AMENDATORY CLAUSE Sample Clauses

AMENDATORY CLAUSE. This Agreement may be amended with the mutual written consent of the participants.

AMENDATORY CLAUSE. It is expressly agreed that, notwithstanding any other provisions of this Agreement, the Buyer shall not incur any penalty by forfeiture of ▇▇▇▇▇▇▇ money deposits or otherwise be obligated to complete the purchase of the property described herein, if the Agreement purchase price or costs exceeds the reasonable value of the property established by the Veterans Administration (“VA”). The Buyer shall, however, have the privilege and option of proceeding with the consummation of this Agreement without regard to the amount of the reasonable value established by VA. If Buyer elects to complete the purchase at an amount in excess of the reasonable value established by VA, Buyer shall pay such excess amount in cash from a source which Buyer agrees to disclose to VA and which Buyer represents will not be borrowed funds except as approved by VA. If VA reasonable value of the property is less than the purchase price, Seller may reduce the purchase price to an amount equal to the VA reasonable value and the parties to the sale shall close at such lower purchase price with appropriate adjustments to the sales Agreement.

AMENDATORY CLAUSE. Part Two – New Jersey With respect to such insurance as is afforded by the agreement under part II by reason of the designation of New Jersey as a covered state, it is agreed that no limit of liability stated in the declarations or elsewhere in the agreement shall be applicable to the Group’s liability for damages because of bodily injury by accident or disease, including death at any time resulting therefrom, sustained by an employee of the Member and arising out of and in the course A. How This Agreement Applies is replaced by the following: A. How This Agreement Applies 1. The bodily injury must arise out of and in the course of the injured employee’s employment by you. 2. The employment must be necessary or incidental to your work or the work described in Item 1 of the Schedule of the Maritime Coverage Endorsement.

AMENDATORY CLAUSE. It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of ▇▇▇▇▇▇▇ money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement issued by the Federal Housing Commissioner, Veterans Administration of a Direct Endorsement Lender, setting forth the appraisal value of the property of not less than

AMENDATORY CLAUSE. It is expressly agreed that notwithstanding any other provisions of this Contract, the Buyer shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of ▇▇▇▇▇▇▇ money deposits or otherwise unless the Buyer has been given, in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value

AMENDATORY CLAUSE. It is expressly agreed that notwithstanding any other provisions of this contract, the BUYER shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of ▇▇▇▇▇▇▇ money deposits or otherwise unless the BUYER has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the property of not less than $ . The BUYER shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the property. The BUYER should satisfy himself/herself that the price and condition of the property are acceptable. NOTE: The dollar amount to be inserted in the amendatory clause is the sales price as stated in the sales contract. WE, THE BUYER(S), SELLER(S),AND SELLING AGENT OR BROKER, CERTIFY THAT WE HAVE READ, UNDERSTOOD AND AGREED TO BOTH OF THE ABOVE PARAGRAPHS, AND UNDERSTAND THEY ARE A PART OF OUR SALES CONTRACT.

AMENDATORY CLAUSE. It is expressly agreed that notwithstanding any other provision of this contract, BUYER shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of ▇▇▇▇▇▇▇ money deposits or otherwise unless BUYER has been given in accordance with the HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the Property of not less than $ . BUYER shall have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the appraised evaluation. The appraised evaluation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the Property. BUYER should satisfy himself/herself that the price and condition of the Property are acceptable. NOTE: The dollar amount to be inserted in the amendatory clause is the sales price as stated in this sales contract. SETTLEMENT: The estimated settlement date will be ON OR ABOUT unless the home is completed earlier, in which case the closing shall occur upon Substantial Completion of the home as defined herein below. The closing of the purchase and sale is referenced hereinafter as “Settlement”. Possession shall be given to BUYER the date of deed. House is to be constructed on herein described lot in accordance with state and local building codes, and must be completed before 12:01 AM one (1) calendar year from Effective Date of this contract or this contract will become null and void and ▇▇▇▇▇▇▇ money will be refunded to BUYER or retained by SELLER in the event of BUYER’s default unless the BUYER and SELLER agree otherwise in writing. BUYER acknowledges and agrees that delays in construction can occur for a variety of reasons, including but not limited to weather, subcontractor delays, and construction material delays, and the Estimated Settlement Date is only an estimate. SELLER shall not be liable for any damages for any delay or failure to complete the house by the Estimated Settlement Date, including, but not limited to, storages fees, extended housing or rental fees, moving expenses, rescheduling fees, or interest rate locks. In the event of a construction moratorium which is in place for ninety (90) days or longer, SELLER shall have the option of terminating this Agreement and refunding the deposit paid to BU...

AMENDATORY CLAUSE. Please refer to the PPA for additional information for FHA loans.

AMENDATORY CLAUSE. Part Two – New Jersey With respect to such insurance as is afforded by the agreement under part II by reason of the designation of New Jersey as a covered state, it is agreed that no limit of liability stated in the declarations or elsewhere in the agreement shall be applicable to the Group’s liability for damages because of bodily injury by accident or disease, including death at any time resulting therefrom, sustained by an employee of the Member and arising out of and in the course A. How This Agreement Applies is replaced by the following: A. How This Agreement Applies 1. The bodily injury must arise out of and in the course of the injured employee’s employment by you. 2. The employment must be necessary or incidental to your work or the work described in Item 1 of the Schedule of the Maritime Coverage Endorsement.