Section 114

Property Management and Agreement

114.01

Property Management

Requirements

You must confirm 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). management team or company:

  • manages other assets in 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). same geographic area; and
  • has adequate staffing and expertise
    • managing similar
      • multifamily assets, and
      • regulatory restrictions, and
    • to ensure effective
      • administration,
      • leasing,
      • marketing, and
      • maintenance.

 Guidance

An independent, professional 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). management company is not required.

114.02

Property Management Agreement

Requirements

If the Borrower BorrowerPerson who is the obligor per the Note. is not 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). manager, you must ensure the:

  • Borrower BorrowerPerson who is the obligor per the Note. has a written management agreement with 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). management company allowing Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans.  cancellation without penalty or prior notice in case of a Borrower BorrowerPerson who is the obligor per the Note. default per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ; or
  • Borrower BorrowerPerson who is the obligor per the Note. and 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). manager complete the Assignment of Management Agreement ( Form 6405 ). 

Guidance

You should ensure 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). management agreement clearly states 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). manager's responsibilities, and
  • amount of the management fee (or fee determination methodology).