| 9/2/2009 - This loan transferred to Midland as special servicer effective 3/19/09. The loan is due for the 3/1/09 receivable. The borrower has requested relief via email as it is having trouble collecting rents from the tenants. Midland has received the 6/30/09 financial statements and the property is operating at a .39x DSCR (normalized cash flow). Per the 6/1/09 rent roll, the property is 80% occupied. The Borrower has modified many of the existing leases as many of the tenants have threatened to vacant their space if no modification is made. As the vacancy in the area is 20-30%, tenants are looking elsewhere if their demands aren\'t met. The 55,000 SF office/warehouse/flex property has good frontage along Powerline Road and is a B property for the area. Notice of Default has been sent and Borrower has returned a Pre-Negotiation Letter. MLS has received an appraisal and a BOV as well as all of the leases and updated financial information from the Borrower. The Borrower has modified a number of the leases since the downturn in the economy and Midland is trying to get a handle on the income in place currently and is evaluating the next course of action.
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