Loan Approval definition

Loan Approval means a statement by the lender setting forth the terms 70 and conditions upon which the lender is willing to make a particular mortgage loan to a particular buyer. Neither a pre- 71 approval letter not a prequalification letter shall be deemed a Loan Approval for purposes of this Contract.

Loan Approval means an approval for a loan given by the Originator to a prospective Borrower and includes an approval for the sale of an Approved Mortgage to the Trustee.

Loan Approval means Bank's decision to make an extension of credit to an Obligor.

Examples of Loan Approval in a sentence

• If financing is being obtained, the appraisal must be completed before the expiration of the Loan Approval Period (as defined below).

• If Buyer is unable to obtain a commitment for the Loan(s) within the Loan Approval Period, either Buyer or Seller may cancel this Contract upon written notice to the other party.

• One seat shall be provided for an economic development professional active in the geographic area where the loan project is located that is selected by the local community representative who is part of the Loan Approval Committee.

• Additionally, the MSF shall have one non-voting seat on the Loan Approval Committee.

• Buyer shall make a good faith effort to obtain a commitment for the Loan(s) within calendar days (45 days if left blank) after the Effective Date of this Contract or within (5 days if left blank) prior to the Closing Date, whichever is earlier (the “ Loan Approval Period”).

More Definitions of Loan Approval

Loan Approval means a loan approval issued to an Applicant by a Lender or by a Securitised Fund Manager on behalf of a Lender;

Loan Approval means with respect to the Loan, any documents or information submitted to the Director which memorialize the recommendations of the Administrator, the Director and the approval of the Controlling Board.

Loan Approval shall have the meaning given in Section 2.01.

Loan Approval. The term “Loan Approval” shall mean a written notice from Lender to Seller indicating that Lender has approved the Loan Assumption.

Loan Approval means a firm written commitment for, and approval of, Buyer’s Loan in the Loan Amount from the applicable Lender subject only to standard underwriting conditions. Promptly upon receipt of Loan Approval, Buyer shall deliver a copy of the same to Seller and to Escrow Holder together with all credit and appraisal documents on which the loan approval is based. If Buyer is unable to obtain approval of Buyer’s Loan as a result of Buyer’s failure or refusal to use its best efforts to obtain the same, then at Seller’s option, Buyer shall be in material default hereunder, Seller shall be relieved of its obligation to sell the Property to Buyer and Buyer shall be liable to Seller for Seller’s actual damages (unless the parties hereto have agreed to be bound by the liquidated damages provision. If, due to no fault of Buyer, Buyer applied for but is unable to obtain the required loan approval from Buyer’s Lender after using Buyer’s best efforts to do so, then upon written notice, Seller may cancel escrow or offer Buyer to apply for Buyer’s Loan from the Preferred Lender and to deliver the same to Seller and Escrow Holder within ten (10) business days after the earlier of (1) receipt of notice (either written or oral) of non-approval of Buyer’s Loan from Buyer’s Lender or (2) the expiration of the Loan Contingency Period.

Loan Approval. Buyer shall, promptly upon receipt, provide written verification from the mortgage broker or lender of the Loan Approval in accordance with the terms set forth in this Contract. If Buyer fails to obtain Loan Approval within the Loan Approval Period and thereby terminates this Contract, Buyer shall provide written verification of same and the reason for such denial to Seller.

Loan Approval means Selected Lender's unconditional approval of the Loan to Buyer in the full amount necessary to complete the purchase of the Property under the terms of this Contract, subject only to the appraisal of the Property and any other conditions approved by Seller in its reasonable discretion.