Ground Leases

If the Borrower BorrowerPerson who is the obligor per the Note. owns a Leasehold LeaseholdProperty held under a long-term lease or Ground Lease. interest in 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). , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

• ensure that the Borrower BorrowerPerson who is the obligor per the Note. complies with all provisions of the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. that relate to the Ground Lease Ground LeaseContract for the rental of land, usually on a long term basis. ;
• if the Ground Lease Ground LeaseContract for the rental of land, usually on a long term basis. payments are escrowed, collect monthly payments from the Borrower BorrowerPerson who is the obligor per the Note. to ensure sufficient funds will be available to pay the ground rents and any special payments required by the Ground Lease Ground LeaseContract for the rental of land, usually on a long term basis. ; and
• hold any escrowed ground rent payments with the Borrower’s Borrower’sPerson who is the obligor per the Note. other T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. escrow funds in a T&I Custodial Account T&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. or a separate Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. that meets all requirements of  Part V, Chapter 3: Custodial Accounts .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for any losses incurred by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! if the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. fails to make timely ground rent payments.  The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately submit a Non-Monetary Default Borrower Request in 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. for any Ground Lease Ground LeaseContract for the rental of land, usually on a long term basis. default.