805.03

Environmental Assessment

If no Phase I Environmental Site AssessmentPhase I Environmental Site AssessmentEnvironmental report and site assessment performed according to the process described in current ASTM E 1527, including any report summarizing the conclusions of the assessment. was performed for the original Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. , then a Phase I Environmental Site AssessmentPhase I Environmental Site AssessmentEnvironmental report and site assessment performed according to the process described in current ASTM E 1527, including any report summarizing the conclusions of the assessment. is required for the In Place LoanIn Place LoanMortgage Loan refinancing a Portfolio Mortgage Loan that does not meet Tier 2 underwriting requirements. .  If a Phase I Environmental Site AssessmentPhase I Environmental Site AssessmentEnvironmental report and site assessment performed according to the process described in current ASTM E 1527, including any report summarizing the conclusions of the assessment. (or, if applicable, a Phase II Environmental Site AssessmentPhase II Environmental Site AssessmentInvestigation performed according to current ASTM E 1903, or investigation other than a Phase I ESA, that may include analyzing soil, ground water, or building materials for contaminants, including any report summarizing the conclusions of the assessment. ) was performed for the Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. , then it need only be updated by the Environmental Professional re-inspecting the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). to determine if:

  • an O&M PlanO&M PlanWritten plan, document, or agreement containing ongoing operating, maintenance, or monitoring actions for the Property or its Improvements. , if any, has been followed or is now required;
  • any other Recognized Environmental Conditions or Business Environmental RisksBusiness Environmental RisksRisk of material environmental or environmentally-driven impact on the business or property associated with a Property or the past, current or planned use of a Property, including all “non-scope considerations” under current ASTM E 1527, asbestos or asbestos-containing materials, radon, lead-based… identified in the original Phase I Environmental Site AssessmentPhase I Environmental Site AssessmentEnvironmental report and site assessment performed according to the process described in current ASTM E 1527, including any report summarizing the conclusions of the assessment. , but not the subject of an O&M PlanO&M PlanWritten plan, document, or agreement containing ongoing operating, maintenance, or monitoring actions for the Property or its Improvements. , have become worse and whether an O&M PlanO&M PlanWritten plan, document, or agreement containing ongoing operating, maintenance, or monitoring actions for the Property or its Improvements. should be implemented;
  • any new Recognized Environmental Condition or Business Environmental RiskBusiness Environmental RiskRisk of material environmental or environmentally-driven impact on the business or property associated with a Property or the past, current or planned use of a Property, including all “non-scope considerations” under current ASTM E 1527, asbestos or asbestos-containing materials, radon, lead-based… is apparent; and
  • any nearby land uses subject the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). to any Recognized Environmental Condition or Business Environmental RiskBusiness Environmental RiskRisk of material environmental or environmentally-driven impact on the business or property associated with a Property or the past, current or planned use of a Property, including all “non-scope considerations” under current ASTM E 1527, asbestos or asbestos-containing materials, radon, lead-based….