Common use of MORTGAGE CONTINGENCY Clause in Contracts

MORTGAGE CONTINGENCY. PURCHASER's obligation under this Contract is subject to, and contingent upon, the PURCHASER obtaining, at PURCHASER's own cost and expense, a mortgage commitment in the sum of $ , repayable over a period of thirty (30) years with interest at the prevailing rate per annum, as shall be then charged by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage no later than seven (7) business days after the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. ▇▇▇▇▇▇▇▇▇ agrees to promptly send to SELLER's attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by after the exercise of good faith, then this Contract shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return of all monies paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitment.

MORTGAGE CONTINGENCY. PURCHASER's obligation under this This Contract is subject to, and contingent upon, to the PURCHASER Purchaser obtaining, at PURCHASER's their own cost and expense, a mortgage commitment from a lending institution in the sum of $ , repayable over a period of thirty (30) years with interest at the prevailing rate per annum, as of interest and term within ( ) days from the date that a fully executed copy of this Contract is delivered to Purchaser’s attorney. Purchaser shall be then charged by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply make prompt application for said mortgage no later than seven (7) business days after commitment and shall cooperate fully with the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewithlending institution. Purchaser shall notify ▇▇▇▇▇▇▇▇▇ agrees ’s attorney of the name and address of the lending institution to promptly send to SELLER's attorney a copy which application was made together with the amount of any bank letter received by PURCHASER granting or declining the mortgage commitmentapplied for. In the event PURCHASER does not obtain said that the lending institution declines to make the mortgage commitment by after loan applied for, Purchaser shall have five (5) days to notify Seller’s attorney, in writing, of the exercise declination of good faithmortgage application and upon doing so, then this Contract shall be deemed null and void and any sums deposited with Seller under the terms of this Contract shall be returned to Purchaser except for such amounts for extras which were approved by Purchaser and installed by Seller. Should Purchaser fail to so notify Seller of the declination of the mortgage application within the aforesaid five (5) day period, then, in such event, this Contract shall be deemed to be an all cash transaction, the Mortgage Contingency shall be of no force and effect and the parties hereto shall proceed to closing. Notwithstanding anything herein contained to the contrary, Seller and Purchaser may extend the time in which to obtain a mortgage commitment but only by the terms of a writing signed by the parties hereto. Seller shall have the option, in the event of the declination of the mortgage application by the lending institution, to grant Purchaser a mortgage for the applied mortgage amount at the option rate of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return interest of all monies paid pursuant to this Contract. If, however, prior to actual denial ( %) per centum per annum for a term of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitmentyears.

MORTGAGE CONTINGENCY. PURCHASER's obligation under this This Contract is subject to, and contingent upon, to the PURCHASER Purchaser obtaining, at PURCHASER's their own cost and expense, a mortgage commitment from a lending institution in the sum of $ , repayable over a period of thirty (30) years with interest $  at the prevailing rate per annum, as of interest and term within  ( ) days from the date that a fully executed copy of this Contract is delivered to Purchaser’s attorney. Purchaser shall be then charged by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply make prompt application for said mortgage no later than seven (7) business days after commitment and shall cooperate fully with the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewithlending institution. Purchaser shall notify ▇▇▇▇▇▇▇▇▇ agrees ’s attorney of the name and address of the lending institution to promptly send to SELLER's attorney a copy which application was made together with the amount of any bank letter received by PURCHASER granting or declining the mortgage commitmentapplied for. In the event PURCHASER does not obtain said that the lending institution declines to make the mortgage commitment by after loan applied for, Purchaser shall have five (5) days to notify Seller’s attorney, in writing, of the exercise declination of good faithmortgage application and upon doing so, then this Contract shall be deemed null and void and any sums deposited with Seller under the terms of this Contract shall be returned to Purchaser except for such amounts for extras which were approved by Purchaser and installed by Seller. Should Purchaser fail to so notify Seller of the declination of the mortgage application within the aforesaid five (5) day period, then, in such event, this Contract shall be deemed to be an all cash transaction, the Mortgage Contingency shall be of no force and effect and the parties hereto shall proceed to closing. Notwithstanding anything herein contained to the contrary, Seller and Purchaser may extend the time in which to obtain a mortgage commitment but only by the terms of a writing signed by the parties hereto. Seller shall have the option, in the event of the declination of the mortgage application by the lending institution, to grant Purchaser a mortgage for the applied mortgage amount at the option rate of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return interest of all monies paid pursuant to this Contract. If, however, prior to actual denial  ( %) per centum per annum for a term of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitment  years.

MORTGAGE CONTINGENCY. PURCHASER's obligation under this Contract is subject to, and contingent upon, the PURCHASER obtaining, at PURCHASER's own cost and expense, a mortgage commitment in the sum of $ , ,repayable over a period of thirty (30) years with interest at the prevailing rate per annum, as shall be then charged by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage no later than seven (7) business days after the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. ▇▇▇▇▇▇▇▇▇ agrees to promptly send to SELLER's attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by after the exercise of good faith, then this Contract shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return of all monies paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitment.

MORTGAGE CONTINGENCY. PURCHASER's obligation under this Contract This Agreement is contingent upon BUYER obtaining an unconditional written commitment for a loan, which commitment shall be subject to, and contingent upon, the PURCHASER obtaining, at PURCHASER's own cost and expense, a mortgage commitment in the sum of $ , repayable over a period of thirty (30) years with interest at the prevailing rate per annum, only to such acts as shall be then charged within Buyer’s reasonable ability to perform, to be secured by such a mortgage(s) on the Premises, in the amount of $_______________ from a lending institution, registered mortgage broker institution or licensed mortgage bankerbroker, plus any applicable "points", discount charges or loan origination feeswhich loan(s) shall be for a term of not more than 30 years and shall bear interest at rate(s) 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(s). PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage no later than seven (7) business days after the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. ▇▇▇▇▇▇▇▇▇ BUYER agrees to promptly send make prompt application(s) for such a loan(s) and to pursue said application(s) with diligence. If having done so, BUYER is unable to obtain such unconditional written commitment for such a loan on or before ______________________ and if BUYER so notifies SELLER or SELLER's attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by after the exercise of good faithattorney, then this Contract shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party's attorney________________, in writing, via at or before 5:00 p.m., on said date, then this Agreement shall be null and void and the United States Postal System; and 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 Three Hundred Fifty ($350.00) Dollars towards the cost of preparation of this Agreement. If SELLER or SELLER's sole liability thereunder 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. 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 all monies any sums paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to by the provisions BUYER on account of this Paragraph; SELLER mayAgreement. Should the BUYER fail to comply with the foregoing requirements, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER this Agreement shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitmentin 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. PURCHASER's obligation under this Contract is subject to, and contingent upon, the PURCHASER obtaining, at PURCHASER's own cost and expense, a mortgage commitment in the sum of $ $ , repayable over a period of thirty (30) years with interest at the prevailing rate per annum, as shall be then charged by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage no later than seven (7) business days after the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. ▇▇▇▇▇▇▇▇▇ agrees to promptly send to SELLER's attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by   after the exercise of good faith, then this Contract shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return of all monies paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitment.

MORTGAGE CONTINGENCY. PURCHASER's obligation (a) Purchaser’s obligations under this Contract is subject to, and Agreement are contingent upon, the PURCHASER obtaining, at PURCHASER's own cost and expense, upon Purchaser obtaining a commitment from an institutional lender of Purchaser’s choosing for a mortgage commitment loan in the sum of $ , repayable over a period of thirty amount up to $945,000.00 (30the “Mortgage Amount”) years with interest at the prevailing market interest rate per annumand terms. Purchaser shall submit an application for the mortgage loan within fourteen (14) days of the Effective Date, as and shall be then charged by supply Seller with a true redacted copy of such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage application no later than seven three (73) business days after Purchaser has submitted its application. Purchaser shall deliver to Seller a true copy of either the end mortgage commitment or the rejection of the review periodmortgage loan within five (5) business days of Purchaser’s receipt of same. (b) In the event Purchaser, despite its reasonable efforts, is unable to obtain a mortgage commitment for the Mortgage Amount within sixty-five (65) days of the Effective Date (the “Mortgage Contingency Expiration Date”), Purchaser shall have the right, by written notice given to Seller no later than 5:00 p.m. on or before the Mortgage Contingency Expiration Date, to declare this Agreement null and void, in which event the Escrow Agent shall return to Purchaser the Deposit, and as thereupon, neither party shall have any further claim or demand against the same may be extended other by reason hereof, except for those provisions which expressly survive the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. ▇▇▇▇▇▇▇▇▇ agrees to promptly send to SELLER's attorney a copy termination of any bank letter received by PURCHASER granting or declining the mortgage commitmentthis Agreement. In the event PURCHASER does not obtain said Purchaser (i) delivers to Seller a mortgage commitment for the mortgage loan prior to the Mortgage Contingency Expiration Date, or (ii) fails to deliver notice of its termination of this Agreement by after 5:00 p.m. on or before the exercise expiration of good faiththe Mortgage Contingency Expiration Date, then this Contract the contingency as provided in Section 2.3 shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return of all monies paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitmentsatisfied.

MORTGAGE CONTINGENCY. PURCHASER's obligation under this Contract This contract is subject to, to and contingent uponupon the Purchaser, the PURCHASER obtaining, procuring at PURCHASER's its own cost and expense, expense a mortgage commitment in writing for a conventional first mortgage loan in the sum principal amount of $ , repayable over a period of thirty (30) years with interest $2,800,000.00 at the prevailing rate per annumof interest to be repaid over a term of not less than twenty (20) years from the closing of title. In the event that such mortgage loan commitment is not issued or declined within forty five (45) days from the date hereof; the Seller shall have the option to cancel this agreement or to extend the time for the Purchaser to obtain such commitment for an additional fifteen (15) days. In the event that no mortgage commitment is issued during the original period and the Seller has refused to extend the time to obtain the same, as the Purchaser shall have the option to cancel this agreement. In the event that Seller has extended the period and no mortgage commitment is issued within such extended time, then either party hereto shall have the right and option to terminate this agreement; provided, however, that notification of the exercise of such option shall be then charged in writing and delivered prior to the receipt by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage no later than seven (7) business days after the end Purchaser of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. ▇▇▇▇▇▇▇▇▇ agrees to promptly send to SELLER's attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by after the exercise of good faith, then this Contract contract shall be deemed null and void at the option of either party to this Contractso terminated, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return of all monies paid pursuant on account hereof shall be returned to the Purchaser and thereafter, neither party shall have any claim against the other or the subject premises as a result of this Contractagreement. If, however, prior The Purchaser agrees to actual denial make application for such mortgage financing within ten (l0) days from the date of PURCHASER's mortgage application, PURCHASER elects to cancel delivery of a fully executed counterpart of this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASERPurchaser's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue and to diligently pursue PURCHASERsame. Purchaser agrees, upon request, to keep Seller or Seller's attorney informed currently of the progress of its application, to complete all forms reasonably required by the mortgage lender and to use its best efforts to obtain such mortgage commitmentcommitment within the time provided above. A copy of said commitment shall be forwarded to Seller's attorney by Purchaser promptly upon receipt of same.