Common use of MORTGAGE CONTINGENCY Clause in Contracts

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.

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 xxxxxxx money deposit 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 xxxxxxx money deposit 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 Sales Contract shall be deemed null and void and neither party shall have any further rights or obligations or liabilities and the EMD xxxxxxx money 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.