Requirements for Condos Sample Clauses

Requirements for Condos. For Mortgages secured by Condominium units, the following exceptions to requirements in the Guide may be applied (a) for units located in Class I or Class II Condominium Projects, the presale requirement and the requirement for occupancy by the unit owner as a Primary Residence or Second Home may be reduced to 51 percent, provided that all other requirements of the Purchase Documents for the sale of Mortgages secured by Condominium Units to ▇▇▇▇▇▇▇ Mac are satisfied; and (b) for units located in Class I or Class II Condominium Projects, at least 50 percent (rather than 70 percent for Class I and/or (50 percent for Class II as required by the Guide) of the units sold in the Condominium Project have been sold to individuals for their use as their Primary Residences or Second Homes.