Financing Contingency Sample Clauses

Financing Contingency. The Buyer’s obligations herein are contingent on the Buyer’s obtaining financing to pay the balance on the Purchase Price. The Buyer must present to the Seller a binding commitment for financing the purchase of the Property within days from the Effective date. The terms of the financing must be acceptable to and approved by the Buyer who shall not unreasonably withhold such approval. In the event that the Buyer fails to obtain financing within the time allotted, this Agreement shall automatically terminated and all funds paid by the Buyer shall be returned to the Buyer after deducting all reasonable costs incurred by the Seller in good faith in relation this Agreement.
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Financing Contingency. This Agreement is contingent upon Purchaser obtaining a written commitment for loan(s) and or grant(s) without any condition(s) unacceptable to Purchaser in Purchaser’s sole judgment, to be secured by mortgages on the Property, in such amounts as Purchaser shall apply. Such financing may, but need not include: (a) first, primary mortgage loan financing (”First Mortgage Loan”) will be funded by a conventional lender from the proceeds of tax-exempt bonds, which insured with mortgage insurance provided by the Federal Housing Administration; (b) secondly, below-market, mortgage-loan financing (“Second Loan”) from the Connecticut Department of Housing (“CT DOH”) or other similar source; (c) thirdly, below-market, mortgage-loan financing (“Third Loan”) from the Sponsor and/or Federal Home Loan Bank (“FHLB”); and (d) non-competitively allocated Low-Income housing Tax Credits (“LIHTC”) from Connecticut Housing Finance Agency, which come “as-of-right” with the issuance of the tax-exempt, volume cap-cap bonds contemplated in (a) above. Notwithstanding, the foregoing the Purchaser may seek financing and grants of any nature in any form in its sole discretion. Purchaser agrees to make application for such loans and or grants and to pursue same with reasonable diligence. If having done so, Purchaser is unable to obtain a written commitment for such loans and or grants, then, at Purchaser’s sole discretion, Purchaser may, at any time within one hundred and fifty (150) days after expiration of the Zoning Contingency, notify Seller that it has not obtained said commitment and/or grants and if Purchaser so notifies Seller or Seller's attorney, then this Agreement, shall be null and void, and the Purchaser shall be entitled to the immediate return by Seller of the Cash Deposit and the parties shall be released of all liability each to the other. Notwithstanding, the foregoing Seller shall have the right to extend the Financing Contingency for two additional thirty (30) day periods, which extensions shall not be unreasonably withheld.
Financing Contingency. Buyer agrees to purchase with no financing contingency.
Financing Contingency. Purchaser's and Seller's obligations under this Agreement are contingent upon Purchaser's ability to procure a commitment for first mortgage financing for the acquisition of the Property in an amount of not less than $4,875,000.00 with a 9.5% per annum constant interest rate and 20 year amortization (the "Financing Contingency") on or before October 21, 1996. Purchaser acknowledges and agrees that it shall submit its application for a commitment for first mortgage financing in accordance with the provisions set forth above on or before October 7, 1996, and shall provide Seller with either a letter from the lender evidencing that said application and any application fee has been received or an affidavit from Purchaser stating that Purchaser submitted said application and paid any application fee on or before October 7, 1996 ("Application Evidence"). In the event Purchaser has complied with the requirements set forth in the preceding sentence, but is unable to satisfy the Financing Contingency on or before October 21, 1996, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21, 1996, to terminate this Agreement, in which case this Agreement shall become null and void without further action of the parties and all Earnest Money theretofxxx xxxosited into the escrow by Purchaser together with any interest accrued thereon, shall be delivered to Purchaser, and neither party shall have any further liability to the other, except for those covenants and obligations hereunder which expressly survive the termination of this Agreement. In the event Purchaser fails to deliver such notice to Seller or Purchaser fails to deliver the Application Evidence on or before October 7, 1996, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing."
Financing Contingency. Buyer shall have 21 days from the Binding Agreement Date (“Financing Contingency Period”) to determine if Xxxxx has the ability to obtain the Loan(s) described above (“Financing Contingency”). Buyer shall be deemed to have the ability to obtain the Loan(s) unless prior to the end of the Financing Contingency Period, Buyer: a) notifies Seller that Buyer is terminating the Agreement because Buyer has been turned down for the Loan(s) and b) provides Seller within seven (7) days from the date of such notice a letter of loan denial from a mortgage lender based upon the mortgage lender’s customary and standard underwriting criteria (“Loan Denial Letter”). The Loan Denial Letter and mortgage lender issuing the Loan Denial Letter must meet all of the requirements set forth elsewhere in this Exhibit. Notwithstanding any provision to the contrary contained herein, the Loan Denial Letter may be provided to Seller after the Financing Contingency Period has ended if the above-referenced seven (7) day period to provide the Loan Denial Letter falls outside of the Financing Contingency Period. _____________________________ THIS FORM IS COPYRIGHTED AND MAY ONLY BE USED IN REAL ESTATE TRANSACTIONS IN WHICH Xxxx Xxxxxxxx IS INVOLVED AS A REAL ESTATE LICENSEE. UNAUTHORIZED USE OF THE FORM MAY RESULT IN LEGAL SANCTIONS BEING BROUGHT AGAINST THE USER AND SHOULD BE REPORTED TO THE GEORGIA ASSOCIATION OF REALTORS® AT (000) 000-0000.
Financing Contingency a) Amount ..... b) Maximum Initial Interest Rate: %
Financing Contingency. Section 6.1 paragraph (d) of the Agreement is hereby amended by deleting the definition of, "Financing Contingency Date" in its entirety and replacing it with the following new definition:
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Financing Contingency. Buyer agrees to purchase with no financing contingency. SETTLEMENT. Buyer and Seller mutually agree that settlement shall occur at The Law Office of Xxxxxx Xxxxx (301-680-8300) and shall not be changed unless agreed to in writing by both Buyer and Seller. All settlement charges, recordation tax and any state or local transfer taxes shall be paid by Buyer. Seller shall pay no settlement charges, fees, or recordation tax.
Financing Contingency. This Agreement is NOT contingent upon Buyer obtaining financing for the purchase of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon Buyer obtaining financing in accordance with the following provisions:
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