Buyer's Financing Contingency Clause Samples
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Buyer's Financing Contingency. For a period ending at five o'clock p.m. Pacific Time on the ninetieth (90th) day following ▇▇▇▇▇'s waiver of the Feasibility Contingency (the "Financing Contingency Period"), Buyer will have the absolute right to cancel this Agreement if Buyer, in Buyer's sole and absolute discretion, deems that it is unable to secure satisfactory financing, on terms acceptable to Buyer, to develop the Property for Buyer's intended purpose (the "Financing Contingency"). If ▇▇▇▇▇ fails to give Seller a written notice of cancellation and/or waiver of the Financing Contingency prior to the expiration of the Financing Contingency Period, then Buyer will be deemed to have elected to cancel the Agreement under this provision and the ▇▇▇▇▇▇▇ Money shall be returned to Buyer.
Buyer's Financing Contingency. Buyer shall have obtained, on or prior to the Due Diligence Deadline, a mortgage commitment (“Mortgage Commitment”) reasonably acceptable to it, for a loan secured by the Property (herein, the “Financing Contingency”). For purposes of satisfying Buyer’s Financing Contingency, such Mortgage Commitment shall provide for the following: (i) an original principal amount of not less than $4,368,000; and (ii) having an interest rate acceptable to Buyer. In the event Buyer does not elect to terminate this Agreement on or prior to the expiration of the Due Diligence Period in accordance with Section 5.3 herein, it shall also be a condition of Buyer’s obligation to close this transaction that such Mortgage Commitment be in full force and effect as of Closing. Buyer shall use commercially reasonable efforts to obtain such Mortgage Commitment on or prior to the Due Diligence Deadline.
Buyer's Financing Contingency. Buyer's obligation to purchase the Property and to perform its other obligations under this Agreement is contingent on Buyer obtaining a written commitment for a loan in the amount of at least $2,730,000 on terms reasonably satisfactory to Buyer (the “Loan Commitment”) on or before the date thirty (30) days after the Effective Date (the “Financing Contingency Deadline”). If Buyer provides Seller written notice on or before the Financing Contingency Deadline of Buyer's failure to obtain such Loan Commitment, this Agreement shall be rendered null and void, the Deposit shall be returned, and Buyer and Seller shall have no further obligations hereunder. If Buyer does not terminate this Agreement prior to expiration of the Financing Contingency Deadline, Buyer shall be deemed to have waived the financing contingency in this Paragraph 4. Upon receipt of the Loan Commitment, Buyer shall have no further right to terminate this Agreement and receive back the Deposit under this Paragraph 4.
Buyer's Financing Contingency. Buyer shall exert its best efforts to obtain appropriate financing for the purchase of the Land and the Buildings which in its sole and absolute discretion is acceptable to Buyer. In the event that Buyer is unable to obtain a financing commitment up until the date of closing (the “Financing Contingency Period”), the Buyer shall notify the Seller and the Escrow Agent shall immediately return the Deposit. If Buyer gives notice to Seller on or before the end of the Financing Contingency Period that it is unable to obtain financing for the purchase of the Property, this Agreement shall be deemed terminated and neither party will owe any obligations to the other party and all rights of the parties granted to the parties pursuant to this Agreement will be extinguished.
Buyer's Financing Contingency. Approval by Buyer of its financing contingency as set forth in Section 7 hereof, during Buyer's contingency period as set forth herein.