Common use of Appraisal Contingency Clause in Contracts

Appraisal Contingency. □ This Agreement is NOT contingent upon an appraisal (“Appraisal”) of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon the Property appraising for not less than the Purchase Price. Within days (21 days if not filled in) of the Effective Date (the “Appraisal Contingency Period”), Buyer agrees to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together with a copy of the Appraisal within the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”). In the event that Buyer timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency Period, Buyer shall be deemed to have waived the Appraisal Contingency and shall have no further right to terminate this Agreement pursuant to this Section.

Appraisal Contingency. □ □ This Agreement is NOT contingent upon an appraisal (“Appraisal”) of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon the Property appraising for not less than the Purchase Price. Within days (21 days if not filled in) of the Effective Date (the “Appraisal Contingency Period”), Buyer agrees to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together with a copy of the Appraisal within the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”). In the event that Buyer timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency Period, Buyer shall be deemed to have waived the Appraisal Contingency and shall have no further right to terminate this Agreement pursuant to this Section.

Appraisal Contingency. □ □ ________ This Agreement is NOT contingent upon an appraisal (“Appraisal”) of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon the Property appraising for not less than the Purchase Price. Within days (21 days if not filled in) of the Effective Date (the “Appraisal Contingency Period”), Buyer agrees to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together with a copy of the Appraisal within the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”). In the event that Buyer timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency Period, Buyer shall be deemed to have waived the Appraisal Contingency and shall have no further right to terminate this Agreement pursuant to this Section.

Appraisal Contingency. □ This In addition to Buyer’s other rights herein, this Agreement shall be subject to the following appraisal contingency. Buyer shall cause the Lender to: (a) select an appraiser to perform one or more appraisals of the Property and (b) provide Buyer with a copy of any appraisal that is NOT contingent upon an appraisal (“Appraisal”) for less than the purchase price of the Property; or □ Buyer’s obligation . If any such appraisal is for less than the purchase price, Buyer shall within days of the Binding Agreement Date have the right to purchase request that Seller reduce the sales price of the Property is contingent upon the Property appraising for to a price not less than the Purchase Price. Within days appraised price by submitting an Amendment to Sales Price (21 days if not filled inF713) of the Effective Date (the “Appraisal Contingency PeriodATSP”), Buyer agrees ) to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together Seller along with a copy of the Appraisal within appraisal supporting the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”)lower price. In the event that Buyer does not timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail submit an ATSP to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency PeriodSeller, Buyer shall be deemed to have waived Buyer’s right to do so and this Agreement shall no longer be subject to an appraisal contingency. Seller shall, within three (3) days of the Appraisal Contingency date of an ATSP is delivered to Seller (but not later than two (2) days prior to Closing), accept or reject the ATSP or seek to negotiate with Buyer a lesser reduction in the sales price of the Property than what is reflected in the ATSP. If, within the above timeframe, an ATSP has not been signed and accepted by the Buyer and Seller and timely delivered to create a legally enforceable amendment, Buyer shall have no further right an additional three (3) days (but not later than one (1) day prior to Closing) to terminate this Agreement pursuant without penalty. If Buyer does not terminate the Agreement within this timeframe, Buyer’s right to terminate due to the failure to agree to an ATSP shall be waived and Buyer shall close on the Property for the purchase price set forth in this SectionAgreement. Nothing herein shall require Buyer to seek a reduction in the sales price of the Property.

Appraisal Contingency. □ This In addition to Buyer’s other rights herein, this Agreement shall be subject to the following appraisal contingency. Buyer shall cause the Lender to: (a) select an appraiser to perform one or more appraisals of the Property and (b) provide Seller with a copy of any appraisal that is NOT contingent upon an appraisal (“Appraisal”) for less than the purchase price of the Property; or □ Buyer’s obligation . If any such appraisal is for less than the purchase price, Buyer shall not later than 18 days from the Binding Agreement Date have the right to purchase request that Seller reduce the sales price of the Property is contingent upon the Property appraising for to a price not less than the Purchase Price. Within days appraised price by submitting an Amendment to Sales Price (21 days if not filled inF713) of the Effective Date (the “Appraisal Contingency PeriodATSP”), Buyer agrees ) to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together Seller along with a copy of the Appraisal within appraisal supporting the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”)lower price. In the event that Buyer does not timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail submit an ATSP to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency PeriodSeller, Buyer shall be deemed to have waived Buyer’s right to do so and this Agreement shall no longer be subject to an appraisal contingency. Seller shall, not later than three (3) days from the Appraisal Contingency date of an ATSP is delivered to Seller (but not later than two (2) days prior to Closing), accept or reject the ATSP or seek to negotiate with Buyer a lesser reduction in the sales price of the Property than what is reflected in the ATSP. If, within the above timeframe, an ATSP has not been signed and accepted by the Buyer and Seller and timely delivered to create a legally enforceable amendment, Buyer shall have no further right an additional three (3) days (but not later than one (1) day prior to Closing) to terminate this Agreement pursuant without penalty. If Buyer does not terminate the Agreement within this timeframe, Buyer’s right to terminate due to the failure to agree to an ATSP shall be waived and Buyer shall close on the Property for the purchase price set forth in this SectionAgreement. Nothing herein shall require Buyer to seek a reduction in the sales price of the Property.