Property Management Agreement

Requirements

If the BorrowerBorrowerPerson who is the obligor per the Note. is not 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). manager, you must ensure:

• that the BorrowerBorrowerPerson who is the obligor per the Note. has a written management agreement with 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). management company that allows for cancellation by the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. without penalty or prior notice in case of a BorrowerBorrowerPerson who is the obligor per the Note. default under 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. ; or
• the BorrowerBorrowerPerson who is the obligor per the Note. and PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). manager complete the Assignment of Management Agreement (Form 6405).