Section 1703

Bulk Deliveries

Requirements

A Bulk DeliveryBulk DeliveryStructured Transaction that: is governed by a Bulk Delivery Agreement; and includes the ability to add Mortgage Loans in the future, or substitute a new Property for an existing Property as collateral. is a Structured Transaction that:

  • is governed by a Bulk Delivery Agreement; and
  • includes the ability to
    • add Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. in the future, or
    • substitute a new 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). for an existing 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). as collateral.

Operating Procedures

Fannie Mae will engage outside counsel at your expense to prepare the Bulk Delivery Agreement.

You may require the BorrowerBorrowerPerson who is the obligor per the Note. to

  • pay these legal fees, and
  • fund a deposit for their payment.