LOAN (IF APPLICABLE) Sample Clauses

LOAN (IF APPLICABLE). 4.1.1 This Agreement is subject to the suspensive condition that the Purchaser is able to raise a loan for an amount of not less than the Loan Amount against the security of a first mortgage of the Unit at and upon prevailing bank rates and conditions within 30 (THIRTY) days of the Signing Date or such later date as the Seller may determine by giving written notice to the Purchaser prior to the 30 (THIRTY) days having lapsed, failing which this Agreement shall lapse and be of no further force or effect and the parties shall be restored to the status quo ante. This condition shall be deemed to be fulfilled immediately a letter is issued by a bank/financial institution stating that the loan has been approved in principle.
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