Common use of Loan Application Clause in Contracts

Loan Application. a.) If Buyer is obtaining financing to acquire the Property, Buyer shall, within a reasonable time following execution of this Agreement, make a good faith loan application with a credible financial institution or other agency or entity, as the case may be, for the purpose of obtaining the necessary loan to acquire the Property. b.) Buyer shall disclose and provide to its proposed lender all necessary and appropriate information as may be required in order for Buyer to obtain the necessary financing for this transaction. If Buyer fails to provide such information as may reasonably be required by lender and such failure results in the inability of lender to fund the loan, such failure on the part of Buyer shall constitute a default by Buyer under this Agreement. c.) On or before , Buyer shall provide Seller with a letter from Buyer’s lender verifying Buyer’s source of down payment and the availability of funds to close. In the event Buyer fails to produce the foregoing letter or other acceptable verification by such date, this Agreement may be terminated at the election of the Seller, by written notice provided to the Buyer within five (5) business days of such date. In such event, the Deposit shall be refunded to Buyer, unless Buyer is in default under this Agreement. d.) Buyer shall pay all fees and costs and shall timely satisfy all Lender conditions and requirements in connection with Buyer’s loan application.

Loan Application. a.) If Buyer is obtaining financing to acquire the Property, Buyer shall, within a reasonable time following execution of this Agreement, make a good faith loan application with a credible financial institution or other agency or entity, as the case may be, for the purpose of obtaining the necessary loan to acquire the Property. b.) Buyer shall disclose and provide to its proposed lender all necessary and appropriate information as may be required in order for Buyer to obtain the necessary financing for this transaction. If Buyer fails to provide such information as may reasonably be required by lender and such failure results in the inability of lender to fund the loan, such failure on the part of Buyer shall constitute a default by Buyer under this Agreement. c.) On or before , Buyer shall provide Seller with a letter from BuyerXxxxx’s lender verifying Buyer’s source of down payment and the availability of funds to close. In the event Buyer fails to produce the foregoing letter or other acceptable verification by such date, this Agreement may be terminated at the election of the Seller, by written notice provided to the Buyer within five (5) business days of such date. In such event, the Deposit shall be refunded to Buyer, unless Buyer is in default under this Agreement. d.) Buyer shall pay all fees and costs and shall timely satisfy all Lender conditions and requirements in connection with Buyer’s loan application.