Xxxxx’s Ability to Pay, Buyer Financing, and Related Terms Sample Clauses

Xxxxx’s Ability to Pay, Buyer Financing, and Related Terms. The Parties expressly agree as follows: (1) Buyer has all necessary funds on hand, or a legally binding commitment for all financing necessary to enable Buyer, to pay the Contract Price and, further, agrees that this Agreement is not contingent upon Buyer obtaining financing, unless a separate Financing Contingency Addendum has been fully executed; (2) it is Buyer’s sole responsibility to handle all aspects of Buyer’s financing of the Project; (3) Buyer shall be responsible for all financing and loan costs for Buyer’s construction financing, and acknowledges Contractor has not included in the Contract Price, and has not otherwise considered in entering into this Agreement, any of Buyer’s loan costs or buy-down points regarding any construction loan; (4) at any point in the Project, Contractor may request, and Buyer must provide Contractor with, reasonable and sufficient proof, as solely determined by Contractor, and including but not limited to a lender approval or pre-approval letter, demonstrating that Buyer has secured the necessary financing for the Project; (5) Buyer is in material breach of this Agreement if Buyer fails to provide Contractor with such proof; (6) Buyer hereby gives Contractor permission and authority to correspond with Buyer’s lender regarding the financing of the Project, payments under this Agreement, inspections of the House, and any related issues; (7) Contractor is not responsible to pay any fees required by Buyer or Buyer’s lender for inspections or re-inspections related to the House, as Buyer is solely responsible for any such fees; and (8) Buyer is solely responsible for tasks relating to tax abatements and tax credits, including any contacts with the appropriate municipality to make any necessary applications and/or to determine the status and/or term of any such tax abatement or credit.
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