8-K 1 fun99c04_dec.txt DECEMBER 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: December 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 FUNB Series 1999-C4 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 54-7056303 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 December 17, 2004, a distribution was made to holders of First Union National Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, FUNB 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, FUNB Series 1999-C4, relating to the December 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 FUNB 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: December 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 December 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 FUNB 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: December 17, 2004 Record Date: November 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 - 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 4,880,267.08 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 4,880,267.08 Principal: Scheduled Principal 1,253,926.41 Unscheduled Principal 1,133,822.47 Principal Prepayments 1,133,822.47 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 2,387,748.88 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 7,268,015.96 Total Funds Distributed Fees: Master Servicing Fee 33,657.10 Trustee Fee 1,406.73 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 35,063.83 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 68,903.12 Special Servicing Fee 8,859.85 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 107.50 Total Additional Trust Fund Expenses 77,870.47 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 4,767,332.71 Principal Distribution 2,387,748.88 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 7,155,081.59 Total Funds Distributed 7,268,015.89

Principal Prepayment Detail No Principal Prepayments this Period

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 298 365000028 1,022,595.92 12/31/2000 1.16 11/01/1999 10/01/2009 297 265330662 86,750.40 03/31/2004 0.81 11/01/1999 10/01/2009 237 265330693 88,618.74 03/31/2004 0.97 12/01/1999 11/01/2009 298 265330689 85,922.26 03/31/2004 1.22 12/01/1999 11/01/2009 238 265330591 272,844.54 12/31/2003 1.20 12/01/1999 11/01/2009 238 265330593 132,251.74 06/30/2004 1.18 12/01/1999 11/01/2009 238 265330592 223,978.33 12/31/2003 1.22 12/01/1999 11/01/2009 238 265330695 40,968.82 09/30/2002 0.38 02/01/2000 01/01/2010 239 (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 510000102 16 2 05/04/2004 12,100,000.00 365000028 28 7 06/11/2004 7,130,000.00 265330662 66 13 07/22/1999 7,200,000.00 265330693 72 10/15/1999 4,850,000.00 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 265330695 126 10 08/26/2003 475,000.00

Loan Number Comments from Special Servicer 510000102 "Occupancy for November 9, 2004 reported at 92.63%. H & R Block lease for 3,209 sq. ft. executed. Negotiations for new theatre operator in final stages and lease is out for review. Property manager is keeping operating expenses within established budget . Construction of Asia Fresh (8,372 sq. ft.) is underway and rent will commence in May 2005. Vacant space (7,421 sq. ft.) is being actively marketed with several prospects showing interest to include a wine store and jewelry store. The 2005 budget has been completed by property manager and is being reviewed. With completion of theatre lease a liquidation plan will be finalized and the property will be taken to market for sale in the first quarter of 2005." 365000028 "Occupancy for October 2004 reported at 58.3% Property is underperforming based on 2004 budget. Grace Management's Repositioning Plan has been reviewed and key components will be made part of 2005 Property Operating Plan. Strategy is to set list price and take property to market for sale in teh first quarer of 2005. 265330662 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. 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. Denied borrower request for interest rate reduction or ability to pay off without yield maintenance. Will monitor for 90 days then transfer to master servicer. 265330693 Transferred to special servicing 10/8/04 due to imminent default. Loan is due for 10/1 installment (Trustee reporting showing due for 11/1 installment is inaccurate) and borrower states that reason for default is increased cost of utilities and slow leasing market. Borrower states that market does not support pass-through of utilities to tenants as it has in the past. Class C property with occupancy, as of 8/04, of 96%. Borrower has signed pre-negotiation letter and has sent in request for forbearance . Reviewing forbearance request while dual tracking with foreclosure, which will be tentatively scheduled for 2/3/05. 265330689 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. 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. Denied borrower request for interest rate reduction or ability to pay off without yield maintenance. Will monitor for 90 days then transfer to master servicer. 265330591 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. 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. Denied borrower request for interest rate reduction or ability to pay off without yield maintenance. Will monitor for 90 days then transfer to master servicer. 265330593 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. 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. Denied borrower request for interest rate reduction or ability to pay off without yield maintenance. Will monitor for 90 days then transfer to master servicer. 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. 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. Denied borrower request for interest rate reduction or ability to pay off without yield maintenance. Will monitor for 90 days then transfer to master servicer. 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. Site visit shows 3-story poured concrete building with 10-12 parking spaces in heart of Salem surrounded by vacancies. Deed-in-lieu of foreclosure taken 7/19/04 and the property is now REO. Mountain Jennings West is the current property manager. One outstanding offer to purchase has been denied and Allied is considering options to marketing the property for lease to achieve stabilization. Updated appraisal has been received and will be finalized in December. (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