Generally

Requirements

If 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). has a Ground Lease Ground LeaseContract for the rental of land, usually on a long term basis. , 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 collateral must include a Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the Leasehold LeaseholdProperty held under a long-term lease or Ground Lease. estate.

You must ensure that the Ground Lease Ground LeaseContract for the rental of land, usually on a long term basis.  complies with the Ground Lease Review Checklist ( Form 6479 ), unless

• the ground lessor joins with the Borrower BorrowerPerson who is the obligor per the Note. in executing the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. and grants a Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the ground lessor's fee estate, or
• the absence of the Leasehold LeaseholdProperty held under a long-term lease or Ground Lease. estate would not have a material adverse effect on 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). operation or value.