Item 1. Business
Omitted.
Item 2.
Item 2. Properties
Omitted.
Item 3.
Item 3. Legal Proceedings
The Registrant is not aware of any material legal proceeding with respect to, the Company, the Master Servicer or the Trustee, as related to the Trust.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote or consent of Holders of the Offered Certificates during the fiscal year covered by this report.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The Trust does not issue stock. There is currently no established secondary market for the Certificates. As of December 31, 2000, the number of holders of each Class of Offered Certificates was 4.
Item 6.
Item 6. Selected Financial Data
Omitted.
Item 7.
Item 7. Management's Discussion and Analysis of Financial condition and Results of Operations
Omitted.
Item 8.
Item 8. Financial Statements and Supplementary Data
Omitted.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There was no change of accountants or disagreement with accountants on any matter of accounting principles or practices or financial disclosure.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Omitted.
Item 11.
Item 11. Executive Compensation
Omitted.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Omitted.
Item 13.
Item 13. Certain Relationships and Related Transactions
No reportable transactions have occurred.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements: Omitted.
(2) Financial Statement Schedules: Omitted.
(3) Exhibits:
Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto. Annual Servicer Statement of Management, files as Exhibit 99.2 hereto, Annual Statement of Independent Accountants Report for the Servicer, filed as Exhibit 99.3 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant during the last quarter of 2000.
Current Reports on Form 8-K, dated October 20, 2000, November 20, 2000, and December 20, 2000, were filed for the purpose of filing the Monthly Statement sent to the Holders of the Offered Certificates for payments made on the same dates. The items reported in such Current Report were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
THE CHASE MANHATTAN BANK, not in its individual capacity but solely as Trustee under the Agreement referred to herein
Date: December 26, 2001 By: /s/Karen Schluter ----------------------------- Karen Schluter Trust Officer
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
The registrant has not sent an annual report or proxy material to its security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.
EXHIBIT INDEX
Exhibit Description
99.1 Servicer's Annual Statement of Compliance 99.2 Servicer's Annual Statement of Management 99.3 Servicer's Annual Independent Accountant's Report
EXHIBIT 99.1 - Servicer's Annual Statement of Compliance
Litton Loan Serivcing , LP 5373 West Alabama, Suite 600 Houston, Texas 77056 Telephone: 713 960 9676 Fax: 713 966 8812
March 30, 2001
Karen Schluter The Chase Manhattan Bank 450 West 33rd Street, 14th Floor New York, New York 10001
Subject: First Franklin Series 2000-FF1
To Whom It May Concern:
The undersigned officer of Litton Loan Servicing LP (successor in interest to Litton Loan Servicing, Inc.) certifies that a review of the servicing activity for the year ended December 31, 2000 has been completed and that there were no defaults or exceptions to the requirements of the subject agreement between the above-listed parties. Litton Loan Servicing LP hereby certifies that:
1. All ad valorem taxes have been paid when due and without penalty to the Trust.
2. All assessments and ground rents of whatsoever kind or nature have been paid so as to prevent their taking priority to the purchase money lien or lien to which the trust in entitled.
3. All casualty insurance has been paid without lapse in coverage and in an amount sufficient to prevent the application of a co-insurance clause.
4. In compliance with the terms of the agreement, flood insurance as required by the National Flood Insurance Act of 1994, P.L. 103-325, para. 511, of any, has been maintained without lapse.
5. Errors and Ommissions Insurance is in forced in amounts sufficient to meet the requirements of Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and the terms of the subject agreement.
6. Litton Loan Servicing LP has timely filed the required IRS informational returns including the forms 1098, 1099(A), and those required by code sections 6050(h)(j)(p) for the year ended December 31, 2000.
7. Litton Loan Servicing LP has not committed any act or ommitted to act in any manner that would cause the trust to lose the REMIC tax treatment or be taxed on prohibited transaction.
8. All other terms and requirements of the Servicing Agreement between the above parties have been complied with except as noted on the attachment to this letter, if any.
Sincerely,
/s/ Janice McClure Senior Vice President Litton Loan Servicing LP
EXHIBIT 99.2 - Servicer's Annual Report to Management
Litton Loan Serivcing , LP 5373 West Alabama, Suite 600 Houston, Texas 77056 Telephone: 713 960 9676 Fax: 713 966 8812
January 12, 2001
As of December 31, 2000, Litton Loan Servicing LP has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, Litton Loan Servicing LP had in effect a fidelity bond in the mount of $10,000,000 and an errors and omissions policy in the amount of $10,000,000.
/s/ Larry B. Litton, Sr. President and CEO
/s/ Janice McClure Senior Vice President
EXHIBIT 99.3 - Servicer's Annual Independent Accountant's Report
DELOITTE & TOUCHE LLP 333 Clay Street, Suite 2300 Houston, Texas 77002-4196
Telephone: 713 982-2000 Fax: 713 982-2001 www.us.deloitte.com
INDEPENDENT AUDITORS' REPORT
To the Partners of Litton Loan Servicing LP:
We have examined management's assertion about Litton Loan Servicing LP's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 2000, included in the accompanying management assertion. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination of the Company's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2000 is fairly stated, in all material respects.
/s/ Deloitte & Touche, LLP
January 12, 2001