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.