Eligibility

you determine the Shared Use DocumentsShared Use DocumentsAgreements benefiting and/or burdening a Shared Use Property, such as: reciprocal easement agreements (REA); declaration of covenants; conditions and restrictions (CCR); development agreements; shared use agreements; joint ownership agreement or similar agreements governing… do not explicitly prohibit the Essential ElementsEssential ElementsA Shared Use Property’s amenities, common areas or infrastructure: impacting or essential to the: operation, use, value and marketability, leasing, refinancing, and/or zoning or legal compliance; and examples of Essential Elements may include: parking, … from being rebuilt or repaired after any casualty or condemnation.

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). benefits from Essential ElementsEssential ElementsA Shared Use Property’s amenities, common areas or infrastructure: impacting or essential to the: operation, use, value and marketability, leasing, refinancing, and/or zoning or legal compliance; and examples of Essential Elements may include: parking, … per Shared Use DocumentsShared Use DocumentsAgreements benefiting and/or burdening a Shared Use Property, such as: reciprocal easement agreements (REA); declaration of covenants; conditions and restrictions (CCR); development agreements; shared use agreements; joint ownership agreement or similar agreements governing… that:

• are perpetual;
• inure to the benefit of future PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). owners;
• are recorded in the land records; and
• if applicable, are insured as beneficial easements under the lender’s title policy.

when the BorrowerBorrowerPerson who is the obligor per the Note. owns all units subject to the Shared Use DocumentsShared Use DocumentsAgreements benefiting and/or burdening a Shared Use Property, such as: reciprocal easement agreements (REA); declaration of covenants; conditions and restrictions (CCR); development agreements; shared use agreements; joint ownership agreement or similar agreements governing…, and an AffiliateAffiliateWhen referring to an affiliate of a Lender, any other Person or entity that Controls, is Controlled by, or is under common Control with, the Lender. When referring to an affiliate of a Borrower or Key Principal: any Person that owns any direct ownership interest in Borrower or Key… of the BorrowerBorrowerPerson who is the obligor per the Note. or Key PrincipalKey PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. directly or indirectly owns the Essential ElementsEssential ElementsA Shared Use Property’s amenities, common areas or infrastructure: impacting or essential to the: operation, use, value and marketability, leasing, refinancing, and/or zoning or legal compliance; and examples of Essential Elements may include: parking, … that benefit only 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). , such AffiliateAffiliateWhen referring to an affiliate of a Lender, any other Person or entity that Controls, is Controlled by, or is under common Control with, the Lender. When referring to an affiliate of a Borrower or Key Principal: any Person that owns any direct ownership interest in Borrower or Key… joins the:

• Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. as a joint and several BorrowerBorrowerPerson who is the obligor per the Note. ; or
• Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. using the Modification to Security Instrument (Joinder and Consent (Affiliate Owned Common Elements)) (Form 6324).

all:

• PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). and Essential ElementsEssential ElementsA Shared Use Property’s amenities, common areas or infrastructure: impacting or essential to the: operation, use, value and marketability, leasing, refinancing, and/or zoning or legal compliance; and examples of Essential Elements may include: parking, … expenses and charges payable per the Shared Use DocumentsShared Use DocumentsAgreements benefiting and/or burdening a Shared Use Property, such as: reciprocal easement agreements (REA); declaration of covenants; conditions and restrictions (CCR); development agreements; shared use agreements; joint ownership agreement or similar agreements governing… are current;
• assessments and payments payable per the Shared Use DocumentsShared Use DocumentsAgreements benefiting and/or burdening a Shared Use Property, such as: reciprocal easement agreements (REA); declaration of covenants; conditions and restrictions (CCR); development agreements; shared use agreements; joint ownership agreement or similar agreements governing… are current; and
• to the extent permitted by law, future assessments owed by the BorrowerBorrowerPerson who is the obligor per the Note. and associated liens, if any, are subordinate to the 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. .

the BorrowerBorrowerPerson who is the obligor per the Note. :

• has no outstanding community violations; and
• is not involved in a community dispute that may
  • result in litigation, or
  • materially adversely impact 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). .