504.04

Operating Lease Analysis

Requirements

Before finalizing the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. , you must:

  • Obtain a copy of each management agreement, operating lease, master lease, and sublease including all exhibits and amendments.
  • Upload into DUS GatewayDUS GatewayMultifamily pre-acquisition system including deal registration, Pre-Review and/or waiver tracking, decision records, or any successor systems. a completed Seniors Housing Operating Lease Review Checklist (Form 6487.SRS) that analyzes the
    • underwriting and legal aspects of each lease and its impact on the operations of 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). , and
    • obligations of the BorrowerBorrowerPerson who is the obligor under the Note., each GuarantorGuarantorKey Principal or other Person who executes a Payment Guaranty, a Non-Recourse Guaranty, or any other guaranty in connection with the Mortgage Loan. , and the Seniors Housing Operator under the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. .