Mortgage Contingency. (Delete if inapplicable) The obligations of Purchaser hereunder are conditioned upon issuance on or before , , (the “Commit- ment Date”) of a written commitment from any Institutional Lender pursuant to which such Institutional Lender agrees to make a first mortgage loan, other than a VA, FHA or other governmentally insured loan, to Purchaser, at Purchaser’s sole cost and expense, of $ or such lesser sum as Purchaser shall be willing to accept, at the prevailing fixed rate of interest not to exceed or initial adjustable rate of interest not to exceed for a term of at least years and on other customary commitment terms, whether or not conditional upon any factors other than an appraisal satisfactory to the Institutional Lender. Purchaser shall (a) make prompt application to an Institutional Lender for such mortgage loan, (b) furnish accurate and complete information regarding Purchaser and members of Purchaser’s family, as required, (c) pay all fees, points and charges required in connection with such application and loan, (d) pursue such application with diligence, (e) cooperate in good faith with such Institutional Lender to obtain such commitment and (1) promptly give Notice to Seller of the name and address of each Institutional Lender to which Purchaser has made such application. Purchaser shall comply with all requirements of such commitment (or of any other commitment accepted by Purchaser) and shall furnish Seller with a copy thereof promptly after receipt thereof. If such commitment is not issued on or before the Commitment Date, then, unless Purchaser has accepted a commitment that does not comply with the requirements set forth above, Purchaser may cancel this contract by giving Notice to Seller within 5 business days after the Commitment Date, in which case this contract shall be deemed cancelled and thereafter neither party shall have any further rights against, or obligations or liabilities to, the other by reason of this contract, except that the Downpayment shall be promptly refunded to Purchaser and except as set forth in paragraph 27. If Purchaser fails to give notice of cancellation or if Purchaser shall accept a commitment that does not comply with the terms set forth above, then Purchaser shall be deemed to have waived Purchaser’ s right to cancel this contract and to receive a refund of the Downpayment by reason of the contingency contained in this paragraph.
Mortgage Contingency. This Contract is subject to the Purchaser obtaining, at their own cost and expense, a mortgage commitment from a lending institution in the sum of $ at the prevailing rate of interest and term within ( ) days from the date that a fully executed copy of this Contract is delivered to Purchaser’s attorney. Purchaser shall make prompt application for said mortgage commitment and shall cooperate fully with the lending institution. Purchaser shall notify Seller’s attorney of the name and address of the lending institution to which application was made together with the amount of the mortgage applied for. In the event that the lending institution declines to make the mortgage loan applied for, Purchaser shall have five (5) days to notify Seller’s attorney, in writing, of the declination of mortgage application and upon doing so, this Contract shall be deemed null and void and any sums deposited with Seller under the terms of this Contract shall be returned to Purchaser except for such amounts for extras which were approved by Purchaser and installed by Seller. 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. Notwithstanding anything herein contained to the contrary, Seller and Purchaser may extend the time in which to obtain a mortgage commitment but only by the terms of a writing signed by the parties hereto. Seller shall have the option, in the event of the declination of the mortgage application by the lending institution, to grant Purchaser a mortgage for the applied mortgage amount at the rate of interest of ( %) per centum per annum for a term of years.
Mortgage Contingency. This Agreement is contingent upon Purchaser securing a written commitment for a or first mortgage loan of $0.00 for a term of not more than years at an initial interest rate not to exceed the prevailing interest rate. Purchaser shall make good faith application for this mortgage within full calendar days of the acceptance of this Agreement by all parties. If Purchaser cannot obtain said financing on or before , a copy of the Letter of Rejection from Purchaser’s lending institution shall be furnished to Seller and, in such event, the Purchaser or Seller shall have the option of canceling this Agreement by written notice to the other on or before , in which case all deposits shall be returned to Purchaser without interest, whereupon this Agreement shall be cancelled, null and void. If Purchaser or Seller does not give written notice on or before said date, or any extension thereof, this contingency shall be deemed waived and this Agreement shall remain in full force and effect whether or not such commitment shall have been obtained. TIME IS OF THE ESSENCE with respect to the foregoing provision and no extension of the date set forth above shall be effective unless in writing and signed by Seller and Purchaser.
Mortgage Contingency. This Contract is contingent upon Buyer securing by , 20 ("First Commitment Date") a 31 firm written mortgage commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan 32 association, bank, or other authorized financial institution, in the amount of (strike one) $ OR % [percent] of the Purchase 33 Price, the interest rate (or initial interest rate if an adjustable rate mortgage) not to exceed % per year, amortized over years, payable 34 monthly, loan fee not to exceed %, plus appraisal and credit report fee, if any ("Required Commitment"). If the mortgage secured by the 35 Required Commitment has a balloon payment, it shall be due no sooner than years. Buyer shall pay for private mortgage insurance as required 36 by the lending institution. If a FHA or VA mortgage is to be obtained, Rider 8, Rider 9, or the HUD Rider shall be attached to this
Mortgage Contingency. This Contract is contingent upon Purchaser obtaining approval of a Conventional, FHA or VA (if FHA or VA, see attached required addendum) or mortgage loan of $ for a term of not more than years at an initial fixed or adjustable nominal interest rate not to exceed percent or at the prevailing rate. Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this contract. Purchaser agrees to apply for such mortgage loan to at least one lending institution or licensed mortgage broker. Upon receipt of a written mortgage commitment without conditions by the Purchaser or in the event Purchaser chooses to waive this mortgage contingency, Purchaser shall provide notice in writing to of Purchaser's acceptance and execution of the mortgage commitment or of Purchaser's waiving of this contingency. Upon receipt of such notice this contingency shall be deemed waived or satisfied as the case may be. In the event notice as called for in the preceding sentence has not been received on or before then either Purchaser or Seller may within five business days of such date terminate, or the parties may mutually agree to extend, this contract by written notice to . Upon receipt of termination notice from either party, and in the case of notice by the Purchaser, proof of Purchaser's inability to obtain said mortgage approval, this contract shall be cancelled, null and void and all deposits made hereunder shall be returned to the Purchaser.
Mortgage Contingency. 15.(a) PURCHASER's obligation under this Contract is subject to, and contingent upon, the PURCHASER obtaining, at PURCHASER's own cost and expense, a mortgage commitment in the sum of $ , repayable over a period of thirty (30) years with interest at the prevailing rate per annum, as shall be then charged by such lending institution, registered mortgage broker or licensed mortgage banker, plus any applicable "points", discount charges or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage no later than seven (7) business days after the end of the review period, and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. XXXXXXXXX agrees to promptly send to SELLER's attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by after the exercise of good faith, then this Contract shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party's attorney, in writing, via the United States Postal System; and SELLER's sole liability thereunder shall be the return of all monies paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER's mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER's attorney given within three (3) days thereafter, unilaterally extend the time, for an additional period of not more than thirty (30) days, for PURCHASER to obtain the said mortgage commitment; during which period of time, PURCHASER shall continue to diligently pursue PURCHASER's efforts to obtain such mortgage commitment.
Mortgage Contingency. Parties agree that this Contract (check one) 🞏 [is] 🞏 [is not] subject to Paragraph 7, Mortgage Contingency. If [is not] is checked, 33 then this paragraph 7 does not apply. This Contract is contingent upon Buyer securing by ("First Commitment Date") a written mortgage 34 commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan association, bank, or other authorized financial 35 institution, in the amount of (check one) 🞏 $ OR 🞏 % [percent] of the Purchase Price, the interest rate (or initial interest rate if an adjustable rate 36 mortgage) not to exceed % per year, amortized over years, payable monthly, loan fee not to exceed %, plus appraisal and credit report fee, if any
Mortgage Contingency. This Sale is NOT contingent upon any mortgage financing unless otherwise provided by addendum.
Mortgage Contingency. (Purchaser must initial either “a.” or “b.”). Purchaser’s obligation to purchase the Property under the Contract (check one):
Mortgage Contingency. This Contract is contingent upon Buyer securing by , 20 ("First Commitment Date") a firm 24 written mortgage commitment for a fixed rate or an adjustable rate mortgage permitted to be made by a U.S. or Illinois savings and loan association, 25 bank, or other authorized financial institution, in the amount of (strike one) $ OR % [percent] of the Purchase Price, the 26 interest rate (or initial interest rate if an adjustable rate mortgage) not to exceed % per year, amortized over years, payable monthly, loan 27 fee not to exceed %, plus appraisal and credit report fee, if any ("Required Commitment"). If the mortgage secured by the Required 28 Commitment has a balloon payment, it shall be due no sooner than years. Buyer shall pay for private mortgage insurance as required by the
