Loan Commitment Letter definition

Loan Commitment Letter. (defined in Par. 19.5.2) for financing on the Loan Terms and within the time period stated in Par. 1.16 (the “Loan”); or

Loan Commitment Letter means the Loan Commitment Letter to which this Schedule “C” is attached and all other schedules attached thereto, as they may be amended, supplemented or replaced from time to time;

Loan Commitment Letter is a written offer from an Institutional Lender to make a loan on the Financing Terms (see ¶ 1.21) at prevailing fixed or adjustable interest rates and on other customary terms generally being offered by Institutional Lenders making cooperative share loans following completion and submission of a full application. An offer to make a loan condition­al upon obtaining an appraisal satisfactory to, and Project Approval (as defined by applicable governmental lending authorities (such as Xxxxxx Xxx, Freddie Mac, or their successors) by, the Institutional Lender shall not become a Loan Commitment Letter unless and until such condition is met. An offer conditional upon any factor concerning Purchaser (e.g. sale of current home, payment of outstanding debt, no material adverse change in Purchaser’s financial condition, etc.) is a Loan Commitment Letter whether or not such condition is met. Purchaser accepts the risk that, and cannot cancel this Contract if, any condition concerning Purchaser is not met. A “pre-approval letter” or “pre-qualification letter” does not constitute a Loan Commitment Letter. Purchaser, directly or through a mortgage broker registered pursuant to Article 12-D of the Banking Law, shall diligently and in good faith: apply only to an Institutional Lender for a loan on the Financing Terms (see ¶ 1.21) on the form required by the Institutional Lender containing truthful and complete information, and submit such application together with such documents as the Institutional Lender requires, and pay the applicable fees and charges of the Institutional Lender, all of which shall be performed within 7 Business Days after the Delivery Date; promptly submit to the Institutional Lender such further references, data, fees and documents requested by the Institutional Lender; and accept a Loan Commitment Letter meeting the Finan­cing Terms and comply with all requirements of such Loan Commitment Letter (or any other loan commitment letter accepted by Purchaser) and of the Institutional Lender in order to close the loan; and furnish Seller with a copy of the Loan Commitment Letter promptly after Purchaser’s receipt thereof. Purchaser is not required to apply to more than one Institutional Lender. If ¶ 1.20.1 applies, then provided Purchaser has complied with all applicable provisions of ¶ 18.2 and this ¶ 18.3, Purchaser may cancel this Contract as set forth below, if: any Institutional Lender denies Purchaser’s application in writing prior to the Loan Comm...

Examples of Loan Commitment Letter in a sentence

• An offer to make a loan conditional upon obtaining an appraisal satisfactory to the Institutional Lender shall not become a Loan Commitment Letter unless and until such condition is met.

• Purchaser may not object to an adjournment by Seller for up to 30 business days solely because the Loan Commitment Letter would expire before such adjourned Closing date.

• An offer conditional upon any factor concerning Purchaser (e.g. sale of current home, payment of outstanding debt, no material adverse change in Purchaser's financial condition, etc.) is a Loan Commitment Letter whether or not such condition is met.

• If Seller shall be unable to transfer the items set forth in ¶ 2.1 in accordance with this Contract for any reason other than Seller's failure to make a required payment or other willful act or omission, then Seller shall have the right to adjourn the Closing for periods not exceeding 60 calendar days in the aggregate, but not extending beyond the expiration of Purchaser's Loan Commitment Letter, if ¶ 1.20.1 or 1.20.2 applies.

• An offer to make the Loan which is conditional on obtaining a satisfactory appraisal shall only become a Loan Commitment Letter upon such condition being met.

More Definitions of Loan Commitment Letter

Loan Commitment Letter means the loan commitment letter dated August 3, 2022, amended on November 29, 2022, amended on December 23, 2022, and amended on February 6, 2023, true and complete copies of which are attached hereto as Exhibit 1.

Loan Commitment Letter means that certain Mortgage Loan Application, dated January 31, 2003, as amended by letter dated March 6, 2003, executed by each Loan Party, Lender and the Resort Loan Parties (as defined in the Resort Loan Agreement).

Loan Commitment Letter that certain letter agreement dated as of November 14, 1997 among Xxxxxxx Xxxxx Mortgage Company, Grand Canal and the Principal relating to the Loan, as the same may have been amended, supplemented or otherwise modified.

Loan Commitment Letter means the Associations' commitment to make the Loan to Borrowers and Borrowers' acceptance thereof on terms and conditions set forth in the letter dated March 11, 1998, from Southwest to Borrowers and all written amendments thereto, if any.

Loan Commitment Letter shall include the letter dated October 3, 2019.

Loan Commitment Letter means any loan commitment letter entered into between Buyer and Buyer's Lender, respecting the Epicure Business. Buyer agrees to deliver a copy of the Loan Commitment Letter to Seller promptly upon execution thereof.

Loan Commitment Letter means the Loan Commitment Letter dated  between the Borrower and the Lender;