Finance Contingency. The Closing (as hereinafter defined) is contingent upon Buyer securing by , 20 ("First Commitment Date") a firm (except for matters of title and survey and matters totally within Buyer's control) written mortgage commitment for a fixed rate or an adjustable rate mortgage in the amount of (strike one) $ OR % of the Purchase Price, the interest rate (or initial interest rate if an adjustable rate mortgage) not to exceed % per year fixed (or % per year for the initial rate for an adjustable rate), amortized over years, payable monthly, loan fee not to exceed %, plus appraisal and credit report fee, if any, and otherwise on commercially reasonable terms ("Required Commitment"). If the note referenced in the Required Commitment has a balloon payment, it shall be due no sooner than years. Buyer shall make commercially reasonable efforts to obtain the Required Commitment by the First Commitment Date. If despite such commercially reasonable efforts Buyer is unable to obtain the Required Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on or before the First Commitment Date. Thereafter, Seller may, within 30 business days after the First Commitment Date ("Second Commitment Date"), secure the Required Commitment for Buyer upon the same terms, if Seller gives Buyer notice of Seller's intention to attempt to do so within 10 days after such notice from Buyer, and may extend the Closing Date (as hereinafter defined) by up to 30 business days upon notice to Buyer within such initial 30 business day period. The Required Commitment may be given by Seller or a third party. Buyer shall furnish all requested credit information, sign customary documents relating to the application and securing of the Required Commitment, and pay one reasonable application fee as directed by ▇▇▇▇▇▇. Should Seller fail to give such notice, this Contract shall be null and void as of the First Commitment Date, except for those provisions which by their terms survive the termination of this Contract, and the ▇▇▇▇▇▇▇ Money shall be promptly returned to Buyer. In the alternative, if Buyer notifies Seller on or before the First Commitment Date that Buyer has been unable to secure the Required Commitment as provided above, and Seller does not notify Buyer of its election to secure the Required Commitment for Buyer within the 10-day period referenced above or, if such notice is given, and neither Buyer nor Seller secures the Required Commitment on or before the Second Commitment Date, this Contract shall be null and void, except for those provisions which by their terms survive the termination of this Contract, and the ▇▇▇▇▇▇▇ Money shall be promptly returned to Buyer. If Buyer does not provide the notice to Seller provided for above in this Section 5 by the First Commitment Date, Buyer shall be deemed to have waived Buyer's right to terminate this Contract pursuant to this Section 5 and this Contract shall remain in full force and effect.
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Finance Contingency. The Closing (as hereinafter defined) is contingent upon Buyer securing by , 20 ("First Commitment Date") a firm (except for matters of title and survey and matters totally within Buyer's control) written mortgage commitment for a fixed rate or an adjustable rate mortgage in the amount of (strike one) $ OR % of the Purchase Price, the interest rate (or initial interest rate if an adjustable rate mortgage) not to exceed % per year fixed (or % per year for the initial rate for an adjustable rate), amortized over years, payable monthly, loan fee not to exceed %, plus appraisal and credit report fee, if any, and otherwise on commercially reasonable terms ("Required Commitment"). If the note referenced in the Required Commitment has a balloon payment, it shall be due no sooner than years. Buyer shall make commercially reasonable efforts to obtain the Required Commitment by the First Commitment Date. If despite such commercially reasonable efforts Buyer is unable to obtain the Required Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on or before the First Commitment Date. Thereafter, Seller may, within 30 business days after the First Commitment Date ("Second Commitment Date"), secure the Required Commitment for Buyer upon the same terms, if Seller gives Buyer notice of Seller's intention to attempt to do so within 10 days after such notice from Buyer, and may extend the Closing Date (as hereinafter defined) by up to 30 business days upon notice to Buyer within such initial 30 business day period. The Required Commitment may be given by Seller or a third party. Buyer shall furnish all requested credit information, sign customary documents relating to the application and securing of the Required Commitment, and pay one reasonable application fee as directed by ▇▇▇▇▇▇Seller. Should Seller fail to give such notice, this Contract shall be null and void as of the First Commitment Date, except for those provisions which by their terms survive the termination of this Contract, and the ▇▇▇▇▇▇▇ Money shall be promptly returned to Buyer. In the alternative, if Buyer notifies Seller on or before the First Commitment Date that Buyer has been unable to secure the Required Commitment as provided above, and Seller does not notify Buyer of its election to secure the Required Commitment for Buyer within the 10-day period referenced above or, if such notice is given, and neither Buyer nor Seller secures the Required Commitment on or before the Second Commitment Date, this Contract shall be null and void, except for those provisions which by their terms survive the termination of this Contract, and the ▇▇▇▇▇▇▇ Money shall be promptly returned to Buyer. If Buyer does not provide the notice to Seller provided for above in this Section 5 by the First Commitment Date, Buyer shall be deemed to have waived Buyer's right to terminate this Contract pursuant to this Section 5 and this Contract shall remain in full force and effect.
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