A Checklist providing negotiating guidance for a borrower's counsel closing a mortgage loan intended for sale and securitization in a commercial mortgage-backed securities (CMBS) transaction. This Checklist discusses the key issues that the borrower's counsel should identify and discuss with the borrower parties. Although borrowers may have limited negotiating power in CMBS loans, this Checklist includes suggestions for reviewing, analyzing, and negotiating certain standard provisions in securitized mortgage loan transactions, including recourse liability, indemnities, financial reporting, and issues relating to loan securitization, administration, and servicing.