Financing Contingency definition
Financing Contingency. This Offer is contingent upon Buyer being able to obtain, within ______ days of acceptance of this Offer, a __________________________ [INSERT LOAN PROGRAM (fixed) (adjustable)] [STRIKE ONE] rate first mortgage loan commitment, in an amount of not less than $____________________ for a term of not less than ______ years, amortized over not less than _______ years. If the purchase price under this Offer is modified, the loan amount, unless otherwise provided, shall be adjusted to the same percentage of the purchase price as in this contingency and the monthly payments shall be adjusted as necessary to maintain the term and amortization stated above. IF FINANCING IS FIXED RATE the annual rate of interest shall not exceed _______% and monthly payments of principal and interest shall not exceed $__________________________. IF FINANCING IS ADJUSTABLE RATE the initial annual interest rate shall not exceed _____%. The initial interest rate shall be fixed for ______ months, at which time the interest rate may be increased not more than _____% per year. The maximum interest rate during the mortgage term shall not exceed _____%. Initial monthly payments of principal and interest shall not exceed $__________________. Monthly payments of principal and interest may be adjusted to reflect interest changes. MONTHLY PAYMENTS MAY ALSO INCLUDE 1/12th of the estimated net annual real estate taxes, hazard insurance premiums, and private mortgage insurance premiums. Buyer agrees to pay a loan fee in an amount not to exceed ______% of the loan. [Loan fee refers to discount points and/or loan origination fee, but DOES NOT include Buyer's other closing costs.] SEE LINES 206 TO 221 FOR ADDITIONAL FINANCING PROVISIONS. _____ SECONDARY OFFER: This Offer is secondary to a prior accepted offer. This Offer shall become primary upon delivery of written notice to Buyer that this Offer is primary. Seller agrees to deliver said notice to Buyer promptly upon Seller's receipt of evidence satisfactory to Seller that the prior offer is null and void. Buyer may declare this Offer null and void by delivering written notice of withdrawal to Seller prior to delivery of Seller's notice that this Offer is primary. Buyer may give notice of withdrawal no earlier than ______ hours from acceptance of this Offer. All other Offer deadlines which are measured from acceptance shall be measured from the time this Offer becomes primary. _____ INSPECTION CONTINGENCY: This Offer is contingent upon a qualified in...
Financing Contingency means the receipt by the Lessee of all Commitment Letters necessary to fully finance the Project, as determined in the sole and exclusive discretion of the Lessee. The Financing Contingency may be evidenced by Commitment Letters from a tax credit equity investor, first mortgage lender, the Ohio Housing Finance Agency, or such other lenders or investors acceptable to the Lessee in its sole discretion.
Financing Contingency. The Purchaser's obligation under this Contract is subject to a financing contingency that, in addition to assistance obtained pursuant to the Subsidy, if any, the Purchaser shall obtain mortgage and/or other purchase money financing for at least $_________________________ at prevailing rates and upon conventional terms. The Purchaser agrees to act diligently and in good faith to obtain such financing and shall, within ________ days after the date of the Contract, submit a complete and accurate application for such financing to at least one financial institution currently providing such loans requesting financing in the amount and on the terms provided in this Contract. If the Purchaser fails to timely submit such an application, this financing contingency is waived by the Purchaser. Purchaser represent that Purchaser has been pre-qualified for such financing by the following financial institution: ______________________ If, despite best efforts, the Purchaser is unable to obtain the financing specified in this Contract not later than _____________, each of the Purchaser and VSHA shall have the right to TERMINATE this Contract; provided, however, that the terminating party gives written notice of termination directly to the other party or the other party’s attorney within five (5) working days of receipt of notice by the terminating party that the Purchaser has not been able to obtain such financing. In the event either party terminates this Contract in accordance with the provisions of this financing contingency, all deposit money shall be forthwith returned to the Purchaser and this Contract shall be terminated and of no further force and effect.
Examples of Financing Contingency in a sentence
If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
This Agreement is conditioned upon the Property appraising by Purchaser’s lender or an appraiser of Purchaser’s choice at no less than the Purchase Price by the later of the expiration of the Financing Contingency Period or the Inspection Period.
In the event Purchaser fails to deliver such notice to Seller, the Financing Contingency shall be deemed satisfied and the parties hereto shall proceed to Closing.
If the Property is determined to be in a Special Flood Hazard Area, as determined by the current Flood Maps published by the Federal Emergency Management Agency, Purchaser may terminate this Agreement by providing written notice to Seller by the later of the expiration of the Financing Contingency Period or the Inspection Period, and the termination procedures of Paragraph 23 shall apply.
In the event that Buyer shall fail to have delivered the Financing Contingency Termination Notice to Seller before the expiration of the Financing Contingency Period, Buyer shall be deemed to have waived the Financing Contingency and shall have no further right to terminate this Agreement pursuant to this Section.
More Definitions of Financing Contingency
Financing Contingency shall have the meaning set forth in Section 27.2.
Financing Contingency means Tenant providing Landlord with written evidence that Tenant has secured additional financing of at least $12,000,000.00.
Financing Contingency. As stated in the related form.
Financing Contingency shall have the meaning set forth in Section 13.2.
Financing Contingency shall have the meaning ascribed in Section 4.3(j) of this Agreement.
Financing Contingency. As set forth in Section 4.01(i) above, Petro’s obligations hereunder are contingent upon its obtaining note issuance financing for this transaction.
Financing Contingency is defined in Section 5.4.