Family Dwelling. Multi-family dwellings are defined as single structures designed for and/or constructed to contain two (2) or more dwelling units which share common walls (i.e., rowhouse, townhouse, duplex, triplex, quadraplex, condominium, apartment complex). When an existing single-family dwelling is converted into two (2) or more dwellings, it will be reclassified and subject to the multi-family dwelling regional fee. As a planned development containing two (2) or more residences, mobile homes parks are considered multi-family dwellings. A “commercial apartment” dwelling located within a commercial building is classified as a multi-family dwelling.
Family Dwelling. Appraisal Required on all Loans Closings Must be closed by counsel or title company * Multi-family units, in excess of four (4) dwelling units, will not be eligible to warehouse without prior permission of the Bank. The Bank it its sole discretion retains the right to accept or reject any collateral. From time to time, the Borrower may revise the credit underwriting criteria contained in Attachment "A" provided (i) the Borrower submits a revised Attachment "A" to the Bank for its written approval; and (ii) the Bank approves the revised Attachment "A", in writing, as evidenced by a letter from the Bank to the borrower. --------------- /1/ With respect to Class A Mortgage Loans, the Bank will permit such Mortgage Loans to have a loan to value ratio not to exceed one hundred percent (100%) and a debt to income ratio not to exceed 45%. [INITIAL APPEARS HERE] ---------------------- Initial GUARANTY AGREEMENT THIS GUARANTY is given this 8th day of December, 1998, by Xxxxxxx Xxxxxxx ("Guarantor") to FIRST UNION NATIONAL BANK (the "Bank").
