Examples of Financing Contingency in a sentence
If the Financing Contingency ends without Buyer terminating this Agreement, Seller shall have the right, but not the obligation, to request that Buyer provide Seller with written evidence of Buyer’s financial ability to purchase the Property (“Evidence”).
Buyer shall be deemed to have the ability to obtain the Loan(s) unless prior to the end of the Financing Contingency Period, Buyer: a) notifies Seller that Buyer is terminating the Agreement because Buyer has been turned down for the Loan(s) and b) provides Seller within seven (7) days from the date of such notice a letter of loan denial from a mortgage lender based upon the mortgage lender’s customary and standard underwriting criteria (“Loan Denial Letter”).
Example: • Buyer may request a shortened or extended closing date • Buyer may request an Appraisal or Financing Contingency All variations are requests and must be approved by the seller before the registration is confirmed.
Notwithstanding any provision to the contrary contained herein, the Loan Denial Letter may be provided to Seller after the Financing Contingency Period has ended if the above-referenced seven (7) day period to provide the Loan Denial Letter falls outside of the Financing Contingency Period.
This Agreement is conditioned upon the Property appraising by Purchaser’s lender or an appraiser of Purchaser’s choice at no less than the Purchase Price by the later of the expiration of the Financing Contingency Period or the Inspection Period.