Multiple Parcels
Requirements
When a PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). consists of non-contiguous multiple parcels, the multifamily units on each parcel must individually:
- comply with the minimum occupancy requirements in Part II, Chapter 1: Attributes and Characteristics, Section 105: Minimum Occupancy, or Part III, Chapter 9: Small Mortgage Loans, Section 903: Occupancy;
- be located in the same MSAMSAGeographic delineation for a metropolitan area determined by the U.S. Census Bureau. ; and
- have an acceptable PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). condition based on your site inspection and any PCAPCAAssessment of the current physical condition and historical operation of the Property. .
Guidance
When a PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). consists of non-contiguous multiple parcels, you should also consider whether the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). :
- has historically, and will continue to, operate as a single project;
- if separated by a major thoroughfare primarily intended for traffic traveling through the area (rather than a street primarily intended to provide access to the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). ), can be managed effectively by the BorrowerBorrowerPerson who is the obligor per the Note. ;
- has amenities located on any parcel that are available to all PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). tenants;
- has reciprocal agreements and easements in place; and
- is adversely affected by material differences in rent among the parcels.