Structured Transaction governed by a Bulk Delivery AgreementBulk Delivery AgreementAgreement evidencing the terms and conditions of a Bulk Delivery. that allows future:

• 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. additions; and/or
• PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). substitutions.