Common use of Financing Contingency Clause in Contracts

Financing Contingency. If a mortgage is referred to in Section 2, this Contract is 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”). All time periods run from the Effective Date defined on 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 release forms, the Escrow Agent (defined in Section 9 of this Contract) shall return the Deposit to the Purchaser. Upon such 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 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 considered waived by Purchaser. Purchaser acknowledges that this financing contingency is limited in time.

Financing Contingency. If a mortgage is referred to in Section Paragraph 2, this Contract is contingent upon 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 PagePage 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 Section 9 Paragraph 7 of this Contract) shall return the Deposit to the Purchaser. Upon such paymentreturn 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 considered waived by Purchaserwaived. Purchaser acknowledges that this financing contingency is limited in time.

Financing Contingency. If a mortgage is referred to in Section Paragraph 2, this Contract is contingent upon 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”). All time periods run from the Effective Date (defined on Signature PagePage 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 release forms, the Escrow Agent (defined in Section 9 Paragraph 7 of this Contract) shall return the Deposit to the Purchaser. Upon such paymentreturn 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 considered waived by Purchaserwaived. Purchaser acknowledges that this financing contingency is limited in time.

Financing Contingency. If a mortgage is referred to in Section 2-C above, this Contract is contingent upon 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 days (“Financing Contingency Period”)30 days. **Subject to purchaser obtaining a unique mortgage with no prepayment penalties. All time periods run from the Effective Date defined on Signature Pagedate 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 release forms, the Listing Agency (or other Escrow Agent (defined in Section 9 of this Contractholding the funds) shall return the Deposit to the Purchaser. Upon Purchaser 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 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 considered waived by Purchaser. Purchaser acknowledges that this financing contingency is limited in time.Date

Financing Contingency. If a mortgage is referred to in Section Paragraph 2, this Contract is 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”). All time periods run from the Effective Date (defined on Signature PagePage 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 release forms, the Escrow Agent (defined in Section 9 Paragraph 7 of this Contract) shall return the Deposit to the Purchaser. Initials: Purchaser Date Seller Date 8933406 v6 Upon such paymentreturn 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 considered waived by Purchaser. Purchaser acknowledges that this financing contingency is limited in time.