Common use of MORTGAGE CONTINGENCY Clause in Contracts

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. (Delete if inapplicable) (a) The obligations of Purchaser hereunder are conditioned upon issuance on or before , ,   (the “Commit- ment Commitment Date”) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loan, other than Than a VA, FHA or other governmentally insured loan, loan to Purchaser, at Purchaser’s sole cost and expense, of $ $  or such lesser sum as Purchaser shall be willing to accept, accept at the prevailing fixed rate of interest not to exceed   or initial adjustable adjustment rate of interest not to exceed   for a term of at least   years and on other customary commitment terms, whether or not conditional conditioned upon any factors other than an appraisal satisfactory to the Institutional Lender, secured by a first mortgage on the Unit together with its undivided interest in the Common Elements. Purchaser shall (ai) make prompt application to an Institutional Lender for such mortgage loan, (bii) furnish accurate and complete information regarding on Purchaser and members of Purchaser’s family, as required, (ciii) pay all fees, points and charges required in connection with such application and loan, (div) pursue such application with diligence, (ev) cooperate in good faith with such Institutional Lender to obtain the end of securing such commitment first mortgage loan and (1vi) 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 Contract by giving Notice to Seller within 5 business days after the Commitment Date, in which case this contract Contract shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations obligation or liabilities to, the other by reason of this contract, Contract except that the Downpayment shall be promptly refunded to Purchaser and except as set forth in paragraph 27para. 21. If Purchaser fails to give notice Notice of cancellation or if Purchaser shall accept a commitment that does not comply with the terms set forth above, then the Purchaser shall be deemed to have waived Purchaser’ s ’s right to cancel this contract Contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraphpara. 22.

MORTGAGE CONTINGENCY. This Contract is contingent upon Buyer securing by , 20 (Delete if inapplicable"First Commitment Date") The obligations of Purchaser hereunder are conditioned upon issuance on 45 a firm written mortgage commitment for a fixed rate or before an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan 46 association, bank, (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 loanauthorized financial institution, to Purchaserin the amount of (strike one) $ OR % [percent] of the Purchase 47 Price, at Purchaser’s sole cost and expense, of $ the interest rate (or such lesser sum as Purchaser shall be willing to accept, at the prevailing fixed initial interest rate of interest if an adjustable rate mortgage) not to exceed or initial adjustable rate of interest % per year, amortized over years, payable 48 monthly, loan fee not to exceed %, plus appraisal and credit report fee, if any ("Required Commitment"). If the mortgage secured by the 49 Required Commitment has a balloon payment, it shall be due no sooner than years. Buyer shall pay for private mortgage insurance as 50 required by the lending institution. If a term of at least years and on other customary commitment termsFHA or VA mortgage is to be obtained, whether Rider 8, Rider 9, or not conditional upon any factors other than an appraisal satisfactory to the Institutional Lender. Purchaser HUD Rider 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 be attached to (1) promptly give Notice If Buyer is unable to obtain the Required Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on 52 or before that Date. Thereafter, Seller may, within 30 business days after the First Commitment Date ("Second Commitment Date"), secure the 53 Required Commitment for Buyer upon the same terms, and may extend the Closing Date by 30 business days. The Required Commitment may be 54 given by Seller or a third party. Buyer shall furnish all requested credit information, sign customary documents relating to the application and 55 securing of the name Required Commitment, and address of each Institutional Lender pay one application fee as directed by Seller. Should Seller choose not to which Purchaser has made such application. Purchaser shall comply with all requirements of such commitment secure the Required (or of any other commitment accepted by Purchaser2) and shall furnish 57 If Buyer notifies Seller with a copy thereof promptly after receipt thereof. If such commitment is not issued on or before the First Commitment Date that Buyer has been unable to obtain the Required Commitment, and neither Buyer 58 nor Seller secures the Required Commitment on or before the Second Commitment Date, then, unless Purchaser has accepted a commitment that this Contract shall be null and void and the Xxxxxxx Money (3) If Buyer does not comply with the requirements set forth above, Purchaser may cancel this contract by giving Notice provide any notice to Seller within 5 business days after by the First 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 Buyer shall be deemed to have waived Purchaser’ s right to cancel 60 this contract contingency and to receive a refund of the Downpayment by reason of the contingency contained this Contract shall remain in this paragraphfull force and effect.

MORTGAGE CONTINGENCY. (Delete if inapplicable) (a) The obligations of Purchaser hereunder are conditioned upon issuance on or before , ,   (the “Commit- ment Com-mitment Date”) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loan, other than Than a VA, FHA or other governmentally insured loan, loan to Purchaser, at Purchaser’s sole cost and expense, of $ $  or such lesser sum as Purchaser shall be willing to accept, accept at the prevailing fixed rate of interest not to exceed   or initial adjustable adjustment rate of interest not to exceed   for a term of at least   years and on other customary commitment terms, whether or not conditional conditioned upon any factors other than an appraisal satisfactory to the Institutional Lender, secured by a first mortgage on the Unit together with its undivided interest in the Common Elements. Purchaser shall (ai) make prompt application to an Institutional Lender for such mortgage loan, (bii) furnish accurate and complete information regarding on Purchaser and members of Purchaser’s family, as required, (ciii) pay all fees, points and charges required in connection with such application and loan, (div) pursue such application with diligence, (ev) cooperate in good faith with such Institutional Lender to obtain the end of securing such commitment first mortgage loan and (1vi) 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 Contract by giving Notice to Seller within 5 business days after the Commitment Date, in which case this contract Contract shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations obligation or liabilities to, the other by reason of this contract, Contract except that the Downpayment shall be promptly refunded to Purchaser and except as set forth in paragraph 27para. 21. If Purchaser fails to give notice Notice of cancellation or if Purchaser shall accept a commitment that does not comply with the terms set forth above, then the Purchaser shall be deemed to have waived Purchaser’ s ’s right to cancel this contract Contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraphpara. 22.

MORTGAGE CONTINGENCY. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned upon issuance on or before [month, date, year], (the “Commit- ment ''Commitment 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 '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 '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 (1f) 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 '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. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned This Agreement is contingent upon issuance on or before , , (the “Commit- ment Date”) of BUYER obtaining a written commitment from for a loan without any Institutional Lender pursuant condition(s) beyond BUYER’S reasonable ability to which such Institutional Lender agrees satisfy, to make be secured by a first mortgage loanon the Premises, other than in such an amount for which BUYER shall apply which shall not be in excess of $______________ from a VAlending institution or licensed mortgage broker, FHA or other governmentally insured loan, to Purchaser, at Purchaser’s sole cost and expense, of $ or such lesser sum as Purchaser which loan 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 termsshall bear interest at a rate not to exceed _____ or prevailing rate, whether or not conditional upon any factors other than an appraisal satisfactory at a fixed/variable rate at the institution where application is made. BUYER agrees to the Institutional Lender. Purchaser shall (a) make prompt application to an Institutional Lender for such mortgage loan, (b) furnish accurate a loan 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) to pursue such said application with diligence. If having done so, (e) cooperate in good faith with such Institutional Lender BUYER is unable to obtain a written commitment for 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 loan on or before ________________________, 201____, and if BUYER so notifies SELLER or SELLER's attorney, as provided in Paragraph 32, at or before 6:00 p.m., on said date, then SELLER shall have the Commitment Dateoption to extend the mortgage contingency date or terminate this Agreement, thenwhich shall then be null and void, unless Purchaser has accepted and the BUYER shall be entitled to the immediate return by SELLER of all sums paid by the BUYER on account of this Agreement except for the sum of Four Hundred Fifty ($450.00) Dollars towards the cost of preparation of this Agreement. If BUYER exercises this mortgage contingency, Buyer must provide a letter from Buyer’s lender that demonstrates that Buyer could not obtain a written loan commitment without conditions that does are beyond Buyer’s reasonable ability to satisfy. If SELLER or SELLER's attorney do not receive such notice as provided in Paragraph 32 at or before 6:00 p.m. on said date, this Agreement shall remain in full force and effect. The foregoing notwithstanding, a denial of BUYER's mortgage application based solely upon the BUYER's inability to sell other real estate or another home, or a written commitment conditioned solely on the sale of other real estate or another home, shall NOT be deemed a denial of such mortgage application under this paragraph. In either of such events the BUYER shall not be entitled to terminate this Agreement nor be entitled to the return of any sums paid by the BUYER on account of this Agreement. Should the BUYER fail to comply with the requirements set forth aboveforegoing requirements, Purchaser may cancel this contract by giving Notice to Seller within 5 business days after Agreement shall continue in full force and effect, and the Commitment Date, in which case this contract rights and obligations of the parties shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations or liabilities to, the other by reason of as if 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 Paragraph 5 did 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 appear in this paragraphAgreement.

MORTGAGE CONTINGENCY. This Contract is contingent upon Buyer obtaining a firm written mortgage commitment (Delete if inapplicableexcept for matters of title and survey or matters totally within Buyer’s control) The obligations of Purchaser hereunder are conditioned upon issuance on or before , , 20 for a (the “Commit- ment Date”choose one) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loan, fixed adjustable; (choose one) conventional other than a VA, FHA or other governmentally insured loan, to Purchaser, at Purchaser’s sole cost and expense, loan of $ or such lesser sum amount as Purchaser Buyer elects to take, plus private mortgage insurance (PMI), if required. The interest rate (initial rate, if applicable) shall be willing to acceptnot exceed % per annum, at the prevailing fixed rate of interest amortized over not less than years. Buyer shall pay loan origination fee and/or discount points 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 loan amount. Buyer shall pay the cost of application, usual and address of each Institutional Lender to which Purchaser has made such applicationcustomary processing fees and Closing costs charged by lender. Purchaser Buyer shall comply with all requirements of such commitment make written loan application within five (or of any other commitment accepted by Purchaser5) 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 DateDate of Acceptance. Failure to do so shall constitute an act of default under this Contract. If Buyer, in which case having applied for the loan specified above, is unable to obtain such loan commitment and serves written notice to Seller within the time specified, this contract Contract shall be deemed cancelled null 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 27void. If Purchaser fails to give written notice of cancellation or if Purchaser shall accept a inability to obtain such loan commitment that does is not comply with served within the terms set forth abovetime specified, then Purchaser Buyer shall be deemed to have waived Purchaser’ s right this contingency and this Contract shall remain in full force and effect. This Contract shall not be contingent upon the sale and/or closing of any existing real estate. Buyer shall be deemed to cancel have satisfied the financing conditions of this contract paragraph if Buyer obtains a loan commitment in accordance with the terms of this paragraph even though the loan is conditioned on the sale and/or closing of any existing real estate. If Seller at Seller’s option and expense, within thirty (30) days after Buyer’s notice, procures for Buyer such commitment or notifies Buyer that Seller will accept a purchase money mortgage upon the same terms, this Contract shall remain in full force and effect. In such event, Seller shall notify Buyer within five (5) Business Days after Buyer’s notice of Seller’s election to provide or obtain such financing, and Buyer shall furnish to Seller or lender all requested information and shall sign all papers necessary to obtain the mortgage commitment and to receive a refund of close the Downpayment by reason of the contingency contained in this paragraphloan.

MORTGAGE CONTINGENCY. (Delete if inapplicable) (a) The obligations of Purchaser hereunder are conditioned upon issuance on or before , , (the “Commit- ment Com-mitment Date”) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loan, other than Than a VA, FHA or other governmentally insured loan, loan to Purchaser, at Purchaser’s sole cost and expense, of $ or such lesser sum as Purchaser shall be willing to accept, accept at the prevailing fixed rate of interest not to exceed or initial adjustable adjustment rate of interest not to exceed for a term of at least years and on other customary commitment terms, whether or not conditional conditioned upon any factors other than an appraisal satisfactory to the Institutional Lender, secured by a first mortgage on the Unit together with its undivided interest in the Common Elements. Purchaser shall (ai) make prompt application to an Institutional Lender for such mortgage loan, (bii) furnish accurate and complete information regarding on Purchaser and members of Purchaser’s family, as required, (ciii) pay all fees, points and charges required in connection with such application and loan, (div) pursue such application with diligence, (ev) cooperate in good faith with such Institutional Lender to obtain the end of securing such commitment first mortgage loan and (1vi) 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 Contract by giving Notice to Seller within 5 business days after the Commitment Date, in which case this contract Contract shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations obligation or liabilities to, the other by reason of this contract, Contract except that the Downpayment shall be promptly refunded to Purchaser and except as set forth in paragraph 27para. 21. If Purchaser fails to give notice Notice of cancellation or if Purchaser shall accept a commitment that does not comply with the terms set forth above, then the Purchaser shall be deemed to have waived Purchaser’ s ’s right to cancel this contract Contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraphpara. 22.

MORTGAGE CONTINGENCY. (Delete if inapplicablea) The obligations It is agreed that Purchaser shall within thirty (30) days from the expiration of Purchaser hereunder are conditioned upon issuance on the Due Diligence Period obtain a commitment from one or before more lending institutions (collectively, , (the “Commit- ment DateFirst Lender”) for acquisition and construction loans (collectively, the “Mortgage Loan”) in the estimated principal amount of $30,000,000.00 for a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loanmaximum period of thirty (30) years, 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 with interest not to exceed or initial adjustable the higher of the present prevailing rate of interest not for commercial mortgage loans or the prevailing rate of interest at the time of Closing. Purchaser further agrees to exceed for a term of at least years promptly furnish all credit information required by the First Lender and on any other customary commitment termsproper authority where required, whether or not conditional upon any factors other than an appraisal satisfactory to render truthful and accurate statements to the Institutional LenderFirst Lender and to execute all necessary papers and documents necessary for the procurement of the Mortgage Loan in a timely fashion. It is understood and agreed that all costs, fees and financing charges relating to the Mortgage Loan shall be paid by Purchaser. The Purchaser shall (a) make prompt application deliver to an Institutional Seller, upon its request, copies of any correspondence from the First Lender for such mortgage loan, (b) furnish accurate and complete information regarding Purchaser and members relating to the status 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 's Mortgage Loan application. In the event that Purchaser fails to obtain such a commitment for the Mortgage Loan within thirty (30) days from the expiration of the Due Diligence Period, this Agreement may be terminated by Purchaser upon notification in writing to the other party provided that Purchaser's right to terminate this Agreement shall be subject to: (i) the diligent compliance by Purchaser of its obligations herein to apply for the Mortgage Loan and provide any information or documentation requested by the First Lender; and (1ii) promptly give Notice to receipt by 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 Purchaser's termination notice within five (or of any other commitment accepted by Purchaser5) 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 end of the thirty (30) day period following the expiration of the Due Diligence Period as provided herein for Purchaser to obtain the Mortgage Loan. Purchaser's failure (or election not) to give such notice of termination shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations or liabilities to, the other by reason a conclusive waiver of such right to terminate. Upon such termination this contract, except that the Downpayment Agreement shall be promptly refunded null and, void and Purchaser shall be entitled to Purchaser and a refund of all sums paid on account of the purchase price, except as set forth in paragraph 27Article 2.1(b). If Purchaser fails agrees to give notice forward to Seller a copy of cancellation or any commitment it receives from the First Lender which has agreed to make the Mortgage Loan. (b) Upon request of the First Lender, the Security Agreement from Purchaser to Seller shall be subordinate to the Mortgage Loan and all amendments, modifications, consolidations, spreaders, and extensions thereof and to all advances thereunder. Notwithstanding the foregoing, if Purchaser shall accept a commitment that the First Lender does not comply with permit Seller to have the terms set forth aboveSecurity Agreement recorded against the Property to secure any future payments of the Purchase Price or portions thereof, then Purchaser shall be deemed provide Seller with a first priority pledge and security interest in all direct and indirect interests of Purchaser. In addition, Seller shall execute and deliver an intercreditor agreement in a form reasonably satisfactory to have waived Purchaser’ s Seller, which (i) provides Seller with notice and cure periods with respect to all defaults under the Mortgage Loan, (ii) gives Seller the right to cancel this contract commence an enforcement action against the Collateral without causing a default under the Mortgage Loan, (iii) gives Seller the option to become the borrower under the Mortgage Loan, and to receive (iv) provides that Seller may only commence a refund foreclosure of the Downpayment Security Agreement with the prior written consent of First Lender and subject to the terms and conditions of a subordination agreement to be executed and delivered by reason of Seller to the contingency contained in this paragraphFirst Lender.

MORTGAGE CONTINGENCY. (Delete if inapplicable) (a) The obligations of Purchaser hereunder are conditioned upon issuance on or before , , (the “Commit- ment Commitment 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 Purchaserpurchaser, 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. For purposes of this contract, the term “Institutional Lender” shall mean any bank, savings bank, private banker, trust company, savings and loan association, credit union or similar banking institution whether organized under the laws of this state, the United States or any other state; foreign banking corporation licensed by the Superintendent of Banks of New York or the Comptroller of the Currency to transact business in New York State; insurance company duly organized or licensed to do business in New York State; mortgage banker licensed pursuant to Article 12-D of the Banking Law; and any instrumentality created by the United States or any state with power to make mortgage loans. Purchaser shall (ai) make prompt application to an Institutional Lender for such mortgage loan, (b) furnish ii)furnish accurate and complete information regarding Purchaser and members of Purchaser’s family, as required, (ciii) pay all fees, points and charges required in connection with such application and loan, (div) pursue such application with due diligence, (ev) cooperate in good faith with such Institutional Lender to obtain such commitment and (1vi) 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 canceled 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 the 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 ’s right to cancel this contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraphparagraph.(Delete if inapplicable) (b) Purchaser and Seller agree that the submission of an application to a mortgage broker registered pursuant to Article 12-D of the New York Banking Law (“Mortgage Broker”) shall constitute full compliance with the terms and conditions set forth in paragraph 8(a)(i) of this contract, and that Purchaser’s cooperation in good faith with such Mortgage Broker to obtain a commitment from an Institutional Lender (together with Purchaser’s cooperation in good faith with any Institutional Lender to which Purchaser’s application has been submitted by such Mortgage Broker), and the prompt giving of Notice by Purchaser to Seller of the name and address of each Mortgage Broker to which Purchaser has submitted such an application, shall constitute full compliance with the terms and conditions as set forth in paragraph 8(a)(v) and (vi) of this contract.

MORTGAGE CONTINGENCY. (Delete if inapplicable) (a) The obligations of Purchaser hereunder are conditioned upon issuance on or before , , (the “Commit- ment Com- mitment Date”) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender Xxxxxx agrees to make a first mortgage loan, other than Than a VA, FHA or other governmentally insured loan, loan to Purchaser, at Purchaser’s sole cost and expense, of $ or such lesser sum as Purchaser shall be willing to accept, accept at the prevailing fixed rate of interest not to exceed or initial adjustable adjustment rate of interest not to exceed for a term of at least years and on other customary commitment terms, whether or not conditional conditioned upon any factors other than an appraisal satisfactory to the Institutional Lender, secured by a first mortgage on the Unit together with its undivided interest in the Common Elements. Purchaser shall (ai) make prompt application to an Institutional Lender for such mortgage loan, (bii) furnish accurate and complete information regarding on Purchaser and members of Purchaser’s family, as required, (ciii) pay all fees, points and charges required in connection with such application and loan, (div) pursue such application with diligence, (ev) cooperate in good faith with such Institutional Lender to obtain the end of securing such commitment first mortgage loan and (1vi) 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 Contract by giving Notice to Seller within 5 business days after the Commitment Date, in which case this contract Contract shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations obligation or liabilities to, the other by reason of this contract, Contract except that the Downpayment shall be promptly refunded to Purchaser and except as set forth in paragraph 27para. 2 1. If Purchaser fails to give notice Notice of cancellation or if Purchaser shall accept a commitment that does not comply with the terms set forth above, then the Purchaser shall be deemed to have waived Purchaser’ s ’s right to cancel this contract Contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraphpara. 22.

MORTGAGE CONTINGENCY. This Contract is contingent upon Buyer obtaining a firm written mortgage commitment (Delete if inapplicableexcept for matters of title and survey or matters totally within Buyer’s control) The obligations of Purchaser hereunder are conditioned upon issuance on or before October 31, , 2014 for a (the “Commit- ment Date”choose one) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loan, X fixed adjustable : (choose one) conventional other than a VA, FHA or other governmentally insured loan, to Purchaser, at Purchaser’s sole cost and expense, loan of $ 65% loan to value or such lesser sum amount as Purchaser Buyer elects to take, plus private mortgage insurance (PMI), if required. The interest rate (initial rate, if applicable) shall be willing to acceptnot exceed 4.00 % per annum, at the prevailing fixed rate of interest amortized over not less than 25 years. Buyer shall pay loan origination fee and /or discount points 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 0.00 % of the name loan amount. Buyer shall pay the cost of application, usual and address of each Institutional Lender to which Purchaser has made such applicationcustomary processing fees and Closing costs charged by lender. Purchaser Buyer shall comply with all requirements of such commitment make written loan application within five (or of any other commitment accepted by Purchaser5) 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 DateDate of Acceptance. Failure to do so shall constitute an act of default under this Contract. If Buyer, in which case having applied for the loan specified above, is unable to obtain such loan commitment and serves written notice to Seller within the time specified, this contract Contract shall be deemed cancelled null 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 27void. If Purchaser fails to give written notice of cancellation or if Purchaser shall accept a inability to obtain such loan commitment that does is not comply with served within the terms set forth abovetime specified, then Purchaser Buyer shall be deemed to have waived Purchaser’ s right this contingency and this Contract shall remain in full force and effect. Unless otherwise provided herein, this Contract shall not be contingent upon the sale and/or closing of Buyer’s existing real estate. Buyer shall be deemed to cancel have satisfied the financing conditions of this contract paragraph if Buyer obtains a loan commitment in accordance with the terms of this paragraph even though the loan is conditioned on the sale and/or closing of Buyer’s existing real estate. ______________ Buyer Initial______________ Buyer Initial _____________ Seller Initial______GG________ Seller Initial Address XX Xxxxxx Xxxxx 00 & Xxxxxx Xxxx, XxXxxxx Xxxxxx Exhibit 10.1 If Seller at Seller’s option and expense, within thirty (30) days after Buyer’s notice, procures for Buyer such commitment or notifies Buyer that Seller will accept a purchase money mortgage upon the same terms, this Contract shall remain in full force and effect. In such event, Seller shall notify Buyer within five (5) Business Days after Buyer’s notice of Seller’s election to provide or obtain such financing, and Buyer shall furnish to Seller or lender all requested information and shall sign all papers necessary to obtain the mortgage commitment and to receive a refund of close the Downpayment by reason of the contingency contained in this paragraphloan.

MORTGAGE CONTINGENCY. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned upon issuance on or before , 45 days after Purchaser’s attorney’s receipt of a fully executed Contract, (the “Commit- ment Commitment 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 $ $287,200.00 or such lesser sum as Purchaser shall be willing to accept, at the prevailing fixed rate of interest not to exceed the going rate or initial adjustable rate of interest not to exceed the going rate for a term of at least thirty years or less 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 (1f) 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 either party may cancel this contract by giving Notice notice to Seller within 5 business days after the Commitment Dateother, in writing, in which case this contract shall be deemed cancelled and thereafter neither party shall have any further rights againstrights, 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. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned upon issuance on or before [month, date, year], (the “Commit- ment ''Commitment 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 '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 '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 (1f) 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 '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. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned upon issuance on or before  ,  , (the “Commit- ment Commitment 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  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. This Contract is contingent upon Buyer securing by _30 days post acceptance , 20_10 (Delete "First Commitment Date") a 33 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 34 association, bank, or other authorized financial institution, in the amount of $_97% ltv , the interest rate (or initial interest rate if inapplicablean 35 adjustable rate mortgage) The obligations of Purchaser hereunder are conditioned upon issuance not to exceed _5 % per year, amortized over 30 years, payable monthly, loan fee not to exceed _na %, plus 36 appraisal and credit report fee, if any ("Required Commitment"). If the mortgage secured by the Required Commitment has a balloon payment, it 37 shall be due no sooner than _na years. Buyer shall pay for private mortgage insurance as required by the lending institution. If a FHA or VA (1) If Buyer is unable to obtain the Required 39 Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on or before that Date. Thereafter, Seller may, within 30 business 40 days after the First Commitment Date ("Second Commitment Date"), secure the “Commit- ment Date”) Required Commitment for Buyer upon the same terms, and may 41 extend the Closing Date by 30 business days. The Required Commitment may be given by Seller or a third party. Buyer shall furnish all requested 42 credit information, sign customary documents relating to the application and securing of a written commitment from any Institutional Lender pursuant the Required Commitment, and pay one application fee as 43 directed by Seller. Should Seller choose not to which such Institutional Lender agrees to make a first mortgage loansecure the Required Commitment for Buyer, 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 this Contract 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 null 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, void 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 First (or of any other commitment accepted by Purchaser2) and shall furnish If Buyer notifies Seller with a copy thereof promptly after receipt thereof. If such commitment is not issued on or before the First Commitment Date that Buyer 45 has been unable to obtain the Required Commitment, and neither Buyer nor Seller secures the Required Commitment on or before the Second (3) If Buyer does not provide any notice to 47 Seller by the First 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 Buyer shall be deemed to have waived Purchaser’ s right to cancel this contract contingency and to receive a refund of the Downpayment by reason of the contingency contained this Contract shall remain in this paragraphfull force and effect.

MORTGAGE CONTINGENCY. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned conditional upon issuance on or before , 20 , (the “Commit- ment Commitment 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 per centum or initial adjustable rate of interest not to exceed per centum 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, 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 (1f) 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 term set forth above, then Purchaser shall be deemed to have waived Purchaser’ s ’s right to cancel this contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraph.