Mortgage Loan Commitment Sample Clauses
A Mortgage Loan Commitment clause outlines the lender's formal agreement to provide a mortgage loan to the borrower under specified terms and conditions. This clause typically details the loan amount, interest rate, repayment schedule, and any contingencies that must be satisfied before the loan is finalized, such as property appraisal or borrower credit approval. Its core function is to provide assurance to both parties that financing will be available for the property purchase, thereby reducing uncertainty and facilitating the completion of the transaction.
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Mortgage Loan Commitment. The Lender agrees to make a loan to the Borrower (the “Mortgage Loan”) on July 1, 2020, in the amount of the Mortgage Loan Commitment. The Commitment of the Lender to make the Mortgage Loan shall expire concurrently with the making of the Mortgage Loan. The entire unpaid balance of the Mortgage Loan shall be immediately due and payable in full in immediately available funds on the Mortgage Loan Maturity Date if not sooner paid in full.
(c) Subsection 2.03(c) is hereby added to the Agreement as follows:
Mortgage Loan Commitment. Upon satisfaction of the conditions contained in Sections 3.1, 3.2 and 3.4 hereof, at any time prior to September 30, 1997, the Bank agrees, subject to the terms and conditions of this Agreement, to make the Mortgage Loan to the Company, in such amounts as the Company requests pursuant to Section 2.3, in an amount not to exceed the Mortgage Loan Commitment Amount.
Mortgage Loan Commitment. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties of the Borrower set forth herein and in the other Loan Documents, the Bank agrees to make a Mortgage Loan equal to the Mortgage Loan Commitment. The Mortgage Loan shall be available to the Borrower in a single principal advance on such date as the conditions set forth in Section 3 shall have been satisfied. The Mortgage Loan shall be used by the Borrower to repay its existing mortgage loan. The Mortgage Loan may be prepaid in whole or in part at any time without penalty subject to Section 2.3(d), but shall be due in full on the Mortgage Loan Maturity Date, unless the credit extended under the Mortgage Loan is otherwise accelerated, terminated or extended as provided in this Agreement.
Mortgage Loan Commitment. Buyer will provide Seller a copy of a commitment letter for a mortgage loan on the real property described in Section 8.2.d., subject to receipt of an appraisal and environmental audit, if requested by lender.
Mortgage Loan Commitment. Effective September 30, 1997, the Mortgage Loan Commitment shall be terminated if Borrower has not provided the Bank with:
Mortgage Loan Commitment. The obligation of the Investor Limited Partner to make its Capital Contribution is further predicated on the General Partners having obtained the Mortgage Loan. At the Investor Limited Partner's election, any and all fees paid to the General Partners and their Affiliates from the Investor Limited Partner's Capital Contribution shall be returned to the Partnership and the transactions contemplated by this Agreement shall be rescinded if the General Partners are in default under this Section 3.11.