P

  • Private Affordability Agreement

    Recorded or unrecorded regulatory, land use, extended use, restrictive covenant, agreement, or restriction that is imposed by any non-Public Entity Public EntityA federal, state, or local government entity, or an entity that: is created by state statute, or one or more governmental entities acting pursuant to applicable statutory authority; has a governing body that is elected by voters in the applicable jurisdiction, or … , placing rent, income, or other affordability restrictions on the use or occupancy 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). .

    Test Notes NotesInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  added- SV

  • Project

    Multifamily buildings

  • Property

    Multifamily residential real estate securing 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 , including the

    • fee simple or Leasehold LeaseholdProperty held under a long-term lease or Ground Lease. interest,
    • Improvements ImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). , and
    • personal property (per the Uniform Commercial Code).

  • Property Condition Assessment

    Assessment of the Property's Property'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). physical condition and historical operation.

  • Property Condition Rating

    An assessment of the Property’s Property’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). overall condition per the MBA MBAMortgage Bankers Association Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating Property Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ) to 5 (lowest Property Condition Rating Property Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ).

  • Public Entity

    A federal, state, or local government entity, or an entity that:

    • is created by
      • state statute, or
      • one or more governmental entities acting pursuant to applicable statutory authority;
    • has a governing body that is
      • elected by voters in the applicable jurisdiction, or
      • appointed by an official or body that has been elected by voters in the applicable jurisdiction;
    • is formed for a governmental purpose and performs a governmental function;
    • is required by law to
      • publicly post its meeting agendas and minutes, and
      • hold meetings that are open to the public to the same extent as state or local governmental entities in its state of domicile;
    • does not permit any part of its net revenues or earnings to inure to the benefit of any private Person PersonLegal 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). ; and
    • is not a community development financial institution.
       

  • Publicly-Held Entity

    Any:

    • entity with a class of equity securities registered under Sections 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (including any real estate investment trust with voting shares or beneficial interests so registered); or
    • pension fund controlled by any United States municipal, county, state, or federal governmental unit (or any political subdivision, agency, or instrumentality thereof).

  • Purchase/Sales Agreement

    Final fully executed purchase or sales contract or agreement (including all amendments, assignments, extensions, joinders/acknowledgements, and related documents) for an Acquisition AcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. .

Q

  • Qualified Occupant

    Party occupying a dwelling unit in 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). in full compliance with a lease.

R

  • Rate Lock

    Agreement between you and the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. containing the terms of the Lender-Arranged Sale Lender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor. or Multifamily Trading Desk Multifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. trade of 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 and the MBS MBSMortgage-Backed Security terms and conditions relating to the underlying MBS MBSMortgage-Backed Security , if applicable, which may be documented via a recorded telephone conversation.