Common use of Future Financing Clause in Contracts

Future Financing. Buyer further agrees that Buyer will not seek outside financing from other sources related to any future refinancing, secondary financing or home equity line financing that is secured by the Property without the prior written approval of Seller. Buyer acknowledges that Seller may withhold such approval in its sole discretion and that Buyer has been advised prior to entering this Agreement that Seller does not presently intend to permit in any manner any outside financing to be secured by Buyer’s interest in the Property other than as may be approved by Seller under the PUHLP, as the same may be amended from time to time. In the event that Buyer obtains outside financing secured by all or a portion of Buyer’s interest in the Property from any source other than the PUHLP, such act shall be deemed a material default of this Agreement, as well as a violation of the CC&Rs, and shall constitute an irrevocable offer to sell the Property to Seller pursuant to Section 1(b) of Article XIV of the CC&Rs.

Future Financing. Buyer Xxxxx further agrees that Buyer Xxxxx will not seek outside financing from other sources related to any future refinancing, secondary financing or home equity line financing that is secured by the Property without the prior written approval of Seller. Buyer acknowledges that Seller may withhold such approval in its sole discretion and that Buyer Xxxxx has been advised prior to entering this Agreement that Seller does not presently intend to permit in any manner any outside financing to be secured by BuyerXxxxx’s interest in the Property other than as may be approved by Seller under the PUHLP, as the same may be amended from time to time. In the event that Buyer obtains outside financing secured by all or a portion of Buyer’s interest in the Property from any source other than the PUHLP, such act shall be deemed a material default of this Agreement, as well as a violation of the CC&Rs, and shall constitute an irrevocable offer to sell the Property to Seller pursuant to Section 1(b) of Article XIV of the CC&Rs.