Residential Contract Of Sale Template Page 7
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16by giving Notice thereof to Seller, with a copy of such denials, provided that Purchaser
has complied with all its obligations under this paragraph 8.
(e) If no Commitment is issued by the Institutional Lender on or before
the Commitment Date, then, unless Purchaser has accepted a written commitment from
an Institutional Lender that does not conform to the terms set forth in subparagraph 8(a),
Purchaser may cancel this contract by giving Notice to Seller within 5 business days after
the Commitment Date, provided that such Notice includes the name and address of the
Institutional Lender(s) to whom application was made and that Purchaser has complied
with all its obligations under this paragraph 8.
(f) If this contract is canceled by Purchaser pursuant to subparagraphs
8(d) or (e), neither party shall thereafter have any further rights against, or obligations or
liabilities to, the other by reason of this contract, except that the Downpayment shall be
promptly refunded to Purchaser and except as set forth in paragraph 27.
(g) If Purchaser fails to give timely Notice of cancellation or if Purchaser
accepts a written commitment from an Institutional Lender that does not conform to the
terms set forth in subparagraph 8(a), then Purchaser shall be deemed to have waived
Purchaser’s right to cancel this contract and to receive a refund of the Downpayment by
reason of the contingency contained in this paragraph 8.
(h) If Seller has not received a copy of a commitment from an Institutional
Lender accepted by Purchaser by the Commitment Date, Seller may cancel this contract
by giving Notice to Purchaser within 5 business days after the Commitment Date, which
cancellation shall become effective unless Purchaser delivers a copy of such commitment
to Seller within 10 business days after the Commitment Date. After such cancellation
neither party shall have any further rights against, or obligations or liabilities to, the other
by reason of this contract, except that the Downpayment shall be promptly refunded to
Purchaser (provided Purchaser has complied with all of its obligations under this
paragraph 8) and except as set forth in paragraph 27.
(i) The attorneys for the parties are hereby authorized to give and receive
on behalf of their clients all Notices and deliveries under this paragraph 8.
(j) For purposes of this contract, the term “Institutional Lender” shall
mean any bank, savings bank, private banker, trust company, savings and loan
association, credit union or similar banking institution whether organized under the laws
of this state, the United States or any other state; foreign banking corporation licensed by
the Superintendent of Banks of New York or regulated by the Comptroller of the
Currency to transact business in New York State; insurance company duly organized or
licensed to do business in New York State; mortgage banker licensed pursuant to Article
12-D of the Banking Law; and any instrumentality created by the United States or any
state with the power to make mortgage loans.
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