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LOS ANGELES-Days after one of its largest Orange County office properties was sold via receivership, MPG Office Trust said Monday that it planned to default on the $470 million mortgage for its 54-story, 1.3-million-square-foot Two California Plaza office property in Downtown Los Angeles as a first step toward restructuring the loan. The Downtown L.A.-based REIT said on Monday that it would deliver a notice of imminent default to the master servicer for the mortgage that day. Two California Plaza is financed with CMBS debt, and as a consequence, in order to comply with real estate mortgage investment conduit (REMIC) rules, the company must send a notice of imminent default to enable any discussions regarding a loan modification with the special servicer, it pointed out in its announcement.

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