503.04

Seismic Retrofit Ordinances

Requirements

If a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is required to be retrofitted under any law, regulation, or ordinance,

  • the SRA must describe a proposed retrofit plan, including associated costs, and
  • the retrofit must be completed before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .