S

  • Shared Use Property

    PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). subject to Shared Use DocumentsShared Use DocumentsAgreements benefiting and/or burdening a Shared Use Property, such as: reciprocal easement agreements (REA); declaration of covenants; conditions and restrictions (CCR); development agreements; shared use agreements; joint ownership agreement or similar agreements governing…:

    • benefiting 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). by granting the right to use 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, … on common areas created by, or other properties subject to, the Shared Use DocumentsShared Use DocumentsAgreements benefiting and/or burdening a Shared Use Property, such as: reciprocal easement agreements (REA); declaration of covenants; conditions and restrictions (CCR); development agreements; shared use agreements; joint ownership agreement or similar agreements governing…, and/or
    • burdening 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). by:
      • subjecting it to:
        • property-use or other restrictive covenants;
        • fees or assessments; or
        • maintenance obligations; or
      • allowing other parties subject to the Shared Use Documents the right to use the 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, … located on 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). .

  • Short Term Rental

    PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). permitting leases or master leases (including subleases, licenses, and other possessory interests, whether oral or written) of an individual dwelling unit where the intended occupancy of the unit is for less than 30 days, regardless of the stated lease term, such as through a peer-to-peer online marketplace or homestay network (e.g., Airbnb, VRBO®, etc.).

  • SIFMA Municipal Swap Index

    The SecuritiesSecuritiesMBS, PFP MBS, or REMIC. Industry and Financial Markets Association (SIFMA) Municipal Swap Index.

  • Skilled Nursing

    Seniors Housing PropertySeniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. with units that are highly regulated and provide 24-hour resident supervision and registered nursing care services.

  • Small 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. with an original loan amount less than or equal to $9 million.

  • SNDA

    Subordination, Non-Disturbance and Attornment Agreement

  • Solar Photovoltaic System

    A renewable energy system located on 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). that converts sunlight into electricity and/or a battery storage system containing lithium ion batteries or equivalent technology capable of storing electricity received from the electric grid or a renewable energy system and delivering stored electricity 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). .

  • Special Asset Management

    Team performing Fannie Mae’s Special Servicing that can be contacted at [email protected].

  • Special Flood Hazard Area

    Special Flood Hazard Area designated by FEMAFEMAFederal Emergency Management Agency .

  • Special Servicer

    ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. implementing Non-Performing Mortgage LoanNon-Performing Mortgage LoanMortgage Loan with an uncured default. loss mitigation actions, including

    • Fannie Mae,
    • you, or
    • a third-party.