P

  • Private Affordability Agreement

    Recorded or unrecorded regulatory, land use, extended use, restrictive covenant, agreement, or restriction that is imposed by any non-Public EntityPublic EntityA federal, state, or local government entity, or an entity that: is created by state statute, or one or more governmental entities acting pursuant to applicable statutory authority; has a governing body that is elected by voters in the applicable jurisdiction, or …, placing rent, income, or other affordability restrictions on the use or occupancy 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). .

  • Project

    Multifamily buildings

  • Property

    Multifamily residential real estate securing 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 the

    • fee simple or LeaseholdLeaseholdProperty held under a long-term lease or Ground Lease. interest,
    • 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). , and
    • personal property (per the Uniform Commercial Code).

  • Property Condition Assessment

    Assessment of the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). physical condition and historical operation.

  • Property Condition Rating

    An assessment of the Property’sProperty’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). overall condition per the MBAMBAMortgage Bankers Association Standard Inspection Form, expressed on a scale from 1 (the best Property Condition RatingProperty Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ) to 5 (lowest Property Condition RatingProperty Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ).

  • Public Entity

    A federal, state, or local government entity, or an entity that:

    • is created by
      • state statute, or
      • one or more governmental entities acting pursuant to applicable statutory authority;
    • has a governing body that is
      • elected by voters in the applicable jurisdiction, or
      • appointed by an official or body that has been elected by voters in the applicable jurisdiction;
    • is formed for a governmental purpose and performs a governmental function;
    • is required by law to
      • publicly post its meeting agendas and minutes, and
      • hold meetings that are open to the public to the same extent as state or local governmental entities in its state of domicile;
    • does not permit any part of its net revenues or earnings to inure to the benefit of any private 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). ; and
    • is not a community development financial institution.
       

  • Publicly-Held Entity

    Any:

    • entity with a class of equity securities registered under Sections 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (including any real estate investment trust with voting shares or beneficial interests so registered); or
    • pension fund controlled by any United States municipal, county, state, or federal governmental unit (or any political subdivision, agency, or instrumentality thereof).

  • Purchase/Sales Agreement

    Final fully executed purchase or sales contract or agreement (including all amendments, assignments, extensions, joinders/acknowledgements, and related documents) for an AcquisitionAcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. .

Q

  • Qualified Occupant

    Party occupying a dwelling unit in a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). in full compliance with a lease.

  • Quote Letter

    Fannie Mae response via DUS GatewayDUS GatewayMultifamily pre-acquisition system, or any successor systems, recording deal registration, Pre-Review and/or waiver tracking, Mortgage Loan Commitments, and decision records. to your request for an interest rate quote on a 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. , specifying:

    • the breakdown of 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. into the applicable
      • Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. , and
      • Servicing FeeServicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. ; and
    • any other required terms and conditions.