C
Governing documents:
- for the Condominium
CondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
and owners’ association’s
- creation,
- operation, and
- management; and
- including Condominium
CondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
instruments for Condominium
CondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
governance, such as
- declarations,
- plats,
- bylaws,
- rules and regulations,
- articles of incorporation, or
- any other document required by law.
- for the Condominium
CondominiumStatutorily established Property ownership regime where Condominium Documents designate:
individual units for separate ownership; and
common areas for shared use and joint ownership by the unit owners.
and owners’ association’s
Seniors Housing Property Seniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. that provides a continuum of care on a single campus, including any combination of Independent Living Independent LivingSeniors Housing providing limited programs of assistance for domestic activities (e.g. meals, housekeeping, activities, transportation, etc.), and typically resembles market rate units. , Assisted Living Assisted LivingSeniors Housing Property offering services limited to non-medical personal care, including ADL assistance, which are typically licensed and regulated by a state or local governmental authority. , Alzheimer’s/Dementia Care Alzheimer’s/Dementia CareSeniors Housing Property with units and beds for residents with significant cognitive impairment resulting from Alzheimer’s disease or other dementia, which are typically licensed and regulated by a state or local government authority. , or Skilled Nursing Skilled NursingSeniors Housing Property with units that are highly regulated and provide 24-hour resident supervision and registered nursing care services. units.
Possessing, directly or indirectly, the power to direct or cause the management and operations of an entity (e.g., through the ownership of voting securities or other ownership interests, or by contract).
Right of an equity investor in the Borrower BorrowerPerson who is the obligor per the Note. to, directly or indirectly, in violation of the Loan Agreement:
- change Control ControlPossessing, directly or indirectly, the power to direct or cause the management and operations of an entity (e.g., through the ownership of voting securities or other ownership interests, or by contract). of the Borrower BorrowerPerson who is the obligor per the Note. , 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. , or Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. ; or
- effect a transfer of any direct or indirect ownership interest in the Borrower BorrowerPerson who is the obligor per the Note. , 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. , or Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. .
For any entity, ownership or control of 50% or more of the ownership interests in the entity or the power or right to control or modify, directly or indirectly, the management and operations of the entity.
Value based upon the sum of the gross sales prices of all units (subject to discounts on rent restricted units) plus the aggregate UPB UPBUnpaid Principal Balance of all existing Mortgage Loans Mortgage LoansMortgage 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 (prior to any proposed refinancing) secured by a Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the Cooperative Property Cooperative PropertyMultifamily residential property owned by a Cooperative Organization. .
Periodic fee assessed each shareholder or owner of a Cooperative Organization Cooperative OrganizationCorporation or legal entity where each shareholder or equity owner is granted the right to occupy a unit in a multifamily residential property under a proprietary lease or occupancy agreement. to fund costs and expenses associated with ongoing operations of the Cooperative Property Cooperative PropertyMultifamily residential property owned by a Cooperative Organization. .
Cooperative Maintenance Fees Cooperative Maintenance FeesPeriodic fee assessed each shareholder or owner of a Cooperative Organization to fund costs and expenses associated with ongoing operations of the Cooperative Property. due the Cooperative Organization Cooperative OrganizationCorporation or legal entity where each shareholder or equity owner is granted the right to occupy a unit in a multifamily residential property under a proprietary lease or occupancy agreement. that are more than 30 days past due.
Financial analysis or valuation of a Cooperative Property Cooperative PropertyMultifamily residential property owned by a Cooperative Organization. conducted as if it were operated as a conventional multifamily property subject to applicable rental restrictions.
Liquid funds, including loan proceeds, controlled by the Cooperative Organization Cooperative OrganizationCorporation or legal entity where each shareholder or equity owner is granted the right to occupy a unit in a multifamily residential property under a proprietary lease or occupancy agreement. to cover operating and capital expenses, and comprised of unrestricted cash, less the sum of accounts payable.