Common use of Financing Contingency Clause in Contracts

Financing Contingency. If a mortgage is referred to in Paragraph 2, this Contract is subject to the Purchaser obtaining a financing commitment from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage broker. Purchaser shall use best efforts to obtain financing and shall supply the prospective lender(s) with all requisite information. a. Purchaser shall complete a loan application and must provide a prequalified letter from the lender within days. b. Purchaser shall obtain a loan commitment within Period”). days (the “Financing Contingency All time periods run from the Effective Date (defined on Page 5 of this Contract). If Purchaser's bona fide loan application does not result in a commitment within the Financing Contingency Period, Purchaser shall have the affirmative obligation of providing written notice to Seller that the financing contingency has not been satisfied, and that the Purchaser has elected to terminate this Contract. Such notice must include a lender’s loan denial letter and must be provided during the Financing Contingency Period. Upon receipt of notice and execution of any required Initials: Purchaser Date Seller Date release forms, the Escrow Agent (defined in Paragraph 7 of this Contract) shall return the Deposit to the Purchaser. Upon return of the Deposit, this Contract shall have no force or effect, and neither party hereto shall have any rights against the other hereunder. The parties acknowledge and agree that time is of the essence with respect to the Financing Contingency Period. No right to cure shall apply to the Financing Contingency Period. If Purchaser does not provide Seller written notice of failure to obtain financing during the Financing Contingency Period, the financing contingency shall be waived. Purchaser acknowledges that this financing contingency is limited in time.

Financing Contingency. Buyer shall provide to Seller a prequalification letter within 5 business days of the Effective Date of this Agreement. If Buyer fails to timely provide the prequalification letter, Seller may unilaterally terminate this Agreement by providing notice to Buyer, in which case this Agreement shall terminate and the ▇▇▇▇▇▇▇ Money shall be returned to Buyer. Buyer shall have until 10 business days after Seller receives a mortgage is referred certificate of occupancy for the Unit to in Paragraph 2, this Contract is subject to the Purchaser obtaining secure a binding commitment for financing commitment from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage broker(“Financing Contingency Deadline”). Purchaser Buyer shall use best good faith efforts to obtain this binding commitment for financing and shall supply the prospective lender(s) with all requisite information. a. Purchaser shall complete a loan application and must provide a prequalified letter from the lender within days. b. Purchaser shall obtain a loan commitment within Period”). days (the “Financing Contingency All time periods run from the Effective Date (defined on Page 5 of this Contract). If Purchaser's bona fide loan application does not result in a commitment within by the Financing Contingency PeriodDeadline. If Buyer is unable to obtain a binding commitment for financing by the Financing Contingency Deadline, Purchaser Buyer shall have the affirmative obligation of providing written notice to Seller that the financing contingency has not been satisfied, and that the Purchaser has elected right to terminate this Contract. Such notice must include a lender’s loan denial letter and must be provided during Agreement by notifying Seller in writing by the Financing Contingency PeriodDeadline. Upon receipt of If Buyer timely delivers this termination notice and execution of any required Initials: Purchaser Date Seller Date release formsto Seller, this Agreement shall terminate, the Escrow Agent (defined in Paragraph 7 of this Contract) Title Company shall return the Deposit ▇▇▇▇▇▇▇ Money to the Purchaser. Upon return of the Deposit, this Contract shall have no force or effectBuyer, and neither party hereto Seller nor Buyer thereafter shall have any further rights against the other hereunderor obligations under this Contract unless expressly provided otherwise in this Contract. The parties acknowledge If Buyer fails to timely provide termination notice to Seller, Buyer will be deemed to have obtained a binding commitment and agree that time is of the essence with respect to the Financing Contingency Period. No have waived its right to cure shall apply terminate this Agreement pursuant to this Section and the Financing Contingency Period. If Purchaser does not provide Seller written notice of failure ▇▇▇▇▇▇▇ Money will be deemed non-refundable to obtain financing during the Financing Contingency Period, the financing contingency shall be waived. Purchaser acknowledges that Buyer except as otherwise expressly provided in this financing contingency is limited in timeAgreement.

Financing Contingency. If a mortgage is referred to in Paragraph Section 2, this Contract is subject to the contingent upon Purchaser obtaining a financing commitment from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage broker. Purchaser shall use best efforts to obtain financing and shall supply the prospective lender(s) with all requisite information. a. Purchaser shall complete a loan application and must provide a prequalified letter from the lender within days. b. Purchaser shall obtain a loan commitment within days (“Financing Contingency Period”). days (the “Financing Contingency All time periods run from the Effective Date (defined on Page 5 of this Contract)Signature Page. If Purchaser's bona fide loan application does not result in a commitment within the Financing Contingency Period, Purchaser shall have the affirmative obligation of providing written notice to Seller that the financing contingency has not been satisfied, and that the Purchaser has elected to terminate this Contract. Such notice must include a lender’s loan denial letter and must be provided during the Financing Contingency Period. Upon receipt of notice and execution of any required Initials: Purchaser Date Seller Date release forms, the Escrow Agent (defined in Paragraph 7 Section 9 of this Contract) shall return the Deposit to the Purchaser. Upon return of the Depositsuch payment, this Contract shall have no force or effect, and neither party hereto shall have any rights against the other hereunder. The parties acknowledge and agree that time is of the essence TIME IS OF THE ESSENCE with respect to the Financing Contingency Period. No right to cure shall apply to the Financing Contingency Period. If Purchaser does not provide Seller written notice of failure to obtain financing during the Financing Contingency Period, the financing contingency shall be waivedconsidered waived by Purchaser. Purchaser acknowledges that this financing contingency is limited in time.

Financing Contingency. If a mortgage is referred to in Paragraph Section 2-C above, this Contract is subject to the Purchaser obtaining a commitment for the financing commitment referenced above from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage brokerlender customarily making such loans in Beaufort County and the surrounding area. Purchaser shall use best efforts to obtain financing such a loan and shall supply the prospective lender(s) with all requisite information.. The timing of this financing contingency is as follows: a. Purchaser shall complete a Purchaser’s loan application and must provide a prequalified letter from the lender be submitted within 7 days. b. Purchaser shall obtain a comfort letter from the lender within 14** days. c. Purchaser shall obtain a loan commitment within Period”)30 days. days (the “Financing Contingency **Subject to purchaser obtaining a unique mortgage with no prepayment penalties. All time periods run from the Effective Date (defined on Page 5 date of this Contract). The “comfort letter” is to be in a form customarily used by lenders in Beaufort County. If Purchaser's bona fide loan application does not result in a commitment within the Financing Contingency Periodabove time frame, Purchaser shall have the affirmative obligation of providing written notice to notifying Seller or Seller's agent in writing that the financing contingency has not been satisfied, satisfied and that the Purchaser has elected to terminate this ContractContract for failure to obtain financing. Such notice must include a lenderbe received by Seller or Seller’s loan denial letter and must be provided during agent not later than five (5) days after the Financing Contingency Periodfinancing contingency expiration date. Upon receipt of notice and execution of any required Initials: Purchaser Date Seller Date release forms, the Listing Agency (or other Escrow Agent (defined in Paragraph 7 of this Contractholding the funds) shall return the Deposit to the Purchaser. Upon return of the DepositPurchaser any sums heretofore paid as ▇▇▇▇▇▇▇ money, and upon such payment, this Contract shall have no force or effect, and effect and neither party hereto shall have any rights against the other hereunder. The Notwithstanding the right to cure time period contained in Section 9, the parties acknowledge and agree that time is of the essence with respect to the Financing Contingency Periodall time periods contained within this Section 3. No right to cure shall apply to the Financing Contingency Periodperiods contained in this Section 3. If Initials: Purchaser does not provide Date Seller written notice of failure to obtain financing during the Financing Contingency Period, the financing contingency shall be waived. Purchaser acknowledges that this financing contingency is limited in time.Date

Financing Contingency. If a mortgage is referred to in Paragraph 2, this Contract is subject to the contingent upon Purchaser obtaining a financing commitment from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage broker. Purchaser shall use best efforts to obtain financing and shall supply the prospective lender(s) with all requisite information. a. Purchaser shall complete a loan application and must provide a prequalified letter from the lender within days. b. Purchaser shall obtain a loan commitment within days (“Financing Contingency Period”). days (the “Financing Contingency All time periods run from the Effective Date (defined on Signature Page 5 of this Contract). If Purchaser's bona fide loan application does not result in a commitment within the Financing Contingency Period, Purchaser shall have the affirmative obligation of providing written notice to Seller that the financing contingency has not been satisfied, and that the Purchaser has elected to terminate this Contract. Such notice must include a lender’s loan denial letter and must be provided during the Financing Contingency Period. Upon receipt of notice and execution of any required Initials: Purchaser Date Seller Date release forms, the Escrow Agent (defined in Paragraph 7 of this Contract) shall return the Deposit to the Purchaser. Initials: Purchaser Date Seller Date 8933406 v6 Upon return of the Deposit, this Contract shall have no force or effect, and neither party hereto shall have any rights against the other hereunder. The parties acknowledge and agree that time is of the essence TIME IS OF THE ESSENCE with respect to the Financing Contingency Period. No right to cure shall apply to the Financing Contingency Period. If Purchaser does not provide Seller written notice of failure to obtain financing during the Financing Contingency Period, the financing contingency shall be waivedconsidered waived by Purchaser. Purchaser acknowledges that this financing contingency is limited in time.

Financing Contingency. Buyer shall provide to Seller a prequalification letter within 5 business days of the Effective Date of this Agreement. If Buyer fails to timely provide the prequalification letter, Seller may unilaterally terminate this Agreement by providing notice to Buyer, in which case this Agreement shall terminate and the ▇▇▇▇▇▇▇ Money shall be returned to Buyer. Buyer shall have until the Title Resolution Deadline to secure a binding commitment for financing (“Financing Contingency Deadline”). If a mortgage is referred certificate of occupancy has not been issued for the Unit by the Title Resolution Deadline, the Financing Contingency Deadline shall be extended to in Paragraph 2, this Contract is subject to 7 business days after Seller receives a certificate of occupancy for the Purchaser obtaining a financing commitment from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage brokerUnit. Purchaser Buyer shall use best good faith efforts to obtain this binding commitment for financing and shall supply the prospective lender(s) with all requisite information. a. Purchaser shall complete a loan application and must provide a prequalified letter from the lender within days. b. Purchaser shall obtain a loan commitment within Period”). days (the “Financing Contingency All time periods run from the Effective Date (defined on Page 5 of this Contract). If Purchaser's bona fide loan application does not result in a commitment within by the Financing Contingency PeriodDeadline. If Buyer is unable to obtain a binding commitment for financing by the Financing Contingency Deadline, Purchaser Buyer shall have the affirmative obligation of providing written notice to Seller that the financing contingency has not been satisfied, and that the Purchaser has elected right to terminate this Contract. Such notice must include a lender’s loan denial letter and must be provided during Agreement by notifying Seller in writing by the Financing Contingency PeriodDeadline. Upon receipt of If Buyer timely delivers this termination notice and execution of any required Initials: Purchaser Date Seller Date release formsto Seller, this Agreement shall terminate, the Escrow Agent (defined in Paragraph 7 of this Contract) Title Company shall return the Deposit ▇▇▇▇▇▇▇ Money to the Purchaser. Upon return of the Deposit, this Contract shall have no force or effectBuyer, and neither party hereto Seller nor Buyer thereafter shall have any further rights against the other hereunderor obligations under this Contract unless expressly provided otherwise in this Contract. The parties acknowledge If Buyer fails to timely provide termination notice to Seller, Buyer will be deemed to have obtained a binding commitment and agree that time is of the essence with respect to the Financing Contingency Period. No have waived its right to cure shall apply terminate this Agreement pursuant to this Section and the Financing Contingency Period. If Purchaser does not provide Seller written notice of failure ▇▇▇▇▇▇▇ Money will be deemed non-refundable to obtain financing during the Financing Contingency Period, the financing contingency shall be waived. Purchaser acknowledges that Buyer except as otherwise expressly provided in this financing contingency is limited in timeAgreement.

Financing Contingency. If a mortgage is referred to in Paragraph 2, this Contract is subject to the Purchaser obtaining a financing commitment from a Nationwide Mortgage Licensing System & Registry approved mortgagee or mortgage broker. Purchaser shall use best efforts to obtain financing and shall supply the prospective lender(s) with all requisite information. a. Purchaser shall complete a loan application and must provide a prequalified letter from the lender within days. b. Purchaser shall obtain a loan commitment within days (“Financing Contingency Period”). days (the “Financing Contingency All time periods run from the Effective Date (defined on Signature Page 5 of this Contract). If Purchaser's bona fide loan application does not result in a commitment within the Financing Contingency Period, Purchaser shall have the affirmative obligation of providing written notice to Seller that the financing contingency has not been satisfied, and that the Purchaser has elected to terminate this Contract. Such notice must include a lender’s loan denial letter and Initials: Purchaser Date Seller Date must be provided during the Financing Contingency Period. Upon receipt of notice and execution of any required Initials: Purchaser Date Seller Date release forms, the Escrow Agent (defined in Paragraph 7 of this Contract) shall return the Deposit to the Purchaser. Upon return of the Deposit, this Contract shall have no force or effect, and neither party hereto shall have any rights against the other hereunder. The parties acknowledge and agree that time is of the essence with respect to the Financing Contingency Period. No right to cure shall apply to the Financing Contingency Period. If Purchaser does not provide Seller written notice of failure to obtain financing during the Financing Contingency Period, the financing contingency shall be waived. Purchaser acknowledges that this financing contingency is limited in time.