MORTGAGE CONTINGENCY. A. This agreement is contingent upon Purchaser obtaining approval of a Conventional, FHA or VA (if FHA or VA, see attached required addendum) or mortgage loan of $ for a term of no more than years at an initial fixed or adjustable nominal interest rate not to exceed % (percent). Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this contract. Purchaser agrees to apply for such mortgage loan to at least one lending institution or licensed mortgage broker. Upon receipt of a written mortgage commitment or in the event Purchaser chooses to waive this mortgage contingency, Purchaser shall provide notice in writing to of Purchaser’s receipt of the mortgage commitment or of Purchaser’s waiving of this contingency. Upon receipt of such notice this contingency shall be deemed waived or satisfied as the case may be. In the event notice as called for in the preceding sentence has not been received on or before , , then either Purchaser or Seller may within five business days of such date terminate, or the parties may mutually agree to extend, this contract by written notice to . Upon receipt of termination notice from either party, and in the case of notice by the Purchaser, proof of Purchaser’s inability to obtain said mortgage approval, this agreement shall be cancelled, null and void, and all deposits made hereunder shall be returned to the Purchaser.
MORTGAGE CONTINGENCY. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned upon issuance on or before , , (the “Commit- ment Date”) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loan, other than a VA, FHA or other governmentally insured loan, to Purchaser, at Purchaser’s sole cost and expense, of $ or such lesser sum as Purchaser shall be willing to accept, at the prevailing fixed rate of interest not to exceed or initial adjustable rate of interest not to exceed for a term of at least years and on other customary commitment terms, whether or not conditional upon any factors other than an appraisal satisfactory to the Institutional Lender. Purchaser shall (a) make prompt application to an Institutional Lender for such mortgage loan, (b) furnish accurate and complete information regarding Purchaser and members of Purchaser’s family, as required, (c) pay all fees, points and charges required in connection with such application and loan, (d) pursue such application with diligence, (e) cooperate in good faith with such Institutional Lender to obtain such commitment and (1) promptly give Notice to Seller of the name and address of each Institutional Lender to which Purchaser has made such application. Purchaser shall comply with all requirements of such commitment (or of any other commitment accepted by Purchaser) and shall furnish Seller with a copy thereof promptly after receipt thereof. If such commitment is not issued on or before the Commitment Date, then, unless Purchaser has accepted a commitment that does not comply with the requirements set forth above, Purchaser may cancel this contract by giving Notice to Seller within 5 business days after the Commitment Date, in which case this contract shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations or liabilities to, the other by reason of this contract, except that the Downpayment shall be promptly refunded to Purchaser and except as set forth in paragraph 27. If Purchaser fails to give notice of cancellation or if Purchaser shall accept a commitment that does not comply with the terms set forth above, then Purchaser shall be deemed to have waived Purchaser’ s right to cancel this contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraph.
MORTGAGE CONTINGENCY. PURCHASER's obligation under this Contract is subject to, and contingent upon, the PURCHASER obtaining, at PURCHASER's own cost and expense, a mortgage commitment in the sum of $ , repayable over a period of thirty (30) years with interest at the prevailing rate per annum, as shall be then charged by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage no later than seven (7) business days after the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. XXXXXXXXX agrees to promptly send to SELLER's attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by after the exercise of good faith, then this Contract shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return of all monies paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitment.
MORTGAGE CONTINGENCY. This Contract is contingent upon Buyer securing by , 20 ("First Commitment Date") a 31 firm written mortgage commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan 32 association, bank, or other authorized financial institution, in the amount of (strike one) $ OR % [percent] of the Purchase 33 Price, the interest rate (or initial interest rate if an adjustable rate mortgage) not to exceed % per year, amortized over years, payable 34 monthly, loan fee not to exceed %, plus appraisal and credit report fee, if any ("Required Commitment"). If the mortgage secured by the 35 Required Commitment has a balloon payment, it shall be due no sooner than years. Buyer shall pay for private mortgage insurance as required 36 by the lending institution. If a FHA or VA mortgage is to be obtained, Rider 8, Rider 9, or the HUD Rider shall be attached to this
MORTGAGE CONTINGENCY. This Agreement is contingent upon Purchaser securing a written commitment for a Conventional, FHA, VA or first mortgage loan of $ for a term of not more than years at an initial fixed or adjustable interest rate not to exceed the prevailing interest rate. Purchaser shall make good faith application for this mortgage within full calendar days of the acceptance of this Agreement by all parties. If Purchaser cannot obtain said financing on or before , a copy of the Letter of Rejection from Purchaser’s lending institution shall be furnished to Seller and, in such event, the Purchaser or Seller shall have the option of canceling this Agreement by written notice to the other on or before , in which case all deposits shall be returned to Purchaser without interest, whereupon this Agreement shall be cancelled, null and void. If Purchaser or Seller does not give written notice on or before said date, or any extension thereof, this contingency shall be deemed waived and this Agreement shall remain in full force and effect whether or not such commitment shall have been obtained. TIME IS OF THE ESSENCE with respect to the foregoing provision and no extension of the date set forth above shall be effective unless in writing and signed by Seller and Purchaser.
MORTGAGE CONTINGENCY. This Sale is NOT contingent upon any mortgage financing unless otherwise provided by addendum.
MORTGAGE CONTINGENCY. The Buyer agrees to make a good faith effort to obtain a first mortgage loan upon the terms listed below. The Buyer has until , 20 , to obtain a commitment from a lender for this mortgage loan or to agree to buy the property without this loan. If this is not done before this deadline, and any agreed upon extensions, either party may cancel this contract. Type of Mortgage: conventional, FHA, VA, other Amount of Loan: $ Interest Rate: Length of Mortgage: years with monthly payments based on a year payment schedule.
MORTGAGE CONTINGENCY. Parties agree that this Contract (check one) 🞏 [is] 🞏 [is not] subject to Paragraph 7, Mortgage Contingency. If [is not] is checked, 33 then this paragraph 7 does not apply. This Contract is contingent upon Buyer securing by ("First Commitment Date") a written mortgage 34 commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan association, bank, or other authorized financial 35 institution, in the amount of (check one) 🞏 $ OR 🞏 % [percent] of the Purchase Price, the interest rate (or initial interest rate if an adjustable rate 36 mortgage) not to exceed % per year, amortized over years, payable monthly, loan fee not to exceed %, plus appraisal and credit report fee, if any
MORTGAGE CONTINGENCY. Buyer will make diligent, good faith efforts to obtain a written commitment for a mortgage loan (“Mortgage”) from a bank or other institutional lender on or before (“Mortgage Contingency Date”). Buyer will provide Seller and Broker, no later than the Mortgage Contingency Date, with a copy of any written commitment for a Mortgage obtained by Buyer. Buyer will pay all application fees, points (not to exceed ), and other charges in accordance with the policies established by the applicable lender.
(a) Loan Amount $ (b) Maximum initial interest rate % per annum.
(c) Minimum term years. Types of mortgage: (CHECK THE FOLLOWING AS APPLICABLE) Conventional Fixed Rate CHFA FHA Other (Describe) Conventional Variable Rate VA Seller (Attach Seller Financing Addendum) If Buyer cannot obtain a written commitment for the Mortgage (free of any conditions that are unacceptable to Buyer), Buyer may terminate this Agreement by providing Seller and Broker, not later than the Mortgage Contingency Date, with written notice of Buyer's inability to obtain such commitment. If Buyer does not elect to so terminate, then this Agreement will remain in full force and effect, unless Seller, within seven (7) days from the Mortgage Contingency Date, gives written notice to Buyer and Broker that Seller has elected to terminate this Agreement as a result of Buyer's inability to obtain such commitment. If either party so terminates this Agreement, then all deposits will be returned to Buyer, and the obligations of the parties under this Agreement shall end. If Buyer applies for a different type of mortgage other than Conventional, Buyer shall provide Seller with prompt, written notice of such application. Seller shall have three (3) business days after receiving such written notice within which to elect to terminate this Agreement as a result of Buyer’s application for a different type of mortgage than that checked above.
MORTGAGE CONTINGENCY. (Purchaser must initial either “a.” or “b.”). Purchaser’s obligation to purchase the Property under the Contract (check one):
a. IS NOT contingent upon obtaining financing for the purchase of the Property;
b. IS contingent upon obtaining financing in the amount of for the purchase of the Property. The Purchaser shall make written application for said financing within 5 business days of the execution of the Contract and shall provide to the Seller documentation of such application. Failure to provide to the Seller documentation of such written application within said 5 business days, shall constitute consent for the escrow agent to release the EMD to Seller without further notification to the Purchaser, but shall not release the Purchaser from any obligations under the Contract, except as the Seller may determine within its sole and absolute discretion. If the Seller does not receive written notice from the Purchaser of approval or rejection for the Purchaser’s financing within 15 business days of written application, the financing contingency shall be deemed removed and the EMD shall be retained by Seller if the Purchaser fails to close on the transaction. If, after the Purchaser has made a timely and complete financing application with a lender, said application is rejected in writing by the lender within the terms of the financing contingency, the Contract shall be deemed null and void and neither party shall have any further rights or obligations or liabilities and the EMD shall be returned to purchaser; provided, however, that the Purchaser shall provide a copy of the written rejection to the Seller within 1 day after receiving the written rejection, has acted in good faith, and has otherwise complied with the terms and conditions of the Sales Contract.
