Release of Interest in Interest Rate Cap Agreement by Federal Home Loan Mortgage Corporation and Wells Fargo Bank
This agreement documents that the Federal Home Loan Mortgage Corporation (the Secured Lender) releases all rights and interests it held in an interest rate cap agreement between Wells Fargo Bank and ATAX TEBS III, LLC. The release is effective as of August 19, 2019, following the discharge of the Counterparty's obligations under related multifamily bonds. The Secured Lender also waives any future approval rights over changes to the cap agreement.
Exhibit 10.1
RELEASE OF INTEREST IN INTEREST RATE CAP
WHERAS, Wells Fargo Bank, National Association (the "Bank") previously entered into that certain rate cap agreement dated July 8, 2015, with ATAX TEBS III, LLC (the "Counterparty); (the "Cap"), with a reference number of 16900928; and
WHEREAS, the Cap was collaterally assigned to The Federal Home Loan Mortgage Corporation ("Secured Lender") in connection with a pool of multifamily bonds ("Bonds"); and
WHEREAS, the Counterparty's obligations under the Bonds have been discharged.
The Secured Lender hereby releases all right, title and interest (including any security interest) it has in the Cap as of August 19, 2019, and waives any right to approve a termination, modification or novation of the Cap on or after such date.
FEDERAL HOME LOAN
MORTGAGE CORPORATION
By:/s/ Thomas C. McDonald
Thomas C. McDonald
Director, Multifamily Asset Management
