Common use of If Buyer Needs a Loan Clause in Contracts

If Buyer Needs a Loan. If Buyer needs to borrow money to buy the Property, Buyer will apply for a loan within seven (7) business days after the Seller signs this Agreement. Getting the loan is Xxxxx's responsibility and not the Seller's. Xxxxx promises to do Xxxxx's best to qualify and get the loan. As soon as Xxxxx receives a copy of a signed conditional loan commitment from a lender, Buyer will give Seller a copy. The things which Xxxxx promises to do in this Section B.2(b)(i) will be called the "Mortgage Loan Acts". In order to keep Seller apprised of Xxxxx’s progress in performing the Mortgage Loan Acts, Buyer hereby authorizes Xxxxx’s prospective mortgage lender to transmit at Seller’s request any and all information necessary for this purpose, including, but not limited to, copies of all correspondence between Xxxxx and Xxxxx’s prospective lender. If Xxxxx fails to deliver to Seller a signed conditional loan commitment from a lender within sixty (60) days after application, then Seller may cancel this Agreement by giving written notice to Buyer. If Xxxxx has performed the Mortgage Loan Acts but Xxxxx’s loan application is rejected or not approved within sixty (60) days after application, then Buyer may cancel this Agreement by giving written notice to Seller on or before seventy (70) days after application. EXCEPT FOR BUYER'S RIGHT TO CANCEL THIS AGREEMENT AS PROVIDED IN THE IMMEDIATELY PRECEDING SENTENCE, BUYER’S OBLIGATIONS UNDER THIS AGREEMENT ARE NOT CONTINGENT OR CONDITIONED UPON BUYER’S ABILITY TO SECURE FINANCING FROM A MORTGAGE LENDER OR ON BUYER’S ABILITY TO SELL BUYER’S CURRENT RESIDENCE OR ANY OTHER PROPERTY. NO FINANCING BY SELLER OF ANY PORTION OF THE TOTAL PURCHASE PRICE IS AVAILABLE.

If Buyer Needs a Loan. If Buyer needs to borrow money to buy the Property, Buyer will apply for a loan within seven (7) business days after the Seller signs this Agreement. Getting the loan is Xxxxx's responsibility and not the Seller's. Xxxxx promises to do Xxxxx's best to qualify and get the loan. As soon as Xxxxx receives a copy of a signed conditional loan commitment from a lender, Buyer will give Seller a copy. The things which Xxxxx promises to do in this Section B.2(b)(i) will be called the "Mortgage Loan Acts". In order to keep Seller apprised of Xxxxx’s progress in performing the Mortgage Loan Acts, Buyer hereby authorizes Xxxxx’s prospective mortgage lender to transmit at Seller’s request any and all information necessary for this purpose, including, but not limited to, copies of all correspondence between Xxxxx and Xxxxx’s prospective lender. If Xxxxx fails to deliver to Seller a signed conditional loan commitment from a lender within sixty (60) days after application, then Seller may cancel this Agreement by giving written notice to Buyer. If Xxxxx has performed the Mortgage Loan Acts but Xxxxx’s loan application is rejected or not approved within sixty (60) days after application, then Buyer may cancel this Agreement by giving written notice to Seller on or before seventy (70) days after application. EXCEPT FOR BUYER'S RIGHT TO CANCEL THIS AGREEMENT AS PROVIDED IN THE IMMEDIATELY PRECEDING SENTENCE, BUYER’S OBLIGATIONS UNDER THIS AGREEMENT ARE NOT CONTINGENT OR CONDITIONED UPON BUYER’S ABILITY TO SECURE FINANCING FROM A MORTGAGE LENDER OR ON BUYER’S ABILITY TO SELL BUYER’S CURRENT RESIDENCE OR ANY OTHER PROPERTY. NO FINANCING BY SELLER OF ANY PORTION OF THE TOTAL PURCHASE PRICE IS AVAILABLE.. SPECIMEN