P

  • Permitted Encumbrances

    The following permitted title exceptions:

    • lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable;
    • covenants, conditions and restrictions, rights of way, easements and other matters of public record acceptable to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. and specifically identified in the Title Policy;
    • pre-printed exceptions (general and specific) and exclusions set forth in the Title Policy and acceptable to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. ;
    • rights of tenants (as tenants only) under leases (including subleases) pertaining to 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). ;
    • if the Mortgage LoanMortgage 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. is cross-collateralized, the lien of the Mortgage for another Mortgage LoanMortgage 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. contained in the same cross-collateralized group; and
    • condominium declarations of record acceptable to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. and identified in the Title Policy, provided that none of items (a) through (f), individually or in the aggregate, materially interferes with the current marketability or principal use of 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). , the security intended to be provided by the Mortgage, or the current ability of 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). to generate net cash flow sufficient to service the Mortgage LoanMortgage 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. or the Borrower’sBorrower’sPerson who is the obligor per the Note. ability to pay its obligations when they become due.

  • Person

    Legal person, including an

    • individual,
    • estate,
    • trust,
    • corporation,
    • partnership,
    • limited liability company,
    • financial institution,
    • joint venture,
    • association, or
    • other organization or entity (whether governmental or private).

  • Personal Property

    Furniture, fixtures, equipment, and other tangible personal property located on or used in connection with 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). .

  • PFP MBS

    MBSMBSMortgage-Backed Security backed by a PFP Mortgage LoanPFP Mortgage LoanMortgage Loan originally purchased as a Cash Mortgage Loan or held in Fannie Mae’s portfolio, but subsequently securitized as an MBS. .

  • PFP Mortgage Loan

    Mortgage LoanMortgage 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. originally purchased as a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. or held in Fannie Mae’s portfolio, but subsequently securitized as an MBSMBSMortgage-Backed Security .

  • PGA

    Peak Ground Acceleration as determined by the United States Geological Survey.

  • Phase I ESA

    Environmental Site AssessmentEnvironmental Site AssessmentInvestigation and resulting report (Phase I ESA or Phase II ESA) conducted per Environmental Due Diligence Requirements (Form 4251), identifying if a Property has Recognized Environmental Conditions or Business Environmental Risks. conducted per the current ASTMASTMAmerican Society for Testing Materials E-1527 standard and the resulting report.

  • Phase II ESA

    Environmental Site AssessmentEnvironmental Site AssessmentInvestigation and resulting report (Phase I ESA or Phase II ESA) conducted per Environmental Due Diligence Requirements (Form 4251), identifying if a Property has Recognized Environmental Conditions or Business Environmental Risks. conducted per the current ASTMASTMAmerican Society for Testing Materials E-1903 standard, or any other post-Phase I ESA, and the resulting report.

  • Phased Properties

    PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). that is one section of an existing or future complex and 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). is intended to be operated together with another property in the complex, and/or with shared access and amenities.

  • PILOT

    Payment In Lieu Of Taxes.