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SCHEDULE 2TO MULTIFAMILY LOAN AND SECURITY AGREEMENTSummary of Loan Terms(Interest Rate Type - ARM (1 Month LIBOR))I.GENERAL PARTY AND MULTIFAMILY PROJECT INFORMATIONBorrowerLenderKey PrincipalGuarantorMultifamily Project[DRAFTING NOTE: LIST ALL IF MORE THAN ONE] [INSERT MORTGAGED PROPERTY’S COMMONLY KNOWN NAME]ADDRESSESBorrower’s General Business Address[DRAFTING NOTE: LIST ALL IF MORE THAN ONE]Borrower’s Notice Address[DRAFTING NOTE: LIST ALL IF MORE THAN ONE; INCLUDE EMAIL ADDRESS]Multifamily Project Address[DRAFTING NOTE: LIST ALL IF MORE THAN ONE]Multifamily Project County[DRAFTING NOTE: LIST ALL IF MORE THAN ONE]Key Principal’s General Business Address[DRAFTING NOTE: LIST ALL IF MORE THAN ONE]Key Principal’s Notice Address[DRAFTING NOTE: LIST ALL IF MORE THAN ONE; INCLUDE EMAIL ADDRESS]Guarantor’s General Business Address[DRAFTING NOTE: LIST ALL IF MORE THAN ONE]Guarantor’s Notice Address[DRAFTING NOTE: LIST ALL IF MORE THAN ONE; INCLUDE EMAIL ADDRESS]Lender’s General Business Address[DRAFTING NOTE: USE HEADQUARTERS ADDRESS]Lender’s Notice Address[DRAFTING NOTE: USE SERVICING ADDRESS; INCLUDE EMAIL ADDRESS]Lender’s Payment AddressII.MULTIFAMILY PROJECT INFORMATIONProperty Square FootageTotal Parking SpacesTotal Residential UnitsAffordable Housing Property?Yes?No[DRAFTING NOTE: ONLY INDICATE YES IF THE MORTGAGE LOAN IS UNDERWRITTEN PURSUANT TO IIIB, CHAPTER 7 OF THE MSS GUIDE.]III.MORTGAGE LOAN INFORMATIONAdjustable RateUntil the first?(1st) Rate Change Date, the Initial Adjustable Rate, and from and after the first?(1st) Rate Change Date, a per annum interest rate that is the sum (rounded to the nearest three?(3) decimal places) of:the Current Index, andthe Margin,provided, however, the Adjustable Rate shall never be:(x)more than one percentage point?(1%) higher or lower than the Adjustable Rate in effect immediately preceding the Rate Change Date;(y)more than __________%; [Insert the Lifetime Maximum Interest Rate (%) as entered by Lender in C&D in the ARM Attribute section of the Commitment tab. The Lifetime Maximum Interest Rate is the sum of the guaranty fee, the servicing fee, and the maximum pass-through rate to the investor] or(z)less than the Margin.Amortization Period__________ months.[Typically zero?(0), three hundred?(300) or three hundred sixty?(360) months]Amortization Type[Select only one:]?Amortizing?Full Term Interest Only?Partial Interest OnlyCurrent IndexThe published Index that is effective on the 15th day before the applicable Rate Change Date.Effective Date_______________, 20___First Payment DateThe first day of ______________, 20___.[For example: If the Effective Date is June?1, 2015, then the First Payment Date will be July?1, 2015. If the Effective Date is any day in June, 2015 other than June?1, 2015, then the First Payment date will be August?1, 2015.][First Principal and Interest Payment Date][APPLICABLE ONLY FOR PARTIAL INTEREST ONLY AMORTIZATION TYPE]The first day of ______________, 20___.[Insert the calendar month and year immediately following the Last Interest-Only Payment Date. For example: If the Last Interest-Only Payment Date is June?1, 2015, then the First Principal and Interest Payment Date is July 1, 2015.]IndexThe ICE Benchmark Administration Limited (or any successor administrator) fixing of the London Inter-Bank Offered Rate for 1-month U.S. Dollar-denominated deposits as reported by Reuters through electronic transmission. If the foregoing index is no longer posted through electronic transmission, is no longer available or, in Lender’s determination, is no longer widely accepted or has been replaced as the index for similar financial instruments (regardless of whether the index continues to be posted electronically or available), Lender will choose a new Index taking into account general comparability to the previous Index and other factors, including any adjustment factor to preserve the relative economic positions of Borrower and Lender with respect to the Mortgage Loan.Initial Adjustable Rate_______________% per annum.Initial Monthly Debt Service Payment[Complete only the applicable option and delete the other.]For Amortizing Loans:$_______________[Calculated as the amount required to amortize the original principal balance of the Mortgage Loan in equal monthly installments over the Amortization Period at the Initial Adjustable Rate, using the 30/360 Interest Accrual Method even if Actual/360 is the selected Interest Accrual Method.]For Full Term Interest-Only and Partial Interest-Only:$_______________[Calculated by multiplying the original principal balance of the Mortgage Loan by the Initial Adjustable Rate, dividing the product by three hundred sixty?(360), and multiplying the quotient by either (i)?thirty?(30) or (ii)?the actual number of days elapsed in the applicable month (based on the selected Interest Accrual Method).]Interest Accrual Method[Select only one:]?30/360 (computed on the basis of a three hundred sixty?(360) day year consisting of twelve?(12) thirty?(30) day months).or?Actual/360 (computed on the basis of a three hundred sixty?(360) day year and the actual number of calendar days during the applicable month, calculated by multiplying the unpaid principal balance of the Mortgage Loan by the Interest Rate, dividing the product by three hundred sixty?(360), and multiplying the quotient obtained by the actual number of days elapsed in the applicable month).Interest Only Term_____________ months.[Insert “0” for Amortizing Loans]Interest Rate TypeARM[Last Interest Only Payment Date][APPLICABLE ONLY FOR PARTIAL INTEREST ONLY AMORTIZATION TYPE]The first day of ______________, 20___.[Insert the date that the last interest-only payment is due.]Loan Amount$_______________Loan Term_______________ months.Loan YearThe period beginning on the Effective Date and ending on the last day of ________, _____, and each successive twelve?(12) month period thereafter.[Insert the month and year which is twelve?(12) full calendar months after the Effective Date.? For example, if the Effective Date is July?1,?2015, then the month and year to insert is June,?2016, but if the Effective Date is any day from the 2nd through the 31st in July,?2015, then the month and year to insert is July,?2016.]Margin_____________%Maturity DateThe first day of _________________, 20___, or any later date to which the Maturity Date may be extended (if at all) in connection with an election by Borrower to convert the Interest Rate on the Mortgage Loan to a fixed rate pursuant to the terms of the Loan Agreement, or any earlier date on which the unpaid principal balance of the Mortgage Loan becomes due and payable by acceleration or otherwise.Monthly Debt Service Payment[Complete only the applicable option and delete the others.]For Amortizing (30/360 or Actual/360):(i)for the First Payment Date, the Initial Monthly Debt Service Payment, and(ii)for each Payment Date thereafter until the Mortgage Loan is fully paid, such amount as shall cause the unpaid principal balance of the Mortgage Loan to be amortized in equal monthly installments over the Remaining Amortization Period at the Adjustable Rate (for clause (ii), the 30/360 Interest Accrual Method must be used even if Actual/360 is the selected Interest Accrual Method).For Full Term Interest Only (30/360 or Actual/360):(i)for the First Payment Date, the Initial Monthly Debt Service Payment, and(ii)for each Payment Date thereafter until the Mortgage Loan is fully paid, the amount obtained by multiplying the unpaid principal balance of the Mortgage Loan by the Adjustable Rate, dividing the product by three hundred sixty?(360), and multiplying the quotient by either (i)?thirty?(30) or?(ii) the actual number of days elapsed in the applicable month (based on the selected Interest Accrual Method).For Partial Interest Only (30/360 or Actual/360):(i)for the First Payment Date, the Initial Monthly Debt Service Payment;(ii)for each Payment Date thereafter through and including the Last Interest Only Payment Date, the amount obtained by multiplying the unpaid principal balance of the Mortgage Loan by the Adjustable Rate, dividing the product by three hundred sixty?(360), and multiplying the quotient by either (i)?thirty?(30) or (ii)?the actual number of days elapsed in the applicable month (based on the selected Interest Accrual Method); and(iii)for the First Principal and Interest Payment Date and for each Payment Date thereafter until the Mortgage Loan is fully paid, such amount as shall cause the unpaid principal balance of the Mortgage Loan to be amortized in equal monthly installments over the Remaining Amortization Period at the Adjustable Rate (for clause?(iii), the 30/360 Interest Accrual Method must be used even if Actual/360 is the selected Interest Accrual Method).Payment Change DateThe first?(1st) day of the month following each Rate Change Date until the Mortgage Loan is fully paid.Prepayment Lockout PeriodThe first?(1st) Loan Year of the term of the Mortgage Loan.Rate Change DateThe First Payment Date and the first?(1st) day of each month thereafter until the Mortgage Loan is fully paid.Remaining Amortization Period[Complete only the applicable option and delete the others.][For Amortizing Loans and Partial Interest-Only Loans:]As of each Payment Change Date, the Amortization Period minus the number of scheduled Monthly Debt Service Payments that have elapsed since the Effective Date.[For Interest-Only Loans:]N/AIV.YIELD MAINTENANCE/PREPAYMENT PREMIUM INFORMATIONPrepayment Premium TermThe period beginning on the Effective Date and ending on the last calendar day of the fourth?(4th) month prior to the month in which the Maturity Date occurs.V.RESERVE INFORMATIONCompletion PeriodWithin _______________ months after the Effective Date or as otherwise shown on the Required Repair Schedule.Initial Replacement Reserve Deposit$_______________Maximum Inspection Fee$_______________Maximum Repair Disbursement Interval_______________ time(s) per calendar [month][quarter]Maximum Replacement Reserve Disbursement Interval_______________ time(s) per calendar [month][quarter]Minimum Repairs Disbursement Amount$_______________Minimum Replacement Reserve Disbursement Amount$_______________Monthly Replacement Reserve Deposit$_______________Repair Threshold$_______________Repairs Escrow Account Administrative Fee$_______________, payable [one time][monthly]Repairs Escrow Deposit$_______________Replacement Reserve Account Administration Fee$_______________, payable [monthly][annually]Replacement Reserve Account Interest Disbursement Frequency[monthly][quarterly]Replacement Threshold$_______________VI.CONVERSION OPTION – ARM LOANConversion Review FeeA non-refundable fee in the amount of $___________________.Guaranty FeeThe guaranty fee offered by Fannie Mae for a new Fannie Mae mortgage loan with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate Option selected by Borrower) at the time of the Conversion Effective Date.Minimum Conversion Debt Service Coverage Ratio_____[Insert the applicable Debt Service Coverage Ratio, which shall in no event be lower than 1.25 for Tier?2, 1.35 for Tier?3, or 1.55 for Tier 4, based upon Tier at Mortgage Loan origination.]Servicing FeeThe servicing fee offered by Fannie Mae for a new Fannie Mae mortgage loan with the same or substantially similar loan terms and credit characteristics as the Mortgage Loan (taking into account the Fixed Rate Option selected by Borrower) at the time of the Conversion Effective Date.____________________Borrower Initials ................
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