Approval Decision Criteria and Timing

The decision to approve the replacement property management must focus on, among other customary underwriting criteria, identifying conflicts of interest between the proposed Property Manager and Fannie Mae, as well as evaluating the Property Manager's ability to maintain the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). physical condition and improve operating income.

Fannie Mae will communicate its approval or rejection of the proposed replacement of the property management within thirty (30) days after receipt from the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of all information necessary to render its decision.  Fannie Mae's approval may be conditioned upon receiving additional documentation or the satisfaction of additional requirements.  If Fannie Mae has not approved or conditionally approved the proposed replacement property management within thirty (30) days after the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. request, the proposed change in property management will be deemed to be denied by Fannie Mae.