Financing Contingency definition

Financing Contingency shall have the meaning set forth in Section 27.2.

Financing Contingency. This Offer is contingent upon Buyer being able to obtain, within ______ days of acceptance of this Offer, a __________________________ [INSERT LOAN PROGRAM (fixed) (adjustable)] [STRIKE ONE] rate first mortgage loan commitment, in an amount of not less than $____________________ for a term of not less than ______ years, amortized over not less than _______ years. If the purchase price under this Offer is modified, the loan amount, unless otherwise provided, shall be adjusted to the same percentage of the purchase price as in this contingency and the monthly payments shall be adjusted as necessary to maintain the term and amortization stated above. IF FINANCING IS FIXED RATE the annual rate of interest shall not exceed _______% and monthly payments of principal and interest shall not exceed $__________________________. IF FINANCING IS ADJUSTABLE RATE the initial annual interest rate shall not exceed _____%. The initial interest rate shall be fixed for ______ months, at which time the interest rate may be increased not more than _____% per year. The maximum interest rate during the mortgage term shall not exceed _____%. Initial monthly payments of principal and interest shall not exceed $__________________. Monthly payments of principal and interest may be adjusted to reflect interest changes. MONTHLY PAYMENTS MAY ALSO INCLUDE 1/12th of the estimated net annual real estate taxes, hazard insurance premiums, and private mortgage insurance premiums. Buyer agrees to pay a loan fee in an amount not to exceed ______% of the loan. [Loan fee refers to discount points and/or loan origination fee, but DOES NOT include Buyer's other closing costs.] SEE LINES 206 TO 221 FOR ADDITIONAL FINANCING PROVISIONS. _____ SECONDARY OFFER: This Offer is secondary to a prior accepted offer. This Offer shall become primary upon delivery of written notice to Buyer that this Offer is primary. Seller agrees to deliver said notice to Buyer promptly upon Seller's receipt of evidence satisfactory to Seller that the prior offer is null and void. Buyer may declare this Offer null and void by delivering written notice of withdrawal to Seller prior to delivery of Seller's notice that this Offer is primary. Buyer may give notice of withdrawal no earlier than ______ hours from acceptance of this Offer. All other Offer deadlines which are measured from acceptance shall be measured from the time this Offer becomes primary. _____ INSPECTION CONTINGENCY: This Offer is contingent upon a qualified in...

Financing Contingency. As stated in the related form.

Examples of Financing Contingency in a sentence

• If the Financing Contingency ends without Buyer terminating this Agreement, Seller shall have the right, but not the obligation, to request that Buyer provide Seller with written evidence of Buyer’s financial ability to purchase the Property (“Evidence”).

• Buyer shall be deemed to have the ability to obtain the Loan(s) unless prior to the end of the Financing Contingency Period, Buyer: a) notifies Seller that Buyer is terminating the Agreement because Buyer has been turned down for the Loan(s) and b) provides Seller within seven (7) days from the date of such notice a letter of loan denial from a mortgage lender based upon the mortgage lender’s customary and standard underwriting criteria (“Loan Denial Letter”).

• Example: • Buyer may request a shortened or extended closing date • Buyer may request an Appraisal or Financing Contingency All variations are requests and must be approved by the seller before the registration is confirmed.

• Notwithstanding any provision to the contrary contained herein, the Loan Denial Letter may be provided to Seller after the Financing Contingency Period has ended if the above-referenced seven (7) day period to provide the Loan Denial Letter falls outside of the Financing Contingency Period.

• This Agreement is conditioned upon the Property appraising by Purchaser’s lender or an appraiser of Purchaser’s choice at no less than the Purchase Price by the later of the expiration of the Financing Contingency Period or the Inspection Period.

More Definitions of Financing Contingency

Financing Contingency is defined in Section 5.4.

Financing Contingency means the receipt by the Lessee of all Commitment Letters necessary to fully finance the Project, as determined in the sole and exclusive discretion of the Lessee. The Financing Contingency may be evidenced by Commitment Letters from a tax credit equity investor, first mortgage lender, the Ohio Housing Finance Agency, or such other lenders or investors acceptable to the Lessee in its sole discretion.

Financing Contingency shall have the meaning ascribed in Section 4.3(j) of this Agreement.

Financing Contingency. The Purchaser’s obligations under this sales contract are NOT conditioned upon Purchaser being able to obtain financing.

Financing Contingency. Period shall mean the period commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on the 15th day after the end of the Approval Period. Improvements shall mean all improvements and related amenities in and on the Land located at 8055 Xxxx Xxxxxx, Xxx Xxxxxxx, Xxxxx, xxown as the "Castle Oaks Village."

Financing Contingency means Tenant providing Landlord with written evidence that Tenant has secured additional financing of at least $12,000,000.00.

Financing Contingency. As set forth in Section 4.01(i) above, Petro’s obligations hereunder are contingent upon its obtaining note issuance financing for this transaction.