The New York Gap Indemnity Agreement is a legal agreement between a lender and a borrower that is unique to the state of New York. The agreement serves to protect the lender from any financial losses resulting from the borrower’s default on the loan. The agreement also outlines the responsibilities of both the lender and the borrower in the event of a default. The New York Gap Indemnity Agreement consists of three main types: the unconditional gap indemnity agreement, the conditional gap indemnity agreement, and the limited gap indemnity agreement. The unconditional gap indemnity agreement is a full coverage agreement that requires the borrower to indemnify the lender for all losses incurred due to the borrower’s default on the loan. The conditional gap indemnity agreement requires the borrower to only indemnify the lender for certain losses, such as foreclosure costs and attorney fees. The limited gap indemnity agreement is a limited coverage agreement that only requires the borrower to indemnify the lender for certain losses in the event of a default. Overall, the New York Gap Indemnity Agreement is an important document for lenders and borrowers in the state of New York. It helps to protect lenders from financial losses in the event of a borrower’s default and outlines the responsibilities of both parties.
Gap Indemnity Agreement
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