417.04D

Construction Completion Requirements

Within 60 days of completing any Seniors Housing Major RenovationSeniors Housing Major RenovationPhysical improvement at a Seniors Housing Property costing more than $20,000/unit, or $3 million in total project costs. or Seniors Housing Minor RenovationSeniors Housing Minor RenovationPhysical improvement at a Seniors Housing Property that is not a Seniors Housing Major Renovation, but which increases the number of units, or converts one type of unit (e.g., Independent Living, Assisted Living, or Alzheimer’s/Dementia Care) into another, unless expressly permitted by the Loan…, the BorrowerBorrowerPerson who is the obligor per the Note. must deliver to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , and the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must provide to Fannie Mae, the following:

  • title endorsement to the existing mortgagee title policy, confirming that no mechanics’ LiensLiensLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. , materialmen’s LiensLiensLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. , or other LiensLiensLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. exist that have not been acceptably bonded over;
  • final lien waivers from all contractors, architects, subcontractors, and material suppliers;
  • copies of updated or newly issued certificates of occupancy;
  • renewed licenses;
  • confirmation in the form of an Opinion of Borrower’s Counsel on Origination of Mortgage Loan (Seniors Housing Licensing) (Form 6450.SRS) that all licensing requirements have been met;
  • certificate from the BorrowerBorrowerPerson who is the obligor per the Note. , architect, and contractor certifying to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , for the benefit of Fannie Mae, that the improvements:
    • are completed in accordance with the plans and specifications approved by Fannie Mae; and
    • meet the local zoning and planning restrictions, and all other governmental requirements;
  • final inspection of completed ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). ;
  • updated certified operating statement and rent roll for the Seniors Housing PropertySeniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. ; and
  • a survey showing any new ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). on the Seniors Housing PropertySeniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. .