8-K 1 fba01c01.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.: 333-53266-01 First Union National Bank - Bank of America, N.A Commercial Mortgage Pass-Through Certificates Series 2001-C1 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 52-2289281 52-7137420 52-2289282 (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 52-2289281 52-7137420 52-2289282 (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 - Bank of America, N.A, Commercial Mortgage Pass-Through Certificates, Series 2001-C1. 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-C1, 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 - Bank of America, N.A Commercial Mortgage Pass-Through Certificates Series 2001-C1 By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: May 15, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2001-C1, 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 - Bank of America, N.A Commercial Mortgage Pass-Through Certificates Series 2001-C1 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 - 10 Mortgage Loan Detail 11 - 16 Principal Prepayment Detail 17 Historical Detail 18 Delinquency Loan Detail 19 Specially Serviced Loan Detail 20 - 22 Modified Loan Detail 23 Liquidated Loan Detail 24 Underwriter First Union Securities, Inc 201 South College Street Charlotte, NC 28288 Contact: William J. Cohane Phone Number: (704) 383-4984 Underwriter Banc of America Securities LLC 100 North Tryon Street Charlotte, NC 28255 Contact: David Gertner Phone Number: (704) 388-3621 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 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 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.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 8,435,673.35 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 8,435,673.35 Principal: Scheduled Principal 1,160,725.15 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 1,160,725.15 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 9,596,398.50 Total Funds Distributed Fees: Master Servicing Fee 85,845.45 Trustee Fee 2,323.63 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 88,169.08 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 11,318.49 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 11,318.49 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 8,105,385.81 Principal Distribution 1,160,725.15 Prepayment Penalties/Yield Maintenance 0.00 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 230,800.00 Total Payments to Certificateholders & Others 9,496,910.96 Total Funds Distributed 9,596,398.53

Principal Prepayment Detail No Principal Prepayments this Period

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 265950410 1,178,199.44 06/30/2003 0.59 01/01/2001 11/01/2030 318 600000044 163,494.30 09/30/2003 0.24 01/01/2000 12/01/2009 246 265330996 106,186.96 06/30/2003 1.08 11/01/2000 10/01/2010 316 (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 265950410 2 13 08/26/2003 35,500,000.00 600000044 44 1 08/27/1999 14,700,000.00 265330996 145 13 08/01/2000 2,800,000.00

Loan Number Comments from Special Servicer 265950410 The inspection period expired on 5/7/04 and the buyer terminated escrow; terminating the purchase agreement. 600000044 The Mortgage Loan was transferred to Special Servicing on April 8, 2004 due to a 60 day default. The Borrower had paid the note to January 1, 2004. The borrower sent correspondence at the end of March 2004 highlighting its competitive concerns and reques ting interest rate and other relief on the obligation. Telephone contact was made and a hello letter was sent to the borrower. As a result thereof, the borrower has provided some of the requested information on the property and has verbally acknowledge d its intent to provide the remainder. Legal counsel has been instructed to prepare a demand letter. Further, counsel has sent a letter to the franchisor acknowledging the current noteholder and providing notice addresses for the noteholder with respect to any default under the license. Bids are being sought from Chicago area appraisers who specialize in hospitality properties. The bids are expected this week and an appraiser will be engaged. 265330996 The loan continues to run 30 to 60 days delinquent. Foreclosure complaints were filed on 4/26 and the borrower has 60 days to respond (June 29). (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

FIRST UNION COM MOR SEC INC COM MOR PASS THR CER SER 2001-C1 8-K