8-K 1 fun99c02_sep.txt SEPTEMBER 8K 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: September 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) 52-2178384 52-2178388 52-2178389 52-7000342 (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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 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 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 1999-C2, relating to the September 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 (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: September 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 September 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: September 17, 2004 Record Date: August 31, 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 - 10 Mortgage Loan Detail 11 - 17 Principal Prepayment Detail 18 Historical Detail 19 Delinquency Loan Detail 20 Specially Serviced Loan Detail 21 - 24 Modified Loan Detail 25 Liquidated Loan Detail 26 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 6,512,078.28 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 6,512,078.28 Principal: Scheduled Principal 1,348,197.49 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 1,348,197.49 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 7,860,275.77 Total Funds Distributed Fees: Master Servicing Fee 62,336.70 Trustee Fee 1,939.29 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 64,275.99 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 25,318.28 Special Servicing Fee 4,513.78 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 29,832.06 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 6,417,970.27 Principal Distribution 1,348,197.49 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 7,766,167.76 Total Funds Distributed 7,860,275.81

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 291 265999999 1,025,677.00 12/31/2002 1.52 02/01/1999 01/01/2014 111 480000086 (28,537.49) 12/31/2003 (0.08) 01/10/1999 12/10/2008 290 825999748 399,524.40 09/01/1998 08/01/2020 222 265300062 91,591.45 12/31/2003 0.42 05/01/1999 04/01/2009 294 825999949 156,435.39 12/01/1998 07/01/2018 165 825999797 136,047.93 11/01/1998 05/01/2018 163 (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 265300062 139 13 02/05/1999 3,150,000.00 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 Counsel is finalizing the motion for summary judgment (getting affidavits executed). A hearing would be held within 30 days from that point and foreclosure would be pursued as allowed by the court system. The receiver remains in place and the property generated a negative cash flow of $39M for YTD 6/30/04 (after normalizing taxes and insurance for the pro-rated period) from revenues of $341M. The property is 40% occupied with the large KMart space (51% of NRA) still vacant. The judge has granted the receiver the ability to engage a leasing agent and discussions are underway with a prospective leasing agent. 265999999 The loan remains current with regard to its payments. However, the borrower remains out of compliance with regard to its liability insurance. More specifically, the insurance provider does not have the rating required under the terms of the mortgage and the coverage amounts are less than required under the loan. The borrower has been provided information to seek the additional required coverage. Further, the master servicer is seeking information with regard to possibly providing force placed liability coverage on the property. 480000086 No comments available. 825999748 There is interest from a prospective buyer in acquiring the subject property from the Trust and negotiations to sell the property are ongoing with this party. This loan was transferred to the Special Servicer on September 26, 2003. The property was vacated by Eagle Foods on September 30, 2003 due to a lease rejection in bankruptcy, and a receiver was appointed on October 30, 2003. The property became REO via a Deed-in-Lieu of Foreclosure on June 9, 2004. The property is currently managed by Ruhl and Ruhl Commercial and the building remains vacant at this time. The current advance ratio remains below 50%. 265300062 Loan remains payment current and borrower is reviewing draft of Forbearance Agreement, which includes a Comfort Letter to be executed by the City of Rancho Mirage Housing Authority. The Comfort Letter acknowledges the superiority of the Trust's lien against the property and states that the City will notify the Trust in the event of a default by the borrower under the Owner Participation Agreement. Special Servicer expects the Forbearance Agreement to be finalized and executed by early October. Borrower stated on 9/9/04 that "all of the new utilities, electric, gas, water and sewer are in and are up and running. The repaving of the streets has commenced and should be completed by the end of the month." 825999949 No comments available. 825999797 No comments available. (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