TIME FOR APPLICATION Clause Samples

TIME FOR APPLICATION. If this Agreement reflects a “Mortgage to be Applied For”, Buyer agrees to submit Buyer’s application for a mortgage within five (5) days of the date hereof with Institutional Lender as defined by the Declaration of Covenants and Restrictions. Failure to make timely application shall be deemed a breach of Buyer’s obligations hereunder, and Seller shall have the option to cancel this Agreement and retain, without any further acts by Buyer or Seller, Buyer’s deposit, including all deposits and prepayments for options, at which time this Agreement shall become null and void, or Seller may elect to treat this purchase as an all cash transaction, and Buyer shall be obligated to purchase the Property without mortgage financing. Buyer must furnish to Seller a written approval for the mortgage loan requested within thirty (30) days after the date of this Agreement. The parties understand and agree that this transaction is subject to Buyer’s initial qualification and credit approval by an Institutional Lender.