Defeasance Commitment Fee

A Defeasance Commitment Fee equal to 1% of the scheduled balance of 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 as of the Defeasance Close Date, must be paid by the Borrower BorrowerPerson who is the obligor per the Note. to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. no later than the date and time when the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the executed Defeasance Notice from the Borrower BorrowerPerson who is the obligor per the Note. .  The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must wire the Defeasance Commitment Fee to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! within 24 hours after receipt of the Borrower's Borrower'sPerson who is the obligor per the Note. executed Defeasance Notice.