Rejection by Designated Lender Sample Clauses

Rejection by Designated Lender. Purchaser=s creditworthiness as borrower of the amount of the Mortgage Proceeds will be subject to the exclusive determination of the Designated Lender. Purchaser shall notify Seller immediately of any denial of financing from the Designated Lender. If Purchaser has complied with the requirements of this Agreement but for any reason whatsoever is unable to obtain a Loan Commitment from the Designated Lender, satisfactory to Seller, within forty-five (45) days after the effective date of this Agreement (or upon such earlier date, if any, as the Designated Lender shall have denied financing as aforesaid), Seller, at its sole option, shall either: (i) notify Purchaser of the extension of this Agreement and allow Purchaser to apply to another Designated Lender or to a lender of Purchaser=s choosing for loan financing, on rates and terms substantially similar to those contained in the original rejected application; or (ii) return the Deposit to Purchaser and terminate this Agreement, relievi ng both parties of any further obligations hereunder. If Seller exercises the foregoing extension option, Seller shall further have the option, but not the obligation, to attempt on Purchaser=s behalf to obtain a Loan Commitment with any other lender (who shall thereby be a Designated Lender hereunder), and should Seller succeed in obtaining such Loan Commitment, Purchaser shall accept it and the parties shall proceed to settlement. If Purchaser cannot obtain a Loan Commitment from any Designated Lender after two applications made in good faith (whether the second such loan application is made by Purchaser or by Seller on Purchaser=s behalf), Seller shall exercise the foregoing termination option. The foregoing termination option shall be exercised, if at all, by Seller=s delivery to Purchaser a written notice thereof, which will become effective at 9:00 p.m. on the third (3rd) day following such delivery, unless prior to that time Purchaser provides proof, accepted by Seller, of Purchaser=s financial ability to perform at settlement. In no event shall Seller have any obligation or liability to Purchaser due to or arising out of any Designated Lender=s refusal to issue any such Loan Commitment or to disburse the loan proceeds thereunder for any reason whatsoever, except that Seller shall cause the Deposit to be returned to Purchaser if Purchaser is the party lawfully entitled thereto under this Agreement.
Sample 1
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Related to Rejection by Designated Lender

  • – TERMINATION BY EITHER CONTRACTING PARTY Either contracting party may, of its own volition and without being required to pay compensation, terminate the Contract by serving sixty days’ formal prior notice. Should the Agency terminate the Contract, the Contractor shall only be entitled to payment corresponding to part-performance of the Contract. On receipt of the letter terminating the Contract, the Contractor shall take all appropriate measures to minimise costs, prevent damage, and cancel or reduce his commitments. He shall draw up the documents required by the Special Conditions for the tasks executed up to the date on which termination takes effect, within a period not exceeding sixty days from that date.

  • TERMINATION FOR CONVENIENCE BY CITY 4.04.1 The Director may terminate this Agreement at any time by giving 30 days’ written notice to Contractor, with a copy of the notice to the CPO. The City’s right to terminate this Agreement for convenience is cumulative of all rights and remedies, which exist now or in the future.

  • Termination by Either Party This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement.

  • Termination by Owner for Cause This Agreement may be terminated by Owner (or the Property Manager may be required by Owner to change its personnel assigned as Property Manager for the Property) at any time during the term hereof upon written notice to Property Manager effective immediately for any of the following causes:

  • Termination for Convenience by The District The District may terminate this Agreement for convenience, for any reason or no reason at all, on fourteen (14) days advance written notice to Contractor. This advance written notice shall be deemed to have been given on the date the notice is sent by the District to the address for written notices provided below by hand delivery, U.S. Mail, commercial delivery service, such as Fed Ex or UPS, or fax. If this Agreement is so terminated, then the District shall only pay Contractor for goods and/or services provided by Contractor and accepted by the District up to, through, and including the date of termination. Following the termination of this Agreement under this Section, the parties’ duties to one another shall cease except for those obligations that shall survive the termination of this Agreement, including, but not limited to, the District’s payment obligations for goods and/or services accepted by the District before the date of termination, and the Contractor’s duties to insure and/or indemnify the District and to cooperate with any audit. Termination of this Agreement pursuant to this Section shall not limit either of the parties’ remedies for any breach of this Agreement.

  • Termination by Provider This Agreement may be terminated by Provider in accordance with the following: (a) except for SAP’s breach of its obligations under Sections 8 or 9, thirty (30) days after Provider gives SAP notice of SAP’s breach of any provision of the Agreement, unless SAP has cured such breach during such thirty (30) day period; (b) immediately if (1) SAP commences negotiations with one or more of its creditors with a view to rescheduling major parts of its indebtedness or (2) SAP files for bankruptcy, has a petition for bankruptcy filed on its behalf which is not dismissed within sixty days of filing, becomes insolvent, or makes an assignment for the benefit of creditors; and/or (3) SAP breaches its obligations under Sections 8 and/or 9 [Intellectual Property Ownership, Confidentiality].

  • Termination by ICANN (a) ICANN may, upon notice to Registry Operator, terminate this Agreement if: (i) Registry Operator fails to cure (A) any fundamental and material breach of Registry Operator’s representations and warranties set forth in Article 1 or covenants set forth in Article 2, or (B) any breach of Registry Operator’s payment obligations set forth in Article 6 of this Agreement, each within thirty (30) calendar days after ICANN gives Registry Operator notice of such breach, which notice will include with specificity the details of the alleged breach, (ii) an arbitrator or court of competent jurisdiction has finally determined that Registry Operator is in fundamental and material breach of such covenant(s) or in breach of its payment obligations, and (iii) Registry Operator fails to comply with such determination and cure such breach within ten (10) calendar days or such other time period as may be determined by the arbitrator or court of competent jurisdiction.

  • Notice of Termination or Modification Notice shall be in writing and shall be sufficient if sent by certified mail, addressed, if to the Union, to Michigan Council #25, AFSCME, AFL-CIO, 000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx, 00000; and if the Employer, addressed, Superintendent of Schools, 000 Xxxxxx Xxxxxxx, Xxxxxxx Xxxxx, Xxxxxxxx, 00000, or to any such address as the Union or Employer may make available to each other.

  • TERMINATION FOR CAUSE BY CITY 4.05.1 If Contractor defaults under this Agreement, the Director may terminate this Agreement after providing Contractor written notice and an opportunity to cure the default as provided below. The City’s right to terminate this Agreement for Contractor’s default is cumulative of all rights and remedies that exist now or in the future. Default by Contractor occurs if:

  • Termination for Cause by The District The District may immediately terminate this Agreement for cause for any of the following reasons:

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