503.01

Generally

Requirements

You must ensure:

  • when the Commercial General Liability and professional liability policy covers multiple locations, general aggregate limits apply per location;
  • each 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 Borrower BorrowerPerson who is the obligor per the Note. is covered throughout 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 term by liability insurance for
    • bodily injury,
    • 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). damage, and
    • personal injury;
  • the liability policy does not contain exclusions for claims related to
    • assault and/or battery,
    • abuse and molestation,
    • animal attacks, or
    • firearms; and
  • any liability policy exclusions:
    • are appropriately tailored to 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). potential exposure; and
    • do not otherwise diminish or eliminate coverage reasonably expected to be provided per a liability policy.