Commercial Lease Requests
Job-aid
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Drawer AM Job Aids
- Achievement and Other Collateral Agreements: Extensions
- Achievement and Other Collateral Agreements: Release or Reduction
- Casualty Losses
- Commercial Lease Requests
- Completion/Repair and Security Agreement Extension Requests
- Condemnation Requests
- Condominium Conversion Requests
- Easement Requests
- FHA Loss Sharing Termination
- Guaranty Agreement Extension
- Guaranty Agreement Releases
- Partial Collateral Releases
- Property Renovation/Conversion Request
- Property Zoning/Transfer of Development Rights
- Subordinate Financing
- Other Requests
You, as the servicer, must review any commercial lease to assure compliance with Multifamily Guide requirements. The table below lists the key points to consider in reviewing a commercial lease request.
Guide Reference |
Multifamily Selling and Servicing Guide
|
Delegation Criteria |
Non-Material Commercial Lease Material Commercial Lease |
What to Submit |
If a commercial lease requires Fannie Mae’s review, submit the following with your request.
If a Subordination, Non-Disturbance, and Attornment Agreement (SNDA) is required, or if the borrower elects to have one, use Fannie Mae Form 4510. If you have a Limited Power of Attorney to execute SNDA’s, you may execute Form 4510 on our behalf. Any modifications to the language of this form must be approved by Fannie Mae. |
How to Submit |
Generally: Structured Facilities* Seniors Housing*: [email protected] Hard Copy (if required by Fannie Mae) *Please contact us at these e-mail addresses for requirements specific to these financing types. |
Fees |
$5,000 split evenly between you and Fannie Mae. Wire any fees due to Fannie Mae to the following account no later than 10 business days after you receive them. Include the type of fee or deposit, property name and Fannie Mae loan number. ABA Number: 021 039 500 |
Use of Funds |
Any income generated by the lease must be paid to the borrower and flow through to the property. |
Resolution |
For non-delegated requests, Fannie Mae reviews the transaction and advises you of any follow-up actions that need to be taken. For delegated requests, follow the instructions in the Guide for executing the SNDA or estoppel certificate, if one is required. If You Have Limited Power of Attorney If You Do Not Have Limited Power of Attorney In either case, you need to retain a copy of the documentation in your servicing file. |
Always consult the loan documents, transaction documents, your servicing agreement, the Multifamily Guide and the relevant forms for complete instructions.
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