Monthly HAP Deposit definition
Examples of Monthly HAP Deposit in a sentence
If the Monthly HAP Deposit is greater than zero, then beginning on the date the first Monthly Payment is due and continuing on the same day of each successive month until the Section 8 Housing Assistance Payments Reserve equals 6 scheduled Monthly Payments or the sum of $__________ [INSERT AMOUNT OF 6 MONTHLY PAYMENTS], Borrower must pay the Monthly HAP Deposit to Lender for deposit into the Section 8 Housing Assistance Payments Reserve, together with Borrower’s Monthly Payments.
If the Monthly HAP Deposit specified in Section 1.03 is greater than zero, then beginning on the First Installment Due Date and continuing on each successive Installment Due Date until the Section 8 Housing Assistance Payments Reserve equals the HAP Reserve Cap, Borrower must pay the Monthly HAP Deposit to Lender for deposit into the Section 8 Housing Assistance Payments Reserve, together with Borrower’s Monthly Payments.
If the Monthly HAP Deposit is greater than zero, then beginning on the date the first Monthly Payment is due and continuing on the same day of each successive month until the Section 8 Housing Assistance Payments Reserve equals 6 scheduled Monthly Payments or the sum of $__________ [INSERT AMOUNT OF 6 MONTHLY PAYMENTS], Borrower must pay the Monthly HAP Deposit to Funding Lender for deposit into the Section 8 Housing Assistance Payments Reserve, together with Borrower’s Monthly Payments.