8-K 1 bsc01tp2.txt MARCH 8K SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report : March 15, 2002 (Date of earliest event reported) Commission File No.: 333-87381-01 Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates Series 2001-TOP2 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) Pending (I.R.S. Employer Identification No.) c/o Wells Fargo Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, Maryland 21044 (Address of principal executive offices) (Zip Code) (410) 884-2000 Registrant's Full Telephone Number (Former name, former address and former fiscal year, if changed since last report) ITEM 5. Other Events On March 15, 2002 distribution was made to holders of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2001-TOP2. ITEM 7. Financial Statements and Exhibits (c) Exhibits Item 601(a) of Regulation S-K Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2001-TOP2, relating to the March 15, 2002 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates Series 2001-TOP2 By: Wells Fargo Bank Minnesota, N.A., as Paying Agent By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: March 15, 2002 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2001-TOP2, relating to the March 15, 2002 distribution. Wells Fargo Bank Minnesota, N.A. Corporate Trust Services Bear Stearns Commercial Mortgage Securities Inc., 11000 Broken Land Parkway Commercial Mortgage Pass-Through Certificates Columbia, MD 21044 Series 2001-TOP2 For Additional Information, please contact CTSlink Customer Service 301-815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date:03/15/2002 Record Date: 02/28/2002 DISTRIBUTION DATE STATEMENT Table of Contents Certificate Distribution Detail 2 Certificate Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Ratings Detail 6 Current Mortgage Loan and Property Stratification Tables 7 - 9 Mortgage Loan Detail 10 - 14 Principal Prepayment Detail 15 Historical Detail 16 Delinquency Loan Detail 17 Specially Serviced Loan Detail 18 - 19 Modified Loan Detail 20 Liquidated Loan Detail 21 Underwriter Bear, Stearns & Co., Inc. 245 Park Avenue New York, NY 10019 Contact: General Information Number Phone Number: (212) 272-2000 Master Servicer Wells Fargo Bank, National Association 45 Fremont Street, 2nd Floor San Francisco, CA 94105 Contact: Jeannette Delagarza Phone Number: (415) 222-4279 Special Servicer GMAC Commercial Mortgage Corporation 200 Witmer Road Horsham, PA 10944-8015 Contact: Darri Cunningham Phone Number: (215) 328-1784 This report has been compiled from information provided to Wells Fargo Bank MN, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank MN, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank MN, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 1997, Wells Fargo Bank Minnesota, N.A.

Loan Appraisal Appraisal Res Mod Number Reduction Reduction Strat. Code Date Amount (2) (3) 850200422 9 Totals 0.00 (1) Property Type Code MF- Multi-Family RT- Retail HC- Health Care IN- Industrial WH- Warehouse MH- Mobile Home Park OF- Office MU- Mixed Use LO- Lodging SS- Self Storage OT- Other (2) Resolution Strategy Code 1- Modification 2- Foreclosure 3- Bankruptcy 4- Extension 5- Note Sale 6- DPO 7- REO 8- Resolved 9- Pending Return to Master Servicer 10-Deed In Lieu of Foreclosure 11-Full Payoff 12-Reps and Warranties 13-Other or TBD (3) Modification Code 1- Maturity Date Extension 2- Amortization Change 3- Principal Write-Off 4- Combination

Principal Prepayment Detail No Principal Prepayments this Period

Current Outstanding Actual Outstanding P & I P & I Principal Servicing Advances Advances Balance Advances Totals by Deliquency Code: Total for Status Code = A (1 loan) 183,301.01 183,301.01 19,706,511.85 0.00 Total for Status Code = B (3 loans) 292,264.52 292,264.52 39,880,499.70 0.00

(1) Status of Mortgage Loan A- Payment Not Received But Still in Grace Period B- Late Payment But Less Than 1 Month Delinquent 0- Current 1- One Month Delinquent 2- Two Months Delinquent 3- Three Or More Months Delinquent 4- Assumed Scheduled Payment (Performing Matured Balloon) 7- Foreclosure 9- REO (2) Resolution Strategy Code 1- Modification 2- Foreclosure 3- Bankruptcy 4- Extension 5- Note Sale 6- DPO 7- REO 8- Resolved 9- Pending Return to Master Servicer 10-Deed In Lieu Of Foreclosure 11-Full Payoff 12-Reps and Warranties 13-Other or TBD ** Outstanding P & I Advances include the current period advance.

Loan Number Comments from Special Servicer 850200422 The subject loan was transferred due to the bankruptcy of the sole tenant, Exodus Communications, and the borrower's request for forbearance. The loan is current and Exodus has until 5/24/02 to accept or reject the lease. A Pre-Negotiation Agreement wa s signed. The borrower is considering a possible sale of the property to a third party or a forbearance. The last appraisal was $14.1MM as of 10/00 with the tenant in place. The collateral is a 106,000 sf industrial building in El Segundo, CA. Exodus invested $43 million in TI's to create an Internet Data Center (web server farm). The building is vacant and was never occupied. The TI's are state-of-the-art and include extensive security, HVAC, power, power back up systems, fire suppression, etc. Th e TI's are owned by the tenant and could be removed if the lease is rejected. The lender also holds $800,000 in leasing reserves and a $400,000 letter of credit securing the lease.

Modified Loan Detail No Modified Loans Liquidated Loan Detail No Liquidated Loans this Period

BEAR STEARNS COMMERCIAL MORTGAGE SEC INC SERIES 2001-TOP2 8-K