Common use of Purchase Money Financing Clause in Contracts

Purchase Money Financing. Unless Buyer pays all cash for the Property, this Agreement is subject to Buyer qualifying for purchase money financing offered by University Credit Union, the Authorized Lender appointed by Seller pursuant to the PUHLP. Seller, in its sole discretion reasonably exercised, shall determine whether Buyer qualifies for such financing. Buyer agrees to pay Seller’s Document Preparation Fee at the Close, not to exceed $250.00, and to pay all other costs for the Loan(s) shown on Buyer’s Good Faith Estimate(s) prepared by Seller and/or Seller’s Authorized Lender in connection with said financing including, but not limited to, a Lender’s Title Policy. Terms of financing shall be as agreed to by Buyer, Seller and Seller’s Authorized Lender, as set forth in separate Loan Documents to be delivered to Buyer by Seller’s Authorized Lender or Seller no later than five (5) days following the Effective Date. The Installment Note for the First Trust Deed shall be in the principal amount provided in the Recitals above. Such Note shall be secured by a first lien on the Property using a First Deed of Trust. If Second Trust Deed Financing is indicated in the Recitals above, a Second Installment Note secured by a Second Deed of Trust shall be in the principal amount shown, payable on terms and conditions agreed to by Seller and Buyer. Notwithstanding any provision contained in the CC&Rs and/or Ground Lease to the contrary, Buyer agrees and understands that Buyer is prohibited from seeking purchase money financing from any source not authorized by the PUHLP. Buyer acknowledges and accepts that as an inducement for Seller’s Authorized Lender to participate in the PUHLP, Seller has agreed to provide to the Authorized Lender as additional security for Buyer’s purchase money financing a guarantee of Buyer’s performance of Buyer’s obligations under the First Installment Note exercisable by Seller’s Authorized Lender in the event of a default by Buyer under the First Installment Note. Buyer further acknowledges and agrees that in the event of Buyer’s default, the First Installment Note and First Deed of Trust may be assigned to Seller and Seller shall be entitled to legally enforce said instruments. Seller, at its sole option, may modify or substitute new or additional security to Seller’s Authorized Lender at any time

Purchase Money Financing. Unless Buyer pays all cash for the Property, this Agreement is subject to Buyer qualifying for purchase money financing offered by University Credit Union, the Authorized Lender appointed by Seller pursuant to the PUHLP. Seller, in its sole discretion reasonably exercised, shall determine whether Buyer qualifies for such financing. Buyer agrees to pay Seller’s Document Preparation Fee at the Close, not to exceed $250.00, and to pay all other costs for the Loan(s) shown on Buyer’s Good Faith Estimate(s) prepared by Seller and/or Seller’s Authorized Lender in connection with said financing including, but not limited to, a Lender’s Title Policy. Terms of financing shall be as agreed to by Buyer, Seller and Seller’s Authorized Lender, as set forth in separate Loan Documents to be delivered to Buyer by Seller’s Authorized Lender or Seller no later than five (5) days following the Effective Date. The Installment Note for the First Trust Deed shall be in the principal amount provided in the Recitals above. Such Note shall be secured by a first lien on the Property using a First Deed of Trust. If Second Trust Deed Financing is indicated in the Recitals above, a Second Installment Note secured by a Second Deed of Trust shall be in the principal amount shown, payable on terms and conditions agreed to by Seller and Buyer. Notwithstanding any provision contained in the CC&Rs and/or Association Ground Lease to the contrary, Buyer agrees and understands that Buyer is prohibited from seeking purchase money financing from any source not authorized by the PUHLP. Buyer acknowledges and accepts that as an inducement for Seller’s Authorized Lender to participate in the PUHLP, Seller has agreed to provide to the Authorized Lender as additional security for Buyer’s purchase money financing a guarantee of Buyer’s performance of Buyer’s obligations under the First Installment Note exercisable by Seller’s Authorized Lender in the event of a default by Buyer under the First Installment Note. Buyer further acknowledges and agrees that in the event of Buyer’s default, the First Installment Note and First Deed of Trust may be assigned to Seller and Seller shall be entitled to legally enforce said instruments. Seller, at its sole option, may modify or substitute new or additional security to Seller’s Authorized Lender at any time.

Purchase Money Financing. Unless Buyer pays all cash for the Property, this Agreement is subject to Buyer qualifying for purchase money financing offered by University Credit Union, the Authorized Lender appointed by Seller pursuant to the PUHLP. Seller, in its sole discretion reasonably exercised, shall determine whether Buyer Xxxxx qualifies for such financing. Buyer Xxxxx agrees to pay SellerXxxxxx’s Document Preparation Fee at the Close, not to exceed $250.00, and to pay all other costs for the Loan(s) shown on Buyer’s Good Faith Estimate(s) prepared by Seller and/or Seller’s Authorized Lender in connection with said financing including, but not limited to, a LenderXxxxxx’s Title Policy. Terms of financing shall be as agreed to by BuyerXxxxx, Seller Xxxxxx and SellerXxxxxx’s Authorized LenderXxxxxx, as set forth in separate Loan Documents to be delivered to Buyer by Seller’s Authorized Lender Xxxxxx or Seller no later than five (5) days following the Effective Date. The Installment Note for the First Trust Deed shall be in the principal amount provided in the Recitals above. Such Note shall be secured by a first lien on the Property using a First Deed of Trust. If Second Trust Deed Financing is indicated in the Recitals above, a Second Installment Note secured by a Second Deed of Trust shall be in the principal amount shown, payable on terms and conditions agreed to by Seller and Buyer. Notwithstanding any provision contained in the CC&Rs and/or Association Ground Lease to the contrary, Buyer Xxxxx agrees and understands that Buyer is prohibited from seeking purchase money financing from any source not authorized by the PUHLP. Buyer acknowledges and accepts that as an inducement for Seller’s Authorized Lender Xxxxxx to participate in the PUHLP, Seller Xxxxxx has agreed to provide to the Authorized Lender Xxxxxx as additional security for Buyer’s purchase money financing a guarantee of Buyer’s performance of Buyer’s obligations under the First Installment Note exercisable by Seller’s Authorized Lender in the event of a default by Buyer under the First Installment Note. Buyer Xxxxx further acknowledges and agrees that in the event of BuyerXxxxx’s default, the First Installment Note and First Deed of Trust may be assigned to Seller and Seller shall be entitled to legally enforce said instruments. Seller, at its sole option, may modify or substitute new or additional security to Seller’s Authorized Lender at any timetime and from time to time provided that, such modified or substituted security shall not adversely affect in any way Buyer’s right, title, or interest in or to the Property or his use or enjoyment thereof, and shall not adversely affect the priority of such First Deed of Trust. Xxxxx agrees to execute any and all instruments necessary to accomplish any such permitted modification or substitution at no cost to Buyer. Additionally, no modification or substitution shall limit or otherwise adversely affect the rights of the Buyer under the Installment Notes and Deeds of Trust. If Buyer seeks any purchase money financing under the PUHLP, Buyer shall, within five (5) days of signing this Agreement submit to Seller a Loan Application and accompanying information as Seller may reasonably require to evaluate the request for financing, which information shall be maintained confidential by Seller.

Purchase Money Financing. Unless Buyer pays all cash for the Property, this Agreement is subject to Buyer qualifying for purchase money financing offered by University Credit Union, the Authorized Lender appointed by Seller pursuant to the PUHLP. Seller, in its sole discretion reasonably exercised, shall determine whether Buyer qualifies for such financing. Buyer agrees to pay Seller’s Document Preparation Fee at the Close, not to exceed $250.00, and to pay all other costs for the Loan(s) shown on Buyer’s Good Faith Estimate(s) prepared by Seller and/or Seller’s Authorized Lender in connection with said financing including, but not limited to, a Lender’s Title Policy. Terms of financing shall be as agreed to by Buyer, Seller and Seller’s Authorized Lender, as set forth in separate Loan Documents to be delivered to Buyer by Seller’s Authorized Lender or Seller no later than five (5) days following the Effective Date. The Installment Note for the First Trust Deed shall be in the principal amount provided in the Recitals above. Such Note shall be secured by a first lien on the Property using a First Deed of Trust. If Second Trust Deed Financing is indicated in the Recitals above, a Second Installment Note secured by a Second Deed of Trust shall be in the principal amount shown, payable on terms and conditions agreed to by Seller and Buyer. Notwithstanding any provision contained in the CC&Rs and/or Association Ground Lease to the contrary, Buyer agrees and understands that Buyer is prohibited from seeking purchase money financing from any source not authorized by the PUHLP. Buyer acknowledges and accepts that as an inducement for Seller’s Authorized Lender to participate in the PUHLP, Seller has agreed to provide to the Authorized Lender as additional security for Buyer’s purchase money financing a guarantee of Buyer’s performance of Buyer’s obligations under the First Installment Note exercisable by Seller’s Authorized Lender in the event of a default by Buyer under the First Installment Note. Buyer further acknowledges and agrees that in the event of Buyer’s default, the First Installment Note and First Deed of Trust may be assigned to Seller and Seller shall be entitled to legally enforce said instruments. Seller, at its sole option, may modify or substitute new or additional security to Seller’s Authorized Lender at any timetime and from time to time provided that, such modified or substituted security shall not adversely affect in any way Buyer’s right, title, or interest in or to the Property or his use or enjoyment thereof, and shall not adversely affect the priority of such First Deed of Trust. Buyer agrees to execute any and all instruments necessary to accomplish any such permitted modification or substitution at no cost to Buyer. Additionally, no modification or substitution shall limit or otherwise adversely affect the rights of the Buyer under the Installment Notes and Deeds of Trust. If Buyer seeks any purchase money financing under the PUHLP, Buyer shall, within five (5) days of signing this Agreement submit to Seller a Loan Application and accompanying information as Seller may reasonably require to evaluate the request for financing, which information shall be maintained confidential by Seller.