Financial Supplemental Agreement To The Commercial Contract Form - Oklahoma Real Estate Commission
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1OKLAHOMA REAL ESTATE COMMISSION
Financial Supplemental Agreement to the Commercial Contract
This financing agreement, which is attached to and part of the Sale of Real Estate Contract, relates to the following
described real estate:
(Check one)
Financing Contingency
This contract is expressly contingent upon Buyer obtaining acceptable financing within days of the TIME REFERENCE
DATE. If, at Buyer’s sole discretion, Buyer is unable to obtain satisfactory financing within the time period specified above,
Buyer may cancel and terminate this Contract and receive a refund of the earnest money by delivering written notice to the
Seller, in care of Seller’s Broker, if applicable, as provided in Paragraph 17 within twenty-four (24) hours of the expiration of the
time period specified in this paragraph.
Purchase Money Mortgage Carried by Seller
The balance of the purchase price shall be paid in the following manner: At Closing, Buyer shall execute a negotiable promissory
note payable to the order of Seller in the sum of $, payable in equal monthly installments of
$ , including principal and interest, beginning on the day of , 20 and continuing
on the day of each month thereafter with interest at the rate of percent (
%) per annum on the unpaid
balance.
Purchase Money Mortgage Carried by Seller (One Payment)
The balance of the purchase price shall be paid in the following manner: At Closing, Buyer shall execute a negotiable promissory
note payable to the order of Seller in the sum of $ , due and payable on , 20
with interest at the rate of percent (
%) per annum.
Purchase Money Mortgage Carried by Seller Amortized With Balloon Payment
The balance of the purchase price shall be paid in the following manner: At Closing, Buyer shall execute a negotiable
promissory note payable to the order of Seller in the sum of $ , payable in equal monthly installments of
$ , including principal and interest, beginning on the day of , 20 and continuing
on the day of each month thereafter with an interest rate of percent (
%) per annum on the
unpaid balance. Said note shall be amortized over months with the entire unpaid principal balance (Balloon payment)
to be paid in full as the payment.
The following conditions shall be part of the Purchase Money Mortgage
Said note shall provide the following:
i) prepayment at any time without penalty.
ii) acceleration of the balance due upon the transfer of the title to the Property to any third party.
iii) the delivery of a mortgage on the Property as security.
The remainder of the purchase price shall be paid in cash at Closing.
The note and mortgage to be furnished by Seller and delivered to Buyer not later than ten (I0) days prior to the closing of this Contract
for Buyer’s approval. In the event the financial terms and conditions of said note and mortgage are not acceptable to Buyer, Buyer
may, at Buyer’s option, cancel and terminate this Contract by notice, in writing, to the Seller, delivered within seventy-two (72) hours
of the date of delivery of such note and mortgage to the Buyer. If the notice described in the preceding sentence is not delivered
within the prescribed time period, then the financial terms and conditions of the note and mortgage shall be deemed acceptable to
the Buyer. The expense of preparing these documents shall be paid by
, not to exceed a total of $ .
Buyer’s initial
Seller’s initial
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
OREC COMMERCIAL FINANCING SUPPLEMENTAL (11-2009)
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