Replacement Reserve

The Property

• is located in a Pre-Review Market that is not eligible for delegation at any Tier per Section II of the Form 4660, and
• the market was a Pre-Review Market when the Portfolio Mortgage Loan was originated.

The BorrowerBorrowerPerson who is the obligor per the Note. must fully fund the Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. .

The Property

• is located in a Pre-Review Market that is not eligible for delegation at any Tier per Section II of the Form 4660, but
• the market was not a Pre-Review Market when the Portfolio Mortgage Loan was originated.

You must determine the Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. funding per Part II, Chapter 4: Inspections and Reserves, Section 404: Replacement Reserve.

The Property is located in

• a Strong Market,
• a Nationwide Market, or
• a Pre-Review Market that is eligible for Tier 3 and Tier 4 Mortgage Loans on a delegated basis per Section II of the Form 4660.

You must determine the Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. funding per Part II, Chapter 4: Inspections and Reserves, Section 404: Replacement Reserve.