preliminary legal issues Memorandum form – SERVICING
(NON-SECURITIZED LOAN – SHORT FORM - EASEMENT)
(Revised 5-11-2017)
INSTRUCTIONS:
This short form Preliminary Legal Issues Memorandum (“PLIM”) should be used solely with respect to Borrower requests for approval of easements, restrictive covenants or other encumbrances that donot involve any modification of the Loan Documents. Each section of this PLIM must be fully completed or marked “Not Applicable.” Any section marked “Not Applicable” must also provide an explanation of inapplicability. Do not delete or modify text contained in any section or heading,except as follows: (i) bold bracketed text[EXAMPLE] is instructional in nature and may be deleted from the final version of this PLIM, (ii) bracketed (non-bold) text involving a choice of alternatives may be deleted or modified as the context requires, or (iii) as otherwise indicated. Where applicable, double click on a check box and then change the default value to mark selection (e.g., ).
GENERAL LOAN/PARTYINFORMATION:
Property Name:Borrower:
Guarantor:
Loan Number:
Original Principal Balance:
Loan Origination Date:
Maturity Date:
Type of Easement: / [e.g., blanket utility; telecommunications; conservation; temporary construction]
Servicer:
Shared/Single Counsel Information:
Counsel’s Name (“Counsel”):Counsel’s Firm:
Counsel’s Email andTelephone:
Via E-mail TO [******@***.com]
[Name/Title/Company]
[Date]
Counsel has prepared this PLIMin accordance with Section6.4 of the Freddie Mac Multifamily Seller/Servicer Guide (“Guide”) to summarize Borrower’s proposed transaction (“Borrower Request”) and the legal issues associated with the Borrower Request that affect the Loan and Lender’s interest in the Loan.
This memorandum is not a legal opinion, and is furnished to Servicer and Freddie Mac for your use solely in connection with the Borrower Request.
Capitalized terms used but not defined in this PLIM will have the meanings given to them, as applicable, in (i) the Loan Documents for the Loanor (ii) the Guide.
Section I / Loan Summary and Status[Briefly describe and summarize the history of the Loan and its current status.]
Section II / Documents Reviewed by Counsel
[List specifically (and include applicable excerpts from) each of the documents or instruments Counsel reviewed in conjunction with the Borrower Request and applicable sections of the Loan Documents and the Guide.]
Document/Instrument / Section / Discussion
Freddie Mac Multifamily Seller/Servicer Guide / [29.2][43.10]
[Multifamily Loan and Security Agreement dated ______]
[Multifamily Security Instrument dated ______]
[Easement]
[Other]
Section III / Easement Description and Analysis– Recommendations of Counsel
[Summarize all material terms of the applicable instrument/agreement. List and number issues/concerns with the Borrower Request, including: (i)any consideration being paid to Borrower, (ii) whether Borrower is requesting subordination of the lien of the Mortgage to the applicable instrument, (iii) a brief description of each applicable condition specified in the Loan Documents and an analysis as to whether such condition has been satisfied, (iv) an analysis under applicable provisions of the Guide, including Sections 43.10(Easements) and 29.2(Title Exceptions). For each issue identified, describe and analyze the issue, specifically referencing applicable provisions of the document(s) listed in Section II, indicate whether the issue is a legal issue, a business issue, or a hybrid; and provide Counsel’s recommendation with respect to each legal issue. Provide a recommendation for mitigating any risk associated with the instrument (such as specifying any necessary state-specific title endorsement) or an explanation of why mitigation may not be necessary or possible.]
DESCRIPTION, ANALYSIS AND RECOMMENDATIONS
Section IV / Required Consentsand Notices
List and describe all consents required for the Borrower Request by the terms of the Loan Documents or the Guide.
Check each of the following that apply(more than one selection will apply):
The Loan Documents contemplate the Borrower Request, and the applicable section(s) of the Loan Documents are as follows: ______.
The Loan Documents do not specifically contemplate the Borrower Request.
The Borrower Request requires Freddie Mac approval pursuant to the following section(s) of the Guide: ______
One or more parties other than Freddie Mac must approve the Borrower Request pursuant to the following section(s) of the Loan Documents (e.g., Housing Authority): ______
Describe the required additional approval(s): ______.
Approval of senior or subordinate/supplemental loan master servicer(s) is required.
Additional notice(s) of the Borrower Request or approval is/are required pursuant to the following section(s) of the Guide or theLoan Documents: ______.
(e.g., notice to a senior or subordinate lender pursuant to the terms of an Intercreditor Agreement or Subordination Agreement)
Describe the required additional notice(s): ______.
Freddie Mac Form
Preliminary Legal Issues Memorandum - Servicing –Non-Securitized Loan
Short Form – Easement
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