New Property Condition Assessments

1.  Timing and Waivers

A new full PCA PCAAssessment of the Property's physical condition and historical operation. per  Form 4099 is required for:

• all MAH MAHProperty that: complies with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702: MAH Property Eligibility; and is underwritten per Part III, Chapter 7: Multifamily Affordable Housing Properties. Properties PropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). every 5 years; or
• for any other 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 with a term greater than 10 years, during the 10th Loan Year Loan YearPeriod beginning on the date of the Note and ending on the last day of the month that is 12 full months after the date of the Note, and each successive 12-month period thereafter. , and every 10 years thereafter, while 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 remains outstanding, or per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

Notwithstanding the above, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is delegated the authority to waive the new PCA PCAAssessment of the Property's physical condition and historical operation. for non-MAH MAHProperty that: complies with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702: MAH Property Eligibility; and is underwritten per Part III, Chapter 7: Multifamily Affordable Housing Properties. Properties PropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). as follows:

After 5 years, a new PCA PCAAssessment of the Property's physical condition and historical operation. is required unless 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 continues to qualify for Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. waiver delegation.  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). may only receive a PCA PCAAssessment of the Property's physical condition and historical operation. waiver twice (i.e., a 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 with a 30-year term may obtain a PCA PCAAssessment of the Property's physical condition and historical operation. waiver after the 10th loan year and the 15th loan year, but a new PCA PCAAssessment of the Property's physical condition and historical operation. is required after the 20th loan year).

All PCA PCAAssessment of the Property's physical condition and historical operation. waivers must be documented in the Servicing File Servicing FileYour file for each Mortgage Loan serviced. , and any PCA PCAAssessment of the Property's physical condition and historical operation. waiver may be rescinded by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. at any time 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). condition warrants a new PCA PCAAssessment of the Property's physical condition and historical operation. .

2.  Delivery and Payment of Property Condition Assessment

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit any new PCA PCAAssessment of the Property's physical condition and historical operation. to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the MAMP MAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. and retain a copy in its Servicing File Servicing FileYour file for each Mortgage Loan serviced. .  Subject to the terms of the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the cost of the PCA PCAAssessment of the Property's physical condition and historical operation.  may be paid from funds in the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. .