Gap Mortgage (Pro-Lender) (NY)
A form of gap mortgage for a New York loan transaction that consolidates an existing mortgage loan with a new loan to minimize New York mortgage recording taxes. This Standard Document must be used with a companion gap promissory note that evidences the additional loan amount advanced by the new consolidated loan. This Standard Document has integrated drafting notes with important explanations and drafting and negotiating tips for both lenders and borrowers.
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