Environmental Site Assessments

Requirements

You must:

• comply with the Environmental Due Diligence Requirements (Form 4251), including obtaining a Phase I Environmental Site AssessmentPhase I Environmental Site AssessmentEnvironmental Site Assessment conducted per the current ASTM E-1527 standard and the resulting report. (Phase I ESA) of the entire PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
• ensure the Phase I ESAPhase I ESAEnvironmental Site Assessment conducted per the current ASTM E-1527 standard and the resulting report. :
  •  is performed per the instructions in Form 4251, including meeting the current requirements of ASTMASTMAmerican Society for Testing Materials E1527;
  • is prepared by an environmental professional as that term is defined in 40 C.F.R. § 312.10 (an Environmental Professional);
  •   identifies all environmental conditions and risks that may potentially impact
    •  resident safety,
    • marketability, or
    • PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). value; and 
  •  clearly identifies how to properly mitigate those conditions and risks, including where applicable:
    • the Environmental Professional’s recommendations regarding additional investigation, or requirements of government authority or regulatory agency; or
    • action to remediate or abate any Recognized Environmental Condition (REC)/Controlled Recognized Environmental Condition (CREC), as those terms are defined in ASTMASTMAmerican Society for Testing Materials E1527; and   
• obtain Fannie Mae's approval before Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. if the Phase I ESAPhase I ESAEnvironmental Site Assessment conducted per the current ASTM E-1527 standard and the resulting report. identified any RECs/CRECs.