Purchaser shall upon ratification of this contract by the seller execute a Promissory Note in the amount of $5,000 payable to The Settlement Group, as escrow agent. Subject to Buyers rights to cancel under other provisions of this contract, said note shall be due in full, five (5) days after delivery by Seller to Purchaser of written approval by the seller’s 3rd party first and second trust mortgage lenders of the terms of this contract.
At such time as the earnest money deposit Note is paid in full, the funds shall be held by The Settlement Group, to be applied to the Purchase.
In the event that Purchaser delivers written notice to seller to cancel this contract prior to written notice from seller to Purchaser of written 3rd party approval by the 3rd party Mortgage lenders, the Note shall be void and of no further effect and the contract shall thereafter be void.
Settlement shall be made no later than April 15, 2009. Seller authorizes the settlement agent to assist with the approvals by seller’s lenders, and seller agrees to sign any necessary authorizations to facilitate that process. Settlement shall take place as soon as possible but not later than 15 days after Purchaser receives written notice from seller with a copy of written approval of the contract by 3rd party lenders. In the event that settlement has not occurred by April 15, 2009, this contract is voidable at purchaser’s option. Possession shall be given at Settlement, unless otherwise agreed in writing by the parties.
The Seller will not contract to sell the property to any other party while this contract is in effect unless the contract has been terminated by mutual written consent.
Home inspection will take place within five days after delivery by Seller to Purchaser of written approval by the seller’s 3rd party first and second trust mortgage lenders.
Back To Top