Collateral and Credit Support

Requirements

You must ensure the Mortgage Loan Mortgage 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. is secured by the same credit support and collateral as any Third-Party Financing Third-Party FinancingAny loan to, or indebtedness of, a Borrower that: is not a Supplemental Mortgage Loan or Pre-Existing Mortgage Loan; and either: requires repayment by the Borrower; or is forgiven (over time or at maturity) subject to Borrower compliance with certain covenants or conditions. … , including any

• recourse to the Borrower BorrowerPerson who is the obligor per the Note. or any guarantor, or
• additional collateral.

You may secure the Third-Party Financing Third-Party FinancingAny loan to, or indebtedness of, a Borrower that: is not a Supplemental Mortgage Loan or Pre-Existing Mortgage Loan; and either: requires repayment by the Borrower; or is forgiven (over time or at maturity) subject to Borrower compliance with certain covenants or conditions. … with a Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). if the Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. :

• is subordinated to the Security Instrument's Security Instrument'sInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. per
  • Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 704.07: Subordination Agreement ,
  • Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 704.08: Lien Priority and Title Insurance Policy , and
  • Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 704.09: Form of Loan Documents for Third-Party Financings ; and
• includes only the same collateral covered by the Mortgage Loan's Mortgage Loan'sMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. .