Freddie Mac Single-Family Seller/Servicer Guide Section 5602.4 — ACE+ PDR

Freddie Mac Single-Family Seller/Servicer Guide Section 5602.4 — ACE+ PDR

5602.4: ACE+ PDR (05/06/26) Refer to Bulletin 2025-7, which announced the policy requirements for Uniform Appraisal Dataset (UAD) 3.6. Sellers may begin delivering UAD 3.6-compliant appraisals prior to the mandatory effective November 2, 2026 version of this section. Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-12 This section contains requirements related to: ■ ACE+ PDR overview ■ Process for qualifying for and accepting the ACE+ PDR offer ■ Eligible Mortgages ■ Ineligible Mortgages ■ Conditions that prevent the Seller from accepting the ACE+ PDR offer ■ Acceptable age of the ACE+ PDR offer ■ Data changes that impact ACE+ PDR eligibility ■ ACE+ PDR requirements for Settlement Dates more than 120 days after the Note Date ■ ACE+ PDR eligibility in disaster areas ■ Seller representation of property review or valuation ■ ACE+ PDR additional requirements ■ Beyond ACE application programming interface (bACE API) submission requirement (a) ACE+ PDR overview For certain Loan Product Advisor® Mortgages, the Seller may receive the option to accept an ACE+ PDR offer and originate the Mortgage with a PDR. If the Seller accepts the ACE+ PDR offer, Freddie Mac will: ■ Accept as the value of the Mortgaged Premises: ❑ The purchase price of the Mortgaged Premises, for purchase transactions, or ❑ The estimated value of the Mortgaged Premises, for refinance transactions ■ Not exercise its remedies, including the issuance of repurchase requests, in connection with a breach of the Seller’s selling representations and warranties related to the value of the Mortgaged Premises For refinance transactions, the Sellers must have written procedures in place that prohibit changes to the estimated value in Loan Product Advisor for the purpose of obtaining ACE+ PDR or more favorable Mortgage terms (e.g., avoiding mortgage insurance). Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-13 The procedures must include a process for establishing the estimated value, which may include, but is not limited to, the use of the Borrower’s estimated value, an Automated Valuation Model (AVM) or an online valuation tool or website. For purchase transaction Mortgages, the Seller must review the sales contract and, if provided, the property disclosure statement, for adverse physical property deficiencies. Examples of an adverse physical property deficiency include, but are not limited to: ■ A contaminated site or hazardous substance that affects the property or the Neighborhood in which the property is located ■ The property has a deficiency that is consistent with a C5 or C6 condition rating (e.g., active roof leak(s), damaged or failing foundation). Refer to Section 5605.5(a) for further information related to property condition. Note: Refer to Section 5603.3(a) for further information on property disclosure statements. (b) Process for qualifying for and accepting the ACE+ PDR offer For a Mortgage to qualify for an ACE+ PDR offer: ■ The Mortgage must be an Accept Mortgage ■ The Last Feedback Certificate must indicate the Mortgage is eligible for representation and warranty relief with ACE or ACE+ PDR. (This represents the “offer.”) ■ The final submission of the Mortgage to Loan Selling Advisor® must indicate the representation and warranty relief status is “Y” or “Yes” In lieu of accepting the ACE+ PDR offer, the Seller may deliver the Mortgage with an appraisal report if the eligibility requirements for the selected appraisal type are met For Mortgages that receive an ACE+ PDR offer, to accept the ACE+ PDR offer, the Seller must deliver the Mortgage with the ULDD Data Points identified in the data delivery instructions in Section 6302.10(c). (c) Eligible Mortgages To be eligible for an ACE+ PDR offer, the Mortgage must: ■ Be secured by a 1-unit dwelling that is either a Primary Residence or a second home ■ Meet the following occupancy and maximum loan-to-value (LTV)/total LTV (TLTV) ratio requirements: Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-14 Mortgage purpose Occupancy type Maximum LTV/TLTV ratios Purchase Primary Residence or second home Program limits* “No cash-out” refinance Primary Residence or second home 90% Cash-out refinance Primary Residence 70% Second home 60% *A TLTV ratio up to program limits for the associated Mortgage product (d) Ineligible Mortgages The following Mortgages are ineligible for ACE+ PDR: ■ Mortgages for which an appraisal has been obtained in connection with the Mortgage ■ Mortgages secured by one of the following: ❑ A Manufactured Home, or ❑ A leasehold estate ■ Mortgages secured by Mortgaged Premises subject to resale restrictions, excluding those subject to age-based resale restrictions ■ Mortgages secured by a property acquired in a Non-arm’s Length Transaction ■ Mortgages secured by a property where the property owner at the time of sale (i.e., the property seller) is a lender or government entity ■ Mortgages with an estimate of value or purchase price greater than $1,000,000 ■ CHOICERenovation® Mortgages ■ Community Land Trust Mortgages ■ Construction to Permanent Mortgages ■ Cooperative Share Loans ■ Freddie Mac Enhanced Relief Refinance® Mortgages Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-15 ■ GreenCHOICE Mortgages® ■ Renovation Mortgages ■ Seller-Owned Modified Mortgages that are Home Possible® Mortgages ■ Texas Equity Section 50(a)(6) and Texas Section 50(f)(2) Mortgages (e) Conditions that prevent the Seller from accepting the ACE+ PDR offer Sellers may not accept the ACE+ PDR offer if: ■ An appraisal is required by law or regulation ■ Rental income from an ADU on a subject 1-unit Primary Residence is used to qualify the Borrower (f) Acceptable age of the ACE+ PDR offer The ACE+ PDR offer provided through the Loan Product Advisor Feedback Certificate message is valid for 120 days. If the offer is more than 120 days old on the Note Date, resubmission to Loan Product Advisor is required to determine ongoing ACE+ PDR eligibility. (g) Data changes that impact ACE+ PDR eligibility If the Seller changes loan data (e.g., address of the property, loan amount, purchase price, estimate of value, loan type, property type, occupancy of the property, etc.) in a subsequent submission, the original offer will become invalid, and Loan Product Advisor may provide a different eligibility determination. (h) ACE+ PDR requirements for Settlement Dates more than 120 days after the Note Date If the Settlement Date is more than 120 days after the Note Date, the Seller must warrant that the value of the subject property as of the Settlement Date is no less than the estimated value submitted to Loan Product Advisor. (i) ACE+ PDR eligibility in disaster areas If the Mortgaged Premises is located in a disaster area, the Seller may accept an ACE+ PDR offer if the Seller can represent and warrant that the value and marketability of the Mortgaged Premises has not been adversely impacted. See Section 4407.1 for property condition requirements. (j) Seller representation of property review or valuation Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-16 A Seller that has accepted an ACE+ PDR offer must not make any representation that Freddie Mac has performed a property review or obtained a valuation of the Mortgaged Premises. (k) ACE+ PDR additional requirements Each Mortgage delivered with a PDR must retain the PDR in the Mortgage file and also comply with the additional requirements below: Additional PDR requirements Requirement type Section reference Qualification and requirements for the property data collector and Seller oversight Section 5603.6 Exhibits for PDRs Section 5604.2(h) Age of the PDR Section 5604.3(c) PDRs with required repairs and/or inspections Section 5605.8 ACE+ PDR upgrade to appraisal requirements Section 5604.1(d) (l) bACE API submission requirement The PDR must be submitted to the bACE API. 5602.4: ACE+ PDR (Future effective date 11/02/26) This section contains requirements related to: Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-17 ■ ACE+ PDR overview ■ Process for qualifying for and accepting the ACE+ PDR offer ■ Eligible Mortgages ■ Ineligible Mortgages ■ Conditions that prevent the Seller from accepting the ACE+ PDR offer ■ Acceptable age of the ACE+ PDR offer ■ Data changes that impact ACE+ PDR eligibility ■ ACE+ PDR requirements for Settlement Dates more than 120 days after the Note Date ■ ACE+ PDR eligibility in disaster areas ■ Seller representation of property review or valuation ■ ACE+ PDR additional requirements ■ Beyond ACE application programming interface (bACE API) submission requirement (a) ACE+ PDR overview For certain Loan Product Advisor® Mortgages, the Seller may receive the option to accept an ACE+ PDR offer and originate the Mortgage with a PDR. If the Seller accepts the ACE+ PDR offer, Freddie Mac will: ■ Accept as the value of the Mortgaged Premises: ❑ The purchase price of the Mortgaged Premises, for purchase transactions, or ❑ The estimated value of the Mortgaged Premises, for refinance transactions ■ Not exercise its remedies, including the issuance of repurchase requests, in connection with a breach of the Seller’s selling representations and warranties related to the value of the Mortgaged Premises For refinance transactions, the Sellers must have written procedures in place that prohibit changes to the estimated value in Loan Product Advisor for the purpose of obtaining ACE+ PDR or more favorable Mortgage terms (e.g., avoiding mortgage insurance). Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-18 The procedures must include a process for establishing the estimated value, which may include, but is not limited to, the use of the Borrower’s estimated value, an Automated Valuation Model (AVM) or an online valuation tool or website. For purchase transaction Mortgages, the Seller must review the sales contract and, if provided, the property disclosure statement, for adverse physical property deficiencies. Examples of an adverse physical property deficiency include, but are not limited to: ■ A contaminated site or hazardous substance that affects the property or the Neighborhood in which the property is located ■ The property has a deficiency that is consistent with a C5 or C6 condition rating (e.g., active roof leak(s), damaged or failing foundation). Refer to Section 5605.5(a) for further information related to property condition. Note: Refer to Section 5603.3(a) for further information on property disclosure statements. (b) Process for qualifying for and accepting the ACE+ PDR offer For a Mortgage to qualify for an ACE+ PDR offer: ■ The Mortgage must be an Accept Mortgage ■ The Last Feedback Certificate must indicate the Mortgage is eligible for representation and warranty relief with ACE or ACE+ PDR. (This represents the “offer.”) ■ The final submission of the Mortgage to Loan Selling Advisor® must indicate the representation and warranty relief status is “Y” or “Yes” In lieu of accepting the ACE+ PDR offer, the Seller may deliver the Mortgage with an appraisal report if the eligibility requirements for the selected appraisal type are met For Mortgages that receive an ACE+ PDR offer, to accept the ACE+ PDR offer, the Seller must deliver the Mortgage with the ULDD Data Points identified in the data delivery instructions in Section 6302.10(c). (c) Eligible Mortgages To be eligible for an ACE+ PDR offer, the Mortgage must: ■ Be secured by a 1-unit dwelling that is either a Primary Residence or a second home ■ Meet the following occupancy and maximum loan-to-value (LTV)/total LTV (TLTV) ratio requirements: Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-19 Mortgage purpose Occupancy type Maximum LTV/TLTV ratios Purchase Primary Residence or second home Program limits* “No cash-out” refinance Primary Residence or second home 90% Cash-out refinance Primary Residence 70% Second home 60% *A TLTV ratio up to program limits for the associated Mortgage product (d) Ineligible Mortgages The following Mortgages are ineligible for ACE+ PDR: ■ Mortgages for which an appraisal has been obtained in connection with the Mortgage ■ Mortgages secured by one of the following: ❑ A Manufactured Home, or ❑ A leasehold estate ■ Mortgages secured by Mortgaged Premises subject to resale restrictions, excluding those subject to age-based resale restrictions ■ Mortgages secured by a property acquired in a Non-arm’s Length Transaction ■ Mortgages secured by a property where the property owner at the time of sale (i.e., the property seller) is a lender or government entity ■ Mortgages with an estimate of value or purchase price greater than $1,000,000 ■ CHOICERenovation® Mortgages ■ Community Land Trust Mortgages ■ Construction to Permanent Mortgages ■ Cooperative Share Loans ■ Freddie Mac Enhanced Relief Refinance® Mortgages Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-20 ■ GreenCHOICE Mortgages® ■ Renovation Mortgages ■ Seller-Owned Modified Mortgages that are Home Possible® Mortgages ■ Texas Equity Section 50(a)(6) and Texas Section 50(f)(2) Mortgages (e) Conditions that prevent the Seller from accepting the ACE+ PDR offer Sellers may not accept the ACE+ PDR offer if: ■ An appraisal is required by law or regulation ■ Rental income from an ADU on a subject 1-unit Primary Residence is used to qualify the Borrower (f) Acceptable age of the ACE+ PDR offer The ACE+ PDR offer provided through the Loan Product Advisor Feedback Certificate message is valid for 120 days. If the offer is more than 120 days old on the Note Date, resubmission to Loan Product Advisor is required to determine ongoing ACE+ PDR eligibility. (g) Data changes that impact ACE+ PDR eligibility If the Seller changes loan data (e.g., address of the property, loan amount, purchase price, estimate of value, loan type, property type, occupancy of the property, etc.) in a subsequent submission, the original offer will become invalid, and Loan Product Advisor may provide a different eligibility determination. (h) ACE+ PDR requirements for Settlement Dates more than 120 days after the Note Date If the Settlement Date is more than 120 days after the Note Date, the Seller must warrant that the value of the subject property as of the Settlement Date is no less than the estimated value submitted to Loan Product Advisor. (i) ACE+ PDR eligibility in disaster areas If the Mortgaged Premises is located in a disaster area, the Seller may accept an ACE+ PDR offer if the Seller can represent and warrant that the value and marketability of the Mortgaged Premises has not been adversely impacted. See Section 4407.1 for property condition requirements. (j) Seller representation of property review or valuation Freddie Mac Single-Family Seller/Servicer Guide Chapter 5602 As of 05/06/26 Page 5602-21 A Seller that has accepted an ACE+ PDR offer must not make any representation that Freddie Mac has performed a property review or obtained a valuation of the Mortgaged Premises. (k) ACE+ PDR additional requirements Each Mortgage delivered with a PDR must retain the PDR in the Mortgage file and also comply with the additional requirements below: Additional PDR requirements Requirement type Section reference Qualification and requirements for the property data collector and Seller oversight Section 5603.6 Exhibits for PDRs Section 5604.2(h) Age of the PDR Section 5604.3(c) PDRs with required repairs and/or inspections Section 5605.9 ACE+ PDR upgrade to appraisal requirements Section 5604.1(d) (l) bACE API submission requirement The PDR must be submitted to the bACE API. Freddie Mac Single-Family Seller/Servicer Guide Chapter 5603 As of 05/06/26 Page 5603-1 Chapter 5603: Appraiser Independence Requirements, Property Data Collector Independence Requirements, Appraiser Engagement and Qualifications, Information Disclosure, Unacceptable Appraisal Practices and Property Data Collector Engagement, Qualifications and Oversight 5603.1: Appraiser Independence Requirements, Seller selection of appraisers and appraiser qualifications (01/26/26) Refer to Bulletin 2025-7, which announced the policy requirements for Uniform Appraisal Dataset (UAD) 3.6. Sellers may submit to the Uniform Collateral Data Portal® appraisal reports that use UAD 3.6 before the mandatory effective November 2, 2026 version of this section. This section contains requirements related to: ■ Seller responsibilities ■ Appraiser Independence Requirements ■ Appraiser and supervisory appraiser qualifications ■ Unlicensed and trainee appraisers ■ Seller representations and warranties regarding appraisers and appraisal reports ■ Representations by appraisers and appraisal management companies (a) Seller responsibilities The Seller is responsible for: ■ Complying with the Appraiser Independence Requirements ■ Selecting the appraiser Freddie Mac Single-Family Seller/Servicer Guide Chapter 5603 As of 05/06/26 Page 5603-2 ■ Requiring the appraiser to use the appropriate Freddie Mac appraisal report form ■ Complying with the Uniform Appraisal Dataset Freddie Mac does not select or approve individual appraisers or appraisal management companies. The Seller, or a third party authorized by the Seller, is responsible for approving and selecting the appraiser. The Seller warrants that the appraisal services provided comply with the Uniform Standards of Professional Appraisal Practice, applicable laws and Freddie Mac requirements. (b) Appraiser Independence Requirements For each conventional Mortgage sold to Freddie Mac, the Seller represents and warrants that the appraisal was obtained in accordance with Exhibit 35, Appraiser Independence Requirements. (c) Appraiser and supervisory appraiser qualifications The appraiser or supervisory appraiser must: ■ Be State-licensed or State-certified in the State in which the subject property is located, ■ Have knowledge and experience in appraising the property type in the Market Area, and ■ Have access to applicable data sources (d) Unlicensed and trainee appraisers Freddie Mac permits unlicensed and trainee (or similar classification) appraisers to complete an appraisal report in accordance with State law. If an appraisal report is completed by an unlicensed or trainee (or similar classification) appraiser: ■ A supervisory appraiser must sign the appraisal report ■ A supervisory appraiser is not required to inspect the subject property or comparable sales unless required by State law (e) Seller representations and warranties regarding appraisers and appraisal reports In addition to complying with the Appraiser Independence Requirements, with respect to each appraisal report, the Seller represents and warrants that: ■ All information known to the Seller that may affect the estimate of market value or marketability has been provided to the appraiser. It has reviewed the appraisal report and has determined the Mortgaged Premises is adequate collateral for the Mortgage transaction, as required by Section 4201.1. Freddie Mac Single-Family Seller/Servicer Guide Chapter 5603 As of 05/06/26 Page 5603-3 ■ The appraisal report is of professional quality and supports all of the appraiser’s assumptions, data, analyses, rationale and conclusions regarding the opinion of market value of the property and the marketability of the Mortgaged Premises ■ The appraisal report is credible, internally consistent, clearly written, fully supported and sufficiently documented Deficient appraisals will be considered a breach of the Seller’s warranty regarding the acceptability of the Mortgage and will subject the Seller to the remedies available to Freddie Mac. In addition to reviewing the appraisal report submitted by the Seller, Freddie Mac may conduct property inspections and/or other investigations to verify property eligibility and proper underwriting of the Mortgages offered for sale to and sold to Freddie Mac. Freddie Mac may refuse to accept appraisal reports prepared by a particular appraiser. Note: See Section 3101.1 for additional requirements on the Freddie Mac Exclusionary List and Section 3101.2 for additional requirements on the FHFA Suspended Counterparty Program. (f) Representations by appraisers and appraisal management companies Appraisers and appraisal management companies must not make any representation to third parties as being approved by Freddie Mac. 5603.1: Appraiser Independence Requirements, Seller selection of appraisers and appraiser qualifications (Future effective date 11/02/26) This section contains requirements related to: ■ Seller responsibilities ■ Appraiser Independence Requirements ■ Appraiser and supervisory appraiser qualifications ■ Unlicensed and trainee appraisers ■ Seller representations and warranties regarding appraisers and appraisal reports ■ Representations by appraisers and appraisal management companies Freddie Mac Single-Family Seller/Servicer Guide Chapter 5603 As of 05/06/26 Page 5603-4 (a) Seller responsibilities The Seller is responsible for: ■ Complying with the Appraiser Independence Requirements ■ Selecting the appraiser ■ Ensuring the appraiser provides the appropriate appraisal report for the property type ■ Complying with the Uniform Appraisal Dataset Freddie Mac does not select or approve individual appraisers or appraisal management companies. The Seller, or a third party authorized by the Seller, is responsible for approving and selecting the appraiser. The Seller warrants that the appraisal services provided comply with the Uniform Standards of Professional Appraisal Practice, applicable laws and Freddie Mac requirements. (b) Appraiser Independence Requirements For each conventional Mortgage sold to Freddie Mac, the Seller represents and warrants that the appraisal report was obtained in accordance with Exhibit 35, Appraiser Independence Requirements. (c) Appraiser and supervisory appraiser qualifications The appraiser or supervisory appraiser must: ■ Be State-licensed or State-certified in the State in which the subject property is located, ■ Have knowledge and experience in appraising the property type in the Market Area, and ■ Have access to applicable data sources (d) Unlicensed and trainee appraisers Freddie Mac permits unlicensed and trainee (or similar classification) appraisers to complete an appraisal report in accordance with State law. If an appraisal report is completed by an unlicensed or trainee (or similar classification) appraiser: ■ A supervisory appraiser must sign the appraisal report ■ A supervisory appraiser is not required to inspect the subject property or comparable sales unless required by State law Freddie Mac Single-Family Seller/Servicer Guide Chapter 5603 As of 05/06/26 Page 5603-5 (e) Seller representations and warranties regarding appraisers and appraisal reports In addition to complying with the Appraiser Independence Requirements, with respect to each appraisal report, the Seller represents and warrants that: ■ All information known to the Seller that may affect the estimate of market value or marketability has been provided to the appraiser. It has reviewed the appraisal report and has determined the Mortgaged Premises is adequate collateral for the Mortgage transaction, as required by Section 4201.1. ■ The appraisal report is of professional quality and supports all of the appraiser’s assumptions, data, analyses, rationale and conclusions regarding the opinion of market value of the property and the marketability of the Mortgaged Premises ■ The appraisal report is credible, internally consistent, clearly written, fully supported and sufficiently documented Deficient appraisal reports will be considered a breach of the Seller’s warranty regarding the acceptability of the Mortgage and will subject the Seller to the remedies available to Freddie Mac. In addition to reviewing the appraisal report submitted by the Seller, Freddie Mac may conduct property inspections and/or other investigations to verify property eligibility and proper underwriting of the Mortgages offered for sale to and sold to Freddie Mac. Freddie Mac may refuse to accept appraisal reports prepared by a particular appraiser. Note: See Section 3101.1 for additional requirements on the Freddie Mac Exclusionary List and Section 3101.2 for additional requirements on the FHFA Suspended Counterparty Program. (f) Representations by appraisers and appraisal management companies Appraisers and appraisal management companies must not make any representation to third parties as being approved by Freddie Mac. 5603.2: Seller verification of subject property owner of record (02/04/26) Effective February 4, 2026, the contents of this section have been moved to Section 5601.7. Freddie Mac Single-Family Seller/Servicer Guide Chapter 5603 As of 05/06/26 Page 5603-6 5603.3: Information supplied to the appraiser and Borrower (05/06/26) This section contains requirements related to: ■ Information supplied to the appraiser ■ Information supplied to the Borrower (a) Information supplied to the appraiser For each appraisal report request, the Seller, or an authorized third party, must provide the appraiser with the following information about the subject property: 1. The complete legal description (refer to Section 5605.3) 2. The complete sales contract for purchase transactions, including: ■ All non-realty items ■ Financing terms ■ Financing and sales concessions granted by anyone associated with the transaction, and ■ Any gifts, buydowns or Down Payment assistance provided by anyone on behalf of the Borrowers Note: For new construction, the sales contract should state the base price of the house and itemize each option. The Seller is not required to provide the appraiser with an updated sales contract unless the updated terms impact the physical description or condition of the property. In such cases, the Seller must obtain an updated appraisal report for the property. Changes to the sales contract that are not required to be provided to the appraiser include, but are not limited to: ■ Changes to the transaction terms such as sales price, financing or sale concessions, and ■ Date revisions, corrections to typographical errors, etc. 3. Any known affiliation between the property seller and the purchaser 4. Income and expense statements and property leases Freddie Mac Single-Family Seller/Servicer Guide Chapter 5603 As of 05/06/26 Page 5603-7 5. Generally acceptable energy reports such as the Home Energy Rating System report and U.S. Department of Energy Home Energy Score report, if applicable 6. Ground Lease for leasehold properties (refer to Section 5704.2) 7. Any other information known to the Seller, including information identified during Seller’s review of a property disclosure statement, that could adversely affect the market value, condition or marketability of the subject property, including the existence of any Contaminated Site, Hazardous Substance or other adverse condition that affects the subject property or the Neighborhood in which the subject property is located (refer to Section 5605.4(b)). Note: A property disclosure statement (e.g., Residential Seller Disclosure Statement, Transfer Disclosure Statement, Property Condition Disclosure Form, Seller’s Residential Real Estate Disclosure) is completed by the property seller and covers general information about the property. If the property disclosure statement was provided to the Seller, the property disclosure statement must be reviewed for conditions that could adversely affect the market value, condition or marketability of the subject property. (Refer to Section 5605.5(a) for further information related to property condition.) (b) Information supplied to the Borrower For purchase transactions, the Seller must provide the Borrower with information regarding environmental hazards that directly impact the subject property and have not been mitigated or remediated, unless the Borrower already has notice of such hazard(s) through the purchase contract or property inspection. If at any time before the Note Date the Seller becomes aware of a hazard that adversely affects the market value, condition or marketability of the subject property, including the existence of a Contaminated Site, Hazardous Substance or other environmental condition that has not been mitigated or remediated, the Seller must disclose to the Borrower all information known to the Seller about the hazard.

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