Loan Modification Template

CREFC Investor Reporting Package

Loan Liquidation Report Special Servicer may attach Realized Loss Report Sample Template

Transaction

Loan Name / Property Name

Prosup #/Loan #

Liquidation Code/Date DPO-Receiver Sale /

Preparation Date

Reporting Period (MM/YY)

Scheduled Balance at Liquidation $34,557,223.23

Advances Outstanding at Liquidation $2,814,920.63

Transacted with Borrower or Third Party Third Party - (identify if Special Servicer Affiliate)

Discounted Payoff/Purchase Price $38,000,000

Broker

Total Broker Fees

Fees to Special Servicer Affiliated Entities

Collateral Description:

A 1.43 acre parcel of land improved with a 507,247 SF, 21-story office building and attached 10-story parking garage located at XXX. Collateral Valuation:

Appraisal BOV BOV BOV

Firm 1 Firm 2 Firm 3 Firm 4

9/22/2010 1/31/2011 1/21/2011 1/31/2011

As-is Per Unit As-is Value Per Unit As-is Value Per Unit As-is Value Per Unit

$45,000,000 $88.71/SF $38,000,000 $74.91/SF $37,670,000 $74.26/SF $31,500,000 $62.10/SF

Stabilized Per Unit Stabilized Per Unit Stabilized Per Unit Stabilized Per Unit

$66,950,000 $131.99/SF $64,500,000 $127.16/SF $66,876,705 $131.84/SF $45,317,960 $89.34/SF

Collateral Condition – updated reports:

Inspection Environmental Report Engineering Report

CREFC Investor Reporting Package

Firm A Firm B Firm C

09/22/2010 10/15/2010 September 2010

Good condition, no deferred No issues Replace façade plates (estimated maintenance $100,000) and roof repairs

Property Operation Information (identify source and use CREFC Financial Indicator codes where applicable):

FYE FYE FYE FYE Line Items Original U/W 12/31/2008 12/31/2009 12/31/2010 12/31/2011 YN* YN* YN* YN* Occupancy 84% 40% 55% 42% 42%

Effective Gross Revenue $9,616,326 $9,237,367 $4,783,497 $3,578,285 $2,864,446

Total Operating Expenses $4,490,940 $4,888,592 $5,145,495 $3,967,595 $3,404,421

Net Operating Income $5,125,386 $4,348,775 ($361,998) $647,595 ($539,975)

Scheduled Debt Service $2,553,357 $2,553,357 $2,553,357 $2,553,357 $2,553,357

DSCR - NCF 2.01 1.70 -0.14 -0.15 -0.21

*Borrower submitted statements – Year To Date Normalized

Substantiation:

 The purchase offer equals 107% of the estimated Fair Value of $35,498,359 determined on March 25, 2011.  The proposed offer represents a full recovery of the Loan Balance, accrued interest, Property Protection advances and collection expenses, and 94% of accrued default interest totaling $1.5MM, and results in no loss to the Trust.  The recommendation(s) set forth herein further mitigates the risks to the Trust and each Certificateholder relative to the monthly principal and interest advances of $212,779.

THE INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND IS INTENDED ONLY FOR THOSE PARTIES ENTITLED TO THIS INFORMATION PURSUANT TO THE TERMS OF THE RELATED POOLING AND SERVICING AGREEMENT AND/OR THE RELATED INTERCREDITOR AGREEMENT. ANY PERSON OBTAINING THIS INFORMATION IS PROHIBITED FROM DISCLOSING, COPYING OR DISTRIBUTING THE INFORMATION TO ANY OTHER PERSON. THE INFORMATION CONTAINED IN THIS REPORT IS FOR INFORMATIONAL PURPOSES ONLY AND NEITHER THE TRUSTEE NOR THE SPECIAL SERVICER MAKES ANY WARRANTY WITH RESPECT TO ITS CONTENT, ACCURACY, COMPLETENESS OR TIMELINESS, OR USE FOR ANY SPECIFIC PURPOSE. NEITHER THE TRUSTEE NOR THE SPECIAL SERVICER IS RESPONSIBLE FOR, AND EACH EXPRESSLY DISCLAIMS ALL LIABILITY FOR, DAMAGES OF ANY KIND ARISING OUT OF THE USE, REFERENCE TO, OR RELIANCE ON THE INFORMATION CONTAINED HEREIN. ANY PARTY ACCESSING THIS INFORMATION ACKNOWLEDGES THAT THIS INFORMATION IS BEING PROVIDED AS PART OF THE DUTIES OF THE SPECIAL SERVICER UNDER THE TERMS OF THE RELATED POOLING AND SERVICING AGREEMENT, AND THEREFORE IS SUBJECT TO THE INDEMNIFICATION AND EXCULPATION FROM LIABILITY AS SET FORTH THEREIN