Any of the following:

• Foreclosure per the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. ;
• Fannie Mae's exercise of rights and remedies per the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. or applicable law (including Insolvency Laws) as holder of 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. and/or the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , where Fannie Mae (or its designee or nominee), or a third-party purchaser, becomes 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). owner;
• BorrowerBorrowerPerson who is the obligor per the Note. delivers Fannie Mae (or its designee or nominee) a deed or other conveyance of 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). in lieu of any of the foregoing; or
• in Louisiana, any dation en paiement.