8-K 1 fun99c02.txt JUNE 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: June 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 June 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 June 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: June 16, 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 June 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: June 17, 2004 Record Date: May 28, 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 - 23 Modified Loan Detail 24 Liquidated Loan Detail 25 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 6,540,460.81 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 6,540,460.81 Principal: Scheduled Principal 1,691,392.41 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 1,691,392.41 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 8,231,853.22 Total Funds Distributed Fees: Master Servicing Fee 62,636.00 Trustee Fee 1,947.82 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 64,583.82 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 25,318.28 Special Servicing Fee 4,562.83 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 29,881.11 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 6,445,995.92 Principal Distribution 1,691,392.41 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 8,137,388.33 Total Funds Distributed 8,231,853.26

Principal Prepayment Detail No Principal Prepayments this Period

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 480000027 838,854.98 12/31/2003 0.93 02/10/1999 01/10/2004 294 265999999 521,048.12 12/31/2003 1.12 02/01/1999 01/01/2014 114 825999748 399,524.40 09/01/1998 08/01/2020 225 265300035 114,268.69 12/31/2003 0.54 04/01/1999 03/01/2009 236 (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 825999748 92 10 11/17/2003 1,000,000.00 265300035 146 9 01/21/1999 3,050,000.00

Loan Number Comments from Special Servicer 480000027 The Borrower has just turned over documents in response to an interrogatory request (late and after counsel filed a motion to compell). Once reviewed, counsel can prepare a motion for summary judgment. A hearing would be held within 30 days from that po int and foreclosure would be pursued as allowed by the court system. The receiver is collecting rents from the tenants and has taken any excess cash flow to repay a tax advance made by the Trust in the amount of $89,000. The receiver has repaid $62,700 of this advance in the last three months and will continue to repay as cash flow allows. Limited financial information for January and February 2004 shows income received of $65,000 and expenses of $113,000 not including the tax advance. 265999999 The borrower continues to remit payments and keep the loan current relative to its monthly installment. The borrower has not provided its final FYE 2003 financial statements. Instead, it has provided the preliminary operational results for the property in FY 2003. Liability insurance matters are still being discussed. The current liability coverage levels are less than required under the existing mortgage. This issue remains unresolved. A resolution is being sought by the servicer. 825999748 The special servicer is proceeding towards DIL on this vacant former Eagle Foods store with the draft documents out to the borrower for review (ASR approved). All third party reports complete with no pending issues. The DIL is delayed due to the borrowe r's unwillingness to execute standard DIL documentation. The servicer is proceeding with the DIL anticipating finalization of the documents within the next week or so. The receiver remains in place and will act as property manager upon taking title. 265300035 The May payment was received within the grace period, and it was determined after the last reporting deadline that the April payment was actually received within the grace period, as well (posted after). Therefore, the loan will continue to be monitored for return for one more month. (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