Common use of L ender Selection Clause in Contracts

L ender Selection. If Buyer secures financing from a lender other than one of Seller’s Preferred Lenders, in the approval letter, the lender must include the following: They have reviewed the credit, income documents, asset documents and both the borrower and the property are approved. Buyer shall deliver to Seller the approval letter within ten (10) days of mutual acceptance of the Purchase Agreement. If Buyer is using the services of a mortgage broker to secure financing then the approval letter must be from the underlying lender, as a letter from the broker will not be accepted. Buyer agrees that if they select a lender other than one of the Seller’s Preferred Lenders and fail to close the loan on time through no fault of the Builder, the Buyer shall pay Builder a daily extension fee of $350.00 for each day of delay past the scheduled closing date.