LOAN CONTINGENCY. This contract is contingent upon Purchaser obtaining a loan. Purchaser agrees to apply for loan within five (5) days of the effective date of this contract. Purchaser agrees to execute all necessary forms and/or legal instruments required by Lending Institution and/or Seller. Xxxxxxxxx agrees to act in good faith and use diligence in attempting to obtain loan approval and understands and agrees that failure to do so shall constitute default and entitle Seller to retain all monies previously paid to Seller as liquidated damages. If a loan contingency applies, Purchaser shall forfeit xxxxxxx money in the event that he/she/they willingly make a job or career change or make any major purchases, or make any other purposeful financial decisions that would adversely affect his/her/their ability to maintain loan approval status and prevent the consummation of this agreement.
LOAN CONTINGENCY. Buyer’s obligation to purchase the property is contingent upon Buyer obtaining the 20 writing, attempt to renegotiate, or cancel the RPA by providing written notice to the Seller no later than calendar 21 days following the date of Acceptance of the RPA; whereupon the EMD shall be released to the Buyer without the requirement of 22 written authorization from Seller. IF this Residential Purchase Agreement is not cancelled, in writing on or before the Loan 23 Contingency Deadline, Buyer shall be deemed to have waived the loan contingency. 24
LOAN CONTINGENCY. 29 a.) Within seven (7) days from the execution date of this Agreement, Purchaser shall apply for a loan in the amount of $Click here to enter 30 text. ("Loan"). Interest will be at the prevailing rate at the time Loan documents are prepared by the lender, and Purchaser shall provide to Seller written 31 evidence from a lender that the Loan application has been submitted. Seller does not guarantee that Purchaser will receive any specific interest rate or 32 terms on the Loan. Purchaser authorizes Purchaser's lender to release credit and/or loan information and documentation status to Seller or Seller's Sales 33 Representative. Purchaser hereby grants Seller permission to draw Purchaser's credit report. Purchaser shall diligently attempt to obtain the Loan and 34 shall submit to lender all information necessary under lender's procedures for approval of credit. Xxxxxxxxx agrees to notify Seller promptly upon 35 receiving a commitment from lender for the Loan. Xxxxxxxxx agrees to execute all documents necessary to obtain the Loan and to complete the purchase
LOAN CONTINGENCY. If no loan is stated in paragraph 6, this Contract shall be firm and unconditional upon execution by both parties. Otherwise, Xxxxx's obligation to buy the timeshare unit(s) or vacation club points depends upon Xxxxx's receiving a written commitment from a lender to provide a loan to Buyer in the amount set forth in paragraph 6, with interest at prevailing rate, repayable on not less than a 5 year payment schedule, and/or from Seller in the amount and upon the terms set forth in paragraph 6. Xxxxx agrees to file a loan application within 10 days from the date of the contract and to sign such application forms and to supply such information as may be required by the lender or the Seller. Seller has no obligation to provide financing as set forth in paragraph 6 until Seller has reviewed such credit information as Seller may reasonably request and has notified Buyer in writing that such financing is approved.
LOAN CONTINGENCY. Xxxxx’s obligation to purchase the property is contingent upon Buyer obtaining the 22 contingency in writing, attempt to renegotiate, or cancel this Agreement by providing written notice to the Seller no later than 23 calendar days following the date of Acceptance of this Agreement; whereupon the EMD shall be released to the Buyer 24 without the requirement of written authorization from Seller. IF this Vacant Land Purchase Agreement is not cancelled, in 25 writing on or before the Loan Contingency Deadline, Buyer shall be deemed to have waived the loan contingency. 27 3. ADDITIONAL CONTINGENCIES (MARK THOSE THAT APPLY):
LOAN CONTINGENCY. Buyer's obligations under this Agreement are contingent on Buyer obtaining loan approval as described in paragraph 7(b)(iii). This contingency must be satisfied or waived, or the Agreement shall terminate, all as described in Paragraph 7(b)(iii).
LOAN CONTINGENCY. Buyer shall have obtained third-party financing for sixty percent (60%) of the Purchase Price upon terms and conditions reasonably acceptable to Buyer (the “Financing”).
LOAN CONTINGENCY. Buyer shall have obtained, within the Loan Contingency Period (as defined in Section 4.11 below), third-party financing for sixty percent (60%) of the Purchase Price upon terms and conditions reasonably acceptable to Buyer (the “Financing”). If in order to obtain Financing a lender requires the posting of a letter of credit or deposit in an amount not to exceed $3,500,000, Buyer shall obtain and post the letter of credit and Seller agrees to pay the annual cost of the letter of credit (approximately 1.5% of the total amount of the letter of credit) each year for a term of up to three (3) years. If such a letter of credit is required, it shall not be deemed reasonably unacceptable to Buyer under the terms of this Agreement.
2. Section 4.11 of the Purchase Agreement is hereby deleted and replaced with the following:
LOAN CONTINGENCY. Buyer shall have obtained, within the Loan Contingency Period (as defined in Section 4.11 below), third-party financing for sixty percent (60%) of the Purchase Price upon terms and conditions reasonably acceptable to Buyer (the “Financing”).
4. Seller and Buyer hereby approve, affirm and ratify the Purchase Agreement and the on-going rights and obligations provided by said Purchase Agreement.
LOAN CONTINGENCY. Buyer’s obligation is is not subject to the ability to secure a loan under the following terms and conditions:
