NEW MORTGAGE. ❑ (CONV) ❑ (FHA) ❑ (VA) ❑ (Other) _. This Purchase Agreement is contingent upon the BUYERS obtaining a written commitment for a first real estate mortgage for % of the purchase price with interest on the promissory note secured thereby of not more than % amortized over a term of not less than _____ years. BUYERS agree to pay all customary loan costs. BUYERS agree upon acceptance of this offer to make application within three (3) business days for such mortgage with a commercial mortgage lender and to exercise good faith efforts to obtain a mortgage commitment as above provided. Upon receiving written loan commitment, (supported by the lender's required appraisal), BUYERS shall release this contingency in writing. If BUYERS have not delivered a written financing contingency release containing the above terms, or terms acceptable to SELLERS on or before , 20 , at (❑A.M. ❑P.M.) either SELLERS or BUYERS may declare this Purchase Agreement null and void and all payments made hereunder shall be returned. BUYERS shall pay the balance of the purchase price at the time of the closing by combination of BUYERS' personal funds and the net mortgage proceeds. ❑ BUYERS have credit approval from (lender), _ (loan officer) subject to the terms and conditions of the attached approval letter. Copy of Approval is attached.
Appears in 4 contracts
Samples: Residential Real Estate Purchase Agreement, Residential Real Estate Purchase Agreement, Residential Real Estate Purchase Agreement
