Common use of Mortgage Contingency Clause in Contracts

Mortgage Contingency. 15.(a) 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. 15.(a) 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. 15.(a) 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. 15.(a) PURCHASER's obligation under this Contract This contract is subject to, to and contingent uponupon the Purchaser, the PURCHASER obtaining, procuring at PURCHASER's its own cost and expense, expense a mortgage commitment in writing for a conventional first mortgage loan in the sum principal amount of $ , repayable over a period of thirty (30) years with interest $2,800,000.00 at the prevailing rate per annumof interest to be repaid over a term of not less than twenty (20) years from the closing of title. In the event that such mortgage loan commitment is not issued or declined within forty five (45) days from the date hereof; the Seller shall have the option to cancel this agreement or to extend the time for the Purchaser to obtain such commitment for an additional fifteen (15) days. In the event that no mortgage commitment is issued during the original period and the Seller has refused to extend the time to obtain the same, as the Purchaser shall have the option to cancel this agreement. In the event that Seller has extended the period and no mortgage commitment is issued within such extended time, then either party hereto shall have the right and option to terminate this agreement; provided, however, that notification of the exercise of such option shall be then charged in writing and delivered prior to the receipt 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 Purchaser 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 contract shall be deemed null and void at the option of either party to this Contractso terminated, 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 on account hereof shall be returned to the Purchaser and thereafter, neither party shall have any claim against the other or the subject premises as a result of this Contractagreement. If, however, prior The Purchaser agrees to actual denial make application for such mortgage financing within ten (l0) days from the date of PURCHASER's mortgage application, PURCHASER elects to cancel delivery of a fully executed counterpart of this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASERPurchaser'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 and to diligently pursue PURCHASERsame. Purchaser agrees, upon request, to keep Seller or Seller's attorney informed currently of the progress of its application, to complete all forms reasonably required by the mortgage lender and to use its best efforts to obtain such mortgage commitmentcommitment within the time provided above. A copy of said commitment shall be forwarded to Seller's attorney by Purchaser promptly upon receipt of same.