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WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC.
Depositor
and
WACHOVIA BANK, NATIONAL ASSOCIATION
Master Servicer
and
CLARION PARTNERS, LLC
Special Servicer
and
LASALLE BANK NATIONAL ASSOCIATION
Trustee
and
ABN AMRO BANK N.V.
Fiscal Agent
POOLING AND SERVICING AGREEMENT
Dated as of July 1, 2004
----------------------------
$1,076,652,063
Commercial Mortgage Pass-Through Certificates
Series 2004-C12
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TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms...............................................
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS
AND WARRANTIES; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans................................
Section 2.02 Acceptance of the Trust Fund by Trustee.....................
Section 2.03 Mortgage Loan Seller's Repurchase or Substitution of
Mortgage Loans for Document Defects and Breaches of
Representations and Warranties.............................
Section 2.04 Representations and Warranties of Depositor.................
Section 2.05 Conveyance of Mortgage Loans; Acceptance of Loan REMIC,
REMIC I and Grantor Trust by Trustee.......................
Section 2.06 Issuance of Loan REMIC Regular Interests....................
Section 2.07 Conveyance of Loan REMIC Regular Interests; Acceptance of
REMIC I by the Trustee.....................................
Section 2.08 Issuance of the Loan REMIC Regular Interests and REMIC I
Regular Interests; Execution, Authentication and
Delivery of Class R-I Certificates.........................
Section 2.09 Conveyance of REMIC I Regular Interests; Acceptance of
REMIC II by Trustee........................................
Section 2.10 Execution, Authentication and Delivery of REMIC II
Certificates...............................................
Section 2.11 Execution, Authentication and Delivery of Class Z
Certificates...............................................
ARTICLE III
ADMINISTRATION AND SERVICING OF THE TRUST FUND
Section 3.01 Administration of the Mortgage Loans........................
Section 3.02 Collection of Mortgage Loan Payments........................
Section 3.03 Collection of Taxes, Assessments and Similar Items;
Servicing Accounts; Reserve Accounts.......................
Section 3.04 Certificate Account, Interest Reserve Account,
Gain-on-Sale Reserve Account, Additional Interest
Account, Distribution Account and Companion Distribution
Account....................................................
Section 3.05 Permitted Withdrawals from the Certificate Account,
Distribution Account, Interest Reserve Account,
Additional Interest Account, Gain-on-Sale Reserve
Account and Companion Distribution Account.................
Section 3.06 Investment of Funds in the Servicing Accounts, Reserve
Accounts, Certificate Account, Interest Reserve Account,
Distribution Account, Companion Distribution Account,
Additional Interest Account, Gain-on-Sale Reserve
Account and REO Account....................................
Section 3.07 Maintenance of Insurance Policies; Errors and Omissions
and Fidelity Coverage......................................
Section 3.08 Enforcement of Alienation Clauses...........................
Section 3.09 Realization Upon Defaulted Mortgage Loans; Required
Appraisals.................................................
Section 3.10 Trustee and Custodian to Cooperate; Release of Mortgage
Files......................................................
Section 3.11 Servicing Compensation......................................
Section 3.12 Property Inspections; Collection of Financial Statements;
Delivery of Certain Reports................................
Section 3.13 Annual Statement as to Compliance...........................
Section 3.14 Reports by Independent Public Accountants...................
Section 3.15 Access to Certain Information...............................
Section 3.16 Title to REO Property; REO Account..........................
Section 3.17 Management of REO Property..................................
Section 3.18 Resolution of Defaulted Mortgage Loans and REO Properties...
Section 3.19 Additional Obligations of Master Servicer and Special
Servicer...................................................
Section 3.20 Modifications, Waivers, Amendments and Consents.............
Section 3.21 Transfer of Servicing Between Master Servicer and Special
Servicer; Record Keeping...................................
Section 3.22 Sub-Servicing Agreements....................................
Section 3.23 Representations and Warranties of Master Servicer and
Special Servicer...........................................
Section 3.24 Sub-Servicing Agreement Representation and Warranty.........
Section 3.25 Designation of Controlling Class Representative.............
Section 3.26 Companion Paying Agent......................................
Section 3.27 Companion Register..........................................
ARTICLE IV
DISTRIBUTIONS TO CERTIFICATEHOLDERS
Section 4.01 Distributions...............................................
Section 4.02 Statements to Certificateholders; CMSA Loan Periodic
Update File................................................
Section 4.03 P&I Advances................................................
Section 4.04 Allocation of Realized Losses and Additional Trust Fund
Expenses; Allocation of Certificate Deferred Interest;
Allocation of Appraisal Reduction Amounts..................
Section 4.05 Calculations................................................
Section 4.06 Use of Agents...............................................
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates............................................
Section 5.02 Registration of Transfer and Exchange of Certificates.......
Section 5.03 Book-Entry Certificates.....................................
Section 5.04 Mutilated, Destroyed, Lost or Stolen Certificates...........
Section 5.05 Persons Deemed Owners.......................................
ARTICLE VI
THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL
SERVICER AND THE CONTROLLING CLASS REPRESENTATIVE
Section 6.01 Liability of Depositor, Master Servicer and Special
Servicer...................................................
Section 6.02 Merger, Consolidation or Conversion of Depositor or
Master Servicer or Special Servicer........................
Section 6.03 Limitation on Liability of Depositor, Master Servicer and
Special Servicer...........................................
Section 6.04 Resignation of Master Servicer and the Special Servicer.....
Section 6.05 Rights of Depositor and Trustee in Respect of Master
Servicer and the Special Servicer..........................
Section 6.06 Depositor, Master Servicer and Special Servicer to
Cooperate with Trustee.....................................
Section 6.07 Depositor, Special Servicer and Trustee to Cooperate with
Master Servicer............................................
Section 6.08 Depositor, Master Servicer and Trustee to Cooperate with
Special Servicer...........................................
Section 6.09 Designation of Special Servicer by the Controlling Class
and Controlling Holders....................................
Section 6.10 Master Servicer or Special Servicer as Owner of a
Certificate................................................
Section 6.11 The Controlling Class Representative........................
ARTICLE VII
DEFAULT
Section 7.01 Events of Default...........................................
Section 7.02 Trustee to Act; Appointment of Successor....................
Section 7.03 Notification to Certificateholders..........................
Section 7.04 Waiver of Events of Default.................................
Section 7.05 Additional Remedies of Trustee Upon Event of Default........
ARTICLE VIII
CONCERNING THE TRUSTEE AND THE FISCAL AGENT
Section 8.01 Duties of Trustee...........................................
Section 8.02 Certain Matters Affecting Trustee...........................
Section 8.03 Trustee and Fiscal Agent Not Liable for Validity or
Sufficiency of Certificates or Mortgage Loans..............
Section 8.04 Trustee and Fiscal Agent May Own Certificates...............
Section 8.05 Fees and Expenses of Trustee; Indemnification of Trustee....
Section 8.06 Eligibility Requirements for Trustee........................
Section 8.07 Resignation and Removal of Trustee..........................
Section 8.08 Successor Trustee...........................................
Section 8.09 Merger or Consolidation of Trustee and Fiscal Agent.........
Section 8.10 Appointment of Co-Trustee or Separate Trustee...............
Section 8.11 Appointment of Custodians...................................
Section 8.12 Appointment of Authenticating Agents........................
Section 8.13 Access to Certain Information...............................
Section 8.14 Appointment of REMIC Administrators.........................
Section 8.15 Representations, Warranties and Covenants of Trustee........
Section 8.16 Appointment of Paying Agent.................................
Section 8.17 Reports to the Securities and Exchange Commission;
Available Information......................................
Section 8.18 Maintenance of Mortgage File................................
Section 8.19 The Fiscal Agent............................................
Section 8.20 Representations and Warranties of the Fiscal Agent..........
ARTICLE IX
TERMINATION
Section 9.01 Termination Upon Repurchase or Liquidation of All
Mortgage Loans.............................................
Section 9.02 Additional Termination Requirements.........................
ARTICLE X
ADDITIONAL TAX PROVISIONS
Section 10.01 REMIC Administration........................................
Section 10.02 Grantor Trust Administration................................
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment...................................................
Section 11.02 Recordation of Agreement; Counterparts......................
Section 11.03 Limitation on Rights of Certificateholders..................
Section 11.04 Governing Law...............................................
Section 11.05 Notices.....................................................
Section 11.06 Severability of Provisions..................................
Section 11.07 Grant of a Security Interest................................
Section 11.08 Streit Act..................................................
Section 11.09 Successors and Assigns; Beneficiaries.......................
Section 11.10 Article and Section Headings................................
Section 11.11 Notices to Rating Agencies..................................
Section 11.12 Complete Agreement..........................................
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EXHIBITS
Exhibit Description Exhibit No. Section Reference
----------------------------- -------------- ---------------------------------
Section 1.01 Definition of
Form of Class A-1 Certificate A-1 "Class A-1 Certificate"
Section 1.01 Definition of
Form of Class A-2 Certificate A-2 "Class A-2 Certificate"
Section 1.01 Definition of
Form of Class A-3 Certificate A-3 "Class A-3 Certificate"
Section 1.01 Definition of
Form of Class A-4 Certificate A-4 "Class A-4 Certificate"
Section 1.01 Definition of
Form of Class A-1A Certificate A-5 "Class A-1A Certificate"
Section 1.01 Definition of
Form of Class IO Certificate A-6 "Class IO Certificate"
Section 1.01 Definition of
Form of Class B Certificate A-7 "Class B Certificate"
Section 1.01 Definition of
Form of Class C Certificate A-8 "Class C Certificate"
Section 1.01 Definition of
Form of Class D Certificate A-9 "Class D Certificate"
Section 1.01 Definition of
Form of Class E Certificate A-10 "Class E Certificate"
Section 1.01 Definition of
Form of Class F Certificate A-11 "Class F Certificate"
Section 1.01 Definition of
Form of Class G Certificate A-12 "Class G Certificate"
Section 1.01 Definition of
Form of Class H Certificate A-13 "Class H Certificate"
Section 1.01 Definition of
Form of Class J Certificate A-14 "Class J Certificate"
Section 1.01 Definition of
Form of Class K Certificate A-15 "Class K Certificate"
Section 1.01 Definition of
Form of Class L Certificate A-16 "Class L Certificate"
Section 1.01 Definition of
Form of Class M Certificate A-17 "Class M Certificate"
Section 1.01 Definition of
Form of Class N Certificate A-18 "Class N Certificate"
Section 1.01 Definition of
Form of Class O Certificate A-19 "Class O Certificate"
Section 1.01 Definition of
Form of Class P Certificate A-20 "Class P Certificate"
Section 1.01 Definition of
Form of Class R-I Certificate A-21 "Class R-I Certificate"
Section 1.01 Definition of
Form of Class R-II Certificate A-22 "Class R-II Certificate"
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