Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $ (i) This Agreement is contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency. (iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
Appears in 5 contracts
Sources: Sales Agreement, Sales Agreement, Sales Agreement
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $□ This Agreement is NOT contingent upon Buyer obtaining financing for the purchase of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon Buyer obtaining financing in accordance with the following provisions:
(i) This Agreement is contingent upon The loan shall be (check the Purchaser’s ability to obtain a written a loan commitment, notice applicable box): □ Conventional; □ FHA; □ VA; or □ Other (specify) . Buyer shall pay
(ii) Within business days (3 business days if not filled in) of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptancethe Effective Date, Buyer shall complete shall: (a) submit a completed loan application to a lender or a licensed mortgage broker of Buyer’s choice, and provide the Buyer Information Form previously provided (b) if requested by Seller, furnish a preapproval letter to Purchaser by SIRVA Relocation LLC (“Seller”); or provide Seller based upon a pre-qualification letter with substantially the same information standard factual credit report and in the amount as identified in the Agreement review of debt to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”)income ratios. If such Denial is not delivered on or before Buyer fails to complete any of these conditions within the Financing Contingency Release Datetime period set forth above, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financingterminate this Agreement. In the event that ▇▇▇▇▇▇ is unable Seller exercises such right to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denialterminate this Agreement, then this Agreement shall be terminated and all monies there before deposited the Deposit shall be returned released to Buyer without the requirement of written authorization from the Seller and neither party shall have any further obligation to the Purchaserother party under this Agreement (except as expressly set forth in this Agreement); and
(iii) Within days (14 days if not filled in) of the Effective Date (the “Financing Contingency Period”), Buyer agrees to obtain written evidence that Buyer has obtained financing, to Seller’s reasonable satisfaction, for the Property from a lender of Buyer’s choosing. If Buyer has not waived the Financing Contingency, and is unable to obtain financing by the Financing Contingency Period after good faith effort, then Buyer may terminate the Agreement by written notice to Seller, together with a copy of the denial letter from the lender (such notice being herein called the “Financing Contingency Termination Notice”), whereupon this Agreement shall automatically terminate and Buyer shall receive a return of the Deposit, and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Financing Contingency Termination Notice to Seller before the expiration of the Financing Contingency Period, Buyer shall be deemed to have waived the Financing Contingency and shall have no further right to terminate this Agreement pursuant to this Section.
Appears in 3 contracts
Sources: Real Estate Purchase Agreement, Real Estate Purchase Agreement, Real Estate Purchase Agreement
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon the Purchaser obtaining a written commitment for loan(s) and or grant(s) without any condition(s) unacceptable to Purchaser in Purchaser’s ability sole judgment, to be secured by mortgages on the Property, in such amounts as Purchaser shall apply. Such financing may, but need not include: (a) first, primary mortgage loan financing (”First Mortgage Loan”) will be funded by a conventional lender from the proceeds of tax-exempt bonds, which insured with mortgage insurance provided by the Federal Housing Administration; (b) secondly, below-market, mortgage-loan financing (“Second Loan”) from the Connecticut Department of Housing (“CT DOH”) or other similar source; (c) thirdly, below-market, mortgage-loan financing (“Third Loan”) from the Sponsor and/or Federal Home Loan Bank (“FHLB”); and (d) non-competitively allocated Low-Income housing Tax Credits (“LIHTC”) from Connecticut Housing Finance Agency, which come “as-of-right” with the issuance of the tax-exempt, volume cap-cap bonds contemplated in (a) above. Notwithstanding, the foregoing the Purchaser may seek financing and grants of any nature in any form in its sole discretion. Purchaser agrees to make application for such loans and or grants and to pursue same with reasonable diligence. If having done so, Purchaser is unable to obtain a written a loan commitmentcommitment for such loans and or grants, notice then, at Purchaser’s sole discretion, Purchaser may, at any time within one hundred and fifty (150) days after expiration of underwriting approvalthe Zoning Contingency, notify Seller that it has not obtained said commitment and/or grants and if Purchaser so notifies Seller or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer's attorney, then attached this Agreement, shall be null and void, and the Purchaser shall be entitled to said cash offerthe immediate return by Seller of the Cash Deposit and the parties shall be released of all liability each to the other. Notwithstanding, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then foregoing Seller shall have the right to attempt to procure new financing substantially comparable to current market ratesextend the Financing Contingency for two additional thirty (30) day periods, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser which extensions shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall not be terminated and all monies there before deposited shall be returned to the Purchaserunreasonably withheld.
Appears in 3 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Financing Contingency. Buyer’s obligations under this Agreement are conditioned upon Buyer obtaining new financing in accordance with the terms and conditions provided in this Section 5 (the "Financing Contingency"). Buyer shall have thirty (30) days after the Effective Date (the "Financing Contingency Period") to procure a commitment for financing of its acquisition of the Property on terms that are satisfactory to Buyer in its reasonable discretion; provided, however, that Buyer shall not reject those terms of a commitment that provides at least sixty percent (60%) of the Purchase Price (the "Financing Commitment"). Buyer shall use diligent good faith efforts to obtain the Financing Commitment during the Financing Contingency Period. Buyer shall promptly notify Seller upon receipt of the Financing Commitment. The parties hereto hereby agree that in the event Buyer is unable to obtain the Financing Commitment during the Financing Contingency Period, then Buyer shall have the right, upon written notice to Seller prior to the expiration of the Financing Contingency Period, to terminate this Agreement. If Buyer fails to notify Seller of Buyer's receipt or failure to receive the Financing Commitment in good faith prior to the expiration of the Financing Contingency Period, then Buyer will be deemed to have elected to terminate this Agreement. If Buyer elects to terminate or is deemed to have elected to terminate this Agreement, then (a) the Nonrefundable Initial ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider Money Portion shall be deemed unconditional with regard paid to any financing contingency.
Seller and (iiib) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that Refundable Initial ▇▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited Money Portion shall be returned to Buyer, and neither Seller nor Buyer shall have any further rights or obligations hereunder, except those arising under this Agreement that expressly survive the Purchasertermination hereof. If Buyer obtains the Financing Commitment or waives the Financing Contingency prior to the expiration of the Financing Contingency Period, then (i) the Refundable Initial ▇▇▇▇▇▇▇ Money Portion shall be non-refundable and applicable towards the Purchase Price, (ii) Buyer shall deliver the Increased Deposit to the Escrow Agent in accordance with Section 3(b) above and (iii) this Agreement shall continue in full force and effect and the parties shall proceed to Closing.
Appears in 2 contracts
Sources: Commercial & Investment Real Estate Purchase & Sale Agreement, Purchase & Sale Agreement (Craft Brew Alliance, Inc.)
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
A. If Purchaser owns a home and this Agreement is not subject to the closing of said home, the Purchaser’s Pre-Qualification must indicate that Purchaser is qualified without selling said home. If the Agreement is subject to Purchaser’s home closing, Purchaser shall provide Seller within two (2) days of acceptance of this Agreement (“Contract Delivery Date”) a copy of a fully executed contract on Purchaser's home (“Contract”) and evidence from Purchaser’s buyer reasonably satisfactory to Seller, that said buyer is qualified to consummate the purchase of Purchaser’s home. If Purchaser fails to provide satisfactory evidence by the Contract Delivery Date or if the evidence is not satisfactory to Seller, Seller shall have the option of canceling the Agreement, this Rider, and the sale by notifying Purchaser within five (5) calendar days after the Contract Delivery Date.
B. In the event that this Agreement is not subject to a financing contingency, then, prior to any acceptance of the Agreement by the Seller, the Purchaser shall provide Seller with evidence reasonably satisfactory to Seller that Purchaser has the financial means to consummate this purchase, including, but not limited to, evidence of the source of funds and the liquidity of funds in an amount equal to or greater than the purchase price and closing costs.
Appears in 2 contracts
Sources: Sales Agreement, Sales Agreement
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This The obligation of Purchaser to consummate the transaction described in this Agreement is contingent upon and subject to Purchaser, on or before 5:00 p.m., M.S.T., August 22, 2002 (the Purchaser’s ability "Financing Contingency Period"), obtaining a commitment letter ("Loan Commitment") from a third party institutional lender for a new loan to purchase the Property, on terms and conditions acceptable to Purchaser in its sole discretion. Purchaser shall use good faith, diligent efforts to obtain an acceptable Loan Commitment. During the Financing Contingency Period, Purchaser shall also have the right to submit to Seller proposed amendments to the Tenant Lease requested by Purchaser's lender, and unless any such proposed amendments to the Tenant Lease adversely affect Seller in Seller's reasonable determination, Seller shall promptly submit to the tenant the proposed amendments to the Tenant Lease for the tenant's review and approval. If Purchaser does obtain a Loan Commitment, on terms acceptable to it in its sole discretion, and if the tenant under the Tenant Lease agrees to such amendments to the Tenant Lease as are satisfactory to Purchaser and Purchaser's lender, on or before the expiration of the Financing Contingency Period, then Purchaser may notify Seller and Escrow Agent in writing thereof on or before the expiration of the Financing Contingency Period, which written notice shall be deemed to be notice (i) that Purchaser has satisfied itself that it shall obtain or has obtained a loan commitmentLoan Commitment acceptable to Purchaser in its sole discretion and (ii) that Purchaser has approved such amendments to the Tenant Lease as were acceptable to the tenant, and the contingency contained in this Section 3.2 shall be deemed waived by Purchaser as of such date and time. Purchaser's failure to so notify Seller and Escrow Agent in writing on or before the expiration of the Financing Contingency Period shall be deemed as notice to Seller that Purchaser has terminated this Agreement and the Escrow, in which event the Deposit shall be returned to Purchaser by Escrow Agent, and neither party shall thereafter have any further obligations or liabilities to the other hereunder, except for those matters which specifically survive the expiration or termination of underwriting approvalthis Agreement. Upon the expiration of the Financing Contingency Period, unless Purchaser has terminated or equivalent document (“Loan Approval”has been deemed to have terminated this Agreement and the Escrow, Purchaser shall make the deposit required by Section 2.1(b) at current market rateshereof, whereupon the Deposit shall be non-refundable to Purchaser, subject to the fulfillment of Seller's obligations hereunder and the waiver or satisfaction of each of the Conditions Precedent. Prior Notwithstanding anything to and the contrary in this Section 3.2, if as a condition to the execution of Seller’s acceptancethe tenant estoppel certificate by the tenant under the Tenant Lease there is a material change to the terms and conditions of this Agreement which adversely affects the Loan Commitment previously approved or deemed approved by Purchaser, Buyer regardless of whether such condition imposed by the tenant occurs before or after the expiration of the Financing Contingency Period, then Purchaser may terminate this Agreement and the Escrow by delivering written notice to Seller and Escrow Agent within three (3) business days after Purchaser's receipt of the tenant estoppel certificate or other written notice of such condition from the tenant under the Tenant Lease, in which event the Deposit shall complete and provide the Buyer Information Form previously provided be returned to Purchaser by SIRVA Relocation LLC (“Seller”); Escrow Agent, and neither party shall thereafter have any further obligations or provide a pre-qualification letter with substantially liabilities to the same information and in other hereunder, except for those matters which specifically survive the amount as identified in the Agreement to which expiration or termination of this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If for any reason Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of does not timely terminate this Agreement (and the “Financing Contingency Release Date”)Escrow in accordance with the previous sentence, then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the be deemed to have waived its right to terminate this Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If the Escrow as a result of the imposition of such Denial is delivered condition by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchasertenant.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Stratford American Corp)
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $□ □ □ □ □ □
(i) This Agreement is contingent upon The loan shall be (check the Purchaser’s ability to obtain a written a loan commitment, notice applicable box): Conventional; FHA; VA; or Other (specify) . Buyer shall pay $ (insert amount) as down payment for the purchase of underwriting approval, or equivalent document the Property;
(“Loan Approval”ii) at current market rates. Prior to and as a condition Within business days (3 business days if not filled in) of Seller’s acceptancethe Effective Date, Buyer shall complete shall: (a) submit a completed loan application to a lender or a licensed mortgage broker of Buyer’s choice, and provide the Buyer Information Form previously provided (b) if requested by Seller, furnish a preapproval letter to Purchaser by SIRVA Relocation LLC (“Seller”); or provide Seller based upon a pre-qualification letter with substantially the same information standard factual credit report and in the amount as identified in the Agreement review of debt to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”)income ratios. If such Denial is not delivered on or before Buyer fails to complete any of these conditions within the Financing Contingency Release Datetime period set forth above, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financingterminate this Agreement. In the event that ▇▇▇▇▇▇ is unable Seller exercises such right to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denialterminate this Agreement, then this Agreement shall be terminated and all monies there before deposited the Deposit shall be returned released to Buyer without the requirement of written authorization from the Seller and neither party shall have any further obligation to the Purchaserother party under this Agreement (except as expressly set forth in this Agreement); and ________
(iii) Within days (14 days if not filled in) of the Effective Date (the “Financing Contingency Period”), Buyer agrees to obtain written evidence that Buyer has obtained financing, to Seller’s reasonable satisfaction, for the Property from a lender of Buyer’s choosing. If Buyer has not waived the Financing Contingency, and is unable to obtain financing by the Financing Contingency Period after good faith effort, then Buyer may terminate the Agreement by written notice to Seller, together with a copy of the denial letter from the lender (such notice being herein called the “Financing Contingency Termination Notice”), whereupon this Agreement shall automatically terminate and Buyer shall receive a return of the Deposit, and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Financing Contingency Termination Notice to Seller before the expiration of the Financing Contingency Period, Buyer shall be deemed to have waived the Financing Contingency and shall have no further right to terminate this Agreement pursuant to this Section.
Appears in 1 contract
Sources: Real Estate Purchase Agreement
Financing Contingency. (a) The Transaction shall be contingent upon Buyer obtaining convertible debt financing and/or an equity raise to secure one hundred (100%) percent of the cash portion of the Purchase Price (the “Financing Commitment”) no later than the Due Diligence Expiration Date (the “Financing Approval Period”), for a fixed or adjustable interest rate, which initial interest rate shall not exceed eight (8%) percent per annum and for a term of at least five (5) years (the “Financing”).
(b) If Buyer is unable to obtain a Financing Commitment without reasonable conditions (including an appraisal of the Companies’ assets sufficient to support the Financing Amount) for the Financing, or if Buyer is unable to obtain subscriptions for an equity raise on terms acceptable to the Buyer prior to the expiration of the Financing Approval Period, Buyer may provide written notice to Companies and the Shareholders stating that the Buyer has been unable to obtain the Financing Commitment and notify the Shareholders’ Representative in writing that the Buyer has elected to either (i) waive the Financing Commitment contingency, in which event this Agreement will continue as if the Financing Commitment had been obtained or (ii) terminate this Agreement. If B▇▇▇▇ fails to timely deliver written notice to the Shareholders and Companies prior to the expiration of the Financing Approval Period electing (i) or (ii) in the preceding sentence, then the Financing Commitment contingency shall be deemed waived, in which event this Agreement will continue as if the Financing Commitment had been obtained. If this Agreement is timely terminated as set forth above, then Buyer, Shareholders and the Companies shall be released from all further obligations under this Agreement. In the event any portion of the Financing from Buyer’s lender or Buyer’s equity investors is not available on the Closing Date due to the failure of the Buyer’s lender to fund on the issued Financing Commitment or Buyer’s equity investors failure to fund on a binding subscription, due to reasons outside of the Buyer’s control, such as the failure of Buyer’s lender, a disruption to the financial markets, a “Force Majeure Event” (as hereinafter defined) or the revocation of the issued Financing Commitment through no fault of the Buyer, then no later than five (5) days after B▇▇▇▇ receives written notice of B▇▇▇▇▇▇▇ Deposit Amount (“Deposit”’s lender’s revocation of the issued Financing Commitment or inability to fund the loan, or written notice of Buyer’s equity investor(s) $revocation of a binding subscription or inability to fund such subscribed for equity, Buyer may elect to terminate this Agreement and the Buyer, the Companies and Shareholders shall be released from all further obligations under this Agreement or Buyer may elect to proceed to Closing.
(ic) This Agreement Until the Financing Commitment is contingent upon obtained, any due diligence material to be provided by the Purchaser’s ability Shareholders and the Companies as part of the application process shall be subject to obtain the Due Diligence Limitations set forth in Section 1.5. The Financing may be secured by, among other things, a written first position security interest in the assets of the Companies. For clarification, no shareholder of Buyer shall be required to provide a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and personal guaranty as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingencyCommitment.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
Appears in 1 contract
Sources: Stock Purchase and Sale Agreement (Transportation & Logistics Systems, Inc.)
Financing Contingency. Purchaser's obligation to close under this Contract is is not subject to a financing contingency that Purchaser obtain mortgage financing in the amount of % of the purchase price for a term of years at an interest rate not higher than % fixed for the term of the loan or % variable on the date of closing with not more than points to be paid at Closing. Purchaser agrees to act diligently to obtain such financing and shall, within calendar days after this Contract is executed by Seller and Purchaser and notice thereof is provided to Purchaser in the manner required by Section 29, submit a complete and accurate application for first mortgage financing to at least one mortgage lender or mortgage broker currently providing or placing such loans requesting first mortgage financing in the amount and on the terms set forth above. If Purchaser fails to timely submit such an application, this financing contingency is waived by Purchaser. If, despite best efforts, ▇▇▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent denied financing by, or is unable to obtain financing approval from, the mortgage lender upon the terms set forth above, on or before , Purchaser (but not Seller) shall have the right to TERMINATE this Contract, provided Purchaser gives Seller written notification thereof, together with a copy of the lender’s denial letter or letter from the lender explaining the reasons for Purchaser’s ability inability to obtain a written a loan commitmentsuch financing, notice of underwriting approval, or equivalent document within four (“Loan Approval”4) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide calendar days after the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and above date in the amount as identified in manner required by Section 29. If Purchaser fails to do so, Purchaser’s right to terminate this Contract on account of the Agreement to which this Rider Financing Contingency is attached (“Pre-Qualification”)waived. In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of terminates this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or Contract in accordance with the terms originally provided by the Purchaser within the Pre-Qualificationprovisions of this Section, and with no obligation all Contract Deposits shall be forthwith returned to the Purchaser to accept such terms. Should Seller attempt to procure said new financingPurchaser, the Purchaser Contract shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for be terminated and obtain such new financingshall be of no further force and effect. In the event that such case, ▇▇▇▇▇▇ is unable and ▇▇▇▇▇▇▇▇▇ agree to obtain new financing execute and deliver to Escrow Agent an authorization for the Purchaser or should Purchaser refuse said offer delivery of financing within Twenty (20) days from all Contract Deposits to Purchaser. If Purchaser’s Denialobligation to close IS subject to a financing contingency, then this Agreement shall be terminated and all monies there before deposited shall be returned to Purchaser provides the following information: 🞏 🞏
▇. ▇▇▇▇▇▇▇▇▇ has has not consulted with a mortgage lender or mortgage broker about mortgage financing as of the date of Purchaser’s offer. 🞏 🞏
▇. ▇▇▇▇▇▇▇▇▇ has obtained a mortgage lender’s pre-approval or pre-qualification letter.
Appears in 1 contract
Sources: Purchase and Sale Contract
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $□ □ □ □ □ □
(i) This Agreement is contingent upon The loan shall be (check the Purchaser’s ability to obtain a written a loan commitment, notice applicable box): Conventional; FHA; VA; or Other (specify) . Buyer shall pay $ (insert amount) as down payment for the purchase of underwriting approval, or equivalent document the Property; ________
(“Loan Approval”ii) at current market rates. Prior to and as a condition Within business days (3 business days if not filled in) of Seller’s acceptancethe Effective Date, Buyer shall complete shall: (a) submit a completed loan application to a lender or a licensed mortgage broker of Buyer’s choice, and provide the Buyer Information Form previously provided (b) if requested by Seller, furnish a preapproval letter to Purchaser by SIRVA Relocation LLC (“Seller”); or provide Seller based upon a pre-qualification letter with substantially the same information standard factual credit report and in the amount as identified in the Agreement review of debt to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”)income ratios. If such Denial is not delivered on or before Buyer fails to complete any of these conditions within the Financing Contingency Release Datetime period set forth above, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financingterminate this Agreement. In the event that ▇▇▇▇▇▇ is unable Seller exercises such right to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denialterminate this Agreement, then this Agreement shall be terminated and all monies there before deposited the Deposit shall be returned released to Buyer without the requirement of written authorization from the Seller and neither party shall have any further obligation to the Purchaserother party under this Agreement (except as expressly set forth in this Agreement); and ________
(iii) Within days (14 days if not filled in) of the Effective Date (the “Financing Contingency Period”), Buyer agrees to obtain written evidence that Buyer has obtained financing, to Seller’s reasonable satisfaction, for the Property from a lender of Buyer’s choosing. If Buyer has not waived the Financing Contingency, and is unable to obtain financing by the Financing Contingency Period after good faith effort, then Buyer may terminate the Agreement by written notice to Seller, together with a copy of the denial letter from the lender (such notice being herein called the “Financing Contingency Termination Notice”), whereupon this Agreement shall automatically terminate and Buyer shall receive a return of the Deposit, and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Financing Contingency Termination Notice to Seller before the expiration of the Financing Contingency Period, Buyer shall be deemed to have waived the Financing Contingency and shall have no further right to terminate this Agreement pursuant to this Section.
Appears in 1 contract
Sources: Real Estate Purchase Agreement
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $□ □ □ □ □ □
(i) This Agreement is contingent upon The loan shall be (check the Purchaser’s ability to obtain a written a loan commitment, notice applicable box): Conventional; ___________ FHA; VA; or Other (specify) . Buyer shall pay $ (insert amount) as down payment for the purchase of underwriting approval, or equivalent document the Property; ________
(“Loan Approval”ii) at current market rates. Prior to and as a condition Within business days (3 business days if not filled in) of Seller’s acceptancethe Effective Date, Buyer shall complete shall: (a) submit a completed loan application to a lender or a licensed mortgage broker of Buyer’s choice, and provide the Buyer Information Form previously provided (b) if requested by Seller, furnish a preapproval letter to Purchaser by SIRVA Relocation LLC (“Seller”); or provide Seller based upon a pre-qualification letter with substantially the same information standard factual credit report and in the amount as identified in the Agreement review of debt to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”)income ratios. If such Denial is not delivered on or before Buyer fails to complete any of these conditions within the Financing Contingency Release Datetime period set forth above, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financingterminate this Agreement. In the event that ▇▇▇▇▇▇ is unable Seller exercises such right to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denialterminate this Agreement, then this Agreement shall be terminated and all monies there before deposited the Deposit shall be returned released to Buyer without the requirement of written authorization from the Seller and neither party shall have any further obligation to the Purchaserother party under this Agreement (except as expressly set forth in this Agreement); and ________
(iii) Within days (14 days if not filled in) of the Effective Date (the “Financing Contingency Period”), Buyer agrees to obtain written evidence that Buyer has obtained financing, to Seller’s reasonable satisfaction, for the Property from a lender of Buyer’s choosing. If Buyer has not waived the Financing Contingency, and is unable to obtain financing by the Financing Contingency Period after good faith effort, then Buyer may terminate the Agreement by written notice to Seller, together with a copy of the denial letter from the lender (such notice being herein called the “Financing Contingency Termination Notice”), whereupon this Agreement shall automatically terminate and Buyer shall receive a return of the Deposit, and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Financing Contingency Termination Notice to Seller before the expiration of the Financing Contingency Period, Buyer shall be deemed to have waived the Financing Contingency and shall have no further right to terminate this Agreement pursuant to this Section.
Appears in 1 contract
Sources: Real Estate Purchase Agreement
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement Purchaser's obligation to close under this Contract is contingent upon is not subject to a financing contingency that Purchaser obtain mortgage financing in the Purchaser’s ability amount of % of the purchase price for a term of years at an interest rate not higher than % fixed for the term of the loan or % variable on the date of closing with not more than points to be paid at Closing. Purchaser agrees to act diligently to obtain a written a loan commitmentsuch financing and shall, within calendar days after this Contract is executed by Seller and Purchaser and notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously thereof is provided to Purchaser in the manner required by SIRVA Relocation LLC (“Seller”); Section 29, submit a complete and accurate application for first mortgage financing to at least one mortgage lender or provide a pre-qualification letter with substantially the same information and mortgage broker currently providing or placing such loans requesting first mortgage financing in the amount as identified and on the terms set forth above. If Purchaser fails to timely submit such an application, this financing contingency is waived by Purchaser. If, despite best efforts, Purchaser is denied financing by, or is unable to obtain financing approval from, the mortgage lender upon the terms set forth above, on or before , Purchaser (but not Seller) shall have the right to TERMINATE this Contract, provided Purchaser gives Seller written notification thereof, together with a copy of the lender’s denial letter or letter from the lender explaining the reasons for Purchaser’s inability to obtain such financing, within four (4) calendar days after the above date in the Agreement manner required by Section 29. If Purchaser fails to which do so, Purchaser’s right to terminate this Rider Contract on account of the Financing Contingency is attached (“Pre-Qualification”)waived. In the event Purchaser submits a cash sale offerterminates this Contract in accordance with the provisions of this Section, then attached all Contract Deposits shall be forthwith returned to said cash offerPurchaser, the Contract shall be terminated and shall be of no further force and effect. In such case, Seller and Purchaser must supply acceptable documentation showing proof agree to execute and deliver to Escrow Agent an authorization for delivery of funds sufficient all Contract Deposits to satisfy Purchaser. If Purchaser’s obligation to close IS subject to a financing contingency, Purchaser provides the purchase price of the Agreement. A.1(ii) If following information:
A. Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] has has not consulted with a mortgage lender or mortgage broker about mortgage financing as of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser’s offer.
B. Purchaser shall provide Seller with has obtained a written copy of their mortgage lender’s statement of credit denial, termination pre-approval or change (the “Denial”)pre-qualification letter. Yes No. If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard Purchaser’s obligation to any close IS NOT subject to a financing contingency.
(iii) If such Denial is delivered by , Purchaser represents to Seller that Purchaser has sufficient cash or liquid assets to close on the Financing Contingency Release Date, then Seller shall have purchase of the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such termsProperty. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
Appears in 1 contract
Sources: Purchase and Sale Contract
Financing Contingency. (1) Purchaser shall use its best efforts to obtain a loan (the Loan in the principal amount of no more than 100% of the Purchase Price, reduced to the next lowest hundred dollars, to be secured by a first priority mortgage on the Property. The proceeds of the Loan, together with the balance of the Purchase Price, shall be paid to Seller by Purchaser in cash or other immediately available funds at Closing.
(2) Purchaser shall apply for the Loan within three (3) business days after the Effective Date. Failure by Purchaser to apply for the Loan within that time-period or to pursue approval of the Loan diligently thereafter shall constitute a material breach of this Agreement by Purchaser. Within seven (7) days after the Effective Date, Purchaser shall provide Seller with written . Within twenty-one (21) days of the Effective Date, Purchas provide Seller with a letter from Within thirty (30) days after the Effective Date, Purchaser shall Prequalification Letter, Conditional Approval Letter or the Final Approval Letter to Seller by the respective deadlines stated above upon written notice to Purchaser, in which event the ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer Money shall complete and provide the Buyer Information Form previously provided be refunded to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If if Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date not in breach of this Agreement (Agreement, and thereafter neither party shall have any further liability or obligation to the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingencyother hereunder.
(iii3) Purchaser acknowledges that there are many different loan programs available from many different lenders. If such Denial is delivered the loan approval obtained by Purchaser contains any contingencies, Seller may require the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser satisfaction of those contingencies within the Pre-Qualification, time period specified for obtaining the Final Approval Letter and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financingterminate this Agreement if those contingencies are not waived or satisfied within that time; in which event, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇▇ is unable Money shall be refunded to Purchaser, and neither party shall thereafter have any further liability or obligation to the other hereunder. date of closing. Purchaser agrees to execute all papers and perform all other actions necessary to obtain new financing for the Loan and to accept the Loan if approved by lender. Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denialshall, then this Agreement shall be terminated and all monies there before deposited shall be returned in addition to the Purchaserpayment of principal and interest upon the Loan, pay at Closing such amounts as may be required by the lender to establish or maintain an escrow for insurance, property taxes or private mortgage insurance.
Appears in 1 contract
Sources: Home Purchase Agreement
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Here is where Buyer will indicate whether the Agreement is will be contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”)financing. If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable proposing a cash transaction, this will likely be waived. Buyer may also waive this contingency where they are applying for financing but are willing to do so without the protection provided by the contingency. For example, a solid buyer might waive the contingency, even knowing that financing is necessary, because the waiver will make the offer appear to be stronger to the seller. At the same time, however, the buyer who waives the contingency in this circumstance will be in default of the Agreement if financing is not secured, leading to the likely loss of any deposit and the possibility of additional legal action. Waiver of this contingency should be done with great caution, and only after fully advising a client of all possible repercussions. When ▇▇▇▇▇ receives written proof of the lender’s approval, a copy of that documentation will need to be provided to Seller. Use a specific date for the Commitment Date - the deadline for Buyer to deliver a copy of the approval to Seller. Because time is of the essence, be realistic in establishing this date by considering all the elements in the approval process. Seller must receive a copy of the written approval by the deadline or Seller will have the option to terminate the Agreement in writing. Notifying Seller via email or telephone is not sufficient. Pay special attention to the needs of your buyer clients when filling out the terms in this subparagraph -- don’t just fill in “the usual” and then figure out after an offer is accepted if the client has any special needs for financing. Although this section may not seem significant, keep in mind that in a competitive market a seller may accept or reject a particular offer based on the perceived likelihood that a buyer will be able to obtain new financing. Changing the terms of an application may have a material impact on Buyer’s ability to obtain the desired financing. Applying for different terms or to a different lender than listed in the Agreement may not be a default by itself, but if Buyer is turned down for financing for and hasn’t applied on the Purchaser or should Purchaser refuse said offer stated terms then they may not be entitled to a return of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall their deposit monies and may be terminated and all monies there before deposited shall be returned to the Purchaserin default at that point.
Appears in 1 contract
Financing Contingency. Purchaser intends to obtain a new first mortgage loan at prevailing rates and terms (including maturity, charges and fees, prepayment and recourse provisions) and in so doing, Purchaser shall (a) submit in any such loan application truthful, accurate and complete information as required by the proposed lender(s); (b) promptly and completely reply to any request for additional information or documentation by the proposed lender(s) and (c) comply with all reasonable or customary requirements of the proposed lender(s). Within ten (10) days after Due Diligence Completion (and at Financing Contingency Expiration) Purchaser shall deliver to Seller a complete list of all lenders to whom Purchaser shall have applied and the date(s) of such application(s). If Purchaser fails through no fault of Purchaser, and despite Purchaser's diligent efforts, to obtain a commitment for financing (whether or not conditional upon any factor) in the minimum principal amount of seventy (70%) percent of the Purchase Price (or any lesser loan amount acceptable to Purchaser) on terms reasonably acceptable to Purchaser (provided that prevailing market terms shall be deemed to be acceptable) by the date which is thirty (30) days after Due Diligence Completion ("Financing Contingency Expiration"), then Purchaser shall have the option of terminating this Contract upon notice to Seller ("Financing Failure Notice") not later than the Financing Contingency Expiration. If Seller does not receive the Financing Failure Notice prior to Financing Contingency Expiration, then the financing contingency shall be deemed waived and of no further effect, Purchaser shall make the Second Deposit and Purchaser shall proceed to closing in accordance with Section 12 hereof. In the event Seller has not received the Financing Failure Notice by the Financing Contingency Expiration, then the failure of Purchaser to make the Second Deposit by the Financing Contingency Expiration shall constitute a default hereunder. Upon receipt of Purchaser's Financing Failure Notice, Seller shall have the option (but not the obligation) of (x) attempting to place the loan or (y) providing purchase money financing for all or a portion of the Purchase Price. In the event Seller elects such option, Seller shall notify Purchaser within fifteen (15) days of the Financing Failure Notice, including in Seller's notice the terms of Seller's proposed financing to Purchaser if Seller elects to offer such financing, and in which event the Financing Contingency Expiration shall be extended for a period of thirty (30) days thereafter. In the event Seller elects either (x) or (y) above, generally prevailing market rates and terms shall be deemed to be acceptable and Purchaser shall be obligated to accept financing on such terms. Purchaser shall also make available to Seller within five (5) days of such notice to Purchaser by Seller, all correspondence with respect to any loan application made by Purchaser with respect to the Premises. If Purchaser accepts Seller's financing proposal, or if Seller locates other financing reasonably acceptable to Purchaser, then the transaction will close as soon as financing documents can be drafted and agreed upon, Purchaser agreeing to use in best efforts to conclude such documentation as expeditiously as possible. But if Purchaser is not obligated to accept the financing as provided above and (a) Purchaser does not accept Seller's financing proposal, or (b) Seller neither offers financing to Purchaser nor locates other financing reasonably acceptable to Purchaser, then the ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided Money will be refunded to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially and the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingencyContract will terminate.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
Appears in 1 contract
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is If the Purchaser and Seller have initialed that "Financing Contingency Applies" below, Purchaser's obligations hereunder are contingent upon the Purchaser’s 's ability to obtain a written loan ("Loan") to finance its purchase obligation hereunder. Purchaser shall: (i) apply for such Loan within seven (7) days of the date of this Agreement, and (ii) shall have the Financing Period in which to obtain a loan commitment, notice of underwriting approval, or equivalent document commitment for financing (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”"Commitment"). In the event Purchaser submits a cash sale offer, then attached is unable to said cash offer, obtain the Purchaser must supply acceptable documentation showing proof of funds sufficient Commitment prior to satisfy the purchase price expiration of the Agreement. A.1(ii) If Financing Period, Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt terminate this Agreement by delivering written notice thereof to procure new financing substantially comparable to current market rates, or in accordance with Seller and the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation Escrow Agent prior to the expiration of the Financing Period. The failure by Purchaser to accept timely deliver such terms. Should Seller attempt notice of termination prior to procure said new financingthe expiration of the Financing Period shall be an election by Purchaser to waive such financing contingency, thereby causing the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) Deposit to apply for and obtain such new financingbecome non-refundable. In the event that ▇▇▇▇▇▇ is unable of Purchaser's timely election to obtain new financing for terminate this Agreement, the Purchaser or should Purchaser refuse said offer entire portion of financing within Twenty (20) days from Purchaser’s Denial, the Deposit then this Agreement held by the Escrow Agent shall be terminated delivered to Purchaser, subject to Purchaser's continuing obligations to return the Due Diligence Items and all monies there before deposited shall be returned to the Purchaser.'s indemnity obligations under Section 15. Financing Contingency Applies: Seller's Initials _______ Purchaser's Initials: _______ Financing Contingency Does Not Apply: Seller's Initials _______ Purchaser's Initials: __XX__
Appears in 1 contract
Sources: Sale Agreement (Captec Franchise Capital Partners L P Iv)
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement Purchaser's obligation to close under this Contract is contingent upon is not subject to a financing contingency that Purchaser obtain mortgage financing in the Purchaser’s ability amount of % of the purchase price for a term of years at an interest rate not higher than % fixed for the term of the loan or % variable on the date of closing with not more than points to be paid at Closing. Purchaser agrees to act diligently to obtain a written a loan commitmentsuch financing and shall, within calendar days after this Contract is executed by Seller and Purchaser and notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously thereof is provided to Purchaser in the manner required by SIRVA Relocation LLC (“Seller”); Section 29, submit a complete and accurate application for first mortgage financing to at least one mortgage lender or provide a pre-qualification letter with substantially the same information and mortgage broker currently providing or placing such loans requesting first mortgage financing in the amount as identified and on the terms set forth above. If Purchaser fails to timely submit such an application, this financing contingency is waived by Purchaser. If, despite best efforts, Purchaser is denied financing by, or is unable to obtain financing approval from, the mortgage lender upon the terms set forth above, on or before , Purchaser (but not Seller) shall have the right to TERMINATE this Contract, provided Purchaser gives Seller written notification thereof, together with a copy of the lender’s denial letter or letter from the lender explaining the reasons for Purchaser’s inability to obtain such financing, within four (4) calendar days after the above date in the Agreement manner required by Section 29. If Purchaser fails to which do so, Purchaser’s right to terminate this Rider Contract on account of the Financing Contingency is attached (“Pre-Qualification”)waived. In the event Purchaser submits a cash sale offerterminates this Contract in accordance with the provisions of this Section, then attached all Contract Deposits shall be forthwith returned to said cash offerPurchaser, the Contract shall be terminated and shall be of no further force and effect. In such case, Seller and Purchaser must supply acceptable documentation showing proof agree to execute and deliver to Escrow Agent an authorization for delivery of funds sufficient all Contract Deposits to satisfy Purchaser. If Purchaser’s obligation to close IS subject to a financing contingency, Purchaser provides the purchase price of the Agreement. A.1(ii) If following information:
A. Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] has has not consulted with a mortgage lender or mortgage broker about mortgage financing as of the date of this Agreement Purchaser’s offer.
B. Purchaser has obtained a mortgage lender’s pre-approval or pre-qualification letter. Yes No. If Purchaser’s obligation to close IS NOT subject to a financing contingency, Purchaser represents to Seller that Purchaser has sufficient cash or liquid assets to close on the purchase of the Property. 7. Lead-Based Paint: Based upon representations made by Seller and Purchaser's own investigation and information, it is agreed that the Property is is not pre-1978 residential real estate and therefore is is not subject to Federal (the “Financing Contingency Release Date”EPA/HUD), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denialState and, termination or change (the “Denial”)if applicable, Municipal Lead-Based Paint Regulations. If such Denial the Property is not delivered on or before the Financing Contingency Release Datepre-1978 residential real estate, the Agreement and parties must execute a Lead-Based Paint Addendum with required disclosures, which shall become part of this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the PreContract. Lead-Qualification, and with no obligation to the Purchaser to accept such termsBased Paint Addendum And Disclosures attached. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financingYes No. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
Appears in 1 contract
Sources: Purchase and Sale Contract
Financing Contingency. Purchaser, at its expense, shall use its commercially reasonable efforts to procure, a loan (the “Loan”) to finance its acquisition of the Property within 3 days following the Date of this Agreement. Purchaser shall pay all lender fees and all fees for appraisals, inspections, reports and other costs related to the Loan. If Purchaser is not able to obtain a commitment for the Loan meeting the parameters hereinafter set forth by the expiration of the Contingency Period and so long as Purchaser has affirmatively waived the Inspection Contingency, Purchaser shall have the right to extend the Contingency Period solely for purposes of satisfying the Financing Contingency herein contemplated to 5:00 p.m. on August 9, 2010. If by August 9, 2010, Purchaser has not be able to obtain a commitment for a Loan meeting the parameters hereinafter set forth, Purchaser may terminate this Agreement by giving to Seller notice of termination prior to the expiration of the Contingency Period, as herein extended. In the event of such termination, the ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer Money shall complete and provide the Buyer Information Form previously provided be promptly refunded to Purchaser upon request, and Purchaser shall simultaneously return the Property Information to Seller. The financing contingency contemplated by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement Section 2.2.2 (the “Financing Contingency Release DateContingency”) shall be deemed satisfied if any commitment for the Loan provides for the following (or better) terms: (i) an interest rate equal to or less than seven and one-half percent (7.5%), then (ii) a loan-to-value ratio of at least fifty percent (50%)(e.g. a loan amount of $5,000,000.00), (iii) monthly payments of principal and interest based up a thirty (30) year amortization schedule, (iv) a loan term of no less than five (5) years, (v) a funding date which is simultaneous with the Closing Date hereunder, and (vi) such other substantive Loan terms as are commercially reasonable and approved by Purchaser shall in its discretion. Purchaser agrees to provide Seller with a written copy of their lender’s statement of credit denial, termination or change (any Loan commitments it receives during the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingencyPeriod.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
Appears in 1 contract
Financing Contingency. A Phase I Environmental Site Assessment Report dated March 24, 2006, prepared by LandAmerica Assessment Corporation, included in the Due Diligence Items, indicates an underground storage tank (“UST”) used in connection with a gas station formerly operated on a portion of the Property was removed in or about 1979. Buyer’s lender requires as a condition to loan approval a phase II environmental inspection confirming whether there is contamination in the soil related to use of the UST. Seller hereby grants permission to Buyer to perform, at Buyer’s sole cost and expense, a phase II environmental inspection solely in regards to its loan application, on and subject to the provisions of the Purchase and Sale Agreement including, but not limited to, Section 5 thereof and the provisions of this paragraph. The inspection shall be performed by ▇▇▇▇▇ Environmental Management Company in accordance with the scope of work described in ▇▇▇▇▇ ▇▇▇▇▇’▇ email to ▇▇▇ ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement on May 26, 2009, a copy of which is contingent upon attached hereto as Exhibit A; provided, however, that the Purchaser’s ability inspection shall be limited in all respects to obtain a sampling for contaminants associated with the UST. The scope of work attached hereto as Exhibit A may not be modified without the prior written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition consent of Seller’s acceptance, in its sole discretion. Buyer shall complete and will provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide Seller a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price copy of the Agreement. A.1(iiinvestigation report in draft form three (3) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within business days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇Buyer directs ▇▇▇▇▇ Environmental Management Company to finalize the report. Buyer shall, at its sole cost and expense, restore the Property to its original condition following such inspection. Without limiting the generality of the provisions of the Purchase Agreement, neither Buyer nor its agents or employees shall disclose to any third party, including governmental agencies, other than Buyer’s lender the results of the inspection described above, except as may be required by applicable law (after prior written notice to Seller and providing Seller a reasonable opportunity to make any such required reports). Buyer’s indemnity obligations under Section 5.3 of the Purchase Agreement shall extend to all losses, costs, expenses, liabilities, claims, litigation, demands, prodeedings and damages (including but not limited to attorney fees) suffered or incurred by Seller or any Indemnitees arising out of or related to the phase II inspection described herein, provided that Buyer shall not incur any liability due to its discovery, without exacerbation, of the condition of any ‘hazardous substances’ at the Property. The final day of the Financing Contingency Period is unable hereby further extended to obtain new financing June 17, 2009, for the Purchaser or should Purchaser refuse said offer sole purpose of financing within Twenty (20) days from PurchaserBuyer obtaining its lender’s Denial, then this Agreement approval of the phase II environmental inspection. The Financing Contingency shall be terminated deemed approved and all monies there before deposited shall be returned waived by Buyer if the results of the Phase II inspection are acceptable to the PurchaserBuyer’s lender.
Appears in 1 contract
Sources: Agreement for Purchase and Sale (NNN 2003 Value Fund LLC)
Financing Contingency. ▇▇▇▇▇▇▇ Landlord plans to meet a certain financing milestone as follows: By November 3. 1989, Landlord must have completed loan documentation for financing of the construction of the Building. Landlord has deposited cash in the amount of Five Hundred Thousand Dollars ($500,000) (the "Deposit") in an escrow (the "Escrow") with American National Bank and Trust Company as escrow agent (the "Escrowee") under an escrow agreement (the "Escrow Agreement") dated January 4, 1989 and identified as Escrow Trust No. 89539001, which Tenant has also executed. The Escrow Agreement will not be deemed to supersede the provisions of this lease but merely to facilitate the implementation of this Section 52. Landlord shall be entitled to all interest on the Deposit. The Deposit Amount is to be released to Landlord upon satisfaction (“Deposit”or waiver by Landlord as described below) $
of the above financing milestone and also delivery of the guaranty and a Letter of Credit substantially in the form of Attachment 19 hereto as described in Section 55. The Deposit will be released to Tenant from the Escrow (a) with consent of Landlord, or (b) upon Tenant's affidavit delivered to Escrowee and Landlord that Tenant is entitled to the payment under this Section 52 because (i) This Agreement is contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approvalappropriate milestone has not been met, or equivalent document (“Loan Approval”ii) at current market ratesthe Personal Guaranty (as hereinafter defined) or the Letter of Credit has not been delivered when required under Section 55. Prior The failure to meet the appropriate milestone and the failure to deliver the Personal Guaranty or Letter of Credit are the only circumstances for which Tenant may receive and retain the Deposit. In any case where the financing milestone described above is not met, Tenant and Landlord may mutually extend the date for occurrence of such milestone. However, Landlord may waive satisfaction of the milestone for both Landlord and Tenant in which case this lease will not automatically terminate for failure to meet such date under any circumstances. Absent any such extension, this lease will automatically terminate, and as a condition of Seller’s acceptanceTenant's sole remedy, Buyer shall complete it may receive and provide retain the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount Deposit as identified in the Agreement to which this Rider is attached (“Pre-Qualification”)liquidated damages. In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date Upon termination of this Agreement (the “Financing Contingency Release Date”)lease under this Section 52, then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement Landlord and this Rider Tenant shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, released from all liabilities and obligations under or in accordance connection with this lease, except that Tenant shall be entitled to receive the Deposit. Tenant shall be furnished with reasonable verification regarding compliance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaserforegoing.
Appears in 1 contract
Sources: Lease (Chicago Title Corp)
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (If the Purchaser and Seller have initialed that “Deposit”) $
(i) This Agreement is Financing Contingency Applies” below, Purchaser’s obligations hereunder are contingent upon the Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan ApprovalLoan”) at current market ratesto finance its purchase obligation hereunder. Prior Purchaser shall: (i) apply for such Loan within seven (7) days of the date of this Agreement, and (ii) shall have the Financing Period in which to and as obtain a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC commitment for financing (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-QualificationCommitment”). In the event Purchaser submits a cash sale offer, then attached is unable to said cash offer, obtain the Purchaser must supply acceptable documentation showing proof of funds sufficient Commitment prior to satisfy the purchase price expiration of the Agreement. A.1(ii) If Financing Period, Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt terminate this Agreement by delivering written notice thereof to procure new financing substantially comparable to current market rates, or in accordance with Seller and the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation Escrow Agent prior to the expiration of the Financing Period. The failure by Purchaser to accept timely deliver such terms. Should Seller attempt notice of termination prior to procure said new financingthe expiration of the Financing Period shall be an election by Purchaser to waive such financing contingency, thereby causing the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) Deposit to apply for and obtain such new financingbecome non-refundable. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denialtimely election to terminate this Agreement, the entire portion of the Deposit then this Agreement held by the Escrow Agent shall be terminated delivered to Purchaser, subject to Purchaser’s continuing obligations to return the Due Diligence Items and all monies there before deposited shall be returned to the Purchaser.’s indemnity obligations under Section 15. Financing Contingency Applies: Seller’s Initials ___X___ Purchaser’s Initials: ___X___ Financing Contingency Does Not Apply: Seller’s Initials ___ Purchaser’s Initials: ___
Appears in 1 contract
Sources: Agreement of Sale (Captec Franchise Capital Partners L P Iv)
Financing Contingency. Notwithstanding the provisions of Section 3.3, provided that on or before September 5, 2012 Purchaser has delivered (i) written notice to Seller of its approval of the Property in the form of Exhibit M attached hereto (the “Approval Notice”) and (ii) evidence reasonably acceptable to Seller that Purchaser’s loan application has been submitted to Purchaser’s lender’s loan committee, then Purchaser shall have no right to terminate this Agreement EXCEPT FOR (a) failure of Purchaser to obtain a commitment for financing of its acquisition of the Property (“Financing Contingency”) by September 12, 2012 (the “Financing Contingency Date”) from Purchaser’s lender upon terms and conditions set forth in Purchaser’s loan application or such other terms as may be acceptable to Purchaser (“Purchaser’s Financing Contingency Termination Right”), or (b) as otherwise set forth in this Agreement other than in Articles II (save and except Section 2.8) and III hereof. Purchaser’s Financing Contingency Termination Right shall be exercisable only by sending written notice of termination (the “Financing Contingency Termination Notice”) to Seller on or before the Financing Contingency Date specifically stating that a commitment for a loan on substantially similar terms to those set forth in Purchaser’s loan application has not been received. In the event that Purchaser timely exercises Purchaser’s Financing Contingency Termination Right, this Agreement shall terminate and the ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon the Money shall be returned to Purchaser’s ability to obtain a written a loan commitment, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, fails to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “send Seller a Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered Termination Notice on or before the Financing Contingency Release Date, the Agreement and this Rider Purchaser shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the have irrevocably waived Purchaser’s Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or Termination Right in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, all respects and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement Financing Contingency Termination Right shall be terminated automatically and all monies there before deposited shall be returned to the Purchaserirrevocably expire.
Appears in 1 contract
Sources: Purchase Agreement (Behringer Harvard Opportunity REIT II, Inc.)
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon Landlord shall have the Purchaser’s ability right to obtain a terminate this Lease by giving Tenant written a loan commitmentnotice, notice of underwriting approval, or equivalent document (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
Deadline (iiidefined below) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is it has been unable to obtain new additional capital, debt financing and/or equity financing acceptable (in amount, on terms, and in all other respects) to Landlord in Landlord’s sole and absolute discretion in order to pay the costs which Landlord will incur prior to the Commencement Date and to fund the Tenant Allowance and stating its election to so terminate this Lease. As used herein, the “Financing Deadline” shall mean the later to occur of (i) ninety (90) days following date of full execution of this Lease, or (ii) sixty (60) days after the earliest to occur of (A) Tenant’s irrevocable waiver of the Purchase Option pursuant to the Option Agreement, (B) the expiration of the First Option Term (as that term is defined in the Option Agreement) without Tenant having exercised the Purchase Option, or (C) if Tenant exercises the Purchase Option, the deadline for the Purchaser closing of Tenant’s purchase of the Project pursuant to the Option Agreement (if the closing does not occur), provided, however, that notwithstanding anything to the contrary contained in this Lease or should Purchaser refuse said offer the Option Agreement, and without limiting Landlord’s other rights and remedies contained in this Lease or the Option Agreement, the Financing Deadline shall be extended day-for-day for each day that Tenant is in default of financing within Twenty one or more of its obligations under the Option Agreement. Additionally, if Landlord has not, on or before June 1, 2013, commenced the construction of Landlord’s Work (20which, for the purpose of this Section 48(b) days from Purchasershall include the execution of one or more binding contracts for the acquisition of steel or other similar long lead items required for the construction of Landlord’s DenialWork or paying for and pulling a building permit for the construction of the Buildings), then Tenant may terminate this Agreement by written notice to Landlord given at any time between June 1, 2013 and the earlier to occur of (i) July 31, 2013 and (ii) the date on which Landlord commences Landlord’s Work; provided, however, that Tenant’s right to terminate this Lease pursuant to this Section 48(b) shall terminate and be terminated and all monies there before deposited shall be returned of no further force or effect at such time as Landlord has obtained bona fide written commitments for additional capital, debt financing and/or equity financing sufficient to pay the costs which Landlord estimates it will incur prior to the PurchaserCommencement Date and to fund the Tenant Allowance or has provided Tenant with other evidence reasonably acceptable to Tenant establishing that such financing is available to Landlord.
Appears in 1 contract
Sources: Lease Agreement (Synopsys Inc)
Financing Contingency. ▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon Buyer shall have until the Purchaser’s ability Due Diligence Deadline to obtain from a written lender reasonably acceptable to Buyer ("Buyer's Lender") a loan commitment, notice of underwriting approval, or equivalent document commitment on terms and conditions satisfactory to Buyer in Buyer's sole and absolute discretion (“the "Loan Approval”Commitment") at current market rates. Prior to and as a condition of Seller’s acceptance, provide Buyer shall complete and provide with financing secured by the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”). In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price Real Property for Buyer's acquisition of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of Property in accordance with this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”"Buyer Loan"). If such Denial is not delivered on or before Buyer covenants, from and after the Financing Contingency Release Agreement Date, to diligently and continuously pursue obtaining the Agreement Loan Commitment and this Rider the Buyer Loan. Buyer's failure to deliver an Approval Notice to Seller prior to the Due Diligence Deadline shall be deemed unconditional with regard to any financing contingency.
(iii) be a failure of this Pre-Closing Condition and Buyer's election to terminate this Agreement pursuant to Section 4.2 below. If such Denial is delivered by the Financing Contingency Release DateBuyer delivers an Approval Notice to Seller, then it shall be conclusively presumed that Buyer has either obtained the Loan Commitment or that Buyer has waived the Pre-Closing Condition in this Section 4.1.9. Notwithstanding anything to the contrary contained in this Agreement, (a) Seller shall not be required to make any representations or warranties, nor undertake any obligations, nor spend any sum, nor incur any liability whatsoever in connection with Buyer's obtaining the Loan Commitment or the Buyer Loan, it being expressly understood that Seller shall have no obligation whatsoever with respect to Buyer obtaining the right Loan Commitment or the Buyer Loan, (b) the Deposit shall not be subject to attempt liquidated damages or forfeiture to procure new financing substantially comparable Buyer's Lender pursuant to current market ratesthe Loan Commitment or otherwise in connection with the Buyer Loan, (c) the Due Diligence Deadline may be extended by the Buyer by an additional ten (10) Business Days for Lender driven delays beyond the control of Buyer in which case, within one (1) business day following the date Buyer exercises the extension in this Section 4.1.9(c), Buyer shall remit an additional $100,000 to the Deposit referenced in Section 3.1 of this Agreement, (d) if, for any reason, the Closing under this Agreement does not occur, Seller shall have no responsibility or liability to Buyer's Lender or any other third party involved in the Buyer Loan transaction, it being understood that Buyer's Lender shall not be a third party beneficiary of this Agreement, (e) Buyer indemnifies and agrees to hold Seller harmless from and against any and all causes, claims, demands, liabilities, costs and expenses, including reasonable attorneys' fees, as a result of or in accordance connection with the terms originally provided by the Purchaser within the Pre-QualificationBuyer Loan transaction, and with (f) there shall be no obligation adjustment to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, Purchase Price or any of the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for other terms and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer provisions of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall due to whatever interest rate, loan amount or other terms and conditions of the Loan Commitment and/or the Buyer Loan which may be terminated and all monies there before deposited shall be returned available to the PurchaserBuyer.
Appears in 1 contract
Financing Contingency. It shall be a condition precedent to --------------------- Purchaser's obligation to proceed to Closing that Purchaser obtains the commitment of the Town of Babylon Industrial Development Authority (the "▇▇▇▇") for the financing necessary to acquire and improve the Property detailed in the application attached hereto as Exhibit F on or prior to sixty (60) days after the Contract Date (such date, the "Approval Date") (the foregoing contingency, the "Financing Contingency"). The Financing Contingency shall not be satisfied unless and until the adoption by the ▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent upon of an Inducement Resolution evidencing the Purchaser’s ability intention of the FDA to obtain provide the financial assistance with respect to the Property detailed in the application attached hereto as Exhibit F. Purchaser shall use its diligent and good faith efforts to satisfy the Financing Contingency by obtaining a written binding commitment in the form of such a loan resolution from the ▇▇▇ as soon as reasonably practicable after the Contract Date. Without limitation of the foregoing, Purchaser shall submit a completed application for a commitment, together with all required supporting documentation, to the ▇▇▇ not later than thirty-five (35) days after the Contract Date (such date, the "Application Deadline") and provide evidence of such applications to Seller on or prior to the Application Deadline. The failure by Purchaser to timely comply with the requirements of the preceding sentence shall constitute a default by Purchaser hereunder. If the Financing Contingency is not satisfied in Purchaser's sole discretion on or prior to the Approval Date despite Purchaser's diligent and good faith efforts, Purchaser may terminate this Agreement by written notice to Seller (the "Financing Termination Notice"), delivered not later than the Approval Date, whereupon the Deposit shall be returned to Purchaser and neither party shall have any further liabilities or obligations hereunder except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser fails to timely deliver a Financing Termination Notice to Seller prior to the Approval Date, Purchaser shall be automatically deemed to have forever waived its right to terminate this Agreement on the basis of the Financing Contingency, except as hereinafter provided. Provided that Purchaser has diligently and in good faith attempted to satisfy the Financing Contingency on or prior to the Approval Date but has been unable to satisfy the Financing Contingency on or prior to the Approval Date, Purchaser shall have two (2) options (each an "Extension Option") to extend the Approval Date for an additional period of fifteen (15) days for all relevant purposes by delivering Seller written notice of underwriting approval, such election on or equivalent document prior to the Approval Date (“Loan Approval”) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and in the amount as identified in the Agreement to which this Rider is attached (“Pre-Qualification”may have been previously extended). In the event Purchaser submits a cash sale offer, then attached fails to said cash offer, timely exercise an Extension Option by delivery of written notice to Seller on or prior to the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy Approval Date (as the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of this Agreement (the “Financing Contingency Release Date”same may have been previously extended), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”)be deemed to have permanently and irrevocably waived any remaining Extension Options. If such Denial is not delivered on or before Purchaser shall have no right to exercise any Extension Option if the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingencyhas been previously satisfied.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or in accordance with the terms originally provided by the Purchaser within the Pre-Qualification, and with no obligation to the Purchaser to accept such terms. Should Seller attempt to procure said new financing, the Purchaser shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for and obtain such new financing. In the event that ▇▇▇▇▇▇ is unable to obtain new financing for the Purchaser or should Purchaser refuse said offer of financing within Twenty (20) days from Purchaser’s Denial, then this Agreement shall be terminated and all monies there before deposited shall be returned to the Purchaser.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Technology Flavors & Fragrances Inc)
Financing Contingency. Purchaser's obligation to close under this Contract is is not subject to a financing contingency that Purchaser obtain mortgage financing in the amount of % of the purchase price for a term of years at an interest rate not higher than % fixed for the term of the loan or % variable on the date of closing with not more than points to be paid at Closing. Purchaser agrees to act diligently to obtain such financing and shall, within calendar days after this Contract is executed by Seller and Purchaser and notice thereof is provided to Purchaser in the manner required by Section 29, submit a complete and accurate application for first mortgage financing to at least one mortgage lender or mortgage broker currently providing or placing such loans requesting first mortgage financing in the amount and on the terms set forth above. If Purchaser fails to timely submit such an application, this financing contingency is waived by Purchaser. If, despite best efforts, ▇▇▇▇▇▇▇▇▇ Deposit Amount (“Deposit”) $
(i) This Agreement is contingent denied financing by, or is unable to obtain financing approval from, the mortgage lender upon the terms set forth above, on or before , Purchaser (but not Seller) shall have the right to TERMINATE this Contract, provided Purchaser gives Seller written notification thereof, together with a copy of the lender’s denial letter or letter from the lender explaining the reasons for Purchaser’s ability inability to obtain a written a loan commitmentsuch financing, notice of underwriting approval, or equivalent document within four (“Loan Approval”4) at current market rates. Prior to and as a condition of Seller’s acceptance, Buyer shall complete and provide calendar days after the Buyer Information Form previously provided to Purchaser by SIRVA Relocation LLC (“Seller”); or provide a pre-qualification letter with substantially the same information and above date in the amount as identified in manner required by Section 29. If Purchaser fails to do so, Purchaser’s right to terminate this Contract on account of the Agreement to which this Rider Financing Contingency is attached (“Pre-Qualification”)waived. In the event Purchaser submits a cash sale offer, then attached to said cash offer, the Purchaser must supply acceptable documentation showing proof of funds sufficient to satisfy the purchase price of the Agreement. A.1(ii) If Purchaser is unable, despite best efforts, to obtain final Loan Approval within days [if blank, fifteen (15) days] of the date of terminates this Agreement (the “Financing Contingency Release Date”), then Purchaser shall provide Seller with a written copy of their lender’s statement of credit denial, termination or change (the “Denial”). If such Denial is not delivered on or before the Financing Contingency Release Date, the Agreement and this Rider shall be deemed unconditional with regard to any financing contingency.
(iii) If such Denial is delivered by the Financing Contingency Release Date, then Seller shall have the right to attempt to procure new financing substantially comparable to current market rates, or Contract in accordance with the terms originally provided by the Purchaser within the Pre-Qualificationprovisions of this Section, and with no obligation all Contract Deposits shall be forthwith returned to the Purchaser to accept such terms. Should Seller attempt to procure said new financingPurchaser, the Purchaser Contract shall cooperate with Seller or with the Seller’s designated Lender(s) to apply for be terminated and obtain such new financingshall be of no further force and effect. In the event that such case, ▇▇▇▇▇▇ is unable and ▇▇▇▇▇▇▇▇▇ agree to obtain new financing execute and deliver to Escrow Agent an authorization for the Purchaser or should Purchaser refuse said offer delivery of financing within Twenty (20) days from all Contract Deposits to Purchaser. If Purchaser’s Denialobligation to close IS subject to a financing contingency, then this Agreement shall be terminated and all monies there before deposited shall be returned Purchaser provides the following information: 🞏 🞏
▇. ▇▇▇▇▇▇▇▇▇ has has not consulted with a mortgage lender or mortgage broker about mortgage financing as of the date of Purchaser’s offer. 🞏 🞏
▇. ▇▇▇▇▇▇▇▇▇ has obtained a mortgage lender’s pre-approval or pre-qualification letter. Yes No. If Purchaser’s obligation to close IS NOT subject to a financing contingency, Purchaser represents to Seller that Purchaser has sufficient cash or liquid assets to close on the Purchaser.purchase of the Property. 🞏 🞏 🞏 🞏
Appears in 1 contract
Sources: Purchase and Sale Contract