EARLY RATE LOCK AGREEMENT (Preliminary Underwriting Completed Prior to Rate Lock) This EARLY RATE LOCK AGREEMENT (this “Agreement”), dated as of _____________________, is executed by the undersigned Borrower, Key Principal [and Guarantor INSERT IF KNOWN] (individually and collectively, the Parties”) and – “Borrower ________________________________________________ (together with its successors and assigns, “Lender”). RECITALS: [DRAFTING NOTE: INSERT IF KNOWN AT RATE Borrower: LOCK] [DRAFTING NOTE: INSERT IF KNOWN AT RATE Key Principal(s): LOCK] [DRAFTING NOTE: INSERT IF KNOWN AT RATE Guarantor(s): LOCK] Property Name: Property Address: Type of Execution: [DRAFTING NOTE: INSERT MBS OR CASH] Rate Lock Amount: [DRAFTING NOTE: LENDER TO INSERT LATEST Latest Mortgage Loan DATE FOR ORIGINATION THAT WOULD ALLOW Origination Date: LENDER TO MAKE THE DELIVERY DEADLINE SET FORTH IN PART IV OF THE GUIDE.] $____________ [DRAFTING NOTE: AMOUNT OF Good Faith Deposit MINIMUM GOOD FAITH DEPOSIT IS SET FORTH IN SECTION 6.] Borrower is with Lender Commitment”) entering into a commitment (the “Loan regarding a loan (the Loan”) the above-referenced Rate Lock Amount to be “Mortgage having made by Lender to Borrower and secured by a lien on the property described above (the “Property”). Lender intends to sell the Mortgage Loan to Fannie Mae pursuant to a commitment in accordance with Fannie (the Mae Commitment”) either (i) as a Mae’s requirements “Fannie Trade”) by the Fannie Mae multifamily trading desk (the cash purchase (a “Cash “Multifamily Trading Desk”), in exchange for the issuance by Fannie Mae of a mortgage-backed security or (ii) by the Mortgage Loan to an investor in the MBS selected by Lender, at a (an “MBS”) backed
EARLY RATE LOCK AGREEMENT (Preliminary Underwriting Completed Prior to Rate Lock) This EARLY RATE LOCK AGREEMENT (this “Agreement”), dated as of _____________________, is executed by the undersigned Borrower, Key Principal [and Guarantor – INSERT IF KNOWN] (individually and collectively, the “Borrower Parties”) and ________________________________________________ (together with its successors and assigns, “Lender”). RECITALS: Borrower: [DRAFTING NOTE: INSERT IF KNOWN AT RATE LOCK] Key Principal(s): [DRAFTING NOTE: INSERT IF KNOWN AT RATE LOCK] Guarantor(s): [DRAFTING NOTE: INSERT IF KNOWN AT RATE LOCK] Property Name: Property Address: Type of Execution: [DRAFTING NOTE: INSERT MBS OR CASH] Rate Lock Amount: Latest Mortgage Loan Origination Date: [DRAFTING NOTE: LENDER TO INSERT LATEST DATE FOR ORIGINATION THAT WOULD ALLOW LENDER TO MAKE THE DELIVERY DEADLINE SET FORTH IN PART IV OF THE GUIDE.] Good Faith Deposit $____________ [DRAFTING NOTE: AMOUNT OF MINIMUM GOOD FAITH DEPOSIT IS SET FORTH IN SECTION 6.] Borrower is entering into a commitment (the “Loan Commitment”) with Lender regarding a loan (the “Mortgage Loan”) having the above-referenced Rate Lock Amount to be made by Lender to Borrower and secured by a lien on the property described above (the “Property”). Lender intends to sell the Mortgage Loan to Fannie Mae pursuant to a commitment in accordance with Fannie Mae’s requirements (the “Fannie Mae Commitment”) either (i) as a cash purchase (a “Cash Trade”) by the Fannie Mae multifamily trading desk (the “Multifamily Trading Desk”), or (ii) in exchange for the issuance by Fannie Mae of a mortgage-backed security (an “MBS”) backed by the Mortgage Loan to an investor in the MBS selected by Lender, at a
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