Deadline for Commitment Clause Samples
The "Deadline for Commitment" clause establishes a specific date or time by which a party must formally agree to proceed with a contract or transaction. In practice, this clause sets a clear cutoff for when commitments must be made, ensuring that all parties are aware of the timeframe and can plan accordingly; for example, it may require a buyer to confirm their intent to purchase by a certain date. Its core function is to provide certainty and prevent indefinite delays by setting a firm deadline, thereby facilitating timely decision-making and project progression.
Deadline for Commitment. This Agreement is subject to the condition that on or before the Financing Contingency Deadline, Buyer shall secure a written commitment for a loan from a federal or stat e chartered or regulated lender or any other source acceptable to Seller (“Lender”) to be secured by a mortgage or deed of trust on the Property in the amount of the Financing Contingency Amount or such lesser sum as Buyer accepts. If Buyer provides Seller with ▇▇▇▇▇▇'s written notice that ▇▇▇▇▇'s financing has been declined by 5:00 pm ET on the Financing Contingency Deadline through no fault or arrangement of Buyer, then this Agreement shall become null and void and the Deposit shall be returned to Buyer. If ▇▇▇▇▇ fails to strictly comply with the terms of the previous sentence, then this Agreement shall remain in full force and effect without any financing contingencies.
Deadline for Commitment. The Agreement is subject to the condition that on or before 5:00 p.m. (EST) on (the “Financing Deadline”), Buyer shall secure a written commitment for a loan to be secured by a mortgage or deed of trust on the Property in the amount of $ (a “Commitment”), or such lesser sum as Buyer accepts, and provide a copy of such Commitment to Seller. After the expiration of the Financing Deadline and ▇▇▇▇▇’s delivery of the Commitment to Seller, Buyer shall not revise the loan terms set forth in the Commitment without Seller’s prior written consent. If Buyer revises the terms of its loan after the Financing Deadline without Seller’s prior written consent, Buyer shall be in Default under the Agreement and Seller shall be entitled to terminate the Agreement and retain the Deposit pursuant to Section K of this Addendum. If Buyer delivers written notice to Seller that such financing has been declined (a “Notification of Decline”) prior to the Financing Deadline, then the Agreement shall become null and void and the Deposit shall be returned to Buyer. If ▇▇▇▇▇ fails to deliver to Seller either a Commitment or a Notification of Decline prior to the Financing Deadline, then Buyer shall be deemed to have waived the foregoing financing contingency and the Agreement shall remain in full force and effect without any such financing contingency.
Deadline for Commitment. This Agreement is subject to the condition that on or before the Mortgage Commitment Contingency Deadline, Buyer shall secure a written commitment for a loan from a federal or state chartered or regulated lender or any other source acceptable to Seller (“Lender”) to be secured by a mortgage or deed of trust on the Property in the amount of the Mortgage Commitment Contingency Amount or such lesser sum as Buyer accepts (the “Commitment”). If Buyer provides Seller with ▇▇▇▇▇▇'s written notice that ▇▇▇▇▇'s financing has been declined or no Commitment has been issued by 5:00 pm ET on the Mortgage Commitment Contingency Deadline through no fault or arrangement of Buyer, then this Agreement shall become null and void and the Deposit shall be returned to Buyer and neither party shall have any further rights, obligations, or liability to or against the other hereunder. If Buyer fails to give timely notice of cancellation pursuant to the terms of the previous sentence, TIME BEING OF THE ESSENCE, then: (a) Buyer shall be deemed to have waived Buyer’s right to cancel this Agreement and to receive a refund of the Deposit by reason by the contingency contained in this Section 6.2, and (b) this Agreement shall remain in full force and effect without any contingency for receipt of a mortgage commitment.