C

  • Completion/Repair Escrow

    Custodial AccountCustodial 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. funded on the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. for Completion/RepairsCompletion/RepairsRepairs or capital item replacements and deferred maintenance: identified per the Property Condition Assessment; and required per the Completion/Repair Schedule, or Completion/Repair Agreement. or capital improvements per the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan..

  • Completion/Repair Schedule

    The Required Repair Schedule to the Multifamily Loan Agreement (Form 6001 series) and the applicable parts of the Multifamily Loan AgreementMultifamily Loan AgreementAgreement evidencing Mortgage Loan terms using Form 6001 series Loan Documents, or another Fannie Mae-approved form., or other Fannie Mae-approved agreement, evidencing:

    • the Borrower’sBorrower’sPerson who is the obligor per the Note. agreement to
      • fund the Completion/Repair EscrowCompletion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents., and
      • perform Completion/RepairsCompletion/RepairsRepairs or capital item replacements and deferred maintenance: identified per the Property Condition Assessment; and required per the Completion/Repair Schedule, or Completion/Repair Agreement.; and
    • Completion/Repair EscrowCompletion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents. disbursement terms.

  • Completion/Repairs

    Repairs or capital item replacements and deferred maintenance:

    • identified per the Property Condition AssessmentProperty Condition AssessmentAssessment of the Property's physical condition and historical operation.; and
    • required per the
      • Completion/Repair ScheduleCompletion/Repair ScheduleThe Required Repair Schedule to the Multifamily Loan Agreement (Form 6001 series) and the applicable parts of the Multifamily Loan Agreement, or other Fannie Mae-approved agreement, evidencing: the Borrower’s agreement to fund the Completion/Repair Escrow, and perform Completion…, or
      • Completion/Repair AgreementCompletion/Repair AgreementThe 4000 series Completion/Repair Security Agreement (Form 4505), or Fannie Mae-approved agreement, evidencing:  the Borrower’s agreement to fund the Completion/Repair Escrow, and perform Completion/Repairs; and Completion/Repair Escrow disbursement terms..

  • Condominium

    Statutorily established PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ownership regime where Condominium DocumentsCondominium DocumentsGoverning documents: for the Condominium and owners’ association’s creation, operation, and management; and including Condominium instruments for Condominium governance, such as declarations, plats, bylaws, rules and regulations,  articles of… designate:

    • individual units for separate ownership; and
    • common areas for shared use and joint ownership by the unit owners.

  • Condominium Documents

    Governing documents:

    • for the CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. and owners’ association’s
      • creation,
      • operation, and
      • management; and
    • including CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. instruments for CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. governance, such as
      • declarations,
      • plats,
      • bylaws,
      • rules and regulations, 
      • articles of incorporation, or
      • any other document required by law.

  • Construction Activity

    Construction, renovation, or restoration of ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC).: 

    • beginning on the Construction Activity Start DateConstruction Activity Start DateThe earlier of the date:  physical work at the Property commences; or  delivery of materials (whether located onsite or offsite) intended to be used in the construction of Improvements occurs. ; and
    • ending on the Construction Activity Completion DateConstruction Activity Completion DateThe later of the date when:  substantial completion is achieved; or  any required certificates of occupancy, licenses, or permits required by applicable law following completion of the Construction Activity are issued.  .

  • Construction Activity Completion Date

    The later of the date when: 

    • substantial completion is achieved; or 
    • any required certificates of occupancy, licenses, or permits required by applicable law following completion of the Construction ActivityConstruction ActivityConstruction, renovation, or restoration of Improvements:  beginning on the Construction Activity Start Date; and ending on the Construction Activity Completion Date. are issued.
       

  • Construction Activity Start Date

    The earlier of the date: 

    • physical work at the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). commences; or 
    • delivery of materials (whether located onsite or offsite) intended to be used in the construction of ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). occurs. 

  • Continuing Care Retirement Community

    Seniors Housing PropertySeniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. that provides a continuum of care on a single campus, including any combination of Independent LivingIndependent LivingSeniors Housing providing limited programs of assistance for domestic activities (e.g. meals, housekeeping, activities, transportation, etc.), and typically resembles market rate units., Assisted LivingAssisted LivingSeniors Housing Property offering services limited to non-medical personal care, including ADL assistance, which are typically licensed and regulated by a state or local governmental authority. , Alzheimer’s/Dementia CareAlzheimer’s/Dementia CareSeniors Housing Property with units and beds for residents with significant cognitive impairment resulting from Alzheimer’s disease or other dementia, which are typically licensed and regulated by a state or local government authority. , or Skilled NursingSkilled NursingSeniors Housing Property with units that are highly regulated and provide 24-hour resident supervision and registered nursing care services. units.

  • Control

    Possessing, directly or indirectly, the power to direct or cause the management and operations of an entity (e.g., through the ownership of voting securities or other ownership interests, or by contract).