Replacement Reserve

The Property

• is located in a Pre-Review Market that is not eligible for delegation at any Tier per Section II of 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 the Borrower funds during the Mortgage Loan term for Replacements. .

The Property

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

You must determine the Replacement ReserveReplacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. funding per Part II, Chapter 4: Lease Audits, Inspections, and Reserves, Section 406: 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 Form 4660.

You must determine the Replacement ReserveReplacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. funding per Part II, Chapter 4: Lease Audits, Inspections, and Reserves, Section 406: Replacement Reserve.