Common use of Evidence of Qualification Clause in Contracts

Evidence of Qualification. 13.2.1. Within three (3) days after the Execution Date, Purchaser shall initiate steps to obtain either (i) a letter of pre-qualification from a bank or mortgage company, or (ii) other evidence of availability of funds sufficient to close satisfactory to Seller (each, an “Evidence of Qualification”). Within 10 days after the Execution Date, Purchaser shall provide to Seller and Escrow Agent such Evidence of Qualification. 13.2.2. If Purchaser determines it will be unable to provide Evidence of Qualification, Purchaser may terminate this Agreement by written notice received by Seller not later than the 10th day after the Execution Date, in which case the Xxxxxxx Money and any other funds deposited by Purchaser with Escrow Agent will be returned to Purchaser. 13.2.3. If Purchaser does not submit Evidence of Qualification satisfactory to Seller within such 10-day period, Seller may terminate this Agreement by notice to Purchaser identifying such grounds for termination, in which case the Xxxxxxx Money and any other funds deposited by Purchaser with Escrow Agent will be returned to Purchaser. 13.2.4. If neither Purchaser nor Seller terminates this Agreement for the grounds set forth above, the Xxxxxxx Money and any other funds deposited by Purchaser with Escrow Agent shall become nonrefundable to Purchaser, except to the limited extent provided in Sections 3.1, 4.1 and 6.