Mortgage Contingency definition

Mortgage Contingency. This agreement is subject to buyer's obtaining a commitment for a loan, to be secured by a first mortgage on the property, in the amount of $ , amortizable in equal monthly payments over a period of years upon standard or prevailing terms as to interest, rate and prepayment limitations on or before . This agreement is further subject to termite and building inspection satisfactory to and at the expense of the buyer, to be completed by:

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Examples of Mortgage Contingency in a sentence

• 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.

• Parties agree that this Contract (check one) 🞏 [is] 🞏 [is not] subject to Paragraph 7, Mortgage Contingency.

• The relationship of the Company to the Hotel shall be strictly as independent parties and nothing in this Agreement shall be construed to place the parties in the relationship of partners, joint venturers or agents.

• In response to ▇▇▇▇▇'s request, Seller may, on or before the Mortgage Contingency Date, and by written agreement with Buyer, extend the time by which a copy of the written denial must be provided.

• If a mortgage loan is sought, the Mortgage Contingency Rider annexed to this Agreement will apply.

• If Buyer applies for a mortgage as described above and receives a written denial for such mortgage, then, upon providing a copy of the denial to Seller or Listing Licensee in accordance with Section 25 on or before the Mortgage Contingency Date or extensions, this Agreement shall be declared null and void and Buyer shall have the right to the Deposits in accordance with Section 5 unless Buyer waives the mortgage contingency in writing.

• If, on or before the Mortgage Contingency Date, Buyer fails to give a copy of the written denial for such mortgage to Seller or Listing Licensee in accordance with Section 25, or fails to request an extension as stated in (c) above, the Mortgage Contingency shall be deemed waived.

• If, on or before the Mortgage Contingency Date, Buyer fails to give a copy of the written denial for such mortgage to Seller or Listing Licensee in accordance with Section 18 or fails to request an extension as stated in (c) above, the Mortgage Contingency shall be deemed waived.

• A mortgage is usually contingent on an insurance binder; therefore, Buyer is highly advised to seek a quote or binder for insurance including, but not limited to, flood, dwelling, and wind, on or before the Mortgage Contingency Deadline.

• This Agreement is subject to Buyer obtaining a commitment letter issued by an institutional mortgage lender or mortgage broker ("Lender") on or before , ("Mortgage Contingency Deadline") under the following terms: an amount not to exceed $ at an initial rate of interest not to exceed % per year, for a term of at least years, with a maximum of points.