Residential Contract Of Sale Template Page 6
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168. Mortgage Commitment Contingency. (Delete paragraph if inapplicable)
(a) The obligation of Purchaser to purchase under this contract is
conditioned upon issuance, on or before ____________ days after a fully executed copy
of this contract is given to Purchaser or Purchaser’s attorney in the manner set forth in
paragraph 25 or subparagraph 8(k) (the “Commitment Date”), of a written commitment
from an Institutional Lender pursuant to which such Institutional Lender agrees to make a
first mortgage loan, other than a VA, FHA or other governmentally insured loan, to
Purchaser, at Purchaser's sole cost and expense, of $______________ for a term of at
least _______ years (or such lesser sum or shorter term as Purchaser shall be willing to
accept) at the prevailing fixed or adjustable rate of interest and on other customary
commitment terms (the “Commitment”). To the extent a Commitment is conditioned on
the sale of Purchaser’s current home, payment of any outstanding debt, no material
adverse change in Purchaser’s financial condition or any other customary conditions,
Purchaser accepts the risk that such conditions may not be met; however, a commitment
conditioned on the Institutional Lender’s approval of an appraisal shall not be deemed a
“Commitment” hereunder until an appraisal is approved (and if that does not occur before
the Commitment Date, Purchaser may cancel under subparagraph 8(e) unless the
Commitment Date is extended). Purchaser’s obligations hereunder are conditioned only
on issuance of a Commitment. Once a Commitment is issued, Purchaser is bound under
this contract even if the lender fails or refuses to fund the loan for any reason.
(b) Purchaser shall (i) make prompt application to one or, at Purchaser’s
election, more than one Institutional Lender for such mortgage loan, (ii) furnish accurate
and complete information regarding Purchaser and members of Purchaser’s family, as
required, (iii) pay all fees, points and charges required in connection with such
application and loan, (iv) pursue such application with diligence, and (v) cooperate in
good faith with such Institutional Lender(s) to obtain a Commitment. Purchaser shall
accept a Commitment meeting the terms set forth in subparagraph 8(a) and shall comply
with all requirements of such Commitment (or any other commitment accepted by
Purchaser). Purchaser shall furnish Seller with a copy of the Commitment promptly after
receipt thereof.
(c) (Delete this subparagraph if inapplicable) Prompt submission by
Purchaser of an application to a mortgage broker registered pursuant to Article 12-D of
the New York Banking Law (“Mortgage Broker”) shall constitute full compliance with
the terms and conditions set forth in subparagraph 8(b)(i), provided that such Mortgage
Broker promptly submits such application to such Institutional Lender(s). Purchaser shall
cooperate in good faith with such Mortgage Broker to obtain a Commitment from such
Institutional Lender(s).
(d) If all Institutional Lenders to whom applications were made deny such
applications in writing prior to the Commitment Date, Purchaser may cancel this contract
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