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PrincipalPrincipalPerson who owns or controls, in the aggregate, directly or indirectly (together with that Person's Immediate Family Members, if an individual), specified interests in the Borrower per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals,… equity owner and/or primary decision maker of the BorrowerBorrowerPerson who is the obligor per the Note. (often the Key PrincipalKey PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. or the PersonPersonLegal 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). ControllingControllingPossessing, 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). the Key PrincipalKey PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty.).
Voluntary agreement signed by the BorrowerBorrowerPerson who is the obligor per the Note. and recorded in the land records against 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)., putting rent and income restrictions in place to preserve or create multifamily affordable housing.
Per the Master Credit Facility AgreementMaster Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility., a defined event that permits the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. to require the BorrowerBorrowerPerson who is the obligor per the Note. to fund the Debt Service Reserve AccountDebt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger..
Certified document listing all real estate equity interests the PersonPersonLegal 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). owns.
Percentage of PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). units physically occupied by Qualified OccupantsQualified OccupantsParty occupying a dwelling unit in a Property in full compliance with a lease., per Part II, Chapter 1: Attributes and Characteristics, Section 105.02: Qualified Occupants as adjusted for the applicable Part III products and features.
Credit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) if the Borrower fails to make required mortgage note payments or if a bankruptcy event has occurred.
Optional process permitting a Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. before completing full 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. underwriting, per Part IV, Chapter 3: Streamlined Rate Lock.
Optional process permitting you to lock the IndexIndexBasis for determining an ARM Loan Gross Note Rate or entering a Streamlined Treasury Lock on a fixed rate Mortgage Loan, including any required alternative index deemed necessary by Fannie Mae because the prior Index: is no longer widely accepted; or was replaced as the index for similar… and hold the Investor SpreadInvestor SpreadRequired spread above the Index (excluding the Guaranty Fee and Servicing Fee) charged by the Investor purchasing the: Mortgage Loan; or MBS Mortgage Loan. and Total Credit FeesTotal Credit FeesFor any Mortgage Loan or Credit Enhancement Mortgage Loan, the sum of the Guaranty Fee and the Servicing Fee, specified in the: Indicative Pricing Table in DUS Gateway; or Quote Letter. before entering into either a:
- Streamlined Rate LockStreamlined Rate LockOptional process permitting a Rate Lock before completing full Mortgage Loan underwriting, per Part IV, Chapter 3: Streamlined Rate Lock.; or
- standard Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. per Part IV, Chapter 2: Rate Lock and Committing, Section 202: Obtaining a Rate Lock.
Equity interests in the Borrower'sBorrower'sPerson who is the obligor per the Note. organizational structure (not including Preferred EquityPreferred EquityA direct or indirect investment in the Borrower, for which the organizational documents provide that equity investor with: an asset management fee or other fee before dividends, distributions, payments, or returns are paid to the investors; or preferred or unequal rights to receive…) where the investor has:
- Forced SaleForced SaleRight of a direct or indirect equity investor in the Borrower to require a sale or other disposition of the Property (whether via deed or a transfer of the direct or indirect ownership interests in Borrower). rights; or
- Control TakeoverControl TakeoverRight of an equity investor in the Borrower to, directly or indirectly, in violation of the Loan Agreement: change Control of the Borrower, Key Principal, or Guarantor; or effect a transfer of any direct or indirect ownership interest in the Borrower, Key Principal, or Guarantor. rights.
Fannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees.