UBS-Citigroup Commercial Mortgage Trust 2011-C1 - FORM 10-K - EX-34 - EXHIBIT 34.4 - March 30, 2012

Attached files

file filename
10-K - FORM 10-K - UBS-Citigroup Commercial Mortgage Trust 2011-C1ub11c110k.txt
EX-31 - EXHIBIT 31 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex31sox.txt
EX-35 - EXHIBIT 35.3 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex353dbasoc.htm
EX-35 - EXHIBIT 35.5 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex355keyasoc.htm
EX-35 - EXHIBIT 35.4 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex354midland.htm
EX-33 - EXHIBIT 33.7 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex337keyasset.htm
EX-35 - EXHIBIT 34.3 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex343dbassest.htm
EX-35 - EXHIBIT 35.6 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex356coreasoc.htm
EX-33 - EXHIBIT 33.3 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex333dbassert.htm
EX-34 - EXHIBIT 34.7 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex347keyattest.htm
EX-33 - EXHIBIT 33.1 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex331wellsassert.htm
EX-34 - EXHIBIT 34.1 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex341wellsattest.htm
EX-35 - EXHIBIT 35.2 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex352midlandasoc.htm
EX-33 - EXHIBIT 33.4 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex334trimontassert.htm
EX-34 - EXHIBIT 34.2 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex342midlandattest.htm
EX-33 - EXHIBIT 33.2 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex332midlandassert.htm
EX-35 - EXHIBIT 35.1 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex351wellsfargoasoc.htm
EX-33 - EXHIBIT 33.5 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex335corelogicassert.htm
EX-34 - EXHIBIT 34.5 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex345corelogicattest.htm
EX-34 - EXHIBIT 34.6 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex346nationaltaxattest.htm
EX-33 - EXHIBIT 33.6 - UBS-Citigroup Commercial Mortgage Trust 2011-C1ex336nationaltaxassert.htm

Exhibit 34.4

 

 

 

  Grant Thornton LLP
  201 S College Street, Suite 2500
  Charlotte, NC 28244-0100
  T 704.632.3500
  F 704.334.7701 www.GrantThornton.com

 

 

Report of Independent Registered Public Accounting Firm

 

Board of Directors

TriMont Real Estate Advisors, Inc

 

We have examined management’s assertion, included in the accompanying Management’s Certification Regarding Compliance with Applicable Servicing Criteria (“Management’s Report”), that TriMont Real Estate Advisors, Inc (the “Company”) complied with the servicing criteria set forth in Item 1122(d) of the U.S. Securities and Exchange Commission’s Regulation AB as of and for the year ended December 31, 2011, except for those criteria noted as not applicable (N/A) within Exhibit A. The transactions covered by this report are only those transactions processed by the Company in its capacity as trust or operating advisor for the asset backed securities transactions (the “Platform”). Reference Exhibit B for the transactions covered by this examination. Management is responsible for the Company’s compliance with the applicable servicing criteria. Our responsibility is to express an opinion on management’s assertion about the Company’s compliance with the applicable servicing criteria for the Platform based on our examination.

 

 

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the applicable servicing criteria for the Platform and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities constituting the Platform and evaluating whether the Company performed servicing activities related to those transactions and securities in compliance with the applicable servicing criteria for the period covered by this report. Accordingly, our testing may not have included servicing activities related to each asset-backed transaction or security constituting the Platform. Further, our examination was not designed to detect material noncompliance that may have occurred prior to the period covered by this report and that may have affected the Company’s servicing activities during the period covered by this report. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the applicable servicing criteria.

 
2
 

 

 

 

In our opinion, management’s assertion that TriMont Real Estate Advisors, Inc complied with the applicable servicing criteria identified in Exhibit A and Exhibit B as of and for the year ended December 31, 2011 for the Platform is fairly stated, in all material respects.

 

 

 

/s/ Grant Thornton LLP

 

 

Charlotte, North Carolina

March 1, 2012

 

  
 

 

 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011- LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
General Servicing Considerations          
(d)(1)(i)

Policies and

Procedures

Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreement.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(1)(ii)

Policies and

Procedures

(vendors)

If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(1)(iii)

Back-up

Servicer

Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(1)(iv) Fidelity Bond

A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreement.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

Cash Collection and Administration          
(d)(2)(i)

2 Days to

deposit Payments into Custodial Accounts

Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements.

 N/A2 N/A2 N/A2 N/A2 N/A2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  
3
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(2)(ii) Wire Transfers

Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(2)(iii) Advances

Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(2)(iv) Commingling

The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

4
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(2)(v)

Federally

Insured

Institution

Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of§240.13k-1(b)(1) of this chapter. I.3 Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(2)(vi)

Unissued

Checks

Unissued checks are safeguarded so as to prevent unauthorized access.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

5
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(2)(vii) Reconciliations

Reconciliations are prepared on a monthly basis for all asset-backedsecurities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (a) are mathematically accurate; (b) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (c) are reviewed and approved by someone other than the person who prepared the reconciliation; and (d) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

6
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
Investor Remittance and Reporting          
(d)(3)(i)

Reports to the

Investor

Reports to investors,including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports: (a) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (b) provide information calculated in accordance with the terms specified in the transaction agreements; (c) are filed with the Commission as required by its rules and regulations; and (d) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer.

 

X1

 

X1

 

X1

 

X1

 

X1

(d)(3)(ii)

Investor

Remittance

Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(3)(iii)

Investor's

Records

Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

7
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(3)(iv)

Remittance

and Bank

Statements

Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

Pool Asset Administration            
(d)(4)(i)

Collateral/

Security on

Pool Assets

Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(ii)

Safeguard Pool

Assets

Pool assets and related documents are safeguarded as required by the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(iii)

Changes to the

Pool Assets

Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(iv)

Obligor's

Payment

Record

Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g. escrow) inaccordance with the related pool asset documents.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

8
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(4)(v)

Pool Asset

Records Match

UPB

The servicer’s records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(vi)

Loan

Modifications

Changes with respect to the terms or status of an obligor's pool asset (e.g loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(vii)

Loss Mitigation

Actions

Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreement.

 

X1

 

X1

 

X1

 

X1

 

X1

9
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(4)(viii)

Collection

Efforts

Documented

Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment)

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(ix) ARMs

Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

10
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(4)(x) Escrow Funds

Regarding any funds held in trust for an obligor such funds are (a) analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (b) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (c)returned to the obligor within 30 calendar days of full repayment ofthe related pool asset, or such other number of days specified in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(xi)

Timely

Payments

Payments made on behalfof an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

11
 

 

Exhibit A

 

 

 

Regulation AB Criteria

DBUBS

2011-
LC3

 

WFRBS

2011-C5

 

MSC

2011-C3

 

CFCRE

2011-C2

UBS

CCMT-

2011-C1

Section Description Criteria Applicable Criteria
(d)(4)(xii)

Late Payment

Penalties

Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(xiii)

Obligor's

Records

Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(xiv)

Delinquencies,

Charge-offs, and Other Uncollectible Accounts

Delinquencies, Charge-offs,and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

(d)(4)(xv)

Any External

Enhancement

Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements.

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

N/A2

 

 

  

1.       This criteria is applicable for the securitization; however, there were no specially serviced loans serviced under this securitization during the reporting period. Therefore no trust/operating advisor actions were required.

 

2.       With respect to Applicable Servicing Criteria cells in Exhibit A that are denoted with an “N/A2”, the criteria was not in scope for the transaction.

12
 

 

Exhibit B
Name Transaction Period of Service
DBUBS 2011-LC3

Commercial Mortgage Pass-Through Certificates, DBUBS

2011-LC3 pursuant to the Pooling and Servicing Agreement
dated August 1, 2011

August 1, 2011 –

December 31, 2011

WFRBS 2011-C5

Commercial Mortgage Pass-Through Certificates, WFRBS

2011-C5 pursuant to the Pooling and Servicing Agreement
dated November 1, 2011

November 1, 2011 –

December 31, 2011

MSC 2011-C3

Commercial Mortgage Pass-Through Certificates, MSC 2011-

C3 pursuant to the Pooling and Servicing Agreement
dated October 1, 2011

October 1, 2011 –

December 31, 2011

CFCRE 2011-C2

Commercial Mortgage Pass-Through Certificates, CFCRE

2011-C2 pursuant to the Pooling and Servicing Agreement
dated December 11, 2011

December 11, 2011 –

December 31, 2011

UBS CCMT-2011-C1

Commercial Mortgage Pass-Through Certificates, UBS

CCMT-2011-C1 pursuant to the Pooling and Servicing

Agreement dated December 1, 2011

December 1, 2011 –

December 31, 2011

 

13