| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-255934-01 | ||
The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-255934) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, BMO Capital Markets Corp., KeyBanc Capital Markets Inc., Deutsche Bank Securities Inc. or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-864-7760.
The information in this file (the “File”) does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.
The information in this File is preliminary and may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.
The securities related to this File are being offered when, as and if issued. This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicers, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, the risk retention consultation parties, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates. Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.
Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.
BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorized and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorized and regulated by the Financial Conduct Authority) in the UK and Australia.
FILED AS SUPPLEMENTAL INFORMATION IN CONNECTION WITH THE BMO 2022-C1 MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2022-C1
ALL INFORMATION CONTAINED HEREIN IS SUPERSEDED BY ANY SUBSEQUENT INFORMATION DELIVERED TO ANY PROSPECTIVE INVESTOR PRIOR TO THE TIME OF SALE
STARWOOD MORTGAGE CAPITAL LLC
& BANK OF MONTREAL
AMF Portfolio
October 26, 2021
Primary Contact
Alternate Contacts
Starwood Mortgage Capital LLC & Bank of Montreal – AMF Portfolio
| Table Of Contents |
| SECTION I. | TRANSACTION OVERVIEW | 3 |
| SECTION II. | EXECUTIVE SUMMARY | 3 |
| SECTION III. | PROPERTY COVERAGE | 6 |
| SECTION IV. | LIABILITY COVERAGE | 7 |
| SECTION V. | PREMIUMS | 7 |
| SECTION VI. | BORROWER’S INSURANCE CONTACT | 8 |
| SECTION VII. | COMMENTS/EXCEPTIONS | 8 |
Starwood Mortgage Capital LLC & Bank of Montreal – AMF Portfolio
| SECTION I. | Transaction Overview |
| Property Name & Address | See Exhibit 1 |
| Borrower Name | See Exhibit 1 |
| Loan Amount | $185,000,000 |
| Insurable Value | See Exhibit 1 |
| Business Income Value | See Exhibit 1 |
| Flood Zone | See Exhibit 1 |
| Earthquake PML/SEL | N/A |
| SECTION II. | Executive Summary |
We have concluded our CRE Insurance Risk Analysis of the insurance program provided by the borrower for the financing on the referenced properties. The coverages in place for closing – summarized in detail below – consist of Property (including Windstorm, Terrorism, Boiler/Machinery, Flood, and Earthquake) as well as General Liability and Umbrella/Excess Liability, along with other relevant coverages for specific exposures as required. All policies provide 30 days advance written notice for cancellation of policy coverage, except 10 days advance written notice for cancellation due to non-payment of premiums. The lenders, their successors and/or assigns as their interests appear, are named as Mortgagees, Loss Payees & Additional Insureds as required.
As part of our analysis, we reviewed various documents, including relevant due diligence and contracts provided by you. Our evaluation included recommendations regarding additional necessary coverage or negotiation of existing terms and we worked with the borrower and/or its insurance broker to implement these recommendations. We also secured evidence that your requirements have been met. While working with the borrower and its insurance brokers to comply with the insurance requirements, in the event certain coverages and/or coverage limits could not be provided due to cost, coverage availability, or practicality, these exceptions have been summarized below and it is our opinion that these exceptions are appropriate in light of these considerations.
As a result of these efforts, our analysis has determined that the coverages and associated limits as evidenced now by the borrower and summarized below meet the insurance levels required by the lenders, including any permitted exceptions to those requirements, where applicable. In addition, what has been required in the loan agreement (including any allowable exceptions) is generally in line with market standards for prudent lenders on comparable transactions.
This report is based upon the truthfulness, accuracy and completeness of representations made to us by the representatives of the above parties and is for the sole use of Bank of Montreal and Starwood Mortgage Capital LLC, their successors and/or assigns as their interests may appear and their affiliates as Administrative Agents and/or Lenders with respect to this transaction.
Starwood Mortgage Capital LLC & Bank of Montreal – AMF Portfolio
PROPERTY COVERAGE.
The All-Risk coverage is afforded under borrower’s master insurance program which maintains a $250,000,000 limit, applying per occurrence and reinstating after every loss. The All Risk limit includes both the real property and business income portions of the policy. The policy is written on a replacement cost basis and there is no coinsurance. The All-Risk property insurance provides for a $100,000 deductible. Terrorism coverage is provided via a separate policy for both Foreign and Domestic Acts with limits of $50,000,000 per occurrence, with $0 deductible. Business Interruption is provided for on an actual loss sustained basis up to the full $250,000,000 limit with an unrestricted period of restoration plus an additional 12 month extended period of indemnity. Law and ordinance coverage is included with a limit of $250,000,000 for coverage for loss to undamaged portion of building, $25,000,000 demolition costs, and $25,000,000 increased cost of construction.
The policy provides Wind Hail coverage at the full limit of $250,000,000 and Named Storm coverage at a limit of $75,000,000 (sublimit is applicable only to Tier 1 locations and only one location within this portfolio is defined as Tier 1: Stewart Way, 302 W. General Stewart Way, Hinesville, GA). Both limits apply per occurrence and reinstate after every loss. The deductible for Wind Hail is $100,000. The deductible for Named Storm is 3% of the TIV, subject to a $100,000 minimum each occurrence.
Only one location, Cedargate Lancaster, 1410 Sheridan Drive, Lancaster, OH, is partially located within a Special Flood Hazard area (2 buildings). All other locations are in Flood Zone X. Private flood coverage is in place for the 2 buildings located within the SFHA. In addition, the property program provides $10,000,000 of Excess Flood coverage applying per occurrence and in the aggregate for locations within SFHA’s ($25,000,000 per occurrence and in the aggregate is provided for locations outside SFHA’s). The deductible for the private flood at Cedargate Lancaster is the greater of $2,000 per building or 2% per building based on the building value at the time of loss. The deductible for Excess Flood is $250,000 for real property and $100,000 for business income.
Earthquake coverage is not required for closing; however, the policy provides $25,000,000 of coverage applying per occurrence and in the aggregate. The deductible for Earthquake is $100,000 each occurrence.
LIABILITY COVERAGE
General Liability insurance limits of $1,000,000 per occurrence and $2,000,000 in the aggregate, with a $5,000 deductible, are provided through AXIS Surplus Insurance Company. The GL policy has a per location aggregate is not subject to an annual aggregate cap. The policy is effective 8/30/21 – 8/30/22.
Umbrella Liability, written through a syndicate of insurers, provides an additional $50,000,000 of liability insurance per occurrence and in the aggregate and follows form to the primary policy. The Umbrella policy is also effective 8/30/21 – 8/30/22.
Starwood Mortgage Capital LLC & Bank of Montreal – AMF Portfolio
FLOOD COMPLIANCE
We have concluded our review of the Private Flood Insurance policy for Cedargate Lancaster, 1410 Sheridan Drive, Lancaster, OH. As part of our analysis, we reviewed various documents, including relevant due diligence and policy forms. As a result of these efforts, our analysis has determined that the coverages, terms and conditions, and associated limits of the Private Flood Insurance policy provided by the borrower satisfy the established criteria for Private Flood Insurance pursuant to the Flood Insurance Acts. Our findings are summarized in detail below:
| Policy provides limits meeting or exceeding those offered via the NFIP. |
| Policy contains a Statement of Conformity, as follows: This Policy meets the definition of private flood insurance contained in 42 U.S.C. 4012a(b)(7) and the corresponding regulation. |
Starwood Mortgage Capital LLC & Bank of Montreal – AMF Portfolio
| SECTION III. | Property Coverage |
The table below provides an outline of the coverages provided under the Property insurance policies (including but not limited to Terrorism, Flood and Earthquake, as applicable).
| Layer of Coverage | Carrier | AM Best | S&P | Policy Number |
| Property | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 |
| Boiler/Machinery | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 |
| Flood | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 |
| Terrorism | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 |
| Coverage Details | ||||
| Effective Date | 8/30/2021 | |||
| Expiration Date | 8/30/2022 | |||
| All Risk / Special Form | Yes | |||
| Replacement Cost | Yes | |||
| Agreed Amount/ | Yes | |||
| No Coinsurance | ||||
| Property Limit(s) | $250,000,000 per occurrence, reinstating after every loss | |||
| Property Deductible | $100,000 | |||
| Does the policy cover other locations in addition to the collateral? (a “Blanket Policy”) | Yes – Blanket Policy | |||
| Do building, contents and/or business income limits apply on a blanket or per location basis? | Blanket Basis | |||
| Is Law & Ordinance required? | Yes | |||
| Law & Ordinance Limit(s) | (A) Loss to Undamaged Portion of Building – $250,000,000 | |||
| (B) Demolition Costs – $25,000,000 | ||||
| (C) Increased Cost of Construction – $25,000,000 | ||||
| Boiler/Machinery Limit | $25,000,000 | |||
| Flood Limit(s) | Private Flood: | $500,000 ($250,000 per building) | ||
| Excess: | $10,000,000 per occurrence and in the annual aggregate | |||
| Flood Deductible | Private Flood: | Greater of $2,000 or 2%, per building | ||
| Excess: | $250,000 real property + $100,000 business income | |||
| Earthquake Limit(s) | $25,000,000 per occurrence and in the annual aggregate | |||
| Earthquake Deductible | $100,000 | |||
| Wind Limit(s) | Named Storm: | $75,000,000 (sublimit applies to Tier 1 locations only) | ||
| All other Wind: | Included for full policy limits | |||
| Wind Deductible | Named Storm: | 3% of TIV, subject to $100,000 minimum (Tier 1 in GA); $100,000 all other locations | ||
| All other Wind: | $100,000 | |||
| Business Income Limit(s) | Included within $250,000,000 blanket limit | |||
| Business Income (# of months) | unrestricted | |||
| Extended Period of Indemnity | 12 months | |||
| Terrorism Limit | $50,000,000 per occurrence | |||
| Terrorism Deductible | $0 | |||
Starwood Mortgage Capital LLC & Bank of Montreal – AMF Portfolio
| SECTION IV. | Liability Coverage |
The table below provides a line-item summary of the coverages provided under the Commercial General Liability Coverage/Umbrella Liability insurance policies and other relevant Liability coverages.
| Layer of Coverage | Carrier | AM Best | S&P | Policy Number |
| General Liability | AXIS Surplus Insurance Company | A XV | A+ | P00100062423901 |
| Umbrella/Excess Liability | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 | See Exhibit 2 |
| General Liability Coverage Details | ||||
| Effective Date | 8/30/2021 | |||
| Expiration Date | 8/30/2022 | |||
| General Liability Limits | $1,000,000 occurrence / $2,000,000 aggregate | |||
| Deductible/SIR | $5,000 | |||
| Does the GL policy cover other locations in addition to the collateral? (a “Blanket Policy”) | Yes – Blanket Policy | |||
| Does the GL aggregate apply on a per policy basis or a per location basis? | Per Location Aggregate | |||
| Umbrella / Excess Coverage Details | ||||
| Effective Date | 8/30/2021 | |||
| Expiration Date | 8/30/2022 | |||
| Umbrella/Excess Limits | $50,000,000 occurrence / $50,000,000 aggregate | |||
| Deductible/SIR | $0 | |||
| Does the Umbrella policy cover other locations in addition to the collateral? (a “Blanket Policy”) | Yes – Blanket Policy | |||
| Miscellaneous/Notes | Terrorism Coverage is excluded from the GL and Umbrella policies. Terrorism is provided via a separate policy (Lloyd’s of London, Policy #MLEXF000121) in the amount of $25,000,000. | |||
| SECTION V. | Premiums |
The table below provides a line-item summary of the premiums for required coverages afforded to the collateral.
| Line of Coverage | Policy Expiration Date | Annual (unless stated otherwise) Premium |
| Property | 8/30/2022 | See Exhibit 3 |
| Terrorism | 8/30/2022 | See Exhibit 3 |
| Boiler & Machinery | 8/30/2022 | See Exhibit 3 |
| Flood | 6/8/2022 | $2,452.50 |
| General Liability | 8/30/2022 | See Exhibit 3 |
| Umbrella Liability | 8/30/2022 | See Exhibit 3 |
| Total Annual Premium | $1,209,432.50 | |
| TOTAL DUE AT CLOSING | $0 |
Starwood Mortgage Capital LLC & Bank of Montreal – AMF Portfolio
| SECTION VI. | Borrower’s Insurance Contact |
Max Profesorske
VP, Structured Finance
Arbor Realty Trust, Inc. | 333 Earle Ovington Blvd., Suite 900 | Uniondale, NY 11553
Tel (516) 506-4583 | Cell (917) 744-4675 | Fax (516) 542-2512
| SECTION VII. | Comments/Exceptions |
The table below summarizes comments and exceptions which are appropriate in light of relevant considerations and in line with market standards for prudent lenders on comparable transactions.
| Comments: | Lenders agreed to accept $100,000 Property deductible and all insurer ratings. |
| Exceptions: | None |
ASSUMPTIONS & LIMITING CONDITIONS:
| ■ | All coverage is subject to the terms and conditions of the policy form and nothing contained in this report shall be construed to constitute a guarantee that any claim will be paid by an insurer. |
| ■ | We assume no responsibility for matters legal in character, nor do we render any legal opinion. Opinions and advice provided by is not intended to be, and should not be construed to be, legal advice. |
| ■ | This report is based upon the truthfulness, accuracy and completeness of representations made to us by the representatives of parties. It is assumed that information presented in this report has been obtained from reliable sources and that the information is accurate. |
| ■ | This report shall be used for its intended purpose only, and by the party to whom it is addressed. Possession of this report does not include the right of publication. |
| ■ | The statements and conclusions herein shall apply as of the dates shown herein. |
| ■ | Without the written consent or approval of the authors neither all, nor any part of, the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media. |
| ■ | This report must be used in its entirety. Reliance on any portion of the report independent of others, may lead the reader to erroneous conclusions regarding the property values. Unless approval is provided by the authors no portion of the report stands alone. |
| ■ | The liability of , its principals, agents, and employees is limited to the client. Further, there is no accountability, obligation, or liability to any third party. If this report is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and related discussions. |
| ■ | Any information contained in this report regarding insurance carrier ratings is obtained by from independent, third-party rating services directly from said service providers’ websites and such ratings have only been verified as of the date of this report. As insurance carrier ratings are subject to review by such service providers and may change from time to time, encourages any party intending to rely on this report to independently verify the accuracy of any such ratings. does not guarantee the accuracy of any such ratings and is not responsible for any errors or omissions on the part of such service provider, , or any other relevant party. |
EXHIBIT 1
| Location | Street Address | City | State | Zip | Named Insured | Insurable Value | 12-month Income | 18-month Income | Wind | Quake | Flood | O/L |
| Amberwood - Massillon | 3648 Wales Avenue NW | Massillon | OH | 44646 | AMBERWOOD APARTMENTS OF STARK COUNTY, LIMITED PARTNERSHIP | $3,230,000 | $556,936 | $835,404 | Yes | No | No | Yes |
| Amesbury | 3155 Harshman Drive | Reynoldsburg | OH | 43068 | AMESBURY APARTMENTS OF COLUMBUS, LTD. & AMESBURY APARTMENTS OF COLUMBUS, II, L.L.C. | $5,520,000 | $1,259,124 | $1,888,686 | Yes | No | No | No |
| Andover Court | 1095 Beech Street | Mount Vernon | OH | 43050 | ANDOVER COURT APARTMENTS OF MT. VERNON, LTD. | $2,030,000 | $471,780 | $707,670 | Yes | No | No | No |
| Annhurst | 4958 Dawn Drive | Indianapolis | IN | 46268 | Annhurst Apartments of Indianapolis, Ltd | $4,900,000 | $699,268 | $1,048,902 | Yes | No | No | Yes |
| Applegate | 2230 Applegate Drive | Columbus | IN | 47203 | APPLEGATE APARTMENTS OF COLUMBUS, LTD. | $3,100,000 | $595,624 | $893,436 | Yes | No | No | Yes |
| Ashford Hills | 1367 Beeler Drive | Reynoldsburg | OH | 43068 | ASHFORD HILL APARTMENTS OF REYNOLDSBURG, LTD. | $2,800,000 | $749,260 | $1,123,890 | Yes | No | No | Yes |
| Barrington | 750 Northern Avenue | Clarkston | GA | 30021 | BARRINGTON APARTMENTS OF DEKALB COUNTY, LTD. (L.P.) | $2,820,000 | $492,680 | $739,020 | Yes | No | No | No |
| Cambridge Commons | 4959 Oakhurst Drive | Indianapolis | IN | 46254 | CAMBRIDGE COMMONS APARTMENTS OF INDIANAPOLIS, LTD. CAMBRIDGE COMMONS APARTMENTS OF INDIANAPOLIS, II, LP CAMBRIDGE COMMONS APARTMENTS OF INDIANAPOLIS III, LP | $12,500,000 | $2,059,512 | $3,089,268 | Yes | No | No | No |
| Camellia Court | 4542 Kalida Avenue | Dayton | OH | 45424 | CAMELLIA COURT APARTMENTS OF DAYTON, II, LTD; CAMELLIA COURT APARTMENTS OF DAYTON, LTD. | $9,800,000 | $1,035,624 | $1,553,436 | Yes | No | No | Yes |
| Carriage Hill | 604 Hillcrest Parkway | Dublin | GA | 31021 | CARRIAGE HILLS APARTMENTS OF DUBLIN, LTD. (L.P.) | $3,640,000 | $515,768 | $773,652 | Yes | No | No | No |
| Cedargate | 701 North Union Road | Clayton | OH | 45315 | CARDINAL DIVERSIFIED PROPERTIES I, LIMITED PARTNERSHIP & CEDARGATE APARTMENTS OF ENGLEWOOD, LTD. | $5,030,000 | $1,186,012 | $1,779,018 | Yes | No | No | Yes |
| Cedargate Lancaster | 1410 Sheridan Drive | Lancaster | OH | 43130 | CEDARGATE APARTMENTS OF LANCASTER, LTD. & DOGWOOD TERRACE APARTMENTS OF LANCASTER, LTD. | $7,130,000 | $1,457,836 | $2,186,754 | Yes | No | Yes | Yes |
| Cherry Glen | 2760 Cherry Glen Way (aka 3900 Rural Street) | Indianapolis | IN | 46227 | CHERRY GLEN APARTMENTS OF MARION COUNTY, LIMITED PARTNERSHIP | $7,200,000 | $1,254,380 | $1,881,570 | Yes | No | No | No |
| Greenglen II | 2015 North McCord Road | Toledo | OH | 43615 | GREENGLEN APARTMENTS OF TOLEDO, II, LTD. | $3,200,000 | $476,524 | $714,786 | Yes | No | No | Yes |
| Harbinwood | 1295 Harbins Road | Norcross | GA | 30093 | HARBINWOOD APARTMENTS OF GWINNETT COUNTY, LTD. (L.P.), | $4,330,000 | $737,756 | $1,106,634 | Yes | No | No | No |
| Indian Lake I | 100 & 102 Indian Lake Drive | Morrow | GA | 30260 | INDIAN LAKE APARTMENTS OF ATLANTA, LTD. (L.P.) | $13,720,000 | $1,986,060 | $2,979,090 | Yes | No | No | Yes |
| Meadowland | 200 Crane Drive | Bogart | GA | 30622 | MEADOWLAND APARTMENTS OF CLARKE COUNTY, LTD. (L.P.), | $3,490,000 | $601,000 | $901,500 | Yes | No | No | Yes |
| Meadowood | 798 Straub Road W | Mansfield | OH | 44904 | MEADOWOOD APARTMENTS OF MANSFIELD, LTD. | $2,800,000 | $385,428 | $578,142 | Yes | No | No | Yes |
| Millburn Court | 8324 Millwheel Drive | Centerville | OH | 45458 | MILLBURN COURT I APARTMENTS LLC & MILLBURN COURT APARTMENTS OF DAYTON, II, LTD. | $9,700,000 | $1,073,204 | $1,609,806 | Yes | No | No | No |
| Oakley Woods | 6300 Oakley Road | Union City | GA | 30291 | OAKLEY WOODS APARTMENTS OF UNION CITY, LTD. (L.P.) | $3,380,000 | $540,796 | $811,194 | Yes | No | No | Yes |
| Olivewood | 2069 & 2091 Olivewood Drive | Indianapolis | IN | 46219 | OLIVEWOOD APARTMENTS OF INDIANAPOLIS, LTD. & OLIVEWOOD APARTMENTS OF INDIANAPOLIS, II, LTD. | $6,900,000 | $1,216,628 | $1,824,942 | Yes | No | No | No |
| Parkville | 2346 Parkgreen Place | Columbus | OH | 43229 | PARKVILLE, LTD. | $7,500,000 | $853,016 | $1,279,524 | Yes | No | No | Yes |
| Plumwood | 1050 Plumrose Drive | Columbus | OH | 43228 | PLUMWOOD APARTMENTS OF COLUMBUS, III, LTD.; PLUMWOOD APARTMENTS, LTD. | $12,100,000 | $1,227,440 | $1,841,160 | Yes | No | No | Yes |
| Red Deer | 2202 Roseanne Court | Fairborn | OH | 45324 | RED DEER APARTMENTS OF FAIRBORN, LTD. & RED DEER APARTMENTS OF FAIRBORN, II, LIMITED PARTNERSHIP | $4,840,000 | $1,239,688 | $1,859,532 | Yes | No | No | Yes |
| Rosewood Apartments | 5554 Covert Drive | Columbus | OH | 43231 | ROSEWOOD APARTMENTS OF COLUMBUS, LTD. | $7,800,000 | $897,432 | $1,346,148 | Yes | No | No | No |
| Sandalwood | 4804 W Bancroft Street | Toledo | OH | 43615 | SANDALWOOD APARTMENTS OF TOLEDO, LTD. | $3,060,000 | $450,044 | $675,066 | Yes | No | No | Yes |
| Sherbrook | 6677 Guinevere Drive | Columbus | OH | 43229 | SHERBROOK APARTMENTS OF COLUMBUS, LTD. | $4,600,000 | $582,880 | $874,320 | Yes | No | No | No |
| Spicewood | 3714 Bartlett Avenue | Indianapolis | IN | 46227 | SPICEWOOD APARTMENTS OF INDIANAPOLIS, LTD. | $2,500,000 | $432,924 | $649,386 | Yes | No | No | Yes |
| Stewart Way 1 | 302 West General Stewart Way | Hinesville | GA | 31313 | LEXFORD GAKB, L.L.C. & STEWART WAY III APARTMENTS LLC | $9,230,000 | $1,790,828 | $2,686,242 | Yes | No | No | Yes |
| Stonehenge | 799 17th Street NW | Massillon | OH | 44647 | STONEHENGE APARTMENTS OF INDIANAPOLIS, LTD | $4,000,000 | $581,740 | $872,610 | Yes | No | No | Yes |
| Stonehenge Apartments | 7980 Dunston Drive | Indianapolis | IN | 46239 | STONEHENGE APARTMENTS OF INDIANAPOLIS, LTD.; STONEHENGE APARTMENTS OF STARK COUNTY, LTD. | $3,200,000 | $519,708 | $779,562 | Yes | No | No | Yes |
| Timberwood | 710 Mason Terrace | Perry | GA | 31069 | TIMBERWOODS APARTMENTS OF PERRY, LTD. (L.P.) | $3,640,000 | $554,296 | $831,444 | Yes | No | No | Yes |
| Willow Run | 1 Plaza Drive | New Albany | IN | 47150 | Willow Run Apartments of New Albany, Ltd | $3,400,000 | $604,040 | $906,060 | Yes | No | No | Yes |
| Winthrop Court | 2531 Arborview Drive | Columbus | OH | 43229 | WINTHROP COURT APARTMENTS OF COLUMBUS, LTD. & WINTHROP COURT APARTMENTS OF COLUMBUS, II, LTD. | $9,000,000 | $965,432 | $1,448,148 | Yes | No | No | No |
Exhibit 2 - Insurance Carrier Schedule
| Property Insurance Carrier | Policy Number | AM Best Rating | S&P Rating |
| Landmark American Insurance Company (Deductible Buydown) | LHD920009 | A+ XIV | A+ |
| Steadfast Insurance Company | CPP-2498680-02 | A+ XV | AA |
| National Fire & Marine Insurance Company | DF00021672 | A++ XV | AA+ |
| Princeton Excess & Surplus Lines Insurance Company | DF00021672 | A+ XV | AA- |
| Lloyd’s of London | NOJY48256021 | A XV | A+ |
| Westchester Surplus Lines Insurance Company | D94990075 002 | A++ XV | AA |
| Starstone Specialty Insurance Company | A70139211CSP | A- XI | NR |
| Crum & Forster Specialty Insurance Company | PPP-911227 | A XIV | A- |
| Aspen Specialty Insurance Company | PX00HYX21 | A XV | NR |
| Ironshore Specialty Insurance Company | 1000494835-01 | A XV | A |
| First Specialty Insurance Corporation | 2005227-00 | A+ XV | AA- |
| Colony Insurance Company | XP139841-0 | A- XIV | A- |
| Axis Surplus Insurance Company | EAF655924-21 | A XV | A+ |
| Aspen Specialty Insurance Company | EXPASP-00003-00 | A XV | NR |
| QBE Specialty Insurance Company | AHAR12727-00 | A XV | A+ |
| General Security Indemnity Company of Arizona | TR00202211603527 | A+ XV | AA- |
| Steadfast Insurance Company | XPP4826294 | A+ XV | AA |
| Landmark American Insurance Company | LHD920007 | A+ XIV | A+ |
| Equipment Breakdown Insurance Carrier | Policy Number | AM Best Rating | S&P Rating |
| National Fire Insurance Company of Hartford | 5084047704 | A XV | A+ |
| Terrorism Insurance Carrier | Policy Number | AM Best Rating | S&P Rating |
| Lloyd’s of London | MLEXF000121 | A XV | A+ |
| Umbrella/Excess Liability Insurance Carrier | Policy Number | AM Best Rating | S&P Rating |
| Axis Surplus Insurance Company | P00100068424801 | A XV | A+ |
| Arch Specialty Insurance Company | UXP1039258-01 | A+ XV | A+ |
| Steadfast Insurance Company | AEC 0398602-04 | A+ XV | AA |
| Scottsdale Insurance Company | XLS0120783 | A+ XV | A+ |
| Great American Insurance Company | ELD 4033411 | A+ XV | A+ |
| Aspen Specialty Insurance Company | CX00J1021 | A XV | NR |
| Liberty Insurance Underwriters | 1000359076-03 | A XV | A+ |
EXHIBIT 3
| Location | Street Address | City | State | Zip | Annualized Premium |
| Amberwood - Massillon | 3648 Wales Avenue NW | Massillon | OH | 44646 | $23,009.47 |
| Amesbury | 3155 Harshman Drive | Reynoldsburg | OH | 43068 | $50,500.90 |
| Andover Court | 1095 Beech Street | Mount Vernon | OH | 43050 | $18,958.99 |
| Annhurst | 4958 Dawn Drive | Indianapolis | IN | 46268 | $31,388.79 |
| Applegate | 2230 Applegate Drive | Columbus | IN | 47203 | $21,915.96 |
| Ashford Hills | 1367 Beeler Drive | Reynoldsburg | OH | 43068 | $26,547.27 |
| Barrington | 750 Northern Avenue | Clarkston | GA | 30021 | $18,231.61 |
| Cambridge Commons | 4959 Oakhurst Drive | Indianapolis | IN | 46254 | $83,516.39 |
| Camellia Court | 4542 Kalida Avenue | Dayton | OH | 45424 | $40,170.04 |
| Carriage Hill | 604 Hillcrest Parkway | Dublin | GA | 31021 | $22,285.16 |
| Cedargate | 701 North Union Road | Clayton | OH | 45315 | $62,602.85 |
| Cedargate Lancaster | 1410 Sheridan Drive | Lancaster | OH | 43130 | $46,557.88 + $2,452.50 Flood = $49,010.38 |
| Cherry Glen | 2760 Cherry Glen Way (aka 3900 Rural Street) | Indianapolis | IN | 46227 | $48,433.88 |
| Greenglen II | 2015 North McCord Road | Toledo | OH | 43615 | $20,371.32 |
| Harbinwood | 1295 Harbins Road | Norcross | GA | 30093 | $27,260.95 |
| Indian Lake I | 100 & 102 Indian Lake Drive | Morrow | GA | 30260 | $90,548.38 |
| Meadowland | 200 Crane Drive | Bogart | GA | 30622 | $22,581.38 |
| Meadowood | 798 Straub Road W | Mansfield | OH | 44904 | $18,734.36 |
| Millburn Court | 8324 Millwheel Drive | Centerville | OH | 45458 | $42,094.31 |
| Oakley Woods | 6300 Oakley Road | Union City | GA | 30291 | $23,010.43 |
| Olivewood | 2069 & 2091 Olivewood Drive | Indianapolis | IN | 46219 | $46,389.89 |
| Parkville | 2346 Parkgreen Place | Columbus | OH | 43229 | $34,137.10 |
| Plumwood | 1050 Plumrose Drive | Columbus | OH | 43228 | $51,670.65 |
| Red Deer | 2202 Roseanne Court | Fairborn | OH | 45324 | $45,670.98 |
| Rosewood Apartments | 5554 Covert Drive | Columbus | OH | 43231 | $33,809.01 |
| Sandalwood | 4804 W Bancroft Street | Toledo | OH | 43615 | $19,151.86 |
| Sherbrook | 6677 Guinevere Drive | Columbus | OH | 43229 | $20,472.47 |
| Spicewood | 3714 Bartlett Avenue | Indianapolis | IN | 46227 | $17,135.48 |
| Stewart Way 1 | 302 West General Stewart Way | Hinesville | GA | 31313 | $69,275.80 |
| Stonehenge | 799 17th Street NW | Massillon | OH | 44647 | $22,642.85 |
| Stonehenge Apartments | 7980 Dunston Drive | Indianapolis | IN | 46239 | $22,800.04 |
| Timberwood | 710 Mason Terrace | Perry | GA | 31069 | $22,685.65 |
| Willow Run | 1 Plaza Drive | New Albany | IN | 47150 | $24,683.99 |
| Winthrop Court | 2531 Arborview Drive | Columbus | OH | 43229 | $37,733.91 |
| $1,209,432.50 |