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  • Essential Elements

    A Shared Use PropertyShared Use PropertyProperty subject to Shared Use Documents: benefiting the Property by granting the right to use Essential Elements on common areas created by, or other properties subject to, the Shared Use Documents, and/or burdening the Property by: subjecting it to: property-use or other…’s amenities, common areas or infrastructure:

    • impacting or essential to the:
      • operation,
      • use,
      • value and marketability,
      • leasing,
      • refinancing, and/or
      • zoning or legal compliance; and
    • examples of Essential ElementsEssential ElementsA Shared Use Property’s amenities, common areas or infrastructure: impacting or essential to the: operation, use, value and marketability, leasing, refinancing, and/or zoning or legal compliance; and examples of Essential Elements may include: parking, … may include:
      • parking,
      • roadways,
      • utility easements, and
      • amenities such as
        • laundry facilities,
        • clubhouses,
        • pools,
        • playgrounds,
        • tennis courts,
        • fitness clubs, and
        • recreational facilities.

  • Excess Net Cash Flow

    For any specified period, the Net Cash FlowNet Cash FlowAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. remaining after subtracting, in order of priority:

    • first, all amounts due and owing on 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., including:
      • principal and interest; and
      • any other funding obligations per the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan.; 
    • second, any payments due on any Third-Party FinancingThird-Party FinancingAny loan to, or indebtedness of, a Borrower that: is not a Supplemental Mortgage Loan or Pre-Existing Mortgage Loan; and either: requires repayment by the Borrower; or is forgiven (over time or at maturity) subject to Borrower compliance with certain covenants or conditions. … that is not Soft Financing compliant with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 704.04: Soft Financing; and
    • third, any payments due on any Third-Party FinancingThird-Party FinancingAny loan to, or indebtedness of, a Borrower that: is not a Supplemental Mortgage Loan or Pre-Existing Mortgage Loan; and either: requires repayment by the Borrower; or is forgiven (over time or at maturity) subject to Borrower compliance with certain covenants or conditions. … not already subtracted per the above.

     

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