Common use of Financing Contingency Clause in Contracts

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. 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 5,400,000 at the then-current market rate of interest rate and 20 year amortization (the "Financing Contingency") on or before October 21September 11, 19961996 (the "Financing Contingency Date"). 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 within seven (7, 1996) days from the date hereof, and shall provide Seller with either copies of the completed application materials submitted to the lender and a letter copy of the check representing the application fee within fourteen (14) days 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")date hereof. 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, 1996the Financing Contingency Date, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21, 1996the Financing Contingency Date, 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 theretofore deposixxx xxxo 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, 1996Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing. Notwithstanding anything contained in this Section 9 to the contrary, in the event that Purchaser is unable to close on the proposed first mortgage financing on or before the Closing Date, and the delay is caused solely by the actions of Purchaser's lender, Purchaser, upon ten (10) days' prior written notice to Seller, shall have a one time right to extend the Closing Date for a period not to exceed ten (10) days."

Financing Contingency. Purchaser's and Seller's obligations under The transactions contemplated by this Agreement are shall be contingent upon Purchaser's ability Buyer obtaining approval of a loan to procure finance and/or equity raise to secure up to one hundred (100%) percent, of the cash portion of the Purchase Price (the “Financing Amount”) no later than forty-five (45) days after the Agreement Date (the “Loan Approval Period”), for a commitment fixed or adjustable interest rate, which initial interest rate shall not exceed eight (8%) percent per annum and for first mortgage financing a term of at least five (5) years (the “Financing”). Buyer agrees to make a loan application for the acquisition Financing within ten (10) Business Days after the Agreement Date. If Buyer is unable to obtain a loan approval without reasonable conditions (including an appraisal 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 Company’s assets sufficient to support the Loan Amount) for the Financing (the "Financing Contingency"“Loan Approval”) on or before October 21prior to the expiration of the Loan Approval Period, 1996. Purchaser acknowledges Buyer may provide written notice to Company and agrees Shareholder stating 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 Buyer has been received unable to obtain the Loan Approval and notify the Company and Shareholder that the Buyer has elected to either (i) waive the Loan Approval, in which event this Agreement will continue as if the Loan Approval had been obtained or an affidavit from Purchaser stating that Purchaser submitted said application (ii) terminate this Agreement. If Buyer fails to timely deliver written notice to the Shareholder and paid any application fee on Company prior to the expiration of the Loan Approval Period electing (i) or before October 7, 1996 ("Application Evidence"). In the event Purchaser has complied with the requirements set forth ii) in the preceding sentence, but is unable to satisfy then the Financing Contingency on or before October 21, 1996, then Purchaser Loan Approval shall have the option, upon written notice to Seller, exercised no later than October 21, 1996, to terminate this Agreementbe deemed waived, in which case event this Agreement shall become null will continue as if the Loan Approval had been obtained. If this Agreement is timely terminated as set forth above, then Buyer, Shareholder 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, Company shall be delivered to Purchaser, and neither party shall have any released from all further liability to the other, except for those covenants and obligations hereunder which expressly survive the termination of under 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, any portion of the Financing Contingency from Buyer’s lender is not available on the Closing Date due to the failure of the Buyer’s lender to fund on an issued loan commitment due to reasons outside of the Buyer’s control, such as the failure of the Buyer’s lender, a disruption to the financial markets, a “Force Majeure Event” (as hereinafter defined) or the revocation of the issued loan commitment through no fault of the Buyer, then no later than five (5) days after Buyer receives written notice of Buyer’s lender’s revocation of an issued loan commitment or inability to fund the loan, Buyer may elect to terminate this Agreement and the Buyer, Company and Shareholder shall be deemed satisfied and the parties hereto shall released from all further obligations under this Agreement or Buyer may elect to proceed to Closing. Until the Loan Approval is obtained, any due diligence material to be provided by the Shareholder and the Company as part of the application process shall be subject to the Due Diligence Limitations set forth in Section 1.5. The Financing may be secured by, among other things, a first position security interest in the assets of the Company. For clarification, no shareholder of Buyer shall be required to provide a personal guaranty as a condition of the Loan Approval."

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 2,662,500.00 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. Purchaser's and Seller's obligations under Seller grants to Buyer a period of up to sixty (60) days after the date of this Agreement are contingent upon Purchaser's ability (the “Contingency Date”) to procure (1) complete a commitment common stock offering in order to raise funds in advance of Closing (the “Financing”) and (2) receive from the New York Department of Financial Service approval for first mortgage financing for the acquisition American Pet Insurance Company, a subsidiary of the Property Buyer, to invest up to 10% of its Admitted Assets in an amount of not less than $4,875,000.00 with a 9.5% per annum constant interest rate and 20 year amortization Affiliated Entity (the "“Regulatory Approval”). Buyer agrees to use commercially reasonable efforts (1) to secure a Financing Contingency") on terms reasonably acceptable to Buyer on or before October 21, 1996. Purchaser acknowledges the Contingency Date and agrees that it shall submit its application for a commitment for first mortgage financing in accordance with (2) to receive the provisions set forth above Regulatory Approval on or before October 7, 1996, and shall provide Seller with either the Contingency Date. If Buyer is not able to complete 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 Financing 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, 1996Date, then Purchaser the Buyer shall have the option, be entitled to terminate this Agreement immediately upon written notice to Sellerthe Seller and, exercised no later than October 21upon notice from Buyer to Seller of termination, 1996, to terminate this Agreement, in which case this Agreement shall become null be terminated and void without further action the Xxxxxxx Money Deposit shall promptly be returned to Buyer after Seller has confirmed to the Escrow Agent that Buyer has provided to Seller copies of the parties and all Earnest Money theretofxxx xxxosited into the escrow by Purchaser together with any interest accrued thereonConfidential Reports (as defined in Section 8(b) above), which confirmation will not be unreasonably withheld or delayed, this Agreement shall be delivered to Purchaser, of no further force and effect and neither party shall have any further liability to the other, except for those covenants and rights or obligations hereunder which except those that are expressly stated to survive the termination of this Agreement. In the event Purchaser fails to If Buyer does not deliver such a termination notice to Seller or Purchaser fails to deliver the Application Evidence on or before October 7the Contingency Date, 1996, the Financing Contingency Buyer shall be deemed satisfied to have waived its right to terminate based upon the Financing pursuant to this Section 8(d). If Buyer does not obtain Regulatory Approval on or before January 1, 2019, this Agreement shall automatically terminate, the Xxxxxxx Money Deposit shall promptly be returned to Buyer after Seller has confirmed to the Escrow Agent that Buyer has provided to Seller copies of the Confidential Reports (as defined in Section 8(b) above), and the parties hereto this Agreement shall proceed be of no further force and effect and neither party shall have any rights or obligations hereunder except those that are expressly stated to Closingsurvive termination of this Agreement."

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 2,662,500.00 with a 9.5% per annum constant interest rate and 20 year amortization (the "Financing Contingency") on or before October 21September 23, 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, 1996within ten (10) business days from the date hereof, 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 within ten ("Application Evidence")10) business days from the date hereof. 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 21September 23, 1996, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21September 23, 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 theretofore deposited into the escrow by Purchaser xx Xxxchaser 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, 1996Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing."

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 Purchaser shall have until 5:00 p.m. Chicago time on November 26, 1996 (the "Financing ContingencyPeriod") on to obtain a commitment for financing in an amount not to exceed Four Million Fifty Thousand and No/100 Dollars ($4,050,000.00) from an institutional lender at an interest rate not to exceed the sum of (a) the yield for a treasury note with a term equal to the term of the loan, plus (b) one hundred eighty basis points or before October 21, 19961.8%. Purchaser acknowledges agrees to (i) diligently pursue and agrees that it shall submit use good faith in obtaining such financing, (ii) deliver to Seller prior to the expiration of the Inspection Period, its application for a commitment for first mortgage financing in accordance with the provisions set forth above on or before October 7, 1996said financing, and (iii) keep Seller advised of the status of obtaining said financing. The date on which Purchaser obtains such a financing commitment shall provide Seller with either a letter from be the lender evidencing that said application and any application fee has been received or an affidavit from "Financing Contingency Date". If 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 obtain a financing commitment as referenced in this Paragraph 25, Purchaser shall haxx xxx xxxxx xx xxxxxxxte this Agreement by giving written notice of such termination to Seller at any time prior to the expiration of the Financing Contingency on or before October 21, 1996Period. If written notice is not given by Purchaser pursuant to this Paragraph 25 prior to the expiration of the Financing Period, then the right of Purchaser to terminate this Agreement pursuant to this Paragraph 25 shall be waived and Purchaser shall be deemed to have obtained such financing on the option, upon last day of the Financing Period. If Purchaser terminates this Agreement by written notice to Seller, exercised no later than October 21, 1996, Seller prior to terminate this Agreement, in which case this Agreement shall become null and void without further action the expiration of the parties and all Financing Period, the Earnest Money theretofxxx xxxosited into the escrow by theretofore deposixxx xx Purchaser shall be immediately paid to Purchaser, together with any interest accrued earned thereon, shall be delivered to Purchaser, and neither party Purchaser nor Seller shall have any further right, obligation or liability to the otherunder this Agreement, except for those covenants Purchaser's obligation to indemnify Seller and obligations hereunder which expressly survive restore 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 7Property, 1996, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closingas more fully set forth in Paragraph 7.1."

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 2,137,500.00 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. 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 21September 23, 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, 1996within ten (10) business days from the date hereof, 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 within ten ("Application Evidence")10) business days from the date hereof. 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 21September 23, 1996, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21September 23, 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 theretofore deposited into the escrow by Purchaser xx Xxxchaser 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, 1996Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing."

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 2,250,000.00 with a 9.5% per annum constant interest rate and 20 year amortization (the "Financing Contingency") on or before October 21September 23, 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, 1996within ten (10) business days from the date hereof, 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 within ten ("Application Evidence")10) business days from the date hereof. 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 21September 23, 1996, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21September 23, 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 theretofore deposited into the escrow by Purchaser Xxxxxxxer 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, 1996Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing."

Financing Contingency. Purchaser's and Seller's obligations under this Agreement are obligation to consummate the transaction contemplated herein is contingent upon Purchaser's ability to procure Purchaser obtaining on or before July 24, 1997, a commitment for first mortgage financing for the an acquisition loan of the Property in an amount of not less than $4,875,000.00 with a 9.5% per annum constant interest rate 6,200,000.00 containing the following terms: non-recourse provisions (subject to customary non-recourse carve-outs) and 20 year amortization otherwise containing terms acceptable to Purchaser in Purchaser's sole discretion (the aforesaid contingency being hereinafter referred to as the "Financing Contingency"). Purchaser covenants to submit a completed loan application requesting a loan in an amount not to exceed $6,200,000.00 to its prospective lender (and a copy thereof to Seller) on or before October 21June 9, 1996. Purchaser acknowledges 1997 and agrees that it shall submit its application for a commitment for first mortgage financing in accordance with to diligently pursue 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 satisfaction of the Financing Contingency on or before October 21July 24, 19961997 (collectively, the "Financing Covenant"). If Purchaser has complied with the Financing Covenant and has not satisfied the Financing Contingency on or before July 24, 1997, then Purchaser shall have the option, upon right to terminate this Agreement by delivering written notice to SellerSeller on or before July 24, exercised no later than October 21, 1996, to terminate this Agreement1997, in which case this Agreement shall become null terminate 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 returned to Purchaser, Purchaser and neither party shall partx xxxxx have any further liability to the otherother hereunder, except for those covenants and obligations hereunder which expressly survive as specifically set forth herein to the termination of this Agreementcontrary. In the event If Purchaser fails to deliver has not delivered such notice to Seller or Purchaser fails to deliver the Application Evidence on or before October 7July 24, 19961997, then Purchaser shall be deemed to have waived its right to terminate this Agreement pursuant to this Paragraph 30. If Purchaser has not satisfied the Financing Contingency on or before July 24, 1997, then notwithstanding Purchaser's desire to waive the Financing Contingency, Seller shall have the right to deliver written notice to Purchaser on or before July 28, 1997 terminating this Agreement in which case this Agreement shall terminate and the Earnest Money shall be deemed satisfied returned to Purchaser and neither partx xxxxx have any liability to the parties hereto shall proceed other hereunder, except as specifically set forth herein to Closingthe contrary."

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 2,250,000.00 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. 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 2,137,500.00 with a 9.5% per annum constant interest rate and 20 year amortization (the "Financing Contingency") on or before October 21September 23, 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, 1996within ten (10) business days from the date hereof, 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 within ten ("Application Evidence")10) business days from the date hereof. 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 21September 23, 1996, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21September 23, 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 theretofore deposited into the escrow by Purchaser Pxxxxxxxr 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, 1996Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing."

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 21September 23, 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, 1996within ten (10) business days from the date hereof, 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 within ten ("Application Evidence")10) business days from the date hereof. 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 21September 23, 1996, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21September 23, 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 theretofore deposited into the escrow by Purchaser Xxxxxxxer 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, 1996Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing."

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 8,500,000 with a 9.5% an interest rate of not more than 165 basis points over ten (10) years U.S. Treasury Bills per annum constant interest rate and 20 a 25 year amortization and reasonably acceptable to Purchaser in all material respects (the "Financing Contingency") on or before October 21February 28, 19961997. Purchaser acknowledges and agrees that it shall submit its application (or equivalent) for a commitment for first mortgage such financing in accordance with the provisions set forth above on or before October 7by five (5) business days after execution of this Agreement and pay all application and other fees associated therewith. Upon Seller's request, 1996, and Purchaser shall provide Seller with either a letter from the proposed lender evidencing that said application and any application fee (or equivalent) 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")completed 10 business days after execution of this Agreement. 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 21February 28, 19961997, then Purchaser shall have the option, upon written notice to Seller, exercised no later than October 21February 28, 19961997, 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 theretofore deposixxx xxxo 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, 1996Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing."

Financing Contingency. It shall be a condition precedent to --------------------- Purchaser's and Seller's obligations under this Agreement are contingent upon Purchaser's ability obligation to procure a proceed to Closing that Purchaser obtains the commitment for first mortgage financing of the Town of Babylon Industrial Development Authority (the "XXX") for the acquisition of financing necessary to acquire and improve the Property detailed 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 application attached hereto as Exhibit F on or prior to sixty (60) days after the Contract Date (such date, the "Approval Date") (the foregoing contingency, the "Financing Contingency") on or before October 21). The Financing Contingency shall not be satisfied unless and until the adoption by the XXX of an Inducement Resolution evidencing the intention of the FDA to provide the financial assistance with respect to the Property detailed in the application attached hereto as Exhibit F. Purchaser shall use its diligent and good faith efforts to satisfy the Financing Contingency by obtaining a binding commitment in the form of such a resolution from the XXX as soon as reasonably practicable after the Contract Date. Without limitation of the foregoing, 1996. Purchaser acknowledges and agrees that it shall submit its a completed application for a commitment for first mortgage financing in accordance commitment, together with all required supporting documentation, to the provisions set forth above XXX not later than thirty-five (35) days after the Contract Date (such date, the "Application Deadline") and provide evidence of such applications to Seller on or before October 7, 1996, and shall provide Seller with either a letter from prior to the lender evidencing that said application and any application fee has been received or an affidavit from Application Deadline. The failure by 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 to timely comply with the requirements set forth in of the preceding sentencesentence shall constitute a default by Purchaser hereunder. If the Financing Contingency is not satisfied in Purchaser's sole discretion on or prior to the Approval Date despite Purchaser's diligent and good faith efforts, Purchaser may terminate this Agreement by written notice to Seller (the "Financing Termination Notice"), delivered not later than the Approval Date, whereupon the Deposit shall be returned to Purchaser and neither party shall have any further liabilities or obligations hereunder except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser fails to timely deliver a Financing Termination Notice to Seller prior to the Approval Date, Purchaser shall be automatically deemed to have forever waived its right to terminate this Agreement on the basis of the Financing Contingency, except as hereinafter provided. Provided that Purchaser has diligently and in good faith attempted to satisfy the Financing Contingency on or prior to the Approval Date but is has been unable to satisfy the Financing Contingency on or before October 21prior to the Approval Date, 1996, then Purchaser shall have two (2) options (each an "Extension Option") to extend the option, upon Approval Date for an additional period of fifteen (15) days for all relevant purposes by delivering Seller 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 such election on or prior to the other, except for those covenants and obligations hereunder which expressly survive Approval Date (as the termination of this Agreementsame may have been previously extended). In the event Purchaser fails to deliver such timely exercise an Extension Option by delivery of written notice to Seller or Purchaser fails to deliver the Application Evidence on or before October 7prior to the Approval Date (as the same may have been previously extended), 1996, Purchaser shall be deemed to have permanently and irrevocably waived any remaining Extension Options. Purchaser shall have no right to exercise any Extension Option if the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closinghas been previously satisfied."