409.05A

Interest Rate Caps

Any payments by the Interest Rate Cap Interest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. provider must be made to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. and not to the Borrower BorrowerPerson who is the obligor per the Note. . The disposition of funds depends on whether the Borrower BorrowerPerson who is the obligor per the Note. is current on 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 and Reimbursement Agreement payment obligations (principal or PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. deposit, as applicable, interest, any Interest Rate Cap Interest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. escrow, and all other amounts then due) or any default exists under the Reimbursement Agreement or any other Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

If no default exists, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the Interest Rate Cap Interest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. provider’s payment to the Borrower BorrowerPerson who is the obligor per the Note. . If a default exists, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must retain the Interest Rate Cap Interest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. provider’s payment as additional collateral for the Borrower’s Borrower’sPerson who is the obligor per the Note. obligations, to be held in accordance with the applicable agreements, and notify Multifamily Structured Asset Management Multifamily Structured Asset ManagementTeam that can be contacted at [email protected]. of the receipt of the payment.

If the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. or another third party is to receive any payments from the Interest Rate Cap Interest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. provider, and the Borrower BorrowerPerson who is the obligor per the Note. is not current on its payments or a default exists, then the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

notify the payee of the facts; and
instruct the third party to withhold the payment to the Borrower BorrowerPerson who is the obligor per the Note. , and make payment to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to be held as additional collateral for the Borrower’s Borrower’sPerson who is the obligor per the Note. obligations.