418.03A

Affordable Regulatory Agreement

At least once in each calendar year (and more often if directed by Fannie Mae), the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain a BorrowerBorrowerPerson who is the obligor per the Note. certification that 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). is in full compliance with:

  • the rules qualifying the interest on the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. for exclusion from gross income for federal income tax purposes pursuant to the Internal Revenue Code; and
  • the requirements of the Affordable Regulatory AgreementAffordable Regulatory AgreementRegulatory, land use, extended use, or similar agreement or recorded restriction limiting rents, imposing maximum income restrictions on tenants, or placing other affordability restrictions on the use or occupancy of the Property (whether imposed by a government entity or self-imposed by a Borrower….

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must review the BorrowerBorrowerPerson who is the obligor per the Note. certificate, and 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). does not comply with all applicable regulatory requirements, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately notify Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. .  Neither Fannie Mae nor the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for determining or ensuring the Borrower’sBorrower’sPerson who is the obligor per the Note. compliance under the Affordable Regulatory AgreementAffordable Regulatory AgreementRegulatory, land use, extended use, or similar agreement or recorded restriction limiting rents, imposing maximum income restrictions on tenants, or placing other affordability restrictions on the use or occupancy of the Property (whether imposed by a government entity or self-imposed by a Borrower….