Common use of Financial Contingency Clause in Contracts

Financial Contingency. Loan To Be Obtained: This Agreement is conditioned upon Buyer’s ability to obtain a loan(s) in the principal amount up to % of the Purchase Price listed above to be secured by a deed of trust on the Property. “Ability to obtain” as used herein means that Buyer is qualified to receive the loan based upon Lender’s customary and standard underwriting criteria. In the event Buyer, having acted in good faith, is unable to obtain financing by the Closing Date, Buyer may terminate this Agreement by providing written notice and a copy of Lender’s loan denial letter. Upon termination, Buyer is entitled to a refund of the Xxxxxxx Money less the cost of any unfunded Change Orders or Upgrades already performed, installed, or in the process of being performed or installed by the Seller on or for the Property. Buyer shall be obligated to Close this transaction if Buyer has the ability to obtain a loan for which Buyer has applied and been approved. Type of loan (select box) FHA: Addendum attached USDA Conventional VA: Addendum attached OTHER: Loan Obligations: The Buyer agrees and/or certifies as follows:

Financial Contingency. Loan To Be Obtained: This Agreement is conditioned upon BuyerXxxxx’s ability to obtain a loan(s) in the principal amount up to % of the Purchase Price listed above to be secured by a deed of trust on the Property. “Ability to obtain” as used herein means that Buyer is qualified to receive the loan based upon LenderXxxxxx’s customary and standard underwriting criteria. In the event BuyerXxxxx, having acted in good faith, is unable to obtain financing by the Closing Date, Buyer may terminate this Agreement by providing written notice and a copy of LenderXxxxxx’s loan denial letter. Upon termination, Buyer Xxxxx is entitled to a refund of the Xxxxxxx Money less the cost of any unfunded Change Orders or Upgrades already performed, installed, or in the process of being performed or installed by the Seller on or for the Property. Buyer shall be obligated to Close this transaction if Buyer has the ability to obtain a loan for which Buyer Xxxxx has applied and been approved. Type of loan (select box) FHA: Addendum attached USDA Conventional VA: Addendum attached OTHER: Loan Obligations: The Buyer agrees and/or certifies as follows: