Common use of Mortgage Contingency Clause in Contracts

Mortgage Contingency. This Agreement is contingent upon BUYER obtaining an unconditional written commitment for a loan, which commitment shall be subject only to such acts as shall be within Buyer’s reasonable ability to perform, to be secured by a mortgage(s) on the Premises, in the amount of $_______________ from a lending institution or licensed mortgage broker, which 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). BUYER agrees to 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, ________________, 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 Three Hundred Fifty ($350.00) 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. 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 an unconditional written subject to the Purchaser obtaining, at their own cost and expense, a mortgage commitment for a loan, which commitment shall be subject only to such acts as shall be within Buyer’s reasonable ability to perform, to be secured by a mortgage(s) on the Premises, in the amount of $_______________ from a lending institution or licensed in the sum of $ at the prevailing rate 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 make prompt application for said mortgage brokercommitment and shall cooperate fully with the lending institution. Purchaser shall notify Seller’s attorney of the name and address of the lending institution to which application was made together with the amount of the mortgage applied for. In the event that the lending institution declines to make the mortgage loan applied for, which loan(sPurchaser shall have five (5) days to notify Seller’s attorney, in writing, of the declination of mortgage application and upon doing so, 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 rate of interest of ( %) per centum per annum 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). BUYER agrees to 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, ________________, 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 Three Hundred Fifty ($350.00) 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. 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 Agreementyears.

Mortgage Contingency. This Agreement Contract is contingent upon BUYER obtaining an unconditional written subject to the Purchaser obtaining, at their own cost and expense, a mortgage commitment for a loan, which commitment shall be subject only to such acts as shall be within Buyer’s reasonable ability to perform, to be secured by a mortgage(s) on the Premises, in the amount of $_______________ from a lending institution or licensed in the sum of $ at the prevailing rate 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 make prompt application for said mortgage brokercommitment and shall cooperate fully with the lending institution. Purchaser shall notify Xxxxxx’s attorney of the name and address of the lending institution to which application was made together with the amount of the mortgage applied for. In the event that the lending institution declines to make the mortgage loan applied for, which loan(sPurchaser shall have five (5) days to notify Seller’s attorney, in writing, of the declination of mortgage application and upon doing so, 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 rate of interest of ( %) per centum per annum 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). BUYER agrees to 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, ________________, 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 Three Hundred Fifty ($350.00) 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. 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 Agreementyears.

Mortgage Contingency. This Agreement Contract is contingent upon BUYER obtaining an unconditional written subject to the Purchaser obtaining, at their own cost and expense, a mortgage commitment for a loan, which commitment shall be subject only to such acts as shall be within Buyer’s reasonable ability to perform, to be secured by a mortgage(s) on the Premises, in the amount of $_______________ from a lending institution or licensed in the sum of $ at the prevailing rate 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 make prompt application for said mortgage brokercommitment and shall cooperate fully with the lending institution. Purchaser shall notify Seller’s attorney of the name and address of the lending institution. Purchaser shall notify Xxxxxx’s attorney of the name and address of the lending institution to which application was made together with the amount of the mortgage applied for. In the event that the lending institution declines to make the mortgage loan applied for, which loan(sPurchaser shall have five (5) days to notify Seller’s attorney, in writing, of the declination of mortgage application and upon doing so, 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 rate of interest of ( %) per centum per annum 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). BUYER agrees to 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, ________________, 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 Three Hundred Fifty ($350.00) 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. 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 Agreementyears.

Mortgage Contingency. This Agreement Contract is contingent upon BUYER obtaining an unconditional written subject to the Purchaser obtaining, at their own cost and expense, a mortgage commitment for a loan, which commitment shall be subject only to such acts as shall be within Buyer’s reasonable ability to perform, to be secured by a mortgage(s) on the Premises, in the amount of $_______________ from a lending institution or licensed in the sum of $  at the prevailing rate 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 make prompt application for said mortgage brokercommitment and shall cooperate fully with the lending institution. Purchaser shall notify Seller’s attorney of the name and address of the lending institution. Purchaser shall notify Xxxxxx’s attorney of the name and address of the lending institution to which application was made together with the amount of the mortgage applied for. In the event that the lending institution declines to make the mortgage loan applied for, which loan(sPurchaser shall have five (5) days to notify Seller’s attorney, in writing, of the declination of mortgage application and upon doing so, 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 rate of interest of   (  %) per centum per annum 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). BUYER agrees to 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, ________________, 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 Three Hundred Fifty ($350.00) 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. 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  years.