Verification of the Defeasance Notice

Fannie Mae will verify 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. information contained in the Defeasance Notice as well as the Mortgage Loan'sMortgage Loan'sMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. eligibility for defeasance.  After verification and within two (2) Business DaysBusiness DaysAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after the initial receipt of the Defeasance Notice from the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , Fannie Mae will sign the Defeasance Notice and fax it back to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. along with an Exhibit that details the monthly cash flows of the Fannie Mae debt instrument that will replace 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). as collateral for 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. .

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will then fax the verified Defeasance Notice to the BorrowerBorrowerPerson who is the obligor per the Note. on the same day that the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the verified Defeasance Notice from Fannie Mae.  In the event that Fannie Mae made changes to the Defeasance Notice, the BorrowerBorrowerPerson who is the obligor per the Note. must initial the changed portions of the Defeasance Notice and fax it back to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. on that same day.  The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must then immediately fax the BorrowerBorrowerPerson who is the obligor per the Note. -initialed Defeasance Notice to Fannie Mae.

If the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. does not

• receive the Defeasance Commitment Fee, and
• provide confirmation of the Defeasance Notice to the BorrowerBorrowerPerson who is the obligor per the Note. ,

then the Borrower'sBorrower'sPerson who is the obligor per the Note. right to obtain DefeasanceDefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. pursuant to that Defeasance Notice shall terminate.  If the BorrowerBorrowerPerson who is the obligor per the Note. still wishes to defease 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. , the BorrowerBorrowerPerson who is the obligor per the Note. must submit a new Defeasance Notice and repeat the process outlined above.