503.04
Seismic Retrofit Ordinances
Requirements
If a 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). 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 as described in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 3. .