburse
the Trustee or its designee all recording and filing fees and expenses incurred
by the Trustee or its designee in connection with the recording or filing of the
Mortgage Loan Documents listed in Section 3 of this Agreement, including
Assignments. In the event Seller elects to engage a third-party contractor to
prepare, complete, file and record Assignments with respect to Mortgage Loans as
provided in Section 3 of this Agreement, Seller shall contract directly with
such contractor and shall be responsible for such contractor's compensation and
reimbursement of recording and filing fees and other reimbursable expenses
pursuant to their agreement.

            Section 14. Notices. All demands, notices and communications
hereunder shall be in writing and effective only upon receipt, and, (a) if sent
to Depositor, will be mailed, delivered or telecopied and confirmed to it at
Credit Suisse First Boston Mortgage Securities Corp., 11 Madison Avenue, 5th
Floor, New York, New York 10010, Attention: Edmund Taylor, Telecopy No.: (212)
743-4756 (with a copy to Casey McCutcheon, Esq., Legal & Compliance Department,
Telecopy No.: (917) 326-8433), or such other address or telecopy number as may
be designated by Depositor to Seller in writing, or (b) if sent to Seller, will
be mailed, delivered or telecopied and confirmed to it at 3414 Peachtree Road,
N.E., Suite 1140, Atlanta, Georgia 30326, Attention: Robert Barnes, Telecopy
No.: (404) 239-0419, or such other address or telecopy number as may be
designated by Seller to Depositor in writing.

            Section 15. Examination of Mortgage Files. Upon reasonable notice,
Seller, prior to the Closing Date, will make the Mortgage Files available to
Depositor or its agent for examination during normal business hours at Seller's
offices or such other location as shall otherwise be agreed upon by Depositor
and Seller. The fact that Depositor or its agent has conducted or has failed to
conduct any partial or complete examination of the Mortgage Files shall not
affect the rights of Depositor or the Trustee (for the benefit of the
Certificateholders) to demand cure, repurchase, or other relief as provided
herein.

            Section 16. Successors. This Agreement shall inure to the benefit of
and shall be binding upon Seller and Depositor and their respective successors,
permitted assigns and legal representatives, and nothing expressed in this
Agreement is intended or shall be construed to give any other Person any legal
or equitable right, remedy or claim under or in respect of this Agreement, or
any provisions herein contained, this Agreement and all conditions and
provisions hereof being intended to be and being for the sole and exclusive
benefit of such Persons and for the benefit of no other Person; it being
understood that (a) the indemnities of Seller contained in that certain
Indemnification Agreement dated October 27, 2004, among Seller, Depositor, the
Initial Purchaser and the Underwriters, relating to, among other things,
information regarding the Mortgage Loans in the Prospectus Supplement and the
Offering Circular, subject to all limitations therein contained, shall also be
for the benefit of the officers and directors of Depositor, the Underwriters and
the Initial Purchaser and any person or persons who control Depositor, the
Underwriters and the Initial Purchaser within the meaning of Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended,
and (b) the rights of Depositor pursuant to this Agreement, subject to all
limitations herein contained, including those set forth in Section 7 of this
Agreement, may be assigned to the Trustee, for benefit of the
Certificateholders, as may be required to effect the purposes of the Pooling and
Servicing Agreement and, upon such assignment, the Trustee shall succeed to such
rights of Depositor hereunder; provided that the Trustee shall have no right to
further assign such rights to any other Person. 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.

            Section 17. Governing Law. THIS AGREEMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING
EFFECT TO CHOICE OF LAW PRINCIPLES. TO THE FULLEST EXTENT PERMITTED UNDER
APPLICABLE LAW, SELLER AND DEPOSITOR EACH HEREBY IRREVOCABLY (I) SUBMITS TO THE
JURISDICTION OF ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY
WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II)
AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES, TO THE
FULLEST POSSIBLE EXTENT, THE DEFENSE OF AN INCONVENIENT FORUM; AND (IV) AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW.

            Section 18. Severability. If any provision of this Agreement shall
be prohibited or invalid under applicable law, this Agreement shall be
ineffective only to such extent, without invalidating the remainder of this
Agreement.

            Section 19. Further Assurances. Depositor and Seller agree to
execute and deliver such instruments and take such actions as the other party
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement.

            Section 20. Counterparts. This Agreement may be executed in
counterparts (and by each of the parties hereto on different counterparts), each
of which when so executed and delivered will be an original, and all of which
together will be deemed to constitute but one and the same instrument.

            Section 21. Treatment as Security Agreement. It is the express
intent of the parties hereto that the conveyance of the Mortgage Loans by Seller
to Depositor as provided in this Agreement be, and be construed as, a sale of
the Mortgage Loans by Seller to Depositor. It is, further, not the intention of
the parties that such conveyance be deemed a pledge of the Mortgage Loans by
Seller to Depositor to secure a debt or other obligation of Seller. However, in
the event that, notwithstanding the intent of the parties, the Mortgage Loans
are held to be property of Seller or if for any reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans:

            (a) this Agreement shall hereby create a security agreement within
the meaning of Articles 8 and 9 of the Uniform Commercial Code in effect in the
applicable state;

            (b) the conveyance provided for in this Agreement shall hereby grant
from Seller to Depositor a security interest in and to all of Seller's right,
title, and interest, whether now owned or hereafter acquired, in and to:

            (i) all accounts, contract rights (including any guarantees),
      general intangibles, chattel paper, instruments, documents, money, deposit
      accounts, certificates of deposit, goods, letters of credit, advices of
      credit and investment property consisting of, arising from or relating to
      any of the property described in the Mortgage Loans, including the related
      Notes, Mortgages and title, hazard and other insurance policies,
      identified on the Mortgage Loan Schedule or that constitute Replacement
      Mortgage Loans, and all distributions with respect thereto payable after
      the Cut-off Date;

            (ii) all accounts, contract rights, general intangibles, chattel
      paper, instruments, documents, money, deposit accounts, certificates of
      deposit, goods, letters of credit, advices of credit and investment
      property arising from or by virtue of the disposition of, or collections
      with respect to, or insurance proceeds payable with respect to, or claims
      against other persons with respect to, all or any part of the collateral
      described in clause (i) above (including any accrued discount realized on
      liquidation of any investment purchased at a discount), in each case,
      payable after the Cut-off Date; and

            (iii) all cash and non-cash proceeds of the collateral described in
      clauses (i) and (ii) above payable after the Cut-off Date;

            (c) the possession by Depositor or its assignee of the Notes and
such other goods, letters of credit, advices of credit, instruments, money,
documents, chattel paper or certificated securities shall be deemed to be
possession by the secured party or possession by a purchaser or a person
designated by him or her, for purposes of perfecting the security interest
pursuant to the Uniform Commercial Code (including, without limitation, Sections
9-306, 9-313 and 9-314 thereof) as in force in the relevant jurisdiction;

            (d) notifications to persons holding such property, and
acknowledgments, receipts, confirmations from persons holding such property,
shall be deemed to be notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents of, or persons
holding for (as applicable), Depositor or its assignee for the purpose of
perfecting such security interest under applicable law; and

            (e) Seller at the direction of Depositor or its assignee, shall, to
the extent consistent with this Agreement, take such actions as may be necessary
to ensure that, if this Agreement were deemed to create a security interest in
the Mortgage Loans and the proceeds thereof, such security interest would be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. In connection
herewith, Depositor and its assignee shall have all of the rights and remedies
of a secured party and creditor under the Uniform Commercial Code as in force in
the relevant jurisdiction and may prepare and file such UCC Financing Statements
as may be necessary or appropriate to accomplish the foregoing.

            Section 22. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation following the Closing
Date in all appropriate public offices for real property records in all the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by Seller at
Seller's expense at the direction of Depositor accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of Depositor.

                                      * * *

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Mortgage
Loan Purchase Agreement to be duly executed and delivered as of the date first
above written.

                                       COLUMN FINANCIAL, INC.,
                                       as Seller

                                       By:  /s/  Jeffrey Altabef
                                          --------------------------------------
                                          Name:  Jeffrey Altabef
                                          Title: Vice President

                                       CREDIT SUISSE FIRST BOSTON MORTGAGE
                                        SECURITIES CORP.,
                                       as Depositor

                                       By:   /s/ Jeffrey Altabef
                                          --------------------------------------
                                          Name:  Jeffrey Altabef
                                          Title: Vice President

<PAGE>

                                                                      SCHEDULE I

                          SCHEDULE OF TRANSACTION TERMS

            This Schedule of Transaction Terms is appended to and incorporated
by reference in the Mortgage Loan Purchase Agreement (the "Agreement"), dated as
of November 1, 2004, between Column Financial, Inc. and Credit Suisse First
Boston Mortgage Securities Corp. Capitalized terms used herein without
definition have the meanings given them in or by reference in the Agreement or,
if not defined in the Agreement, in the Pooling and Servicing Agreement.

            "Affiliate" means with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person.

            "Assignments" shall have the meaning given such term in Section 3 of
this Agreement.

            "Borrower" means the borrower under a Mortgage Loan.

            "Breach" shall have the meaning given such term in Section 7 of this
Agreement.

            "CBA Mortgage Loan" means any Mortgage Loan that constitutes a "CBA
A Loan" under the Pooling and Servicing Agreement.

            "Certificate Purchase Agreement" means the Certificate Purchase
Agreement, dated October 27, 2004, between Depositor and the Initial Purchaser.

            "Certificates" means the Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4.

            "Closing" shall have the meaning given that term in Section 2 of
this Agreement.

            "Closing Date" means November 10, 2004.

            "Closing Statement" means the closing statement dated as of the
Closing Date and signed by, among others, the parties to this Agreement.

            "Code" means the Internal Revenue Code of 1986, as amended.

            "Crossed Mortgage Loan" means any Mortgage Loan which is
cross-defaulted and cross-collateralized with any other Mortgage Loan.

            "Cut-off Date" means, individually and collectively, the applicable
Due Dates for the respective Mortgage Loans occurring in November 2004.

            "Defect" shall have the meaning given such term in Section 7 of this
Agreement.

            "Depositor" shall have the meaning given such term in the first
sentence of this Agreement.

            "Environmental Report" means the environmental audit report with
respect to each Mortgaged Property delivered to Seller in connection with the
related Mortgage, if any.

            "Exception Report" means the exceptions with respect to the
representations and warranties made by Seller as to the Mortgage Loans in
Section 6(a)(xii) and under the written certificate described in Section
4(b)(iii) of this Agreement, which exceptions are set forth in Schedule V
attached hereto and made a part hereof.

            "Initial Purchaser" means Credit Suisse First Boston LLC.

            "Initial Resolution Period" shall have the meaning given such term
in Section 7 of this Agreement.

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

            "Material Breach" shall have the meaning given such term in Section
7 of this Agreement.

            "Material Defect" shall have the meaning given such term in Section
7 of this Agreement.

            "Mortgage File" means, collectively, the documents and instruments
pertaining to a Mortgage Loan required to be included in the related Mortgage
File pursuant to Section 3 of this Agreement (subject to the first proviso in
Section 1 of this Agreement).

            "Mortgage Group" shall have the meaning given such term in Section 7
of this Agreement.

            "Mortgage Loan" and "Mortgage Loans" shall have the respective
meanings given such terms in Recital II of this Agreement.

            "Mortgage Loan Documents" means, collectively, the documents and
instruments pertaining to a Mortgage Loan to be included in either the related
Mortgage File or the related Servicer File.

            "Mortgage Loan Originator" means any institution which originated a
Mortgage Loan for a related Borrower.

            "Mortgage Loan Purchase Price" means the amount described in Section
2 of this Agreement.

            "Mortgage Loan Schedule" shall have the meaning given such term in
Recital II of this Agreement.

            "Offering Circular" means the confidential offering circular dated
October 27, 2004, describing certain classes of the Private Certificates.

            "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement creating the Trust Fund and the interests therein, dated as of
November 1, 2004, among Depositor, the Master Servicers, the Special Servicers
and the Trustee, including, without limitation, the exhibits and schedules
annexed thereto.

            "Primary Collateral" means with respect to any Crossed Mortgage
Loan, that portion of the Mortgaged Property designated as directly securing
such Crossed Mortgage Loan and excluding any Mortgaged Property as to which the
related lien may only be foreclosed upon by exercise of the
cross-collateralization provisions of such Crossed Mortgage Loan.

            "Private Certificates" means the Certificates that are not Publicly
Offered Certificates.

            "Prospectus" means the Prospectus dated October 18, 2004, that is a
part of Depositor's registration statement on Form S-3 (File No. 333-116258).

            "Prospectus Supplement" means the Prospectus Supplement, dated
October 27, 2004, relating to the Publicly Offered Certificates.

            "Publicly Offered Certificates" means the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-6, Class A-1-A, Class A-J, Class B and
Class C Certificates.

            "Seller" shall have the meaning given such term in the first
sentence of this Agreement.

            "Servicer File" means, collectively, all documents, records and
copies pertaining to a Mortgage Loan which are required to be included in the
related Servicer File pursuant to Section 3 (subject to the first proviso in
Section 1).

            "Trust Fund" shall have the meaning given such term in Recital II of
this Agreement.

            "Trustee" shall have the meaning given such term in Section 1 of
this Agreement.

            "Underwriters" means Credit Suisse First Boston LLC, KeyBanc Capital
Markets, a division of McDonald Investments Inc. and Goldman, Sachs & Co.

            "Underwriting Agreement" means the Underwriting Agreement, dated
October 27, 2004, between Depositor and the Underwriters.

<PAGE>

                                                                     SCHEDULE II

                             MORTGAGE LOAN SCHEDULE

<PAGE>

<TABLE>
<CAPTION>
      #    Crossed       Sub Pool    Property Name
<S>        <C>           <C>         <C>
      1                         1    Brunswick Square
      2                         1    1201 New York Avenue
      3                         1    Highland Hospitality Portfolio
     3a                         1    Hyatt Regency Savannah
     3b                         1    Hilton Garden Inn
     3c                         1    Portsmouth Renaissance Hotel
      4                         1    469 Seventh Avenue
      5                         1    Village on the Parkway
      6                         1    The Shops at Legacy
      7                         2    Bertakis MHP Portfolio
     7a                         2    Wellington Estates
     7b                         2    Willow Point MHP
     7c                         2    Robbinwood Annex
     7d                         2    Hidden River North
     7e                         2    Oak Crest MHP
     7f                         2    Hidden River South
     7g                         2    Robbinwood Villa
      8          A              1    Village Square Shopping Center
      9          A              1    Deerpath Court Shopping Center
     10                         1    Wayzata Office
     11                         1    Laurel Mall
     12                         1    Sweetwater Town & Country Shopping Center
     14          B              2    Timberlake Apartments
     15          B              2    Madison Pointe Apartments
     16                         1    City Park Retail
     17                         1    Creekside Plaza
     22                         2    Maple Lane Apartments
     23                         2    Ashford Place Apartments
     25                         2    University Towers Corporation
     26                         1    City Park Office
     28                         1    Von Karman
     30                         1    T-Mobile USA Office Building
     32                         2    Avalon Town Center
     34          C              2    Klotzman Portfolio - NRM
     35          C              2    Klotzman Portfolio - KMP1
     36          C              2    Klotzman Portfolio - Kaymar
     38                         2    Timber Hollow Apartments
     39                         1    Delta Airlines Building
     41                         2    Shadowood Apartment
     44                         1    Marina Gate Shopping Center
     49                         1    Paseo Fashion Plaza
     51                         1    La Quinta Centre
     53                         1    Creswell Plaza
     56                         1    Beacon Center
     57                         2    Spring Branch Estates
     58                         1    Pine Ridge Retail Center
     59                         1    Hoke Landing Shopping Center
     62                         1    Airport Plaza Shopping Center
     65                         2    Minnesota Lake MHC
     66                         2    Sparrow Run Townhomes
     67                         2    The Phoenix Apartments
     71                         1    Village Center Shopping Center
     75                         2    Timber Stone and Stone Tree MHP
     76                         2    New Haven Portfolio
    76a                         2    New Haven - Pendleton
    76b                         2    New Haven - Chamberlain
    76c                         2    New Haven - George
    76d                         2    New Haven - Ellsworth
     78                         1    Richardson Corner Shopping Center
     79                         2    The Village Apartments
     80                         2    2057-2065 Mission Street
     83                         2    Northridge Arms Apartments
     84                         1    Walnut RV Park
     88                         1    Lynchburg Crossing Shopping Center
     89                         1    474 Rodeo Drive Retail
     91                         1    University Medical Plaza
     94                         1    Plaza Oak Professional Building
     95                         1    Wendover Landing
     96                         1    Quail Village Retail
     97                         1    Cherry Blossom Ctr
    101                         2    Temple Gardens
    103                         1    Securlock at Matlock
    106                         1    2020 Professional Center
    109                         1    Halsted Retail
    110                         2    Brighton Manor Apartments
    111                         1    Alma School Road Office Building
    112                         1    Hammerly Retail Center
    116                         1    Mears Warehouse
    118                         1    Lexington Square Self Storage
    119                         1    210 West 29th St
    121                         2    Favalora Apartments
    125                         1    Irving Park Retail
    133                         2    Timberland Apartments
    138                         2    Camelot Apartments
    139                         2    1014-18 North Charles Street
    145                         1    Costa Mesa
    146                         2    St. Andrews Apartments
    151                         1    Bissonnet Plaza
    152                         2    Halcyon Apartments
    153                         1    Prestige Plaza Shopping Center
    157                         2    Country Haven Mobile Home Park

<CAPTION>
      #    Address
<S>        <C>
      1    755 State Highway 18
      2    1201-1225 New York Avenue, Northwest
      3
     3a    2 West Bay Street
     3b    1516 Aero Drive
     3c    425 Water Street
      4    469 Seventh Avenue
      5    5100 Belt Line Road
      6    7200 Bishop Road
      7
     7a    16031 Beech Daly Road
     7b    43400 Lenfesty Drive
     7c    26015 Third Street
     7d    975 West Beecher Road
     7e    5325 Croix Road (Co. Road 58)
     7f    3251 South Adrian Highway
     7g    7550 Beech Daly Road
      8    771 West Main Street
      9    700 South Rand Road
     10    294 Grove Lane East
     11    106 Laurel Mall Drive
     12    1502-1920 Sweetwater Road
     14    8226 60th Street Circle East
     15    503 Southwest Parkway
     16    215 Parkway Drive
     17    1100 San Leandro Boulevard
     22    2909 Sugar Maple Lane
     23    5201 Lakeland Boulevard
     25    100 York Street
     26    250 Parkway Drive
     28    16842 Von Karman Avenue
     30    695 Grassmere Park Road
     32    13001 Founders Square Drive
     34    3103-3142 Artaban Place, 3001-3011 Carlisle Avenue, 2730-2748 Longwood Street, 2742-2750 Rosedale Street,
           2908-2962 Garrison Boulevard and 2921-2947 Allendale Road

     35    3915 Liberty Heights Avenue; 3916 & 3921 Maine Avenue; 3401 Oakfield Avenue; 3701 Liberty Heights Avenue;
           5512-5514 Haddon Avenue; 4503-4515 Garrison Boulevard; 3941-3959 Penhurst Avenue; 4700-4702 Greenspring Avenue; 2801-2811
           Virginia Avenue
     36    3842-3912 Oakford Avenue and 5009 Norwood Avenue
     38    8000 Cook Road
     39    2901 Southwest 145th Avenue
     41    14500 Marsh Lane
     44    1010 East NASA Road 1
     49    73-130 El Paseo
     51    79-405 Highway 111
     53    1723 Creswell Lane
     56    8816 Six Forks Road
     57    7901 Amelia Road
     58    1501 Pine Lake Road
     59    4530 Fayetteville Road
     62    13995 Wards Road
     65    1219 Minnesota Road
     66    406, 418, 424, 448, and 478 Kemper Drive; 140, 148, 150, 184, 186, 201, 204, 208, 221, 227, and 231 Flamingo Drive; 19,
           21, 26, 28, 30, 32, 34, 35, 36, 37, 40, 42, 43, 45, 46, 47, 52, 54, 60, 62, 66, and 72 Egret Court; 115, 117, 118, 119,
           120, 121, 126, 128, 138, and 140 East Plover Drive; 8, 9, 10, 11, 12, 14, 18, 25, 26, 30, 33, 35, 36, 40, 203, 205, and
           217 West Plover Circle; 5, 22, 24, and 28 Gull Turn; 8, 29, 34, 35, 36, 42, and 44 Heron Court; 5, 12, 14, and 47 Raven
           Turn; and 9, 14, 16, 21, 23, 25, and 45 Teal Circle.
     67    3633 North Sixth Avenue
     71    1141 Pacific Highway North
     75    1821 Maryland Drive & 2025 Carl Road
     76
    76a    115-123 Pendleton Street
    76b    64-80 Chamberlain Street
    76c    608-612 George Street
    76d    349-351 Ellsworth Avenue
     78    1401 East Spring Valley Road
     79    1565 Kings Drive
     80    2057-2065 Mission Street
     83    1811 North Street, 126 Rusk Street and 2116 Banita Street
     84    19130 Nordhoff Street
     88    5899 to 5943 Highway 11 South
     89    474 Rodeo Drive Retail
     91    9625 Kroger Park Drive
     94    400 Evelyn Avenue
     95    3815 Tinsley Drive
     96    4600 South 900 East
     97    104 Lawson Drive
    101    620 West Elm Avenue, 611 West French Avenue and 611 North 5th Street
    103    4840 Matlock Road
    106    2020 Northeast 163rd Street
    109    7902-7952 South Halsted Street
    110    2045 Bert Kouns Industrial Loop
    111    312 North Alma School Road
    112    8520 Hammerly Boulevard
    116    1901 Mears Parkway
    118    24011 and 25222 Aldine Westfield
    119    210 West 29th Street
    121    1205-1225 Mehle Street and 1204-1224 Tenebrach Street
    125    3620 West Irving Park Road
    133    2310 West 7th Street
    138    5241 Alamo Drive
    139    1014, 1016 and 1018 North Charles Street
    145    690 West 19th Street
    146    6340, 6341, 6395, 6431 St. Andrews Drive
    151    5000-5010 Bissonnet Street
    152    2237 9th Street Southeast
    153    2000 Northwest Highway 7
    157    429 Rathburn Road

<CAPTION>
      #    City                 County                  State
<S>        <C>                  <C>                     <C>
      1    East Brunswick       Middlesex               NJ
      2    Washington           District of Columbia    DC
      3
     3a    Savannah             Chatham                 GA
     3b    Linthicum            Anne Arundel            MD
     3c    Portsmouth           Portsmouth City         VA
      4    New York             New York                NY
      5    Addison              Dallas                  TX
      6    Plano                Collin                  TX
      7
     7a    Taylor               Wayne                   MI
     7b    Harrison Township    Macomb                  MI
     7c    Taylor               Wayne                   MI
     7d    Adrian               Lenawee                 MI
     7e    Manvel               Brazoria                TX
     7f    Adrian               Lenawee                 MI
     7g    Taylor               Wayne                   MI
      8    Lake Zurich          Lake                    IL
      9    Lake Zurich          Lake                    IL
     10    Wayzata              Hennepin                MN
     11    Hazleton             Luzerne                 PA
     12    National City        San Diego               CA
     14    Sarasota             Manatee                 FL
     15    College Station      Brazos                  TX
     16    Lincolnshire         Lake                    IL
     17    San Leandro          Alameda                 CA
     22    South Bend           St. Joseph              IN
     23    Flowood              Rankin                  MS
     25    New Haven            New Haven               CT
     26    Lincolnshire         Lake                    IL
     28    Irvine               Orange                  CA
     30    Nashville            Davidson                TN
     32    Orlando              Orange                  FL
     34    Baltimore            Baltimore City          MD
     35    Baltimore            Baltimore City          MD
     36    Baltimore            Baltimore City          MD
     38    Houston              Harris                  TX
     39    Miramar              Broward                 FL
     41    Addison              Dallas                  TX
     44    Webster              Harris                  TX
     49    Palm Desert          Riverside               CA
     51    La Quinta            Riverside               CA
     53    Opelousas            Saint Landry            LA
     56    Raleigh              Wake                    NC
     57    Houston              Harris                  TX
     58    Lincoln              Lancaster               NE
     59    Raeford              Hoke                    NC
     62    Lynchburg            Campbell                VA
     65    Port Huron           Saint Clair             MI
     66    Newark               New Castle              DE
     67    Phoenix              Maricopa                AZ
     71    Cottage Grove        Lane                    OR
     75    Irving               Dallas                  TX
     76
    76a    New Haven            New Haven               CT
    76b    New Haven            New Haven               CT
    76c    New Haven            New Haven               CT
    76d    New Haven            New Haven               CT
     78    Richardson           Dallas                  TX
     79    Bartlesville         Washington              OK
     80    San Francisco        San Francisco           CA
     83    Nacogdoches          Nacogdoches             TX
     84    Northridge           Los Angeles             CA
     88    Pink Hill            Lenoir                  NC
     89    Beverly Hills        Los Angeles             CA
     91    Knoxville            Knox                    TN
     94    Albany               Alameda                 CA
     95    High Point           Guilford                NC
     96    Salt Lake City       Salt Lake               UT
     97    Georgetown           Scott                   KY
    101    Temple               Bell                    TX
    103    Arlington            Tarrant                 TX
    106    North Miami Beach    Miami-Dade              FL
    109    Chicago              Cook                    IL
    110    Shreveport           Caddo                   LA
    111    Chandler             Maricopa                AZ
    112    Houston              Harris                  TX
    116    Margate              Broward                 FL
    118    Spring               Harris                  TX
    119    New York             New York                NY
    121    Arabi                Saint Bernard           LA
    125    Chicago              Cook                    IL
    133    Hattiesburg          Forrest                 MS
    138    Abilene              Taylor                  TX
    139    Baltimore            Baltimore City          MD
    145    Costa Mesa           Orange                  CA
    146    Canfield             Mahoning                OH
    151    Bellaire             Harris                  TX
    152    Winter Haven         Polk                    FL
    153    Blue Springs         Jackson                 MO
    157    Fulton               Oswego                  NY

<CAPTION>
           Zip                                                              Property
      #    Code                                                             Type
<S>        <C>                                                              <C>
      1                                                            08816    Retail
      2                                                            20005    Office
      3
     3a                                                            31401    Hotel
     3b                                                            21090    Hotel
     3c                                                            23704    Hotel
      4                                                            10018    Office
      5                                                            75254    Retail
      6                                                            75024    Retail
      7
     7a                                                            48180    Multifamily
     7b                                                            48045    Multifamily
     7c                                                            48180    Multifamily
     7d                                                            49221    Multifamily
     7e                                                            77578    Multifamily
     7f                                                            49221    Multifamily
     7g                                                            48180    Multifamily
      8                                                            60047    Retail
      9                                                            60047    Retail
     10                                                            55391    Office
     11                                                            18201    Retail
     12                                                            91950    Retail
     14                                                            34243    Multifamily
     15                                                            77840    Multifamily
     16                                                            60069    Retail
     17                                                            94577    Office
     22                                                            46628    Multifamily
     23                                                            39232    Multifamily
     25                                                            06511    Multifamily
     26                                                            60069    Office
     28                                                            92606    Office
     30                                                            37211    Office
     32                                                            32828    Mixed Use
     34                                                            21216    Multifamily
     35    21207; 21207; 21207; 21215; 21207; 21215; 21215; 21209; 21215    Multifamily
     36    21215 & 21207                                                    Multifamily
     38                                                            77072    Multifamily
     39                                                            33027    Office
     41                                                            75001    Multifamily
     44                                                            77058    Retail
     49                                                            92260    Retail
     51                                                            92253    Retail
     53                                                            70570    Retail
     56                                                            27615    Office
     57                                                            77055    Multifamily
     58                                                            68512    Retail
     59                                                            28376    Retail
     62                                                            24501    Retail
     65                                                            48060    Multifamily
     66                                                            19702    Multifamily
     67                                                            85013    Multifamily
     71                                                            97424    Retail
     75                                                            75061    Multifamily
     76
    76a                                                            06511    Multifamily
    76b                                                            06512    Multifamily
    76c                                                            06511    Multifamily
    76d                                                            06511    Multifamily
     78                                                            75081    Retail
     79                                                            74006    Multifamily
     80                                                            94110    Mixed Use
     83                                                            75961    Multifamily
     84                                                            91324    Multifamily
     88                                                            28572    Retail
     89                                                            90210    Retail
     91                                                            37922    Office
     94                                                            94706    Office
     95                                                            27265    Retail
     96                                                            84117    Retail
     97                                                            40324    Retail
    101                                                            76501    Multifamily
    103                                                            76018    Self Storage
    106                                                            33162    Office
    109                                                            60620    Retail
    110                                                            71118    Multifamily
    111                                                            85224    Office
    112                                                            77055    Retail
    116                                                            33063    Industrial
    118                                                            77373    Self Storage
    119                                                            10001    Office
    121                                                            70032    Multifamily
    125                                                            60618    Retail
    133                                                            39401    Multifamily
    138                                                            79605    Multifamily
    139                                                            21201    Mixed Use
    145                                                            92627    Retail
    146                                                            44406    Multifamily
    151                                                            77401    Retail
    152                                                            33880    Multifamily
    153                                                            64014    Retail
    157                                                            13069    Multifamily

<CAPTION>
                                                                           Units/
                                                                         Sq. Ft./
           Property                     Mortgage                           Rooms/
      #    Sub-type                     Loan Seller                          Pads
<S>        <C>                          <C>                       <C>
      1    Anchored                     Column Financial, Inc.            301,607
      2    CBD                          Column Financial, Inc.            419,037
      3                                 Column Financial, Inc.
     3a    Full Service                                                       347
     3b    Full Service                                                       158
     3c    Full Service                                                       249
      4    CBD                          Column Financial, Inc.            240,388
      5    Anchored                     Column Financial, Inc.            381,166
      6    Anchored                     Column Financial, Inc.            266,048
      7                                 Column Financial, Inc.
     7a    Manufactured Housing                                               411
     7b    Manufactured Housing                                               298
     7c    Manufactured Housing                                               269
     7d    Manufactured Housing                                               211
     7e    Manufactured Housing                                               218
     7f    Manufactured Housing                                               202
     7g    Manufactured Housing                                               114
      8    Anchored                     Column Financial, Inc.            209,969
      9    Anchored                     Column Financial, Inc.            153,052
     10    Suburban                     Column Financial, Inc.             65,626
     11    Anchored                     Column Financial, Inc.            558,802
     12    Anchored                     Column Financial, Inc.            164,802
     14    Conventional                 Column Financial, Inc.                261
     15    Conventional                 Column Financial, Inc.                250
     16    Unanchored                   Column Financial, Inc.             74,625
     17    Suburban                     Column Financial, Inc.             96,978
     22    Conventional                 Column Financial, Inc.                396
     23    Conventional                 Column Financial, Inc.                192
     25    Cooperative                  Column Financial, Inc.                238
     26    Suburban                     Column Financial, Inc.             70,856
     28    Suburban                     Column Financial, Inc.            100,462
     30    Suburban                     Column Financial, Inc.             69,287
     32    Multifamily/Retail/Office    Column Financial, Inc.                 51
     34    Conventional                 Column Financial, Inc.                190
     35    Conventional                 Column Financial, Inc.                176
     36    Conventional                 Column Financial, Inc.                 36
     38    Conventional                 Column Financial, Inc.                282
     39    Suburban                     Column Financial, Inc.             49,650
     41    Conventional                 Column Financial, Inc.                184
     44    Unanchored                   Column Financial, Inc.             81,256
     49    Unanchored                   Column Financial, Inc.             21,416
     51    Anchored                     Column Financial, Inc.             19,840
     53    Anchored                     Column Financial, Inc.             42,540
     56    Suburban                     Column Financial, Inc.             32,692
     57    Conventional                 Column Financial, Inc.                139
     58    Unanchored                   Column Financial, Inc.             44,533
     59    Anchored                     Column Financial, Inc.             52,257
     62    Anchored                     Column Financial, Inc.             49,447
     65    Manufactured Housing         Column Financial, Inc.                161
     66    Conventional                 Column Financial, Inc.                 87
     67    Conventional                 Column Financial, Inc.                100
     71    Anchored                     Column Financial, Inc.             98,477
     75    Manufactured Housing         Column Financial, Inc.                179
     76                                 Column Financial, Inc.
    76a    Conventional                                                        30
    76b    Conventional                                                        22
    76c    Conventional                                                        12
    76d    Conventional                                                         8
     78    Anchored                     Column Financial, Inc.             27,640
     79    Conventional                 Column Financial, Inc.                240
     80    Multifamily/Retail           Column Financial, Inc.                 35
     83    Conventional                 Column Financial, Inc.                116
     84    Manufactured Housing         Column Financial, Inc.                114
     88    Anchored                     Column Financial, Inc.             43,226
     89    Unanchored                   Column Financial, Inc.              5,471
     91    Suburban                     Column Financial, Inc.             22,310
     94    Suburban                     Column Financial, Inc.             17,969
     95    Unanchored                   Column Financial, Inc.             25,175
     96    Anchored                     Column Financial, Inc.             15,833
     97    Unanchored                   Column Financial, Inc.             14,692
    101    Conventional                 Column Financial, Inc.                153
    103    N/A                          Column Financial, Inc.             56,950
    106    Suburban                     Column Financial, Inc.             24,451
    109    Unanchored                   Column Financial, Inc.             18,330
    110    Conventional                 Column Financial, Inc.                121
    111    Suburban                     Column Financial, Inc.             24,743
    112    Unanchored                   Column Financial, Inc.             17,200
    116    N/A                          Column Financial, Inc.             46,201
    118    N/A                          Column Financial, Inc.             65,640
    119    CBD                          Column Financial, Inc.             20,700
    121    Conventional                 Column Financial, Inc.                 60
    125    Unanchored                   Column Financial, Inc.              6,925
    133    Conventional                 Column Financial, Inc.                 48
    138    Conventional                 Column Financial, Inc.                 84
    139    Multifamily/Retail           Column Financial, Inc.                 16
    145    Unanchored                   Column Financial, Inc.              5,013
    146    Conventional                 Column Financial, Inc.                 32
    151    Unanchored                   Column Financial, Inc.              5,000
    152    Conventional                 Column Financial, Inc.                 21
    153    Unanchored                   Column Financial, Inc.              6,000
    157    Manufactured Housing         Column Financial, Inc.                 91

<CAPTION>
                                                     Percentage of
                 Original                Cut-off           Initial           Maturity                   Fee/
      #           Balance            Balance (1)      Pool Balance            Balance              Leasehold
                                                                                              --------------
<S>           <C>                    <C>                      <C>         <C>                      <C>
      1       $86,000,000            $86,000,000              7.56%       $75,606,764                    Fee
      2       $80,000,000            $80,000,000              7.03%       $80,000,000                    Fee
      3       $67,000,000            $67,000,000              5.89%       $59,555,793
     3a       $40,000,000            $40,000,000                          $35,555,697                    Fee
     3b       $16,500,000            $16,500,000                          $14,666,725                    Fee
     3c       $10,500,000            $10,500,000                           $9,333,370              Leasehold
      4       $51,000,000            $51,000,000              4.48%       $46,588,415                    Fee
      5       $47,000,000            $47,000,000              4.13%       $44,543,490                    Fee
      6       $44,500,000            $44,500,000              3.91%       $38,586,620                    Fee
      7       $36,500,000            $36,500,000              3.21%       $36,500,000
     7a       $11,200,000            $11,200,000                          $11,200,000                    Fee
     7b        $6,500,000             $6,500,000                           $6,500,000                    Fee
     7c        $5,700,000             $5,700,000                           $5,700,000                    Fee
     7d        $4,700,000             $4,700,000                           $4,700,000                    Fee
     7e        $3,100,000             $3,100,000                           $3,100,000                    Fee
     7f        $2,700,000             $2,700,000                           $2,700,000                    Fee
     7g        $2,600,000             $2,600,000                           $2,600,000                    Fee
      8       $19,500,000            $19,500,000              1.71%       $17,155,754                    Fee
      9       $12,500,000            $12,500,000              1.10%       $10,997,279                    Fee
     10       $24,500,000            $24,500,000              2.15%       $22,142,596                    Fee
     11       $23,000,000            $22,765,174              2.00%       $19,508,650                    Fee
     12       $22,500,000            $22,500,000              1.98%       $19,563,949                    Fee
     14       $11,555,000            $11,555,000              1.02%       $10,822,619                    Fee
     15        $7,600,000             $7,600,000              0.67%        $7,118,296                    Fee
     16       $18,000,000            $18,000,000              1.58%       $16,838,735                    Fee
     17       $18,000,000            $17,632,453              1.55%       $13,836,194                    Fee
     22       $14,000,000            $13,960,155              1.23%       $11,772,832                    Fee
     23       $13,960,000            $13,920,904              1.22%       $11,764,033                    Fee
     25       $11,700,000            $11,648,985              1.02%        $9,968,033                    Fee
     26       $11,000,000            $11,000,000              0.97%        $9,943,976                    Fee
     28       $10,750,000            $10,667,991              0.94%        $9,943,803                    Fee
     30        $9,050,000             $8,927,300              0.78%           $85,604                    Fee
     32        $8,700,000             $8,669,477              0.76%        $7,378,212                    Fee
     34        $3,600,000             $3,578,741              0.31%        $2,858,655                    Fee
     35        $3,300,000             $3,280,513              0.29%        $2,620,435                    Fee
     36          $750,000               $745,571              0.07%          $595,554                    Fee
     38        $7,500,000             $7,458,259              0.66%        $6,332,414                    Fee
     39        $7,200,000             $7,200,000              0.63%        $7,200,000                    Fee
     41        $6,800,000             $6,766,552              0.59%        $6,328,949                    Fee
     44        $6,500,000             $6,478,174              0.57%        $5,541,492                    Fee
     49        $5,500,000             $5,500,000              0.48%        $5,500,000                    Fee
     51        $5,250,000             $5,225,973              0.46%        $4,445,430                    Fee
     53        $5,000,000             $5,000,000              0.44%        $4,515,300                    Fee
     56        $4,900,000             $4,900,000              0.43%        $4,428,501                    Fee
     57        $4,880,000             $4,844,687              0.43%        $4,386,817                    Fee
     58        $4,600,000             $4,576,661              0.40%        $3,841,109                    Fee
     59        $4,570,000             $4,553,380              0.40%        $3,858,459                    Fee
     62        $4,144,000             $4,144,000              0.36%        $3,604,172                    Fee
     65        $4,100,000             $4,078,067              0.36%        $3,479,223                    Fee
     66        $3,940,000             $3,919,169              0.34%        $3,348,355                    Fee
     67        $3,850,000             $3,839,465              0.34%        $3,254,102                    Fee
     71        $3,500,000             $3,490,798              0.31%        $2,973,150                    Fee
     75        $3,140,000             $3,128,389              0.27%        $2,645,540                    Fee
     76        $3,100,000             $3,086,751              0.27%        $2,787,566
    76a        $1,181,647             $1,176,597                           $1,062,554                    Fee
    76b          $948,235               $944,182                             $852,667                    Fee
    76c          $561,647               $559,247                             $505,041                    Fee
    76d          $408,471               $406,725                             $367,304                    Fee
     78        $3,000,000             $2,986,705              0.26%        $2,550,714                    Fee
     79        $3,050,000             $2,981,009              0.26%           $29,105                    Fee
     80        $2,900,000             $2,883,447              0.25%        $2,440,439                    Fee
     83        $2,800,000             $2,789,889              0.25%        $2,615,098                    Fee
     84        $2,800,000             $2,786,622              0.24%        $2,357,472                    Fee
     88        $2,600,000             $2,591,609              0.23%        $2,226,786                    Fee
     89        $2,600,000             $2,589,995              0.23%        $2,179,278                    Fee
     91        $2,550,000             $2,539,491              0.22%        $2,187,474                    Fee
     94        $2,500,000             $2,481,597              0.22%        $1,904,794                    Fee
     95        $2,450,000             $2,442,425              0.21%        $2,112,435                    Fee
     96        $2,450,000             $2,439,117              0.21%        $2,082,475                    Fee
     97        $2,362,000             $2,354,491              0.21%        $2,026,393                    Fee
    101        $2,200,000             $2,192,056              0.19%        $2,054,720                    Fee
    103        $2,100,000             $2,100,000              0.18%        $1,641,382                    Fee
    106        $2,000,000             $1,992,408              0.18%        $1,731,912                    Fee
    109        $1,950,000             $1,944,501              0.17%        $1,641,772                    Fee
    110        $1,950,000             $1,942,992              0.17%        $1,648,847                    Fee
    111        $1,900,000             $1,890,788              0.17%        $1,495,410                    Fee
    112        $1,900,000             $1,884,812              0.17%        $1,719,805                    Fee
    116        $1,750,000             $1,738,823              0.15%        $1,370,471                    Fee
    118        $1,700,000             $1,678,892              0.15%        $1,345,379                    Fee
    119        $1,675,000             $1,671,157              0.15%        $1,450,852                    Fee
    121        $1,650,000             $1,645,639              0.14%        $1,285,131                    Fee
    125        $1,500,000             $1,495,147              0.13%        $1,284,320                    Fee
    133        $1,275,000             $1,269,968              0.11%        $1,099,255                    Fee
    138        $1,200,000             $1,195,688              0.11%        $1,014,675                    Fee
    139        $1,200,000             $1,192,361              0.10%          $780,273                    Fee
    145        $1,050,000             $1,047,567              0.09%          $905,242                    Fee
    146        $1,000,000               $997,487              0.09%          $854,157                    Fee
    151          $810,000               $806,885              0.07%          $632,224                    Fee
    152          $800,000               $798,071              0.07%          $686,633                    Fee
    153          $775,000               $770,095              0.07%          $658,181                    Fee
    157          $696,000               $690,673              0.06%          $632,274                    Fee

<CAPTION>

                                              Occupancy          Date of                             Cut-off
                   Year            Year         Rate at        Occupancy           Appraised        Date LTV
      #           Built       Renovated             U/W             Rate           Value (2)    Ratio (1) (3)
<S>                <C>             <C>               <C>        <C>             <C>                     <C>
      1            1973            2000              92%        6/7/2004        $110,000,000            78.2%
      2            1987            2003              89%        7/1/2004        $141,800,000            56.4%
      3                                                                          $90,800,000            73.8%
     3a            1981            2002             N/A              N/A         $51,500,000
     3b            1999             N/A             N/A              N/A         $22,500,000
     3c            2001             N/A             N/A              N/A         $16,800,000
      4            1921            1989              92%        7/1/2004         $71,900,000            70.9%
      5            1981            2002              94%        6/1/2004         $62,000,000            75.8%
      6            2002             N/A              86%        6/4/2004         $70,100,000            63.5%
      7                                                                          $57,900,000            63.0%
     7a            1988             N/A              96%       7/29/2004         $17,000,000
     7b            1960            1964              90%       7/29/2004          $9,830,000
     7c            1958             N/A              92%       7/29/2004          $8,550,000
     7d            1993            1996              95%       7/31/2004          $7,300,000
     7e            2000             N/A              78%       7/29/2004          $5,440,000
     7f            2001             N/A              77%       7/30/2004          $5,920,000
     7g            1964             N/A             100%       7/29/2004          $3,860,000
      8            1974            1989             100%       6/30/2004         $26,650,000            73.3%
      9            1990            1995              96%        7/1/2004         $17,000,000            73.3%
     10            1940            2002              89%        8/1/2004         $32,900,000            74.5%
     11            1972            1994              95%       4/30/2004         $35,400,000            64.3%
     12            1976            1999             100%        9/1/2004         $28,150,000            79.9%
     14            1987            1997              92%        6/1/2004         $15,600,000            76.3%
     15            1980            1999              92%       4/23/2004          $9,500,000            76.3%
     16            2002             N/A              92%        7/1/2004         $24,700,000            72.9%
     17            2002             N/A             100%       3/31/2004         $24,800,000            71.1%
     22            1979            2003              89%       6/10/2004         $18,100,000            77.1%
     23            2002             N/A              95%       6/30/2004         $17,450,000            79.8%
     25            1961            1981             100%       1/15/2004         $20,000,000            58.2%
     26            2001             N/A              94%        7/1/2004         $14,000,000            78.6%
     28            1980            2001              85%       8/20/2004         $15,000,000            71.1%
     30            2002             N/A             100%       6/18/2001         $13,100,000            68.1%
     32            1999            2003              94%        6/1/2004         $11,500,000            75.4%
     34            1958            1969              94%       4/25/2004          $5,450,000            63.6%
     35            1960            1970              98%       4/25/2004          $5,300,000            63.6%
     36            1966             N/A              97%       4/25/2004          $1,215,000            63.6%
     38            1983             N/A              90%       5/20/2004         $10,725,000            69.5%
     39            2003             N/A             100%       4/16/2004         $11,100,000            64.9%
     41            1976            2003              90%       6/20/2004          $8,500,000            79.6%
     44            1984            2004              87%        7/1/2004          $9,340,000            69.4%
     49            1990             N/A             100%        7/1/2004          $9,400,000            58.5%
     51            2003             N/A             100%       6/30/2004          $7,600,000            68.8%
     53            2003             N/A             100%       9/19/2004          $6,250,000            80.0%
     56            2001             N/A             100%       6/30/2004          $6,170,000            79.4%
     57            1969            1998              94%       8/18/2004          $6,100,000            79.4%
     58            2002             N/A             100%        8/1/2004          $6,240,000            73.3%
     59            2004             N/A              93%       7/30/2004          $5,850,000            77.8%
     62            2004             N/A             100%        7/1/2004          $5,250,000            78.9%
     65            1999             N/A              84%        5/3/2004          $6,080,000            67.1%
     66            1974            2004              94%       4/30/2004          $5,150,000            76.1%
     67            1962            2003              96%        5/8/2004          $4,900,000            78.4%
     71            1962            2003              96%        6/1/2004          $5,600,000            62.3%
     75            1950            2002              98%       4/30/2004          $3,925,000            79.7%
     76                                                                           $4,250,000            72.6%
    76a            1926            1999              97%        6/7/2004          $1,620,000
    76b            1961            1999             100%        6/3/2004          $1,300,000
    76c            1906            2000              83%        6/3/2004            $770,000
    76d            1920            2001             100%        6/3/2004            $560,000
     78            1979            1997             100%       5/31/2004          $3,850,000            77.6%
     79            1982            2003              96%       6/30/2004          $5,750,000            51.8%
     80            1914            1984              75%        7/8/2004          $4,150,000            69.5%
     83            1958            1982              96%       8/27/2004          $3,500,000            79.7%
     84            1994             N/A              93%        6/1/2004          $5,400,000            51.6%
     88            2003             N/A              97%       7/31/2004          $3,350,000            77.4%
     89            1922            1986             100%       8/13/2004          $4,700,000            55.1%
     91            1997             N/A             100%        7/1/2004          $3,450,000            73.6%
     94            1964            2003             100%        9/1/2004          $3,250,000            76.4%
     95            1998             N/A              89%        7/1/2004          $3,250,000            75.2%
     96            1985             N/A             100%       7/15/2004          $3,520,000            69.3%
     97            2004             N/A             100%       8/30/2004          $3,270,000            72.0%
    101            1970             N/A              92%       7/31/2004          $2,800,000            78.3%
    103            2000             N/A              82%       6/30/2004          $3,620,000            58.0%
    106            1968            2000              91%        9/1/2004          $2,950,000            67.5%
    109            2002             N/A             100%        6/1/2004          $2,600,000            74.8%
    110            1967            2003              96%       6/30/2004          $2,600,000            74.7%
    111            1968            1975              93%       6/30/2004          $2,750,000            68.8%
    112            2000             N/A             100%        8/1/2004          $2,550,000            73.9%
    116            1972            2002             100%       5/31/2004          $2,500,000            69.6%
    118            1983            2002              89%       8/24/2004          $2,300,000            73.0%
    119            1924            1987              89%        6/1/2004          $3,400,000            49.2%
    121            1976            1999             100%       5/31/2004          $2,100,000            78.4%
    125            1973            2003             100%       5/31/2004          $2,100,000            71.2%
    133            1999            2003              98%       8/17/2004          $1,600,000            79.4%
    138            1967            2001              98%       6/30/2004          $1,850,000            64.6%
    139            1859            1981             100%       4/28/2004          $2,030,000            58.7%
    145            1980            2002             100%       6/30/2004          $1,575,000            66.5%
    146            1986            2001              97%        6/1/2004          $1,250,000            79.8%
    151            1951            1998             100%        7/1/2004          $1,080,000            74.7%
    152            1971            1999             100%        5/1/2004          $1,325,000            60.2%
    153            2003             N/A             100%       6/30/2004          $1,050,000            73.3%
    157            1994             N/A              78%        7/1/2004          $1,100,000            62.8%

<CAPTION>
                           Maturity/
                                 ARD
                            Date LTV           Most Recent     Most Recent             U/W             U/W             U/W
      #            Ratio (2) (3) (4)                   NOI             NCF             NOI         NCF (5)        DSCR (6)
<S>                <C>                         <C>              <C>             <C>             <C>                  <C>
      1                         68.7%           $7,432,356      $7,432,356      $7,997,184      $7,673,777           1.29x
      2                         56.4%           $8,949,692      $8,886,836      $9,308,667      $9,245,811           2.08x
      3                         65.6%           $9,905,025      $9,073,868      $9,629,997      $8,124,832           1.50x
     3a
     3b
     3c
      4                         64.8%           $4,290,491      $3,958,342      $4,844,444      $4,512,295           1.30x
      5                         71.8%           $4,323,091      $4,036,901      $4,617,053      $4,330,863           1.31x
      6                         55.0%                  N/A             N/A      $4,187,256      $4,011,273           1.26x
      7                         63.0%           $4,193,859      $4,107,709      $4,381,073      $4,294,923           2.35x
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8                         64.5%           $2,254,630      $2,109,272      $2,134,501      $1,989,143           1.43x
      9                         64.5%           $1,366,176      $1,258,888      $1,300,184      $1,192,896           1.43x
     10                         67.3%                  N/A             N/A      $2,630,855      $2,531,055           1.34x
     11                         55.1%           $3,352,543      $2,948,961      $3,228,862      $2,825,280           1.71x
     12                         69.5%           $1,848,311      $1,817,676      $2,005,997      $1,975,362           1.21x
     14                         71.5%           $1,171,317      $1,106,067      $1,195,626      $1,130,376           1.34x
     15                         71.5%             $799,083        $724,083        $811,062        $736,062           1.34x
     16                         68.2%           $1,554,314      $1,482,142      $1,861,290      $1,789,118           1.38x
     17                         55.8%           $1,860,928      $1,696,884      $1,992,444      $1,828,400           1.34x
     22                         65.0%           $1,362,760      $1,253,860      $1,339,306      $1,230,406           1.26x
     23                         67.4%           $1,237,682      $1,199,282      $1,320,343      $1,281,943           1.31x
     25                         49.8%                  N/A             N/A      $1,626,149      $1,566,649           1.83x
     26                         71.0%                  N/A             N/A      $1,198,071      $1,088,038           1.37x
     28                         66.3%           $1,214,205      $1,076,891      $1,277,024      $1,139,710           1.61x
     30                          0.7%           $1,176,671      $1,166,278      $1,331,340      $1,320,947           1.29x
     32                         64.2%                  N/A             N/A        $862,452        $816,049           1.30x
     34                         50.8%             $474,137        $426,637        $454,274        $406,774           1.34x
     35                         50.8%             $471,606        $427,606        $397,614        $353,614           1.34x
     36                         50.8%              $99,271         $90,271        $100,746         $91,746           1.34x
     38                         59.0%             $722,847        $652,347        $751,096        $680,596           1.28x
     39                         64.9%                  N/A             N/A        $827,033        $819,585           2.06x
     41                         74.5%             $556,773        $510,773        $634,453        $588,453           1.25x
     44                         59.3%             $698,653        $621,553        $789,993        $712,893           1.50x
     49                         58.5%             $637,338        $609,019        $606,574        $578,255           1.83x
     51                         58.5%             $652,646        $628,661        $532,363        $508,378           1.35x
     53                         72.2%                  N/A             N/A        $502,820        $466,708           1.30x
     56                         71.8%             $479,147        $442,183        $562,003        $525,039           1.49x
     57                         71.9%             $599,518        $565,018        $576,188        $541,688           1.49x
     58                         61.6%                  N/A             N/A        $543,334        $506,585           1.62x
     59                         66.0%                  N/A             N/A        $466,498        $446,424           1.38x
     62                         68.7%                  N/A             N/A        $478,121        $461,486           1.53x
     65                         57.2%             $406,696        $398,646        $386,828        $378,778           1.28x
     66                         65.0%             $528,985        $507,235        $512,748        $490,998           1.72x
     67                         66.4%             $387,908        $362,908        $384,459        $359,459           1.31x
     71                         53.1%             $450,177        $390,849        $470,645        $411,317           1.62x
     75                         67.4%             $435,319        $426,369        $373,852        $364,902           1.65x
     76                         65.6%             $466,011        $448,011        $352,785        $334,785           1.44x
    76a
    76b
    76c
    76d
     78                         66.3%             $361,843        $335,286        $327,301        $300,744           1.38x
     79                          0.5%             $563,892        $503,892        $532,089        $472,089           1.66x
     80                         58.8%             $305,589        $292,102        $288,001        $274,514           1.35x
     83                         74.7%             $316,530        $287,182        $317,961        $288,613           1.45x
     84                         43.7%             $416,144        $410,444        $422,073        $416,373           2.12x
     88                         66.5%             $228,862        $216,613        $297,354        $285,105           1.47x
     89                         46.4%             $307,695        $290,020        $289,059        $271,384           1.51x
     91                         63.4%             $319,894        $289,065        $296,999        $266,170           1.39x
     94                         58.6%                  N/A             N/A        $275,152        $244,928           1.33x
     95                         65.0%             $230,818        $209,168        $268,726        $247,076           1.33x
     96                         59.2%             $234,988        $216,780        $262,913        $244,705           1.38x
     97                         62.0%             $270,608        $253,693        $249,176        $232,261           1.31x
    101                         73.4%             $259,944        $221,694        $258,202        $219,952           1.41x
    103                         45.3%             $214,046        $205,357        $251,966        $243,277           1.64x
    106                         58.7%             $213,554        $187,218        $221,228        $194,892           1.25x
    109                         63.1%             $193,601        $179,795        $238,749        $224,943           1.65x
    110                         63.4%             $209,689        $178,592        $244,421        $213,324           1.54x
    111                         54.4%             $260,100        $217,186        $254,556        $211,642           1.38x
    112                         67.4%             $257,616        $237,813        $215,494        $195,691           1.32x
    116                         54.8%             $214,041        $193,251        $217,168        $196,378           1.41x
    118                         58.5%             $206,320        $196,849        $261,794        $252,323           1.81x
    119                         42.7%             $162,387        $135,422        $202,460        $175,495           1.36x
    121                         61.2%             $248,321        $233,321        $176,532        $176,532           1.36x
    125                         61.2%             $147,991        $137,203        $170,406        $159,618           1.43x
    133                         68.7%             $169,091        $154,691        $136,758        $122,358           1.25x
    138                         54.8%             $157,982        $136,982        $156,853        $135,853           1.59x
    139                         38.4%             $176,893        $162,214        $150,040        $135,361           1.33x
    145                         57.5%             $109,070        $103,497        $108,848        $103,275           1.29x
    146                         68.3%             $134,444        $126,444        $111,968        $103,968           1.41x
    151                         58.5%             $105,908         $99,908         $91,681         $85,681           1.34x
    152                         51.8%             $123,851        $118,601        $103,135         $97,885           1.63x
    153                         62.7%              $87,026         $81,104         $97,413         $91,491           1.63x
    157                         57.5%              $83,365         $78,815         $75,972         $71,422           1.29x
<CAPTION>
                        Contractual                                        U/W
          Engineering     Recurring        LC & TI   Contractual     Recurring                           Tax &          Initial
           Reserve at   Replacement     Reserve at     Recurring   Replacement               U/W     Insurance     Interest Only
      #   Origination  Reserve/FF&E    Origination         LC&TI  Reserve/FF&E           TI & LC       Escrows             Term
<S>           <C>         <C>          <C>            <C>           <C>              <C>             <C>           <C>
      1            $0            $0             $0            $0       $45,241          $278,166          None               24
      2        $1,050            $0    $16,478,475    $1,239,009       $62,856                $0          Both               60
      3       $25,000             4%            $0            $0             4%               $0          Both               12
     3a
     3b
     3c
      4            $0       $48,000             $0      $250,000       $48,078          $284,071          Both               24
      5       $11,875       $39,996             $0      $288,000       $57,175          $229,015          Both               36
      6            $0       $26,604             $0            $0       $39,907          $136,076          Both               12
      7       $25,133            $0             $0            $0       $86,150                $0          None               60
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8            $0            $0             $0            $0       $31,495          $113,863          None               24
      9            $0            $0             $0            $0       $22,958           $84,330          None               24
     10            $0       $19,200             $0            $0       $19,200           $80,600          Both               60
     11            $0      $112,125             $0            $0      $111,760          $291,822          None                0
     12    $1,006,500       $24,687        $13,734            $0            $0           $30,635          Both               12
     14            $0       $65,250             $0            $0       $65,250                $0          Both               24
     15            $0       $75,000             $0            $0       $75,000                $0          Both               25
     16            $0            $0             $0            $0       $11,194           $60,978          Both               60
     17            $0       $19,298             $0       $90,000       $14,547          $149,497          Both                0
     22       $15,500      $108,900             $0            $0      $108,900                $0          Both                0
     23       $42,625       $35,520             $0            $0       $38,400                $0          Both                0
     25    $3,609,526       $46,581             $0       $12,000       $59,500                $0          Both                0
     26            $0            $0             $0            $0       $10,628           $99,405          Both               36
     28        $4,844       $17,079       $115,000       $96,000       $20,092          $117,222          Both                0
     30            $0            $0             $0            $0       $10,393                $0          None                0
     32            $0            $0             $0       $30,000       $16,403           $30,000          Both                0
     34       $64,063       $47,500             $0            $0       $47,500                $0          Both                0
     35      $221,701       $44,000             $0            $0       $44,000                $0          Both                0
     36       $83,675        $9,000             $0            $0        $9,000                $0          Both                0
     38       $50,000       $69,420             $0            $0       $70,500                $0          Both                0
     39            $0            $0             $0            $0        $7,448                $0          None               60
     41       $10,000       $46,000             $0            $0       $46,000                $0          Both                0
     44            $0       $12,188             $0       $62,506       $12,188           $64,912          Both                0
     49            $0        $4,141             $0       $21,420        $4,070           $24,249          Both               60
     51            $0            $0             $0       $27,778        $2,952           $21,033          Both                0
     53            $0            $0             $0       $30,000        $6,381           $29,731          Both               36
     56            $0        $3,264             $0       $20,004        $4,904           $32,060          Both               36
     57      $105,053       $34,500             $0            $0       $34,500                $0          Both                0
     58            $0            $0        $54,000       $30,000        $6,680           $30,069          Both                0
     59            $0        $5,232             $0       $12,000        $7,839           $12,235          Both                0
     62            $0            $0             $0       $10,000        $7,417            $9,218          Both               12
     65            $0            $0             $0            $0        $8,050                $0          Both                0
     66            $0       $21,750             $0            $0       $21,750                $0          Both                0
     67       $25,000       $25,000             $0            $0       $25,000                $0          Both                0
     71        $7,500       $19,637             $0       $25,000       $19,637           $39,691          Both                0
     75       $13,125        $8,950             $0            $0        $8,950                $0          Both                0
     76       $33,751       $18,000             $0            $0       $18,000                $0          Both                0
    76a
    76b
    76c
    76d
     78       $60,125            $0        $21,000       $21,000        $4,146           $22,411          Both                0
     79            $0       $60,000             $0            $0       $60,000                $0          Both                0
     80        $7,000        $9,368             $0            $0        $9,368            $4,119          Both                0
     83       $53,950       $29,348             $0            $0       $29,348                $0          Both                0
     84            $0            $0             $0            $0        $5,700                $0          Both                0
     88            $0        $4,320             $0        $6,960        $4,323            $7,926          Both                0
     89          $875            $0             $0            $0          $746           $16,929          Both                0
     91            $0        $2,232             $0       $24,000        $3,347           $27,482          Both                0
     94            $0        $2,695             $0       $27,000        $3,594           $26,630          Both                0
     95        $2,625        $3,788             $0       $17,874        $3,776           $17,874          Both                0
     96       $48,114            $0             $0        $8,727        $2,375           $15,833          Both                0
     97            $0            $0        $50,000       $10,909        $2,206           $14,709          Both                0
    101      $113,100       $38,862             $0            $0       $38,250                $0          Both                0
    103          $625        $8,621             $0            $0        $8,689                $0          Both               12
    106            $0            $0       $100,000            $0        $5,999           $20,337          Both                0
    109            $0            $0             $0        $8,280        $2,750           $11,056          Both                0
    110        $4,313       $31,097             $0            $0       $31,097                $0          Both                0
    111            $0            $0             $0       $33,600        $6,131           $36,783          Both                0
    112        $2,875            $0             $0            $0        $2,583           $17,220          Both                0
    116       $28,150            $0             $0            $0        $6,930           $13,860          Both                0
    118       $17,435            $0             $0            $0        $9,471                $0          Both                0
    119        $6,000            $0       $100,000            $0        $3,105           $23,860          Both                0
    121        $5,000       $15,000             $0            $0       $15,000                $0          Both                0
    125        $3,688            $0             $0       $10,800        $1,039            $9,749          Both                0
    133        $5,938       $14,400             $0            $0       $14,400                $0          Both                0
    138            $0       $21,168             $0            $0       $21,000                $0          Both                0
    139       $15,625        $4,000             $0            $0        $5,379            $9,300          Both                0
    145            $0            $0        $24,000            $0        $1,103            $4,470          Both                0
    146        $8,125        $8,000             $0            $0        $8,000                $0          Both                0
    151        $6,468            $0        $10,000        $6,429        $1,000            $5,000          Both                0
    152        $1,250        $5,250             $0            $0        $5,250                $0          Both                0
    153            $0            $0             $0        $6,000          $900            $5,022          Both                0
    157            $0        $4,550             $0            $0        $4,550                $0          Both                0

<CAPTION>
                  Orig              Rem.              Orig             Rem.
                Amort.            Amort.           Term to          Term to       Interest      Interest Calculation         Monthly
      #           Term          Term (1)      Maturity (4)  Maturity (1)(4)           Rate      (30/360 / Actual/360)        Payment
<S>      <C>               <C>                <C>           <C>                   <C>           <C>                       <C>
      1            360               360               120              117          5.650%     Actual/360                  $496,423
      2  Interest Only     Interest Only                60               53          5.485%     Actual/360                  $370,745
      3            300               300                84               80          6.470%     Actual/360                  $451,134
     3a
     3b
     3c
      4            407               407               120              116          5.873%     Actual/360                  $289,257
      5            360               360                84               80          5.770%     Actual/360                  $274,877
      6            360               360               120              116          5.970%     Actual/360                  $265,942
      7  Interest Only     Interest Only                60               57          4.930%     Actual/360                  $152,037
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8            360               360               120              115          5.680%     Actual/360                  $112,931
      9            360               360               120              115          5.680%     Actual/360                   $72,392
     10            300               300               120              116          5.970%     Actual/360                  $157,405
     11            360               349               120              109          6.000%     Actual/360                  $137,897
     12            360               360               120              117          6.080%     Actual/360                  $136,058
     14            360               360                84               80          6.090%     Actual/360                   $69,948
     15            360               360                85               80          6.090%     Actual/360                   $46,007
     16            360               360               120              116          6.000%     Actual/360                  $107,919
     17            300               286               120              106          5.780%     Actual/360                  $113,566
     22            360               357               120              117          5.720%     Actual/360                   $81,434
     23            360               357               120              117          5.790%     Actual/360                   $81,822
     25            360               355               120              115          6.160%     Actual/360                   $71,355
     26            360               360               120              116          6.010%     Actual/360                   $66,021
     28            360               353                60               53          5.200%     Actual/360                   $59,029
     30            149               146               149              146          5.780%     Actual/360                   $85,259
     32            360               356               120              116          6.000%     Actual/360                   $52,161
     34            300               295               120              115          6.770%     Actual/360                   $24,918
     35            300               295               120              115          6.770%     Actual/360                   $22,842
     36            300               295               120              115          6.770%     Actual/360                    $5,191
     38            360               354               120              114          5.850%     Actual/360                   $44,246
     39  Interest Only     Interest Only                60               52          5.450%     Actual/360                   $33,154
     41            360               355                60               55          5.630%     Actual/360                   $39,166
     44            360               356               120              116          6.180%     Actual/360                   $39,726
     49  Interest Only     Interest Only                60               55          5.680%     Actual/360                   $26,395
     51            360               355               120              115          5.950%     Actual/360                   $31,308
     53            360               360               120              117          5.960%     Actual/360                   $29,849
     56            360               360               120              115          6.000%     Actual/360                   $29,378
     57            300               295                60               55          5.630%     Actual/360                   $30,348
     58            360               355               120              115          5.490%     Actual/360                   $26,089
     59            360               356               120              116          5.850%     Actual/360                   $26,960
     62            360               360               120              117          6.090%     Actual/360                   $25,086
     65            360               354               120              114          6.020%     Actual/360                   $24,634
     66            360               354               120              114          6.070%     Actual/360                   $23,800
     67            360               357               120              117          5.890%     Actual/360                   $22,811
     71            360               357               120              117          6.060%     Actual/360                   $21,119
     75            360               356               120              116          5.780%     Actual/360                   $18,384
     76            300               297                60               57          5.650%     Actual/360                   $19,315
    76a
    76b
    76c
    76d
     78            360               355               120              115          6.090%     Actual/360                   $18,160
     79            180               174               180              174          4.750%     Actual/360                   $23,724
     80            360               354               120              114          5.740%     Actual/360                   $16,905
     83            360               356                60               56          5.880%     Actual/360                   $16,572
     84            360               355               120              115          5.760%     Actual/360                   $16,358
     88            360               356               120              116          6.340%     Actual/360                   $16,161
     89            360               356               120              116          5.610%     Actual/360                   $14,942
     91            360               355               120              115          6.400%     Actual/360                   $15,950
     94            300               295               120              115          5.530%     Actual/360                   $15,397
     95            360               356               119              115          6.510%     Actual/360                   $15,502
     96            360               355               120              115          6.080%     Actual/360                   $14,815
     97            360               356               120              116          6.400%     Actual/360                   $14,774
    101            360               356                60               56          5.880%     Actual/360                   $13,021
    103            300               300               120              114          5.100%     Actual/360                   $12,399
    106            360               355               120              115          6.740%     Actual/360                   $12,959
    109            360               357               120              117          5.760%     Actual/360                   $11,392
    110            360               356               120              116          5.900%     Actual/360                   $11,566
    111            300               296               120              116          6.490%     Actual/360                   $12,817
    112            300               294                60               54          6.070%     Actual/360                   $12,323
    116            300               295               120              115          6.340%     Actual/360                   $11,642
    118            300               290               120              110          6.660%     Actual/360                   $11,649
    119            360               357               118              115          6.620%     Actual/360                   $10,720
    121            300               298               120              118          6.180%     Actual/360                   $10,813
    125            360               356               120              116          6.330%     Actual/360                    $9,314
    133            360               355               120              115          6.580%     Actual/360                    $8,126
    138            360               356               120              116          5.900%     Actual/360                    $7,118
    139            240               237               120              117          5.790%     Actual/360                    $8,452
    145            360               357               120              117          6.580%     Actual/360                    $6,692
    146            360               357               120              117          6.250%     Actual/360                    $6,157
    151            300               297               120              117          6.240%     Actual/360                    $5,338
    152            360               357               120              117          6.420%     Actual/360                    $5,015
    153            360               353               120              113          6.050%     Actual/360                    $4,671
    157            300               294                60               54          6.310%     Actual/360                    $4,617
<CAPTION>
                                                                                                         Original
                     First                                                                                Lockout
                   Payment        Maturity                                  Prepayment Provision           Period
      #               Date            Date         ARD (7)       Seasoning  as of Origination (8)        (Months)
<S>              <C>             <C>             <C>             <C>        <C>                            <C>
      1          9/11/2004       8/11/2014             N/A               3  Lock/113_0.0%/7                   113
      2          5/11/2004       4/11/2034       4/11/2009               7  Lock/55_0.0%/5                     55
      3          8/11/2004       7/11/2011             N/A               4  Lock/77_0.0%/7                     77
     3a
     3b
     3c
      4          8/11/2004       7/11/2014             N/A               4  Lock/116_0.0%/4                   116
      5          8/11/2004       7/11/2011             N/A               4  Lock/78_0.0%/6                     78
      6          8/11/2004       7/11/2014             N/A               4  Lock/117_0.0%/3                   117
      7          9/11/2004       8/11/2009             N/A               3  Lock/57_0.0%/3                     57
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
      9          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
     10          8/11/2004       7/11/2014             N/A               4  Lock/117_0.0%/3                   117
     11          1/11/2004      12/11/2013             N/A              11  Lock/116_0.0%/4                   116
     12          9/11/2004       8/11/2014             N/A               3  Lock/114_0.0%/6                   114
     14          8/11/2004       7/11/2011             N/A               4  Lock/81_0.0%/3                     81
     15          7/11/2004       7/11/2011             N/A               5  Lock/82_0.0%/3                     82
     16          8/11/2004       7/11/2014             N/A               4  Lock/114_0.0%/6                   114
     17         10/11/2003       9/11/2013             N/A              14  Lock/116_0.0%/4                   116
     22          9/11/2004       8/11/2014             N/A               3  Lock/117_0.0%/3                   117
     23          9/11/2004       8/11/2014             N/A               3  Lock/117_0.0%/3                   117
     25          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
     26          8/11/2004       7/11/2014             N/A               4  Lock/114_0.0%/6                   114
     28          5/11/2004       4/11/2009             N/A               7  Lock/57_0.0%/3                     57
     30          9/11/2004       1/11/2017             N/A               3  Lock/146_0.0%/3                   146
     32          8/11/2004       7/11/2014             N/A               4  Lock/117_0.0%/3                   117
     34          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
     35          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
     36          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
     38          6/11/2004       5/11/2014             N/A               6  Lock/117_0.0%/3                   117
     39          4/11/2004       3/11/2014       3/11/2009               8  Lock/55_0.0%/5                     55
     41          7/11/2004       6/11/2009             N/A               5  Lock/57_0.0%/3                     57
     44          8/11/2004       7/11/2014             N/A               4  Lock/117_0.0%/3                   117
     49          7/11/2004       6/11/2009             N/A               5  Lock/57_0.0%/3                     57
     51          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
     53          9/11/2004       8/11/2014             N/A               3  Lock/117_0.0%/3                   117
     56          7/11/2004       6/11/2014             N/A               5  Lock/116_0.0%/4                   116
     57          7/11/2004       6/11/2009             N/A               5  Lock/55_0.0%/5                     55
     58          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
     59          8/11/2004       7/11/2014             N/A               4  Lock/117_0.0%/3                   117
     62          9/11/2004       8/11/2014             N/A               3  Lock/117_0.0%/3                   117
     65          6/11/2004       5/11/2014             N/A               6  Lock/117_0.0%/3                   117
     66          6/11/2004       5/11/2014             N/A               6  Lock/117_0.0%/3                   117
     67          9/11/2004       8/11/2014             N/A               3  Lock/113_0.0%/7                   113
     71          9/11/2004       8/11/2014             N/A               3  Lock/117_0.0%/3                   117
     75          8/11/2004       7/11/2014             N/A               4  Lock/113_0.0%/7                   113
     76          9/11/2004       8/11/2009             N/A               3  Lock/53_0.0%/7                     53
    76a
    76b
    76c
    76d
     78          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
     79          6/11/2004       5/11/2019             N/A               6  Lock/177_0.0%/3                   177
     80          6/11/2004       5/11/2014             N/A               6  Lock/113_0.0%/7                   113
     83          8/11/2004       7/11/2009             N/A               4  Lock/53_0.0%/7                     53
     84          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
     88          8/11/2004       7/11/2014             N/A               4  Lock/117_0.0%/3                   117
     89          8/11/2004       7/11/2014             N/A               4  Lock/113_0.0%/7                   113
     91          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
     94          7/11/2004       6/11/2014             N/A               5  Lock/117_0.0%/3                   117
     95          8/11/2004       6/11/2014             N/A               4  Lock/116_0.0%/3                   116
     96          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
     97          8/11/2004       7/11/2014             N/A               4  Lock/113_0.0%/7                   113
    101          8/11/2004       7/11/2009             N/A               4  Lock/53_0.0%/7                     53
    103          6/11/2004       5/11/2014             N/A               6  Lock/117_0.0%/3                   117
    106          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
    109          9/11/2004       8/11/2014             N/A               3  Lock/117_0.0%/3                   117
    110          8/11/2004       7/11/2014             N/A               4  Lock/113_0.0%/7                   113
    111          8/11/2004       7/11/2014             N/A               4  Lock/113_0.0%/7                   113
    112          6/11/2004       5/11/2029       5/11/2009               6  Lock/53_0.0%/7                     53
    116          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
    118          2/11/2004       1/11/2014             N/A              10  Lock/113_0.0%/7                   113
    119          9/11/2004       6/11/2014             N/A               3  Lock/111_0.0%/7                   111
    121         10/11/2004       9/11/2014             N/A               2  Lock/113_0.0%/7                   113
    125          8/11/2004       7/11/2014             N/A               4  Lock/40_YM1/77_0.0%/3              40
    133          7/11/2004       6/11/2014             N/A               5  Lock/113_0.0%/7                   113
    138          8/11/2004       7/11/2014             N/A               4  Lock/113_0.0%/7                   113
    139          9/11/2004       8/11/2014             N/A               3  Lock/113_0.0%/7                   113
    145          9/11/2004       8/11/2014             N/A               3  Lock/113_0.0%/7                   113
    146          9/11/2004       8/11/2014             N/A               3  Lock/113_0.0%/7                   113
    151          9/11/2004       8/11/2014             N/A               3  Lock/113_0.0%/7                   113
    152          9/11/2004       8/11/2014             N/A               3  Lock/113_0.0%/7                   113
    153          5/11/2004       4/11/2014             N/A               7  Lock/117_0.0%/3                   117
    157          6/11/2004       5/11/2009             N/A               6  Lock/53_0.0%/7                     53
<CAPTION>
                  Original        Original
                     Yield      Prepayment        Original
               Maintenance         Premium            Open                         Lockout
                    Period          Period          Period                      Expiration
      #           (Months)        (Months)        (Months)  Defeasance (9)            Date
<S>                      <C>             <C>          <C>          <C>          <C>
      1                  0               0               7             Yes       2/11/2014
      2                  0               0               5             Yes      12/11/2008
      3                  0               0               7             Yes       1/11/2011
     3a
     3b
     3c
      4                  0               0               4             Yes       4/11/2014
      5                  0               0               6             Yes       2/11/2011
      6                  0               0               3             Yes       5/11/2014
      7                  0               0               3             Yes       6/11/2009
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8                  0               0               3             Yes       4/11/2014
      9                  0               0               3             Yes       4/11/2014
     10                  0               0               3             Yes       5/11/2014
     11                  0               0               4             Yes       9/11/2013
     12                  0               0               6             Yes       3/11/2014
     14                  0               0               3             Yes       5/11/2011
     15                  0               0               3             Yes       5/11/2011
     16                  0               0               6             Yes       2/11/2014
     17                  0               0               4             Yes       6/11/2013
     22                  0               0               3             Yes       6/11/2014
     23                  0               0               3             Yes       6/11/2014
     25                  0               0               3             Yes       4/11/2014
     26                  0               0               6             Yes       2/11/2014
     28                  0               0               3             Yes       2/11/2009
     30                  0               0               3             Yes      11/11/2016
     32                  0               0               3             Yes       5/11/2014
     34                  0               0               7             Yes      12/11/2013
     35                  0               0               7             Yes      12/11/2013
     36                  0               0               7             Yes      12/11/2013
     38                  0               0               3             Yes       3/11/2014
     39                  0               0               5             Yes      11/11/2008
     41                  0               0               3             Yes       4/11/2009
     44                  0               0               3             Yes       5/11/2014
     49                  0               0               3             Yes       4/11/2009
     51                  0               0               7             Yes      12/11/2013
     53                  0               0               3             Yes       6/11/2014
     56                  0               0               4             Yes       3/11/2014
     57                  0               0               5             Yes       2/11/2009
     58                  0               0               3             Yes       4/11/2014
     59                  0               0               3             Yes       5/11/2014
     62                  0               0               3             Yes       6/11/2014
     65                  0               0               3             Yes       3/11/2014
     66                  0               0               3             Yes       3/11/2014
     67                  0               0               7             Yes       2/11/2014
     71                  0               0               3             Yes       6/11/2014
     75                  0               0               7             Yes       1/11/2014
     76                  0               0               7             Yes       2/11/2009
    76a
    76b
    76c
    76d
     78                  0               0               3             Yes       4/11/2014
     79                  0               0               3             Yes       3/11/2019
     80                  0               0               7             Yes      11/11/2013
     83                  0               0               7             Yes       1/11/2009
     84                  0               0               3             Yes       4/11/2014
     88                  0               0               3             Yes       5/11/2014
     89                  0               0               7             Yes       1/11/2014
     91                  0               0               3             Yes       4/11/2014
     94                  0               0               3             Yes       4/11/2014
     95                  0               0               3             Yes       4/11/2014
     96                  0               0               7             Yes      12/11/2013
     97                  0               0               7             Yes       1/11/2014
    101                  0               0               7             Yes       1/11/2009
    103                  0               0               3             Yes       3/11/2014
    106                  0               0               7             Yes      12/11/2013
    109                  0               0               3             Yes       6/11/2014
    110                  0               0               7             Yes       1/11/2014
    111                  0               0               7             Yes       1/11/2014
    112                  0               0               7             Yes      11/11/2008
    116                  0               0               7             Yes      12/11/2013
    118                  0               0               7             Yes       7/11/2013
    119                  0               0               7             Yes      12/11/2013
    121                  0               0               7             Yes       3/11/2014
    125                 77               0               3              No      12/11/2007
    133                  0               0               7             Yes      12/11/2013
    138                  0               0               7             Yes       1/11/2014
    139                  0               0               7             Yes       2/11/2014
    145                  0               0               7             Yes       2/11/2014
    146                  0               0               7             Yes       2/11/2014
    151                  0               0               7             Yes       2/11/2014
    152                  0               0               7             Yes       2/11/2014
    153                  0               0               3             Yes       2/11/2014
    157                  0               0               7             Yes      11/11/2008
<CAPTION>
               Yield   Prepayment                 Servicing
         Maintenance      Premium        Yield          and   Utilities
          Expiration   Expiration  Maintenance      Trustee   Multifamily Tenant
      #         Date         Date       Spread         Fees   Pays
<S>      <C>           <C>          <C>           <C>         <C>
      1          N/A          N/A          N/A      0.03218%  N/A
      2          N/A          N/A          N/A      0.03218%  N/A
      3          N/A          N/A          N/A      0.03218%
     3a                                                       N/A
     3b                                                       N/A
     3c                                                       N/A
      4          N/A          N/A          N/A      0.03218%  N/A
      5          N/A          N/A          N/A      0.03218%  N/A
      6          N/A          N/A          N/A      0.13218%  N/A
      7          N/A          N/A          N/A      0.03218%
     7a                                                       N/A
     7b                                                       N/A
     7c                                                       N/A
     7d                                                       N/A
     7e                                                       N/A
     7f                                                       N/A
     7g                                                       N/A
      8          N/A          N/A          N/A      0.03218%  N/A
      9          N/A          N/A          N/A      0.03218%  N/A
     10          N/A          N/A          N/A      0.03218%  N/A
     11          N/A          N/A          N/A      0.03218%  N/A
     12          N/A          N/A          N/A      0.03218%  N/A
     14          N/A          N/A          N/A      0.03218%  Electric, Water, Sewer
     15          N/A          N/A          N/A      0.03218%  Electric, Water, Sewer
     16          N/A          N/A          N/A      0.03218%  N/A
     17          N/A          N/A          N/A      0.03218%  N/A
     22          N/A          N/A          N/A      0.03218%  N/A
     23          N/A          N/A          N/A      0.03218%  Electric, Water
     25          N/A          N/A          N/A      0.03218%  Electric
     26          N/A          N/A          N/A      0.03218%  N/A
     28          N/A          N/A          N/A      0.03218%  N/A
     30          N/A          N/A          N/A      0.03218%  N/A
     32          N/A          N/A          N/A      0.03218%  Electric
     34          N/A          N/A          N/A      0.03218%  Electric, Gas
     35          N/A          N/A          N/A      0.03218%  Electric
     36          N/A          N/A          N/A      0.03218%  Electric, Gas
     38          N/A          N/A          N/A      0.03218%  Water, Sewer
     39          N/A          N/A          N/A      0.03218%  N/A
     41          N/A          N/A          N/A      0.03218%  Electric, Water
     44          N/A          N/A          N/A      0.03218%  N/A
     49          N/A          N/A          N/A      0.03218%  N/A
     51          N/A          N/A          N/A      0.03218%  N/A
     53          N/A          N/A          N/A      0.03218%  N/A
     56          N/A          N/A          N/A      0.03218%  N/A
     57          N/A          N/A          N/A      0.03218%  Electric, Water, Sewer
     58          N/A          N/A          N/A      0.03218%  N/A
     59          N/A          N/A          N/A      0.03218%  N/A
     62          N/A          N/A          N/A      0.03218%  N/A
     65          N/A          N/A          N/A      0.03218%  N/A
     66          N/A          N/A          N/A      0.03218%  Electric, Gas, Water, Sewer
     67          N/A          N/A          N/A      0.03218%  Electric
     71          N/A          N/A          N/A      0.03218%  N/A
     75          N/A          N/A          N/A      0.03218%  N/A
     76          N/A          N/A          N/A      0.03218%
    76a                                                       Electric
    76b                                                       Electric, Gas, Water, Sewer
    76c                                                       Electric, Gas, Water, Sewer
    76d                                                       Electric, Gas, Water, Sewer
     78          N/A          N/A          N/A      0.03218%  N/A
     79          N/A          N/A          N/A      0.06218%  Electric, Gas
     80          N/A          N/A          N/A      0.03218%  None
     83          N/A          N/A          N/A      0.03218%  Electric
     84          N/A          N/A          N/A      0.03218%  N/A
     88          N/A          N/A          N/A      0.03218%  N/A
     89          N/A          N/A          N/A      0.03218%  N/A
     91          N/A          N/A          N/A      0.03218%  N/A
     94          N/A          N/A          N/A      0.03218%  N/A
     95          N/A          N/A          N/A      0.03218%  N/A
     96          N/A          N/A          N/A      0.03218%  N/A
     97          N/A          N/A          N/A      0.03218%  N/A
    101          N/A          N/A          N/A      0.03218%  Electric, Water
    103          N/A          N/A          N/A      0.03218%  N/A
    106          N/A          N/A          N/A      0.03218%  N/A
    109          N/A          N/A          N/A      0.03218%  N/A
    110          N/A          N/A          N/A      0.03218%  Electric, Gas
    111          N/A          N/A          N/A      0.03218%  N/A
    112          N/A          N/A          N/A      0.03218%  N/A
    116          N/A          N/A          N/A      0.03218%  N/A
    118          N/A          N/A          N/A      0.03218%  N/A
    119          N/A          N/A          N/A      0.03218%  N/A
    121          N/A          N/A          N/A      0.03218%  Electric, Gas
    125    5/11/2014          N/A       T-Flat      0.03218%  N/A
    133          N/A          N/A          N/A      0.03218%  Electric
    138          N/A          N/A          N/A      0.03218%  Electric, Gas
    139          N/A          N/A          N/A      0.03218%  Electric, Gas
    145          N/A          N/A          N/A      0.03218%  N/A
    146          N/A          N/A          N/A      0.03218%  Electric, Gas
    151          N/A          N/A          N/A      0.03218%  N/A
    152          N/A          N/A          N/A      0.03218%  Electric, Gas, Water, Sewer
    153          N/A          N/A          N/A      0.03218%  N/A
    157          N/A          N/A          N/A      0.03218%  N/A
<CAPTION>
                                Subject      Subject      Subject
               Multifamily       Studio       Studio       Studio
      #          Elevators        Units    Avg. Rent    Max. Rent
<S>            <C>              <C>        <C>          <C>
      1                N/A          N/A          N/A          N/A
      2                N/A          N/A          N/A          N/A
      3
     3a                N/A          N/A          N/A          N/A
     3b                N/A          N/A          N/A          N/A
     3c                N/A          N/A          N/A          N/A
      4                N/A          N/A          N/A          N/A
      5                N/A          N/A          N/A          N/A
      6                N/A          N/A          N/A          N/A
      7
     7a                N/A          N/A          N/A          N/A
     7b                N/A          N/A          N/A          N/A
     7c                N/A          N/A          N/A          N/A
     7d                N/A          N/A          N/A          N/A
     7e                N/A          N/A          N/A          N/A
     7f                N/A          N/A          N/A          N/A
     7g                N/A          N/A          N/A          N/A
      8                N/A          N/A          N/A          N/A
      9                N/A          N/A          N/A          N/A
     10                N/A          N/A          N/A          N/A
     11                N/A          N/A          N/A          N/A
     12                N/A          N/A          N/A          N/A
     14                  0          N/A          N/A          N/A
     15                  0          N/A          N/A          N/A
     16                N/A          N/A          N/A          N/A
     17                N/A          N/A          N/A          N/A
     22                  0          N/A          N/A          N/A
     23                  0          N/A          N/A          N/A
     25                  3           70         $834         $834
     26                N/A          N/A          N/A          N/A
     28                N/A          N/A          N/A          N/A
     30                N/A          N/A          N/A          N/A
     32                  3          N/A          N/A          N/A
     34                  0          N/A          N/A          N/A
     35                  0          N/A          N/A          N/A
     36                  0          N/A          N/A          N/A
     38                  0          N/A          N/A          N/A
     39                N/A          N/A          N/A          N/A
     41                  0           24         $431         $510
     44                N/A          N/A          N/A          N/A
     49                N/A          N/A          N/A          N/A
     51                N/A          N/A          N/A          N/A
     53                N/A          N/A          N/A          N/A
     56                N/A          N/A          N/A          N/A
     57                  0          N/A          N/A          N/A
     58                N/A          N/A          N/A          N/A
     59                N/A          N/A          N/A          N/A
     62                N/A          N/A          N/A          N/A
     65                N/A          N/A          N/A          N/A
     66                  0          N/A          N/A          N/A
     67                  0            8         $537         $590
     71                N/A          N/A          N/A          N/A
     75                N/A          N/A          N/A          N/A
     76
    76a                  0          N/A          N/A          N/A
    76b                  0          N/A          N/A          N/A
    76c                  0          N/A          N/A          N/A
    76d                  0          N/A          N/A          N/A
     78                N/A          N/A          N/A          N/A
     79                  0          N/A          N/A          N/A
     80                  0           30         $751       $1,040
     83                  0          N/A          N/A          N/A
     84                N/A          N/A          N/A          N/A
     88                N/A          N/A          N/A          N/A
     89                N/A          N/A          N/A          N/A
     91                N/A          N/A          N/A          N/A
     94                N/A          N/A          N/A          N/A
     95                N/A          N/A          N/A          N/A
     96                N/A          N/A          N/A          N/A
     97                N/A          N/A          N/A          N/A
    101                  0          N/A          N/A          N/A
    103                N/A          N/A          N/A          N/A
    106                N/A          N/A          N/A          N/A
    109                N/A          N/A          N/A          N/A
    110                  0          N/A          N/A          N/A
    111                N/A          N/A          N/A          N/A
    112                N/A          N/A          N/A          N/A
    116                N/A          N/A          N/A          N/A
    118                N/A          N/A          N/A          N/A
    119                N/A          N/A          N/A          N/A
    121                  0          N/A          N/A          N/A
    125                N/A          N/A          N/A          N/A
    133                  0          N/A          N/A          N/A
    138                  0          N/A          N/A          N/A
    139                  0            1         $475         $475
    145                N/A          N/A          N/A          N/A
    146                  0          N/A          N/A          N/A
    151                N/A          N/A          N/A          N/A
    152                  0            2         $400         $400
    153                N/A          N/A          N/A          N/A
    157                N/A          N/A          N/A          N/A
<CAPTION>
             Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject
                1 BR         1 BR         1 BR         2 BR         2 BR         2 BR         3 BR         3 BR         3 BR
      #        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent

<S>          <C>          <C>          <C>          <C>          <C>          <C>          <C>          <C>          <C>
      1          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      2          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      3
     3a          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     3b          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     3c          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      4          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      5          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      6          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      7
     7a          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     7b          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     7c          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     7d          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     7e          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     7f          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     7g          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      8          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
      9          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     10          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     11          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     12          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     14          176         $657         $750           85         $846         $985          N/A          N/A          N/A
     15          120         $466         $535          122         $580         $730            8         $875         $875
     16          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     17          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     22          N/A          N/A          N/A          396         $670         $865          N/A          N/A          N/A
     23           40         $741         $835          128         $858         $960           24         $959         $960
     25           93         $994         $994           52       $1,325       $1,325           21       $1,646       $1,646
     26          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     28          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     30          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     32           15         $828         $915           24       $1,002       $1,295           12       $1,308       $1,340
     34          N/A          N/A          N/A          169         $465         $585           21         $564         $675
     35           43         $476         $575          131         $496         $625            2         $525         $625
     36           11         $495         $600           25         $507         $585          N/A          N/A          N/A
     38          112         $464         $499          154         $574         $629           16         $751         $789
     39          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     41           96         $542         $680           64         $693         $799          N/A          N/A          N/A
     44          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     49          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     51          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     53          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     56          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     57           53         $502         $575           73         $641         $690           13         $703         $725
     58          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     59          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     62          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     65          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     66          N/A          N/A          N/A           42         $692         $750           37         $756         $875
     67           22         $565         $615           50         $681         $830           20         $795       $1,000
     71          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     75          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     76
    76a           18         $639         $700           12         $782         $850          N/A          N/A          N/A
    76b          N/A          N/A          N/A           22         $766         $800          N/A          N/A          N/A
    76c          N/A          N/A          N/A            8         $765         $790            4         $850         $875
    76d            1         $700         $700            1         $780         $780            3         $942         $975
     78          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     79          112         $329         $380          128         $415         $465          N/A          N/A          N/A
     80            4       $1,039       $1,250            1       $1,400       $1,400          N/A          N/A          N/A
     83           25         $395         $395           87         $499         $560            4         $545         $545
     84          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     88          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     89          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     91          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     94          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     95          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     96          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     97          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    101           86         $332         $425           59         $427         $475            8         $600         $600
    103          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    106          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    109          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    110           68         $420         $435           49         $559         $590            4         $649         $650
    111          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    112          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    116          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    118          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    119          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    121          N/A          N/A          N/A           60         $471         $600          N/A          N/A          N/A
    125          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    133           20         $386         $395           28         $444         $495          N/A          N/A          N/A
    138           37         $401         $450           43         $510         $600            4         $676         $679
    139           13         $688         $860            2         $865         $875          N/A          N/A          N/A
    145          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    146           15         $502         $535           17         $580         $650          N/A          N/A          N/A
    151          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    152          N/A          N/A          N/A            9         $657         $750            8         $763       $1,000
    153          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    157          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A

<CAPTION>
             Subject      Subject      Subject      Subject      Subject      Subject
                4 BR         4 BR         4 BR         5 BR          5BR         5 BR
      #        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent
<S>           <C>          <C>          <C>          <C>          <C>          <C>
      1          N/A          N/A          N/A          N/A          N/A          N/A
      2          N/A          N/A          N/A          N/A          N/A          N/A
      3
     3a          N/A          N/A          N/A          N/A          N/A          N/A
     3b          N/A          N/A          N/A          N/A          N/A          N/A
     3c          N/A          N/A          N/A          N/A          N/A          N/A
      4          N/A          N/A          N/A          N/A          N/A          N/A
      5          N/A          N/A          N/A          N/A          N/A          N/A
      6          N/A          N/A          N/A          N/A          N/A          N/A
      7
     7a          N/A          N/A          N/A          N/A          N/A          N/A
     7b          N/A          N/A          N/A          N/A          N/A          N/A
     7c          N/A          N/A          N/A          N/A          N/A          N/A
     7d          N/A          N/A          N/A          N/A          N/A          N/A
     7e          N/A          N/A          N/A          N/A          N/A          N/A
     7f          N/A          N/A          N/A          N/A          N/A          N/A
     7g          N/A          N/A          N/A          N/A          N/A          N/A
      8          N/A          N/A          N/A          N/A          N/A          N/A
      9          N/A          N/A          N/A          N/A          N/A          N/A
     10          N/A          N/A          N/A          N/A          N/A          N/A
     11          N/A          N/A          N/A          N/A          N/A          N/A
     12          N/A          N/A          N/A          N/A          N/A          N/A
     14          N/A          N/A          N/A          N/A          N/A          N/A
     15          N/A          N/A          N/A          N/A          N/A          N/A
     16          N/A          N/A          N/A          N/A          N/A          N/A
     17          N/A          N/A          N/A          N/A          N/A          N/A
     22          N/A          N/A          N/A          N/A          N/A          N/A
     23          N/A          N/A          N/A          N/A          N/A          N/A
     25            1       $1,646       $1,646            1       $1,646       $1,646
     26          N/A          N/A          N/A          N/A          N/A          N/A
     28          N/A          N/A          N/A          N/A          N/A          N/A
     30          N/A          N/A          N/A          N/A          N/A          N/A
     32          N/A          N/A          N/A          N/A          N/A          N/A
     34          N/A          N/A          N/A          N/A          N/A          N/A
     35          N/A          N/A          N/A          N/A          N/A          N/A
     36          N/A          N/A          N/A          N/A          N/A          N/A
     38          N/A          N/A          N/A          N/A          N/A          N/A
     39          N/A          N/A          N/A          N/A          N/A          N/A
     41          N/A          N/A          N/A          N/A          N/A          N/A
     44          N/A          N/A          N/A          N/A          N/A          N/A
     49          N/A          N/A          N/A          N/A          N/A          N/A
     51          N/A          N/A          N/A          N/A          N/A          N/A
     53          N/A          N/A          N/A          N/A          N/A          N/A
     56          N/A          N/A          N/A          N/A          N/A          N/A
     57          N/A          N/A          N/A          N/A          N/A          N/A
     58          N/A          N/A          N/A          N/A          N/A          N/A
     59          N/A          N/A          N/A          N/A          N/A          N/A
     62          N/A          N/A          N/A          N/A          N/A          N/A
     65          N/A          N/A          N/A          N/A          N/A          N/A
     66            8         $827         $950          N/A          N/A          N/A
     67          N/A          N/A          N/A          N/A          N/A          N/A
     71          N/A          N/A          N/A          N/A          N/A          N/A
     75          N/A          N/A          N/A          N/A          N/A          N/A
     76
    76a          N/A          N/A          N/A          N/A          N/A          N/A
    76b          N/A          N/A          N/A          N/A          N/A          N/A
    76c          N/A          N/A          N/A          N/A          N/A          N/A
    76d            3       $1,312       $1,325          N/A          N/A          N/A
     78          N/A          N/A          N/A          N/A          N/A          N/A
     79          N/A          N/A          N/A          N/A          N/A          N/A
     80          N/A          N/A          N/A          N/A          N/A          N/A
     83          N/A          N/A          N/A          N/A          N/A          N/A
     84          N/A          N/A          N/A          N/A          N/A          N/A
     88          N/A          N/A          N/A          N/A          N/A          N/A
     89          N/A          N/A          N/A          N/A          N/A          N/A
     91          N/A          N/A          N/A          N/A          N/A          N/A
     94          N/A          N/A          N/A          N/A          N/A          N/A
     95          N/A          N/A          N/A          N/A          N/A          N/A
     96          N/A          N/A          N/A          N/A          N/A          N/A
     97          N/A          N/A          N/A          N/A          N/A          N/A
    101          N/A          N/A          N/A          N/A          N/A          N/A
    103          N/A          N/A          N/A          N/A          N/A          N/A
    106          N/A          N/A          N/A          N/A          N/A          N/A
    109          N/A          N/A          N/A          N/A          N/A          N/A
    110          N/A          N/A          N/A          N/A          N/A          N/A
    111          N/A          N/A          N/A          N/A          N/A          N/A
    112          N/A          N/A          N/A          N/A          N/A          N/A
    116          N/A          N/A          N/A          N/A          N/A          N/A
    118          N/A          N/A          N/A          N/A          N/A          N/A
    119          N/A          N/A          N/A          N/A          N/A          N/A
    121          N/A          N/A          N/A          N/A          N/A          N/A
    125          N/A          N/A          N/A          N/A          N/A          N/A
    133          N/A          N/A          N/A          N/A          N/A          N/A
    138          N/A          N/A          N/A          N/A          N/A          N/A
    139          N/A          N/A          N/A          N/A          N/A          N/A
    145          N/A          N/A          N/A          N/A          N/A          N/A
    146          N/A          N/A          N/A          N/A          N/A          N/A
    151          N/A          N/A          N/A          N/A          N/A          N/A
    152            2         $730         $800          N/A          N/A          N/A
    153          N/A          N/A          N/A          N/A          N/A          N/A
    157          N/A          N/A          N/A          N/A          N/A          N/A
<CAPTION>
         Major                                           Major                Major
         Tenant #1                                   Tenant #1      Tenant #1 Lease
      #  Name                                          Sq. Ft.      Expiration Date
<S>      <C>                                         <C>            <C>
      1  Mega Movies                                    49,313            1/31/2020
      2  Corporation for National Service              110,601           10/31/2014
      3
     3a  N/A                                               N/A                  N/A
     3b  N/A                                               N/A                  N/A
     3c  N/A                                               N/A                  N/A
      4  MTA                                            59,000           12/31/2009
      5  Bed Bath & Beyond                             127,441            1/31/2010
      6  Angelika Theaters                              27,125            6/30/2014
      7
     7a  N/A                                               N/A                  N/A
     7b  N/A                                               N/A                  N/A
     7c  N/A                                               N/A                  N/A
     7d  N/A                                               N/A                  N/A
     7e  N/A                                               N/A                  N/A
     7f  N/A                                               N/A                  N/A
     7g  N/A                                               N/A                  N/A
      8  TJ Maxx                                        28,000            1/31/2009
      9  Bay Furniture                                  36,000            4/30/2006
     10  Wachovia Securities, LLC                       10,328           12/31/2013
     11  Boscov's (Ground Lease)                       183,000           10/31/2009
     12  Circuit City                                   32,995            3/31/2010
     14  N/A                                               N/A                  N/A
     15  N/A                                               N/A                  N/A
     16  Chammps Entertainment, Inc.                     9,800            8/31/2017
     17  TriNet Employer Group                          48,693            4/14/2017
     22  N/A                                               N/A                  N/A
     23  N/A                                               N/A                  N/A
     25  N/A                                               N/A                  N/A
     26  Sauer Danfoss                                  12,612            5/31/2009
     28  XO Communications, Inc.                        35,704            6/30/2007
     30  Voicestream Wireless Corporation               69,287            1/23/2017
     32  Raptors Grille                                  5,233            1/23/2008
     34  N/A                                               N/A                  N/A
     35  N/A                                               N/A                  N/A
     36  N/A                                               N/A                  N/A
     38  N/A                                               N/A                  N/A
     39  Delta Airlines                                 49,650            9/18/2018
     41  N/A                                               N/A                  N/A
     44  Egret Bay Ballroom                              9,045           11/30/2007
     49  Simic                                           3,757            4/30/2009
     51  Canton Bistro                                   3,840            2/11/2014
     53  Dollar Tree                                    10,200            1/31/2009
     56  Captrust                                       12,605           12/31/2010
     57  N/A                                               N/A                  N/A
     58  Lincoln Pro Baseball, Inc.                      4,733             2/3/2006
     59  Food Lion                                      28,657           12/31/2023
     62  Food Lion                                      33,807            5/31/2024
     65  N/A                                               N/A                  N/A
     66  N/A                                               N/A                  N/A
     67  N/A                                               N/A                  N/A
     71  Price Chopper                                  36,147            1/31/2013
     75  N/A                                               N/A                  N/A
     76
    76a  N/A                                               N/A                  N/A
    76b  N/A                                               N/A                  N/A
    76c  N/A                                               N/A                  N/A
    76d  N/A                                               N/A                  N/A
     78  Petco                                          13,768            1/31/2014
     79  N/A                                               N/A                  N/A
     80  Mission Smoke Shop                              1,800            7/31/2012
     83  N/A                                               N/A                  N/A
     84  N/A                                               N/A                  N/A
     88  Food Lion                                      28,842           12/31/2022
     89  Advanced Fresh Concepts                         1,671           11/30/2012
     91  University Health Systems                      22,310            2/28/2014
     94  Gary Hale, DDS                                  1,496            5/31/2010
     95  Azteca                                          5,740           11/30/2008
     96  CSk Auto                                        6,390             1/1/2009
     97  Cato Corporation                                3,900            4/30/2014
    101  N/A                                               N/A                  N/A
    103  N/A                                               N/A                  N/A
    106  State of Florida                                3,636            5/31/2008
    109  Moran Foods, Inc.                              13,830            5/31/2012
    110  N/A                                               N/A                  N/A
    111  East Valley Family Medical                      5,400            8/31/2006
    112  Teloloapan Meat Market                          9,200            1/31/2011
    116  Razor's Edge Motor Sports, Inc.                 5,775            6/30/2005
    118  N/A                                               N/A                  N/A
    119  Konstantine Leathers Inc.                       2,300            1/31/2012
    121  N/A                                               N/A                  N/A
    125  Bank One                                        3,875            1/31/2013
    133  N/A                                               N/A                  N/A
    138  N/A                                               N/A                  N/A
    139  Matthew Waylett Title, Inc.                     4,600           10/31/2004
    145  California Stop                                 1,965           11/30/2006
    146  N/A                                               N/A                  N/A
    151  Interim Healthcare                              1,200            1/20/2007
    152  N/A                                               N/A                  N/A
    153  Quiznos Subs                                    1,680            9/30/2013
    157  N/A                                               N/A                  N/A

<CAPTION>

         Major                                                Major                Major
         Tenant #2                                        Tenant #2      Tenant #2 Lease
      #  Name                                               Sq. Ft.      Expiration Date
<S>      <C>                                                 <C>               <C>
      1  Barnes & Noble                                      24,833            7/31/2009
      2  GSA - Department of Homeland Security               68,963             2/1/2009
      3
     3a  N/A                                                    N/A                  N/A
     3b  N/A                                                    N/A                  N/A
     3c  N/A                                                    N/A                  N/A
      4  Cranston Printworks                                 29,200            6/30/2009
      5  24-Hour Fitness                                     41,601            8/31/2015
      6  Column Financial, Inc.                              14,637            2/12/2010
      7
     7a  N/A                                                    N/A                  N/A
     7b  N/A                                                    N/A                  N/A
     7c  N/A                                                    N/A                  N/A
     7d  N/A                                                    N/A                  N/A
     7e  N/A                                                    N/A                  N/A
     7f  N/A                                                    N/A                  N/A
     7g  N/A                                                    N/A                  N/A
      8  Office Max, Inc.                                    23,500            1/31/2014
      9  Big Lots                                            21,333            1/31/2006
     10  Stonewood Wayzata Partners, LLC                      7,463            5/31/2014
     11  K-Mart (Ground Lease)                              117,521            8/31/2019
     12  Bally Total Fitness                                 25,000            6/30/2015
     14  N/A                                                    N/A                  N/A
     15  N/A                                                    N/A                  N/A
     16  Bin 36                                               8,990            9/30/2012
     17  Kaiser Foundation Health Inc.                       24,715            2/28/2008
     22  N/A                                                    N/A                  N/A
     23  N/A                                                    N/A                  N/A
     25  N/A                                                    N/A                  N/A
     26  Intelligent Office                                   6,598            2/28/2012
     28  IP Mobilenet, Inc.                                  13,581           12/31/2007
     30  N/A                                                    N/A                  N/A
     32  East Orlando Family Medicine                         5,040            8/31/2008
     34  N/A                                                    N/A                  N/A
     35  N/A                                                    N/A                  N/A
     36  N/A                                                    N/A                  N/A
     38  N/A                                                    N/A                  N/A
     39  N/A                                                    N/A                  N/A
     41  N/A                                                    N/A                  N/A
     44  West Marine                                          9,045            7/31/2007
     49  JDE Gallery                                          2,512            9/30/2006
     51  Simmons Mattress                                     3,840            7/28/2016
     53  Hollywood Video                                      6,300           12/31/2013
     56  Rivercrest Realty                                    6,182            1/31/2009
     57  N/A                                                    N/A                  N/A
     58  Lincoln Physical Therapy                             4,260             9/2/2008
     59  Family Dollar                                        8,000           12/31/2013
     62  Family Dollar                                        8,040           12/31/2013
     65  N/A                                                    N/A                  N/A
     66  N/A                                                    N/A                  N/A
     67  N/A                                                    N/A                  N/A
     71  Bowling Green                                       19,466            5/31/2013
     75  N/A                                                    N/A                  N/A
     76
    76a  N/A                                                    N/A                  N/A
    76b  N/A                                                    N/A                  N/A
    76c  N/A                                                    N/A                  N/A
    76d  N/A                                                    N/A                  N/A
     78  Veterinary Centers of America                        3,392            3/31/2007
     79  N/A                                                    N/A                  N/A
     80  Order Express                                          840             9/7/2006
     83  N/A                                                    N/A                  N/A
     84  N/A                                                    N/A                  N/A
     88  Dollar General                                       7,200            2/28/2012
     89  Jamba Juice                                          1,450           11/30/2007
     91  N/A                                                    N/A                  N/A
     94  Dr. Kathy Fang, MD                                   1,315            9/30/2014
     95  J. Butler's                                          4,684           12/31/2008
     96  Goodyear Tire                                        5,333            12/1/2005
     97  Payless Shoesource                                   2,600            6/30/2009
    101  N/A                                                    N/A                  N/A
    103  N/A                                                    N/A                  N/A
    106  Accounts Receivable Mgmt. Inc.                       3,340            6/30/2005
    109  Sharks Fish & Chicken 79, LLC                        2,750            3/31/2007
    110  N/A                                                    N/A                  N/A
    111  Central Arizona Heart                                4,103           10/31/2006
    112  La Plaza Restaurant                                  4,000            3/31/2010
    116  Tru-Tec Auto & Alignment                             3,850            5/31/2004
    118  N/A                                                    N/A                  N/A
    119  Daniel Wiener                                        2,300            7/31/2017
    121  N/A                                                    N/A                  N/A
    125  Chicago SMSA Limited Partnership                     2,000            8/31/2008
    133  N/A                                                    N/A                  N/A
    138  N/A                                                    N/A                  N/A
    139  Keyser Development                                   2,400           12/31/2016
    145  Subway                                               1,374            3/31/2009
    146  N/A                                                    N/A                  N/A
    151  Minuteman Press                                      1,000            4/30/2008
    152  N/A                                                    N/A                  N/A
    153  Celsius Tan                                          1,560            5/31/2009
    157  N/A                                                    N/A                  N/A
<CAPTION>
         Major                                              Major                Major              Initial
         Tenant #3                                      Tenant #3      Tenant #3 Lease                Other
      #  Name                                             Sq. Ft.      Expiration Date              Reserve
<S>      <C>                                           <C>             <C>                      <C>
      1  Old Navy Clothing Co.                             15,856            1/31/2009                   $0
      2  Staas & Halsey LLP                                34,335            3/31/2015           $5,800,000
      3                                                                                             $10,417
     3a  N/A                                                  N/A                  N/A
     3b  N/A                                                  N/A                  N/A
     3c  N/A                                                  N/A                  N/A
      4  Value City Stores                                 15,697            3/31/2008                   $0
      5  Brooks Mays Music Company                         20,039            1/31/2009                   $0
      6  Marriott International                            14,600           10/31/2007           $1,993,803
      7                                                                                                  $0
     7a  N/A                                                  N/A                  N/A
     7b  N/A                                                  N/A                  N/A
     7c  N/A                                                  N/A                  N/A
     7d  N/A                                                  N/A                  N/A
     7e  N/A                                                  N/A                  N/A
     7f  N/A                                                  N/A                  N/A
     7g  N/A                                                  N/A                  N/A
      8  Petco Animal Supplies, Inc.                       18,810            1/31/2009                   $0
      9  Sears Roebuck and Co.                             21,069           10/17/2005                   $0
     10  Morgan Stanley DW, Inc.                            7,324            5/31/2012                   $0
     11  J.C. Penney (Ground Lease)                        49,802           10/31/2009                   $0
     12  Long's Drug Store (Ground Lease)                  24,650            2/28/2007                   $0
     14  N/A                                                  N/A                  N/A             $250,000
     15  N/A                                                  N/A                  N/A             $525,000
     16  Putting Edge                                       8,749            4/30/2012                   $0
     17  Every Child Counts (ECC)                          19,101            4/30/2013                   $0
     22  N/A                                                  N/A                  N/A                   $0
     23  N/A                                                  N/A                  N/A                   $0
     25  N/A                                                  N/A                  N/A                   $0
     26  Calpine Corporation                                6,213            3/31/2009                   $0
     28  Westec Interactive Security                       12,880            6/30/2008                   $0
     30  N/A                                                  N/A                  N/A                   $0
     32  Avalon Associates                                  3,000           12/31/2010                   $0
     34  N/A                                                  N/A                  N/A                   $0
     35  N/A                                                  N/A                  N/A                   $0
     36  N/A                                                  N/A                  N/A                   $0
     38  N/A                                                  N/A                  N/A                   $0
     39  N/A                                                  N/A                  N/A                   $0
     41  N/A                                                  N/A                  N/A                   $0
     44  Half Price Books                                   7,137            1/31/2007                   $0
     49  Democracy                                          2,320            7/31/2007                   $0
     51  Nextel                                             1,920           12/28/2010                   $0
     53  Shoe Show                                          5,200            3/31/2009                   $0
     56  Capital Bank                                       3,960           12/31/2010                   $0
     57  N/A                                                  N/A                  N/A                   $0
     58  Lincoln Bicycle Company                            4,260            5/31/2007                   $0
     59  Video Hut                                          4,200            1/31/2009             $100,000
     62  Mexican Restaurant                                 2,800            6/15/2009                   $0
     65  N/A                                                  N/A                  N/A                   $0
     66  N/A                                                  N/A                  N/A                   $0
     67  N/A                                                  N/A                  N/A                   $0
     71  Goodwill Industries                               15,210            2/28/2007                   $0
     75  N/A                                                  N/A                  N/A                   $0
     76                                                                                                  $0
    76a  N/A                                                  N/A                  N/A
    76b  N/A                                                  N/A                  N/A
    76c  N/A                                                  N/A                  N/A
    76d  N/A                                                  N/A                  N/A
     78  Word of Truth Ministries                           3,375            7/14/2005                   $0
     79  N/A                                                  N/A                  N/A                   $0
     80  Tang, Truc Quoc                                      765            8/31/2007                   $0
     83  N/A                                                  N/A                  N/A                   $0
     84  N/A                                                  N/A                  N/A                   $0
     88  M.G. Midwest, Inc.                                 3,600            2/12/2010                   $0
     89  Exoticar                                           1,400            5/31/2006                   $0
     91  N/A                                                  N/A                  N/A                   $0
     94  Huang, Huang, Watanabe, M.D.s                      1,189            2/29/2014              $24,464
     95  Tinsley Dry Cleaners                               3,400           12/31/2011                   $0
     96  Arby's                                             2,100             8/1/2007                   $0
     97  Friedman's, Inc.                                   1,750            5/31/2009                   $0
    101  N/A                                                  N/A                  N/A                   $0
    103  N/A                                                  N/A                  N/A                   $0
    106  Buy Kontrol Mortgage                               1,656            3/31/2005                   $0
    109  Nationwide Mutual Insurance Company                1,000            4/30/2007                   $0
    110  N/A                                                  N/A                  N/A                   $0
    111  Chandler Dermatology                               2,700           10/31/2005                   $0
    112  Laguna Laundry                                     4,000            3/31/2009              $15,000
    116  Thomas Window Wear                                 3,850            4/30/2007                   $0
    118  N/A                                                  N/A                  N/A                   $0
    119  David Lazarus Photography, Inc                     2,300            5/31/2013              $75,000
    121  N/A                                                  N/A                  N/A                   $0
    125  Subway Real Estate Corp.                           1,050            5/31/2012                   $0
    133  N/A                                                  N/A                  N/A                   $0
    138  N/A                                                  N/A                  N/A                   $0
    139  Zena's Hair                                        2,190            3/31/2005                   $0
    145  Sign Depot                                           839            3/31/2007                   $0
    146  N/A                                                  N/A                  N/A                   $0
    151  E Nails                                              750           10/31/2005                   $0
    152  N/A                                                  N/A                  N/A                   $0
    153  Pride Cleaners                                     1,560            8/31/2008                   $0
    157  N/A                                                  N/A                  N/A                   $0
<CAPTION>
         Initial Other
         Reserve
      #  Description
<S>      <C>
      1  N/A
      2  Free Rent Reserve
      3  Ground Rent Reserve
     3a
     3b
     3c
      4  N/A
      5  N/A
      6  Vacancy Reserve ($1,018,000), Specific Tenant Reserve ($812,803), Goodman Homes Reserve ($163,000)
      7  N/A
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8  N/A
      9  N/A
     10  N/A
     11  N/A
     12  N/A
     14  Renovation Reserve
     15  Initial Renovation Reserve
     16  N/A
     17  N/A
     22  N/A
     23  N/A
     25  N/A
     26  N/A
     28  N/A
     30  N/A
     32  N/A
     34  N/A
     35  N/A
     36  N/A
     38  N/A
     39  N/A
     41  N/A
     44  N/A
     49  N/A
     51  N/A
     53  N/A
     56  N/A
     57  N/A
     58  N/A
     59  Special Tenant Reserve
     62  N/A
     65  N/A
     66  N/A
     67  N/A
     71  N/A
     75  N/A
     76  N/A
    76a
    76b
    76c
    76d
     78  N/A
     79  N/A
     80  N/A
     83  N/A
     84  N/A
     88  N/A
     89  N/A
     91  N/A
     94  Tenant Rent Reserve ($18,376.00); Termite Reserve ($3,587.50); Finishing Reserve ($2,500.00)
     95  N/A
     96  N/A
     97  N/A
    101  N/A
    103  N/A
    106  N/A
    109  N/A
    110  N/A
    111  N/A
    112  Insurance Deductible Reserve
    116  N/A
    118  N/A
    119  Lease Holdback Reserve
    121  N/A
    125  N/A
    133  N/A
    138  N/A
    139  N/A
    145  N/A
    146  N/A
    151  N/A
    152  N/A
    153  N/A
    157  N/A
<CAPTION>

                 Contractual          Contractual                       Letter
                       Other        Other Reserve            Letter of  of Credit
      #              Reserve          Description               Credit  Description
<S>              <C>          <C>                            <C>        <C>
      1                   $0                  N/A                   $0  N/A
      2                   $0                  N/A                   $0  N/A
      3              $10,417  Ground Rent Reserve                   $0  N/A
     3a
     3b
     3c
      4                   $0                  N/A                   $0  N/A
      5                   $0                  N/A                   $0  N/A
      6                   $0                  N/A                   $0  N/A
      7                   $0                  N/A                   $0  N/A
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8                   $0                  N/A                   $0  N/A
      9                   $0                  N/A                   $0  N/A
     10                   $0                  N/A             $297,000  TILC LOC
     11                   $0                  N/A                   $0  N/A
     12                   $0                  N/A                   $0  N/A
     14                   $0                  N/A                   $0  N/A
     15                   $0                  N/A                   $0  N/A
     16                   $0                  N/A                   $0  N/A
     17                   $0                  N/A             $700,000  Tri-Net Security Deposit LOC
     22                   $0                  N/A                   $0  N/A
     23                   $0                  N/A             $250,000  Release upon: i) DSCR >= 1.22, ii) no event of default
     25                   $0                  N/A                   $0  N/A
     26                   $0                  N/A                   $0  N/A
     28                   $0                  N/A                   $0  N/A
     30                   $0                  N/A                   $0  N/A
     32                   $0                  N/A                   $0  N/A
     34                   $0                  N/A                   $0  N/A
     35                   $0                  N/A                   $0  N/A
     36                   $0                  N/A                   $0  N/A
     38                   $0                  N/A                   $0  N/A
     39                   $0                  N/A           $2,500,000  Delta Airlines Tenant Security LOC
     41                   $0                  N/A                   $0  N/A
     44                   $0                  N/A                   $0  N/A
     49                   $0                  N/A                   $0  N/A
     51                   $0                  N/A                   $0  N/A
     53                   $0                  N/A                   $0  N/A
     56                   $0                  N/A                   $0  N/A
     57                   $0                  N/A                   $0  N/A
     58                   $0                  N/A                   $0  N/A
     59                   $0                  N/A                   $0  N/A
     62                   $0                  N/A                   $0  N/A
     65                   $0                  N/A                   $0  N/A
     66                   $0                  N/A                   $0  N/A
     67                   $0                  N/A                   $0  N/A
     71                   $0                  N/A                   $0  N/A
     75                   $0                  N/A                   $0  N/A
     76                   $0                  N/A                   $0  N/A
    76a
    76b
    76c
    76d
     78                   $0                  N/A                   $0  N/A
     79                   $0                  N/A                   $0  N/A
     80                   $0                  N/A                   $0  N/A
     83                   $0                  N/A                   $0  N/A
     84                   $0                  N/A                   $0  N/A
     88                   $0                  N/A                   $0  N/A
     89                   $0                  N/A                   $0  N/A
     91                   $0                  N/A                   $0  N/A
     94                   $0                  N/A                   $0  N/A
     95                   $0                  N/A                   $0  N/A
     96                   $0                  N/A                   $0  N/A
     97                   $0                  N/A                   $0  N/A
    101                   $0                  N/A                   $0  N/A
    103                   $0                  N/A                   $0  N/A
    106                   $0                  N/A                   $0  N/A
    109                   $0                  N/A                   $0  N/A
    110                   $0                  N/A                   $0  N/A
    111                   $0                  N/A                   $0  N/A
    112                   $0                  N/A                   $0  N/A
    116                   $0                  N/A                   $0  N/A
    118                   $0                  N/A                   $0  N/A
    119                   $0                  N/A                   $0  N/A
    121                   $0                  N/A                   $0  N/A
    125                   $0                  N/A                   $0  N/A
    133                   $0                  N/A                   $0  N/A
    138                   $0                  N/A                   $0  N/A
    139                   $0                  N/A                   $0  N/A
    145                   $0                  N/A                   $0  N/A
    146                   $0                  N/A                   $0  N/A
    151                   $0                  N/A                   $0  N/A
    152                   $0                  N/A                   $0  N/A
    153                   $0                  N/A                   $0  N/A
    157                   $0                  N/A                   $0  N/A

<CAPTION>
                     Earnout
            Earnout  Reserve
      #     Reserve  Description
<S>       <C>        <C>
      1          $0  N/A
      2          $0  N/A
      3          $0  N/A
     3a
     3b
     3c
      4          $0  N/A
      5          $0  N/A
      6  $3,000,000  Release upon: i) no event of default, ii) DSCR >= 1.25, iii) after 2/25/2005:
                     LTV <= 65% after obtaining updated appraisal
      7          $0  N/A
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8          $0  N/A
      9          $0  N/A
     10          $0  N/A
     11          $0  N/A
     12          $0  N/A
     14          $0  N/A
     15          $0  N/A
     16          $0  N/A
     17          $0  N/A
     22          $0  N/A
     23          $0  N/A
     25          $0  N/A
     26          $0  N/A
     28          $0  N/A
     30          $0  N/A
     32    $500,000  Release upon: i) occupancy >= a) 89% for retail and office space and b) 90% for multifamily space,
                     ii) annual rents >= $1,248,000 ($57,400/mo. retail; $46,500/mo. multifamily) and iii) no adverse changes to the
                     properties rent roll
     34          $0  N/A
     35          $0  N/A
     36          $0  N/A
     38          $0  N/A
     39          $0  N/A
     41          $0  N/A
     44          $0  N/A
     49    $350,000  Release upon: i) DSCR >= 1.75, ii) no adverse changes to rent roll for any tenant and
                     iii) suite K/L is open for business and paying rent
     51          $0  N/A
     53          $0  N/A
     56          $0  N/A
     57          $0  N/A
     58          $0  N/A
     59    $270,000  Release upon: i) occupancy >= 96%, ii) executed leases with aggregate base rent of
                     $498,000 for at least 3 years
     62          $0  N/A
     65          $0  N/A
     66          $0  N/A
     67          $0  N/A
     71          $0  N/A
     75          $0  N/A
     76          $0  N/A
    76a
    76b
    76c
    76d
     78          $0  N/A
     79          $0  N/A
     80          $0  N/A
     83          $0  N/A
     84          $0  N/A
     88          $0  N/A
     89          $0  N/A
     91          $0  N/A
     94          $0  N/A
     95          $0  N/A
     96    $550,000  Release upon: execution of replacement lease on 2,010 sf at $28 psf
     97          $0  N/A
    101          $0  N/A
    103          $0  N/A
    106          $0  N/A
    109          $0  N/A
    110          $0  N/A
    111          $0  N/A
    112          $0  N/A
    116          $0  N/A
    118          $0  N/A
    119          $0  N/A
    121          $0  N/A
    125          $0  N/A
    133          $0  N/A
    138          $0  N/A
    139          $0  N/A
    145          $0  N/A
    146          $0  N/A
    151          $0  N/A
    152          $0  N/A
    153          $0  N/A
    157          $0  N/A
<CAPTION>
         Additional        Additional
         Collateral        Collateral
      #  Amount            Event Date
<S>      <C>               <C>
      1  N/A               N/A
      2  N/A               N/A
      3  N/A               N/A
     3a
     3b
     3c
      4  N/A               N/A
      5  N/A               N/A
      6  $3,000,000        6/25/2006
      7  N/A               N/A
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8  N/A               N/A
      9  N/A               N/A
     10  N/A               N/A
     11  N/A               N/A
     12  N/A               N/A
     14  N/A               N/A
     15  N/A               N/A
     16  N/A               N/A
     17  N/A               N/A
     22  N/A               N/A
     23  $250,000          8/15/2005
     25  N/A               N/A
     26  N/A               N/A
     28  N/A               N/A
     30  N/A               N/A
     32  $500,000          7/1/2005
     34  N/A               N/A
     35  N/A               N/A
     36  N/A               N/A
     38  N/A               N/A
     39  N/A               N/A
     41  N/A               N/A
     44  N/A               N/A
     49  $350,000          11/25/2004
     51  N/A               N/A
     53  N/A               N/A
     56  N/A               N/A
     57  N/A               N/A
     58  N/A               N/A
     59  $270,000          7/7/2005
     62  N/A               N/A
     65  N/A               N/A
     66  N/A               N/A
     67  N/A               N/A
     71  N/A               N/A
     75  N/A               N/A
     76  N/A               N/A
    76a
    76b
    76c
    76d
     78  N/A               N/A
     79  N/A               N/A
     80  N/A               N/A
     83  N/A               N/A
     84  N/A               N/A
     88  N/A               N/A
     89  N/A               N/A
     91  N/A               N/A
     94  N/A               N/A
     95  N/A               N/A
     96  $550,000          6/4/2005
     97  N/A               N/A
    101  N/A               N/A
    103  N/A               N/A
    106  N/A               N/A
    109  N/A               N/A
    110  N/A               N/A
    111  N/A               N/A
    112  N/A               N/A
    116  N/A               N/A
    118  N/A               N/A
    119  N/A               N/A
    121  N/A               N/A
    125  N/A               N/A
    133  N/A               N/A
    138  N/A               N/A
    139  N/A               N/A
    145  N/A               N/A
    146  N/A               N/A
    151  N/A               N/A
    152  N/A               N/A
    153  N/A               N/A
    157  N/A               N/A
<CAPTION>
         Additional
         Collateral
      #  Description
<S>      <C>
      1  N/A
      2  N/A
      3  N/A
     3a
     3b
     3c
      4  N/A
      5  N/A
      6  Release upon: i) no event of default, ii) DSCR >= 1.25, iii) after 2/25/2005: LTV <= 65% after obtaining updated appraisal
      7  N/A
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8  N/A
      9  N/A
     10  N/A
     11  N/A
     12  N/A
     14  N/A
     15  N/A
     16  N/A
     17  N/A
     22  N/A
     23  Release upon: i) DSCR >= 1.22, ii) no event of default
     25  N/A
     26  N/A
     28  N/A
     30  N/A
     32  Release upon: i) occupancy >= a) 89% for retail and office space and b) 90% for multifamily space,
         ii) annual rents >= $1,248,000 ($57,400/mo. retail; $46,500/mo. multifamily) and iii) no adverse changes to the properties
         rent roll or financials
     34  N/A
     35  N/A
     36  N/A
     38  N/A
     39  N/A
     41  N/A
     44  N/A
     49  Release upon: i) DSCR >= 1.75, ii) no adverse changes to rent roll for any tenant and iii) suite K/L is
         open for business and paying rent
     51  N/A
     53  N/A
     56  N/A
     57  N/A
     58  N/A
     59  Release upon: i) occupancy >= 96%, ii) executed leases with aggregate base rent of $498,000 for at least 3 years
     62  N/A
     65  N/A
     66  N/A
     67  N/A
     71  N/A
     75  N/A
     76  N/A
    76a
    76b
    76c
    76d
     78  N/A
     79  N/A
     80  N/A
     83  N/A
     84  N/A
     88  N/A
     89  N/A
     91  N/A
     94  N/A
     95  N/A
     96  Release upon: execution of replacement lease on 2,010 sf at $28 psf
     97  N/A
    101  N/A
    103  N/A
    106  N/A
    109  N/A
    110  N/A
    111  N/A
    112  N/A
    116  N/A
    118  N/A
    119  N/A
    121  N/A
    125  N/A
    133  N/A
    138  N/A
    139  N/A
    145  N/A
    146  N/A
    151  N/A
    152  N/A
    153  N/A
    157  N/A

<CAPTION>
                  Existing  Description
         Secured Secondary  of Existing
      #          Financing  Secured Secondary Financing
<S>      <C>                <C>
      1                N/A  N/A
      2        $25,000,000  Two subordinate notes ($15,000,000 and $10,000,000)
      3                N/A  N/A
     3a
     3b
     3c
      4         $5,000,000  Mezzanine Loan
      5                N/A  N/A
      6                N/A  N/A
      7                N/A  N/A
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8                N/A  N/A
      9                N/A  N/A
     10                N/A  N/A
     11                N/A  N/A
     12                N/A  N/A
     14         $1,502,500  Mezzanine Loan
     15         $1,235,000  Mezzanine Loan
     16                N/A  N/A
     17         $1,348,301  Two subordinated deeds of trust in the amount of $1,348,301 made to secure purchase price of
                            land when purchased from the RDA
     22                N/A  N/A
     23                N/A  N/A
     25                N/A  N/A
     26                N/A  N/A
     28                N/A  N/A
     30                N/A  N/A
     32                N/A  N/A
     34                N/A  N/A
     35                N/A  N/A
     36                N/A  N/A
     38                N/A  N/A
     39                N/A  N/A
     41                N/A  N/A
     44                N/A  N/A
     49                N/A  N/A
     51                N/A  N/A
     53           $300,000  Secured Note - CBA-Mezzanine Capital Finance, LLC
     56                N/A  N/A
     57                N/A  N/A
     58                N/A  N/A
     59                N/A  N/A
     62                N/A  N/A
     65                N/A  N/A
     66                N/A  N/A
     67                N/A  N/A
     71                N/A  N/A
     75                N/A  N/A
     76                N/A  N/A
    76a
    76b
    76c
    76d
     78                N/A  N/A
     79                N/A  N/A
     80                N/A  N/A
     83                N/A  N/A
     84                N/A  N/A
     88                N/A  N/A
     89                N/A  N/A
     91                N/A  N/A
     94                N/A  N/A
     95                N/A  N/A
     96                N/A  N/A
     97                N/A  N/A
    101                N/A  N/A
    103                N/A  N/A
    106                N/A  N/A
    109                N/A  N/A
    110                N/A  N/A
    111                N/A  N/A
    112                N/A  N/A
    116                N/A  N/A
    118                N/A  N/A
    119                N/A  N/A
    121                N/A  N/A
    125                N/A  N/A
    133                N/A  N/A
    138                N/A  N/A
    139                N/A  N/A
    145                N/A  N/A
    146                N/A  N/A
    151                N/A  N/A
    152                N/A  N/A
    153                N/A  N/A
    157                N/A  N/A

<CAPTION>
                                          Initial            Recurring              Initial
                 Description          Replacement   Renovation/Leasing         Debt Service
      #           of Lockbox              Reserve              Reserve              Reserve
                                                                        -------------------
<S>             <C>                   <C>                  <C>                 <C>
      1                 Hard                   $0                   $0                   $0
      2                 Hard                   $0                   $0                   $0
      3            Springing                   $0                   $0                   $0
     3a
     3b
     3c
      4                 Hard                   $0                   $0                   $0
      5             Modified                   $0                   $0                   $0
      6            Springing                   $0                   $0             $325,000
      7                  N/A                   $0                   $0                   $0
     7a
     7b
     7c
     7d
     7e
     7f
     7g
      8                  N/A                   $0                   $0                   $0
      9                  N/A                   $0                   $0                   $0
     10            Springing                   $0                   $0                   $0
     11            Springing                   $0                   $0                   $0
     12            Springing                   $0                   $0                   $0
     14                 Hard                   $0                   $0                   $0
     15                 Hard                   $0                   $0                   $0
     16                  N/A                   $0                   $0                   $0
     17            Springing                   $0                   $0                   $0
     22                  N/A             $250,000                   $0                   $0
     23                  N/A                   $0                   $0                   $0
     25            Springing             $486,305                   $0                   $0
     26                  N/A                   $0                   $0                   $0
     28            Springing                   $0                   $0                   $0
     30                  N/A                   $0                   $0                   $0
     32                  N/A              $16,500                   $0                   $0
     34                  N/A                   $0                   $0                   $0
     35                  N/A                   $0                   $0                   $0
     36                  N/A                   $0                   $0                   $0
     38                  N/A                   $0                   $0                   $0
     39                 Hard                   $0                   $0                   $0
     41                  N/A                   $0                   $0                   $0
     44                  N/A                   $0                   $0                   $0
     49                  N/A                   $0                   $0                   $0
     51                  N/A                   $0                   $0                   $0
     53                  N/A                   $0                   $0                   $0
     56                  N/A                   $0                   $0                   $0
     57            Springing               $2,875                   $0                   $0
     58                  N/A                   $0                   $0                   $0
     59                  N/A                   $0                   $0                   $0
     62                  N/A                   $0                   $0                   $0
     65                  N/A                   $0                   $0                   $0
     66            Springing                   $0                   $0                   $0
     67                  N/A                   $0                   $0                   $0
     71                  N/A                   $0                   $0                   $0
     75                  N/A                   $0                   $0                   $0
     76                  N/A                   $0                   $0                   $0
    76a
    76b
    76c
    76d
     78            Springing                   $0                   $0                   $0
     79                  N/A             $120,000                   $0                   $0
     80                  N/A                   $0                   $0                   $0
     83            Springing                   $0                   $0                   $0
     84                  N/A                   $0                   $0                   $0
     88                  N/A                   $0                   $0                   $0
     89                  N/A                   $0                   $0                   $0
     91                  N/A                   $0                   $0                   $0
     94                  N/A                   $0                   $0                   $0
     95                  N/A                   $0                   $0                   $0
     96                  N/A                   $0                   $0                   $0
     97                  N/A                   $0                   $0                   $0
    101            Springing                   $0                   $0                   $0
    103                  N/A                   $0                   $0                   $0
    106                  N/A                   $0                   $0                   $0
    109                  N/A                   $0                   $0                   $0
    110                  N/A                   $0                   $0                   $0
    111                  N/A                   $0                   $0                   $0
    112            Springing                   $0                   $0                   $0
    116                  N/A                   $0                   $0                   $0
    118                  N/A                   $0                   $0                   $0
    119                  N/A                   $0                   $0                   $0
    121            Springing                   $0                   $0                   $0
    125                  N/A                   $0                   $0                   $0
    133                  N/A                   $0                   $0                   $0
    138                  N/A                   $0                   $0                   $0
    139                  N/A                   $0                   $0                   $0
    145                  N/A                   $0                   $0                   $0
    146                  N/A                   $0                   $0                   $0
    151                  N/A                   $0                   $0                   $0
    152                  N/A                   $0                   $0                   $0
    153                  N/A                   $0                   $0                   $0
    157                  N/A               $4,550                   $0                   $0
</TABLE>

A     The Underlying Mortgage Loans secured by Village Square Shopping Center
      and Deerpath Court Shopping Center are cross-collateralized and
      cross-defaulted, respectively.

B     The Underlying Mortgage Loans secured by Timberlake Apartments and Madison
      Pointe Apartments are cross-collateralized and cross-defaulted,
      respectively.

C     The Underlying Mortgage Loans secured by Klotzman Portfolio - NRM,
      Klotzman Portfolio - KMP1 and Klotzman Portfolio - Kaymar are
      cross-collateralized and cross-defaulted, respectively.

1     Assumes a Cut-off Date in November 2004.

2     At maturity with respect to Balloon Loans or at the ARD in the case of ARD
      Loans. There can be no assurance that the value of any particular
      Mortgaged Property will not have declined from the original appraisal
      value.

3     In the case of cross-collateralized and cross-defaulted Underlying
      Mortgage Loans, the combined LTV is presented for each and every related
      Underlying Mortgage Loan.

4     In the case of the ARD Loans, the anticipated repayment date is assumed to
      be the maturity date for the purposes of the indicated column.

5     U/W NCF reflects the Net Cash Flow after U/W Replacement Reserves, U/W
      LC's and TI's and U/W FF&E. With respect to the Residential Cooperative
      Loans, U/W Replacement Reserves/FF&E are captured in U/W Expenses;
      however, we show them for presentational purposes only.

6     U/W DSCR is based on the amount of the monthly payments presented. In the
      case of cross-collateralized and cross-defaulted Underlying Mortgage Loans
      the combined U/W DSCR is presented for each and every related Underlying
      Mortgage Loan.

7     Anticipated Repayment Date.

8     Prepayment Provision as of Origination:
      Lock/(x) = Lockout or Defeasance for (x) payments
      YMA/(y) = Greater of Yield Maintenance Premium and A% Prepayment for (y)
      payments
      A%/(y) = A% Prepayment for (y) payments
      0.0%/(x) = Prepayable at par for (x) payments

9     "Yes" means that defeasance is permitted notwithstanding the Lockout
      Period.

<PAGE>

                                                                    SCHEDULE III

                   MORTGAGE LOANS CONSTITUTING MORTGAGE GROUPS

                                                                       Cut-off
  Loan #                 Property Name                Loan Seller      Balance
---------  --------------------------------------  ---------------  ------------
--------------------------------------------------------------------------------
           Village Square Shopping Center                Column     $19,500,000
           Deerpath Court Shopping Center                Column     $12,500,000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
           Timberlake Apartments                         Column     $11,555,000
           Madison Pointe Apartments                     Column      $7,600,000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
           Klotzman Portfolio - NRM                      Column      $3,578,741
           Klotzman Portfolio - KMP1                     Column      $3,280,513
           Klotzman Portfolio - Kaymar                   Column        $745,571
--------------------------------------------------------------------------------
<PAGE>

                                                                     SCHEDULE IV

                         MORTGAGE LOANS WITH LOST NOTES

                                      None

<PAGE>

                                                                      SCHEDULE V

                             EXCEPTIONS TO SELLER'S
                         REPRESENTATIONS AND WARRANTIES

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

Exception to paragraph (xxiii)
Walnut RV Park
The business interruption insurance only covers a period of four months.
However, the borrower and Mark Williams, a general partner (who is reported to
have $8.8 million in assets, $1.2 million of which is liquid, with a $7.4
million net worth), are personally liable for up to 12 months of principal and
interest payments, except to the extent covered by the rent loss insurance.

Bertakis MHP Portfolio
The borrower is permitted to maintain its current insurance coverage with a
carrier rating of BBB until policy renewal in January 2005, at which time the
borrower must obtain insurance coverage with a carrier rating of at least A-.

Exception to paragraph (xxxi)(E)
Highland Hospitality Portfolio (Portsmouth Renaissance Hotel)
The lender, its successors and assigns are permitted to assign its/their
interest in the ground lease as collateral upon notice to, but without the
consent of the ground lessor. The ground lease itself is further assignable by
the lender, its successors and assigns provided that the following conditions
are satisfied: (i) assignee has a verifiable net worth of not less than 10% of
the then replacement cost of the Portsmouth Renaissance Hotel property, (ii)
assignee is approved by the franchisor under the franchise agreement and by each
leasehold mortgagee to the extent such approvals are contractually required,
(iii) assignee (including any affiliates) has not, and whose officers,
directors, partners or principals, as the case may be, have not been convicted
of a felony and is not know to have engaged in criminal activity or other
activity involving moral turpitude, (iv) assignee (including any affiliates)
does not, as its primary business, own lease or operate any casino or gambling
facility, and (v) assignee does not own or operate a distillery, winery or
brewery or distributorship of alcoholic beverages if such leasing, ownership or
operation might reasonably impair the ability of lessee or operator or their
affiliates to obtain or retain alcoholic beverage licenses for the Portsmouth
Renaissance Hotel property.

Exception to paragraph (xxxvii) and paragraph (xxxviii)
Bertakis MHP Portfolio
The entities comprising the borrower are permitted to make unsecured loans or
advance funds to each other throughout the loan term so long as such loans or
advances relate solely to the ownership and operation of the Mortgaged Property
and do not exceed $750,000 (including accrued interest) in the aggregate at any
time.

Exception to paragraph (xliii)
The Shops at Legacy
There is approximately $75,000 pending litigation concerning a construction
dispute involving the borrower. The borrower indemnifies and holds harmless the
lender from and against any cost, loss, damage, expense, injury or claim the
lender may suffer or incur directly or indirectly resulting from the pending
litigation.

Exception to paragraph (liv)
Brunswick Square:
The borrower's liability does not specifically cover "any willful act of
material waste", although the borrower is liable for gross negligence or willful
misconduct.

Avalon Town Center
The borrower is not liable for (i) the misapplication or misappropriation of
rents, insurance proceeds or condemnation awards, (ii) any willful act of
material waste, (iii) any breach of the environmental covenants contained in the
Mortgage Loan Documents and (iv) fraud by the borrower.

Exception to paragraph (lv)
Delta Airlines Building
The Anticipated Repayment Date is five years after the origination of the
Mortgage Loan. The Mortgage Rate increase is 5% above the initial interest rate.

<PAGE>

                                                                       EXHIBIT A

                         REPRESENTATIONS AND WARRANTIES
                          REGARDING THE MORTGAGE LOANS

            For purposes of these representations and warranties, the phrase "to
the knowledge of Seller" or "to Seller's knowledge" shall mean, except where
otherwise expressly set forth below, the actual state of knowledge of Seller or
any servicer acting on its behalf regarding the matters referred to, in each
case without having conducted any independent inquiry or due diligence with
respect to such matters and without any actual or implied obligation to make
such inquiry or perform such due diligence, other than making such inquiry or
performing such due diligence as would be customarily performed by prudent
commercial or multifamily mortgage lenders or servicers (as the case may be)
with respect to similar mortgage loans or mortgaged properties. 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 knowledge of Seller. Wherever there is a
reference to receipt by, or possession of, Seller of any information or
documents, or to any action taken by Seller or not taken by Seller, such
reference shall include the receipt or possession of such information or
documents by, or the taking of such action or the not taking of such action by,
either Seller or any servicer acting on its behalf.

            Seller hereby represents and warrants, subject to the exceptions set
forth in the Exception Report annexed to this Agreement as Schedule V, with
respect to the Mortgage Loans that as of the date hereinbelow specified or, if
no such date is specified, as of the date of this Agreement:

            (i) Immediately prior to the sale, transfer and assignment to
Depositor, no Note or Mortgage was subject to any assignment (other than
assignments which show a complete chain of assignment to Seller), participation
or pledge, and Seller had good and marketable title to, and was the sole owner
of, the related Mortgage Loan;

            (ii) Each Mortgage Loan was:

            (A)   originated by a savings and loan association, savings bank,
                  commercial bank, credit union, or insurance company, which is
                  supervised and examined by a Federal or State authority, or by
                  a mortgagee approved by the Secretary of Housing and Urban
                  Development pursuant to Sections 203 and 211 of the National
                  Housing Act (any of the foregoing, including Seller, a
                  "Qualified Originator");

            (B)   if originated by a person which is not a Qualified Originator
                  (any such person, a "Non-Qualified Originator"), then:

                  1.    such Mortgage Loan was underwritten in accordance with
                        standards established by a Qualified Originator, using
                        application forms and related credit documents approved
                        by the Qualified Originator;

                  2.    the Qualified Originator approved each application and
                        related credit documents before a commitment by the
                        Non-Qualified Originator was issued, and no such
                        commitment was issued until the Qualified Originator
                        agreed to fund such Mortgage Loan;

                  3.    the Mortgage Loan was originated by the Non-Qualified
                        Originator pursuant to an ongoing, standing relationship
                        with the Qualified Originator; and

                  4.    the closing documents for the Mortgage Loan were
                        prepared on forms approved by the Qualified Originator,
                        and, pursuant to the Non-Qualified Originator's ongoing,
                        standing relationship with the Qualified Originator,
                        either:

                        (x)   such closing documents reflect the Qualified
                              Originator as the original mortgagee, and such
                              Mortgage Loan was actually funded by the Qualified
                              Originator at the closing thereof;

                        (y)   such closing documents reflect the Non-Qualified
                              Originator as the original mortgagee, but include
                              assignment documents executed by the Non-Qualified
                              Originator in favor of the Qualified Originator at
                              the time of the closing of the Mortgage Loan,
                              reflecting the Qualified Originator as the
                              successor and assign to the Non-Qualified
                              Originator, and the Mortgage Loan was funded
                              initially by the Non-Qualified Originator at the
                              closing thereof and then acquired by the Qualified
                              Originator from such Non-Qualified Originator; or

                        (z)   such closing documents reflect the Non-Qualified
                              Originator as the original mortgagee, but include
                              assignment documents executed by the Non-Qualified
                              Originator in favor of the Qualified Originator at
                              the time of the closing of the Mortgage Loan,
                              reflecting the Qualified Originator as the
                              successor and assign to the Non-Qualified
                              Originator, and the Mortgage Loan was funded
                              initially by the Qualified Originator at the
                              closing thereof and then acquired by the Qualified
                              Originator from such Non-Qualified Originator; or

            (C)   originated by a Qualified Originator or an officer of a
                  Qualified Originator provided a certificate to the effect that
                  such Mortgage Loan was originated using the same procedures
                  that Seller used as a Qualified Originator;

            (iii) Seller has full right and authority to sell, assign and
transfer such Mortgage Loan and the assignment to Depositor constitutes a legal,
valid and binding assignment of such Mortgage Loan;

            (iv) Seller is transferring such Mortgage Loan free and clear of any
and all liens, pledges, charges or any other interests or security interests of
any nature encumbering such Mortgage Loan, except for interests in servicing
rights created or granted under the Pooling and Servicing Agreement,
subservicing agreements and/or servicing rights purchase agreements being
executed and delivered in connection herewith;

            (v) To Seller's knowledge, based on the related borrower's
representations and covenants in the related mortgage loan documents and such
other due diligence as a reasonably prudent commercial mortgage lender would
deem appropriate, the borrower, lessee and/or operator was in possession of all
licenses, permits, and authorizations then required for use of the Mortgaged
Property which were valid and in full force and effect as of the origination
date and, to Seller's actual knowledge, such licenses, permits and
authorizations are still valid and in full force and effect;

            (vi) Each related Note, Mortgage, Assignment of Leases (if any) and
other agreement executed by or for the benefit of the related borrower, any
guarantor or their successors or assigns in connection with such Mortgage Loan
is the legal, valid and binding obligation of the related borrower, enforceable
in accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting the
enforcement of creditors' rights or by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at
law); and there is no right of offset, rescission, abatement or diminution or
valid defense or counterclaim available to the related borrower with respect to
such Note, Mortgage, Assignment of Leases and other agreements, except as the
enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other laws affecting the enforcement of creditors' rights or by
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law);

            (vii) The Mortgage File contains an Assignment of Leases, either as
a separate instrument or incorporated into the related Mortgage. Each related
Assignment of Leases creates a valid first priority collateral assignment of, or
a valid first priority lien or security interest in, certain rights under the
related lease or leases, subject only to a license granted to the related
borrower to exercise certain rights and to perform certain obligations of the
lessor under such lease or leases, including the right to operate the related
leased property, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law); no
person other than the related borrower owns any interest in any payments due
under such lease or leases that is superior to or of equal priority with the
lender's interest therein;

            (viii) Each related assignment of Mortgage from Seller to the
Trustee and related assignment of the Assignment of Leases, if the Assignment of
Leases is a separate document from the Mortgage, is 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 Seller), and such assignments and any
assignment of any other agreement executed by or for the benefit of the related
borrower, any guarantor or their successors or assigns in connection with such
Mortgage Loan from Seller to the Trustee constitutes the legal, valid and
binding assignment from Seller to the Trustee, except as the enforcement thereof
may be limited by bankruptcy, insolvency, reorganization, liquidation,
receivership, moratorium or other laws relating to or affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law);

            (ix) Since origination (A) except as set forth in the related
Mortgage File, such Mortgage Loan has not been modified, altered, satisfied,
canceled, subordinated or rescinded in whole or in part and (B) each related
Mortgaged Property has not been released, in whole or in part, from the lien of
the related Mortgage in any manner which materially interferes with the security
intended to be provided by such Mortgage;

            (x) Each related Mortgage is a valid and enforceable first lien on
the related Mortgaged Property (subject to Permitted Encumbrances (as defined
below)), except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law), and
except that, in the case of each of the 1201 New York Avenue Mortgage Loan and
the CBA Mortgage Loans, respectively, the related Mortgage encumbering the
related Mortgaged Property also secures one or more other mortgage loans; and
such Mortgaged Property is free and clear of any mechanics' and materialmen's
liens which are prior to or equal with the lien of the related Mortgage, except
those which are insured against by a lender's title insurance policy (as
described below). A UCC Financing Statement has been filed and/or recorded (or
sent for filing or recording) in all places necessary to perfect a valid
security interest in the personal property necessary to operate the Mortgaged
Property as currently operated; and such security interest is a first priority
security interest, subject to any prior purchase money security interest in such
personal property, any personal property leases applicable to such personal
property and any other security interest in such personal property which do not,
individually or in the aggregate, materially interfere with the security
intended to be provided for such Mortgage Loan. Any security agreement, chattel
mortgage or equivalent document related to and delivered in connection with the
Mortgage Loan establishes and creates a valid and enforceable lien on the
property described therein, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting the
enforcement of creditors' rights or by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at
law). In the case of any Mortgage Loan secured by a hotel, the related loan
documents contain such provisions as are necessary and UCC Financing Statements
have been filed as necessary, in each case, to perfect a valid first priority
security interest in the related operating revenues with respect to such
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 filing of UCC Financing Statements are required in order
to effect such perfection;

            (xi) Seller has not taken any action that would cause the
representations and warranties made by the related borrower in the related
Mortgage Loan Documents not to be true;

            (xii) Seller has no knowledge that the material representations and
warranties made by the related borrower in the related Mortgage Loan Documents
are not true in any material respect;

            (xiii) The lien of each related Mortgage is a first priority lien on
the fee or leasehold interest of the related borrower in the principal amount of
such Mortgage Loan or allocated loan amount of the portions of the Mortgaged
Property covered thereby (as set forth in the related Mortgage) after all
advances of principal and is insured by an ALTA lender's title insurance policy
(except that if such policy is yet to be issued, such insurance may be evidenced
by a "marked up" pro forma policy or title commitment in either case marked as
binding and countersigned by the title company or its authorized agent, either
on its face or by an acknowledged closing instruction or escrow letter), or its
equivalent as adopted in the applicable jurisdiction, insuring the named
mortgagee and its successors and assigns (as sole insured) as to such lien,
subject only to (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, none of which, individually or in the
aggregate, materially interferes with the current use of the Mortgaged Property
or the security intended to be provided by such Mortgage or with the borrower's
ability to pay its obligations when they become due or the value of the
Mortgaged Property, (C) the exceptions (general and specific) and exclusions set
forth in such policy, none of which, individually or in the aggregate,
materially interferes with the current general use of the Mortgaged Property or
materially interferes with the security intended to be provided by such Mortgage
or with the related borrower's ability to pay its obligations when they become
due or the value of the Mortgaged Property, (D) the rights of tenants, as
tenants only, under leases, including subleases, pertaining to the related
Mortgaged Property, (E) if the related Mortgage Loan is cross-collateralized
with any other Mortgage Loan, the lien of the mortgage instrument for that other
Mortgage Loan and (F) if the related Mortgaged Property is a unit in a
condominium, the related condominium declaration (items (A), (B), (C), (D), (E)
and (F) collectively, "Permitted Encumbrances"), and except that, in the case of
each of the 1201 New York Avenue Mortgage Loan and the CBA Mortgage Loans,
respectively, the related Mortgage encumbering the related Mortgaged Property
also secures one or more other mortgage loans; and with respect to each Mortgage
Loan, such Permitted Encumbrances do not, individually or in the aggregate,
materially interfere with the security intended to be provided by the related
Mortgage, the current principal use of the related Mortgaged Property or the
current ability of the related Mortgaged Property to generate income sufficient
to service such Mortgage Loan; the premium for such policy was paid in full;
such policy (or if it is yet to be issued, the coverage to be afforded thereby)
is issued by a title insurance company licensed to issue policies in the state
in which the related Mortgaged Property is located (unless such state is Iowa)
and is assignable (with the related Mortgage Loan) to Depositor and the Trustee
without the consent of or any notification to the insurer, and is in full force
and effect upon the consummation of the transactions contemplated by this
Agreement; no claims have been made under such policy and Seller has not
undertaken any action or omitted to take any action, and has no knowledge of any
such act or omission, which would impair or diminish the coverage of such
policy;

            (xiv) The proceeds of such Mortgage Loan have been fully disbursed
and there is no requirement for future advances thereunder, and no future
advances have been made which are not reflected in the related Mortgage File;

            (xv) Except as set forth in a property inspection report or
engineering report prepared in connection with the origination of the Mortgage
Loan, as of the later of the date of origination of such Mortgage Loan or the
most recent inspection of the related Mortgaged Property by Seller, as
applicable, and to the knowledge of Seller as of the date hereof, each related
Mortgaged Property is free of any material damage that would affect materially
and adversely the use or value of such Mortgaged Property as security for the
Mortgage Loan (normal wear and tear excepted). If any of the inspection or
engineering reports referred to above in this paragraph (xv) revealed any
immediate repair items, then one of the following is true: (A) the repairs
and/or maintenance necessary to correct such condition have been completed in
all material respects; (B) an escrow of funds is required or a letter of credit
was obtained in an amount reasonably estimated to be sufficient to complete the
repairs and/or maintenance necessary to correct such condition; or (C) the
reasonable estimation at the time of origination of the Mortgage Loan of the
cost to complete the repairs and/or maintenance necessary to correct such
condition represented no more than the greater of (1) $50,000 and (2) 2% of the
value of the related Mortgaged Property as reflected in an appraisal conducted
in connection with the origination of the subject Mortgage Loan; as of the
closing date for each Mortgage Loan and, to Seller's knowledge, as of the date
hereof, there is no proceeding pending for the total or partial condemnation of
such Mortgaged Property that would have a material adverse effect on the use or
value of the Mortgaged Property;

            (xvi) Seller has inspected or caused to be inspected each related
Mortgaged Property within the past twelve months, or the originator of the
Mortgage Loan inspected or caused to be inspected each related Mortgaged
Property within three months of origination of the Mortgage Loan;

            (xvii) No Mortgage Loan has a shared appreciation feature, any other
contingent interest feature or a negative amortization feature other than the
ARD Loans which may have negative amortization from and after the related
Anticipated Repayment Date;

            (xviii) Each Mortgage Loan is a whole loan, and neither the Mortgage
Loan nor the related Mortgage Loan Documents create or grant an equity
participation to the lender or any other party;

            (xix) The Mortgage Rate (exclusive of any default interest, late
charges, or prepayment premiums) of such Mortgage Loan complied as of the date
of origination with, or was exempt from, applicable state or federal laws,
regulations and other requirements pertaining to usury. Except to the extent any
noncompliance did not materially and adversely affect the value of the related
Mortgaged Property, the security provided by the Mortgage or the related
borrower's operations at the related Mortgaged Property, any and all other
requirements of any federal, state or local laws, including, without limitation,
truth-in-lending, real estate settlement procedures, equal credit opportunity or
disclosure laws, applicable to such Mortgage Loan have been complied with as of
the date of origination of such Mortgage Loan;

            (xx) Neither Seller nor, to Seller's knowledge, any originator,
committed any fraudulent acts during the origination process of any Mortgage
Loan and the origination, servicing and collection of each Mortgage Loan is in
all respects legal, proper and prudent in accordance with customary commercial
mortgage lending standards, and no other person has been granted or conveyed the
right to service the Mortgage Loans or receive any consideration in connection
therewith, except as provided in the Pooling and Servicing Agreement or any
permitted subservicing agreements and/or servicing rights purchase agreements
being executed and delivered in connection therewith;

            (xxi) All taxes and governmental assessments that became due and
owing prior to the date hereof with respect to each related Mortgaged Property
and that are or may become a lien of priority equal to or higher than the lien
of the related Mortgage have been paid or an escrow of funds has been
established and such escrow (including all escrow payments required to be made
prior to the delinquency of such taxes and assessments) is sufficient to cover
the payment of such taxes and assessments;

            (xxii) All escrow deposits and payments required pursuant to each
Mortgage Loan are in the possession, or under the control, of Seller or its
agent and there are no deficiencies (subject to any applicable grace or cure
periods) in connection therewith, all such escrows and deposits are being
conveyed by Seller to Depositor and identified as such with appropriate detail,
and any and all requirements for the disbursement of any such escrows have been
complied with in all material respects;

            (xxiii) Each related Mortgaged Property is insured by a fire and
extended perils insurance policy, issued by an insurer meeting the requirements
of the Pooling and Servicing Agreement, in an amount not less than the lesser of
the principal amount of the related Mortgage Loan and the replacement cost (with
no deduction for physical depreciation) and not less than the amount necessary
to avoid the operation of any co-insurance provisions with respect to the
related Mortgaged Property; each related Mortgaged Property is also covered by
business interruption or rental loss insurance which covers a period of not less
than 12 months and comprehensive general liability insurance in amounts
generally required by prudent commercial mortgage lenders for similar
properties; all Mortgaged Properties in California or in a seismic zone 4 or 5
have had a seismic assessment done and earthquake insurance was obtained to the
extent any such Mortgaged Property has a probable maximum loss in the event of
an earthquake of greater than twenty percent (20%) of the replacement value of
the related improvements; if the Mortgaged Property for any Mortgage Loan is
located within Florida or within 25 miles of the coast of North Carolina, South
Carolina, Georgia, Alabama, Mississippi, Louisiana or Texas, then, such
Mortgaged Property is insured by windstorm insurance in an amount at least equal
to the lesser of (i) the outstanding principal balance of such Mortgage Loan and
(ii) 100% of the insurable replacement cost of the improvements located on the
related Mortgaged Property; the Mortgaged Properties securing all of the
Mortgage Loans having a Cut-off Date Principal Balance in excess of $3,000,000
have, as of the date hereof, insurance policies in place with respect to acts of
terrorism or damage related thereto (excluding acts involving nuclear,
biological or chemical terrorism), except any such Mortgage Loans that are
listed on the applicable Exception Report. All premiums on such insurance
policies required to be paid as of the date hereof have been paid; such
insurance policies or the related insurance certificates require prior notice to
the insured of reduction in coverage, termination or cancellation, and no such
notice has been received by Seller; such insurance names the lender under the
Mortgage Loan and its successors and assigns as a named or additional insured;
each related Mortgage Loan obligates the related borrower to maintain all such
insurance and, at such borrower's failure to do so, authorizes the lender to
maintain such insurance at the borrower's cost and expense and to seek
reimbursement therefor from such borrower;

            (xxiv) There is no monetary default, breach, violation or event of
acceleration existing under the related Mortgage Loan. To Seller's knowledge,
there is no (A) non-monetary default, breach, violation or event of acceleration
existing under the related Mortgage Loan or (B) event (other than payments due
but not yet delinquent) which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a default, breach,
violation or event of acceleration, which default, breach, violation or event of
acceleration, in the case of either (A) or (B), would materially and adversely
affect the use or value of the Mortgage Loan or the related Mortgaged Property.
Notwithstanding the foregoing, this representation and warranty does not address
or otherwise cover any default, breach, violation or event of acceleration that
specifically pertains to any matter otherwise covered by any other
representation or warranty made by Seller elsewhere in this Exhibit A or the
Exception Report;

            (xxv) No Mortgage Loan has been more than 30 days delinquent in
making required payments since origination and as of the Cut-off Date no
Mortgage Loan is 30 or more days delinquent in making required payments;

            (xxvi) (A) Each related Mortgage contains provisions so 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, including realization by judicial or, if applicable, non-judicial
foreclosure or, subject to applicable state law requirements, appointment of a
receiver, and (B) there is no exemption available to the borrower which would
interfere with such right to foreclose, except, in the case of either (A) or
(B), as the enforcement of the Mortgage may be limited by bankruptcy,
insolvency, reorganization, moratorium, redemption or other laws affecting the
enforcement of creditors' rights or by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at
law). No borrower is a debtor in a state or federal bankruptcy or insolvency
proceeding;

            (xxvii) At origination, each borrower represented and warranted in
all material respects that to its knowledge, except as set forth in certain
environmental reports and, except as commonly used in the operation and
maintenance of properties of similar kind and nature to the Mortgaged Property,
in accordance with prudent management practices and applicable law, and in a
manner that does not result in any contamination of the Mortgaged Property, it
has not used, caused or permitted to exist and will not use, cause or permit to
exist on the related Mortgaged Property any hazardous materials in any manner
which violates federal, state or local laws, ordinances, regulations, orders,
directives or policies governing the use, storage, treatment, transportation,
manufacture, refinement, handling, production or disposal of hazardous materials
or other environmental laws; and the related borrower agreed to indemnify,
defend and hold the mortgagee and its successors and assigns harmless from and
against losses, liabilities, damages, injuries, penalties, fines, expenses, and
claims of any kind whatsoever (including attorneys' fees and costs) paid,
incurred or suffered by, or asserted against, any such party resulting from a
breach of the foregoing representations, warranties or covenants given by the
borrower in connection with such Mortgage Loan. A Phase I environmental report
(or, with respect to residential cooperative loans with an original principal
balance of $350,000 or less, a transaction screen meeting ASTM standards) and,
with respect to certain Mortgage Loans, a Phase II environmental report was
conducted by a reputable independent environmental consulting firm in connection
with such Mortgage Loan, which report (or transaction screen) did not indicate
any material non-compliance with applicable environmental laws or material
existence of hazardous materials or, if any material non-compliance or material
existence of hazardous materials was indicated in any such report (or
transaction screen), then at least one of the following statements is true: (A)
funds reasonably estimated to be sufficient to cover the cost to cure any
material non-compliance with applicable environmental laws or material existence
of hazardous materials have been escrowed by the related borrower and held by
the related mortgagee; (B) if the environmental report recommended an operations
and maintenance plan, but not any material expenditure of funds, an operations
and maintenance plan has been required to be obtained by the related borrower;
(C) the environmental condition identified in the related environmental report
was remediated or abated in all material respects prior to the date hereof; (D)
a no further action or closure letter was obtained from the applicable
governmental regulatory authority (or the environmental issue affecting the
related Mortgaged Property was otherwise listed by such governmental authority
as "closed"); (E) such conditions or circumstances identified in the Phase I
environmental report were investigated further and based upon such additional
investigation, an environmental consultant recommended no further investigation
or remediation; (F) a party unrelated to the borrower with financial resources
reasonably estimated to be adequate to cure the condition or circumstance
provided a guaranty or indemnity to the related borrower to cover the costs of
any required investigation, testing, monitoring or remediation; (G) the
expenditure of funds reasonably estimated to be necessary to effect such
remediation is not greater than two percent (2%) of the outstanding principal
balance of the related Mortgage Loan; or (H) a lender's environmental insurance
policy was obtained and is a part of the related Mortgage File. Notwithstanding
the preceding sentence, with respect to certain Mortgage Loans with an original
principal balance of less than $3,000,000, no environmental report may have been
obtained, but (in such cases where a Phase I environmental report was not
obtained) a lender's secured creditor impaired property environmental insurance
policy was obtained with respect to each such Mortgage Loan. Each of such
secured creditor impaired property environmental insurance policies is a part of
the related Mortgage File. Each of such environmental insurance policies is in
full force and effect, is in an amount not less than the 100% of the balance of
the related Mortgage Loan, and has a term extending not less than five years
after the maturity date of the related Mortgage Loan; the premiums for such
policies have been paid in full; the Trustee is named as an insured under each
of such policies; and Seller has delivered to the insurer all related
environmental reports in its possession. To Seller's knowledge, in reliance on
the environmental reports referred to in the second sentence of this paragraph
(xxvii) and except as set forth in such environmental reports, each Mortgaged
Property is in material compliance with all applicable federal, state and local
environmental laws, and to Seller's knowledge, no notice of violation of such
laws has been issued by any governmental agency or authority, except, in all
cases, as indicated in such environmental reports or other documents previously
provided to the Rating Agencies; and Seller has not taken any action which would
cause the Mortgaged Property to not be in compliance with all federal, state and
local environmental laws pertaining to environmental hazards;

            (xxviii) (1) Each Mortgage Loan contains provisions for the
acceleration of the payment of the unpaid principal balance of such Mortgage
Loan if, without the consent of the holder of the Mortgage (and the Mortgage
requires the mortgagor to pay all fees and expenses associated with obtaining
such consent), the related Mortgaged Property is directly or indirectly
transferred or sold, and (2) except with respect to transfers of certain
interests in the related borrower to persons already holding interests in the
borrower, their family members, affiliated companies and other estate planning
related transfers that satisfy certain criteria specified in the related
Mortgage (which criteria is consistent with the practices of prudent commercial
mortgage lenders) or any transfers in connection with the death or disability of
owners of the borrower or, if the related Mortgaged Property is a residential
cooperative property, transfers of stock of the related borrower in connection
with the assignment of a proprietary lease for a unit in the related Mortgaged
Property by a tenant-shareholder of the related borrower to other persons who by
virtue of such transfers become tenant-shareholders in the related borrower,
each Mortgage Loan also contains the provisions for the acceleration of the
payment of the unpaid principal balance of such Mortgage Loan if, without the
consent of the holder of the Mortgage (and the Mortgage requires the mortgagor
to pay all fees and expenses associated with obtaining such consent), a majority
interest in the related borrower is directly or indirectly transferred or sold;

            (xxix) All improvements included in the related appraisal are within
the boundaries of the related Mortgaged Property, except for encroachments onto
adjoining parcels for which Seller has obtained title insurance against losses
arising therefrom or that do not materially and adversely affect the use or
value of such Mortgaged Property. No improvements on adjoining parcels encroach
onto the related Mortgaged Property except for encroachments that do not
materially and adversely affect the value of such Mortgaged Property, the
security provided by the Mortgage, the current use of the Mortgaged Property, or
the related borrower's operations at the Mortgaged Property;

            (xxx) The information pertaining to the Mortgage Loans which is set
forth in the Mortgage Loan Schedule attached as an exhibit to this Agreement is
complete and accurate in all material respects as of the dates of the
information set forth therein (or, if not set forth therein, as of the Cut-off
Date);

            (xxxi) With respect to any Mortgage Loan where all or any portion of
the estate of the related borrower therein is a leasehold estate under a ground
lease, and the related Mortgage does not also encumber the related lessor's fee
interest in such Mortgaged Property, based upon the terms of the ground lease
and any estoppel received from the ground lessor, Seller represents and warrants
that:

            (A)   The ground lease or a memorandum regarding such ground lease
                  has been duly recorded. The ground lease permits the interest
                  of the lessee to 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
                  adversely affect the security provided by the related
                  Mortgage. To Seller's knowledge, there has been no material
                  change in the terms of the ground lease since its recordation,
                  except by any written instruments which are included in the
                  related mortgage file;

            (B)   The lessor under such ground lease has agreed in a writing
                  included in the related mortgage file that the ground lease
                  may not be amended, modified, canceled or terminated without
                  the prior written consent of the lender and that any such
                  action without such consent is not binding on the lender, its
                  successors or assigns;

            (C)   The ground lease has an original term (or an original term
                  plus one or more optional renewal terms, which, under all
                  circumstances, may be exercised, and would be enforceable, by
                  the lender) that extends not less than 10 years beyond the
                  amortization term of the related Mortgage Loan;

            (D)   Based on the title insurance policy (or binding commitment
                  therefor) obtained by Seller, the ground lease is not subject
                  to any liens or encumbrances superior to, or of equal priority
                  with, the Mortgage, subject to Permitted Encumbrances and
                  liens that encumber the ground lessor's fee interest;

            (E)   Under the terms of the ground lease, the ground lease is
                  assignable to the lender and its assigns without the consent
                  of the lessor thereunder;

            (F)   The ground lease is in full force and effect, Seller has no
                  actual knowledge that any default beyond applicable notice and
                  grace periods has occurred, and to Seller's knowledge, there
                  is no existing condition which, but for the passage of time or
                  giving of notice, would result in a default under the terms of
                  the ground lease;

            (G)   The ground lease or ancillary agreement, which is part of the
                  Mortgage File, between the lessor and the lessee requires the
                  lessor to give notice of any default by the lessee to the
                  lender;

            (H)   The lender is permitted a reasonable opportunity (including,
                  where necessary, sufficient time to gain possession of the
                  interest of the lessee under the ground lease through legal
                  proceedings, or to take other action so long as the lender is
                  proceeding diligently) to cure any default under the ground
                  lease which is curable after the receipt of notice of any
                  default before the lessor may terminate the ground lease. All
                  rights of the lender under the ground lease and the related
                  Mortgage (insofar as it relates to the ground lease) may be
                  exercised by or on behalf of the lender;

            (I)   The ground lease does not impose any restrictions on
                  subletting that would be viewed as commercially unreasonable
                  by a prudent commercial mortgage lender. The lessor is not
                  permitted to disturb the possession, interest or quiet
                  enjoyment of any subtenant of the lessee in the relevant
                  portion of the Mortgaged Property subject to the ground lease
                  for any reason, or in any manner, which would adversely affect
                  the security provided by the related Mortgage;

            (J)   Under the terms of the ground lease and the related Mortgage,
                  any related insurance proceeds or condemnation award (other
                  than in respect of a total or substantially total loss or
                  taking) will be applied either to the repair or restoration of
                  all or part of the related Mortgaged Property, with the lender
                  or a trustee appointed by it having the right to hold and
                  disburse such proceeds as 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 of the outstanding principal
                  balance of the Mortgage Loan, together with any accrued
                  interest, except that in the case of condemnation awards, the
                  ground lessor may be entitled to a portion of such award;

            (K)   Under the terms of the ground lease and the related Mortgage,
                  any related insurance proceeds, or condemnation award in
                  respect of a total or substantially total loss or taking of
                  the related Mortgaged Property will be applied first to the
                  payment of the outstanding principal balance of the Mortgage
                  Loan, together with any accrued interest (except as provided
                  by applicable law or in cases where a different allocation
                  would not be viewed as commercially unreasonable by a prudent
                  commercial mortgage lender, taking into account the relative
                  duration of the ground lease and the related Mortgage and the
                  ratio of the market value of the related Mortgaged Property to
                  the outstanding principal balance of such Mortgage Loan).
                  Until the principal balance and accrued interest are paid in
                  full, neither the lessee nor the lessor under the ground lease
                  will have an option to terminate or modify the ground lease
                  without the prior written consent of the lender as a result of
                  any casualty or partial condemnation; and

            (L)   Provided that the lender cures any defaults which are
                  susceptible to being cured, the lessor has agreed to enter
                  into a new lease upon termination of the ground lease for any
                  reason, including rejection of the ground lease in a
                  bankruptcy proceeding;

            (xxxii) With respect to any Mortgage Loan where all or a material
portion of the estate of the related borrower therein is a leasehold estate, but
the related Mortgage also encumbers the related lessor's fee interest in such
Mortgaged Property: (A) such lien on the related fee interest is evidenced by
the related Mortgage, (B) such Mortgage does not by its terms provide that it
will be subordinated to the lien of any other mortgage or encumbrance upon such
fee interest, (C) upon the occurrence of a default under the terms of such
Mortgage by the related borrower, any right of the related lessor to receive
notice of, and to cure, such default granted to such lessor under any agreement
binding upon the lender would not be considered commercially unreasonable in any
material respect by prudent commercial mortgage lenders, (D) the related lessor
has agreed in a writing included in the related Mortgage File that the related
ground lease may not be amended or modified without the prior written consent of
the lender and that any such action without such consent is not binding on the
lender, its successors or assigns, and (E) the related ground lease is in full
force and effect, and Seller has no actual knowledge that any default beyond
applicable notice and grace periods has occurred or that there is any existing
condition which, but for the passage of time or giving of notice, would result
in a default under the terms of such ground lease;

            (xxxiii) Except in the case of each of the 1201 New York Avenue
Mortgage Loan and the CBA Mortgage Loans, respectively, with respect to those
Mortgage Loans that are cross-collateralized or cross-defaulted, all other loans
that are cross-collateralized or cross-defaulted with such Mortgage Loans are
being transferred to Depositor hereunder;

            (xxxiv) Neither Seller nor any affiliate thereof has any obligation
to make any capital contribution to any borrower under a Mortgage Loan, other
than contributions made on or prior to the date hereof;

            (xxxv) (A) The Mortgage Loan is directly secured by a Mortgage on a
commercial property or multifamily residential property, and (B) the fair market
value of such real property, as evidenced by an appraisal satisfying the
requirements of FIRREA conducted within 12 months of the origination of the
Mortgage Loan, was at least equal to 80% of the principal amount of the Mortgage
Loan (1) at origination (or if the Mortgage Loan has been modified in a manner
that constituted a deemed exchange under Section 1001 of the Code at a time when
the Mortgage Loan was not in default or default with respect thereto was not
reasonably foreseeable, the date of the last such modification) or (2) at the
date hereof; provided that the fair market value of the real property must first
be reduced by (x) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (y) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in (B) shall be made on an aggregated basis);

            (xxxvi) There are no subordinate mortgages encumbering the related
Mortgaged Property, nor are there any preferred equity interests held by the
lender or any mezzanine debt related to such Mortgaged Property, except as set
forth in the Prospectus Supplement, in this Exhibit A or in the Exception
Report;

            (xxxvii) Except in cases where the related Mortgaged Property is a
residential cooperative property, the Mortgage Loan Documents executed in
connection with each Mortgage Loan having an original principal balance in
excess of $5,000,000 require that the related borrower be a Single-Purpose
Entity (for this purpose, "Single-Purpose Entity" shall mean an entity, other
than an individual, having organizational documents which provide substantially
to the effect that it is formed or organized solely for the purpose of owning
and operating one or more Mortgaged Properties, is prohibited from engaging in
any business unrelated to such property and the related Mortgage Loan, does not
have any assets other than those related to its interest in the related
Mortgaged Property or its financing, or any indebtedness other than as permitted
under the related Mortgage Loan). To Seller's actual knowledge, each borrower
has fully complied with the requirements of the related Note and Mortgage and
borrower's organizational documents regarding Single-Purpose Entity status;

            (xxxviii) Except in cases where the related Mortgaged Property is a
residential cooperative property, each Mortgage Loan prohibits the related
borrower from mortgaging or otherwise encumbering the Mortgaged Property, or any
controlling equity interest in the borrower, without the prior written consent
of the mortgagee or the satisfaction of debt service coverage or similar
criteria specified in the Note or Mortgage which would be acceptable to a
reasonably prudent commercial mortgage lender, and, except in connection with
trade debt and equipment financings in the ordinary course of borrower's
business, from carrying any additional indebtedness, except, in each case, liens
contested in accordance with the terms of the Mortgage Loans or, with respect to
each Mortgage Loan having an original principal balance of less than $4,000,000,
any unsecured debt;

            (xxxix) Each borrower covenants in the Mortgage Loan Documents that
it shall remain in material compliance with all material licenses, permits and
other legal requirements necessary and required to conduct its business;

            (xl) Each Mortgaged Property (A) is located on or adjacent to a
dedicated road, or has access to an irrevocable easement permitting ingress and
egress, (B) is served by public utilities and services generally available in
the surrounding community or otherwise appropriate for the use in which the
Mortgaged Property is currently being utilized, and (C) constitutes one or more
separate tax parcels or is covered by an endorsement with respect to the matters
described in (A), (B) or (C) under the related title insurance policy (or the
binding commitment therefor);

            (xli) Based solely on a flood zone certification or a survey of the
related Mortgaged Property, if any portion of the improvements on the Mortgaged
Property is located in an area identified by the Federal Emergency Management
Agency or the Secretary of Housing and Urban Development as having special flood
hazards categorized as Zone "A" or Zone "V" and flood insurance is available,
the terms of the Mortgage Loan require the borrower to maintain flood insurance,
or at such borrower's failure to do so, authorizes the lender to maintain such
insurance at the cost and expense of the borrower and such insurance is in full
force and effect in an amount not less than the lesser of (A) the replacement
cost of the material improvements on such Mortgaged Property, (B) the balance of
the Mortgage Loan and (C) the maximum amount of insurance available under the
applicable National Flood Insurance Administration Program;

            (xlii) 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 or may be substituted in accordance with applicable law by
the related mortgagee, and except in connection with a trustee's sale after a
default by the related borrower, no fees are payable to such trustee, and such
fees payable are payable by the borrower;

            (xliii) Except as disclosed in the Exception Report to this
Agreement, to the knowledge of Seller as of the date hereof, there was no
pending action, suit or proceeding, arbitration or governmental investigation
against any borrower or Mortgaged Property, an adverse outcome of which would
materially and adversely affect such borrower's ability to perform under the
related Mortgage Loan;

            (xliv) No advance of funds has been made by Seller to the related
borrower (other than mezzanine debt and the acquisition of preferred equity
interests by the preferred equity interest holder, as disclosed in the
Prospectus Supplement), and no funds have, to Seller's knowledge, been received
from any person other than, or on behalf of, the related borrower, for, or on
account of, payments due on the Mortgage Loan;

            (xlv) To the extent required under applicable law, as of the Cut-off
Date or as of the date that such entity held the Note, each holder of the Note
was authorized to transact and do business in the jurisdiction in which each
related Mortgaged Property is located, or the failure to be so authorized did
not materially and adversely affect the enforceability of such Mortgage Loan;

            (xlvi) All collateral for the Mortgage Loans is being transferred as
part of the Mortgage Loans;

            (xlvii) Except as disclosed in the Exception Report or the
Prospectus Supplement with respect to the Crossed Mortgage Loans and Mortgage
Loans secured by multiple, non-contiguous real properties, no Mortgage Loan
requires the lender to release any portion of the Mortgaged Property from the
lien of the related Mortgage except upon (A) payment in full or defeasance of
the related Mortgage Loan, (B) the satisfaction of certain legal and
underwriting requirements that would be customary for prudent commercial
mortgage lenders, which in all events include payment of a release price at
least 125% of the appraised value of the property to be released or of the
allocated loan amount of such property, (C) releases of unimproved out-parcels
or (D) releases of other portions of the Mortgaged Property which will not have
a material adverse effect on the use or value of the collateral for the related
Mortgage Loan and which were given no value in the appraisal of the Mortgaged
Property or of that portion of the Mortgaged Property used to calculate the
loan-to-value ratio of the Mortgaged Property for underwriting purposes. No
release or partial release of any Mortgaged Property, or any portion thereof,
expressly permitted or required pursuant to the terms of any Mortgage Loan would
constitute a significant modification of the related Mortgage Loan under Treas.
Reg. Section 1.860G-2(b)(2);

            (xlviii) Any insurance proceeds in respect of a casualty loss or
taking will be applied either to (A) the repair or restoration of all or part of
the related Mortgaged Property, with, in the case of all casualty losses or
takings in excess of a specified amount or percentage of the related loan amount
that a prudent commercial lender would deem satisfactory and acceptable, the
lender (or a trustee appointed by it) having the right to hold and disburse such
proceeds as the repair or restoration progresses (except in any case 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 (B) to the payment of the outstanding principal balance of such Mortgage Loan
together with any accrued interest thereon;

            (xlix) Each UCC Financing Statement, if any, filed with respect to
personal property constituting a part of the related Mortgaged Property and each
assignment, if any, of such UCC Financing Statement to Seller was, and each
assignment, if any, of such UCC Financing Statement in blank which the Trustee
or its designee is authorized to complete (but for the insertion of the name of
the assignee and any related filing information which is not yet available to
Seller) is, in suitable form for filing in the filing office in which such UCC
Financing Statement was filed;

            (l) To Seller's knowledge, (A) each commercial lease covering more
than 10% (20% in the case of any Mortgage Loan having an original principal
balance less than $2,500,000) of the net leaseable area of the related Mortgaged
Property is in full force and effect and (B) there exists no default under any
such commercial lease either by the lessee thereunder or by the related borrower
that could give rise to the termination of such lease;

            (li) Based upon an opinion of counsel and/or other due diligence
considered reasonable by prudent commercial mortgage lenders in the lending area
where the subject property is located, the improvements located on or forming
part of each Mortgaged Property comply with applicable zoning laws and
ordinances, or constitute a legal non-conforming use or structure or, if any
such improvement does not so comply, such non-compliance does not materially and
adversely affect the value of the related Mortgaged Property. With respect to
Mortgage Loans with a Cut-off Date Principal Balance of over $10,000,000, if the
related Mortgaged Property does not so comply, to the extent Seller is aware of
such non-compliance, it has required the related borrower to obtain law and
ordinance insurance coverage in amounts customarily required by prudent
commercial mortgage lenders;

            (lii) Each Mortgage Loan constitutes a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in
Treasury Regulation (as defined herein) Section 1.860G-2(f)(2) that treats a
defective obligation as a qualified mortgage or any substantially similar
successor provision), the related Mortgaged Property, if acquired by a REMIC in
connection with the default or imminent default of such Mortgage Loan would
constitute "foreclosure property" within the meaning of Code Section 860G(a)(8)
and all Prepayment Premiums and Yield Maintenance Charges with respect to such
Mortgage Loan constitute "customary prepayment penalties" within the meaning of
Treasury Regulation Section 1.860G-1(b)(2);

            (liii) With respect to any Mortgage Loan that pursuant to the
Mortgage Loan Documents can be defeased, (A) the Mortgage Loan cannot be
defeased within two years after the Closing Date, (B) the borrower can pledge
only United States government securities in an amount sufficient to make all
scheduled payments under the Mortgage Loan when due, (C) the borrower is
required to provide independent certified public accountant's certification that
the collateral is sufficient to make such payments, (D) the loan may be required
to be assumed by a single-purpose entity designated by the holder of the
Mortgage Loan, (E) the borrower is required to provide an opinion of counsel
that the trustee has a perfected security interest in such collateral prior to
any other claim or interest, (F) the borrower is required to pay all Rating
Agency fees associated with defeasance (if rating confirmation is a specific
condition precedent thereto) and all other reasonable expenses associated with
defeasance, including, but not limited to, accountant's fees and opinions of
counsel, (G) with respect to any Significant Loan (as defined in the Pooling and
Servicing Agreement), the borrower is required to provide an opinion of counsel
that such defeasance will not cause any REMIC created under the Pooling and
Servicing Agreement to fail to qualify as a REMIC for federal or applicable
state tax purposes and (H) with respect to any Significant Loan (as defined in
the Pooling and Servicing Agreement), the borrower must obtain confirmation from
each Rating Agency that the defeasance would not result in such Rating Agency's
withdrawal, downgrade or qualification of the then current rating of any class
of Certificates rated by such Rating Agency;

            (liv) The Mortgage Loan Documents for each Mortgage Loan provide
that the related borrower thereunder shall be liable to the lender for any
losses incurred by the lender due to (A) the misapplication or misappropriation
of rents, insurance proceeds or condemnation awards, (B) any willful act of
material waste, (C) any breach of the environmental covenants contained in the
related Mortgage Loan Documents, and (D) fraud by the related borrower; provided
that, with respect to clause (C) of this sentence, an indemnification against
losses related to such violations or environmental insurance shall satisfy such
requirement; and provided, further, that, if the related Mortgaged Property is a
residential cooperative property, then the subject Mortgage Loan is fully
recourse to the borrower;

            (lv) If such Mortgage Loan is an ARD Loan, it commenced amortizing
on its initial scheduled Due Date and provides that: (A) its Mortgage Rate will
increase by no less than two percentage points in connection with the passage of
its Anticipated Repayment Date and so long as the Mortgage Loan is an asset of
the Trust Fund; (B) its Anticipated Repayment Date is not less than seven years
following the origination of such Mortgage Loan; (C) no later than the related
Anticipated Repayment Date, if it has not previously done so, the related
borrower is required to enter into a "lockbox agreement" whereby all revenue
from the related Mortgaged Property shall be deposited directly into a
designated account controlled by the applicable Master Servicer; and (D) any
cash flow from the related Mortgaged Property that is applied to amortize such
Mortgage Loan following its Anticipated Repayment Date shall, to the extent such
net cash flow is in excess of the Monthly Payment payable therefrom, be net of
budgeted and discretionary (servicer approved) capital expenditures;

            (lvi) Except as disclosed in the Prospectus Supplement, no Mortgage
Loan, and no group of Mortgage Loans made to the same borrower and to borrowers
that are Affiliates, accounted for more than 5.0% of the aggregate of the
Cut-off Date Principal Balances of all of the mortgage loans (including the
Mortgage Loans) sold to Depositor by Column Financial, Inc., NCB, FSB and
KeyBank National Association pursuant to those certain Mortgage Loan Purchase
Agreements, each dated as of November 1, 2004, between Depositor and Column
Financial, Inc., NCB, FSB and KeyBank National Association, respectively, as of
the Cut-off Date;

            (lvii) Except for the Mortgage Loans with an initial principal
balance less than $3,000,000, in connection with its origination or acquisition
of each Mortgage Loan, Seller obtained an appraisal of the related Mortgaged
Property, which appraisal is signed by an appraiser, who, to Seller's actual
knowledge, had no interest, direct or indirect, in the borrower, the Mortgaged
Property or in any loan made on the security of the Mortgaged Property, and
whose compensation was not affected by the approval or disapproval of the
Mortgage Loan; and

            (lviii) Each Mortgage Loan bears interest at a rate that remains
fixed throughout the remaining term of such Mortgage Loan, except in the case of
an ARD Loan after its Anticipated Repayment Date and except for the imposition
of a default rate.

            (lix) With respect to the Mortgaged Property related to the Mortgage
Loan identified on the Mortgage Loan Schedule as Highland Hospitality Portfolio,
to Seller's knowledge as of the date of the Mortgage Loan's origination, all
related franchise agreements were in full force and effect and there were no
defaults thereunder.

<PAGE>

                                                                       EXHIBIT B

                             AFFIDAVIT OF LOST NOTE

STATE OF NEW YORK       )
                        ) ss.:
COUNTY OF NEW YORK      )

            ____________________________, being duly sworn, deposes and says:

            1. that he is an authorized signatory of Column Financial, Inc.
("Column");

            2. that _______________ is the owner and holder of a mortgage loan
in the original principal amount of $______________ secured by a mortgage (the
"Mortgage") on the premises known as ______________ ______________ located in
______________;

            3. that _______________, after having conducted a diligent
investigation of its records and files, has been unable to locate the following
original note and believes that said original note has been lost, misfiled,
misplaced or destroyed due to a clerical error:

            a note in the original sum of $______________ made by
            ______________, to _______________, under date of ______________
            (the "Note");

            4. that the Note is now owned and held by _______________;

            5. that the copy of the Note attached hereto is a true and correct
copy thereof;

            6. that the Note has not been paid off, satisfied, assigned,
transferred, encumbered, endorsed, pledged, hypothecated, or otherwise disposed
of and that the original Note has been either lost, misfiled, misplaced or
destroyed;

            7. that no other person, firm, corporation or other entity has any
right, title, interest or claim in the Note except _______________; and

            8. upon assignment of the Note by _______________ to Credit Suisse
First Boston Mortgage Securities Corp. (the "Depositor") and subsequent
assignment by Depositor to the trustee for the benefit of the holders of the
Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage
Pass-Through Certificates, Series 2004-C4 (the "Trustee") (which assignment may,
at the discretion of Depositor, be made directly by _______________ to the
Trustee), _______________ covenants and agrees (a) promptly to deliver to the
Trustee the original Note if it is subsequently found, and (b) to indemnify and
hold harmless the Trustee and its successors and assigns from and against any
and all costs, expenses and monetary losses arising as a result of
_______________'s failure to deliver said original Note to the Trustee.

                                       COLUMN FINANCIAL, INC.

                                       By:____________________________________
                                          Name:
                                          Title:

Sworn to before me this _____
day of __________, 2004EXHIBIT 4.3

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

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                                   (Depositor)

                                       and

                          KEYBANK NATIONAL ASSOCIATION
                                    (Seller)

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

                        MORTGAGE LOAN PURCHASE AGREEMENT

                          Dated as of November 1, 2004

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

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

                                TABLE OF CONTENTS

Section 1.   Transactions on or Prior to the Closing Date.......................
Section 2.   Closing Date Actions...............................................
Section 3.   Conveyance of Mortgage Loans.......................................
Section 4.   Depositor's Conditions to Closing..................................
Section 5.   Seller's Conditions to Closing.....................................
Section 6.   Representations and Warranties of Seller...........................
Section 7.   Obligations of Seller..............................................
Section 8.   Crossed Mortgage Loans.............................................
Section 9.   Rating Agency Fees; Costs and Expenses Associated with a Defeasance
Section 10.  Representations and Warranties of Depositor........................
Section 11.  Survival of Certain Representations, Warranties and Covenants......
Section 12.  Transaction Expenses...............................................
Section 13.  Recording Costs and Expenses.......................................
Section 14.  Notices............................................................
Section 15.  Examination of Mortgage Files......................................
Section 16.  Successors.........................................................
Section 17.  Governing Law......................................................
Section 18.  Severability.......................................................
Section 19.  Further Assurances.................................................
Section 20.  Counterparts.......................................................
Section 21.  Treatment as Security Agreement....................................
Section 22.  Recordation of Agreement...........................................

Schedule I     Schedule of Transaction Terms
Schedule II    Mortgage Loan Schedule
Schedule III   Mortgage Loans Constituting Mortgage Groups
Schedule IV    Mortgage Loans with Lost Notes
Schedule V     Exceptions to Seller's Representations and Warranties

Exhibit A      Representations and Warranties Regarding the Mortgage Loans
Exhibit B      Form of Lost Note Affidavit
<PAGE>

                        MORTGAGE LOAN PURCHASE AGREEMENT

            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of November 1, 2004, is made by and between KEYBANK NATIONAL ASSOCIATION, a
national banking association ("Seller"), and CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP., a Delaware corporation ("Depositor").

                                    RECITALS

            I. Capitalized terms used herein without definition have the
meanings ascribed to them in the Schedule of Transaction Terms attached hereto
as Schedule I, which is incorporated herein by this reference, or, if not
defined therein, in the Pooling and Servicing Agreement specified on such
Schedule of Transaction Terms.

            II. On the Closing Date, and on the terms set forth herein, Seller
has agreed to sell to Depositor and Depositor has agreed to purchase from Seller
the mortgage loans identified on the schedule (the "Mortgage Loan Schedule")
annexed hereto as Schedule II (each such mortgage loan, a "Mortgage Loan" and,
collectively, the "Mortgage Loans"). Depositor intends to deposit the Mortgage
Loans and other assets into a trust fund (the "Trust Fund") created pursuant to
the Pooling and Servicing Agreement and to cause the issuance of the
Certificates.

                                    AGREEMENT

            NOW, THEREFORE, on the terms and conditions set forth below and for
good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Depositor and Seller agree as follows:

            Section 1. Transactions on or Prior to the Closing Date. On or prior
to the Closing Date, Seller shall have delivered the Mortgage Files with respect
to each of the Mortgage Loans listed in the Mortgage Loan Schedule to Wells
Fargo Bank, N.A. as trustee (the "Trustee") or its designee, against receipt by
Seller of a written receipt, pursuant to an arrangement between Seller and the
Trustee; provided, however, that item (xvi) in the definition of Mortgage File
(below) shall be delivered to the applicable Master Servicer for inclusion in
the Servicer File (defined below) with a copy delivered to the Trustee for
inclusion in the Mortgage File; and provided, further, that Seller shall pay (or
cause the related Borrower to pay) any costs of the assignment or amendment of
each letter of credit described under said item (xvi) required in order for the
Trustee to draw on such letter of credit pursuant to the terms of the Pooling
and Servicing Agreement and shall deliver the related assignment or amendment
documents within thirty (30) days after the Closing Date. In addition, prior to
such assignment or amendment of a letter of credit, Seller will take all
necessary steps to enable the applicable Master Servicer to draw on the related
letter of credit on behalf of the Trustee pursuant to the terms of the Pooling
and Servicing Agreement, including, if necessary, drawing on the letter of
credit in its own name pursuant to written instructions to draw from the
applicable Master Servicer and upon receipt, immediately remitting the proceeds
of such draw (or causing such proceeds to be remitted) to the applicable Master
Servicer.

            Section 2. Closing Date Actions. The sale of the Mortgage Loans
shall take place on the Closing Date, subject to and simultaneously with the
deposit of the Mortgage Loans into the Trust Fund, the issuance of the
Certificates and the sale of (a) the Publicly Offered Certificates by Depositor
to the Underwriters pursuant to the Underwriting Agreement and (b) the Private
Certificates by Depositor to the Initial Purchaser pursuant to the Certificate
Purchase Agreement. The closing (the "Closing") shall take place at the offices
of Cadwalader, Wickersham & Taft LLP, 100 Maiden Lane, New York, New York 10038,
or such other location as agreed upon between the parties hereto. On the Closing
Date, the following actions shall take place in sequential order on the terms
set forth herein:

            (i) Seller shall sell to Depositor, and Depositor shall purchase
      from Seller, the Mortgage Loans pursuant to this Agreement for the
      Mortgage Loan Purchase Price payable in accordance with instructions
      previously provided to Depositor by Seller. The Mortgage Loan Purchase
      Price shall be paid by Depositor to Seller or at its direction by wire
      transfer in immediately available funds to an account designated by Seller
      on or prior to the Closing Date. The "Mortgage Loan Purchase Price" shall
      be the price mutually agreed upon as such in writing between Depositor and
      Seller.

            (ii) Pursuant to the terms of the Pooling and Servicing Agreement,
      Depositor shall sell all of its right, title and interest in and to the
      Mortgage Loans to the Trustee for the benefit of the Holders of the
      Certificates.

            (iii) Depositor shall sell to the Underwriters, and the Underwriters
      shall purchase from Depositor, the Publicly Offered Certificates pursuant
      to the Underwriting Agreement, and Depositor shall sell to the Initial
      Purchaser, and the Initial Purchaser shall purchase from Depositor, the
      Private Certificates pursuant to the Certificate Purchase Agreement.

            (iv) The Underwriters will offer the Publicly Offered Certificates
      for sale to the public pursuant to the Prospectus and the Prospectus
      Supplement and the Initial Purchaser will privately place certain classes
      of the Private Certificates pursuant to the Offering Circular.

            Section 3. Conveyance of Mortgage Loans. On the Closing Date, Seller
shall sell, convey, assign and transfer, subject to any related servicing rights
of any applicable Master Servicer under, and/or any applicable Primary Servicer
contemplated by, the Pooling and Servicing Agreement, without recourse except as
provided herein, to Depositor, free and clear of any liens, claims or other
encumbrances, all of Seller's right, title and interest in, to and under: (i)
each of the Mortgage Loans identified on the Mortgage Loan Schedule and (ii) all
property of Seller described in Section 21(b) of this Agreement, including,
without limitation, (A) all scheduled payments of interest and principal due on
or with respect to the Mortgage Loans after the Cut-off Date and (B) all other
payments of interest, principal or prepayment premiums received on or with
respect to the Mortgage Loans after the Cut-off Date, other than any such
payments of interest or principal or prepayment premiums that were due on or
prior to the Cut-off Date. The Mortgage File for each Mortgage Loan shall
contain the following documents on a collective basis:

            (i) the original Note (or with respect to those Mortgage Loans
      listed in Schedule IV hereto, a "lost note affidavit" substantially in the
      form of Exhibit B hereto and a true and complete copy of the Note),
      bearing, or accompanied by, all prior and intervening endorsements or
      assignments showing a complete chain of endorsement or assignment from the
      Mortgage Loan Originator either in blank or to Seller, and further
      endorsed (at the direction of Depositor given pursuant to this Agreement)
      by Seller, on its face or by allonge attached thereto, without recourse,
      either in blank or to the order of the Trustee in the following form: "Pay
      to the order of Wells Fargo Bank, N.A., as trustee for the registered
      Holders of Credit Suisse First Boston Mortgage Securities Corp.,
      Commercial Mortgage Pass-Through Certificates, Series 2004-C4, without
      recourse, representation or warranty, express or implied";

            (ii) a duplicate original Mortgage or a counterpart thereof or, if
      such Mortgage has been returned by the related recording office, (A) an
      original, (B) a certified copy or (C) a copy thereof from the applicable
      recording office, and originals or counterparts (or originals, certified
      copies or copies from the applicable recording office) of any intervening
      assignments thereof from the Mortgage Loan Originator to Seller, in each
      case in the form submitted for recording or, if recorded, with evidence of
      recording indicated thereon;

            (iii) an original assignment of the Mortgage, in recordable form
      (except for any missing recording information and, if applicable,
      completion of the name of the assignee), from Seller (or the Mortgage Loan
      Originator) either in blank or to "Wells Fargo Bank, N.A., as trustee for
      the registered Holders of Credit Suisse First Boston Mortgage Securities
      Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4";

            (iv) an original, counterpart or copy of any related Assignment of
      Leases (if such item is a document separate from the Mortgage), and the
      originals, counterparts or copies of any intervening assignments thereof
      from the Mortgage Loan Originator of the Loan to Seller, in each case in
      the form submitted for recording or, if recorded, with evidence of
      recording thereon;

            (v) an original assignment of any related Assignment of Leases (if
      such item is a document separate from the Mortgage), in recordable form
      (except for any missing recording information and, if applicable,
      completion of the name of the assignee), from Seller (or the Mortgage Loan
      Originator), either in blank or to "Wells Fargo Bank, N.A., as trustee for
      the registered Holders of Credit Suisse First Boston Mortgage Securities
      Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4";

            (vi) an original or true and complete copy of any related Security
      Agreement (if such item is a document separate from the Mortgage), and the
      originals or copies of any intervening assignments thereof from the
      Mortgage Loan Originator to Seller;

            (vii) an original assignment of any related Security Agreement (if
      such item is a document separate from the Mortgage), from Seller (or the
      Mortgage Loan Originator) either in blank or to "Wells Fargo Bank, N.A.,
      as trustee for the registered Holders of Credit Suisse First Boston
      Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
      Series 2004-C4," which assignment may be included as part of an omnibus
      assignment covering other documents relating to the Mortgage Loan
      (provided that such omnibus assignment is effective under applicable law);

            (viii) originals or copies of all (A) assumption agreements, (B)
      modifications, (C) written assurance agreements and (D) substitution
      agreements, together with any evidence of recording thereon or in the form
      submitted for recording, in those instances where the terms or provisions
      of the Mortgage, Note or any related security document have been modified
      or the Mortgage Loan has been assumed;

            (ix) the original lender's title insurance policy or a copy thereof
      (together with all endorsements or riders that were issued with or
      subsequent to the issuance of such policy), or if the policy has not yet
      been issued, the original or a copy of a binding written commitment (which
      may be a pro forma or specimen title insurance policy which has been
      accepted or approved in writing by the related title insurance company) or
      interim binder that is marked as binding and countersigned by the title
      company, insuring the priority of the Mortgage as a first lien on the
      related Mortgaged Property, relating to such Mortgage Loan;

            (x) the original or a counterpart of any guaranty of the obligations
      of the Borrower under the Mortgage Loan;

            (xi) UCC acknowledgement, certified or other copies of all UCC
      Financing Statements and continuation statements which show the filing or
      recording thereof (including the filing number or other similar filing
      information) or, alternatively, other evidence of filing or recording
      (including the filing number or other similar filing information)
      acceptable to the Trustee (including, without limitation, evidence of such
      filed or recorded UCC Financing Statement as shown on a written UCC search
      report from a reputable search firm, such as Corporation Service Company,
      CT Corporation System and the like or printouts of on-line confirmations
      from such UCC filing or recording offices or authorized agents thereof),
      sufficient to perfect (and maintain the perfection of) the security
      interest held by the Mortgage Loan Originator (and each assignee of record
      prior to the Trustee) in and to the personalty of the Borrower at the
      Mortgaged Property, and original UCC Financing Statement assignments, in a
      form suitable for filing or recording, sufficient to assign each such UCC
      Financing Statement to the Trustee;

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

            (xiii) with respect to any debt of a Borrower or mezzanine borrower
      permitted under the related Mortgage Loan, an original or copy of a
      subordination agreement, standstill agreement or other intercreditor,
      co-lender or similar agreement relating to such other debt, if any,
      including any mezzanine loan documents or preferred equity documents, and
      a copy of the promissory note relating to such other debt (if such other
      debt is also secured by the related Mortgage);

            (xiv) with respect to any Cash Collateral Accounts and Lock-Box
      Accounts, an original or copy of any related account control agreement and
      a copy of the UCC Financing Statements, if any, submitted for filing with
      respect to Seller's security interest in the Cash Collateral Accounts and
      Lock-Box Accounts and all funds contained therein (together with UCC
      Financing Statement assignments in a form suitable for filing or
      recording, sufficient to transfer such security interest to the Trustee on
      behalf of the Certificateholders);

            (xv) an original or copy of any related Loan Agreement (if separate
      from the related Mortgage), and an original or copy of any related
      Lock-Box Agreement or Cash Collateral Account Agreement (if separate from
      the related Mortgage and Loan Agreement);

            (xvi) the originals and copies of letters of credit, if any,
      relating to the Mortgage Loans and amendments thereto which entitles the
      Trust to draw thereon; provided that in connection with the delivery of
      the Mortgage File to the Trust, such originals shall be delivered to the
      applicable Master Servicer and copies thereof shall be delivered to the
      Trustee;

            (xvii) any related environmental insurance policy and any
      environmental guarantee or indemnity agreement or copies thereof; (xviii)
      the original or a copy of the ground lease, ground lease memorandum and
      ground lease estoppels, if any, and any amendments, modifications or
      extensions thereto, if any, or certified copies thereof;

            (xix) the original or copy of any property management agreement;

            (xx) copies of franchise agreements and franchisor comfort letters,
      if any, for hospitality properties and any applicable transfer/assignment
      documents; and

            (xxi) a checklist of the documents included in the subject Mortgage
      File.

            Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii), (iv), (viii),
(xi) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement) and (xii) of the
last sentence of the first paragraph of this Section 3, with evidence of
recording or filing thereon on the Closing Date, solely because of a delay
caused by the public recording or filing office where such document or
instrument has been delivered for recordation or filing, Seller: (i) shall
deliver, or cause to be delivered, to the Trustee or its designee a duplicate
original or true copy of such document or instrument certified by the applicable
public recording or filing office, the applicable title insurance company or
Seller to be a true and complete duplicate original or copy of the original
thereof submitted for recording or filing; and (ii) shall deliver, or cause to
be delivered, to the Trustee or its designee either the original of such
non-delivered document or instrument, or a photocopy thereof (certified by the
appropriate public recording or filing office to be a true and complete copy of
the original thereof submitted for recording or filing), with evidence of
recording or filing thereon, within 120 days after the Closing Date, which
period may be extended up to two times, in each case for an additional period of
45 days (provided that Seller, as certified in writing to the Trustee prior to
each such 45-day extension, is in good faith attempting to obtain from the
appropriate recording or filing office such original or photocopy). Compliance
with this paragraph will satisfy Seller's delivery requirements under this
Section 3 with respect to the subject document(s) and instrument(s).

            Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii), (iv), (viii),
(xi) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement) and (xii) of the
last sentence of the first paragraph of this Section 3, with evidence of
recording or filing thereon for any other reason, including without limitation,
that such non-delivered document or instrument has been lost, the delivery
requirements of this Agreement shall be deemed to have been satisfied and such
non-delivered document or instrument shall be deemed to have been included in
the related Mortgage File if a photocopy of such non-delivered document or
instrument (with evidence of recording or filing thereon and certified by the
appropriate recording or filing office to be a true and complete copy of the
original thereof as filed or recorded) is delivered to the Trustee or its
designee on or before the Closing Date.

            Notwithstanding the foregoing, in the event that Seller cannot
deliver any UCC Financing Statement assignment with the filing or recording
information of the related UCC Financing Statement with respect to any Mortgage
Loan, solely because such UCC Financing Statement has not been returned by the
public filing or recording office where such UCC Financing Statement has been
delivered for filing or recording, Seller shall so notify the Trustee or its
designee and shall not be in breach of its obligations with respect to such
delivery, provided that Seller promptly forwards such UCC Financing Statement to
the Trustee or its designee upon its return, together with the related original
UCC Financing Statement assignment in a form appropriate for filing or
recording.

            Notwithstanding the foregoing, Seller may, at its sole cost and
expense, but is not obligated to, engage a third-party contractor to prepare or
complete in proper form for filing or recording any and all assignments of
Mortgage, assignments of Assignments of Leases and assignments of UCC Financing
Statements to the Trustee to be delivered pursuant to clauses (iii), (v) and
(xi) of the last sentence of the first paragraph of this Section 3
(collectively, the "Assignments"), to submit those Assignments for filing and
recording, as the case may be, in the applicable public filing and recording
offices and to deliver those Assignments to the Trustee or its designee as those
Assignments (or certified copies thereof) are received from the applicable
filing and recording offices with evidence of such filing or recording indicated
thereon. However, in the event Seller engages a third-party contractor as
contemplated in the immediately preceding sentence, the rights, duties and
obligations of Seller pursuant to this Agreement remain binding on Seller; and,
if Seller does not engage a third party as contemplated by the immediately
preceding sentence, then Seller will still be liable for recording and filing
fees and expenses of the Assignments as and to the extent contemplated by
Section 13 hereof.

            Within ten (10) Business Days after the Closing Date, Seller shall
deliver the Servicer Files with respect to each of the Mortgage Loans to the
applicable Master Servicer (or, if applicable, to a Sub-Servicer (with a copy to
the applicable Master Servicer) at the direction of the applicable Master
Servicer), under the Pooling and Servicing Agreement on behalf of the Trustee in
trust for the benefit of the Certificateholders. Each such Servicer File shall
contain all documents and records in Seller's possession relating to such
applicable Mortgage Loans (including reserve and escrow agreements, cash
management agreements, lockbox agreements, financial statements, operating
statements and any other information provided by the respective Borrower from
time to time, but excluding any documents and other writings not enumerated in
this parenthetical that have been prepared by Seller or any of its Affiliates
solely for internal credit analysis or other internal uses or any
attorney-client privileged communication) that are not required to be a part of
a Mortgage File in accordance with the definition thereof, together with copies
of all instruments and documents which are required to be a part of the related
Mortgage File in accordance with the definition thereof.

            For purposes of this Section 3, and notwithstanding any contrary
provision hereof or of the definition of "Mortgage File," if there exists with
respect to any group of Crossed Mortgage Loans only one original or certified
copy of any document or instrument described in the definition of "Mortgage
File" which pertains to all of the Crossed Mortgage Loans in such group of
Crossed Mortgage Loans, the inclusion of the original or certified copy of such
document or instrument in the Mortgage File for any of such Crossed Mortgage
Loans and the inclusion of a copy of such original or certified copy in each of
the Mortgage Files for the other Crossed Mortgage Loans in such group of Crossed
Mortgage Loans, shall be deemed the inclusion of such original or certified
copy, as the case may be, in the Mortgage File for each such Crossed Mortgage
Loan.

            Seller shall, promptly after the Closing Date, but in all events
within three (3) Business Days after the Closing Date, cause all funds on
deposit in escrow accounts maintained with respect to the Mortgage Loans in the
name of Seller or any other name, to be transferred to or at the direction of
the applicable Master Servicer (or, if applicable, to a Sub-Servicer at the
direction of the applicable Master Servicer).

            The Trustee, as assignee or transferee of Depositor, shall be
entitled to all scheduled principal payments due after the Cut-off Date, all
other payments of principal due and collected after the Cut-off Date, and all
payments of interest on the Mortgage Loans, minus that portion of any such
payment which is allocable to the period on or prior to the Cut-off Date. All
scheduled payments of principal due on or before the Cut-off Date and collected
after the Cut-off Date, together with the accompanying interest payments, shall
belong to Seller.

            Upon the sale of the Mortgage Loans from Seller to Depositor
pursuant hereto, the ownership of each Note, the related Mortgage and the
contents of the related Mortgage File shall be vested in Depositor and the
ownership of all records and documents with respect to the related Mortgage Loan
prepared by or which come into the possession of Seller as seller of the
Mortgage Loans hereunder, exclusive in each case of documents prepared by Seller
or any of its Affiliates solely for internal credit analysis or other internal
uses or any attorney-client privileged communication, shall immediately vest in
Depositor. All Monthly Payments, Principal Prepayments and other amounts
received by Seller and not otherwise belonging to Seller pursuant to this
Agreement shall be sent by Seller within three (3) Business Days after Seller's
receipt thereof to the applicable Master Servicer via wire transfer for deposit
by the applicable Master Servicer into the Collection Account.

            Seller shall, under generally accepted accounting principles
("GAAP"), report its transfer of the Mortgage Loans to Depositor, as provided
herein, as a sale of the Mortgage Loans to Depositor in exchange for the
consideration specified in Section 2 hereof. In connection with the foregoing,
Seller shall cause all of its financial and accounting records to reflect such
transfer as a sale (as opposed to a secured loan). Seller shall at all times
following the Closing Date cause all of its records and financial statements and
any relevant consolidated financial statements of any direct or indirect parent
to clearly reflect that the Mortgage Loans have been transferred to Depositor
and are no longer available to satisfy claims of Seller's creditors.

            After Seller's transfer of the Mortgage Loans to Depositor, as
provided herein, Seller shall not take any action inconsistent with Depositor's
ownership (or the ownership by any of Depositor's assignees) of the Mortgage
Loans. Except for actions that are the express responsibility of another party
hereunder or under the Pooling and Servicing Agreement, and further except for
actions that Seller is expressly permitted to complete subsequent to the Closing
Date, Seller shall, on or before the Closing Date, take all actions required
under applicable law to effectuate the transfer of the Mortgage Loans by Seller
to Depositor.

            Section 4. Depositor's Conditions to Closing. The obligations of
Depositor to purchase the Mortgage Loans and pay the Mortgage Loan Purchase
Price at the Closing Date under the terms of this Agreement are subject to the
satisfaction of each of the following conditions at or before the Closing:

            (a) Each of the obligations of Seller required to be performed by it
on or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects; all of the
representations and warranties of Seller under this Agreement (subject to the
exceptions set forth in the Exception Report) shall be true and correct in all
material respects as of the Closing Date; no event shall have occurred with
respect to Seller or any of the Mortgage Loans and related Mortgage Files which,
with notice or the passage of time, would constitute a material default under
this Agreement; and Depositor shall have received certificates to the foregoing
effect signed by authorized officers of Seller.

            (b) Depositor, or if directed by Depositor, the Trustee or
Depositor's attorneys or other designee, shall have received in escrow, all of
the following closing documents, in such forms as are agreed upon and reasonably
acceptable to Depositor and Seller, duly executed by all signatories other than
Depositor, as required pursuant to the respective terms thereof:

            (i) the Mortgage Files, subject to the provisos of Section 1 of this
      Agreement, which shall have been delivered to and held by the Trustee or
      its designee on behalf of Seller;

            (ii) the Mortgage Loan Schedule;

            (iii) the certificate of Seller confirming its representations and
      warranties set forth in Section 6(a) (subject to the exceptions set forth
      in the Exception Report) as of the Closing Date;

            (iv) an opinion or opinions of Seller's counsel, dated the Closing
      Date, covering various corporate matters and such other matters as shall
      be reasonably required by Depositor;

            (v) such other certificates of Seller's officers or others and such
      other documents to evidence fulfillment of the conditions set forth in
      this Agreement as Depositor or its counsel may reasonably request; and

            (vi) all other information, documents, certificates, or letters with
      respect to the Mortgage Loans or Seller and its Affiliates as are
      reasonably requested by Depositor in order for Depositor to perform any of
      it obligations or satisfy any of the conditions on its part to be
      performed or satisfied pursuant to any sale of Mortgage Loans by Depositor
      as contemplated herein.

            (c) Seller shall have performed or complied with all other terms and
conditions of this Agreement which it is required to perform or comply with at
or before the Closing and shall have the ability to perform or comply with all
duties, obligations, provisions and terms which it is required to perform or
comply with after the Closing.

            (d) Seller shall have delivered to the Trustee, on or before the
Closing Date, five limited powers of attorney in favor of the Trustee and
Special Servicer empowering the Trustee and, in the event of the failure or
incapacity of the Trustee, the Special Servicer, to record, at the expense of
Seller, any Mortgage Loan Documents required to be recorded and any intervening
assignments with evidence of recording thereon that are required to be included
in the Mortgage Files. Seller shall reasonably cooperate with the Trustee and
the Special Servicer in connection with any additional powers or revisions
thereto that are requested by such parties.

            Section 5. Seller's Conditions to Closing. The obligations of Seller
under this Agreement shall be subject to the satisfaction, on the Closing Date,
of the following conditions:

            (a) Each of the obligations of Depositor required to be performed by
it on or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects; and all of
the representations and warranties of Depositor under this Agreement shall be
true and correct in all material respects as of the Closing Date; and no event
shall have occurred with respect to Depositor which, with notice or the passage
of time, would constitute a material default under this Agreement, and Seller
shall have received certificates to that effect signed by authorized officers of
Depositor.

            (b) Seller shall have received all of the following closing
documents, in such forms as are agreed upon and reasonably acceptable to Seller
and Depositor, duly executed by all signatories other than Seller, as required
pursuant to the respective terms thereof:

            (i) an officer's certificate of Depositor, dated as of the Closing
      Date, with the resolutions of Depositor authorizing the transactions set
      forth therein, together with copies of the charter, by-laws and
      certificate of good standing dated as of a recent date of Depositor; and

            (ii) such other certificates of its officers or others, such
      opinions of Depositor's counsel and such other documents required to
      evidence fulfillment of the conditions set forth in this Agreement as
      Seller or its counsel may reasonably request.

            (c) Depositor shall have performed or complied with all other terms
and conditions of this Agreement which it is required to perform or comply with
at or before the Closing and shall have the ability to perform or comply with
all duties, obligations, provisions and terms which it is required to perform or
comply with after Closing.

            Section 6. Representations and Warranties of Seller.

            (a) Seller represents and warrants to Depositor as of the date
hereof, as follows:

            (i) Seller is duly organized and is validly existing as a national
      banking association in good standing under the laws of the United States
      of America. Seller has conducted and is conducting its business so as to
      comply in all material respects with all applicable statutes and
      regulations of regulatory bodies or agencies having jurisdiction over it,
      except where the failure so to comply would not have a materially adverse
      effect on the performance by Seller of this Agreement, and there is no
      charge, action, investigation, suit or proceeding before or by any court,
      regulatory authority or governmental agency or body pending or, to the
      knowledge of Seller, threatened, which is reasonably likely to materially
      and adversely affect the performance by Seller of this Agreement or the
      consummation of transactions contemplated by this Agreement.

            (ii) Seller has the full power, authority and legal right to hold,
      transfer and convey the Mortgage Loans and to execute and deliver this
      Agreement (and all agreements and documents executed and delivered by
      Seller in connection herewith) and to perform all transactions of Seller
      contemplated by this Agreement (and all agreements and documents executed
      and delivered by Seller in connection herewith). Seller has duly
      authorized the execution, delivery and performance of this Agreement (and
      all agreements and documents executed and delivered by Seller in
      connection herewith), and has duly executed and delivered this Agreement
      (and all agreements and documents executed and delivered by Seller in
      connection herewith). This Agreement (and each agreement and document
      executed and delivered by Seller in connection herewith), assuming due
      authorization, execution and delivery thereof by each other party thereto,
      constitutes the legal, valid and binding obligation of Seller enforceable
      in accordance with its terms, except as such enforcement may be limited by
      bankruptcy, fraudulent transfer, insolvency, reorganization, receivership,
      moratorium or other laws relating to or affecting the rights of creditors
      generally, by general principles of equity (regardless of whether such
      enforcement is considered in a proceeding in equity or at law) and by
      considerations of public policy.

            (iii) Neither the execution, delivery and performance of this
      Agreement, nor the fulfillment of or compliance with the terms and
      conditions of this Agreement by Seller, will (A) conflict with or result
      in a breach of any of the terms, conditions or provisions of Seller's
      articles or certificate of incorporation and bylaws or similar type
      organizational documents, as applicable; (B) conflict with, result in a
      breach of, or constitute a default or result in an acceleration under, any
      agreement or instrument to which Seller is now a party or by which it (or
      any of its properties) is bound if compliance therewith is necessary (1)
      to ensure the enforceability of this Agreement or (2) for Seller to
      perform its duties and obligations under this Agreement (or any agreement
      or document executed and delivered by Seller in connection herewith); (C)
      conflict with or result in a breach of any legal restriction if compliance
      therewith is necessary (1) to ensure the enforceability of this Agreement
      or (2) for Seller to perform its duties and obligations under this
      Agreement (or any agreement or document executed and delivered by Seller
      in connection herewith); (D) result in the violation of any law, rule,
      regulation, order, judgment or decree to which Seller or its property is
      subject if compliance therewith is necessary (1) to ensure the
      enforceability of this Agreement or (2) for Seller to perform its duties
      and obligations under this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith); or (E) result in
      the creation or imposition of any lien, charge or encumbrance that would
      have a material adverse effect upon Seller's ability to perform its duties
      and obligations under this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith), or materially
      impair the ability of Depositor to realize on the Mortgage Loans.

            (iv) Seller is solvent and the sale of the Mortgage Loans (1) will
      not cause Seller to become insolvent and (2) is not intended by Seller to
      hinder, delay or defraud any of its present or future creditors. After
      giving effect to its transfer of the Mortgage Loans, as provided herein,
      the value of Seller's assets, either taken at their present fair saleable
      value or at fair valuation, will exceed the amount of Seller's debts and
      obligations, including contingent and unliquidated debts and obligations
      of Seller, and Seller will not be left with unreasonably small assets or
      capital with which to engage in and conduct its business. Seller does not
      intend to, and does not believe that it will, incur debts or obligations
      beyond its ability to pay such debts and obligations as they mature. No
      proceedings looking toward liquidation, dissolution or bankruptcy of
      Seller are pending or contemplated.

            (v) No consent, approval, authorization or order of, or registration
      or filing with, or notice to, any court or governmental agency or body
      having jurisdiction or regulatory authority over Seller is required for
      (A) Seller's execution, delivery and performance of this Agreement (or any
      agreement or document executed and delivered by Seller in connection
      herewith), (B) Seller's transfer and assignment of the Mortgage Loans, or
      (C) the consummation by Seller of the transactions contemplated by this
      Agreement (or any agreement or document executed and delivered by Seller
      in connection herewith) or, to the extent so required, such consent,
      approval, authorization, order, registration, filing or notice has been
      obtained, made or given (as applicable), except for the filing or
      recording of assignments and other Mortgage Loan Documents contemplated by
      the terms of this Agreement and except that Seller may not be duly
      qualified to transact business as a foreign corporation or licensed in one
      or more states if such qualification or licensing is not necessary to
      ensure the enforceability of this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith).

            (vi) In connection with its sale of the Mortgage Loans, Seller is
      receiving new value. The consideration received by Seller upon the sale of
      the Mortgage Loans constitutes at least fair consideration and reasonably
      equivalent value for the Mortgage Loans.

            (vii) Seller does not believe, nor does it have any reason or cause
      to believe, that it cannot perform each and every covenant of Seller
      contained in this Agreement (or any agreement or document executed and
      delivered by Seller in connection herewith).

            (viii) There are no actions, suits or proceedings pending or, to
      Seller's knowledge, threatened in writing against Seller which are
      reasonably likely to draw into question the validity of this Agreement (or
      any agreement or document executed and delivered by Seller in connection
      herewith) or which, either in any one instance or in the aggregate, are
      reasonably likely to materially impair the ability of Seller to perform
      its duties and obligations under this Agreement (or any agreement or
      document executed and delivered by Seller in connection herewith).

            (ix) Seller's performance of its duties and obligations under this
      Agreement (and each agreement or document executed and delivered by Seller
      in connection herewith) is in the ordinary course of business of Seller
      and Seller's transfer, assignment and conveyance of the Mortgage Loans
      pursuant to this Agreement are not subject to the bulk transfer or similar
      statutory provisions in effect in any applicable jurisdiction. The
      Mortgage Loans do not constitute all or substantially all of Seller's
      assets.

            (x) Seller has not dealt with any Person that may be entitled, by
      reason of any act or omission of Seller, to any commission or compensation
      in connection with the sale of the Mortgage Loans to Depositor hereunder
      except for (A) the reimbursement of expenses as described herein or
      otherwise in connection with the transactions described in Section 2
      hereof and (B) the commissions or compensation owed to the Underwriters or
      the Initial Purchaser.

            (xi) Seller is not in default or breach of any agreement or
      instrument to which Seller is now a party or by which it (or any of its
      properties) is bound which breach or default would materially and
      adversely affect the ability of Seller to perform its obligations under
      this Agreement.

            (xii) The representations and warranties contained in Exhibit A
      hereto, subject to the exceptions to such representations and warranties
      set forth on Schedule V hereto, are true and correct in all material
      respects as of the date hereof with respect to the Mortgage Loans
      identified on Schedule II.

            (b) Seller hereby agrees that it shall be deemed to make, as of the
date of substitution, to and for the benefit of the Trustee as the holder of the
Mortgage Loan to be replaced, with respect to any replacement mortgage loan (a
"Replacement Mortgage Loan") that is substituted for a Mortgage Loan affected by
a Material Defect or a Material Breach, pursuant to Section 7 of this Agreement,
each of the representations and warranties set forth in Exhibit A hereto
(references therein to "Closing Date" being deemed to be references to the "date
of substitution" and references therein to "Cut-off Date" being deemed to be
references to the "most recent due date for the subject Replacement Mortgage
Loan on or before the date of substitution"). From and after the date of
substitution, each Replacement Mortgage Loan, if any, shall be deemed to
constitute a "Mortgage Loan" hereunder for all purposes.

            Section 7. Obligations of Seller. Each of the representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall survive the sale of the Mortgage Loans and shall
continue in full force and effect, notwithstanding any restrictive or qualified
endorsement on the Notes and notwithstanding subsequent termination of this
Agreement or the Pooling and Servicing Agreement. The representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall not be impaired by any review or examination of the
Mortgage Files or other documents evidencing or relating to the Mortgage Loans
or any failure on the part of Depositor to review or examine such documents and
shall inure to the benefit of the initial transferee of the Mortgage Loans from
Depositor including, without limitation, the Trustee for the benefit of the
Holders of the Certificates, notwithstanding (1) any restrictive or qualified
endorsement on any Note, assignment of Mortgage or reassignment of Assignment of
Leases or (2) any termination of this Agreement prior to the Closing, but shall
not inure to the benefit of any subsequent transferee thereafter.

            If Seller receives notice of a breach of any of the representations
or warranties made by Seller with respect to the Mortgage Loans (subject to the
exceptions to such representations and warranties set forth in the Exception
Report), as of the date hereof in Section 6(a)(xii) or as of the Closing Date
pursuant to Section 4(b)(iii) or, in the case of any Replacement Mortgage Loan,
as of the date of substitution pursuant to Section 6(b) (in any such case, a
"Breach"), or receives notice that (a) any document required to be included in
the Mortgage File related to any Mortgage Loan is not in the Trustee's (or its
designee's) possession within the time period required herein or (b) such
document has not been properly executed or is otherwise defective on its face
(clause (a) and clause (b) each, a "Defect" (which term shall include the
"Defects" detailed in the immediately following paragraph) in the related
Mortgage File), and if such Breach or Defect, as the case may be, materially and
adversely affects, or is deemed hereby to materially and adversely affect, the
value of any Mortgage Loan or any successor REO Loan with respect thereto or the
interests of the Holders of any Class of Certificates (in which case such Breach
or Defect shall be a "Material Breach" or a "Material Defect," as applicable),
then Seller shall, upon written request of Depositor, the Trustee, the
applicable Master Servicer or the applicable Special Servicer, not later than 90
days after the receipt by Seller of such written request (subject to the second
succeeding paragraph, the "Initial Resolution Period"): (i) cure such Breach or
Defect in all material respects; (ii) repurchase the affected Mortgage Loan at
the applicable Purchase Price (as defined in the Pooling and Servicing
Agreement); or (iii) substitute, in accordance with the Pooling and Servicing
Agreement, one or more Qualified Substitute Mortgage Loans (as defined in the
Pooling and Servicing Agreement) for such affected Mortgage Loan (provided that
in no event shall any substitution occur later than the second anniversary of
the Closing Date) and pay the applicable Master Servicer for deposit into the
applicable Collection Account any Substitution Shortfall Amount (as defined in
the Pooling and Servicing Agreement) in connection therewith; provided, however,
that if (i) such Material Breach or Material Defect is capable of being cured
but not within the Initial Resolution Period, (ii) such Material Breach or
Material Defect does not cause the related Mortgage Loan not to be a "qualified
mortgage" (within the meaning of Section 860G(a)(3) of the Code), (iii) Seller
has commenced and is diligently proceeding with the cure of such Material Breach
or Material Defect within the Initial Resolution Period and (iv) Seller has
delivered to the Rating Agencies, the applicable Master Servicer, the applicable
Special Servicer and the Trustee an Officer's Certificate that describes the
reasons that the cure was not effected within the Initial Resolution Period and
the actions that it proposes to take to effect the cure and that states that it
anticipates the cure will be effected within the additional 90-day period, then
Seller shall have an additional 90 days to cure such Material Defect or Material
Breach. If any Breach pertains to a representation or warranty that the related
Mortgage Loan Documents or any particular Mortgage Loan Document requires the
related Borrower 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 Initial Resolution Period 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
applicable Special Servicer, the Trustee or the Trust Fund that are the basis of
such Breach and have not been reimbursed by the related Borrower; provided,
however, that in the event any such costs and expenses exceed $10,000, Seller
shall have the option to either repurchase the related Mortgage Loan at the
applicable Purchase Price or pay such costs and expenses. Except as provided in
the proviso to the immediately preceding sentence, Seller shall remit the amount
of such costs and expenses and upon its making such remittance, Seller shall be
deemed to have cured such Breach in all respects. With respect to any repurchase
of a Mortgage Loan hereunder or any substitution of one or more Qualified
Substitute Mortgage Loans for a Mortgage Loan hereunder, (A) no such
substitution may be made in any calendar month after the Determination Date for
such month; (B) scheduled payments of principal and interest due with respect to
the Qualified Substitute Mortgage Loan(s) after the month of substitution, and
scheduled payments of principal and interest due with respect to each Mortgage
Loan being repurchased or replaced after the related Cut-off Date and received
by the applicable Master Servicer or the applicable Special Servicer on behalf
of the Trust on or prior to the related date of repurchase or substitution,
shall be part of the Trust Fund; and (C) scheduled payments of principal and
interest due with respect to such Qualified Substitute Mortgage Loan(s) during
or prior to the month of substitution, and scheduled payments of principal and
interest due with respect to each Mortgage Loan being repurchased or replaced
and received by the applicable Master Servicer or the applicable Special
Servicer on behalf of the Trust after the related date of repurchase or
substitution, shall not be part of the Trust Fund, and Seller (or, if
applicable, any person effecting the related repurchase or substitution in the
place of Seller) shall be entitled to receive such payments promptly following
receipt by the applicable Master Servicer or the applicable Special Servicer, as
applicable, under the Pooling and Servicing Agreement.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a "Material Defect": (a) the absence from the Mortgage File of
the original signed Note, unless the Mortgage File contains a signed lost note
affidavit and indemnity; (b) the absence from the Mortgage File of the original
signed Mortgage, unless there is included in the Mortgage File a certified copy
of the Mortgage as recorded or as sent for recordation, together with a
certificate stating that the original signed Mortgage was sent for recordation,
or a copy of the Mortgage and the related recording information; (c) the absence
from the Mortgage File of the item called for by clause (ix) of the last
sentence of the first paragraph of Section 3 hereof; (d) the absence from the
Mortgage File of any intervening assignments required to create an effective
assignment to the Trustee on behalf of the Trust, unless there is included in
the Mortgage File a certified copy of the intervening assignment as recorded or
as sent for recordation, together with a certificate stating that the original
intervening assignment was sent for recordation, or a copy of the intervening
assignment and the related recording information; or (e) the absence from the
Servicer File of any required original letter of credit, provided that such
Defect may be cured by any substitute letter of credit or cash reserve on behalf
of the related Borrower; or (f) the absence from the Mortgage File of the
original or a copy of any required ground lease. In addition, Seller shall cure
any Defect described in clause (b), (c), (e) or (f) of the immediately preceding
sentence as required in Section 2.02(b) of the Pooling and Servicing Agreement.
Notwithstanding anything herein to the contrary, the failure to include a
document checklist in a Mortgage File shall in no event constitute a Material
Defect.

            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)
shall be deemed a "Material Defect" or "Material Breach," as applicable, and the
Initial Resolution Period for the affected Mortgage Loan shall be 90 days
following the earlier of Seller's receipt of notice pursuant to this Section 7
or its discovery of such Defect or Breach (which period shall not be subject to
extension).

            If Seller does not, as required by this Section 7, correct or cure a
Material Breach or a Material Defect in all material respects within the
applicable Initial Resolution Period (as extended pursuant to this Section 7),
or if such Material Breach or Material Defect is not capable of being so
corrected or cured within such period, then Seller shall repurchase or
substitute for the affected Mortgage Loan as provided in this Section 7. If (i)
any Mortgage Loan is required to be repurchased or substituted for as provided
above, (ii) such Mortgage Loan is a Crossed Mortgage Loan that is a part of a
Mortgage Group (as defined below) and (iii) the applicable Breach or Defect does
not constitute a Breach or Defect, as the case may be, as to any other Crossed
Mortgage Loan in such Mortgage Group (without regard to this paragraph), then
the applicable Breach or Defect, as the case may be, will be deemed to
constitute a Breach or Defect, as the case may be, as to any other Crossed
Mortgage Loan in the Mortgage Group for purposes of the above provisions, and
Seller will be required to repurchase or substitute for such other Crossed
Mortgage Loan(s) in the related Mortgage Group in accordance with the provisions
of this Section 7 unless such other Crossed Mortgage Loans satisfy the Crossed
Mortgage Loan Repurchase Criteria (as defined in the Pooling and Servicing
Agreement) and Seller can satisfy all other criteria for substitution or
repurchase of the affected Mortgage Loan(s) set forth in the Pooling and
Servicing Agreement. In the event that one or more of such other Crossed
Mortgage Loans satisfy the Crossed Mortgage Loan Repurchase Criteria, Seller may
elect either to repurchase or substitute for only the affected Crossed Mortgage
Loan as to which the related Breach or Defect exists or to repurchase or
substitute for all of the Crossed Mortgage Loans in the related Mortgage Group.
Seller shall be responsible for the cost of any Appraisal required to be
obtained by the applicable Master Servicer to determine if the Crossed Mortgage
Loan Repurchase Criteria have been satisfied, so long as the scope and cost of
such Appraisal has been approved by Seller (such approval not to be unreasonably
withheld). For purposes of this paragraph, a "Mortgage Group" is any group of
Mortgage Loans identified as a Mortgage Group on Schedule III to this Agreement.

            Notwithstanding the foregoing, if there is a Material Breach or
Material Defect with respect to one or more Mortgaged Properties (but not all of
the Mortgaged Properties) with respect to a Mortgage Loan, Seller will not be
obligated to repurchase or substitute for the Mortgage Loan if the affected
Mortgaged Property may be released pursuant to the terms of any partial release
provisions in the related Mortgage Loan Documents and the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the Mortgage Loan
Documents and (i) Seller provides an opinion of counsel to the effect that such
partial release would not cause an Adverse REMIC Event (as defined in the
Pooling and Servicing Agreement) to occur, (ii) Seller pays (or causes to be
paid) the applicable release price required under the Mortgage Loan Documents
and, to the extent not reimbursable out of the release price pursuant to the
related Mortgage Loan Documents, any additional amounts necessary to cover all
reasonable out-of-pocket expenses reasonably incurred by the applicable Master
Servicer, the applicable Special Servicer, the Trustee or the Trust Fund in
connection therewith, including any unreimbursed advances and interest thereon
made with respect to the Mortgaged Property that is being released and (iii)
such cure by release of such Mortgaged Property is effected within the time
periods specified for cure of a Material Breach or Material Defect in this
Section 7.

            The Purchase Price or Substitution Shortfall Amount for any
repurchased or substituted Mortgage Loan shall be payable to Depositor or,
subsequent to the assignment of the Mortgage Loans to the Trustee, the Trustee
as its assignee, by wire transfer of immediately available funds to the account
designated by Depositor or the Trustee, as the case may be, and Depositor or the
Trustee, as the case may be, upon receipt of such funds (and, in the case of a
substitution, receipt of the Mortgage File(s) for the related Qualified
Substitute Mortgage Loans(s)), shall promptly release the related Mortgage File
and Servicer File or cause them to be released, to Seller and shall execute and
deliver such instruments of transfer or assignment as shall be necessary to vest
in Seller the legal and beneficial ownership of such Mortgage Loan (including
any property acquired in respect thereof or proceeds of any insurance policy
with respect thereto) and the related Mortgage Loan Documents.

            It is understood and agreed that the obligations of Seller set forth
in this Section 7 constitute the sole remedies available to Depositor and its
successors and assigns against Seller respecting any Breach or Defect affecting
a Mortgage Loan.

            Section 8. Crossed Mortgage Loans. With respect to any Crossed
Mortgage Loan conveyed hereunder, to the extent that Seller repurchases or
substitutes for an affected Crossed Mortgage Loan in the manner prescribed above
while the Trustee continues to hold any related Crossed Mortgage Loans, Seller
and Depositor (on behalf of its successors and assigns) agree to modify upon
such repurchase or substitution, the related Mortgage Loan Documents in a manner
such that such affected Crossed Mortgage Loan repurchased or substituted by
Seller, on the one hand, and any related Crossed Mortgage Loans still held by
the Trustee, on the other, would no longer be cross-defaulted or
cross-collateralized with one another; provided that Seller shall have furnished
the Trustee, at Seller's expense, with an Opinion of Counsel that such
modification shall not cause an Adverse REMIC Event; and provided, further, that
if such Opinion of Counsel cannot be furnished, Seller and Depositor hereby
agree that such repurchase or substitution of only the affected Crossed Mortgage
Loans, notwithstanding anything to the contrary herein, shall not be permitted.
Any reserve or other cash collateral or letters of credit securing the subject
Crossed Mortgage Loans shall be allocated between such Mortgage Loans in
accordance with the Mortgage Loan Documents. All other terms of the Mortgage
Loans shall remain in full force and effect, without any modification thereof.

            Section 9. Rating Agency Fees; Costs and Expenses Associated with a
Defeasance. Seller shall pay all Rating Agency fees associated with an
assumption of a Mortgage Loan to the extent such fees have not been paid by the
related Borrower and such Borrower is not required to pay them under the terms
of the related Mortgage Loan Documents in effect on or before the Closing Date,
the payment of which fees shall constitute the sole remedy of any breach by
Seller of the parenthetical in representation (xxviii)(1) set forth on Exhibit A
hereto. Seller shall pay all reasonable costs and expenses associated with a
defeasance of a Mortgage Loan to the extent such costs and expenses have not
been paid by the related Borrower and such Borrower is not required to pay them
under the terms of the related Mortgage Loan Documents in effect on or before
the Closing Date, the payment of which fees shall constitute the sole remedy of
any breach by Seller of representation (liii)(F) set forth on Exhibit A hereto.

            Section 10. Representations and Warranties of Depositor. Depositor
hereby represents and warrants to Seller as of the date hereof, as follows:

            (a) Depositor is duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with full
corporate power and authority to own its assets and conduct its business as it
is conducted, and is duly qualified as a foreign corporation in good standing in
all jurisdictions in which the ownership or lease of its property or the conduct
of its business requires such qualification (except where the failure to qualify
would not have a materially adverse effect on the consummation of any
transactions contemplated by this Agreement).

            (b) The execution and delivery by Depositor of this Agreement and
the performance of Depositor's obligations hereunder are within the corporate
power of Depositor and have been duly authorized by Depositor and neither the
execution and delivery by Depositor of this Agreement nor the compliance by
Depositor with the provisions hereof, nor the consummation by Depositor of the
transactions contemplated by this Agreement, will (i) conflict with or result in
a breach of, or constitute a default under, the certificate of incorporation or
by-laws of Depositor or, after giving effect to the consents or taking of the
actions contemplated by clause (ii) of this paragraph (b), any of the provisions
of any law, governmental rule, regulation, judgment, decree or order binding on
Depositor or its properties, or any of the provisions of any material indenture
or mortgage or any other material contract or other instrument to which
Depositor is a party or by which it is bound or result in the creation or
imposition of any lien, charge or encumbrance upon any of its properties
pursuant to the terms of any such indenture, mortgage, contract or other
instrument or (ii) require any consent of, notice to, or filing with any person,
entity or governmental body, which has not been obtained or made by Depositor,
except where, in any of the instances contemplated by clause (i) above or this
clause (ii), the failure to do so will not have a material and adverse effect on
the consummation of any transactions contemplated by this Agreement.

            (c) This Agreement has been duly executed and delivered by Depositor
and this Agreement constitutes a legal, valid and binding instrument,
enforceable against Depositor in accordance with its terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium and other laws affecting the rights of creditors generally and to
general principles of equity and the discretion of the court (regardless of
whether enforcement of such remedies is considered in a proceeding in equity or
at law) and, as to rights of indemnification hereunder, subject to limitations
of public policy under applicable securities laws.

            (d) There is no litigation, charge, investigation, action, suit or
proceeding by or before any court, regulatory authority or governmental agency
or body pending or, to the knowledge of Depositor, threatened against Depositor
the outcome of which could be reasonably expected to materially and adversely
affect the consummation of any transactions contemplated by this Agreement.

            Section 11. Survival of Certain Representations, Warranties and
Covenants. The respective representations and warranties set forth in or made
pursuant to this Agreement, and the respective obligations of the parties hereto
under Sections 7 and 13 of this Agreement, will remain in full force and effect,
regardless of any investigation or statement as to the result thereof made by or
on behalf of any party and will survive payment for the various transfers
referred to herein and delivery of the Certificates or termination of this
Agreement.

            Section 12. Transaction Expenses. In connection with the Closing
(and unless otherwise expressly provided herein, including, without limitation,
in Section 13 of this Agreement), Seller shall be responsible for the fees and
expenses of its own counsel, and Depositor and Seller agree to pay the other
transaction expenses incurred in connection with the transactions herein
contemplated as set forth in the Closing Statement (or, if not covered thereby,
shall be paid by the party incurring the subject expense).

            Section 13. Recording Costs and Expenses. Seller agrees to reimburse
the Trustee or its designee all recording and filing fees and expenses incurred
by the Trustee or its designee in connection with the recording or filing of the
Mortgage Loan Documents listed in Section 3 of this Agreement, including
Assignments. In the event Seller elects to engage a third-party contractor to
prepare, complete, file and record Assignments with respect to Mortgage Loans as
provided in Section 3 of this Agreement, Seller shall contract directly with
such contractor and shall be responsible for such contractor's compensation and
reimbursement of recording and filing fees and other reimbursable expenses
pursuant to their agreement.

            Section 14. Notices. All demands, notices and communications
hereunder shall be in writing and effective only upon receipt, and, (a) if sent
to Depositor, will be mailed, delivered or telecopied and confirmed to it at
Credit Suisse First Boston Mortgage Securities Corp., 11 Madison Avenue, 5th
Floor, New York, New York 10010, Attention: Edmund Taylor, Telecopy No.: (212)
743-4756 (with a copy to Casey McCutcheon, Esq., Legal & Compliance Department,
Telecopy No.: (917) 326-8433), or such other address or telecopy number as may
be designated by Depositor to Seller in writing, or (b) if sent to Seller, will
be mailed, delivered or telecopied and confirmed to it at KeyBank National
Association, 911 Main Street, Suite 1500, Kansas City, Missouri 64105,
Attention: Clay M. Sublett, Telecopy No.: (816) 221-8848 (with a copy to Robert
C. Bowes, 127 Public Square, Cleveland, Ohio 44114, Telecopy No.: (216)
689-5681), or such other address or telecopy number as may be designated by
Seller to Depositor in writing.

            Section 15. Examination of Mortgage Files. Upon reasonable notice,
Seller, prior to the Closing Date, will make the Mortgage Files available to
Depositor or its agent for examination during normal business hours at Seller's
offices or such other location as shall otherwise be agreed upon by Depositor
and Seller. The fact that Depositor or its agent has conducted or has failed to
conduct any partial or complete examination of the Mortgage Files shall not
affect the rights of Depositor or the Trustee (for the benefit of the
Certificateholders) to demand cure, repurchase, or other relief as provided
herein.

            Section 16. Successors. This Agreement shall inure to the benefit of
and shall be binding upon Seller and Depositor and their respective successors,
permitted assigns and legal representatives, and nothing expressed in this
Agreement is intended or shall be construed to give any other Person any legal
or equitable right, remedy or claim under or in respect of this Agreement, or
any provisions herein contained, this Agreement and all conditions and
provisions hereof being intended to be and being for the sole and exclusive
benefit of such Persons and for the benefit of no other Person; it being
understood that (a) the indemnities of Seller contained in that certain
Indemnification Agreement dated October 27, 2004, among Seller, Depositor, the
Initial Purchaser and the Underwriters, relating to, among other things,
information regarding the Mortgage Loans in the Prospectus Supplement and the
Offering Circular, subject to all limitations therein contained, shall also be
for the benefit of the officers and directors of Depositor, the Underwriters and
the Initial Purchaser and any person or persons who control Depositor, the
Underwriters and the Initial Purchaser within the meaning of Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended,
and (b) the rights of Depositor pursuant to this Agreement, subject to all
limitations herein contained, including those set forth in Section 7 of this
Agreement, may be assigned to the Trustee, for benefit of the
Certificateholders, as may be required to effect the purposes of the Pooling and
Servicing Agreement and, upon such assignment, the Trustee shall succeed to such
rights of Depositor hereunder; provided that the Trustee shall have no right to
further assign such rights to any other Person. 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.

            Section 17. Governing Law. THIS AGREEMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING
EFFECT TO CHOICE OF LAW PRINCIPLES.

            Section 18. Severability. If any provision of this Agreement shall
be prohibited or invalid under applicable law, this Agreement shall be
ineffective only to such extent, without invalidating the remainder of this
Agreement.

            Section 19. Further Assurances. Depositor and Seller agree to
execute and deliver such instruments and take such actions as the other party
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement.

            Section 20. Counterparts. This Agreement may be executed in
counterparts (and by each of the parties hereto on different counterparts), each
of which when so executed and delivered will be an original, and all of which
together will be deemed to constitute but one and the same instrument.

            Section 21. Treatment as Security Agreement. It is the express
intent of the parties hereto that the conveyance of the Mortgage Loans by Seller
to Depositor as provided in this Agreement be, and be construed as, a sale of
the Mortgage Loans by Seller to Depositor. It is, further, not the intention of
the parties that such conveyance be deemed a pledge of the Mortgage Loans by
Seller to Depositor to secure a debt or other obligation of Seller. However, in
the event that, notwithstanding the intent of the parties, the Mortgage Loans
are held to be property of Seller or if for any reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans:

            (a) this Agreement shall hereby create a security agreement within
the meaning of Articles 8 and 9 of the Uniform Commercial Code in effect in the
applicable state;

            (b) the conveyance provided for in this Agreement shall hereby grant
from Seller to Depositor a security interest in and to all of Seller's right,
title, and interest, whether now owned or hereafter acquired, in and to:

            (i) all accounts, contract rights (including any guarantees),
      general intangibles, chattel paper, instruments, documents, money, deposit
      accounts, certificates of deposit, goods, letters of credit, advices of
      credit and investment property consisting of, arising from or relating to
      any of the property described in the Mortgage Loans, including the related
      Notes, Mortgages and title, hazard and other insurance policies,
      identified on the Mortgage Loan Schedule or that constitute Replacement
      Mortgage Loans, and all distributions with respect thereto payable after
      the Cut-off Date;

            (ii) all accounts, contract rights, general intangibles, chattel
      paper, instruments, documents, money, deposit accounts, certificates of
      deposit, goods, letters of credit, advices of credit and investment
      property arising from or by virtue of the disposition of, or collections
      with respect to, or insurance proceeds payable with respect to, or claims
      against other persons with respect to, all or any part of the collateral
      described in clause (i) above (including any accrued discount realized on
      liquidation of any investment purchased at a discount), in each case,
      payable after the Cut-off Date; and

            (iii) all cash and non-cash proceeds of the collateral described in
      clauses (i) and (ii) above payable after the Cut-off Date;

            (c) the possession by Depositor or its assignee of the Notes and
such other goods, letters of credit, advices of credit, instruments, money,
documents, chattel paper or certificated securities shall be deemed to be
possession by the secured party or possession by a purchaser or a person
designated by him or her, for purposes of perfecting the security interest
pursuant to the Uniform Commercial Code (including, without limitation, Sections
9-306, 9-313 and 9-314 thereof) as in force in the relevant jurisdiction;

            (d) notifications to persons holding such property, and
acknowledgments, receipts, confirmations from persons holding such property,
shall be deemed to be notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents of, or persons
holding for (as applicable), Depositor or its assignee for the purpose of
perfecting such security interest under applicable law; and

            (e) Seller at the direction of Depositor or its assignee, shall, to
the extent consistent with this Agreement, take such actions as may be necessary
to ensure that, if this Agreement were deemed to create a security interest in
the Mortgage Loans and the proceeds thereof, such security interest would be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. In connection
herewith, Depositor and its assignee shall have all of the rights and remedies
of a secured party and creditor under the Uniform Commercial Code as in force in
the relevant jurisdiction and may prepare and file such UCC Financing Statements
as may be necessary or appropriate to accomplish the foregoing.

            Section 22. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation following the Closing
Date in all appropriate public offices for real property records in all the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by Seller at
Seller's expense at the direction of Depositor accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of Depositor.

                                      * * *
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Mortgage Loan Purchase Agreement to be duly executed and delivered as of the
date first above written.

                                    KEYBANK NATIONAL ASSOCIATION,
                                    as Seller

                                    By: /s/ Clay M. Sublett
                                        ---------------------------------------
                                        Name: Clay M. Sublett
                                        Title: Authorized Official

                                    CREDIT SUISSE FIRST BOSTON MORTGAGE
                                    SECURITIES CORP.,
                                    as Depositor

                                    By: /s/ Jeffrey Altabef
                                        ---------------------------------------
                                        Name: Jeffrey Altabef
                                        Title: Vice President
<PAGE>

                                                                      SCHEDULE I

                          SCHEDULE OF TRANSACTION TERMS

            This Schedule of Transaction Terms is appended to and incorporated
by reference in the Mortgage Loan Purchase Agreement (the "Agreement"), dated as
of November 1, 2004, between KeyBank National Association and Credit Suisse
First Boston Mortgage Securities Corp. Capitalized terms used herein without
definition have the meanings given them in or by reference in the Agreement or,
if not defined in the Agreement, in the Pooling and Servicing Agreement.

            "Affiliate" means with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person.

            "Assignments" shall have the meaning given such term in Section 3 of
this Agreement.

            "Borrower" means the borrower under a Mortgage Loan.

            "Breach" shall have the meaning given such term in Section 7 of this
Agreement.

            "CBA Mortgage Loan" means any Mortgage Loan that constitutes a "CBA
A Loan" under the Pooling and Servicing Agreement.

            "Certificate Purchase Agreement" means the Certificate Purchase
Agreement, dated October 27, 2004, between Depositor and the Initial Purchaser.

            "Certificates" means the Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4.

            "Closing" shall have the meaning given that term in Section 2 of
this Agreement.

            "Closing Date" means November 10, 2004.

            "Closing Statement" means the closing statement dated as of the
Closing Date and signed by, among others, the parties to this Agreement.

            "Code" means the Internal Revenue Code of 1986, as amended.

            "Crossed Mortgage Loan" means any Mortgage Loan which is
cross-defaulted and cross-collateralized with any other Mortgage Loan.

            "Cut-off Date" means, individually and collectively, the applicable
Due Dates for the respective Mortgage Loans occurring in November 2004.

            "Defect" shall have the meaning given such term in Section 7 of this
Agreement.

            "Depositor" shall have the meaning given such term in the first
sentence of this Agreement.

            "Environmental Report" means the environmental audit report with
respect to each Mortgaged Property delivered to Seller in connection with the
related Mortgage, if any.

            "Exception Report" means the exceptions with respect to the
representations and warranties made by Seller as to the Mortgage Loans in
Section 6(a)(xii) and under the written certificate described in Section
4(b)(iii) of this Agreement, which exceptions are set forth in Schedule V
attached hereto and made a part hereof.

            "Initial Purchaser" means Credit Suisse First Boston LLC.

            "Initial Resolution Period" shall have the meaning given such term
in Section 7 of this Agreement.

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

            "Material Breach" shall have the meaning given such term in Section
7 of this Agreement.

            "Material Defect" shall have the meaning given such term in Section
7 of this Agreement.

            "Mortgage File" means, collectively, the documents and instruments
pertaining to a Mortgage Loan required to be included in the related Mortgage
File pursuant to Section 3 of this Agreement (subject to the first proviso in
Section 1 of this Agreement).

            "Mortgage Group" shall have the meaning given such term in Section 7
of this Agreement.

            "Mortgage Loan" and "Mortgage Loans" shall have the respective
meanings given such terms in Recital II of this Agreement.

            "Mortgage Loan Documents" means, collectively, the documents and
instruments pertaining to a Mortgage Loan to be included in either the related
Mortgage File or the related Servicer File.

            "Mortgage Loan Originator" means any institution which originated a
Mortgage Loan for a related Borrower.

            "Mortgage Loan Purchase Price" means the amount described in Section
2 of this Agreement.

            "Mortgage Loan Schedule" shall have the meaning given such term in
Recital II of this Agreement.

            "Offering Circular" means the confidential offering circular dated
October 27, 2004, describing certain classes of the Private Certificates.

            "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement creating the Trust Fund and the interests therein, dated as of
November 1, 2004, among Depositor, the Master Servicers, the Special Servicers
and the Trustee, including, without limitation, the exhibits and schedules
annexed thereto.

            "Primary Collateral" means with respect to any Crossed Mortgage
Loan, that portion of the Mortgaged Property designated as directly securing
such Crossed Mortgage Loan and excluding any Mortgaged Property as to which the
related lien may only be foreclosed upon by exercise of the
cross-collateralization provisions of such Crossed Mortgage Loan.

            "Private Certificates" means the Certificates that are not Publicly
Offered Certificates.

            "Prospectus" means the Prospectus dated October 18, 2004, that is a
part of Depositor's registration statement on Form S-3 (File No. 333-116258).

            "Prospectus Supplement" means the Prospectus Supplement, dated
October 27, 2004, relating to the Publicly Offered Certificates.

            "Publicly Offered Certificates" means the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-6, Class A-1-A, Class A-J, Class B and
Class C Certificates.

            "Seller" shall have the meaning given such term in the first
sentence of this Agreement.

            "Servicer File" means, collectively, all documents, records and
copies pertaining to a Mortgage Loan which are required to be included in the
related Servicer File pursuant to Section 3 (subject to the first proviso in
Section 1).

            "Trust Fund" shall have the meaning given such term in Recital II of
this Agreement.

            "Trustee" shall have the meaning given such term in Section 1 of
this Agreement.

            "Underwriters" means Credit Suisse First Boston LLC, KeyBanc Capital
Markets, a division of McDonald Investments Inc. and Goldman, Sachs & Co.

            "Underwriting Agreement" means the Underwriting Agreement, dated
October 27, 2004, between Depositor and the Underwriters.
<PAGE>

                                                                     SCHEDULE II

                             MORTGAGE LOAN SCHEDULE

<PAGE>

<TABLE>
<CAPTION>
      #  Crossed  Sub Pool  Property Name                              Address
<S>      <C>      <C>       <C>                                        <C>
     13                  1  Governor's Marketplace Shopping Center     1415-1654 Governors Square Boulevard
     18                  2  Oak Grove Apartments                       15401 NE 6th Avenue
     20                  1  Marysville Town Center                     251-325 Marysville Mall
     24                  1  Park Place Promenade                       2016-2226 South Mooney Boulevard
     27                  2  Casa Pacifica Apartments                   1060 Terra Nova Boulevard
     29                  1  Paradise Shoppes of Prominence Point       110-130 Prominence Point Parkway
     31                  1  Saucon Valley Square                       3679 Route 378
     40                  2  Blendon Square Townhomes                   5411 Woodvale Court
     42                  2  High Vista Apartments                      5041 Alabama Street
     46                  1  Wal Mart Super Center - Jonesboro          1911 West Parker Road
     47                  1  Kietzke Plaza                              3300 Kietzke Lane
     48                  2  Chandler Point Apartments                  3175 North Price Road
     50                  1  Davis Towne Crossing                       8528 Davis Boulevard
     52                  1  KeyBank Portfolio #2
    52a                  1  KeyBank - Westwood Branch                  15590 West 64th Avenue
    52b                  1  KeyBank - East Smoky Hill Road Branch      20290 East Smoky Hill Road
    52c                  1  KeyBank - Thornton Branch                  3505 East 104th Avenue
    52d                  1  KeyBank - Ketchikan Branch                 2501 Tongass Avenue
     61                  1  Walgreens Federal Way                      28817 Military Road South
     69                  1  ATYS Industrial Building                   375 YKK Drive
     70                  1  American Signature Home                    1924 West International Speedway Boulevard
     72                  1  Sun City RV & Mini Storage                 18900 North 107th Avenue
     81                  1  3 Research Park Office Building            1313 Research Parkway
     87                  1  Tyler Shopping Center                      6731-6771 South Broadway
    127                  1  Dobson & Elliott Plaza                     3016 North Dobson Road

<CAPTION>
                                                                       Zip  Property         Property
      #  City                  County                   State         Code  Type             Sub-type
<S>      <C>                   <C>                      <C>          <C>    <C>              <C>
     13  Tallahassee           Leon                        FL        32301  Retail           Anchored
     18  Miami                 Miami-Dade                  FL        33162  Multifamily      Conventional
     20  Marysville            Snohomish                   WA        98270  Retail           Anchored
     24  Visalia               Tulare                      CA        93277  Retail           Anchored
     27  Pacifica              San Mateo                   CA        94044  Multifamily      Conventional
     29  Canton                Cherokee                    GA        30114  Retail           Anchored
     31  Bethlehem             Northampton                 PA        18015  Retail           Anchored
     40  Blendon Township      Franklin                    OH        43081  Multifamily      Conventional
     42  El Paso               El Paso                     TX        79930  Multifamily      Conventional
     46  Jonesboro             Craighead                   AR        72404  Retail           Anchored
     47  Reno                  Washoe                      NV        89502  Retail           Anchored
     48  Chandler              Maricopa                    AZ        85224  Multifamily      Conventional
     50  North Richland Hills  Tarrant                     TX        76180  Retail           Anchored
     52
    52a  Arvada                Jefferson                   CO        80007  Retail           Anchored
    52b  Centennial            Arapahoe                    CO        80015  Retail           Anchored
    52c  Thornton              Adams                       CO        80233  Retail           Anchored
    52d  Ketchikan             Ketchikan Gateway           AK        99901  Retail           Anchored
     61  Federal Way           King                        WA        98003  Retail           Anchored
     69  Centerville           Hickman                     TN        37033  Industrial       N/A
     70  Daytona Beach         Volusia                     FL        32114  Retail           Anchored
     72  Peoria                Maricopa                    AZ        85373  Self Storage     N/A
     81  College Station       Brazos                      TX        77845  Office           Suburban
     87  Tyler                 Smith                       TX        75703  Retail           Anchored
    127  Chandler              Maricopa                    AZ        85224  Retail           Unanchored

<CAPTION>

                                            Units/
                                          Sq. Ft./                             Percentage of
         Mortgage                           Rooms/     Original      Cut-off         Initial      Maturity         Fee/         Year
      #  Loan Seller                          Pads      Balance  Balance (1)    Pool Balance       Balance    Leasehold        Built
<S>      <C>                              <C>       <C>          <C>                    <C>    <C>            <C>              <C>
     13  KeyBank National Association      244,932  $20,625,000  $20,625,000            1.81%  $20,625,000    Leasehold         2001
     18  KeyBank National Association          369  $17,200,000  $17,165,187            1.51%  $14,382,971          Fee         1972
     20  KeyBank National Association      226,038  $15,250,000  $15,250,000            1.34%  $13,277,381          Fee         1988
     24  KeyBank National Association       83,902  $12,900,000  $12,889,167            1.13%  $10,922,502          Fee         2003
     27  KeyBank National Association          102  $11,000,000  $10,977,543            0.96%   $9,187,046          Fee         1978
     29  KeyBank National Association       78,058   $9,954,300   $9,954,300            0.87%   $9,954,300          Fee         2004
     31  KeyBank National Association       80,695   $8,850,900   $8,850,900            0.78%   $8,850,900          Fee         1999
     40  KeyBank National Association          214   $7,000,000   $6,993,634            0.61%   $5,871,964          Fee         1970
     42  KeyBank National Association          242   $6,500,000   $6,482,214            0.57%   $5,028,871          Fee         1975
     46  KeyBank National Association      149,704   $6,088,500   $6,088,500            0.53%   $6,088,500          Fee         1997
     47  KeyBank National Association      104,117   $6,000,000   $5,991,587            0.53%   $4,568,066          Fee         1977
     48  KeyBank National Association          200   $5,800,000   $5,755,827            0.51%   $4,888,367          Fee         1983
     50  KeyBank National Association       41,389   $5,365,200   $5,365,200            0.47%   $5,365,200          Fee         2003
     52  KeyBank National Association                $5,055,000   $5,042,974            0.44%   $3,887,423
    52a                                      2,796   $1,432,500   $1,429,092                    $1,101,629          Fee         2004
    52b                                      2,744   $1,335,000   $1,331,824                    $1,026,649          Fee         2003
    52c                                      2,777   $1,327,500   $1,324,342                    $1,020,881          Fee         2003
    52d                                      2,613     $960,000     $957,716                      $738,264          Fee         2004
     61  KeyBank National Association       14,238   $4,260,000   $4,252,583            0.37%   $3,635,150          Fee         2004
     69  KeyBank National Association       98,150   $3,692,321   $3,688,160            0.32%   $2,360,784          Fee         1996
     70  KeyBank National Association       52,665   $3,500,000   $3,500,000            0.31%   $3,256,620          Fee         2004
     72  KeyBank National Association       74,700   $3,400,000   $3,390,651            0.30%   $2,622,125          Fee         1985
     81  KeyBank National Association       33,600   $2,850,000   $2,847,850            0.25%   $2,441,227    Leasehold         2003
     87  KeyBank National Association       35,840   $2,650,000   $2,647,745            0.23%   $2,240,445    Leasehold         2004
    127  KeyBank National Association       20,448   $1,500,000   $1,493,598            0.13%   $1,149,679          Fee         1986

<CAPTION>

                                                                                    Maturity/
                          Occupancy        Date of                     Cut-off            ARD
                 Year       Rate at      Occupancy     Appraised      Date LTV       Date LTV      Most Recent
      #     Renovated           U/W           Rate     Value (2)  Ratio (1) (3)  Ratio (2)(3)(4)           NOI

<S>         <C>           <C>            <C>         <C>          <C>            <C>              <C>
     13           N/A            91%     7/26/2004   $33,200,000          62.1%          62.1%    $2,384,136
     18          2002            96%      7/8/2004   $21,500,000          79.8%          66.9%    $1,373,298
     20          2000            99%      7/1/2004   $19,500,000          78.2%          68.1%    $1,327,966
     24           N/A            94%     9/22/2004   $17,000,000          75.8%          64.3%           N/A
     27          2001            99%     7/30/2004   $14,190,000          77.4%          64.7%    $1,054,272
     29           N/A            95%     6/29/2004   $14,700,000          67.7%          67.7%           N/A
     31           N/A           100%      9/1/2004   $14,650,000          60.4%          60.4%    $1,140,367
     40          2004            89%      8/4/2004    $8,800,000          79.5%          66.7%      $521,970
     42           N/A            90%     8/16/2004    $8,500,000          76.3%          59.2%      $688,650
     46           N/A           100%      8/5/2004   $11,250,000          54.1%          54.1%           N/A
     47          2004           100%     8/20/2004    $9,700,000          61.8%          47.1%           N/A
     48          1999            92%     8/31/2004    $8,780,000          65.6%          55.7%      $529,432
     50           N/A            82%     7/28/2004    $8,500,000          63.1%          63.1%           N/A
     52                                               $6,740,000          74.8%          57.7%           N/A
    52a           N/A           100%     8/27/2004    $1,910,000
    52b           N/A           100%     8/27/2004    $1,780,000
    52c           N/A           100%     8/27/2004    $1,770,000
    52d           N/A           100%     8/27/2004    $1,280,000
     61           N/A           100%      9/5/2004    $6,100,000          69.7%          59.6%           N/A
     69           N/A           100%      6/1/2004    $5,900,000          62.5%          40.0%           N/A
     70           N/A           100%     8/24/2004    $5,800,000          60.3%          56.1%           N/A
     72          1990            98%     7/31/2004    $4,900,000          69.2%          53.5%      $465,528
     81           N/A           100%      9/1/2004    $3,850,000          74.0%          63.4%      $138,687
     87           N/A           100%     8/24/2004    $3,650,000          72.5%          61.4%           N/A
    127           N/A           100%     6/22/2004    $2,000,000          74.7%          57.5%      $159,960

<CAPTION>
          Most Recent           U/W           U/W
      #           NCF           NOI       NCF (5)
<S>        <C>           <C>           <C>
     13    $2,384,136    $2,198,001    $1,944,687
     18    $1,149,602    $1,527,859    $1,435,609
     20    $1,230,516    $1,373,112    $1,243,221
     24           N/A    $1,352,580    $1,253,797
     27    $1,042,670      $993,648      $968,148
     29           N/A      $945,051      $892,674
     31    $1,140,367    $1,051,753    $1,017,621
     40      $276,150      $650,458      $588,337
     42      $688,650      $695,412      $616,325
     46           N/A      $764,524      $742,068
     47           N/A      $750,577      $680,376
     48        $4,254      $601,343      $536,143
     50           N/A      $639,625      $595,277
     52           N/A      $477,111      $475,472
    52a
    52b
    52c
    52d
     61           N/A      $412,250      $410,114
     69           N/A      $436,137      $361,044
     70           N/A      $409,436      $369,141
     72      $465,528      $392,829      $381,654
     81      $138,687      $320,133      $287,515
     87           N/A      $288,481      $251,596
    127      $141,918      $180,530      $156,145
<CAPTION>
                                      Contractual                                      U/W
                      Engineering       Recurring      LC & TI  Contractual      Recurring                     Tax &
                 U/W   Reserve at     Replacement   Reserve at    Recurring    Replacement          U/W    Insurance
      #     DSCR (6)  Origination    Reserve/FF&E  Origination        LC&TI   Reserve/FF&E      TI & LC      Escrows
<S>            <C>       <C>              <C>           <C>         <C>            <C>         <C>       <C>
     13        1.82x           $0              $0           $0           $0        $36,740     $216,574         None
     18        1.22x     $223,125         $92,256           $0           $0        $92,250           $0         Both
     20        1.23x           $0         $47,472           $0           $0        $47,955      $81,937         Both
     24        1.36x           $0         $12,180       $1,600      $19,200        $12,585      $86,198         Both
     27        1.29x           $0         $25,500           $0           $0        $25,500           $0         Both
     29        1.71x           $0              $0           $0           $0        $11,709      $40,668         None
     31        2.25x           $0              $0           $0           $0        $10,753      $23,379         None
     40        1.21x           $0         $62,060           $0           $0        $62,121           $0         Both
     42        1.23x     $131,250         $79,087           $0           $0        $79,087           $0         Both
     46        2.40x           $0         $22,456           $0           $0        $22,456           $0         None
     47        1.54x           $0              $0           $0           $0        $15,618      $54,583         Both
     48        1.31x      $76,250         $65,200           $0           $0        $65,200           $0         Both
     50        2.14x           $0          $6,208           $0           $0         $5,609      $38,739         None
     52        1.22x           $0              $0           $0           $0         $1,640           $0         None
    52a
    52b
    52c
    52d
     61        1.31x           $0              $0           $0           $0         $2,136           $0         None
     69        1.25x           $0              $0           $0           $0        $53,173      $21,920         None
     70        1.53x           $0          $7,932           $0           $0         $7,900      $32,395         None
     72        1.41x           $0              $0           $0           $0        $11,175           $0         None
     81        1.35x           $0          $5,040       $2,500      $30,000         $5,040      $27,579         Both
     87        1.33x           $0          $5,376       $2,091      $25,088         $5,376      $31,509          Tax
    127        1.33x           $0              $0           $0           $0         $7,132      $17,253         None
<CAPTION>
                  Initial              Orig              Rem.              Orig              Rem.
            Interest Only            Amort.            Amort.           Term to           Term to          Interest
      #              Term              Term          Term (1)      Maturity (4)  Maturity (1) (4)              Rate
<S>                    <C>    <C>               <C>                        <C>             <C>            <C>
     13                60     Interest Only     Interest Only                60                58             5.185%
     18                 0               360               358               120               118             5.540%
     20                24               360               360               120               120             5.250%
     24                 0               360               359               120               119             5.950%
     27                 0               360               358               120               118             5.500%
     29                60     Interest Only     Interest Only                60                58             5.235%
     31                60     Interest Only     Interest Only                60                59             5.115%
     40                 0               360               359               120               119             5.640%
     42                 0               300               298               120               118             5.980%
     46                60     Interest Only     Interest Only                60                58             5.085%
     47                 0               300               299               120               119             5.510%
     48                 0               360               352               120               112             5.790%
     50                60     Interest Only     Interest Only                60                58             5.185%
     52                 0               324               322               120               118             6.260%
    52a
    52b
    52c
    52d
     61                 0               360               358               120               118             6.220%
     69                 0               310               309               178               177             6.250%
     70                60               360               360               120               119             5.610%
     72                 0               300               298               120               118             6.330%
     81                 0               360               359               120               119             6.350%
     87                 0               360               359               120               119             5.900%
    127                 0               300               297               120               117             6.125%

<CAPTION>
                                                          First
         Interest Calculation          Monthly          Payment        Maturity
      #  (30/360 / Actual/360)         Payment             Date            Date         ARD (7)       Seasoning
<S>      <C>                           <C>            <C>             <C>              <C>                   <C>
     13  30/360                        $89,117        10/1/2004        9/1/2009             N/A               2
     18  Actual/360                    $98,092        10/1/2004        9/1/2034        9/1/2014               2
     20  Actual/360                    $84,211        12/1/2004       11/1/2014             N/A               0
     24  Actual/360                    $76,928        11/1/2004       10/1/2014             N/A               1
     27  Actual/360                    $62,457        10/1/2004        9/1/2014             N/A               2
     29  30/360                        $43,426        10/1/2004        9/1/2009             N/A               2
     31  30/360                        $37,727        11/1/2004       10/1/2009             N/A               1
     40  Actual/360                    $40,362        11/1/2004       10/1/2014             N/A               1
     42  Actual/360                    $41,800        10/1/2004        9/1/2014             N/A               2
     46  30/360                        $25,800        10/1/2004        9/1/2009             N/A               2
     47  Actual/360                    $36,881        11/1/2004       10/1/2014             N/A               1
     48  Actual/360                    $33,995         4/1/2004        3/1/2014             N/A               8
     50  30/360                        $23,182        10/1/2004        9/1/2009             N/A               2
     52  30/360                        $32,368        10/1/2004        9/1/2014             N/A               2
    52a
    52b
    52c
    52d
     61  Actual/360                    $26,146        10/1/2004        9/1/2034        9/1/2014               2
     69  Actual/360                    $24,033        11/1/2004        8/1/2019             N/A               1
     70  Actual/360                    $20,115        11/1/2004       10/1/2034       10/1/2014               1
     72  30/360                        $22,597        10/1/2004        9/1/2014             N/A               2
     81  Actual/360                    $17,734        11/1/2004       10/1/2034       10/1/2014               1
     87  Actual/360                    $15,718        11/1/2004       10/1/2014             N/A               1
    127  30/360                         $9,779         9/1/2004        8/1/2014             N/A               3
<CAPTION>
                                                                                 Original      Original
                                                                   Original         Yield    Prepayment      Original
                                                                    Lockout   Maintenance       Premium          Open
         Prepayment Provision                                        Period        Period        Period        Period     Defeasance
      #  as of Origination (8)                                     (Months)      (Months)      (Months)      (Months)            (9)
<S>      <C>                                                            <C>          <C>            <C>           <C>          <C>
     13  YM1/56_0.0%/4                                                    0            56             0             4            No
     18  Lock/116_0.0%/4                                                116             0             0             4           Yes
     20  Lock/116_0.0%/4                                                116             0             0             4           Yes
     24  Lock/117_0.0%/3                                                117             0             0             3           Yes
     27  Lock/117_0.0%/3                                                117             0             0             3           Yes
     29  YM1/56_0.0%/4                                                    0            56             0             4            No
     31  YM1/56_0.0%/4                                                    0            56             0             4            No
     40  Lock/116_0.0%/4                                                116             0             0             4           Yes
     42  Lock/117_0.0%/3                                                117             0             0             3           Yes
     46  YM1/56_0.0%/4                                                    0            56             0             4            No
     47  YM1/116_0.0%/4                                                   0           116             0             4            No
     48  Lock/116_0.0%/4                                                116             0             0             4           Yes
     50  YM1/56_0.0%/4                                                    0            56             0             4            No
     52  Lock/60_YM1/57_0.0%/3                                           60            57             0             3            No
    52a
    52b
    52c
    52d
     61  Lock/116_0.0%/4                                                116             0             0             4           Yes
     69  Lock/58_YM1/117_0.0%/3                                          58           117             0             3            No
     70  Lock/116_0.0%/4                                                116             0             0             4           Yes
     72  YM1/36_5.0%/24_4.0%/24_3.0%/12_2.0%/12_1.0%/9_0.0%/3             0            36            81             3            No
     81  YM5/11_YM4/12_YM3/12_YM2/12_YM1/69_0.0%/4                        0           116             0             4            No
     87  YM1/116_0.0%/4                                                   0           116             0             4            No
    127  YM1/36_5.0%/36_4.0%/12_3.0%/12_2.0%/12_1.0%/9_0.0%/3             0            36            81             3            No
<CAPTION>
                            Yield   Prepayment                 Servicing
             Lockout  Maintenance      Premium        Yield          and   Utilities
          Expiration   Expiration   Expiration  Maintenance      Trustee   Multifamily Tenant  Multifamily
      #         Date         Date         Date       Spread         Fees   Pays                  Elevators
<S>        <C>          <C>         <C>         <C>            <C>         <C>                 <C>
     13          N/A     6/1/2009          N/A       T-Flat      0.05218%  N/A                         N/A
     18     6/1/2014          N/A          N/A          N/A      0.05218%  Electric                      3
     20     8/1/2014          N/A          N/A          N/A      0.05218%  N/A                         N/A
     24     8/1/2014          N/A          N/A          N/A      0.10218%  N/A                         N/A
     27     7/1/2014          N/A          N/A          N/A      0.08218%  Electric, Gas                 3
     29          N/A     6/1/2009          N/A       T-Flat      0.05218%  N/A                         N/A
     31          N/A     7/1/2009          N/A       T-Flat      0.05218%  N/A                         N/A
     40     7/1/2014          N/A          N/A          N/A      0.05218%  None                          0
     42     7/1/2014          N/A          N/A          N/A      0.05218%  Electric, Water               0
     46          N/A     6/1/2009          N/A       T-Flat      0.05218%  N/A                         N/A
     47          N/A     7/1/2014          N/A       T-Flat      0.05218%  N/A                         N/A
     48    12/1/2013          N/A          N/A          N/A      0.05218%  Electric                      0
     50          N/A     6/1/2009          N/A       T-Flat      0.05218%  N/A                         N/A
     52    10/1/2009     7/1/2014          N/A       T-Flat      0.05218%
    52a                                                                    N/A                         N/A
    52b                                                                    N/A                         N/A
    52c                                                                    N/A                         N/A
    52d                                                                    N/A                         N/A
     61     6/1/2014          N/A          N/A          N/A      0.05218%  N/A                         N/A
     69     9/1/2009     6/1/2019          N/A       T-Flat      0.05218%  N/A                         N/A
     70     7/1/2014          N/A          N/A          N/A      0.05218%  N/A                         N/A
     72          N/A    10/1/2007     7/1/2014       T-Flat      0.05218%  N/A                         N/A
     81          N/A     7/1/2014          N/A       T-Flat      0.10218%  N/A                         N/A
     87          N/A     7/1/2014          N/A       T-Flat      0.05218%  N/A                         N/A
    127          N/A     9/1/2007     6/1/2014       T-Flat      0.05218%  N/A                         N/A

<CAPTION>

             Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject
              Studio       Studio       Studio         1 BR         1 BR         1 BR         2 BR         2 BR         2 BR
      #        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent
<S>          <C>        <C>          <C>            <C>        <C>          <C>            <C>        <C>          <C>
     13          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     18          N/A          N/A          N/A          176         $618         $730          192         $778       $1,550
     20          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     24          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     27          N/A          N/A          N/A          101       $1,209       $1,209            1       $1,543       $1,543
     29          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     31          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     40          N/A          N/A          N/A          N/A          N/A          N/A          214         $657         $733
     42          N/A          N/A          N/A          140         $502         $575           70         $712       $1,200
     46          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     47          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     48          N/A          N/A          N/A           80         $541         $615          108         $639         $730
     50          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     52
    52a          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    52b          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    52c          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    52d          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     61          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     69          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     70          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     72          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     81          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     87          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    127          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A

<CAPTION>

             Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject
                3 BR         3 BR         3 BR         4 BR         4 BR         4 BR         5 BR          5BR         5 BR
      #        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent
<S>          <C>        <C>          <C>            <C>        <C>          <C>            <C>        <C>          <C>
     13          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     18          N/A          N/A          N/A            1       $1,250       $1,250          N/A          N/A          N/A
     20          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     24          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     27          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     29          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     31          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     40          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     42           32         $748         $882          N/A          N/A          N/A          N/A          N/A          N/A
     46          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     47          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     48           12       $1,075         $997          N/A          N/A          N/A          N/A          N/A          N/A
     50          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     52
    52a          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    52b          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    52c          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    52d          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     61          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     69          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     70          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     72          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     81          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
     87          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A
    127          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A

<CAPTION>
         Major                              Major            Major  Major                                 Major            Major
         Tenant #1                      Tenant #1  Tenant #1 Lease  Tenant #2                         Tenant #2  Tenant #2 Lease
      #  Name                             Sq. Ft.  Expiration Date  Name                                Sq. Ft.  Expiration Date
<S>      <C>                            <C>        <C>              <C>                               <C>        <C>
     13  Bed Bath & Beyond                 35,000        1/31/2017  Sports Authority                     34,775        8/31/2008
     18  N/A                                  N/A              N/A  N/A                                     N/A              N/A
     20  Albertsons                        52,497        4/26/2022  Gottschalks                          44,707        7/31/2008
     24  Ross Stores, Inc.                 30,187        1/31/2015  The Dress Barn, Inc.                  8,000       12/31/2009
     27  N/A                                  N/A              N/A  N/A                                     N/A              N/A
     29  Publix                            44,840        3/31/2024  Blockbuster, Inc.                     5,268        1/31/2009
     31  Super Fresh                       47,827       12/31/2018  Starter's Pub                         6,208       12/31/2008
     40  N/A                                  N/A              N/A  N/A                                     N/A              N/A
     42  N/A                                  N/A              N/A  N/A                                     N/A              N/A
     46  Wal-Mart Stores, Inc.            149,704        10/1/2017  N/A                                     N/A              N/A
     47  Sportsmans Warehouse              56,755        8/31/2019  Ashley Furniture Homestore           47,362        6/30/2014
     48  N/A                                  N/A              N/A  N/A                                     N/A              N/A
     50  Lady USA Fitness                   6,000       10/31/2008  Cotton Patch Cafe                     4,400       11/30/2008
     52
    52a  KeyBank                            2,796        8/31/2019  N/A                                     N/A              N/A
    52b  KeyBank                            2,744        8/31/2019  N/A                                     N/A              N/A
    52c  KeyBank                            2,777        8/31/2019  N/A                                     N/A              N/A
    52d  KeyBank                            2,613        8/31/2019  N/A                                     N/A              N/A
     61  Walgreens                         14,238        9/30/2064  N/A                                     N/A              N/A
     69  ATYS US, Inc.                     98,150        2/28/2019  N/A                                     N/A              N/A
     70  American Signature Home           52,665         2/1/2020  N/A                                     N/A              N/A
     72  N/A                                  N/A              N/A  N/A                                     N/A              N/A
     81  Lynntech, Inc.                    19,200        8/31/2013  Shell Oil Company                    14,400        8/31/2009
     87  Dollar Tree                       16,940        6/14/2014  Cato                                  3,900        4/25/2009
    127  Priceless Prime Time               3,820       11/30/2006  Diving Lady of Arizona                2,220        1/31/2005

<CAPTION>
         Major                                       Major            Major
         Tenant #3                               Tenant #3  Tenant #3 Lease
      #  Name                                      Sq. Ft.  Expiration Date
                                                            ---------------
<S>      <C>                                     <C>        <C>
     13  Marshall's                                 30,000        5/31/2011
     18  N/A                                           N/A              N/A
     20  JC Penney                                  29,842        9/30/2011
     24  The Men's Warehouse, Inc.                   4,500        9/30/2014
     27  N/A                                           N/A              N/A
     29  Dos Palomas Inc.                            3,450        4/30/2010
     31  Foxes Hallmark                              5,200        2/28/2009
     40  N/A                                           N/A              N/A
     42  N/A                                           N/A              N/A
     46  N/A                                           N/A              N/A
     47  N/A                                           N/A              N/A
     48  N/A                                           N/A              N/A
     50  Washington Mutual (Ground Lease)            4,000        8/31/2028
     52
    52a  N/A                                           N/A              N/A
    52b  N/A                                           N/A              N/A
    52c  N/A                                           N/A              N/A
    52d  N/A                                           N/A              N/A
     61  N/A                                           N/A              N/A
     69  N/A                                           N/A              N/A
     70  N/A                                           N/A              N/A
     72  N/A                                           N/A              N/A
     81  N/A                                           N/A              N/A
     87  Payless Shoe Source                         2,800        5/20/2009
    127  Phoenix Quest Club                          2,020        4/30/2005
<CAPTION>
               Initial  Initial Other           Contractual    Contractual                        Letter
                 Other  Reserve                       Other  Other Reserve      Letter of      of Credit        Earnout
      #        Reserve  Description                 Reserve    Description         Credit    Description        Reserve
<S>          <C>        <C>                     <C>            <C>              <C>          <C>               <C>
     13             $0  N/A                              $0            N/A             $0            N/A             $0
     18             $0  N/A                              $0            N/A             $0            N/A             $0
     20        $61,733  Estoppel Escrow                  $0            N/A             $0            N/A             $0
     24             $0  N/A                              $0            N/A             $0            N/A       $300,000
     27             $0  N/A                              $0            N/A             $0            N/A             $0
     29             $0  N/A                              $0            N/A             $0            N/A             $0
     31             $0  N/A                              $0            N/A             $0            N/A             $0
     40             $0  N/A                              $0            N/A             $0            N/A             $0
     42             $0  N/A                              $0            N/A             $0            N/A             $0
     46             $0  N/A                              $0            N/A             $0            N/A             $0
     47        $20,000  Estoppel Escrow                  $0            N/A             $0            N/A             $0
     48             $0  N/A                              $0            N/A             $0            N/A             $0
     50       $129,672  Title Company Escrow             $0            N/A             $0            N/A             $0
     52             $0  N/A                              $0            N/A             $0            N/A             $0
    52a
    52b
    52c
    52d
     61        $20,000  Punchlist Reserve                $0            N/A             $0            N/A             $0
     69             $0  N/A                              $0            N/A             $0            N/A             $0
     70             $0  N/A                              $0            N/A             $0            N/A             $0
     72             $0  N/A                              $0            N/A             $0            N/A             $0
     81       $267,300  Shell Oil Escrow                 $0            N/A             $0            N/A             $0
     87             $0  N/A                              $0            N/A             $0            N/A             $0
    127             $0  N/A                              $0            N/A             $0            N/A             $0

<CAPTION>
         Earnout
         Reserve
      #  Description
<S>      <C>
     13  N/A
     18  N/A
     20  N/A
     24  Release upon: i) annualized net rental revenue for preceding 3 months is >= $1,428,012, ii) occupancy <= 92.5%,
         iii) tenants open for business and paying rent
     27  N/A
     29  N/A
     31  N/A
     40  N/A
     42  N/A
     46  N/A
     47  N/A
     48  N/A
     50  N/A
     52  N/A
    52a
    52b
    52c
    52d
     61  N/A
     69  N/A
     70  N/A
     72  N/A
     81  N/A
     87  N/A
    127  N/A
<CAPTION>

              Additional       Additional
              Collateral       Collateral
      #           Amount       Event Date
<S>           <C>              <C>
     13              N/A              N/A
     18              N/A              N/A
     20              N/A              N/A
     24         $300,000        3/23/2006
     27              N/A              N/A
     29              N/A              N/A
     31              N/A              N/A
     40              N/A              N/A
     42              N/A              N/A
     46              N/A              N/A
     47              N/A              N/A
     48              N/A              N/A
     50              N/A              N/A
     52              N/A              N/A
    52a
    52b
    52c
    52d
     61              N/A              N/A
     69              N/A              N/A
     70              N/A              N/A
     72              N/A              N/A
     81              N/A              N/A
     87              N/A              N/A
    127              N/A              N/A

<CAPTION>
         Additional
         Collateral
      #  Description
<S>      <C>
     13  N/A
     18  N/A
     20  N/A
     24  Release upon: i) annualized net rental revenue for preceding 3 months is >= $1,428,012,
         ii) occupancy <= 92.5%, iii) tenants open for business and paying rent
     27  N/A
     29  N/A
     31  N/A
     40  N/A
     42  N/A
     46  N/A
     47  N/A
     48  N/A
     50  N/A
     52  N/A
    52a
    52b
    52c
    52d
     61  N/A
     69  N/A
     70  N/A
     72  N/A
     81  N/A
     87  N/A
    127  N/A
<CAPTION>
                                                                                                             Recurring
         Existing           Description                                                           Initial  Renovation/      Initial
         Secured Secondary  of Existing                                         Description   Replacement      Leasing  Debt Service
      #  Financing          Secured Secondary Financing                          of Lockbox       Reserve      Reserve      Reserve
<S>      <C>                <C>                                                 <C>           <C>           <C>         <C>
     13  N/A                N/A                                                         N/A            $0           $0           $0
     18  N/A                N/A                                                   Springing        $7,688           $0           $0
     20  N/A                N/A                                                         N/A        $3,956           $0           $0
     24  N/A                N/A                                                         N/A        $1,015           $0           $0
     27  N/A                N/A                                                         N/A        $2,125           $0           $0
     29  N/A                N/A                                                         N/A            $0           $0           $0
     31  N/A                N/A                                                         N/A            $0           $0           $0
     40  N/A                N/A                                                         N/A        $5,172           $0           $0
     42           $250,000  Secured Note - CBA-Mezzanine Capital Finance, LLC          Hard        $6,591           $0           $0
     46  N/A                N/A                                                         N/A            $0           $0           $0
     47  N/A                N/A                                                         N/A            $0           $0           $0
     48  N/A                N/A                                                         N/A        $5,433           $0           $0
     50  N/A                N/A                                                         N/A            $0           $0           $0
     52  N/A                N/A                                                         N/A            $0           $0           $0
    52a
    52b
    52c
    52d
     61  N/A                N/A                                                        Hard            $0           $0           $0
     69  N/A                N/A                                                         N/A            $0           $0           $0
     70  N/A                N/A                                                        Hard          $661           $0           $0
     72  N/A                N/A                                                         N/A            $0           $0           $0
     81  N/A                N/A                                                   Springing          $420           $0           $0
     87  N/A                N/A                                                         N/A          $448           $0           $0
    127  N/A                N/A                                                         N/A            $0           $0           $0

</TABLE>

1     Assumes a Cut-off Date in November 2004.

2     At maturity with respect to Balloon Loans or at the ARD in the case of ARD
      Loans. There can be no assurance that the value of any particular
      Mortgaged Property will not have declined from the original appraisal
      value.

3     In the case of cross-collateralized and cross-defaulted Underlying
      Mortgage Loans, the combined LTV is presented for each and every related
      Underlying Mortgage Loan.

4     In the case of the ARD Loans, the anticipated repayment date is assumed to
      be the maturity date for the purposes of the indicated column.

5     U/W NCF reflects the Net Cash Flow after U/W Replacement Reserves, U/W
      LC's and TI's and U/W FF&E. With respect to the Residential Cooperative
      Loans, U/W Replacement Reserves/FF&E are captured in U/W Expenses;
      however, we show them for presentational purposes only.

6     U/W DSCR is based on the amount of the monthly payments presented. In the
      case of cross-collateralized and cross-defaulted Underlying Mortgage Loans
      the combined U/W DSCR is presented for each and every related Underlying
      Mortgage Loan.

7     Anticipated Repayment Date.

8     Prepayment Provision as of Origination:
      Lock/(x) = Lockout or Defeasance for (x) payments
      YMA/(y) = Greater of Yield Maintenance Premium and A% Prepayment for (y)
      payments
      A%/(y) = A% Prepayment for (y) payments
      0.0%/(x) = Prepayable at par for (x) payments

9     "Yes" means that defeasance is permitted notwithstanding the Lockout
      Period.
<PAGE>

                                                                    SCHEDULE III

                   MORTGAGE LOANS CONSTITUTING MORTGAGE GROUPS

                                      None

<PAGE>

                                                                     SCHEDULE IV

                         MORTGAGE LOANS WITH LOST NOTES

                                      None

<PAGE>

                                                                      SCHEDULE V

                             EXCEPTIONS TO SELLER'S
                         REPRESENTATIONS AND WARRANTIES

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

Exception (x):
-------------

      With respect to Loan No. 10024791/High Vista Apartments, the related
Mortgage Loan is the first priority "A Loan" of an A/B structured loan
transaction. The corresponding subordinate "B Loan" is owned by CBA-Mezzanine
Capital Finance, LLC (or an Affiliate thereof) and is not included in the sale
by the Seller to the Purchaser. The related Mortgage secures both the Mortgage
Loan (with a first priority lien) and the corresponding "B Loan" (with a
subordinate lien thereto).

Exception (xiii):
----------------

      With respect to Loan No. 10024791/High Vista Apartments, the Mortgage Loan
is the first priority "A Loan" of an A/B structured loan transaction. The
corresponding subordinate "B Loan" is owned by CBA-Mezzanine Capital Finance,
LLC (or an Affiliate thereof) and is not included in the sale by the Seller to
the Purchaser. The Mortgage and title insurance policy are each in the amount of
the sum of the principal balances of the Mortgage Loan and the corresponding
subordinate "B Loan".

Exception (xx):
--------------

      Correspondent fees are payable with respect to each of the following
Mortgage Loans:

      Loan No. 10021589 / Park Place Promenade

      Loan No. 10023657 / Three Research Park Office Building

      Loan No. 10023802 / Casa Pacifica Apartments

Exception (xxiii):
-----------------

      With respect to each of the following Mortgage Loans, the insurer that
issued the fire and extended perils insurance policy met the requirements of the
Pooling and Servicing Agreement regarding an S&P rating, but such carrier was
not rated by Moody's:

      Loan No. 10023657 / Three Research Park Office Building

      Loan No. 10023802 / Casa Pacifica Apartments

      Loan No. 10024017 / Kietzke Plaza

      Loan No. 10024665 / Sun City RV & Mini Storage

      Loan No. 10024887 / Marysville Town Center

      Loan No. 10024913 / Oak Grove Apartments

      With respect to each of the following Mortgage Loans, the insurer that
issued the fire and extended perils insurance policy was not rated by either S&P
or Moody's:

      Loan No. 10023449 / Chandler Point Apartments

      Loan No. 10024266 / Blendon Square Townhomes

      Loan No. 10024791 / High Vista Apartments

      Loan No. 10024931 / Tyler Shopping Center

      With respect to Loan No. 10024981/American Signature Home, the insurer
that issued the fire and extended perils insurance coverage did not meet the
requirements of the Pooling Servicing Agreement regarding the S&P rating and
such carrier was not rated by Moody's. Additionally, the requirement that
business interruption insurance be obtained was waived because the related
borrower's lease with its sole tenant does not permit abatement following a
casualty.

      With respect to Loan No. 10024905/Walgreens Federal Way, the sole tenant,
Walgreens Co., self insures for the required coverages. The requirement that
business interruption insurance be obtained was waived because the related
borrower's lease with Walgreens Co. does not permit abatement of rent following
a casualty.

      With respect to Loan No. 10023800/ATYS Industrial Building, there is not
an insurance policy in place with respect to acts of terrorism.

      With respect to Loan Nos. 10024995/Paradise Shoppes of Prominence Point,
10024997/Davis Towne Crossing, 10024998/Governor's Marketplace Shopping Center,
10024991/Wal-Mart Super Center - Jonesboro and 10025000/Saucon Valley Square,
the related Mortgage Loan documents provide that the related borrower is
required to maintain insurance coverage for acts of terrorism if such coverage
is commercially reasonable for properties similar to the related Mortgaged
Property; provided, however, that the related borrower will not be required to
maintain such terrorism coverage if (i) borrower confirms in writing that it
will protect and hold the mortgagee harmless from losses associated with
terrorism risks by, among other things, depositing with the mortgagee sums
sufficient to pay all uninsured costs related to a restoration following any act
of terrorism, or prepaying the related Mortgage Loan in accordance with the
provisions of the related Mortgage Loan documents (including payment of
applicable prepayment consideration), and (ii) the indemnitor for the related
Mortgage Loan executes a guaranty pursuant to which such indemnitor guarantees
payment of all losses associated with terrorism risks and such indemnitor
maintains a specified net worth and a specified loan to value ratio for all
properties in which such entity has a direct or indirect ownership interest.

Exception (xxxi):
----------------

      (J) With respect to Loan No. 10024931/Tyler Shopping Center, if the
related borrower/lessee terminates the ground lease following a casualty (which
the borrower/lessee cannot do without the prior consent of the holder of the
related Mortgage Loan), at lessor's request borrower/lessee must first use
insurance proceeds to pay for removal of remaining structures and debris before
proceeds are applied to payment of the outstanding principal balance of the
Mortgage Loan. The related Mortgage Loan Documents include a non-recourse carve
out for borrower's failure to pay for the removal of structures and debris
following such a casualty.

Exception (xxxvi):
-----------------

      With respect to Loan No. 10024791/High Vista Apartments, the related
Mortgage Loan is the "A Loan" of an A/B structured loan transaction. The
corresponding "B Loan" is owned by CBA-Mezzanine Capital Finance, LLC (or an
Affiliate thereof) and is not included in the sale by the Seller to the
Purchaser. The related Mortgage secures both the Mortgage Loan and the "B Loan".

Exception (xxxviii):
-------------------

      With respect to Loan No. 10023802/Casa Pacifica Apartments, the related
borrower may incur additional debt secured by the related mortgaged real
property on a subordinate basis upon the written approval of the holder of the
related mortgage and the satisfaction of various specified conditions, including
specified debt-service-coverage and loan-to-value ratios, execution of an
intercreditor and subordination agreement by an institutional lender, execution
of a lockbox agreement and, if required, receipt of rating agency confirmation.

      With respect to Loan No. 10024913/Oak Grove Apartments, the partners of a
related borrower may pledge their respective ownership interests in the
borrower, upon the prior written consent of the holder of the related mortgage
and the satisfaction of various specified conditions, including specified debt
service coverage and loan-to-value ratios, execution of an intercreditor and
subordination agreement by an institutional mezzanine lender, establishment of a
lockbox arrangement and receipt of rating agency confirmation if required.

Exception (xxxix):
-----------------

      With respect to Loan Nos. 10023800/ATYS Industrial Building,
10024187/Dobson & Elliott Plaza, 10024645/Black Elk and 10024665/Sun City RV &
Mini Storage, the Mortgage Loan Documents do not include an express covenant by
the borrower that it shall remain in material compliance with all material
licenses, permits and other legal requirements necessary and required to conduct
its business, but the Mortgage Loan Documents do include a covenant by the
borrower that it will comply with all laws, ordinances and regulations governing
the use of the Mortgaged Property.

Exception (xlvii):
-----------------

      With respect to Loan No. 10024645/Black Elk which is secured by four
Mortgaged Properties, the related borrower may, after the fifth loan year,
obtain the release of any of the four related Mortgaged Properties if certain
conditions are satisfied including prepayment of 120% of the portion of the
then-outstanding principal balance of the Mortgage Loan that is attributable to
the Mortgaged Property being released, calculated as stipulated in the related
Mortgage Loan Documents, and payment of the applicable prepayment consideration
with respect to such release price.
<PAGE>

                                    EXHIBIT A

                         REPRESENTATIONS AND WARRANTIES
                          REGARDING THE MORTGAGE LOANS

            For purposes of these representations and warranties, the phrase "to
the knowledge of Seller" or "to Seller's knowledge" shall mean, except where
otherwise expressly set forth below, the actual state of knowledge of Seller or
any servicer acting on its behalf regarding the matters referred to, in each
case without having conducted any independent inquiry or due diligence with
respect to such matters and without any actual or implied obligation to make
such inquiry or perform such due diligence, other than making such inquiry or
performing such due diligence as would be customarily performed by prudent
commercial or multifamily mortgage lenders or servicers (as the case may be)
with respect to similar mortgage loans or mortgaged properties. 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 knowledge of Seller. Wherever there is a
reference to receipt by, or possession of, Seller of any information or
documents, or to any action taken by Seller or not taken by Seller, such
reference shall include the receipt or possession of such information or
documents by, or the taking of such action or the not taking of such action by,
either Seller or any servicer acting on its behalf.

            Seller hereby represents and warrants, subject to the exceptions set
forth in the Exception Report annexed to this Agreement as Schedule V, with
respect to the Mortgage Loans that as of the date hereinbelow specified or, if
no such date is specified, as of the date of this Agreement:

            (i) Immediately prior to the sale, transfer and assignment to
      Depositor, no Note or Mortgage was subject to any assignment (other than
      assignments which show a complete chain of assignment to Seller),
      participation or pledge, and Seller had good and marketable title to, and
      was the sole owner of, the related Mortgage Loan;

            (ii) Each Mortgage Loan was either:

            (A)   originated by a savings and loan association, savings bank,
                  commercial bank, credit union, or insurance company, which is
                  supervised and examined by a Federal or State authority, or by
                  a mortgagee approved by the Secretary of Housing and Urban
                  Development pursuant to Sections 203 and 211 of the National
                  Housing Act (any of the foregoing, including Seller, a
                  "Qualified Originator"); or

            (B)   if originated by a person which is not a Qualified Originator
                  (any such person, a "Non-Qualified Originator"), then:

                  1.    such Mortgage Loan was underwritten in accordance with
                        standards established by a Qualified Originator, using
                        application forms and related credit documents approved
                        by the Qualified Originator;

                  2.    the Qualified Originator approved each application and
                        related credit documents before a commitment by the
                        Non-Qualified Originator was issued, and no such
                        commitment was issued until the Qualified Originator
                        agreed to fund such Mortgage Loan;

                  3.    the Mortgage Loan was originated by the Non-Qualified
                        Originator pursuant to an ongoing, standing relationship
                        with the Qualified Originator; and

                  4.    the closing documents for the Mortgage Loan were
                        prepared on forms approved by the Qualified Originator,
                        and, pursuant to the Non-Qualified Originator's ongoing,
                        standing relationship with the Qualified Originator,
                        either:

                        (x)   such closing documents reflect the Qualified
                              Originator as the original mortgagee, and such
                              Mortgage Loan was actually funded by the Qualified
                              Originator at the closing thereof;

                        (y)   such closing documents reflect the Non-Qualified
                              Originator as the original mortgagee, but include
                              assignment documents executed by the Non-Qualified
                              Originator in favor of the Qualified Originator at
                              the time of the closing of the Mortgage Loan,
                              reflecting the Qualified Originator as the
                              successor and assign to the Non-Qualified
                              Originator, and the Mortgage Loan was funded
                              initially by the Non-Qualified Originator at the
                              closing thereof and then acquired by the Qualified
                              Originator from such Non-Qualified Originator; or

                        (z)   such closing documents reflect the Non-Qualified
                              Originator as the original mortgagee, but include
                              assignment documents executed by the Non-Qualified
                              Originator in favor of the Qualified Originator at
                              the time of the closing of the Mortgage Loan,
                              reflecting the Qualified Originator as the
                              successor and assign to the Non-Qualified
                              Originator, and the Mortgage Loan was funded
                              initially by the Qualified Originator at the
                              closing thereof and then acquired by the Qualified
                              Originator from such Non-Qualified Originator.

            (iii) Seller has full right and authority to sell, assign and
      transfer such Mortgage Loan and the assignment to Depositor constitutes a
      legal, valid and binding assignment of such Mortgage Loan;

            (iv) Seller is transferring such Mortgage Loan free and clear of any
      and all liens, pledges, charges or any other interests or security
      interests of any nature encumbering such Mortgage Loan, except for
      interests in servicing rights created or granted under the Pooling and
      Servicing Agreement, subservicing agreements and/or servicing rights
      purchase agreements being executed and delivered in connection herewith;

            (v) To Seller's knowledge, based on the related borrower's
      representations and covenants in the related mortgage loan documents and
      such other due diligence as a reasonably prudent commercial mortgage
      lender would deem appropriate, the borrower, lessee and/or operator was in
      possession of all licenses, permits, and authorizations then required for
      use of the Mortgaged Property which were valid and in full force and
      effect as of the origination date and, to Seller's actual knowledge, such
      licenses, permits and authorizations are still valid and in full force and
      effect;

            (vi) Each related Note, Mortgage, Assignment of Leases (if any) and
      other agreement executed by or for the benefit of the related borrower,
      any guarantor or their successors or assigns in connection with such
      Mortgage Loan is the legal, valid and binding obligation of the related
      borrower, enforceable in accordance with its terms, except as such
      enforcement may be limited by bankruptcy, insolvency, reorganization,
      moratorium or other laws affecting the enforcement of creditors' rights or
      by general principles of equity (regardless of whether such enforceability
      is considered in a proceeding in equity or at law); and there is no right
      of offset, rescission, abatement or diminution or valid defense or
      counterclaim available to the related borrower with respect to such Note,
      Mortgage, Assignment of Leases and other agreements, except as the
      enforcement thereof may be limited by bankruptcy, insolvency,
      reorganization, moratorium or other laws affecting the enforcement of
      creditors' rights or by general principles of equity (regardless of
      whether such enforceability is considered in a proceeding in equity or at
      law);

            (vii) The Mortgage File contains an Assignment of Leases, either as
      a separate instrument or incorporated into the related Mortgage. Each
      related Assignment of Leases creates a valid first priority collateral
      assignment of, or a valid first priority lien or security interest in,
      certain rights under the related lease or leases, subject only to a
      license granted to the related borrower to exercise certain rights and to
      perform certain obligations of the lessor under such lease or leases,
      including the right to operate the related leased property, except as the
      enforcement thereof may be limited by bankruptcy, insolvency,
      reorganization, moratorium or other laws affecting the enforcement of
      creditors' rights or by general principles of equity (regardless of
      whether such enforceability is considered in a proceeding in equity or at
      law); no person other than the related borrower owns any interest in any
      payments due under such lease or leases that is superior to or of equal
      priority with the lender's interest therein;

            (viii) Each related assignment of Mortgage from Seller to the
      Trustee and related assignment of the Assignment of Leases, if the
      Assignment of Leases is a separate document from the Mortgage, is 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 Seller), and such assignments and any assignment of any other agreement
      executed by or for the benefit of the related borrower, any guarantor or
      their successors or assigns in connection with such Mortgage Loan from
      Seller to the Trustee constitutes the legal, valid and binding assignment
      from Seller to the Trustee, except as the enforcement thereof may be
      limited by bankruptcy, insolvency, reorganization, liquidation,
      receivership, moratorium or other laws relating to or affecting the
      enforcement of creditors' rights or by general principles of equity
      (regardless of whether such enforceability is considered in a proceeding
      in equity or at law);

            (ix) Since origination (A) except as set forth in the related
      Mortgage File, such Mortgage Loan has not been modified, altered,
      satisfied, canceled, subordinated or rescinded in whole or in part and (B)
      each related Mortgaged Property has not been released, in whole or in
      part, from the lien of the related Mortgage in any manner which materially
      interferes with the security intended to be provided by such Mortgage;

            (x) Each related Mortgage is a valid and enforceable first lien on
      the related Mortgaged Property (subject to Permitted Encumbrances (as
      defined below)), except as the enforcement thereof may be limited by
      bankruptcy, insolvency, reorganization, moratorium or other laws affecting
      the enforcement of creditors' rights or by general principles of equity
      (regardless of whether such enforceability is considered in a proceeding
      in equity or at law), and except that, in the case of each of the CBA
      Mortgage Loans, the related Mortgage encumbering the related Mortgaged
      Property also secures another mortgage loan; and such Mortgaged Property
      is free and clear of any mechanics' and materialmen's liens which are
      prior to or equal with the lien of the related Mortgage, except those
      which are insured against by a lender's title insurance policy (as
      described below). A UCC Financing Statement has been filed and/or recorded
      (or sent for filing or recording) in all places necessary to perfect a
      valid security interest in the personal property necessary to operate the
      Mortgaged Property as currently operated; and such security interest is a
      first priority security interest, subject to any prior purchase money
      security interest in such personal property, any personal property leases
      applicable to such personal property and any other security interest in
      such personal property which do not, individually or in the aggregate,
      materially interfere with the security intended to be provided for such
      Mortgage Loan. Any security agreement, chattel mortgage or equivalent
      document related to and delivered in connection with the Mortgage Loan
      establishes and creates a valid and enforceable lien on the property
      described therein, except as such enforcement may be limited by
      bankruptcy, insolvency, reorganization, moratorium or other laws affecting
      the enforcement of creditors' rights or by general principles of equity
      (regardless of whether such enforceability is considered in a proceeding
      in equity or at law). In the case of any Mortgage Loan secured by a hotel,
      the related loan documents contain such provisions as are necessary and
      UCC Financing Statements have been filed as necessary, in each case, to
      perfect a valid first priority security interest in the related operating
      revenues with respect to such 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
      filing of UCC Financing Statements are required in order to effect such
      perfection;

            (xi) Seller has not taken any action that would cause the
      representations and warranties made by the related borrower in the related
      Mortgage Loan Documents not to be true;

            (xii) Seller has no knowledge that the material representations and
      warranties made by the related borrower in the related Mortgage Loan
      Documents are not true in any material respect;

            (xiii) The lien of each related Mortgage is a first priority lien on
      the fee or leasehold interest of the related borrower in the principal
      amount of such Mortgage Loan or allocated loan amount of the portions of
      the Mortgaged Property covered thereby (as set forth in the related
      Mortgage) after all advances of principal and is insured by an ALTA
      lender's title insurance policy (except that if such policy is yet to be
      issued, such insurance may be evidenced by a "marked up" pro forma policy
      or title commitment in either case marked as binding and countersigned by
      the title company or its authorized agent, either on its face or by an
      acknowledged closing instruction or escrow letter), or its equivalent as
      adopted in the applicable jurisdiction, insuring the named mortgagee and
      its successors and assigns (as sole insured) as to such lien, subject only
      to (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, none of which, individually or in the aggregate,
      materially interferes with the current use of the Mortgaged Property or
      the security intended to be provided by such Mortgage or with the
      borrower's ability to pay its obligations when they become due or the
      value of the Mortgaged Property, (C) the exceptions (general and specific)
      and exclusions set forth in such policy, none of which, individually or in
      the aggregate, materially interferes with the current general use of the
      Mortgaged Property or materially interferes with the security intended to
      be provided by such Mortgage or with the related borrower's ability to pay
      its obligations when they become due or the value of the Mortgaged
      Property, (D) the rights of tenants, as tenants only, under leases,
      including subleases, pertaining to the related Mortgaged Property, (E) if
      the related Mortgage Loan is cross-collateralized with any other Mortgage
      Loan, the lien of the mortgage instrument for that other Mortgage Loan and
      (F) if the related Mortgaged Property is a unit in a condominium, the
      related condominium declaration (items (A), (B), (C), (D), (E) and (F)
      collectively, "Permitted Encumbrances"), and except that, in the case of
      each of the CBA Mortgage Loans, the related Mortgage encumbering the
      related Mortgaged Property also secures another mortgage loan; and with
      respect to each Mortgage Loan, such Permitted Encumbrances do not,
      individually or in the aggregate, materially interfere with the security
      intended to be provided by the related Mortgage, the current principal use
      of the related Mortgaged Property or the current ability of the related
      Mortgaged Property to generate income sufficient to service such Mortgage
      Loan; the premium for such policy was paid in full; such policy (or if it
      is yet to be issued, the coverage to be afforded thereby) is issued by a
      title insurance company licensed to issue policies in the state in which
      the related Mortgaged Property is located (unless such state is Iowa) and
      is assignable (with the related Mortgage Loan) to Depositor and the
      Trustee without the consent of or any notification to the insurer, and is
      in full force and effect upon the consummation of the transactions
      contemplated by this Agreement; no claims have been made under such policy
      and Seller has not undertaken any action or omitted to take any action,
      and has no knowledge of any such act or omission, which would impair or
      diminish the coverage of such policy;

            (xiv) The proceeds of such Mortgage Loan have been fully disbursed
      and there is no requirement for future advances thereunder, and no future
      advances have been made which are not reflected in the related Mortgage
      File;

            (xv) Except as set forth in a property inspection report or
      engineering report prepared in connection with the origination of the
      Mortgage Loan, as of the later of the date of origination of such Mortgage
      Loan or the most recent inspection of the related Mortgaged Property by
      Seller, as applicable, and to the knowledge of Seller as of the date
      hereof, each related Mortgaged Property is free of any material damage
      that would affect materially and adversely the use or value of such
      Mortgaged Property as security for the Mortgage Loan (normal wear and tear
      excepted). If any of the inspection or engineering reports referred to
      above in this paragraph (xv) revealed any immediate repair items, then one
      of the following is true: (A) the repairs and/or maintenance necessary to
      correct such condition have been completed in all material respects; (B)
      an escrow of funds is required or a letter of credit was obtained in an
      amount reasonably estimated to be sufficient to complete the repairs
      and/or maintenance necessary to correct such condition; or (C) the
      reasonable estimation at the time of origination of the Mortgage Loan of
      the cost to complete the repairs and/or maintenance necessary to correct
      such condition represented no more than the greater of (1) $50,000 and (2)
      2% of the value of the related Mortgaged Property as reflected in an
      appraisal conducted in connection with the origination of the subject
      Mortgage Loan; as of the closing date for each Mortgage Loan and, to
      Seller's knowledge, as of the date hereof, there is no proceeding pending
      for the total or partial condemnation of such Mortgaged Property that
      would have a material adverse effect on the use or value of the Mortgaged
      Property;

            (xvi) Seller has inspected or caused to be inspected each related
      Mortgaged Property within the past twelve months, or the originator of the
      Mortgage Loan inspected or caused to be inspected each related Mortgaged
      Property within three months of origination of the Mortgage Loan;

            (xvii) No Mortgage Loan has a shared appreciation feature, any other
      contingent interest feature or a negative amortization feature other than
      the ARD Loans which may have negative amortization from and after the
      related Anticipated Repayment Date;

            (xviii) Each Mortgage Loan is a whole loan, and neither the Mortgage
      Loan nor the related Mortgage Loan Documents create or grant an equity
      participation to the lender or any other party;

            (xix) The Mortgage Rate (exclusive of any default interest, late
      charges, or prepayment premiums) of such Mortgage Loan complied as of the
      date of origination with, or was exempt from, applicable state or federal
      laws, regulations and other requirements pertaining to usury. Except to
      the extent any noncompliance did not materially and adversely affect the
      value of the related Mortgaged Property, the security provided by the
      Mortgage or the related borrower's operations at the related Mortgaged
      Property, any and all other requirements of any federal, state or local
      laws, including, without limitation, truth-in-lending, real estate
      settlement procedures, equal credit opportunity or disclosure laws,
      applicable to such Mortgage Loan have been complied with as of the date of
      origination of such Mortgage Loan;

            (xx) Neither Seller nor, to Seller's knowledge, any originator,
      committed any fraudulent acts during the origination process of any
      Mortgage Loan and the origination, servicing and collection of each
      Mortgage Loan is in all respects legal, proper and prudent in accordance
      with customary commercial mortgage lending standards, and no other person
      has been granted or conveyed the right to service the Mortgage Loans or
      receive any consideration in connection therewith, except as provided in
      the Pooling and Servicing Agreement or any permitted subservicing
      agreements and/or servicing rights purchase agreements being executed and
      delivered in connection therewith;

            (xxi) All taxes and governmental assessments that became due and
      owing prior to the date hereof with respect to each related Mortgaged
      Property and that are or may become a lien of priority equal to or higher
      than the lien of the related Mortgage have been paid or an escrow of funds
      has been established and such escrow (including all escrow payments
      required to be made prior to the delinquency of such taxes and
      assessments) is sufficient to cover the payment of such taxes and
      assessments;

            (xxii) All escrow deposits and payments required pursuant to each
      Mortgage Loan are in the possession, or under the control, of Seller or
      its agent and there are no deficiencies (subject to any applicable grace
      or cure periods) in connection therewith, all such escrows and deposits
      are being conveyed by Seller to Depositor and identified as such with
      appropriate detail, and any and all requirements for the disbursement of
      any such escrows have been complied with in all material respects;

            (xxiii) Each related Mortgaged Property is insured by a fire and
      extended perils insurance policy, issued by an insurer meeting the
      requirements of the Pooling and Servicing Agreement, in an amount not less
      than the lesser of the principal amount of the related Mortgage Loan and
      the replacement cost (with no deduction for physical depreciation) and not
      less than the amount necessary to avoid the operation of any co-insurance
      provisions with respect to the related Mortgaged Property; each related
      Mortgaged Property is also covered by business interruption or rental loss
      insurance which covers a period of not less than 12 months and
      comprehensive general liability insurance in amounts generally required by
      prudent commercial mortgage lenders for similar properties; all Mortgaged
      Properties in California or in a seismic zone 4 or 5 have had a seismic
      assessment done and earthquake insurance was obtained to the extent any
      such Mortgaged Property has a probable maximum loss in the event of an
      earthquake of greater than twenty percent (20%) of the replacement value
      of the related improvements; if the Mortgaged Property for any Mortgage
      Loan is located within Florida or within 25 miles of the coast of North
      Carolina, South Carolina, Georgia, Alabama, Mississippi, Louisiana or
      Texas, then, such Mortgaged Property is insured by windstorm insurance in
      an amount at least equal to the lesser of (i) the outstanding principal
      balance of such Mortgage Loan and (ii) 100% of the insurable replacement
      cost of the improvements located on the related Mortgaged Property; the
      Mortgaged Properties securing all of the Mortgage Loans having a Cut-off
      Date Principal Balance in excess of $3,000,000 have, as of the date
      hereof, insurance policies in place with respect to acts of terrorism or
      damage related thereto (excluding acts involving nuclear, biological or
      chemical terrorism), except any such Mortgage Loans that are listed on the
      applicable Exception Report. All premiums on such insurance policies
      required to be paid as of the date hereof have been paid; such insurance
      policies or the related insurance certificates require prior notice to the
      insured of reduction in coverage, termination or cancellation, and no such
      notice has been received by Seller; such insurance names the lender under
      the Mortgage Loan and its successors and assigns as a named or additional
      insured; each related Mortgage Loan obligates the related borrower to
      maintain all such insurance and, at such borrower's failure to do so,
      authorizes the lender to maintain such insurance at the borrower's cost
      and expense and to seek reimbursement therefor from such borrower;

            (xxiv) There is no monetary default, breach, violation or event of
      acceleration existing under the related Mortgage Loan. To Seller's
      knowledge, there is no (A) non-monetary default, breach, violation or
      event of acceleration existing under the related Mortgage Loan or (B)
      event (other than payments due but not yet delinquent) which, with the
      passage of time or with notice and the expiration of any grace or cure
      period, would constitute a default, breach, violation or event of
      acceleration, which default, breach, violation or event of acceleration,
      in the case of either (A) or (B), would materially and adversely affect
      the use or value of the Mortgage Loan or the related Mortgaged Property.
      Notwithstanding the foregoing, this representation and warranty does not
      address or otherwise cover any default, breach, violation or event of
      acceleration that specifically pertains to any matter otherwise covered by
      any other representation or warranty made by Seller elsewhere in this
      Exhibit A or the Exception Report;

            (xxv) No Mortgage Loan has been more than 30 days delinquent in
      making required payments since origination and as of the Cut-off Date no
      Mortgage Loan is 30 or more days delinquent in making required payments;

            (xxvi) (A) Each related Mortgage contains provisions so 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, including realization by judicial or, if applicable,
      non-judicial foreclosure or, subject to applicable state law requirements,
      appointment of a receiver, and (B) there is no exemption available to the
      borrower which would interfere with such right to foreclose, except, in
      the case of either (A) or (B), as the enforcement of the Mortgage may be
      limited by bankruptcy, insolvency, reorganization, moratorium, redemption
      or other laws affecting the enforcement of creditors' rights or by general
      principles of equity (regardless of whether such enforceability is
      considered in a proceeding in equity or at law). No borrower is a debtor
      in a state or federal bankruptcy or insolvency proceeding;

            (xxvii) At origination, each borrower represented and warranted in
      all material respects that to its knowledge, except as set forth in
      certain environmental reports and, except as commonly used in the
      operation and maintenance of properties of similar kind and nature to the
      Mortgaged Property, in accordance with prudent management practices and
      applicable law, and in a manner that does not result in any contamination
      of the Mortgaged Property, it has not used, caused or permitted to exist
      and will not use, cause or permit to exist on the related Mortgaged
      Property any hazardous materials in any manner which violates federal,
      state or local laws, ordinances, regulations, orders, directives or
      policies governing the use, storage, treatment, transportation,
      manufacture, refinement, handling, production or disposal of hazardous
      materials or other environmental laws; and the related borrower agreed to
      indemnify, defend and hold the mortgagee and its successors and assigns
      harmless from and against losses, liabilities, damages, injuries,
      penalties, fines, expenses, and claims of any kind whatsoever (including
      attorneys' fees and costs) paid, incurred or suffered by, or asserted
      against, any such party resulting from a breach of the foregoing
      representations, warranties or covenants given by the borrower in
      connection with such Mortgage Loan. A Phase I environmental report (or,
      with respect to residential cooperative loans with an original principal
      balance of $350,000 or less, a transaction screen meeting ASTM standards)
      and, with respect to certain Mortgage Loans, a Phase II environmental
      report was conducted by a reputable independent environmental consulting
      firm in connection with such Mortgage Loan, which report (or transaction
      screen) did not indicate any material non-compliance with applicable
      environmental laws or material existence of hazardous materials or, if any
      material non-compliance or material existence of hazardous materials was
      indicated in any such report (or transaction screen), then at least one of
      the following statements is true: (A) funds reasonably estimated to be
      sufficient to cover the cost to cure any material non-compliance with
      applicable environmental laws or material existence of hazardous materials
      have been escrowed by the related borrower and held by the related
      mortgagee; (B) if the environmental report recommended an operations and
      maintenance plan, but not any material expenditure of funds, an operations
      and maintenance plan has been required to be obtained by the related
      borrower; (C) the environmental condition identified in the related
      environmental report was remediated or abated in all material respects
      prior to the date hereof; (D) a no further action or closure letter was
      obtained from the applicable governmental regulatory authority (or the
      environmental issue affecting the related Mortgaged Property was otherwise
      listed by such governmental authority as "closed"); (E) such conditions or
      circumstances identified in the Phase I environmental report were
      investigated further and based upon such additional investigation, an
      environmental consultant recommended no further investigation or
      remediation; (F) a party unrelated to the borrower with financial
      resources reasonably estimated to be adequate to cure the condition or
      circumstance provided a guaranty or indemnity to the related borrower to
      cover the costs of any required investigation, testing, monitoring or
      remediation; (G) the expenditure of funds reasonably estimated to be
      necessary to effect such remediation is not greater than two percent (2%)
      of the outstanding principal balance of the related Mortgage Loan; or (H)
      a lender's environmental insurance policy was obtained and is a part of
      the related Mortgage File. Notwithstanding the preceding sentence, with
      respect to certain Mortgage Loans with an original principal balance of
      less than $3,000,000, no environmental report may have been obtained, but
      (in such cases where a Phase I environmental report was not obtained) a
      lender's secured creditor impaired property environmental insurance policy
      was obtained with respect to each such Mortgage Loan. Each of such secured
      creditor impaired property environmental insurance policies is a part of
      the related Mortgage File. Each of such environmental insurance policies
      is in full force and effect, is in an amount not less than the 100% of the
      balance of the related Mortgage Loan, and has a term extending not less
      than five years after the maturity date of the related Mortgage Loan; the
      premiums for such policies have been paid in full; the Trustee is named as
      an insured under each of such policies; and Seller has delivered to the
      insurer all related environmental reports in its possession. To Seller's
      knowledge, in reliance on the environmental reports referred to in the
      second sentence of this paragraph (xxvii) and except as set forth in such
      environmental reports, each Mortgaged Property is in material compliance
      with all applicable federal, state and local environmental laws, and to
      Seller's knowledge, no notice of violation of such laws has been issued by
      any governmental agency or authority, except, in all cases, as indicated
      in such environmental reports or other documents previously provided to
      the Rating Agencies; and Seller has not taken any action which would cause
      the Mortgaged Property to not be in compliance with all federal, state and
      local environmental laws pertaining to environmental hazards;

            (xxviii) (1) Each Mortgage Loan contains provisions for the
      acceleration of the payment of the unpaid principal balance of such
      Mortgage Loan if, without the consent of the holder of the Mortgage (and
      the Mortgage requires the mortgagor to pay all fees and expenses
      associated with obtaining such consent), the related Mortgaged Property is
      directly or indirectly transferred or sold, and (2) except with respect to
      transfers of certain interests in the related borrower to persons already
      holding interests in the borrower, their family members, affiliated
      companies and other estate planning related transfers that satisfy certain
      criteria specified in the related Mortgage (which criteria is consistent
      with the practices of prudent commercial mortgage lenders) or any
      transfers in connection with the death or disability of owners of the
      borrower or, if the related Mortgaged Property is a residential
      cooperative property, transfers of stock of the related borrower in
      connection with the assignment of a proprietary lease for a unit in the
      related Mortgaged Property by a tenant-shareholder of the related borrower
      to other persons who by virtue of such transfers become
      tenant-shareholders in the related borrower, each Mortgage Loan also
      contains the provisions for the acceleration of the payment of the unpaid
      principal balance of such Mortgage Loan if, without the consent of the
      holder of the Mortgage (and the Mortgage requires the mortgagor to pay all
      fees and expenses associated with obtaining such consent), a majority
      interest in the related borrower is directly or indirectly transferred or
      sold;

            (xxix) All improvements included in the related appraisal are within
      the boundaries of the related Mortgaged Property, except for encroachments
      onto adjoining parcels for which Seller has obtained title insurance
      against losses arising therefrom or that do not materially and adversely
      affect the use or value of such Mortgaged Property. No improvements on
      adjoining parcels encroach onto the related Mortgaged Property except for
      encroachments that do not materially and adversely affect the value of
      such Mortgaged Property, the security provided by the Mortgage, the
      current use of the Mortgaged Property, or the related borrower's
      operations at the Mortgaged Property;

            (xxx) The information pertaining to the Mortgage Loans which is set
      forth in the Mortgage Loan Schedule attached as an exhibit to this
      Agreement is complete and accurate in all material respects as of the
      dates of the information set forth therein (or, if not set forth therein,
      as of the Cut-off Date);

            (xxxi) With respect to any Mortgage Loan where all or any portion of
      the estate of the related borrower therein is a leasehold estate under a
      ground lease, and the related Mortgage does not also encumber the related
      lessor's fee interest in such Mortgaged Property, based upon the terms of
      the ground lease and any estoppel received from the ground lessor, Seller
      represents and warrants that:

            (A)   The ground lease or a memorandum regarding such ground lease
                  has been duly recorded. The ground lease permits the interest
                  of the lessee to 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
                  adversely affect the security provided by the related
                  Mortgage. To Seller's knowledge, there has been no material
                  change in the terms of the ground lease since its recordation,
                  except by any written instruments which are included in the
                  related mortgage file;

            (B)   The lessor under such ground lease has agreed in a writing
                  included in the related mortgage file that the ground lease
                  may not be amended, modified, canceled or terminated without
                  the prior written consent of the lender and that any such
                  action without such consent is not binding on the lender, its
                  successors or assigns;

            (C)   The ground lease has an original term (or an original term
                  plus one or more optional renewal terms, which, under all
                  circumstances, may be exercised, and would be enforceable, by
                  the lender) that extends not less than 10 years beyond the
                  amortization term of the related Mortgage Loan;

            (D)   Based on the title insurance policy (or binding commitment
                  therefor) obtained by Seller, the ground lease is not subject
                  to any liens or encumbrances superior to, or of equal priority
                  with, the Mortgage, subject to Permitted Encumbrances and
                  liens that encumber the ground lessor's fee interest;

            (E)   Under the terms of the ground lease, the ground lease is
                  assignable to the lender and its assigns without the consent
                  of the lessor thereunder;

            (F)   The ground lease is in full force and effect, Seller has no
                  actual knowledge that any default beyond applicable notice and
                  grace periods has occurred, and to Seller's knowledge, there
                  is no existing condition which, but for the passage of time or
                  giving of notice, would result in a default under the terms of
                  the ground lease;

            (G)   The ground lease or ancillary agreement, which is part of the
                  Mortgage File, between the lessor and the lessee requires the
                  lessor to give notice of any default by the lessee to the
                  lender;

            (H)   The lender is permitted a reasonable opportunity (including,
                  where necessary, sufficient time to gain possession of the
                  interest of the lessee under the ground lease through legal
                  proceedings, or to take other action so long as the lender is
                  proceeding diligently) to cure any default under the ground
                  lease which is curable after the receipt of notice of any
                  default before the lessor may terminate the ground lease. All
                  rights of the lender under the ground lease and the related
                  Mortgage (insofar as it relates to the ground lease) may be
                  exercised by or on behalf of the lender;

            (I)   The ground lease does not impose any restrictions on
                  subletting that would be viewed as commercially unreasonable
                  by a prudent commercial mortgage lender. The lessor is not
                  permitted to disturb the possession, interest or quiet
                  enjoyment of any subtenant of the lessee in the relevant
                  portion of the Mortgaged Property subject to the ground lease
                  for any reason, or in any manner, which would adversely affect
                  the security provided by the related Mortgage;

            (J)   Under the terms of the ground lease and the related Mortgage,
                  any related insurance proceeds or condemnation award (other
                  than in respect of a total or substantially total loss or
                  taking) will be applied either to the repair or restoration of
                  all or part of the related Mortgaged Property, with the lender
                  or a trustee appointed by it having the right to hold and
                  disburse such proceeds as 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 of the outstanding principal
                  balance of the Mortgage Loan, together with any accrued
                  interest, except that in the case of condemnation awards, the
                  ground lessor may be entitled to a portion of such award;

            (K)   Under the terms of the ground lease and the related Mortgage,
                  any related insurance proceeds, or condemnation award in
                  respect of a total or substantially total loss or taking of
                  the related Mortgaged Property will be applied first to the
                  payment of the outstanding principal balance of the Mortgage
                  Loan, together with any accrued interest (except as provided
                  by applicable law or in cases where a different allocation
                  would not be viewed as commercially unreasonable by a prudent
                  commercial mortgage lender, taking into account the relative
                  duration of the ground lease and the related Mortgage and the
                  ratio of the market value of the related Mortgaged Property to
                  the outstanding principal balance of such Mortgage Loan).
                  Until the principal balance and accrued interest are paid in
                  full, neither the lessee nor the lessor under the ground lease
                  will have an option to terminate or modify the ground lease
                  without the prior written consent of the lender as a result of
                  any casualty or partial condemnation; and

            (L)   Provided that the lender cures any defaults which are
                  susceptible to being cured, the lessor has agreed to enter
                  into a new lease upon termination of the ground lease for any
                  reason, including rejection of the ground lease in a
                  bankruptcy proceeding;

            (xxxii) With respect to any Mortgage Loan where all or a material
      portion of the estate of the related borrower therein is a leasehold
      estate, but the related Mortgage also encumbers the related lessor's fee
      interest in such Mortgaged Property: (A) such lien on the related fee
      interest is evidenced by the related Mortgage, (B) such Mortgage does not
      by its terms provide that it will be subordinated to the lien of any other
      mortgage or encumbrance upon such fee interest, (C) upon the occurrence of
      a default under the terms of such Mortgage by the related borrower, any
      right of the related lessor to receive notice of, and to cure, such
      default granted to such lessor under any agreement binding upon the lender
      would not be considered commercially unreasonable in any material respect
      by prudent commercial mortgage lenders, (D) the related lessor has agreed
      in a writing included in the related Mortgage File that the related ground
      lease may not be amended or modified without the prior written consent of
      the lender and that any such action without such consent is not binding on
      the lender, its successors or assigns, and (E) the related ground lease is
      in full force and effect, and Seller has no actual knowledge that any
      default beyond applicable notice and grace periods has occurred or that
      there is any existing condition which, but for the passage of time or
      giving of notice, would result in a default under the terms of such ground
      lease;

            (xxxiii) Except in the case of each of the CBA Mortgage Loans with
      respect to those Mortgage Loans that are cross-collateralized or
      cross-defaulted, all other loans that are cross-collateralized or
      cross-defaulted with such Mortgage Loans are being transferred to
      Depositor hereunder;

            (xxxiv) Neither Seller nor any affiliate thereof has any obligation
      to make any capital contribution to any borrower under a Mortgage Loan,
      other than contributions made on or prior to the date hereof;

            (xxxv) (A) The Mortgage Loan is directly secured by a Mortgage on a
      commercial property or multifamily residential property, and (B) the fair
      market value of such real property, as evidenced by an appraisal
      satisfying the requirements of FIRREA conducted within 12 months of the
      origination of the Mortgage Loan, was at least equal to 80% of the
      principal amount of the Mortgage Loan (1) at origination (or if the
      Mortgage Loan has been modified in a manner that constituted a deemed
      exchange under Section 1001 of the Code at a time when the Mortgage Loan
      was not in default or default with respect thereto was not reasonably
      foreseeable, the date of the last such modification) or (2) at the date
      hereof; provided that the fair market value of the real property must
      first be reduced by (x) the amount of any lien on the real property
      interest that is senior to the Mortgage Loan and (y) a proportionate
      amount of any lien that is in parity with the Mortgage Loan (unless such
      other lien secures a Mortgage Loan that is cross-collateralized with such
      Mortgage Loan, in which event the computation described in (B) shall be
      made on an aggregated basis);

            (xxxvi) There are no subordinate mortgages encumbering the related
      Mortgaged Property, nor are there any preferred equity interests held by
      the lender or any mezzanine debt related to such Mortgaged Property,
      except as set forth in the Prospectus Supplement, in this Exhibit A or in
      the Exception Report;

            (xxxvii) Except in cases where the related Mortgaged Property is a
      residential cooperative property, the Mortgage Loan Documents executed in
      connection with each Mortgage Loan having an original principal balance in
      excess of $5,000,000 require that the related borrower be a Single-Purpose
      Entity (for this purpose, "Single-Purpose Entity" shall mean an entity,
      other than an individual, having organizational documents which provide
      substantially to the effect that it is formed or organized solely for the
      purpose of owning and operating one or more Mortgaged Properties, is
      prohibited from engaging in any business unrelated to such property and
      the related Mortgage Loan, does not have any assets other than those
      related to its interest in the related Mortgaged Property or its
      financing, or any indebtedness other than as permitted under the related
      Mortgage Loan). To Seller's actual knowledge, each borrower has fully
      complied with the requirements of the related Note and Mortgage and
      borrower's organizational documents regarding Single-Purpose Entity
      status;

            (xxxviii) Except in cases where the related Mortgaged Property is a
      residential cooperative property, each Mortgage Loan prohibits the related
      borrower from mortgaging or otherwise encumbering the Mortgaged Property,
      or any controlling equity interest in the borrower, without the prior
      written consent of the mortgagee or the satisfaction of debt service
      coverage or similar criteria specified in the Note or Mortgage which would
      be acceptable to a reasonably prudent commercial mortgage lender, and,
      except in connection with trade debt and equipment financings in the
      ordinary course of borrower's business, from carrying any additional
      indebtedness, except, in each case, liens contested in accordance with the
      terms of the Mortgage Loans or, with respect to each Mortgage Loan having
      an original principal balance of less than $4,000,000, any unsecured debt;

            (xxxix) Each borrower covenants in the Mortgage Loan Documents that
      it shall remain in material compliance with all material licenses, permits
      and other legal requirements necessary and required to conduct its
      business;

            (xl) Each Mortgaged Property (A) is located on or adjacent to a
      dedicated road, or has access to an irrevocable easement permitting
      ingress and egress, (B) is served by public utilities and services
      generally available in the surrounding community or otherwise appropriate
      for the use in which the Mortgaged Property is currently being utilized,
      and (C) constitutes one or more separate tax parcels or is covered by an
      endorsement with respect to the matters described in (A), (B) or (C) under
      the related title insurance policy (or the binding commitment therefor);

            (xli) Based solely on a flood zone certification or a survey of the
      related Mortgaged Property, if any portion of the improvements on the
      Mortgaged Property is located in an area identified by the Federal
      Emergency Management Agency or the Secretary of Housing and Urban
      Development as having special flood hazards categorized as Zone "A" or
      Zone "V" and flood insurance is available, the terms of the Mortgage Loan
      require the borrower to maintain flood insurance, or at such borrower's
      failure to do so, authorizes the lender to maintain such insurance at the
      cost and expense of the borrower and such insurance is in full force and
      effect in an amount not less than the lesser of (A) the replacement cost
      of the material improvements on such Mortgaged Property, (B) the balance
      of the Mortgage Loan and (C) the maximum amount of insurance available
      under the applicable National Flood Insurance Administration Program;

            (xlii) 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 or may be substituted in accordance with
      applicable law by the related mortgagee, and except in connection with a
      trustee's sale after a default by the related borrower, no fees are
      payable to such trustee, and such fees payable are payable by the
      borrower;

            (xliii) Except as disclosed in the Exception Report to this
      Agreement, to the knowledge of Seller as of the date hereof, there was no
      pending action, suit or proceeding, arbitration or governmental
      investigation against any borrower or Mortgaged Property, an adverse
      outcome of which would materially and adversely affect such borrower's
      ability to perform under the related Mortgage Loan;

            (xliv) No advance of funds has been made by Seller to the related
      borrower (other than mezzanine debt and the acquisition of preferred
      equity interests by the preferred equity interest holder, as disclosed in
      the Prospectus Supplement), and no funds have, to Seller's knowledge, been
      received from any person other than, or on behalf of, the related
      borrower, for, or on account of, payments due on the Mortgage Loan;

            (xlv) To the extent required under applicable law, as of the Cut-off
      Date or as of the date that such entity held the Note, each holder of the
      Note was authorized to transact and do business in the jurisdiction in
      which each related Mortgaged Property is located, or the failure to be so
      authorized did not materially and adversely affect the enforceability of
      such Mortgage Loan;

            (xlvi) All collateral for the Mortgage Loans is being transferred as
      part of the Mortgage Loans;

            (xlvii) Except as disclosed in the Exception Report or the
      Prospectus Supplement with respect to the Crossed Mortgage Loans and
      Mortgage Loans secured by multiple, non-contiguous real properties, no
      Mortgage Loan requires the lender to release any portion of the Mortgaged
      Property from the lien of the related Mortgage except upon (A) payment in
      full or defeasance of the related Mortgage Loan, (B) the satisfaction of
      certain legal and underwriting requirements that would be customary for
      prudent commercial mortgage lenders, which in all events include payment
      of a release price at least 125% of the appraised value of the property to
      be released or of the allocated loan amount of such property, (C) releases
      of unimproved out-parcels or (D) releases of other portions of the
      Mortgaged Property which will not have a material adverse effect on the
      use or value of the collateral for the related Mortgage Loan and which
      were given no value in the appraisal of the Mortgaged Property or of that
      portion of the Mortgaged Property used to calculate the loan-to-value
      ratio of the Mortgaged Property for underwriting purposes. No release or
      partial release of any Mortgaged Property, or any portion thereof,
      expressly permitted or required pursuant to the terms of any Mortgage Loan
      would constitute a significant modification of the related Mortgage Loan
      under Treas. Reg. Section 1.860G-2(b)(2);

            (xlviii) Any insurance proceeds in respect of a casualty loss or
      taking will be applied either to (A) the repair or restoration of all or
      part of the related Mortgaged Property, with, in the case of all casualty
      losses or takings in excess of a specified amount or percentage of the
      related loan amount that a prudent commercial lender would deem
      satisfactory and acceptable, the lender (or a trustee appointed by it)
      having the right to hold and disburse such proceeds as the repair or
      restoration progresses (except in any case 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 (B)
      to the payment of the outstanding principal balance of such Mortgage Loan
      together with any accrued interest thereon;

            (xlix) Each UCC Financing Statement, if any, filed with respect to
      personal property constituting a part of the related Mortgaged Property
      and each assignment, if any, of such UCC Financing Statement to Seller
      was, and each assignment, if any, of such UCC Financing Statement in blank
      which the Trustee or its designee is authorized to complete (but for the
      insertion of the name of the assignee and any related filing information
      which is not yet available to Seller) is, in suitable form for filing in
      the filing office in which such UCC Financing Statement was filed;

            (l) To Seller's knowledge, (A) each commercial lease covering more
      than 10% (20% in the case of any Mortgage Loan having an original
      principal balance less than $2,500,000) of the net leaseable area of the
      related Mortgaged Property is in full force and effect and (B) there
      exists no default under any such commercial lease either by the lessee
      thereunder or by the related borrower that could give rise to the
      termination of such lease;

            (li) Based upon an opinion of counsel and/or other due diligence
      considered reasonable by prudent commercial mortgage lenders in the
      lending area where the subject property is located, the improvements
      located on or forming part of each Mortgaged Property comply with
      applicable zoning laws and ordinances, or constitute a legal
      non-conforming use or structure or, if any such improvement does not so
      comply, such non-compliance does not materially and adversely affect the
      value of the related Mortgaged Property. With respect to Mortgage Loans
      with a Cut-off Date Principal Balance of over $10,000,000, if the related
      Mortgaged Property does not so comply, to the extent Seller is aware of
      such non-compliance, it has required the related borrower to obtain law
      and ordinance insurance coverage in amounts customarily required by
      prudent commercial mortgage lenders;

            (lii) Each Mortgage Loan constitutes a "qualified mortgage" within
      the meaning of Section 860G(a)(3) of the Code (but without regard to the
      rule in Treasury Regulation (as defined herein) Section 1.860G-2(f)(2)
      that treats a defective obligation as a qualified mortgage or any
      substantially similar successor provision), the related Mortgaged
      Property, if acquired by a REMIC in connection with the default or
      imminent default of such Mortgage Loan would constitute "foreclosure
      property" within the meaning of Code Section 860G(a)(8) and all Prepayment
      Premiums and Yield Maintenance Charges with respect to such Mortgage Loan
      constitute "customary prepayment penalties" within the meaning of Treasury
      Regulation Section 1.860G-1(b)(2);

            (liii) With respect to any Mortgage Loan that pursuant to the
      Mortgage Loan Documents can be defeased, (A) the Mortgage Loan cannot be
      defeased within two years after the Closing Date, (B) the borrower can
      pledge only United States government securities in an amount sufficient to
      make all scheduled payments under the Mortgage Loan when due, (C) the
      borrower is required to provide independent certified public accountant's
      certification that the collateral is sufficient to make such payments, (D)
      the loan may be required to be assumed by a single-purpose entity
      designated by the holder of the Mortgage Loan, (E) the borrower is
      required to provide an opinion of counsel that the trustee has a perfected
      security interest in such collateral prior to any other claim or interest,
      (F) the borrower is required to pay all Rating Agency fees associated with
      defeasance (if rating confirmation is a specific condition precedent
      thereto) and all other reasonable expenses associated with defeasance,
      including, but not limited to, accountant's fees and opinions of counsel,
      (G) with respect to any Significant Loan (as defined in the Pooling and
      Servicing Agreement), the borrower is required to provide an opinion of
      counsel that such defeasance will not cause any REMIC created under the
      Pooling and Servicing Agreement to fail to qualify as a REMIC for federal
      or applicable state tax purposes and (H) with respect to any Significant
      Loan (as defined in the Pooling and Servicing Agreement), the borrower
      must obtain confirmation from each Rating Agency that the defeasance would
      not result in such Rating Agency's withdrawal, downgrade or qualification
      of the then current rating of any class of Certificates rated by such
      Rating Agency;

            (liv) The Mortgage Loan Documents for each Mortgage Loan provide
      that the related borrower thereunder shall be liable to the lender for any
      losses incurred by the lender due to (A) the misapplication or
      misappropriation of rents, insurance proceeds or condemnation awards, (B)
      any willful act of material waste, (C) any breach of the environmental
      covenants contained in the related Mortgage Loan Documents, and (D) fraud
      by the related borrower; provided that, with respect to clause (C) of this
      sentence, an indemnification against losses related to such violations or
      environmental insurance shall satisfy such requirement; and provided,
      further, that, if the related Mortgaged Property is a residential
      cooperative property, then the subject Mortgage Loan is fully recourse to
      the borrower;

            (lv) If such Mortgage Loan is an ARD Loan, it commenced amortizing
      on its initial scheduled Due Date and provides that: (A) its Mortgage Rate
      will increase by no less than two percentage points in connection with the
      passage of its Anticipated Repayment Date and so long as the Mortgage Loan
      is an asset of the Trust Fund; (B) its Anticipated Repayment Date is not
      less than seven years following the origination of such Mortgage Loan; (C)
      no later than the related Anticipated Repayment Date, if it has not
      previously done so, the related borrower is required to enter into a
      "lockbox agreement" whereby all revenue from the related Mortgaged
      Property shall be deposited directly into a designated account controlled
      by the applicable Master Servicer; and (D) any cash flow from the related
      Mortgaged Property that is applied to amortize such Mortgage Loan
      following its Anticipated Repayment Date shall, to the extent such net
      cash flow is in excess of the Monthly Payment payable therefrom, be net of
      budgeted and discretionary (servicer approved) capital expenditures;

            (lvi) Except as disclosed in the Prospectus Supplement, no Mortgage
      Loan, and no group of Mortgage Loans made to the same borrower and to
      borrowers that are Affiliates, accounted for more than 5.0% of the
      aggregate of the Cut-off Date Principal Balances of all of the mortgage
      loans (including the Mortgage Loans) sold to Depositor by Column
      Financial, Inc., NCB, FSB and KeyBank National Association pursuant to
      those certain Mortgage Loan Purchase Agreements, each dated as of November
      1, 2004, between Depositor and Column Financial, Inc., NCB, FSB and
      KeyBank National Association, respectively, as of the Cut-off Date;

            (lvii) Except for the Mortgage Loans with an initial principal
      balance less than $3,000,000, in connection with its origination or
      acquisition of each Mortgage Loan, Seller obtained an appraisal of the
      related Mortgaged Property, which appraisal is signed by an appraiser,
      who, to Seller's actual knowledge, had no interest, direct or indirect, in
      the borrower, the Mortgaged Property or in any loan made on the security
      of the Mortgaged Property, and whose compensation was not affected by the
      approval or disapproval of the Mortgage Loan; and

            (lviii) Each Mortgage Loan bears interest at a rate that remains
      fixed throughout the remaining term of such Mortgage Loan, except in the
      case of an ARD Loan after its Anticipated Repayment Date and except for
      the imposition of a default rate.
<PAGE>

                                                                       EXHIBIT B

                             AFFIDAVIT OF LOST NOTE

STATE OF NEW YORK                   )
                                    ) ss.:
COUNTY OF NEW YORK                  )

            ____________________________, being duly sworn, deposes and says:

            1. that he is an authorized signatory of KeyBank National
Association ("KeyBank");

            2. that _______________ is the owner and holder of a mortgage loan
in the original principal amount of $______________ secured by a mortgage (the
"Mortgage") on the premises known as ______________ ______________ located in
______________;

            3. that _______________, after having conducted a diligent
investigation of its records and files, has been unable to locate the following
original note and believes that said original note has been lost, misfiled,
misplaced or destroyed due to a clerical error:

            a note in the original sum of $______________ made by
            ______________, to _______________, under date of ______________
            (the "Note");

            4. that the Note is now owned and held by _______________;

            5. that the copy of the Note attached hereto is a true and correct
copy thereof;

            6. that the Note has not been paid off, satisfied, assigned,
transferred, encumbered, endorsed, pledged, hypothecated, or otherwise disposed
of and that the original Note has been either lost, misfiled, misplaced or
destroyed;

            7. that no other person, firm, corporation or other entity has any
right, title, interest or claim in the Note except _______________; and

            8. upon assignment of the Note by _______________ to Credit Suisse
First Boston Mortgage Securities Corp. (the "Depositor") and subsequent
assignment by Depositor to the trustee for the benefit of the holders of the
Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage
Pass-Through Certificates, Series 2004-C4 (the "Trustee") (which assignment may,
at the discretion of Depositor, be made directly by _______________ to the
Trustee), _______________ covenants and agrees (a) promptly to deliver to the
Trustee the original Note if it is subsequently found, and (b) to indemnify and
hold harmless the Trustee and its successors and assigns from and against any
and all costs, expenses and monetary losses arising as a result of
_______________'s failure to deliver said original Note to the Trustee.

                                        KEYBANK NATIONAL ASSOCIATION

                                        By: ___________________________________
                                            Name:
                                            Title:

Sworn to before me this _____
day of __________, 2004

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