Common use of Acceptance Procedure Clause in Contracts

Acceptance Procedure. Unless and until Acceptance occurs, this Agreement constitutes Applicant’s offer for Borrower to borrow the Loan Amount from Lender upon the terms and conditions set forth in this Agreement. In consideration of Lender’s engaging in initial due diligence and analysis with respect to the proposed Loan, Applicant agrees that such offer is irrevocable and exclusive for 15 days from the date Lender or its designated servicer or correspondent receives this Agreement executed by Applicant, together with the Consultant Fees, the Application Fee and the Legal Fee Retainer. All prior representations and understandings between Applicant and Lender with respect to Applicant’s offer to borrow are merged into this Agreement. Lender may accept or decline this offer in Lender’s sole discretion. This Agreement is not a binding commitment unless and until Lender accepts this Agreement as provided herein. Unless and until Acceptance occurs, Applicant is obligated only to maintain this Agreement as an irrevocable and exclusive offer for the time specified and to pay the fees, costs and expenses set forth in this Agreement and Lender is obligated only to return such fees as provided herein. If Lender approves Applicant’s application as described in this Agreement, Lender will execute and date this Agreement (the “Acceptance”). Upon Acceptance, this Agreement becomes a binding agreement, enforceable against Applicant and Lender, that obligates Borrower to accept and Lender to make the Loan upon and subject to the provisions contained in this Agreement, which alone sets forth the entire understanding between Applicant and Lender with respect to the Loan. As soon as practicable after Acceptance, Lender will deliver a copy of this Agreement to Applicant.

Acceptance Procedure. Unless and until Acceptance occurs, this Agreement constitutes Applicant’s offer for Borrower to borrow the Loan Amount from Lender upon the terms and conditions set forth in this Agreement. In consideration of Lender’s engaging in initial due diligence and analysis with respect to the proposed Loan, Applicant agrees that such offer is irrevocable and exclusive for 15 days from the date Lender or its designated servicer or correspondent receives this Agreement executed by Applicant, together with the Consultant Fees, the Application Fee and the Legal Fee Retainer. All prior representations and understandings between Applicant and Lender with respect to Applicant’s offer to borrow are merged into this Agreement. , Lender may accept or decline this offer in Lender’s sole discretion. This Agreement is not a binding commitment unless and until Lender accepts this Agreement as provided herein. Unless and until Acceptance occurs, Applicant is obligated only to maintain this Agreement as an irrevocable and exclusive offer for the time specified and to pay the fees, costs and expenses set forth in this Agreement and Lender is obligated only to return such fees as provided herein. If Lender approves Applicant’s application as described in this Agreement, Lender will execute and date this Agreement (the “Acceptance”). Upon Acceptance, this Agreement becomes a binding agreement, enforceable against Applicant and Lender, that obligates Borrower to accept and Lender to make the Loan upon and subject to the provisions contained in this Agreement, which alone sets forth the entire understanding between Applicant and Lender with respect to the Loan. As soon as practicable after Acceptance, Lender will deliver a copy of this Agreement to Applicant.