SCHEDULE 2
TO MULTIFAMILY LOAN AND SECURITY AGREEMENT
Summary of Loan Terms
(Interest Rate Type - Hybrid ARM)
I.
GENERAL PARTY AND MULTIFAMILY PROJECT INFORMATION
Borrower
Lender
Key Principal
Guarantor
Multifamily Project
[DRAFTING NOTE: LIST ALL IF MORE THAN
ONE] [INSERT MORTGAGED PROPERTY’S
COMMONLY KNOWN NAME]
ADDRESSES
Borrower’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]
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
Form 6102.HYARM
03-14
Page 1
© 2014 Fannie Mae
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
AND INCLUDE EMAIL ADDRESS]
Lender’s Payment Address
II.
MULTIFAMILY PROJECT INFORMATION
Property Square Footage
Total Parking Spaces
Total Residential Units
Yes
No
Affordable Housing Property
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
[DRAFTING NOTE: ONLY INDICATE YES IF THE
MORTGAGE LOAN IS UNDERWRITTEN
PURSUANT TO IIIB, CHAPTER 7 OF THE MSS
GUIDE.]
Form 6102.HYARM
03-14
Page 2
© 2014 Fannie Mae
III.
MORTGAGE LOAN INFORMATION
Adjustable Rate
From and after each Rate Change Date until the next
Rate Change Date, a per annum interest rate that is the
sum of (i) the Current Index, and (ii) the Margin, which
sum is then rounded to the nearest three (3) decimal
places, provided, however, that the Adjustable Rate
shall not (1) exceed the Fixed Rate by more than five
percentage points (5%) at any time, (2) be lower than
the Margin or three percent (3%), whichever is greater,
at any time or (3) change by more than one percentage
point (1%), plus or minus, from the Adjustable Rate in
effect for the period immediately preceding the Rate
Change Date (clause (3) does not apply to the change
from the Fixed Rate to the initial Adjustable Rate).
Amortization Period
360 months.
[Select only one:]
Amortization Type
Amortizing
Partial Interest Only
Current Index
The published Index that is effective on the fortyfifth (45th) day before the applicable Rate Change
Date.
Effective Date
_______________, 20___
The first day of _________________, 20___.
First Payment Change Date
[Insert the calendar month and year immediately
following the First Rate Change Date. For example: If
the First Rate Change Date is June 1, 2015, then the
First Payment Change Date is July 1, 2015.]
The first day of _________________, 20___.
First Payment Date
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
[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.]
Form 6102.HYARM
03-14
Page 3
© 2014 Fannie Mae
[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.]
The first day of _________________, 20___.
First Rate Change Date
Fixed Rate
[Insert the calendar month that is eighty-four (84)
months (for a seven (7) year fixed rate term) or one
hundred twenty (120) months (for a ten (10) year fixed
rate term) after the Effective Date. For example: For
a Mortgage Loan with an Effective Date of June 1,
2015 and a seven (7) year fixed rate term, then the
First Rate Change Date is June 1, 2022. If the
Effective Date is any other day in June, 2015, then the
First Rate Change Date is July 1, 2022.]
_______________% per annum.
[Select only one:]
The ICE Benchmark Administration Limited (or
any successor administrator) fixing of the London
Inter-Bank Offered Rate for six (6)-month U.S. Dollardenominated deposits as reported by Reuters through
electronic transmission. If the Index is no longer
available, or is no longer posted through electronic
transmission, Lender will choose a new index that is
based upon comparable information.
Index
or
The “Twelve-Month Average” of the annual
yields on actively traded United States Treasury
Securities adjusted to a constant maturity of one (1)
year as published by the Federal Reserve Board in the
Federal Reserve Statistical Release entitled “Selected
Interest Rates H.15 (519)” (the “Monthly Yields”),
determined by adding together the Monthly Yields for
the most recently available twelve (12) months and
dividing by twelve (12).
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
Form 6102.HYARM
03-14
Page 4
© 2014 Fannie Mae
[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
Interest Accrual Method
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).
_____________ months.
Interest Only Term
[Interest Only Term is “0” except for Partial Interest
Only. If Partial Interest Only, insert the term of the
interest only period.]
Interest Rate Type
Hybrid ARM
[Last Interest Only Payment Date]
The first day of _________________, 20___.
[APPLICABLE ONLY FOR
PARTIAL INTEREST ONLY
AMORTIZATION TYPE]
[Insert the date that the last interest-only payment is
due.]
Loan Amount
$_______________
Loan Term
Three hundred sixty (360) months.
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
Form 6102.HYARM
03-14
Page 5
© 2014 Fannie Mae
The period beginning on the Effective Date and ending
on the last day of ________, _____, and each
successive twelve (12) month period thereafter.
Loan Year
[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 Date
The first day of _________________, 20___, or any
earlier date on which the unpaid principal balance of
the Mortgage Loan becomes due and payable by
acceleration or otherwise.
[Complete only the applicable option and delete the
others.]
For Amortizing (30/360 or Actual/360):
Monthly Debt Service Payment
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
(i)
$_______________ for the First Payment Date
and each Payment Date thereafter through and
including the First Rate Change Date; and
(ii)
for the First Payment Change Date and each
Payment Date thereafter until the Mortgage
Loan is fully paid, such amount as shall cause
the unpaid principal balance of 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).
Form 6102.HYARM
03-14
Page 6
© 2014 Fannie Mae
For Partial Interest Only (30/360):
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
(i)
$_______________ for the First Payment Date
and each Payment Date thereafter through and
including the Last Interest Only Payment Date;
(ii)
$_______________ for the First Principal and
Interest Payment Date and each Payment Date
thereafter through and including the First Rate
Change Date; and
(iii)
for the First Payment Change Date and each
Payment Date thereafter until the Mortgage
Loan is fully paid, such amount as shall cause
the unpaid principal balance of Mortgage Loan
to be amortized in equal monthly installments
over the Remaining Amortization Period at the
Adjustable Rate.
Form 6102.HYARM
03-14
Page 7
© 2014 Fannie Mae
For Partial Interest Only (Actual/360):
(i)
$_______________ for the First Payment
Date;
(ii)
for each Payment Date thereafter through and
including the Last Interest Only Payment Date:
(a)
$_______________ if the prior month
was a 28-day month;
(b)
$_______________ if the prior month
was a 29-day month;
(c)
$_______________ if the prior month
was a 30-day month; and
(d)
$_______________ if the prior month
was a 31-day month;
(iii)
$_______________ for the First Principal and
Interest Payment Date and each Payment Date
thereafter through and including the First Rate
Change Date; and
(iv)
for the First Payment Change Date and each
Payment Date thereafter until the Mortgage
Loan is fully paid, such amount as shall cause
the unpaid principal balance of Mortgage Loan
to be amortized in equal monthly installments
over the Remaining Amortization Period at the
Adjustable Rate (for clause (iv), the 30/360
Interest Accrual Method must be used even if
Actual/360 is the selected Interest Accrual
Method).
Payment Change Date
The first (1st) day of the month following each Rate
Change Date until the Mortgage Loan is fully paid.
Prepayment Lockout Period
The first (1st) and second (2nd) Loan Years of the term
of the Mortgage Loan.
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
Form 6102.HYARM
03-14
Page 8
© 2014 Fannie Mae
[Complete only the applicable option and delete the
others.]
For Mortgage Loans where the selected Index is
6-month LIBOR:
The First Rate Change Date and the first (1st) day of
every sixth (6th) month thereafter, until the Mortgage
Loan is fully paid.
Rate Change Date
For Mortgage Loans where the selected Index is
Twelve Month Average:
The First Rate Change Date and the first (1st) day of
every twelfth (12th) month thereafter, until the
Mortgage Loan is fully paid.
As of the First Payment Change Date and each
Payment Change Date thereafter, the Amortization
Period minus the number of scheduled Monthly Debt
Service Payments (even if interest only) that have
elapsed since the Effective Date.
Remaining Amortization Period
IV.
YIELD MAINTENANCE/PREPAYMENT PREMIUM INFORMATION
Yield Maintenance Period End
Date
The last day of _______________, 20___.
or
[Insert the calendar month and year immediately
preceding the First Rate Change Date.]
Prepayment Premium Period End
Date
Yield Maintenance Period Term
__________ months.
or
[This must be equal to the Fixed Rate period.]
Prepayment Premium Period Term
V.
Completion Period
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
RESERVE INFORMATION
Within _______________ months after the Effective
Date or as otherwise shown on the Required Repair
Schedule.
Form 6102.HYARM
03-14
Page 9
© 2014 Fannie Mae
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
$_______________
____________________
Borrower Initials
Schedule 2 to Multifamily Loan and
Security Agreement - Summary of Loan
Terms (Interest Rate Type - HYARM)
Fannie Mae
Form 6102.HYARM
03-14
Page 10
© 2014 Fannie Mae