New Property Condition Assessment (PCA)

Requirements

You must obtain a new PCAPCAAssessment of the current physical condition and historical operation of the Property. (or a Streamlined PCA per Part III, Chapter 9: Small Mortgage Loans, Section 907.03: PCA) if

• the conversion extends the term of the ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. or SARM Loan, and
• 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). is not an MAH PropertyMAH PropertyProperty encumbered by a regulatory agreement, land use restriction agreement, extended use agreement, or similar restriction that limits rents that can be charged to tenants, or imposes income limits on tenants. .

You must obtain the PCAPCAAssessment of the current physical condition and historical operation of the Property. by the earlier of

• the final Loan YearLoan YearPeriod beginning on the date of the Note and ending on the last day of the month that is 12 full months after the date of the Note, and each successive 12-month period thereafter. of the ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. or SARM Loan if it had not been converted, or
• Loan YearLoan YearPeriod beginning on the date of the Note and ending on the last day of the month that is 12 full months after the date of the Note, and each successive 12-month period thereafter. 10.