P

  • Payment Default

    Borrower's Borrower'sPerson who is the obligor per the Note. failure to fully pay any required Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 payment when due, including,

    • principal,
    • interest,
    • late charges,
    • default interest,
    • fees,
    • pricing incentive recapture,
    • prepayment premium,
    • escrows, or
    • other collateral accounts for
      • taxes,
      • insurance,
      • assessments,
      • Completion/Repair Escrow Completion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents. , and
      • Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. .

  • Payment Guaranty

    Guaranty GuarantyPayment Guaranty, Non-Recourse Guaranty, or other guaranty by a Guarantor for the Mortgage Loan. executed by a Key Principal Key PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. on Form 4502 series or  Form 6020 series , or approved by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

  • PCA Consultant

    Individual or firm conducting a PCA PCAAssessment of the Property's physical condition and historical operation. and preparing a PCA Report PCA ReportProperty Condition Assessment Report documenting the findings of a PCA. .

  • PCA Report

    Property Condition Assessment Property Condition AssessmentAssessment of the Property's physical condition and historical operation. Report documenting the findings of a PCA PCAAssessment of the Property's physical condition and historical operation. .

  • Performance Default

    Borrower's Borrower'sPerson who is the obligor per the Note. failure to perform any promise or covenant within any applicable grace periods per the Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 , other than a Payment Default Payment DefaultBorrower's failure to fully pay any required Mortgage Loan payment when due, including, principal, interest, late charges, default interest, fees, pricing incentive recapture, prepayment premium, escrows, or other collateral accounts for taxes, insurance, … .

  • Permitted Encumbrances

    The following permitted title exceptions:

    • lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable;
    • covenants, conditions and restrictions, rights of way, easements and other matters of public record acceptable to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. and specifically identified in the Title Policy;
    • pre-printed exceptions (general and specific) and exclusions set forth in the Title Policy and acceptable to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. ;
    • rights of tenants (as tenants only) under leases (including subleases) pertaining to 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). ;
    • if the Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 is cross-collateralized, the lien of the Mortgage for another Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 contained in the same cross-collateralized group; and
    • condominium declarations of record acceptable to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. and identified in the Title Policy, provided that none of items (a) through (f), individually or in the aggregate, materially interferes with the current marketability or principal use of 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). , the security intended to be provided by the Mortgage, or the current ability of 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). to generate net cash flow sufficient to service the Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 or the Borrower’s Borrower’sPerson who is the obligor per the Note. ability to pay its obligations when they become due.

  • Person

    Legal person, including an

    • individual,
    • estate,
    • trust,
    • corporation,
    • partnership,
    • limited liability company,
    • financial institution,
    • joint venture,
    • association, or
    • other organization or entity (whether governmental or private).

  • Personal Property

    Furniture, fixtures, equipment, and other tangible personal property located on or used in connection with 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). .

  • PFP MBS

    MBS MBSMortgage-Backed Security backed by a PFP Mortgage Loan PFP Mortgage LoanMortgage Loan originally purchased as a Cash Mortgage Loan or held in Fannie Mae’s portfolio, but subsequently securitized as an MBS. .

  • PFP Mortgage Loan

    Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 originally purchased as a Cash Mortgage Loan Cash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. or held in Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s portfolio, but subsequently securitized as an MBS MBSMortgage-Backed Security .