C

• Condominium Documents

  Governing documents:

  • for the CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. and owners’ association’s
    • creation,
    • operation, and
    • management; and
  • including CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. instruments for CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. governance, such as
    • declarations,
    • plats,
    • bylaws,
    • rules and regulations, 
    • articles of incorporation, or
    • any other document required by law.

• Construction Activity

  Construction, renovation, or restoration of 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).: 

  • beginning on the Construction Activity Start DateConstruction Activity Start DateThe earlier of the date:  physical work at the Property commences; or  delivery of materials (whether located onsite or offsite) intended to be used in the construction of Improvements occurs. ; and
  • ending on the Construction Activity Completion DateConstruction Activity Completion DateThe later of the date when:  substantial completion is achieved; or  any required certificates of occupancy, licenses, or permits required by applicable law following completion of the Construction Activity are issued.  .

• Construction Activity Completion Date

  The later of the date when: 

  • substantial completion is achieved; or 
  • any required certificates of occupancy, licenses, or permits required by applicable law following completion of the Construction ActivityConstruction ActivityConstruction, renovation, or restoration of Improvements:  beginning on the Construction Activity Start Date; and ending on the Construction Activity Completion Date. are issued.
     

• Construction Activity Start Date

  The earlier of the date: 

  • physical work at 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). commences; or 
  • delivery of materials (whether located onsite or offsite) intended to be used in the construction of 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). occurs. 

• Continuing Care Retirement Community

  Seniors Housing PropertySeniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. that provides a continuum of care on a single campus, including any combination of Independent LivingIndependent LivingSeniors Housing providing limited programs of assistance for domestic activities (e.g. meals, housekeeping, activities, transportation, etc.), and typically resembles market rate units., Assisted LivingAssisted LivingSeniors Housing Property offering services limited to non-medical personal care, including ADL assistance, which are typically licensed and regulated by a state or local governmental authority. , Alzheimer’s/Dementia CareAlzheimer’s/Dementia CareSeniors Housing Property with units and beds for residents with significant cognitive impairment resulting from Alzheimer’s disease or other dementia, which are typically licensed and regulated by a state or local government authority. , or Skilled NursingSkilled NursingSeniors Housing Property with units that are highly regulated and provide 24-hour resident supervision and registered nursing care services. units.

• Control

  Possessing, 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).

• Control Takeover

  Right of an equity investor in the BorrowerBorrowerPerson who is the obligor per the Note. to, directly or indirectly, in violation of the Loan Agreement:

  • change ControlControlPossessing, 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). of the BorrowerBorrowerPerson who is the obligor per the Note., 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 GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty.; or
  • effect a transfer of any direct or indirect ownership interest in the BorrowerBorrowerPerson who is the obligor per the Note., 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 GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty..

• Controlling Interest

  For any entity, ownership or control of 50% or more of the ownership interests in the entity or the power or right to control or modify, directly or indirectly, the management and operations of the entity.

• Cooperative Gross Sellout Value

  Value based upon the sum of the gross sales prices of all units (subject to discounts on rent restricted units) plus the aggregate UPBUPBUnpaid Principal Balance of all existing Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. (prior to any proposed refinancing) secured by a LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization..

• Cooperative Maintenance Fee

  Periodic fee assessed each shareholder or owner of a Cooperative OrganizationCooperative OrganizationCorporation or legal entity where each shareholder or equity owner is granted the right to occupy a unit in a multifamily residential property under a proprietary lease or occupancy agreement. to fund costs and expenses associated with ongoing operations of the Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization..