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Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. for the deposit of T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. and other impound escrow funds.
Amounts for taxes, insurance, and other charges assessed against or owing on the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). which you deem necessary to protect the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). and/or prevent Liens LiensLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. imposed on it.
Any abatement, reduction, lessening, exemption, or deferral of real estate or other taxes levied against a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). , including any PILOT PILOTPayment In Lieu Of Taxes. .
Taxable debt secured by the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). securing the Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. .
Taxes or assessments that may become a Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). and insurance premiums.
MH Site MH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located. Lease LeaseWritten agreement between an owner and the tenant of a Property stipulating the conditions for possession and use of real estate for a specified period of time and rent. with the Homeowner HomeownerFor an MH Community, a tenant of the Borrower who pays ground rent to the owner for use and occupancy of the MH Site and for use of the MH Community’s utilities and amenities. or tenant of a Manufactured Home Manufactured HomeFactory-built home complying with the Manufactured Home HUD Code. with:
- a 1-year renewable (at the MH Site MH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located. Lease LeaseWritten agreement between an owner and the tenant of a Property stipulating the conditions for possession and use of real estate for a specified period of time and rent. tenant’s election) lease term, unless good cause for nonrenewal exists;
- a minimum 30-day written notice of rent increases;
- 5-day minimum grace period for non-payment of rent, and the right to cure rent payment defaults within the specified cure period (or 10 days if no cure period is specified);
- the Homeowner
HomeownerFor an MH Community, a tenant of the Borrower who pays ground rent to the owner for use and occupancy of the MH Site and for use of the MH Community’s utilities and amenities.
’s right to:
- sell the Manufactured Home Manufactured HomeFactory-built home complying with the Manufactured Home HUD Code. without first relocating it out of the MH Community MH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. ;
- sublease or assign the MH Site
MH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located.
Lease
LeaseWritten agreement between an owner and the tenant of a Property stipulating the conditions for possession and use of real estate for a specified period of time and rent.
(for the remaining unexpired term), if the Manufactured Home
Manufactured HomeFactory-built home complying with the Manufactured Home HUD Code.
purchaser satisfies the MH Community’s
MH Community’sResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure.
- rules and regulations, and
- then-applicable credit and background check requirements;
- post “for sale” signs on the MH Site MH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located. per the MH Community’s MH Community’sResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. rules and regulations; and
- sell the Manufactured Home Manufactured HomeFactory-built home complying with the Manufactured Home HUD Code. in place within 45 days after eviction, while the Manufactured Home Manufactured HomeFactory-built home complying with the Manufactured Home HUD Code. remains on site and connected to public and private utilities; and
- at least 60-days notice before any planned MH Community MH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. sale or closure.
MBS Investor MBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. for an MBS Mortgage Loan MBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. that is not the Multifamily Trading Desk Multifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. .
Arrangement between you and a Third Party MBS Investor Third Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. to trade MBS MBSMortgage-Backed Security per Part IV, Chapter 2: Rate Lock and Committing, Section 201.02: Trading Agreements.
Any loan to, or indebtedness of, a Borrower BorrowerPerson who is the obligor per the Note. that:
- is not a Supplemental Mortgage Loan Supplemental Mortgage LoanMortgage Loan purchased by Fannie Mae that is subordinated to, and has a Mortgage Loan Origination Date after, the Senior Mortgage Loan that is also owned by Fannie Mae. or Pre-Existing Mortgage Loan Pre-Existing Mortgage LoanMultifamily residential real estate loan secured by Liens against the Property having higher priority than the Lien securing the Subordinate Loan purchased by Fannie Mae. ; and
- either:
A Supplemental Mortgage Loan Supplemental Mortgage LoanMortgage Loan purchased by Fannie Mae that is subordinated to, and has a Mortgage Loan Origination Date after, the Senior Mortgage Loan that is also owned by Fannie Mae. where
- the combined Underwritten DSCR Underwritten DSCRRatio of Underwritten Net Cash Flow to the annual debt service for a Mortgage Loan amount based on a level debt service payment with the applicable amortization, and calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis, as adjusted for the applicable products and… of the Supplemental Mortgage Loan Supplemental Mortgage LoanMortgage Loan purchased by Fannie Mae that is subordinated to, and has a Mortgage Loan Origination Date after, the Senior Mortgage Loan that is also owned by Fannie Mae. and all Pre-Existing Mortgage Loans Pre-Existing Mortgage LoansMultifamily residential real estate loan secured by Liens against the Property having higher priority than the Lien securing the Subordinate Loan purchased by Fannie Mae. is below the minimum Underwritten DSCR Underwritten DSCRRatio of Underwritten Net Cash Flow to the annual debt service for a Mortgage Loan amount based on a level debt service payment with the applicable amortization, and calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis, as adjusted for the applicable products and… of the original underwriting Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). of the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. , or
- the combined LTV LTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Pay Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage. of the Supplemental Mortgage Loan Supplemental Mortgage LoanMortgage Loan purchased by Fannie Mae that is subordinated to, and has a Mortgage Loan Origination Date after, the Senior Mortgage Loan that is also owned by Fannie Mae. and all Pre-Existing Mortgage Loans Pre-Existing Mortgage LoansMultifamily residential real estate loan secured by Liens against the Property having higher priority than the Lien securing the Subordinate Loan purchased by Fannie Mae. is above the maximum LTV LTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Pay Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage. of the original underwriting Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). of the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. .