Primary Changes

• Updated Part III, Chapter 6: Manufactured Housing Communities to:
  • require the Borrower to implement TSLPs for 100% of both owner-occupied and tenant-occupied MH Site Leases; and
  • clarify the Borrower’s requirements for implementing TSLPs without requiring written acknowledgement from the tenant by
    • publicly posting the rules and regulations in the MH Community, and
    • notifying each homeowner of the required TSLPs added to the rules and regulations.
• Updated Part V, Section 419: MH Communities with Tenant Site Lease Protections to clarify:
  • your MH Site Lease audit requirements if the TSLPs were implemented via the MH Site Lease; and
  • if the TSLPs were implemented via the MH Community’s rules and regulations, you must confirm
    • the rules and regulations contain all required TSLPs and are publicly posted in the MH Community, and
    • each homeowner received written notice of the required TSLPs within 60 days after the Mortgage Loan Origination Date.
• Updated the Loan Documents to align with the Guide changes by:
  • requiring the Borrower to implement TSLPs for 100% of all MH Site Leases by the end of the first loan year; and
  • allowing the Borrower to 
    • implement TSLPs without obtaining written acknowledgement from the tenant, and 
    • cure any TSLP covenant-related default by paying an amount equal to 2% of the original UPB, divided by the loan term.
• Updated the following Loan Documents:
  • Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (Manufactured Housing Community) (Form 6102.01);
  • Modifications to Multifamily Loan and Security Agreement (Manufactured Housing Community) (Form 6208); and
  • Modifications to Security Instrument (Manufactured Housing Community) (Form 6307).

Questions

Please contact [email protected] with any questions.