Common use of Procedure if Loan Application is denied Clause in Contracts

Procedure if Loan Application is denied. If Buyer receives written notice from the Lender that the Lender does not approve the Loan (a "Loan Denial"), Buyer shall, no later than three calendar days thereafter, provide a copy to Seller. Buyer or Seller may, within three calendar days after Seller=s receipt of such notice, cancel this Contract by providing written notice to the other party. In the event of a cancellation under this Section 2.3(b): (i) if the Loan Denial was received by Buyer on or before the Xxxxxxx Money Forfeiture Deadline referenced in Section 24(d), the Xxxxxxx Money Deposit shall be returned to Buyer; (ii) if the Loan Denial was received by Buyer after the Xxxxxxx Money Forfeiture Deadline, Buyer agrees to forfeit, and Seller agrees to accept as Seller's exclusive remedy, the Xxxxxxx Money as liquidated damages. A failure to cancel as provided in this Section 2.3(b) shall have no effect on the Financing Condition set forth in Section 2.2(a). Cancellation pursuant to the provisions of any other section of this Contract shall be governed by such other provisions.

Procedure if Loan Application is denied. If Buyer receives written notice from the Lender that the Lender does not approve the Loan (a "Loan Denial"), Buyer shall, no later than three calendar days thereafter, provide a copy to Seller. Buyer or Seller may, within three calendar days after Seller=s receipt of such notice, cancel this Contract by providing written notice to the other party. In the event of a cancellation under this Section 2.3(b): (i) if the Loan Denial was received by Buyer on or before the Xxxxxxx Exxxxxx Money Forfeiture Deadline referenced in Section 24(d), the Xxxxxxx Exxxxxx Money Deposit shall be returned to Buyer; (ii) if the Loan Denial was received by Buyer after the Xxxxxxx Exxxxxx Money Forfeiture Deadline, Buyer agrees to forfeit, and Seller agrees to accept as Seller's exclusive remedy, the Xxxxxxx Exxxxxx Money as liquidated damages. A failure to cancel as provided in this Section 2.3(b) shall have no effect on the Financing Condition set forth in Section 2.2(a). Cancellation pursuant to the provisions of any other section of this Contract shall be governed by such other provisions.

Procedure if Loan Application is denied. If Buyer receives written notice from the Lender that the Lender does not approve the Loan (a "Loan Denial"), Buyer shall, shall no later than three calendar days thereafter, provide a copy to Seller. the Seller/ Buyer or of Seller may, within three calendar days after Seller=s 's receipt of such notice, cancel this Contract by providing written notice to the other party. In the event of a cancellation under this Section 2.3(b): (i) if the Loan Denial was received by Buyer on or before the Xxxxxxx Earnest Money Forfeiture Deadline referenced in Section 24(d), the Xxxxxxx Money Deposit Earnest Mxxxx Xeposit shall be returned to Buyer; , (ii) if the Loan Denial was received by Buyer after the Xxxxxxx Earnest Money Forfeiture Deadline, Buyer agrees to forfeit, and Seller agrees to accept as Seller's exclusive remedy, the Xxxxxxx Money as Earnest Mxxxx xx liquidated damages. A failure to cancel as provided in this Section 2.3(b) shall have no effect on the Financing Condition set forth in Section 2.2(a). Cancellation pursuant to the provisions of any other section of this Contract shall be governed by such other provisions.

Procedure if Loan Application is denied. If Buyer receives written notice from the Lender that the Lender does not approve the Loan (a "Loan Denial"), Buyer shall, no later than three calendar days thereafter, provide a copy to Seller. Buyer or Seller may, within three calendar days after Seller=s 's receipt of such notice, cancel this Contract by providing written notice to the other party. In the event of a cancellation under this Section 2.3(b): ); (i) if the Loan Denial was received by Buyer on or before the Xxxxxxx Earnest Money Forfeiture Deadline Xxxxxxne referenced in Section 24(d), the Xxxxxxx Earnest Money Deposit shall be shxxx xx returned to Buyer; (ii) if the Loan Denial was received by Buyer after the Xxxxxxx Earnest Money Forfeiture DeadlineXxxxxxxe, Buyer agrees to forfeit, and Seller agrees to accept as Seller's exclusive remedy, the Xxxxxxx Earnest Money as liquidated lxxxxxxxed damages. A failure to cancel as provided in this Section 2.3(b) shall have no effect on the Financing Condition set forth in Section 2.2(a). Cancellation pursuant to the provisions of any other section of this Contract shall be governed by such other provisions.