Common use of Approval Period Clause in Contracts

Approval Period. If the mortgage loan is not approved within days (30 days if left blank) 98 after date of acceptance of this Agreement, including XXXXX’s and XXXXX’s lender’s receipt of an appraisal, 99 without contingencies other than lender-required repairs/replacements/treatments, marketable title and survey 100 map, hereinafter called the Loan Approval Period, BUYER may terminate this Agreement by written 101 notice to the Seller within the Loan Approval Period, or be deemed to have waived the financing 102 contingency period. If BUYER has so terminated, upon written request of the SELLER, BUYER shall provide 103 to SELLER written evidence from XXXXX’s lender of BUYER’s failure to secure loan approval due to no fault 104 of the BUYER. If BUYER does not terminate this Agreement prior to the end of the Loan Approval Period, 105 neither BUYER nor SELLER shall have a right to terminate this Agreement under this paragraph, the binder 106 deposit shall not be refundable because of BUYER’s failure to obtain financing, and this Agreement shall 107 continue through the date of closing. If Buyer has not terminated this Agreement within the Loan Approval 108 Period due to failure to obtain Loan Approval, and should the appraisal/valuation contemplated under this 109 paragraph 2 fail to equal or exceed the Purchase Price, and should Buyer not terminate this Agreement within 110 the Loan Approval Period due to the appraised value failing to equal or exceed the Purchase Price, Buyer shall 111 be deemed to have elected to proceed with consummation of this Agreement without regard to the amount of 112 the appraised valuation. 113 3. MAINTENANCE, INSPECTION AND REPAIR: SELLER will maintain the Property in its present condition until 114 closing, except for normal wear and tear and any agreed upon repairs/replacements/treatments. If BUYER 115 elects not to have inspections and investigations performed, or fails to make a timely request for 116 repairs/replacements/treatments as set forth in this paragraph 3, BUYER accepts the Property in its “AS IS” 117 condition as of the date of acceptance of this Agreement. BUYER will be responsible for repair of all damages 118 to the Property resulting from inspections and investigations, and BUYER will return the Property to its pre- 119 inspection condition. These obligations shall survive termination of this Agreement. 120 (A) Access and Utilities: SELLER will make the Property available for inspections and investigations 121 during the time provided for inspections and investigations in this paragraph, and agrees to have all 122 utilities (including, but not limited to, electricity, fuel/gas and water) active from the date of acceptance 123 of this Agreement through the date of closing and, if not, the time for inspections and investigations will 124 be extended by the time access was denied, but not less than 2 days. 125 Within _ days (10 days if left blank) after the date of acceptance of this Agreement (“Inspection 126 Period”), BUYER may, but is not required to, have the Property inspected and investigated by 127 appropriately licensed inspectors and/or persons/entities holding a Florida license to build, repair or 128 maintain the items inspected. XXXXX and BUYER’S Broker have the right to be present during all 129 inspections and investigations. The inspections and investigations include, but are not limited to: 130 (1) testing and inspecting structural matters, all major appliances, heating, cooling, mechanical, 131 electrical and plumbing systems, well and septic (including drain field systems), saltwater and 132 freshwater ground permeation and intrusion, the roof, solar equipment, foundation, pool and pool 133 equipment, bulkhead, dock, boathouse, lift and related equipment, defective drywall, defective 134 flooring, mold, asbestos, lead-based paint, drainage, radon gas and environmental and sinkhole 135 conditions;

Approval Period. If the mortgage loan is not approved within days (30 days if left blank) 98 99 after date of acceptance of this Agreement, including XXXXX’s and XXXXX’s lender’s receipt of an appraisal, 99 without contingencies other than lender-required 100 repairs/replacements/treatments, marketable title and survey 100 mapsurvey, hereinafter called the Loan Approval Period, 101 BUYER may terminate this Agreement by written 101 notice to the Seller within the Loan Approval Period, 102 or be deemed to have waived the financing 102 contingency period. If BUYER has so terminated, upon written request of the SELLER, BUYER shall provide 103 to SELLER written evidence from XXXXX’s lender of BUYER’s failure to secure loan approval due to no fault 104 of the BUYER. If BUYER does not terminate this 103 Agreement prior to the end of the Loan Approval Period, 105 neither BUYER nor SELLER shall have a right to 104 terminate this Agreement under this paragraph, the binder 106 deposit shall not be refundable because of 105 BUYER’s failure to obtain financing, and this Agreement shall 107 continue through the date of closing. If Buyer has not terminated this Agreement within the Loan Approval 108 Period due to failure to obtain Loan Approval, and should the appraisal/valuation contemplated under this 109 paragraph 2 fail to equal or exceed the Purchase Price, and should Buyer not terminate this Agreement within 110 the Loan Approval Period due to the appraised value failing to equal or exceed the Purchase Price, Buyer shall 111 be deemed to have elected to proceed with consummation of this Agreement without regard to the amount of 112 the appraised valuation. 113 106 3. MAINTENANCE, INSPECTION AND REPAIR: SELLER will maintain the Property in its present condition until 114 107 closing, except for normal wear and tear and any agreed upon repairs/replacements/treatments. If BUYER 115 108 elects not to have inspections and investigations performed, or fails to make a timely request for 116 109 repairs/replacements/treatments as set forth in this paragraph 3, BUYER accepts the Property in its “AS IS” 117 110 condition as of the date of acceptance of this Agreement. BUYER will be responsible for repair of all damages 118 111 to the Property resulting from inspections and investigations, and BUYER will return the Property to its pre- 119 112 inspection condition. These obligations shall survive termination of this Agreement. 120 113 (A) Access and Utilities: SELLER will make the Property available for inspections and investigations 121 114 during the time provided for inspections and investigations in this paragraph, and agrees to have all 122 115 utilities (including, but not limited to, electricity, fuel/gas and water) active from the date of acceptance 123 116 of this Agreement through the date of closing and, if not, the time for inspections and investigations will 124 117 be extended by the time access was denied, but not less than 2 days. 125 118 Within _ days (10 days if left blank) after the date of acceptance of this Agreement (“Inspection 126 119 Period”), BUYER may, but is not required to, have the Property inspected and investigated by 127 120 appropriately licensed inspectors and/or persons/entities holding a Florida license to build, repair or 128 121 maintain the items inspected. XXXXX BUYER and BUYER’S Broker have the right to be present during all 129 122 inspections and investigations. The inspections and investigations include, but are not limited to: 130 123 (1) testing and inspecting structural matters, all major appliances, heating, cooling, mechanical, 131 124 electrical and plumbing systems, well and septic (including drain field systems), saltwater and 132 125 freshwater ground permeation and intrusion, the roof, solar equipment, foundation, pool and pool 133 equipment, bulkhead, dock, boathouse, lift and related equipment, 126 defective drywall, defective 134 flooring, mold, asbestos, lead-based paint, drainage, radon gas and 127 environmental and sinkhole conditions; 128 (2) inspecting for active infestation and/or damage from termites and other wood-destroying 129 organisms; and 130 (3) determining if the Property is in a Community Development District (CDD) and, if so, the costs 131 associated with the CDD, verifying the cost and availability of insurance, that 132 condominium/homeowner’s association insurance is satisfactory to BUYER and BUYER’s lender, 133 verifying square footage measurements, and reviewing applicable zoning and historic 134 classifications, and covenants, restrictions, and easements, rules, and other governing documents 135 conditions;affecting the Property. 136 If BUYER determines, in BUYER’s sole and absolute discretion, that the Property is not acceptable 137 to BUYER for any reason, BUYER may prior to the expiration of the Inspection Period: 138 • terminate this Agreement by delivering written notice of termination to SELLER together with a copy 139 of all written reports, if any, of inspections and investigations if such reports are requested by 140 SELLER; or 141 • submit BUYER’s written request to SELLER for repairs/replacements/treatments, together with a 142 copy of all written reports, if any, of inspections and investigations. BUYER and SELLER shall have 143 7 days from SELLER’s receipt of such request within which to enter into a written agreement 144 for repairs/replacements/treatments. If BUYER and SELLER have not entered into such 145 written agreement within the 7 days, then BUYER may terminate this Agreement by giving 146 written notice of termination to SELLER within 3 days after the 7 days, or be deemed to have 147 accepted the Property without repairs/replacements/treatments except as may otherwise be 148 provided in this Agreement. BUYER'S request for repairs/replacements/treatments or written 149 agreement between BUYER and SELLER as to same shall not eliminate BUYER's right to 150 terminate this Agreement at any time within the Inspection Period. 151 If this Agreement is terminated as provided in this paragraph, BUYER and SELLER shall be released 152 from all further obligations under this Agreement except as otherwise provided in this paragraph 3. 153 Prior to the binder deposit(s) being delivered to BUYER, BUYER shall provide SELLER with paid 154 receipts for all investigations and inspections, if any. 155 BUYER shall be responsible for prompt payment for all of BUYER’s inspections and investigations. 156 BUYER agrees to indemnify and hold SELLER harmless from all losses, damages, claims, suits, and 157 costs which may arise out of any contract, agreement, or injury to any person or property as a result of 158 any activities of BUYER and BUYER’s agents and representatives relating to inspections and 159 investigations except for any losses, damages, claims, suits, or costs arising out of pre-existing 160 conditions of the Property or out of SELLER’s negligence, willful acts or omissions. 161 SELLER shall have any agreed upon repairs/replacements/treatments completed by appropriately 162 licensed persons within 10 days after entering into a written agreement for such with BUYER and 163 receipt by SELLER of written notice of BUYER’s loan approval, if applicable. SELLER shall notify 164 BUYER in writing upon completion of all agreed upon repairs/replacements/treatments and provide 165 BUYER with copies of all receipts for same at that time. BUYER may, within 3 days after receipt of 166 SELLER’s written notice and delivery of such receipts, reinspect the Property solely to verify that 167 SELLER has completed the agreed upon repairs/replacements/treatments. No other 168 repair/replacement/treatment issues may be raised as a result of this reinspection. 169 Walk-Through: Prior to closing, BUYER may walk through the Property solely to verify that SELLER 170 has maintained the Property in the condition required in this Agreement.

Approval Period. If the mortgage loan is not approved within days (30 days if left blank) 98 99 after date of acceptance of this Agreement, including XXXXX’s and XXXXX’s lender’s receipt of an appraisal, 99 without contingencies other than lender-required 100 repairs/replacements/treatments, marketable title and survey 100 mapsurvey, hereinafter called the Loan Approval Period, 101 BUYER may terminate this Agreement by written 101 notice to the Seller within the Loan Approval Period, 102 or be deemed to have waived the financing 102 contingency period. If BUYER has so terminated, upon written request of the SELLER, BUYER shall provide 103 to SELLER written evidence from XXXXX’s lender of BUYER’s failure to secure loan approval due to no fault 104 of the BUYER. If BUYER does not terminate this 103 Agreement prior to the end of the Loan Approval Period, 105 neither BUYER nor SELLER shall have a right to 104 terminate this Agreement under this paragraph, the binder 106 deposit shall not be refundable because of 105 BUYER’s failure to obtain financing, and this Agreement shall 107 continue through the date of closing. If Buyer has not terminated this Agreement within the Loan Approval 108 Period due to failure to obtain Loan Approval, and should the appraisal/valuation contemplated under this 109 paragraph 2 fail to equal or exceed the Purchase Price, and should Buyer not terminate this Agreement within 110 the Loan Approval Period due to the appraised value failing to equal or exceed the Purchase Price, Buyer shall 111 be deemed to have elected to proceed with consummation of this Agreement without regard to the amount of 112 the appraised valuation. 113 106 3. MAINTENANCE, INSPECTION AND REPAIR: SELLER will maintain the Property in its present condition until 114 107 closing, except for normal wear and tear and any agreed upon repairs/replacements/treatments. If BUYER 115 108 elects not to have inspections and investigations performed, or fails to make a timely request for 116 109 repairs/replacements/treatments as set forth in this paragraph 3, BUYER accepts the Property in its “AS IS” 117 110 condition as of the date of acceptance of this Agreement. BUYER will be responsible for repair of all damages 118 111 to the Property resulting from inspections and investigations, and BUYER will return the Property to its pre- 119 112 inspection condition. These obligations shall survive termination of this Agreement. 120 113 (A) Access and Utilities: SELLER will make the Property available for inspections and investigations 121 114 during the time provided for inspections and investigations in this paragraph, and agrees to have all 122 115 utilities (including, but not limited to, electricity, fuel/gas and water) active from the date of acceptance 123 116 of this Agreement through the date of closing and, if not, the time for inspections and investigations will 124 117 be extended by the time access was denied, but not less than 2 days. 125 118 Within _ days (10 days if left blank) after the date of acceptance of this Agreement (“Inspection 126 119 Period”), BUYER may, but is not required to, have the Property inspected and investigated by 127 120 appropriately licensed inspectors and/or persons/entities holding a Florida license to build, repair or 128 121 maintain the items inspected. XXXXX and BUYER’S Broker have the right to be present during all 129 122 inspections and investigations. The inspections and investigations include, but are not limited to: 130 123 (1) testing and inspecting structural matters, all major appliances, heating, cooling, mechanical, 131 124 electrical and plumbing systems, well and septic (including drain field systems), saltwater and 132 125 freshwater ground permeation and intrusion, the roof, solar equipment, foundation, pool and pool 133 equipment, bulkhead, dock, boathouse, lift and related equipment, 126 defective drywall, defective 134 flooring, mold, asbestos, lead-based paint, drainage, radon gas and 127 environmental and sinkhole conditions; 128 (2) inspecting for active infestation and/or damage from termites and other wood-destroying 129 organisms; and 130 (3) determining if the Property is in a Community Development District (CDD) and, if so, the costs 131 associated with the CDD, verifying the cost and availability of insurance, that 132 condominium/homeowner’s association insurance is satisfactory to BUYER and XXXXX’s lender, 133 verifying square footage measurements, and reviewing applicable zoning and historic 134 classifications, and covenants, restrictions, and easements, rules, and other governing documents 135 conditions;affecting the Property. 136 If BUYER determines, in BUYER’s sole and absolute discretion, that the Property is not acceptable 137 to BUYER for any reason, BUYER may prior to the expiration of the Inspection Period: 138 • terminate this Agreement by delivering written notice of termination to SELLER together with a copy 139 of all written reports, if any, of inspections and investigations if such reports are requested by 140 SELLER; or 141 • submit XXXXX’s written request to SELLER for repairs/replacements/treatments, together with x 142 copy of all written reports, if any, of inspections and investigations. BUYER and SELLER shall have 143 7 days from SELLER’s receipt of such request within which to enter into a written agreement 144 for repairs/replacements/treatments. If BUYER and SELLER have not entered into such 145 written agreement within the 7 days, then BUYER may terminate this Agreement by giving 146 written notice of termination to SELLER within 3 days after the 7 days, or be deemed to have 147 accepted the Property without repairs/replacements/treatments except as may otherwise be 148 provided in this Agreement. BUYER'S request for repairs/replacements/treatments or written 149 agreement between BUYER and SELLER as to same shall not eliminate BUYER's right to 150 terminate this Agreement at any time within the Inspection Period. 151 If this Agreement is terminated as provided in this paragraph, BUYER and SELLER shall be released 152 from all further obligations under this Agreement except as otherwise provided in this paragraph 3. 153 Prior to the binder deposit(s) being delivered to BUYER, BUYER shall provide SELLER with paid 154 receipts for all investigations and inspections, if any. 155 BUYER shall be responsible for prompt payment for all of BUYER’s inspections and investigations. 156 BUYER agrees to indemnify and hold SELLER harmless from all losses, damages, claims, suits, and 157 costs which may arise out of any contract, agreement, or injury to any person or property as a result of 158 any activities of BUYER and BUYER’s agents and representatives relating to inspections and 159 investigations except for any losses, damages, claims, suits, or costs arising out of pre-existing 160 conditions of the Property or out of SELLER’s negligence, willful acts or omissions. 161 SELLER shall have any agreed upon repairs/replacements/treatments completed by appropriately 162 licensed persons within 10 days after entering into a written agreement for such with BUYER and 163 receipt by SELLER of written notice of XXXXX’s loan approval, if applicable. SELLER shall notify 164 BUYER in writing upon completion of all agreed upon repairs/replacements/treatments and provide 165 BUYER with copies of all receipts for same at that time. BUYER may, within 3 days after receipt of 166 SELLER’s written notice and delivery of such receipts, reinspect the Property solely to verify that 167 SELLER has completed the agreed upon repairs/replacements/treatments. No other 168 repair/replacement/treatment issues may be raised as a result of this reinspection. 169 Walk-Through: Prior to closing, BUYER may walk through the Property solely to verify that SELLER 170 has maintained the Property in the condition required in this Agreement.