Streamlined Condominium Project Review Sample Clauses

Streamlined Condominium Project Review. Mortgages secured by condominium units with loan-to-value ratios not exceeding 95 percent for 1-unit Primary Residences and 90 percent for second homes, which are located in Class I, II and III Condominium Projects and for which Seller makes limited warranties pursuant to Section 42.10 of the Guide shall be eligible for purchase, provided that: (a) each Mortgage is secured by a 1-unit Primary Residence or second home; (b) each Mortgage secured by a 1-unit Primary Residence with a loan-to-value ratio greater than 90 percent but not exceeding 95 percent, shall have a minimum Indicator Score of 700; (c) each Mortgage secured by a 1-unit Primary Residence with a loan-to-value ratio greater than 75 percent but not exceeding 90 percent, shall have a minimum Indicator Score of 680; (d) each Mortgage secured by a second home with a loan-to-value ratio greater than 80 percent but not exceeding 90 percent, shall have a minimum Indicator Score of 700; (e) each Mortgage secured by a second home with a loan-to-value ratio not exceeding 80 percent, shall have a minimum Indicator Score of 680; (f) each Mortgage is processed through Loan Prospector and receives a credit risk class of Accept; (g) for each Mortgage secured by a Primary Residence with a loan-to-value ratio exceeding 75 percent, and each Mortgage secured by a second home, Seller shall pay ▇▇▇▇▇▇▇ Mac the applicable delivery fee for each Mortgage as indicated by the Delivery Fee Matrix exhibit attached to the Master Commitment under which each Mortgage is sold; (h) in connection with the delivery of each Mortgage for which a delivery fee is due as described in subparagraph (g) above, Seller must enter “420” in one of the six 3-digit blocks in the special characteristics code field of the Form 11, Mortgage Submission Schedule, or Form 13SF- Mortgage Submission Voucher, as applicable; (i) such Mortgages must not be secured by (i) units in a condominium hotel, as defined in Section 42.8 of the Guide, (ii) cooperative share units, (iii) units subject to any timeshare agreement, or (iv) units in a Condominium Project which is a conversion of a previous multi-family rental project; (j) The Condominium Project shall not be required to comply with the second bullet of Section 42.5 or the second bullet of Section 42.7(a), which relate to completion of the project’s common elements and amenities; in addition, Seller shall not be required to make the warranties reflected in Sections 42.4(a) and 42.6(e) that all common el...