8-K 1 fun99c02.txt MAY 8-K UNITED STATES 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: May 17, 2004 (Date of earliest event reported) Commission File No.: 333-62671-01 First Union National Bank - Chase Manhattan Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C2 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 52-2178388 52-2178389 52-7000342 52-2178384 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (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 May 17, 2004, a distribution was made to holders of First Union National Bank - Chase Manhattan Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C2. 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 1999-C2, relating to the May 17, 2004 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. First Union National Bank - Chase Manhattan Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C2 By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: May 17, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 1999-C2, relating to the May 17, 2004 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 First Union National Bank - Chase Manhattan Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C2 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: May 17, 2004 Record Date: April 30, 2004 DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Certificate Distribution Detail 2 Certificate Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Cash Reconciliation 6 Ratings Detail 7 Current Mortgage Loan and Property Stratification Tables 8 - 11 Mortgage Loan Detail 12 - 18 Principal Prepayment Detail 19 Historical Detail 20 Delinquency Loan Detail 21 Specially Serviced Loan Detail 22 - 25 Modified Loan Detail 26 Liquidated Loan Detail 27 Underwriter First Union Capital Markets One First Union Center 301 South College Street Charlotte, NC 28288 Contact: Craig M. Lieberman Phone Number: (704) 383-7407 Underwriter Chase Securities Inc. 270 Park Avenue, 6th Floor New York, NY 10017 Contact: Steven Schwartz Phone Number: (212) 834-5612 Master Servicer First Union National Bank Charlotte Plaza, Floor 23 NC-1075 201 South College Street Charlotte, NC 28288 Contact: Timothy S. Ryan Phone Number: (704) 593-7878 Special Servicer ARCap Servicing, Inc. 5605 N. MacArthur Blvd. Irving, TX 75038 Contact: Chris Crouch Phone Number: (972) 580-1688 Ext 333 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, 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, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2004, Wells Fargo Bank, N.A.

Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 6,362,859.64 Interest reductions due to Nonrecoverability Determinations 0.00 Interest Adjustments 0.00 Deferred Interest 0.00 Net Prepayment Interest Shortfall 0.00 Net Prepayment Interest Excess 0.00 Extension Interest 0.00 Interest Reserve Withdrawal 0.00 Total Interest Collected 6,362,859.64 Principal: Scheduled Principal 1,499,643.00 Unscheduled Principal 0.00 Principal Prepayments 0.00 Collection of Principal after Maturity Date 0.00 Recoveries from Liquidation and Insurance Proceeds 0.00 Excess of Prior Principal Amounts paid 0.00 Curtailments 0.00 Negative Amortization 0.00 Principal Adjustments 0.00 Total Principal Collected 1,499,643.00 Other: Prepayment Penalties/Yield Maintenance 0.00 Repayment Fees 0.00 Borrower Option Extension Fees 0.00 Equity Payments Received 0.00 Net Swap Counterparty Payments Received 0.00 Total Other Collected: 0.00 Total Funds Collected 7,862,502.64 Total Funds Distributed Fees: Master Servicing Fee 62,722.00 Trustee Fee 1,950.63 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 64,672.64 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 25,186.30 Special Servicing Fee 4,571.86 Rating Agency Expenses 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Other Expenses 0.00 Total Additional Trust Fund Expenses 29,758.16 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 6,268,428.97 Principal Distribution 1,499,643.00 Prepayment Penalties/Yield Maintenance 0.00 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 0.00 Total Payments to Certificateholders & Others 7,768,071.97 Total Funds Distributed 7,862,502.77

Principal Prepayment Detail No Principal Prepayments this Period

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 480000027 1,273,784.00 12/31/2002 1.38 02/10/1999 01/10/2004 295 265999999 1,025,677.00 12/31/2002 1.52 02/01/1999 01/01/2014 115 480000086 (38,929.53) 06/30/2003 (0.21) 01/10/1999 12/10/2008 294 825999748 399,524.40 09/01/1998 08/01/2020 226 265300035 282,003.94 12/31/2001 1.23 04/01/1999 03/01/2009 237 825999949 156,435.39 12/01/1998 07/01/2018 169 825999797 136,047.93 11/01/1998 05/01/2018 167 (1) 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 (2) 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

Specially Serviced Loan Detail - Part 2 Offering Document Resolution Site Other REO Loan Cross Strategy Inspection Phase 1 Appraisal Appraisal Property Number Reference Code (1) Date Date Date Value Revenue 480000027 27 2 11/10/2003 11,500,000.00 265999999 65 13 10/08/1998 12,360,000.00 480000086 86 8 09/10/1998 7,820,000.00 825999748 92 10 11/17/2003 1,000,000.00 265300035 146 9 01/21/1999 3,050,000.00 825999949 175 8 07/01/1998 1,860,000.00 825999797 180 03/11/1998 1,550,000.00

Loan Number Comments from Special Servicer 480000027 A receiver has been appointed by the state court for the control of the subject property. The receiver is in the process of getting the appropriate bond and taking over at the property. Limited financial information has been forwarded by the borrower that shows rental income is basically offset by ongoing property expenses and there is no excess cash flow without the K-Mart space of 82,000 sf providing any support. The borrower continues to represent that they are working with a potential tenant about the re-lease of the remaining space and would like a forbearance during this period. The Trust will continue the dialogue with the borrower regarding this potential, but in the interim, the foreclosure process will continue. 265999999 As noted, the borrower's balance sheet is evidencing debt, other than the subject note. The debt appears to be a working capital line with accounts receivable as security. The borrower has made its October 1, 2003 payment and the loan remains current wit h regard to its payment status. The borrower has been contacted to discuss the default. As a result of the contact, the borrower has provided scheduled information on the debt and its repayment terms. This information, along with the property's interimo perating results, will reviewed and analyzed. Legal counsel will be obtained due to the non-monetary default. 480000086 825999748 The property as vacated by Eagle Foods on 9/30/03 (lease rejection in BK) and a receiver was appointed on 10/30/03. The appraisal and ESA are in process in anticipation of taking title. Iowa is a judicial foreclosure state. Therefore, if a consentualf oreclosure cannot be achieved quickly, the special servicer will consider taking a deed-in-lieu. Also, marketing/brokerage options are being evaluated in anticipation of taking title. 265300035 The loan is current; although, the blocked account agreement is not yet finalized. If such cannot be accomplished by month end, efforts to effect will be discontinued (on the basis that it is not a true cash management arrangement given that the borrower manages the property, not third party management, and therefore still controls the money before it would be deposited into a lockbox). 825999949 825999797 (1) 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

Modified Loan Detail No Modified Loans

COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES SERIES 1999 C2 8-K