ELECTED. A) This sale is contingent upon Buyer obtaining mortgage financing according to the following terms: Second Mortgage on the Property LoanAmount $ Minimum Term years Type of mortgage Loan-To-Value (LTV) ratio: For non-FHA/VA loans LTV ratio not to exceed % Mortgage lender Interest rate %; however, Buyer agrees to accept the interest rate as may be committed by the mortgage lender, not to exceed a maximum interest rate of %. Discount points, loan origination, loan placement and other fees charged by the lender as a percentage of the mortgage loan (exclud- ing any mortgage insurance premiums or VA funding fee) not to exceed % (0% if not specified) of the mortgage loan. First Mortgage on the Property LoanAmount $ Minimum Term years Type of mortgage Loan-To-Value (LTV) ratio: For non-FHA/VA loans LTV ratio not to exceed % Mortgage lender Interest rate %; however, Buyer agrees to accept the interest rate as may be committed by the mortgage lender, not to exceed a maximum interest rate of %. Discount points, loan origination, loan placement and other fees charged by the lender as a percentage of the mortgage loan (exclud- ing any mortgage insurance premiums or VA funding fee) not to exceed % (0% if not specified) of the mortgage loan. 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 (B) The interest rate(s) and fee(s) provisions in Paragraph 8(A) are satisfied if the mortgage lender(s) gives Buyer the right to guar- 100 ▇▇▇▇▇ the interest rate(s) and fee(s) at or below the maximum levels stated. If lender(s) gives Buyer the right to lock in the inter- 101 est rate(s), Buyer will do so at least 15 days before Settlement Date. Buyer gives Seller the right, at Seller’s sole option and 102 as permitted by law and the mortgage lender(s), to contribute financially, without promise of reimbursement, to the Buyer and/or 103 the mortgage lender(s) to make the above mortgage term(s) available to Buyer. 104 (C) Within days (7 if not specified) from the Execution Date of this Agreement, Buyer will make a completed, written mort- 105 gage application (including payment for and ordering of appraisal and credit reports without delay, at the time required by 106 lender(s)) for the mortgage terms and to the mortgage lender(s) identified in Paragraph 8(A), if any, otherwise to a responsible 107 mortgage lender(s) of Buyer’s choice. Broker for Buyer, if any, otherwise Broker for Seller, is authorized to communicate with 108 the mortgage lender(s) to assist in the mortgage loan process. 109 (D) Buyer will be in default of this Agreement if Buyer furnishes false information to anyone concerning Buyer’s financial 110 and/or employment status, fails to cooperate in good faith with processing the mortgage loan application (including delay 111 of the appraisal), fails to lock in interest rate(s) as stated in Paragraph 8(B), or otherwise causes the lender to reject, refuse 112 to approve or issue a mortgage loan commitment. 113 (E) 1. 114 115 2. 116 117 118 3. 119 120 121 122 123 124 125 4. 126 127 128 129 130 Mortgage Commitment Date: promptly deliver a copy of the commitment to Seller. . Upon receiving a mortgage commitment, Buyer will If Seller does not receive a copy of the mortgage commitment(s) by the Mortgage Commitment Date, Seller may terminate this Agreement by written notice to Buyer. Seller’s right to terminate continues until Buyer delivers a mortgage commitment to Seller. Until Seller terminates this Agreement, Buyer is obligated to make a good-faith effort to obtain mortgage financing. Seller may terminate this Agreement by written notice to Buyer after the Mortgage Commitment Date if the mortgage commitment:
Appears in 1 contract
ELECTED. (A) This sale is contingent upon Buyer obtaining mortgage financing according to the following terms: Second First Mortgage on the Property LoanAmount Loan Amount $ Minimum Term years Type of mortgage For: Land acquisition only Land acquisition and construction Other Loan-To-Value (LTV) ratioratio not to exceed % Mortgage lender Second Mortgage on the Property Loan Amount $ Minimum Term years Type of mortgage For: For nonLand acquisition only Land acquisition and construction Other Loan-FHA/VA loans LTV To-Value (LTV) ratio not to exceed % Mortgage lender Interest rate %; however, Buyer agrees to accept the interest rate as may be committed by the mortgage lender, not to exceed a maximum interest rate of %. Discount points, loan origination, loan placement and other fees charged by the lender as a percentage of the mortgage loan (exclud- ing any mortgage insurance premiums or VA funding fee) not to exceed % (0% if not specified) of the mortgage loan. First Mortgage on the Property LoanAmount $ Minimum Term years Type of mortgage Loan-To-Value (LTV) ratio: For non-FHA/VA loans LTV ratio not to exceed % Mortgage lender Interest rate %; however, Buyer agrees to accept the interest Interest rate as may be committed by the mortgage lender, not to exceed a maximum interest rate of %. Discount points, loan origination, loan placement and other fees charged by the lender as a percentage of the mortgage loan (exclud- ing any mortgage insurance premiums or VA funding fee) not to exceed % (0% if not specified) of the mortgage loan. 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 (B) The interest rate(s) and fee(s) provisions in Paragraph 8(A) are satisfied if the mortgage lender(s) gives Buyer the right to guar- 100 94 ▇▇▇▇▇ the interest rate(s) and fee(s) at or below the maximum levels stated. If lender(s) gives Buyer the right to lock in the inter- 101 95 est rate(s), Buyer will do so at least 15 days before Settlement Date. Buyer gives Seller the right, at Seller’s 's sole option and 102 96 as permitted by law and the mortgage lender(s), to contribute financially, without promise of reimbursement, to the Buyer and/or 103 97 the mortgage lender(s) to make the above mortgage term(s) available to Buyer. 104 (C) Within days (7 if not specified) from the Execution Date of this Agreement, Buyer will make a completed, written mort- 105 gage application (including payment for and ordering of appraisal and credit reports without delay, at the time required by 106 lender(s)) for the mortgage terms and to the mortgage lender(s) identified in Paragraph 8(A), if any, otherwise to a responsible 107 mortgage lender(s) of Buyer’s choice. Broker for Buyer, if any, otherwise Broker for Seller, is authorized to communicate with 108 the mortgage lender(s) to assist in the mortgage loan process. 109 (D) Buyer will be in default of this Agreement if Buyer furnishes false information to anyone concerning Buyer’s financial 110 and/or employment status, fails to cooperate in good faith with processing the mortgage loan application (including delay 111 of the appraisal), fails to lock in interest rate(s) as stated in Paragraph 8(B), or otherwise causes the lender to reject, refuse 112 to approve or issue a mortgage loan commitment. 113 (E) 1. 114 115 2. 116 117 118 3. 119 120 121 122 123 124 125 4. 126 127 128 129 130 Mortgage Commitment Date: promptly deliver a copy of the commitment to Seller. . Upon receiving a mortgage commitment, Buyer will If Seller does not receive a copy of the mortgage commitment(s) by the Mortgage Commitment Date, Seller may terminate this Agreement by written notice to Buyer. Seller’s right to terminate continues until Buyer delivers a mortgage commitment to Seller. Until Seller terminates this Agreement, Buyer is obligated to make a good-faith effort to obtain mortgage financing. Seller may terminate this Agreement by written notice to Buyer after the Mortgage Commitment Date if the mortgage commitment:.
Appears in 1 contract