218.03D

Verification of the Defeasance Notice

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will verify 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 information contained in the Defeasance Notice as well as the Mortgage Loan's Mortgage Loan'sMortgage 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 eligibility for defeasance.  After verification and within two (2) Business Days Business DaysAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after the initial receipt of the Defeasance Notice from the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will sign the Defeasance Notice and fax it back to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. along with an Exhibit that details the monthly cash flows of the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! debt instrument that will replace 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). as collateral for 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 .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will then fax the verified Defeasance Notice to the Borrower BorrowerPerson who is the obligor per the Note. on the same day that the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the verified Defeasance Notice from Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .  In the event that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! made changes to the Defeasance Notice, the Borrower BorrowerPerson who is the obligor per the Note. must initial the changed portions of the Defeasance Notice and fax it back to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. on that same day.  The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must then immediately fax the Borrower BorrowerPerson who is the obligor per the Note. -initialed Defeasance Notice to 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. does not

  • receive the Defeasance Commitment Fee, and
  • provide confirmation of the Defeasance Notice to the Borrower BorrowerPerson who is the obligor per the Note. ,
then the Borrower's Borrower'sPerson who is the obligor per the Note. right to obtain Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. pursuant to that Defeasance Notice shall terminate.  If the Borrower BorrowerPerson who is the obligor per the Note. still wishes to defease 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 , the Borrower BorrowerPerson who is the obligor per the Note. must submit a new Defeasance Notice and repeat the process outlined above.