A commitment to provide permanent financing following construction of a planned project. The takeout commitment is generally predicated upon specific conditions, such as a certain percentage of unit sales or leases, for the permanent loan to "takeout" the construction loan.
Act of obtaining land through condemnation. Usually, the government will exercise its right to "take" only after it is determined that the owners of the acquired property are unwilling to settle for a reasonable price.
Government program of providing low interest rate mortgages to low-income qualified buyers. In the tandem program, the Federal National Mortgage Association (FNMA) purchases low interest rate mortgages at a discount from the Government National Mortgage Association (GNMA). In doing this, GNMA subsidizes the low-income homebuyer and incurs a loss on the transaction.
1. A thin strip of material with adhesive applied to one or both sides, used for joining materials.
2. A drywall finishing procedure where paper "tape" is applied to the joints and covered with joint compound.
Defect in drywall application where the joint tape or the shadow of the joint tape shows through the wallboard. High humidity which delays the drying of the second and third coats, dry tape having absorbed too much moisture from the joint compound and excess joint compound left under the joint tape are some of the causes of this condition. Also called joint photographing, this condition can be corrected by sanding the compound, which covers the tape, feathering it out into the drywall surface, and then covering it with thin coats of joint compound.