Common use of Financing Contingency Clause in Contracts

Financing Contingency. Buyer shall provide to Seller a prequalification letter within 5 business days of the Effective Date of this Agreement. If Buyer fails to timely provide the prequalification letter, Seller may unilaterally terminate this Agreement by providing notice to Buyer, in which case this Agreement shall terminate and the Xxxxxxx Money shall be returned to Buyer. Buyer shall have until 10 business days after Seller receives a certificate of occupancy for the Unit to secure a binding commitment for financing (“Financing Contingency Deadline”). Buyer shall use good faith efforts to obtain this binding commitment for financing by the Financing Contingency Deadline. If Buyer is unable to obtain a binding commitment for financing by the Financing Contingency Deadline, Buyer shall have the right to terminate this Agreement by notifying Seller in writing by the Financing Contingency Deadline. If Buyer timely delivers this termination notice to Seller, this Agreement shall terminate, the Title Company shall return the Xxxxxxx Money to Buyer, and neither Seller nor Buyer thereafter shall have any further rights or obligations under this Contract unless expressly provided otherwise in this Contract. If Buyer fails to timely provide termination notice to Seller, Buyer will be deemed to have obtained a binding commitment and have waived its right to terminate this Agreement pursuant to this Section and the Xxxxxxx Money will be deemed non-refundable to Buyer except as otherwise expressly provided in this Agreement.

Financing Contingency. Buyer If a mortgage is referred to in Paragraph 2, this Contract is subject to the Purchaser obtaining a financing commitment from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage broker. Purchaser shall use best efforts to obtain financing and shall supply the prospective lender(s) with all requisite information. a. Purchaser shall complete a loan application and must provide to Seller a prequalification prequalified letter from the lender within 5 business days. b. Purchaser shall obtain a loan commitment within Period”). days of (the “Financing Contingency All time periods run from the Effective Date (defined on Page 5 of this AgreementContract). If Buyer fails to timely provide the prequalification letter, Seller may unilaterally terminate this Agreement by providing notice to Buyer, Purchaser's bona fide loan application does not result in which case this Agreement shall terminate and the Xxxxxxx Money shall be returned to Buyer. Buyer shall have until 10 business days after Seller receives a certificate of occupancy for the Unit to secure a binding commitment for financing (“Financing Contingency Deadline”). Buyer shall use good faith efforts to obtain this binding commitment for financing by within the Financing Contingency DeadlinePeriod, Purchaser shall have the affirmative obligation of providing written notice to Seller that the financing contingency has not been satisfied, and that the Purchaser has elected to terminate this Contract. If Buyer is unable to obtain Such notice must include a binding commitment for financing by lender’s loan denial letter and must be provided during the Financing Contingency DeadlinePeriod. Upon receipt of notice and execution of any required Initials: Purchaser Date Seller Date release forms, Buyer the Escrow Agent (defined in Paragraph 7 of this Contract) shall return the Deposit to the Purchaser. Upon return of the Deposit, this Contract shall have no force or effect, and neither party hereto shall have any rights against the right other hereunder. The parties acknowledge and agree that time is of the essence with respect to terminate this Agreement by notifying Seller in writing by the Financing Contingency DeadlinePeriod. No right to cure shall apply to the Financing Contingency Period. If Buyer timely delivers this termination Purchaser does not provide Seller written notice of failure to Seller, this Agreement shall terminateobtain financing during the Financing Contingency Period, the Title Company financing contingency shall return the Xxxxxxx Money to Buyer, and neither Seller nor Buyer thereafter shall have any further rights or obligations under be waived. Purchaser acknowledges that this Contract unless expressly provided otherwise financing contingency is limited in this Contract. If Buyer fails to timely provide termination notice to Seller, Buyer will be deemed to have obtained a binding commitment and have waived its right to terminate this Agreement pursuant to this Section and the Xxxxxxx Money will be deemed non-refundable to Buyer except as otherwise expressly provided in this Agreementtime.

Financing Contingency. (Strike if not applicable) 5.1 This offer is contingent upon Buyer shall provide obtaining from an insurance company, financial institution or other lender, a commitment to Seller lend to Buyer a prequalification letter within 5 business days sum equal to at least % of the Effective Date of this Agreement. If Buyer fails to timely provide the prequalification letterPurchase Price, Seller may unilaterally terminate this Agreement by providing notice to Buyer, in which case this Agreement shall terminate and the Xxxxxxx Money shall be returned on terms acceptable to Buyer. Buyer Such loan ("New Loan") shall have until 10 business days after Seller receives be secured by a certificate first deed of occupancy for trust or mortgage on the Unit to secure a binding commitment for financing (“Financing Contingency Deadline”). Buyer shall use good faith efforts to obtain this binding commitment for financing by the Financing Contingency DeadlineProperty. If Buyer is unable this Agreement provides for Seller to obtain a binding commitment for financing by the Financing Contingency Deadlinecarry back junior financing, Buyer then Seller shall have the right to terminate this Agreement by notifying approve the terms of the New Loan. Seller shall have 7 days from receipt of the commitment setting forth the proposed terms of the New Loan to approve or disapprove of such proposed terms. If Seller fails to notify Escrow Holder, in writing, of the disapproval within said 7 days it shall be conclusively presumed that Seller has approved the terms of the New Loan. 5.2 If Buyer shall fail to notify its Broker, Escrow Holder and Seller, in writing by within days following the Financing Contingency Deadline. Date of Agreement, that the New Loan has not been obtained, it shall be conclusively presumed that Buyer has either obtained said New Loan or has waived this New Loan contingency. 5.3 If Buyer timely delivers this termination notice to shall notify its Broker, Escrow Holder and Seller, in writing, within the time specified in paragraph 5.2 hereof, that Xxxxx has not obtained said New Loan, this Agreement shall terminatebe terminated, and Buyer shall be entitled to the prompt return of the Deposit, plus any interest earned thereon, less only Escrow Holder and Title Company cancellation fees and costs, which Buyer shall return the Xxxxxxx Money to Buyer, and neither Seller nor Buyer thereafter shall have any further rights or obligations under this Contract unless expressly provided otherwise in this Contract. If Buyer fails to timely provide termination notice to Seller, Buyer will be deemed to have obtained a binding commitment and have waived its right to terminate this Agreement pursuant to this Section and the Xxxxxxx Money will be deemed non-refundable to Buyer except as otherwise expressly provided in this Agreementpay.

Financing Contingency. Buyer shall provide to Seller a prequalification letter within 5 business days of the Effective Date of this Agreement. If Buyer fails to timely provide the prequalification letter, Seller may unilaterally terminate this Agreement by providing notice to Buyer, in which case this Agreement shall terminate and the Xxxxxxx Money shall be returned to Buyer. Buyer shall have until 10 business days after Seller receives a certificate of occupancy for the Unit Title Resolution Deadline to secure a binding commitment for financing (“Financing Contingency Deadline”). If a certificate of occupancy has not been issued for the Unit by the Title Resolution Deadline, the Financing Contingency Deadline shall be extended to 7 business days after Seller receives a certificate of occupancy for the Unit. Buyer shall use good faith efforts to obtain this binding commitment for financing by the Financing Contingency Deadline. If Buyer is unable to obtain a binding commitment for financing by the Financing Contingency Deadline, Buyer shall have the right to terminate this Agreement by notifying Seller in writing by the Financing Contingency Deadline. If Buyer timely delivers this termination notice to Seller, this Agreement shall terminate, the Title Company shall return the Xxxxxxx Money to Buyer, and neither Seller nor Buyer thereafter shall have any further rights or obligations under this Contract unless expressly provided otherwise in this Contract. If Buyer fails to timely provide termination notice to Seller, Buyer will be deemed to have obtained a binding commitment and have waived its right to terminate this Agreement pursuant to this Section and the Xxxxxxx Money will be deemed non-refundable to Buyer except as otherwise expressly provided in this Agreement.

Financing Contingency. Buyer shall provide to Seller a prequalification letter within 5 business days of the Effective Date of this Agreement. If Buyer fails to timely provide the prequalification letter, Seller may unilaterally terminate this Agreement by providing notice to Buyer, in which case this Agreement shall terminate and the Xxxxxxx Money shall be returned to Buyer. Buyer shall have until 10 business days after Seller receives a certificate the expiration of occupancy for the Unit to secure a binding commitment for financing (“Financing Contingency Deadline”Period, to obtain a commitment from a lender reasonably acceptable to Buyer for a loan in an amount acceptable to Buyer at the then-market interest rate (the "Loan"), to be used by Buyer to pay a portion of the Purchase Price. Buyer shall apply for the Loan promptly following the Effective Date, and shall use good faith efforts reasonable diligence to satisfy the conditions and requirements of potential lenders to obtain this binding commitment for financing by the Loan, including, without limitation, providing Buyer's financial information. If, prior to the expiration of the Financing Contingency Deadline. If Period, Buyer is unable to obtain does not notify Seller in writing that Buyer has obtained a binding commitment for financing by the Loan on terms and conditions reasonably acceptable to Buyer, then the condition set forth in this Section 5.1.7 shall be deemed unsatisfied and this Agreement shall automatically terminate. If, prior to the expiration of the Financing Contingency DeadlinePeriod, Buyer shall have the right to terminate this Agreement by notifying notifies Seller in writing by that Buyer has obtained a commitment for the Loan on terms and conditions reasonably acceptable to Buyer, then the condition described in this Section 5.1.7 shall no longer be a condition to Buyer's obligations hereunder. Alternatively, if, prior to the expiration of the Financing Contingency Deadline. If Period, Buyer timely delivers this termination notice to Seller, this Agreement shall terminate, notifies Seller in writing that Buyer has not obtained a commitment for the Title Company shall return the Xxxxxxx Money Loan on terms and conditions reasonably acceptable to Buyer, and neither Seller nor but Buyer thereafter shall have any further rights or obligations under this Contract unless expressly provided otherwise nevertheless waives the condition described in this Contract. If Section 5.1.7, then Buyer fails to timely provide termination notice to Seller, Buyer will shall be deemed to have obtained elected to proceed with the purchase of the Property without obtaining a binding commitment Loan and have waived its right such condition shall no longer be a condition to terminate this Agreement pursuant to this Section and the Xxxxxxx Money will be deemed non-refundable to Buyer except as otherwise expressly provided in this AgreementBuyer's obligations hereunder.

Financing Contingency. Buyer shall provide have until 5:00 p.m. Central Time on February 7, 2006 (the “Financing Contingency Period”) to Seller a prequalification letter within 5 business days determinate the availability of financing to Buyer in connection with the acquisition of the Effective Date Property. If Buyer reasonably determines that it cannot obtain such financing on terms reasonably satisfactory to Buyer and Buyer notifies Seller and the Title Company of such determination in writing prior to the expiration of the Financing Contingency Period (the “Financing Termination Notice”), then this Agreement shall be terminated and of no further force or effect, and the parties hereto shall have no further obligations to each other (except for any obligations or liabilities that expressly survive termination of this Agreement. If Buyer fails to timely provide the prequalification letter, Seller may unilaterally terminate this Agreement by providing notice to Buyer, in which case this Agreement shall terminate ) and the Xxxxxxx Money Deposit (less the Independent Consideration and less Buyer’s share of escrow cancellation costs, if any) shall be returned to BuyerBuyer at such time as Seller confirms in writing to the Title Company that it has received any documents, reports, agreements and other materials to be delivered to Seller upon a termination of this Agreement pursuant to the terms hereof. If Buyer shall have until 10 business days after does not deliver the Financing Termination Notice to Seller receives a certificate and the Title Company prior to the expiration of occupancy for the Unit to secure a binding commitment for financing (“Financing Contingency Deadline”). Buyer shall use good faith efforts to obtain this binding commitment for financing by the Financing Contingency Deadline. If Buyer is unable to obtain a binding commitment for financing by the Financing Contingency Deadline, Buyer shall have the right to terminate this Agreement by notifying Seller in writing by the Financing Contingency Deadline. If Buyer timely delivers this termination notice to SellerPeriod, this Agreement shall terminate, continue in full force and effect and thereafter the Deposit shall be nonrefundable to Buyer and shall be applied by the Title Company shall return the Xxxxxxx Money to Buyer, and neither Seller nor Buyer thereafter shall have any further rights or obligations under this Contract unless expressly provided otherwise in this Contract. If Buyer fails to timely provide termination notice to Seller, Buyer will be deemed to have obtained a binding commitment and have waived its right to terminate this Agreement pursuant to this accordance with Section and the Xxxxxxx Money will be deemed non-refundable to Buyer except as otherwise expressly provided in this Agreement.3A.