Common use of MORTGAGE CONTINGENCY Clause in Contracts

MORTGAGE CONTINGENCY. This Agreement is contingent upon BUYER obtaining a written commitment for a loan without any condition(s) beyond BUYER’S reasonable ability to satisfy, to be secured by a first mortgage on the Premises, in such an amount for which BUYER shall apply which shall not be in excess of $1,923,750.00 from a lending institution or licensed mortgage broker, which loan shall be for a term of thirty (30) years and shall bear interest at a rate then in effect at the institution where application is made and shall include such other terms and conditions as are imposed by such institution at the time BUYER makes such application. BUYER agrees to make prompt application for such a loan and to pursue said application with diligence. If having done so, BUYER is unable to obtain a written commitment for such a loan on or before November 22, 2021, and if BUYER so notifies SELLER or SELLER's attorney, in writing, at or before 5:00 p.m., on said date, then this Agreement shall be null and void and the BUYER shall be entitled to the immediate return by SELLER of all sums paid by the BUYER on account of this Agreement except for the sum of Four Hundred Fifty ($450.00) Dollars towards the cost of preparation of this Agreement. If SELLER or SELLER's attorney does not receive such written notice at or before 5:00 p.m. on said date, this Agreement shall remain in full force and effect. The foregoing notwithstanding, a denial of BUYER's mortgage application based upon the BUYER's inability to sell other real estate or another home, or a written commitment conditioned on the sale of other real estate or another home, shall NOT be deemed a denial of such mortgage application under this paragraph. In either of such events the BUYER shall not be entitled to terminate this Agreement nor be entitled to the return of any sums paid by the BUYER on account of this Agreement. Should the BUYER fail to comply with the foregoing requirements, this Agreement shall continue in full force and effect, and the rights and obligations of the parties shall be as if this paragraph did not appear in this Agreement.

MORTGAGE CONTINGENCY. This Agreement Contract is contingent upon BUYER ▇▇▇▇▇ obtaining a firm written mortgage 95 commitment (except for a matters of title and survey or matters totally within Buyer’s control) on or before 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 FHA/VA is chosen, complete Paragraph 34) ❑ other loan without any condition(sof % of Purchase Price, plusprivate mortgage insurance (PMI), if required. The interest rate (initial rate, if applicable) beyond BUYER’S reasonable ability to satisfy, to be secured by a first mortgage on the Premises, in such an amount for which BUYER shall apply which shall not be in excess exceed % per annum, amortized over not less than years. Buyer shall pay loan origination fee and/or discount points not to exceed % of $1,923,750.00 from a lending institution or licensed mortgage brokerthe loan amount. Buyer shall pay the cost of application, which usual and customary processing fees and closing costs charged by lender. (Complete Paragraph 32 if closing cost credits apply.) Buyer shall make written loan application within five (5) Business Days after the Date of Acceptance. Failure to do so shall be for a term constitute an act of thirty (30) years and shall bear interest at a rate then in effect at the institution where application is made and shall include such other terms and conditions as are imposed by such institution at the time BUYER makes such application. BUYER agrees to make prompt application for such a loan and to pursue said application with diligenceDefault under this Contract. If Buyer, having done soapplied for the loan specified above, BUYER is unable to obtain a written such loan commitment for such a loan on or before November 22and serves Notice to Seller within the time specified, 2021, and if BUYER so notifies SELLER or SELLER's attorney, in writing, at or before 5:00 p.m., on said date, then this Agreement Contract shall be null and void and void. If Notice of inability to obtain such loan commitment is not served within the BUYER time specified, Buyer shall be entitled deemed to the immediate return by SELLER of all sums paid by the BUYER on account of have waived this Agreement except for the sum of Four Hundred Fifty ($450.00) Dollars towards the cost of preparation of contingency and this Agreement. If SELLER or SELLER's attorney does not receive such written notice at or before 5:00 p.m. on said date, this Agreement Contract shall remain in full force and effect. The foregoing notwithstandingUnless otherwise provided in Paragraph 30, a denial of BUYER's mortgage application based this Contract shall not be contingent upon the BUYER's inability sale and/or closing of Buyer’s existing real estate. Buyer shall be deemed to sell other real estate or another home, or have satisfied the financing conditions of this paragraph if ▇▇▇▇▇ obtains a written loan commitment in accordance with the terms of this paragraph even though the loan is conditioned on the sale and/or closing of other Buyer’s existing real estate estate. If Seller at Seller’s option and expense, within thirty (30) days after ▇▇▇▇▇’s notice, procures for Buyer such commitment or another home, shall NOT be deemed notifies Buyer that Seller will accept a denial of such purchase money mortgage application under this paragraph. In either of such events the BUYER shall not be entitled to terminate this Agreement nor be entitled to the return of any sums paid by the BUYER on account of this Agreement. Should the BUYER fail to comply with the foregoing requirementsupon thesame terms, this Agreement Contract shall continue remain in full force and effect. In such event, Seller shall notify Buyer within five (5) Business Days after ▇▇▇▇▇’s notice of Seller’s election to provide or obtain such financing, and Buyer shall furnish to 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 Seller or lender all requested information and shall sign all papers necessary to obtain the rights mortgage commitment and obligations of to close the parties shall be as if this paragraph did not appear in this Agreementloan.

MORTGAGE CONTINGENCY. This Agreement is contingent upon BUYER obtaining a written commitment for a loan without any condition(s) beyond BUYER’S reasonable ability to satisfy, to be secured by a first mortgage on the Premises, in such an amount for which BUYER shall apply which shall not be in excess of $1,923,750.00 _ from a lending institution or licensed mortgage broker, which loan shall be for a term of thirty (30) __ years and shall bear interest at a rate then in effect at the institution where application is made and shall include such other terms and conditions as are imposed by such institution at the time BUYER makes such application. BUYER ▇▇▇▇▇ agrees to make prompt application for such a loan and to pursue said application with diligence. If having done so, BUYER is unable to obtain a written commitment for such a loan on or before November 22_ _, 202120 , and if BUYER so notifies SELLER or SELLER's attorney, in writing, at or before 5:00 p.m., on said date, then this Agreement shall be null and void and the BUYER shall be entitled to the immediate return by SELLER of all sums paid by the BUYER on account of this Agreement except for the sum of Four Hundred Fifty ($450.00) Dollars towards the cost of preparation of this Agreement. If SELLER or SELLER's attorney does not receive such written notice at or before 5:00 p.m. on said date, this Agreement shall remain in full force and effect. The foregoing notwithstanding, a denial of BUYER's mortgage application based upon the BUYER's inability to sell other real estate or another home, or a written commitment conditioned on the sale of other real estate or another home, shall NOT be deemed a denial of such mortgage application under this paragraph. In either of such events the BUYER shall not be entitled to terminate this Agreement nor be entitled to the return of any sums paid by the BUYER on account of this Agreement. Should the BUYER fail to comply with the foregoing requirements, this Agreement shall continue in full force and effect, and the rights and obligations of the parties shall be as if this paragraph did not appear in this Agreement.

MORTGAGE CONTINGENCY. This Agreement is contingent upon BUYER obtaining a written commitment for a loan without any condition(s) beyond BUYER’S reasonable ability to satisfy, to be secured by a first mortgage on the Premises, in such an amount for which BUYER shall apply which shall not be in excess of $1,923,750.00 $ from a lending institution or licensed mortgage broker, which loan shall be for a term of thirty (30) years and shall bear interest at a rate then in effect at the institution where application is made and shall include such other terms and conditions as are imposed by such institution at the time BUYER makes such application. BUYER ▇▇▇▇▇ agrees to make prompt application for such a loan and to pursue said application with diligence. If having done so, BUYER is unable to obtain a written commitment for such a loan on or before November 22, 2021200 , and if BUYER so notifies SELLER or SELLER's attorney, in writing, at or before 5:00 p.m., on said date, then this Agreement shall be null and void and the BUYER shall be entitled to the immediate return by SELLER of all sums paid by the BUYER on account of this Agreement except for the sum of Four Hundred Fifty ($450.00) Dollars towards the cost of preparation of this Agreement. If SELLER or SELLER's attorney does not receive such written notice at or before 5:00 p.m. on said date, this Agreement shall remain in full force and effect. The foregoing notwithstanding, a denial of BUYER's mortgage application based upon the BUYER's inability to sell other real estate or another home, or a written commitment conditioned on the sale of other real estate or another home, shall NOT be deemed a denial of such mortgage application under this paragraph. In either of such events the BUYER shall not be entitled to terminate this Agreement nor be entitled to the return of any sums paid by the BUYER on account of this Agreement. Should the BUYER fail to comply with the foregoing requirements, this Agreement shall continue in full force and effect, and the rights and obligations of the parties shall be as if this paragraph did not appear in this Agreement.

MORTGAGE CONTINGENCY. This Agreement is contingent upon BUYER obtaining a written commitment for a loan without any condition(s) beyond BUYER’S reasonable ability to satisfyBuyer will make diligent, to be secured by a first mortgage on the Premises, in such an amount for which BUYER shall apply which shall not be in excess of $1,923,750.00 from a lending institution or licensed mortgage broker, which loan shall be for a term of thirty (30) years and shall bear interest at a rate then in effect at the institution where application is made and shall include such other terms and conditions as are imposed by such institution at the time BUYER makes such application. BUYER agrees to make prompt application for such a loan and to pursue said application with diligence. If having done so, BUYER is unable good faith efforts to obtain a written commitment for such a mortgage loan (“Mortgage”) from a bank or other institutional lender on or before November 22(“Mortgage Contingency Date”). Buyer will provide Seller and Broker, 2021no later than the Mortgage Contingency Date, with a copy of any written commitment for a Mortgage obtained by Buyer. Buyer will pay all application fees, points (not to exceed ), and if BUYER other charges in accordance with the policies established by the applicable lender. (a) Loan Amount $ (b) Maximum initial interest rate % per annum. (c) Minimum term years. Types of mortgage: (CHECK THE FOLLOWING AS APPLICABLE) Conventional Fixed Rate CHFA FHA Other (Describe) Conventional Variable Rate VA Seller (Attach Seller Financing Addendum) If Buyer cannot obtain a written commitment for the Mortgage (free of any conditions that are unacceptable to Buyer), Buyer may terminate this Agreement by providing Seller and Broker, not later than the Mortgage Contingency Date, with written notice of Buyer's inability to obtain such commitment. If Buyer does not elect to so notifies SELLER or SELLER's attorney, in writing, at or before 5:00 p.m., on said dateterminate, then this Agreement shall be null and void and the BUYER shall be entitled to the immediate return by SELLER of all sums paid by the BUYER on account of this Agreement except for the sum of Four Hundred Fifty ($450.00) Dollars towards the cost of preparation of this Agreement. If SELLER or SELLER's attorney does not receive such written notice at or before 5:00 p.m. on said date, this Agreement shall will remain in full force and effect. The foregoing notwithstanding, a denial of BUYER's mortgage application based upon unless Seller, within seven (7) days from the BUYER's inability Mortgage Contingency Date, gives written notice to sell other real estate or another home, or a written commitment conditioned on the sale of other real estate or another home, shall NOT be deemed a denial of such mortgage application under this paragraph. In either of such events the BUYER shall not be entitled Buyer and Broker that Seller has elected to terminate this Agreement nor be entitled as a result of Buyer's inability to the return of any sums paid by the BUYER on account of obtain such commitment. If either party so terminates this Agreement. Should the BUYER fail , then all deposits will be returned to comply with the foregoing requirements, this Agreement shall continue in full force and effectBuyer, and the rights and obligations of the parties under this Agreement shall be end. If Buyer applies for a different type of mortgage other than Conventional, Buyer shall provide Seller with prompt, written notice of such application. Seller shall have three (3) business days after receiving such written notice within which to elect to terminate this Agreement as if this paragraph did not appear in this Agreementa result of Buyer’s application for a different type of mortgage than that checked above.

MORTGAGE CONTINGENCY. This Agreement is contingent upon BUYER obtaining a an unconditional written commitment for a loan without any condition(s) beyond BUYER’S reasonable ability to satisfyloan, to be secured by a first mortgage on the Premises, in such an amount for which BUYER shall apply which shall not be in excess of $1,923,750.00 AMOUNT OF MORTGAGE from a lending institution Institution or licensed mortgage broker, which loan shall be for a term of thirty (30) not more than 30 years and shall bear interest at a rate then in effect at the institution where application is made and shall include such other terms and conditions as are imposed by such institution at the time BUYER makes such application. BUYER ▇▇▇▇▇ agrees to make prompt application for such a loan and to pursue said application with diligence. If having done so, BUYER ▇▇▇▇▇ is unable to obtain a unconditional written commitment for such Such a loan on or before November 22CONTINGENCY MONTH, 2021DAY, YEAR and if BUYER so notifies SELLER or SELLER's attorney, SELLING COUNSEL., in writing, at or before 5:00 p.m., on said date, then this Agreement shall be null and void and the BUYER shall be entitled to the immediate return by SELLER of all sums paid by the BUYER on account of this Agreement except for the sum of Four Hundred Fifty ($450.00) Dollars towards the cost of preparation of this Agreement. If SELLER or SELLER's attorney does not receive such written notice at or before 5:00 p.m. on said date, this Agreement shall remain in full force and effect. The foregoing notwithstanding, a A denial of BUYER▇▇▇▇▇'s mortgage application based upon the BUYER's inability to sell other real estate or another home, or a written commitment conditioned on the sale of other real estate or another home, shall NOT be deemed a denial of such mortgage application under this paragraph. In either of such events the BUYER shall not be entitled to terminate this Agreement nor be entitled to the return of any sums paid by the BUYER on account of this Agreement. Should the BUYER fail to comply with the foregoing requirements, this Agreement shall continue in full force and effect, and the rights and obligations of the parties shall be as if this paragraph did not appear in this Agreement.