Common use of RECEIPT FOR DEPOSIT Clause in Contracts

RECEIPT FOR DEPOSIT. Date Received from Buyer the sum of $ as deposit under the terms and conditions of above Offer, to be held by as escrow agent. Agent for Seller: MORTGAGE CONTINGENCY. Buyer's obligations under the terms of the Agreement are expressly conditioned upon the Buyer obtaining a written commitment for financing of % of the purchase price or $ , at prevailing rates, terms and conditions by 5:00 p.m. on , 20 ("Commitment Date"). Buyer shall be deemed to have used reasonable and/or diligent efforts in this regard only if ▇▇▇▇▇ has submitted at least one (1) application for financing by 5:00 p.m. on , 20 and acted reasonably promptly in providing any additional information requested by the mortgage lender. If, despite reasonable and diligent efforts, ▇▇▇▇▇ has been unable to obtain such written commitment for financing on or before the Commitment Date, then Buyer may terminate the Agreement by delivering to Seller or Seller's Agent not later than 5:00 p.m. on the Commitment Date written notice of ▇▇▇▇▇'s termination of the Agreement due to inability to procure said financing commitment. In the event that such written notice has been duly and timely delivered to Seller or Seller's Agent, then the Agreement shall immediately become null and void, all obligations of the parties thereunder shall cease, and all ▇▇▇▇▇▇▇ money deposited by Buyer shall be immediately returned to Buyer, without further recourse to either party. In the event that such written notice has NOT been duly and timely received by Seller or Seller's Agent, then this contingency shall be deemed waived by Buyer and Buyer shall, thereafter, be bound to perform under all terms and conditions of the Agreement.