Generally

Requirements

If the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). has a Ground LeaseGround LeaseContract for the rental of land, usually on a long term basis. , the Mortgage LoanMortgage 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. collateral must include a LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the LeaseholdLeaseholdProperty held under a long-term lease or Ground Lease. estate.

You must ensure that the Ground LeaseGround LeaseContract for the rental of land, usually on a long term basis.  complies with the Ground Lease Review Checklist (Form 6479), unless

• the ground lessor joins with the BorrowerBorrowerPerson who is the obligor per the Note. in executing the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. and grants a LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the ground lessor's fee estate, or
• the absence of the LeaseholdLeaseholdProperty held under a long-term lease or Ground Lease. estate would not have a material adverse effect on the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). operation or value.