Guide Update 21-09
:  Ground Leases
Effective:
Retired: 04/04/22
Ground Leases (Redline).pdf

HIGHLIGHTS

For Mortgage Loans Committed on or after July 13, 2021, Ground Lease Estoppel Certificate requirements in Part II, Chapter 1: Attributes and Characteristics were updated.

 

Primary Change

Clarified that a Ground Lease Estoppel Certificate cannot be used to amend the Ground Lease.  This change aligns with:

  • a 4th Circuit Court of Appeals decision that an estoppel does not amend the lease; and
  • the recently updated Ground Lease Review Checklist (Form 6479) drafting Note.

 

Questions

Please contact the Fannie Mae Deal Team with any questions.