Financing Contingencies Sample Clauses
A financing contingency is a contractual provision that makes the completion of a transaction dependent on the buyer securing adequate financing, such as a mortgage or loan, within a specified timeframe. In practice, this clause allows the buyer to withdraw from the agreement without penalty if they are unable to obtain the necessary funds, often requiring them to provide proof of their loan application or denial. The core function of a financing contingency is to protect buyers from being obligated to complete a purchase they cannot afford, thereby reducing financial risk and uncertainty in the transaction.
POPULAR SAMPLE Copied 3 times
Financing Contingencies. In the event there is a need for funds to complete the Renewable Energy Project over the grant amount, the recipient shall demonstrate to Tacoma Power’s satisfaction within 365 days of the award Issue Date via written communication that it has secured the necessary funds to complete the project. If the project has not secured financing for or the needed funds during this period, the project may forfeit its right to the grant funding reserved for the project.
Financing Contingencies. Buyer's ability to consummate Closing hereunder is not subject to any financing contingency.
Financing Contingencies. 6a. x NEW FIRST LOAN Buyer will be utilizing $750,000 from a 1030-Tax Exchang and obtaining financing for the balance of the purchase price. 6b. ¨ NEW SECOND LOAN 6c. ¨ SHORTFALL CLAUSE 6d. ¨ PURCHASE SUBJECT TO/ASSUMPTION OF FIRST 6e. ¨ PURCHASE SUBJECT TO/ASSUMPTION OF SECOND 6f. ¨ SELLER CARRIES BACK FIRST 6g. ¨ SELLER CARRIES BACK SECOND 6h. ¨ SELLER CARRIES BACK T▇▇▇▇ ▇▇. ¨ ALL INCLUSIVE PROMISSORY NOTE AND DEED OF TRUST 6j. ¨ NO FINANCING CONTINGENCY — ALL CASH 6k. ¨ OTHER FINANCING
Financing Contingencies. NO FINANCING CONTINGENCY ALL CASH. Buyer may encumber the property with debt but it will not be a contingency to closing.
6.1) NO FINANCING CONTINGENCY ALL CASH:
Financing Contingencies. Situation: Buyer of commercial 4-plex rental property adds a financing contingency to the purchase agreement requiring Buyer to close only if Buyer obtains a loan at a rate not to exceed 3.5% annual, for a term of not less than 20 years. • Problem: Most commercial loans for this type of property are between 5 and 10 years. • Drafting Consideration: Evaluate whether the requested terms are reasonable.
Financing Contingencies. If Buyer is financing any portion of the Purchase Price, this transaction is subject to the following financing 76 contingencies: (1) Buyer and the Property to qualify for the loan from Lender; (2) Lender’s appraisal shall not be less than the Purchase Price; and,
Financing Contingencies. This Contract is not contingent upon the ability of the Buyers to obtain financing or appraisal.
Financing Contingencies. The Redeveloper shall have until the Phase 1 Finance Contingency Period within which to secure financing for the Phase 1 Closing, shall have until the Phase 2 Finance Contingency Period within which to secure financing for the Phase 2 Closing, and shall have until the Phase 3 Finance Contingency Period within which to secure financing for the Phase 3 Closing. In the event that the Redeveloper is not able to secure financing for the applicable closing within such periods, it shall provide written notice thereof on or before the expiration of the such period, in which event the Deposit shall be returned to the Redeveloper, this Agreement shall terminate, and the Parties shall have no further obligations under this Agreement except for those obligations for which there exists an uncured Default (which the Defaulting Party must cure unless waived by the Non-Defaulting Party) and those obligations expressly stated to survive termination. If the Redeveloper fails to give the Town a notice of termination before the expiration of the applicable finance contingency period, then it shall be deemed to have waived its right to terminate the Agreement under this section.
Financing Contingencies. Buyer's obligations under this Agreement are contingent upon Buyer obtaining, no later than forty-five (45) days after the mutual execution of this Agreement, a binding commitment for financing to be secured by a first mortgage or deed of trust against the Real Property in an amount and terms reasonably acceptance to Buyer. The failure of Buyer to notify Seller by the end of the forty-five (45) day period that it has obtained the binding commitment shall be deemed a failure of this contingency and this Agreement will, in such event, be automatically terminated and the Deposit returned to Buyer without further action required by either party. Buyer shall use good faith efforts to obtain financing conforming to the terms of this Paragraph.
Financing Contingencies. Purchaser agrees to use commercially reasonable efforts to obtain (i) a reservation for LIHTC; (ii) Part 1 and Part 2 approval for federal and state historic rehabilitation tax credits; (iii) commitments for subsidized loans from the Massachusetts Department of Housing and Community Development and/or MassHousing Finance Agency; (iv) a capital contribution commitment from an equity investor; (v) construction and permanent loan financing commitments; and (vi) the agreement of the Town to a maximum aggregate amount (which may be reflected in a credit against the Purchase Price at Closing or a reimbursement of that portion of the Purchase Price after the Closing equal to the amount charged to the Purchaser (or its affiliate) as described in this Section 1.5 in excess of the maximum aggregate amount) of $90,000 in fees and charges assessed by the Town to the Purchaser (or its affiliate) to obtain building, electrical, gas, and plumbing and related construction permits; in each case, such tax credit awards, commitments and loans on terms and conditions agreeable to Purchaser in its sole and unreviewable discretion (collectively, the "Financing Contingencies"). If Purchaser is unable to obtain each of items (i) through (vi) above, then Purchaser shall have the right to terminate this Agreement pursuant to Section 8.1. The provisions of this Section 1.5(vi) shall survive (x) the termination of this Agreement and (y) the Closing.