Gap Loan definition

Gap Loan means Gap Financing in the form of a loan rather than a grant. Such financing is typically repaid to the lender on a residual receipts basis.

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Gap Loan means a loan in the amount of TWO MILLION SIX HUNDRED THOUSAND DOLLARS ($2,600,000.00) obtained by the Partnership for the purpose of funding all or any portion of the difference between the Development Budget and the Construction Loan.

Gap Loan. Collectively, the loans from the City, acting through MOHCD, to the Owner and evidenced by the Amended and Restated Loan Agreement, dated as of [ ], 2023, between the City, acting through MOHCD, and the Owner. “General Partners” – collectively, 730 Stanyan TNDC GP LLC, 730 Stanyan CCDC LLC and/or any other Person that the partners of Owner, with the prior written approval of City, and the Funding Lender (to the extent required pursuant to the Loan Documents), have selected to be a general partner of Owner, and any successor general partner of the Owner, in each case to the extent permitted under the Loan Documents and hereunder.

Examples of Gap Loan in a sentence

Excess Proceeds shall not be distributed until the VHDA Gap Loan has been fully repaid.
The Second Predevelopment Loan, Development Loan, and Agency AHP Gap Loan will be disbursed in accordance with the terms of a promissory note, the form of which is attached to the DDA (the “Note”).
There shall be filed any claim of lien (other than liens associated with the VHDA Senior Loan, VHDA Gap Loan, and Property Owner Loan) against the Property of any part thereof, or any interest or right made appurtenant thereto, and the continued maintenance of said claim of lien or notice to withhold for a period of twenty (20) days without discharge, bonding or satisfaction thereof or provision therefor satisfactory to the County Board.
In the event the Partnership has insufficient funds available from Subordinate Partner Loans made pursuant to Section 5.14 and/or additional draws on the Mortgage Loan, to pay off the Gap Loan at maturity, the General Partner shall make a loan to the Partnership in the amount of such insufficiency (the "Bridge Loan") to enable the Partnership to pay off the Gap Loan at maturity.
The Assignment of the Purchase Agreement, the Deed, the Loan Documents, the Gap Loan Documents, the Tax Financing Documents, the Development Agreement, the Construction and Design Contract, the Management Agreement, the Facade Donation Documents, the Incentive Partnership Management Agreement, and all other documents relating to the Project which are required by, or have been executed in connection with, any of the foregoing documents.
The monthly rent charged for all the Low-Income Units shall not exceed one-twelfth (1/12) of the amount obtained by multiplying thirty percent (30%) times sixty percent (60%) of the Median Income for the Area, less the utility allowance, provided however that the monthly rent charged for the Low-Income Units receiving a rental or operating subsidy shall be as determined in accordance with the Declaration of Restrictions – Gap Loan.
The General Partner and the Partnership shall be bound by the terms of the Loan Documents, the Reimbursement Agreement, the Third Mortgage, the TIF Loan Documents and the Gap Loan Documents.
The promissory note in the amount of $2,572,700.00 made by the Partnership in favor of the Lender representing the Partnership's indebtedness to the Lender pursuant to the Gap Loan.
The monthly rent charged for all the Very Low-Income Units shall not exceed one-twelfth of the amount obtained by multiplying 30% times 50% of the Median Income for the Area, less the utility allowance, provided however that the monthly rent charged for the Very Low-Income Units receiving a rental or operating subsidy shall be as determined in accordance with the Declaration of Restrictions – Gap Loan.
The loans, if any, made by the Sponsor or a General Partner or Affiliate of the Sponsor or a General Partner to the Partnership, including the HACLA IIG Loan, the HACLA CNI Loan and the HACLA Gap Loan identified on Exhibit A-3.

More Definitions of Gap Loan

Gap Loan. The loan to be made by the Lender to the Partnership evidenced by the Gap Note and secured by the Gap Deed of Trust which is made to provide short-term financing for the acquisition and Rehabilitation of the Project. "Gap Loan Documents." The Gap Note, Gap Deed of Trust and any other document required by Lender in connection with the Gap Loan. "Gap Loan Closing." The date on which the Gap Loan Documents become effective between the Lender and the Partnership. "Gap Note." The promissory note in the amount of $2,064,000.00 made by the Partnership in favor of the Lender representing the Partnership's indebtedness to the Lender pursuant to the Gap Loan.

Gap Loan means the loan in the aggregate principal amount of $ to be made by the Initial Funding Lender, as evidenced by the Gap Financing Note dated as of the Delivery Date from the Borrower to the Initial Funding Lender.

Gap Loan. Collectively, the loans from the City, acting through MOHCD, to the Owner and evidenced by [LOAN AGREEMENT, dated as of [April ], 2025], between the City, acting thru MOHCD and the Owner relating to the Project. “General Partner” – ▇▇ ▇▇▇▇ Street LLC, a California limited liability company, and/or any other Person that the partners of Owner, with the prior written approval of City, and the Funding Lender (to the extent required pursuant to the Funding Loan Documents (as defined in the Funding Loan Agreement), have selected to be a general partner of Owner, and any successor general partner of the Owner, in each case to the extent permitted under the Funding Loan Documents and hereunder.