Financing Contingency definition

Financing Contingency. This Offer is contingent upon Buyer being able to obtain, within ______ days of acceptance of this Offer, a __________________________ [INSERT LOAN PROGRAM (fixed) (adjustable)] [STRIKE ONE] rate first mortgage loan commitment, in an amount of not less than $____________________ for a term of not less than ______ years, amortized over not less than _______ years. If the purchase price under this Offer is modified, the loan amount, unless otherwise provided, shall be adjusted to the same percentage of the purchase price as in this contingency and the monthly payments shall be adjusted as necessary to maintain the term and amortization stated above. IF FINANCING IS FIXED RATE the annual rate of interest shall not exceed _______% and monthly payments of principal and interest shall not exceed $__________________________. IF FINANCING IS ADJUSTABLE RATE the initial annual interest rate shall not exceed _____%. The initial interest rate shall be fixed for ______ months, at which time the interest rate may be increased not more than _____% per year. The maximum interest rate during the mortgage term shall not exceed _____%. Initial monthly payments of principal and interest shall not exceed $__________________. Monthly payments of principal and interest may be adjusted to reflect interest changes. MONTHLY PAYMENTS MAY ALSO INCLUDE 1/12th of the estimated net annual real estate taxes, hazard insurance premiums, and private mortgage insurance premiums. Buyer agrees to pay a loan fee in an amount not to exceed ______% of the loan. [Loan fee refers to discount points and/or loan origination fee, but DOES NOT include Buyer's other closing costs.] SEE LINES 208 TO 223 FOR ADDITIONAL FINANCING PROVISIONS.

Financing Contingency. As stated in the related form.

Financing Contingency shall have the meaning set forth in Section 13.2.

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”).

• During the yearunder review, there were no cases filed or reported pursuant to the provisions of the said Act.

• If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.

• 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.

More Definitions of Financing Contingency

Financing Contingency means Tenant providing Landlord with written evidence that Tenant has secured additional financing of at least $12,000,000.00.

Financing Contingency. Period shall mean the period commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on the 15th day after the end of the Approval Period. Improvements shall mean all improvements and related amenities in and on the Land located at 8055 Xxxx Xxxxxx, Xxx Xxxxxxx, Xxxxx, xxown as the "Castle Oaks Village."

Financing Contingency shall have the meaning ascribed in Section 4.3(j) of this Agreement.

Financing Contingency. The Purchaser’s obligations under this sales contract are NOT conditioned upon Purchaser being able to obtain financing.

Financing Contingency means the receipt by the Lessee of all Commitment Letters necessary to fully finance the Project, as determined in the sole and exclusive discretion of the Lessee. The Financing Contingency may be evidenced by Commitment Letters from a tax credit equity investor, first mortgage lender, the Ohio Housing Finance Agency, or such other lenders or investors acceptable to the Lessee in its sole discretion.

Financing Contingency shall have the meaning set forth in Section 27.2.

Financing Contingency. The Purchaser's obligation under this Contract is subject to a financing contingency that, in addition to assistance obtained pursuant to the Subsidy, if any, the Purchaser shall obtain mortgage and/or other purchase money financing for at least $_________________________ at prevailing rates and upon conventional terms. The Purchaser agrees to act diligently and in good faith to obtain such financing and shall, within ________ days after the date of the Contract, submit a complete and accurate application for such financing to at least one financial institution currently providing such loans requesting financing in the amount and on the terms provided in this Contract. If the Purchaser fails to timely submit such an application, this financing contingency is waived by the Purchaser. Purchaser represent that Purchaser has been pre-qualified for such financing by the following financial institution: ______________________ If, despite best efforts, the Purchaser is unable to obtain the financing specified in this Contract not later than _____________, each of the Purchaser and VSHA shall have the right to TERMINATE this Contract; provided, however, that the terminating party gives written notice of termination directly to the other party or the other party’s attorney within five (5) working days of receipt of notice by the terminating party that the Purchaser has not been able to obtain such financing. In the event either party terminates this Contract in accordance with the provisions of this financing contingency, all deposit money shall be forthwith returned to the Purchaser and this Contract shall be terminated and of no further force and effect.