Approval of Financing. During the Approval Period, Buyer shall approve or disapprove the financing for its purchase of the Property. In the event the New Loan is finalized, and the documents evidencing and/or securing the New Loan (e.g. promissory note, deed of trust, indemnity, etc.) (collectively the "New Loan Documents") are delivered to Buyer at least 15 days prior to the end of the Approval Period, then Buyer shall approve or disapprove the New Loan in accordance with this Paragraph 5(e). If the New Loan is finalized, Seller shall pay all fees associated with the New Loan, but not any fees associated with the assumption of the New Loan by Buyer. If the New Loan is not finalized, and the New Loan Documents are not delivered to Buyer at least 15 days prior to the end of the Approval Period, then Seller shall not enter into the New Loan without the prior written consent of Buyer, which consent may be granted or withheld in Buyer's sole discretion, In that regard, Seller agrees to provide Buyer, promptly after obtaining the same, copies of any documentation proposed to evidence the New Loan. While Buyer shall not be obligated to do so, Buyer may (i) approve and agree to assume the Existing Loan; (ii) approve and agree to assume the New Loan, or (iii) elect to pay cash for the Property and acquire the Property free and clear of any liens and encumbrances (and if Buyer so elects, Seller covenants to convey the Property free and clear of all liens and encumbrances securing the Existing Loan), and in the event that Buyer elects any of the alternatives set forth in clauses (i), (ii) or (iii); Buyer shall be deemed to have approved the financing for its purchase of the Property. If Buyer elects alternative (iii) above, Buyer will receive a credit against the Purchase Price at Close of Escrow equal to One Hundred and Fifty Thousand Dollars ($150,000.00).
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Approval of Financing. During the Approval Period, Buyer shall approve or disapprove the financing for its purchase of the Property. In the event the New Loan is finalized, and the documents evidencing and/or securing the New Loan (e.g. promissory note, deed of trust, indemnity, etc.) (collectively the "New Loan Documents") are delivered to Buyer at least 15 days prior to the end of the Approval Period, then Buyer shall approve or disapprove the New Loan in accordance with this Paragraph 5(e). If the New Loan is finalized, Seller shall pay all fees and costs associated with the origination of the New Loan, but not any fees or costs associated with the assumption of the New Loan by Buyer. If the New Loan is not finalized, and the New Loan Documents are not delivered to Buyer at least 15 days prior to the end of the Approval Period, then Seller shall not enter into the New Loan without the prior written consent of Buyer, which consent may be granted or withheld in Buyer's sole discretion, In that regard, Seller agrees to provide Buyer, promptly after obtaining the same, copies of any documentation proposed to evidence the New Loan. While Buyer shall not be obligated to do so, Buyer may (i) approve and agree to assume the Existing Loan; (ii) approve and agree to assume the New Loan, or (iii) elect to pay cash for the Property and acquire the Property free and clear of any liens and encumbrances (and if Buyer so elects, Seller covenants to convey the Property free and clear of all liens and encumbrances securing the Existing Loan), and in the event that Buyer elects any of the alternatives set forth in clauses (i), (ii) or (iii); Buyer shall be deemed to have approved the financing for its purchase of the Property. If Buyer elects alternative (iii) above, Buyer will receive a credit against the Purchase Price at Close of Escrow equal to One Hundred and Fifty Thousand Dollars ($150,000.00).
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