8-K 1 fun99c04_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.: 333-48943-03 First Union National Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C4 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 52-7056303 52-2211953 52-2211954 52-2211955 (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 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C4. 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-C4, 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 Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C4 (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, FUNB Series 1999-C4, 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 Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C4 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 - 15 Principal Prepayment Detail 16 Historical Detail 17 Delinquency Loan Detail 18 Specially Serviced Loan Detail 19 - 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 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 Allied Capital Corporation 1919 Pennsylvania Ave, N.W. Washington, DC 20006-3434 Contact: Demetrios Morakis Phone Number: (202) 331-1112 Ext 2438 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 5,512,290.06 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 5,512,290.06 Principal: Scheduled Principal 636,936.10 Unscheduled Principal 65,588,571.07 Principal Prepayments 65,588,571.07 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 66,225,507.17 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 71,737,797.23 Total Funds Distributed Fees: Master Servicing Fee 36,540.82 Trustee Fee 1,539.36 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 38,080.18 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 68,612.86 Special Servicing Fee 10,396.61 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 79,009.47 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 5,395,200.40 Principal Distribution 66,225,507.17 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 71,620,707.57 Total Funds Distributed 71,737,797.22

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 510000102 640,964.70 06/30/2002 1.11 12/01/1999 11/01/2009 301 365000028 1,022,595.92 12/31/2000 1.16 11/01/1999 10/01/2009 300 465000046 785,396.98 12/31/2003 1.30 10/01/1999 09/01/2009 299 265330662 86,750.40 03/31/2004 0.81 11/01/1999 10/01/2009 240 265330689 278,866.43 12/31/2003 0.99 12/01/1999 11/01/2009 241 265330591 272,844.54 12/31/2003 1.20 12/01/1999 11/01/2009 241 265330593 132,251.74 03/31/2004 1.18 12/01/1999 11/01/2009 241 265330592 223,978.33 12/31/2003 1.22 12/01/1999 11/01/2009 241 265330686 246,396.17 12/31/2002 1.54 12/01/1999 11/01/2009 301 265330695 40,968.82 09/30/2002 0.38 02/01/2000 01/01/2010 242 (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 IW - Industrial/Warehouse

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 510000102 16 2 05/04/2004 12,100,000.00 365000028 28 7 06/11/2004 7,130,000.00 465000046 46 1 06/14/1999 9,100,000.00 265330662 66 13 07/22/1999 7,200,000.00 265330689 88 13 08/26/1999 4,170,000.00 265330591 100 13 08/25/1999 3,440,000.00 265330593 101 13 08/25/1999 3,220,000.00 265330592 117 13 08/26/1999 3,000,000.00 265330686 121 11 05/21/2003 3,200,000.00 265330695 126 10 08/26/2003 475,000.00

Loan Number Comments from Special Servicer 510000102 On 9/19/2003 the judge granted our motion for relief from stay. Receiver has been appointed. Non-judicial foreclosure proceeding. Foreclosure sale was held 8/6/04 and the property is now REO. The property is 86% occupied and is well maintained. Projected NOI at $1.1MM. Tenant grocer will move into REI space when REI vacates, moving property to stabilization. Negotiating with prospective theater operators continue. 365000028 Site inspection by Allied asset manager occurred on 8/11/04 and the property was in fair to good condition with further work required on exterior. With exception of the annunciator panel, the initial capital expenditure progam has been completed with positive results and further cap improvements are being considered. There has been a slight increase in occupancy since June 04; now at 68%. Marketing director with Grace Management showed in-depth knowledge of market and marketing efforts are strong. Grace Management supplied update of repositioning plan that is currently being reviewed. Market perception is improved, but issue of stabilized ownership continues to be an impedement to increasing occupancy. 465000046 Transferred to special servicing on 12/19/03. Tenant bankruptcy has caused DSCR to fall below 1.0. Borrower requested relief, may be able to use funds from judgment against prior tenant to keep loan current. Shadow anchor Target may want to purchase portion of the property. Unable to allow such a purchase due to REMIC requirements. Tenant improvement funds refunded, 9/1 payment made, will transfer back to master. 265330662 Transferred to special servicing on 7/23/04. Borrower claims to need interest rate reduction. Principal is same for Hampton Inn Livermore, Hampton Inn Monroe, Comfort Inn Pearl, Comfort Inn Southaven, Comfort Inn McComb. Preliminary analysis of financial statements, STAR report and franchise information shows property in good condition, in good standing with franchise, DSCR over 1.0, no need to grant relief. 265330689 Transferred to special servicing on 7/23/04. Borrower claims to need interest rate reduction. Principal is same for Hampton Inn Livermore, Hampton Inn Monroe, Comfort Inn Pearl, Comfort Inn Southaven, Comfort Inn McComb. Preliminary analysis of financial statements, STAR report and franchise information shows property in good condition, in good standing with franchise, DSCR over 1.0, no need to grant relief. 265330591 Transferred to special servicing on 7/23/04. Borrower claims to need interest rate reduction. Principal is same for Hampton Inn Livermore, Hampton Inn Monroe, Comfort Inn Pearl, Comfort Inn Southaven, Comfort Inn McComb. Preliminary analysis of financial statements, STAR report and franchise information shows property in good condition, in good standing with franchise, DSCR over 1.0, no need to grant relief. 265330593 Transferred to special servicing on 7/23/04. Borrower claims to need interest rate reduction. Principal is same for Hampton Inn Livermore, Hampton Inn Monroe, Comfort Inn Pearl, Comfort Inn Southaven, Comfort Inn McComb. Preliminary analysis of financial statements, STAR report and franchise information shows property in good condition, in good standing with franchise, DSCR over 1.0, no need to grant relief. 265330592 Transferred to special servicing on 7/23/04. Borrower claims to need interest rate reduction due to poor business climate and poor operations. Principal is same for Hampton Inn Livermore, Hampton Inn Monroe, Comfort Inn Pearl, Comfort Inn Southaven, Comfort Inn McComb. Preliminary analysis of financial statements, STAR report and franchise information shows property in good condition, in good standing with franchise, DSCR over 1. 0, no need to grant relief. 265330686 Asset was transferred to SS on 3/14/03 because the borrower encumbered the property with a second trust deed and the guarantor filed a Ch 11 petition on 2/10/03. The case was subsequently converted to Chapter 7. The loan is current. Trustee is marketing the property for sale and states that the property is generating interest around the $4MM level from prospective purchasers. Counsel for SS has requested a status update from the Trustee as to the current status of any offers on the property. The loan appears to be fully secured by the value of the collateral as demonstrated by the 5/21/03 appraised value of $3.2 MM. Trustee sale delayed by sponsor claim that property is owned by a third party. Borrower now claiming to have new lender who will provide financing to pay in full, potential payoff by end of September. 265330695 Asset transferred to SS on April 24 2003 as vacant office building. Borrower supported building for one year after Oregon Dept of Justice moved out; site now empty. Bwr reported property condemned; potential condemnation was not approved by the City. Counsel advises that a condemnation blight suit possible but outcome very uncertain. Site visit shows 3-story poured concrete building with 10-12 parking spaces in heart of Salem surrounded by vacancies. Oregon economy very weak. Current appraisal $475,000 as is. Deed-in-lieu of foreclosure taken 7/19/04 and the property is now REO. Bwr has maintained ground lease payments current and Allied will continue payments as REO. One outstanding offer to purchase has been denied and Allied is considering options to marketing the property for lease to achieve stabilization. (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 COMM MORT TRUST COMM MOR PAS THR CER SER 1999-C4 8-K