Common use of Mortgage Contingency Clause in Contracts

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 Agreement is contingent upon Purchaser securing a written commitment for a Conventional, FHA, VA or   first mortgage loan of $ $0.00 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 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 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.